July 24th, FIRST HALF RESULTS

MAIN FIGURES Revenues EBITDA EBIT Net Profit 1H 2001 % change (million euros) % 8.8% % EBITDA Margin EBIT Margin 16.2% 1H % 14.3% 2002 FIRST HALF RESULTS 599

REVENUES BY LINE OF ACTIVITY NEWSPAPERS & MAGAZINES BOOKS & RIGHTS ADVERTISING TOTAL REVENUES H (7.4) 9.4 % change H OTHER REVENUES FIRST HALF RESULTS (million euros)

Revenues by source AdvertisingNewspapers & MagazinesBooks & RightsOther €599 mn €589mn 2002 FIRST HALF RESULTS REVENUES BY LINE OF ACTIVITY

REVENUES GEOGRAPHICAL DISTRIBUTION 2002 FIRST HALF RESULTS 1H 2002 National 73% International 27% National 73% 1H 2001

2002 FIRST HALF RESULTS TOTAL EBIT PUBLISHING EBIT BREAKDOWN BY BUSINESS UNIT (MN €) LOCAL TV 59 EL PAÍS GDM SPEC. & REGIONAL PRESS 3 -2 LEISURE & ENTERTAINMENT PRISA & OTHERS -4 INTERNATIONAL MEDIA INTERNET RADIO PRINTING

(eur million) Publishing: El País: Printing: Radio: Local TV’S Total investment 2002 FIRST HALF RESULTS Net Debt as of June 2002 : € 485 million Net Debt as of December 2001: € 371 million Prisacom Prisa & Others20.0

Revenues EBITDA EBIT EBIT Margin % 19.7% (million euros) 1H 2001 % change % change % 1H FIRST HALF RESULTS EL PAIS MAIN FIGURES

AVERAGE DAILY CIRCULATION 2002 FIRST HALF RESULTS EL PAIS LEADER IN CIRCULATION AVERAGE SUNDAY CIRCULATION 1H H ,234436, ,377716,618 Change %

2002 FIRST HALF RESULTS % -14% - 22% -11% 3% % EL PAIS ADVERTISING TREND BY QUARTERS %

Including A3 Radio Revenues EBITDA EBIT EBIT Margin (million euros) 1H 2001 % change 4.4 MAIN FIGURES RADIO/SER EBIT EBIT Margin 23.5% % H % 21.2% Revenues FIRST HALF RESULTS 96

2002 1% 5% - 2% 0% % RADIO ADVERTISING TREND BY QUARTERS % 6%

EDUCATION AND GENERAL EDITIONS 1H 2001 % change 1H 2002 MAIN FIGURES 2002 FIRST HALF RESULTS Revenues EBITDA EBIT EBIT Margin (million euros) (7.1) % %

EDUCATION AND GENERAL EDITIONS 1H 2001 % change 1H 2002 MAIN FIGURES EXCLUDING MEXICO 2002 FIRST QUARTER RESULTS Revenues EBIT EBIT Margin (million euros) (13.9) (35.3)

EDUCATION AND GENERAL EDITIONS GEOGRAPHICAL DISTRIBUTION 1H 20021H FIRST QUARTER RESULTS Spain & Portugal 23% Latam 77% Latam 75% Spain & Portugal 25%

2002 FIRST QUARTER RESULTS OTHER BUSINESSES  PRISACOM: substantial improvement in EBIT due to cost-cutting initiatives  LOCAL TV’S: incorporation of new local broadcasters  INTERNATIONAL MEDIA: impact of the proportional consolidation of RADIOPOLIS  LOCAL & REGIONAL PRESS: remarkable improvement of AS and regional press margins

2002 FIRST QUARTER RESULTS RELEVANT EVENTS AGREEMENT WITH GRUPO ZETA NEW PARTNERS IN LOCAL TV’S Perform and commercialize magazines for general information newspapers FINGALICIA (BANCO PASTOR and INVERSIONES IBERSUIZAS ) and AGRUPACIÓN RADIOFONICA