1. JANUARY-SEPTEMBER 2002 RESULTS October 31, 2002

2. January-September 2002 Results Page 2 / 15 MAIN FIGURESRevenues EBITDA EBIT Net Profit JAN-SEP 2001 % change 942 942 (million euros) 85 85 184 184 103 103 11.7% 11.7% 1.3 32.5 2.5 (5.3) 64 180 10.9% EBITDA Margin EBIT Margin JAN-SEP 2002 19.3% 19.3% 930 109 19.5%

3. January-September 2002 Results Page 3 / 15 REVENUES BY LINE OF ACTIVITY Advertising Newspapers & Magazines Books & RightsOther €942mn (million euros) NEWSPAPERS & MAGAZINES BOOKS & RIGHTS ADVERTISING TOTAL REVENUES OTHER REVENUES (1) 159 345 308 2001 6.2 (9.6) 7.0 930 1.3 327 312 170 2002 942 133 12.7 118 Change % (1) MAINLY INCLUDES REVENUES COMING FROM PRINTING, MUSIC AND LOCAL TV. €930mn JAN-SEP 2002JAN-SEP 2001

4. January-September 2002 Results Page 4 / 15 ADVERTISING TOTAL GROUP ADVERTISING REVENUES TREND (%) +25 +16 -7 +6.2 TOTAL GROUP ADVERTISING REVENUES TREND EXCLUDING NEW CONSOLIDATED COMPANIES (%) +25 +16 -7 -0.9

5. January-September 2002 Results Page 5 / 15 INTERNATIONAL REVENUES REVENUES GEOGRAPHICAL DISTRIBUTION JAN-SEP 2002 National 74% International 28% National 72% JAN-SEP 2001 €942 MM€930 MM International 26% Santillana: 77% International Media: 14% Printing: 9%

6. January-September 2002 Results Page 6 / 15 TOTAL EBIT PUBLISHING LOCAL TV € 109 MN EL PAÍS 70 36 20 12 GDM SPEC. & REGIONAL PRESS 4 LEISURE & ENTERTAINMENT -4 -8 PRISA & OTHERS -2 INTERNATIONAL MEDIA INTERNET -9 RADIO PRINTING -7 INTERNET € 103 MN EL PAÍS 60 46 22 8 GDM LEISURE & ENTERTAINMENT 3 PRISA & OTHERS -4 -5 SPECIAL & REGIONAL PRESS LOCAL TV RADIO PRINTING PUBLISHING TOTAL EBIT -4 INTERNATIONAL MEDIA -5 -12 EBIT BREAKDOWN BY BUSINESS UNIT JAN-SEP 2002 JAN-SEP 2001

7. January-September 2002 Results Page 7 / 15 (€ million) Publishing: El País: Printing: 93.4 23.4 6.6 3.8 4.9 4.2 Radio: Local TV’S Total CAPEX Net Debt as of September 2002 : € 489 million Net Debt as of December 2001: € 371 million Prisacom Prisa & Others Leisure & Entertainment:5.6 42.3 2.6 3.8

8. January-September 2002 Results Page 8 / 15 Revenues EBITDA EBIT EBIT Margin 210 43 36 17.0% 17.0% (million euros) JAN-SEP 2001 % change % change 0.9 212 54 46 21.7% JAN-SEP 2002 26.2 29.0 EL PAIS MAIN FIGURES

9. January-September 2002 Results Page 9 / 15 AVERAGE DAILY CIRCULATION EL PAIS LEADER IN CIRCULATION AVERAGE SUNDAY CIRCULATION JAN-SEP 2002 JAN-SEP 2001 Change % 435,681431,751 721,830 709,419 (0.9) 1.8

10. January-September 2002 Results Page 10 / 15 EL PAIS ADVERTISING REVENUES GROWTH TREND (YoY%) 26 20 -16 -4.2

11. January-September 2002 Results Page 11 / 15 RADIO/SER Including A3 Radio Revenues EBITDA EBIT EBIT Margin 130 23 20 (million euros) JAN-SEP 2001 % change 1.9 MAIN FIGURES EBIT EBIT Margin 19.3% 273.9 15.1% 25 22 JAN-SEP 2002 18.7% 26 9.2 12.1 Revenues 1401390.7 132 16.6%

12. January-September 2002 Results Page 12 / 15 RADIO ADVERTISING REVENUES GROWTH TREND (YoY) 20% 6% 3%2% 164 174 179 132 €mn

13. January-September 2002 Results Page 13 / 15 EDUCATION AND GENERAL EDITIONS JAN-SEP 2001 % change JAN-SEP 2002 Revenues EBIT EBIT Margin 351 70 20.0% (million euros) (9.6)317 60 19.0% (14.1) EBITDA 106 113(6.9)

14. January-September 2002 Results Page 14 / 15 EDUCATIONAL BUSINESS TREND GEOGRAPHICAL DISTRIBUTION OF SANTILLANA’S REVENUES (JAN-SEP 2002 ) SPAIN 41% OTHER COUNTRIES 22% ARGENTINA 2% BRAZIL 11% MEXICO 24% EDUCATIONAL CAMPAIGNS PERFORMANCE  SPAIN: GOOD PERFORMANCE  MEXICO AND BRAZIL: SALES INCREASE IN LOCAL CURRENCY DESPITE LOWER SALES COMING FROM THE PUBLIC SECTOR  ARGENTINA: RESULTS AFFECTED BY ECONOMIC CRISIS  OTHERS: GOOD PERFORMANCE, SPECIALLY IN CHILE, PERU, ECUADOR AND COSTA RICA

15. January-September 2002 Results Page 15 / 15 OTHER BUSINESSES  PRISACOM: substantial improvement in EBIT due to a new business model and to cost-cutting initiatives  LOCAL TV’S: incorporation of new local broadcasters and new partners  INTERNATIONAL MEDIA: impact of the consolidation of RADIOPOLIS AND CARACOL, consolidated for the first time in 2002  SPECIALIZED PRESS: - remarkable improvement of Diario AS and regional press margins