1. Third Quarter 2001 Preliminary Results

2. Consolidated Profit and Loss Account € Million Advertising77.672.47.1% Circulation87.479.010.6% Others15.015.6(4.0%) Total Revenues180.0167.17.7% Direct Costs139.7115.221.2% Gross Profit40.451.9(22.2%) Central Costs19.115.622.2% EBIT21.336.3(41.4%) Interest Income (Expense)(3.3)0.7 Goodwill Amortisation(9.2)(8.2) Associated Undertakings(0.5)1.3 Profit on Ordinary Activities8.330.0(72.3)% Extraordinary Results(3.5)1.6 Profit before Taxes4.831.6(84.7%) Income Taxes(1.4)(11.0)(87.3%) Consolidated Net Income3.520.6(83.0%) Depreciation8.56.824.4% EBITDA29.843.1(30.9%) MARGIN GROSS PROFIT/REVENUES22.4%31.1% MARGIN EBITDA/REVENUES16.5%25.8% MARGIN EBIT/REVENUES11.8%21.7% 3 Q20013Q2000%Var.

3. Advertising Revenues: the slowdown continues although Recoletos shows better performance than the market (+7.1% - 2.6% without Argentina, -4.2% underlying). Circulation: impact of increase in cover prices offsets partially decreasing circulation, significant decrease in “Business and Finance”. Growth in direct costs (+21.2%) due to re-launch in Argentina (+7.4% ex Argentina) and other new ventures (+7.0% underlying) and the increase in newsprint (+25%). Slowing down of growth in central costs (+22.2% vs. +28.2% en 1H2001 and 35.1% in 1Q2001) due to the cost cutting programme in force. Interest Income/Expense: includes, among others, € 2.13 million losses from the stake in Sky Point. Goodwill Amortisation: includes € 0.97 million corresponding to Argentina and €6.52 million to Unedisa. Extraordinary Results: Year 2001 includes extraordinary losses from Argentina amounting to € 3.07 million. 2000 included extraordinary gains of € 1.3 million from the sale of a stake in the holding company “Red de Distribución Editoriales” to Unedisa. Consolidated Profit and Loss Account – Comments

4. Consolidated Profit and Loss Account excluding Argentina COMMENTS: Slowdown in Advertising Revenues Slowdown in Advertising Revenues Decrease in margins Decrease in margins € Million Advertising70.572.4(2.6%) Circulation84.979.07.4% Others15.015.6(4.3%) Total Revenues170.4167.12.0% Direct Costs123.7115.27.4% Gross Profit46.751.9(10.1%) Central Costs19.115.622.2% EBIT27.636.3(24.0%) Interest Income (Expense)(3.2)0.7 Goodwill Amortisation(9.2)(8.2)11.1% Associated Undertakings(0.5)1.3 Profit on Ordinary Activities14.630.0(51.2%) Extraordinary Results(0.4)1.6 Profit before Taxes14.231.6(55.0%) Depreciation8.36.821.0% EBITDA35.843.1(16.9%) MARGIN GROSS PROFIT/REVENUES27.4%31.1% MARGIN EBITDA/REVENUES21.0%25.8% MARGIN EBIT/REVENUES16.2%21.7% 3Q20013Q2000%Var.

5. € Million Advertising64.767.5(4.2%) Circulation84.777.78.9% Others12.512.12.8% Total Revenues161.8157.32.9% Direct Costs107.3100.37.0% Gross Profit54.557.0(4.4%) Central Costs18.015.020.0% EBIT36.441.9(13.2%) Interest Income (Expense)(3.2)0.7 Goodwill Amortisation(9.2)(8.2) Associated Undertakings(0.5)1.3 Profit on Ordinary Activities23.535.7(34.1%) Extraordinary Results(0.4)1.6 Profit before Taxes23.137.3(38.1%) Depreciation6.15.314.2% EBITDA42.547.3(10.1%) MARGIN GROSS PROFIT/REVENUES33.7%36.2% MARGIN EBITDA/REVENUES26.3%30.1% MARGIN EBIT/REVENUES22.5%26.7% 3Q20013Q2000%Var. Consolidated Underlying Profit and Loss Account COMMENTS: Decline in advertising revenues Decline in advertising revenues Slight deterioration in margins Slight deterioration in margins Note:Excludes Radio Marca, Expansión TV, Expansión & Empleo, Ganar.com, Sadei & Mind Opener, and Internet activities. The “underlying” account includes Golf Digest and Estadio Deportivo.

6. Consolidated Cash Flow Statement € Million Net Income3.320.3(83.7%) Depreciation8.56.825.0% Goodwill Amortisation 9.28.212.2% Other Adjustments6.81.6NA Net cash provided by 27.836.9(24.7%) Operating Activities Change in Working Capital(3.0)(1.3)123.1% Net Capex(8.8)(23.3)NA Net cash used in Investment(11.8)(24.6)(52.0%) Activities Equity Financing(0.4)(0.1)NA Net Debt Financing-- Dividend Payment(10.5)- Net Cash provided by (10.9)(0.1)NA Financing Activities Net Increase in Cash and5.1(12.2)NA Cash Equivalents 3Q20013Q2000%Var.

