1. February 21st, 2003 2002 ANNUAL RESULTS 2003 FIRST QUARTER RESULTS 14th of May

2. Revenues EBITDA EBIT Net Profit 1Q 2002 % change 304 304 ( million) 6 40 40 21 21 8.1% 8.1% 8.7 (82.0) 0.4 (8.7) 33 40 6.8% EBITDA Margin EBIT Margin 1Q 2003 14.3% 14.3% FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 279 22 13.2% Operating expenses 283 283 257 25710.3 P&L ACCOUNT Net Profit before taxes 10 10 5 82.5

3. 279 304 1Q 20021Q 2003 AdvertisingNewspaper sales Book sales Other +4% +16% -12% +52% REVENUE SOURCES PERFORMANCE IN 1Q 2003 (YoY change) PERFORMANCE 105 60 74 65 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS REVENUES ( million) +8.7%

4. ADVERTISING 304 million 279 million 1Q 2003 1Q 2002 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS BOOK & RIGHTS OTHER NEWSPAPERS & MAGAZINES REVENUE BREAKDOWN BY BUSINESS LINE

5. NATIONAL PRESSRADIOSPORT PRESS -8.5% -0.3% SECTOR PRISA -1.0% +2.4% SECTOR PRISA +13.2% +21.3% SECTOR PRISA -6.8% +5.3% SECTOR PRISA FINANCIAL PRESSREGIONAL PRESSTV -2.1% +62.5% SECTOR PRISA +15.4% +48.0% SECTOR PRISA FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS ADVERTISING PERFORMANCE: PRISA VERSUS SECTOR

6. EL PAIS5 DIASAS 1Q 2002 1Q 2003 REGIONAL PRESSCINEMANIAROLLING STONE FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS CIRCULATION PERFORMANCE 1Q 2002 1Q 2003 446,943 495,104 +10.8% -2.5% +24.8% +145.5%+24.1% 26,390 25,733 28,959 71,092 1Q 2002 1Q 2003 159,005 212,762 +33.8% 30,284 37,783 45,664 36,802

7. 1Q 2003 SPAIN 75% 1Q 2002 304 million279 million INTERNATIONAL REVENUES IN 1Q 2003 INTERNATIONAL 25% Santillana: 78% International Media: 14% Printing: 8% FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS SPAIN 68% INTERNATIONAL 32% REVENUE BREAKDOWN BY GEOGRAFIC AREA

8. EL PAIS PUBLISHING SPANISH RADIO PRINTING GDM PRISA & OTHERS INTERNET LOCAL TV SPANISH PRESS LEISURE & ENTERTAIN- MENT 18 9 5 1 21 mn 21 mn 1 -2 TOTAL EBIT -3 -3 -3 NEW BUSINESS DIVISIONS (mn) INTERNA- TIONAL MEDIA -2 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS EBIT BREAKDOWN BY BUSINESS DIVISION

9. Publishing: El País: Printing: 19.3 10.1 11.1 3.8 Radio: Total Prisa Leisure & Entertainment: 1.5 0.9 0.5 1.4 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS FOCUSED ON INVESTMENTS RATIONALIZATION Others 0.6 INVESTMENTS 1Q 2003 ( million) International Media: 0.5

10. FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS TERMS CURRENCIES Net debt/Equity: 70.7% Total liabilities/Equity: 1.31x LEVERAGE RATIOS S/T DEBT: 34% L/T DEBT: 66%DOLLARS: 35% EUROS: 65% DEBT STRUCTURE 1Q 2003

11. FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS 436 440 EBIT: DEPRECIATION & AMORTIZATION: WORKING CAPITAL CHANGE: INVESTMENTS FREE CASH FLOW: TAXES: FINANCIAL RESULT: EXTRAORDINARY RESULT: OTHER: NET DEBT CHANGE: NET DEBT 20021Q 2003 20.7 19.7 (19.6) (4.5) 2.7 (5.5) 1.7 1.5 CASH FLOW 1Q 2003 4.1 (19.3)

12. Revenues EBITDA EBIT EBIT Margin 70 16 13 18.6% 18.6% ( million) 1Q 2002 % change % change 7.5 75 22 18 24.1% 1Q 2003 36.8 39.3 Operating expenses 0.2 57 57 BUSINESS DIVISIONS BUSINESS DIVISIONS EL PAÍS MAIN FIGURES

13. Advertising Revenues Growth Trend BUSINESS DIVISIONS BUSINESS DIVISIONS 37 ( mm) EL PAÍS ADVERTISING REVENUES Advertising revenues flat performance despite advertising market sluggishness El País versus national press market -8.5% -0.3% MARKETEL PAÍS -0.3%

