ANNUAL RESULTS 27th February, 2004

2 El País Pedro García Guillén

3 The first newspaper in Spanish language in the world and the only Spanish global newspaper GRUPO PRISA – EL PAÍS

4 ADVERTISING INVESTMENT: 2003/2002 change by quarters and target for % -6.61% +0.21% +2.71% +7% 1st quarter nd quarter rd quarter th quarter : Target GRUPO PRISA – EL PAÍS

5 - The advertising market is starting to recover EL PAÍS target : Increase the market share by 5% in the next three years. National newspapers Target: 35% El País 35% El Mundo 20% La Razón 6% La Vanguardia 11% ABC 14% El Periódico 14% El País 30% El Mundo 19% La Razón 7% La Vanguardia 16% ABC 17% El Periódico 11% 2003 Audience market shareAdvertising investment market share 2002 Source: Feb/Nov 2003 EGM Source: Magazine Control Mayo 2003 (Infoadex figures) GRUPO PRISA – EL PAÍS

6 1. Getting new advertising lines. 2. Creation of a specific sales force to attract local advertising in Madrid and Barcelona. 3. Cross sales with other media of the group. ADVERTISING INVESTMENT: Growth strategy for El País GRUPO PRISA – EL PAÍS

7 CIRCULATION AND AUDIENCE: Market situation Average daily circulation of El País Weekly average circulation EPS 2003*: Pending OJD confirmation GRUPO PRISA – EL PAÍS

8 EL PAÍS versus competitors: Circulation Situación del mercado CIRCULATION AND AUDIENCE: Market situation 2003*: Pending OJD confirmation Source: OJD GRUPO PRISA – EL PAÍS

9 Source: EGM Situación del mercado EL PAÍS versus competitors: Audience GRUPO PRISA – EL PAÍS CIRCULATION AND AUDIENCE: Market situation

10 1.Boosting individual subscriptions 2.Gathering young readers 3.International growth GRUPO PRISA – EL PAÍS CIRCULATION AND AUDIENCE: Growth strategies for El País

11 Boosting individual subscriptions Target: raising the amount of subscriptions by 37% Source: OJD and editors certificate Dec Dec. 2003* Year-on-year change Target Dec Year-on-year change 11,41515,27334%21,00037% * 2003: Pending OJD audit GRUPO PRISA – EL PAÍS CIRCULATION AND AUDIENCE: Growth strategies for El País

12 Gathering young readers: specific programs El País de los Estudiantes El País de la Universidad Tentaciones GRUPO PRISA – EL PAÍS CIRCULATION AND AUDIENCE: Growth strategies for El País

13 Sales increase in Europe. Sales increase in America. Through: - Content improvement - Better distribution - Achieving new subscriptions International growth GRUPO PRISA – EL PAÍS CIRCULATION AND AUDIENCE: Growth strategies for El País

14 Year 2003: EBIT 2.7 Million (3.2% of the EBIT) Newspaper circulation increase: 37,000 copies Year 2004: Target: 15% of the EBIT Newspaper circulation increase: 40,000 copies PROMOTIONS: A new business line GRUPO PRISA – EL PAÍS