1. Market Information
November 2, 2005

2. Key Terms Financial issues Additional considerations
TENDER OFFER OVER SOGECABLE
TRANSACTION OVERVIEW
Offer concerns shares representing 20% of SOGECABLE share capital
37 euros per share offered:
17.3% premium over 11/01/05 closing price
22.4% premium over last 3 months average price
Payment in cash (€988 Million)
Key Terms
Financial issues
Financing 100% with Debt
Bridge facility underwritten by Citigroup
Offer conditional upon the acquisition by PRISA of a number of shares equal to 21,370,341 (16% of SOGECABLE share capital)
Offer to be authorized by CNMV, Ministry of Industry and competition authorities
Additional
considerations

3. Transaction Rationale
TENDER OFFER OVER SOGECABLE
TRANSACTION OVERVIEW
Transaction Rationale
Audiovisual: one of the main growth areas in PRISA
Supporting SOGECABLE project both in pay tv and free to air tv
Gaining scale: higher growth and profitability

4. Impact on PRISA accounts
TENDER OFFER OVER SOGECABLE
TRANSACTION OVERVIEW
Impact on PRISA accounts
PRISA stake in SOGECABLE will reach up to 44.5% with a minimum of 40.5%
PRISA will integrate SOGECABLE in a global consolidated basis
PRISA Net Debt /EBITDA ratio in 2006: approx. 3.5x

5. Higher operating growth
TENDER OFFER OVER SOGECABLE
OFERTA PUBLICA DE ADQUISICIÓN DE SOGECABLE
Higher operating growth
Market consensus
Revenues
EBITDA
* Excluding Media Capital