14. Daily Average Circulation (copies) Weekend Average Circulation (copies) BUSINESS DIVISIONS BUSINESS DIVISIONS 495,104 446,943 1Q20021Q2003 EL PAÍS CIRCULATION TREND 874,242 779,288 1Q20021Q2003 +10.8% +12.2%

15. Including A3 Radio Revenues EBITDA EBIT EBIT Margin 41 6 5 ( million) 1Q 2002 % change 2.4 EBIT EBIT Margin 16.1% 7 9.1 11.9% 7 5 1Q 2003 15.1% 7 10.2 10.3 Revenues 4544 2.2 42 12.8% BUSINESS DIVISIONS BUSINESS DIVISIONS Operating Expenses 37361.3 RADIO MAIN FIGURES

16. Advertising Revenues Growth Trend BUSINESS DIVISIONS BUSINESS DIVISIONS 41 42 ( mm) RADIO ADVERTISING REVENUES Prisa versus radio market -1% +2.4% MARKET PRISA +2.4%

17. COPE 16% GRUPO SER 46% RNE 17% ONDA CERO 21% GRUPO SER 69% RNE 5% ONDA CERO 16% COPE 10% Conventional format market share ( 2003 First wave EGM) Music format market share (2003 First wave EGM) BUSINESS DIVISIONS BUSINESS DIVISIONS RADIO

18. 87 16.6% BUSINESS DIVISIONS BUSINESS DIVISIONS 1Q 2002 % change 1Q 2003 Revenues EBIT EBIT Margin 14 ( million ) (12.7) 76 9 12.2% (35.7) EBITDA 1521 (27.3) Operating expenses 6772(8.1) EDUCATION & GENERAL EDITIONS MAIN FIGURES Revenues EBIT 1Q 2002 1Q 2003 100 19 87 14+31 +15 Excluding depreciation impact % change 87 16.6%

19. 1Q 2003 AMERICA 78% 1Q 2002 76 million 87 million SPAIN & PORTUGAL 22% FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS AMERICA 86% SPAIN & PORTUGAL 14% SANTILLANA REVENUE BREAKDOWN BY GEOGRAFIC AREA

20. 1Q 2002 % change 1Q 2003 Revenues EBIT EBIT Margin 23 (3) (11.5%) ( million ) 25.5 29 (1) (3.2%) 64.9 EBITDA 0 (2) 87.8 BUSINESS DIVISIONS BUSINESS DIVISIONS Operating expenses 30 26 16.2 SPECIALISED PRESS MAIN FIGURES

21. BUSINESS DIVISIONS BUSINESS DIVISIONS 1Q 2002 % change 1Q 2003 Revenues EBIT Margin 11.0 1.1% ( million ) 33.6 14.7 5.2% EBIT 0.8 0.1 481.5 EBITDA 1.00.4 141.3 DIARIO AS MAIN FIGURES 1Q 2002 1Q 2003 159,005 212,762 Circulation figures +33.8% 1Q 2002 1Q 2003 2.2 2.7 +21.3% Advertising growth

22. BUSINESS DIVISIONS BUSINESS DIVISIONS 1Q 2002 % change 1Q 2003 Revenues EBIT Margin 3.9 (17.7)% ( million ) 11.1 4.4 (11.8)% EBIT (0.5) (0.7) 25.5 EBITDA (0.4)(0.6) 31.4 CINCO DÍAS MAIN FIGURES 1Q 2002 1Q 2003 26,390 25,733 Circulation figures 1Q 2002 1Q 2003 1.6 1.7 +5.3% Advertising growth -2.5%

23. BUSINESS DIVISIONS BUSINESS DIVISIONS 1Q 2002 % change 1Q 2003 Revenues EBIT Margin 3.2 (46.7)% ( million ) 48.9 4.8 (8.2)% EBIT (0.4) (1.5) 73.8 EBITDA (0.3)(1.4) 80.9 REGIONAL PRESS MAIN FIGURES 1Q 2002 1Q 2003 30,284 37,783 Circulation figures +24.8% 1Q 2002 1Q 2003 1.3 2.2 +62.5% Advertising growth

24. PRISACOM: substantial improvement at EBIT level as a result of cost-cutting initiatives BUSINESS DIVISIONS BUSINESS DIVISIONS LEISURE & ENTERTAINMENT: Significant increase of music sales despite piracy OTHER BUSINESS DIVISIONS INTERNATIONAL MEDIA: Continues its consolidation and increases revenues by 32.7% due to Caracol contribution LOCAL TV´S: Continues to consolidate within the TV industry