7. Fixed Assets194.5200.7 - Tangible Assets60.163.3 - Intangible Assets8.07.1 - Financial Investments126.4130.2 Goodwill on Consolidation47.554.1 Accounts Receivable41.553.9 Stocks10.34.5 Cash and Cash Equivalents65.460.3 Other Assets1.80.9 Total Assets361.0374.4 Shareholders’ Equity294.3300.5 Minority Shareholders0.60.8 Provisions13.78.4 Long-term Liabilities3.86.0 Short-term Liabilities48.658.7 Total Equity and Liabilities361.0374.4 2001 2000 SeptemberDecember € Million Consolidated Balance Sheet

8. Revenue Breakdown Sports 54.6% Business & Finance 29.1% Youth 1.5% Others 6.9% Others 4.5% Sports 53.4% Business & Finance 32.7% Youth 1.1% Medical 3.2% Medical 3.1% Women’s Interests 4.7% Women’s Interests 5.2% Revenues 3Q2000Revenues 3Q2001

9. Sports Area COMMENTS: Significant decrease in advertising revenues Significant decrease in advertising revenues Slight decrease in MARCA copy sales Slight decrease in MARCA copy sales Maintenance of Gross Profit Maintenance of Gross Profit Advertising27.229.8(8.9%) Circulation68.360.612.7% Others0.70.9(13.2%) Total Revenues96.291.35.4% Direct Costs63.058.18.4% Gross Profit33.233.10.2% Gross Margin34.5%36.3% Underlying* Gross Profit37.034.37.8% Underlying Gross Margin38.9%37.9% Accum. Marca Copy Sales378,771397,624(4.7%) Accum. Golf Digest Copy Sales 13,974 12,67410.3% Last Month Page Views (000) 77,344 55,16140.2% 3Q20013Q2000%Var. € Million * Note: Excludes Radio Marca and Marca. com.

10. Business and Finance Area COMMENTS: Remarkable increase in revenues but fall in Gross Margin due mainly to ArgentinaRemarkable increase in revenues but fall in Gross Margin due mainly to Argentina Advertising36.329.323.9%29.329.30.0% Circulation16.414.99.8%13.914.9(6.7%) Others6.24.342.6%6.14.341.8% Total Revenues58.948.621.3%49.348.61.4% Direct Costs56.438.148.1%40.538.16.3% Gross Profit2.510.5(76.1%)8.810.5(16.2%) Gross Margin4.3%21.6%17.8%21.6% Underlying* Gross Profit11.614.3(18.6%) Underlying Gross Margin27.5%33.1% Accum. Copy Sales Expansion53,97964,385(16.2%) Accum. Copy Sales Act. Economica21,82422,838(4.4%) Accum. Copy Sales ganar.com11,80416,470(28.3%) Last month Pag. Views Expdir (000)24,89711,917108.9% Last month Pag. Views Ex&Em. (000)1,517NANA Last month Pag. Views Ganar.com (000)1,05292314.0% 3Q20013Q2000%Var. € Million EXCLUDING ARGENTINA 3Q20013Q2000%Var. * Note: Excludes Expansion TV, Expansion y Empleo, Sadei & Mind Opener, Ganar.com and Expansiondirecto.com

11. € Million Revenues168.1171.3(1.9%) Operating Expenses170.3167.11.9% EBIT(2.1)4.3NA Interest Income (Expense)(1.3)(0.2) Goodwill Amortisation(0.3)(0.4)(5.8%) Associated Undertakings(2.6)0.0 Profit on Ordinary Activities(6.4)3.7NA Extraordinary Results(0.1)(0.1) Profit before Taxes(6.5)3.6NA Depreciation9.06.733.0% EBITDA6.811.0(37.9%) Average Daily Copy Sales El Mundo320,385302,6725.9% Last month Pag. Views100,000 40,000146.3% 3Q20013Q2000%Var. General Interest Area - Profit and Loss Account of Unedisa COMMENTS: COMMENTS: Slight decrease in revenues despite strong downturn in advertising marketSlight decrease in revenues despite strong downturn in advertising market

12. COMMENTS: Strong growth in Advertising and Circulation Strong growth in Advertising and Circulation Improvement in Gross MarginImprovement in Gross Margin Remarkable increase in Copy sales Remarkable increase in Copy sales Advertising6.65.323.2% Circulation2.72.410.0% Others0.10.0NA Total Revenues9.47.820.2% Direct Costs7.46.219.9% Gross Profit2.01.621.2% Gross Margin21.2%21.0% Underlying* Gross Profit2.51.929.9% Underlying Gross Margin26.7%24.3% Accum. Copy Sales TELVA142,654132,2457.9% Last Month Page Views (000)2,531382562.6% * Note: Excludes estarguapa.com 3Q20013Q2000%Var. € Million Womens’ Interest Area

13. COMMENTS: COMMENTS: Increased revenues in Medical despite adverse conditions market Increased revenues in Medical despite adverse conditions market Medical and Youth Areas 3Q20013Q2000%Var. Advertising5.55.32.7% Circulation0.10.10.0% Others0.00.0 Total Revenues5.55.42.7% Direct Costs4.83.924.3% Gross Profit0.71.5(52.8%) Gross Margin12.9%27.9% Underlying* Gross Profit1.31.7(20.4%) Underlying Gross Margin25.2%31.4% * Note: Excludes Onda Salud. Diario Médico and tuGUeb.com € Million MEDICAL € Million YOUTH Advertising2.02.5(19.8%) Circulation0.00.0 Others0.00.0 Total Revenues2.02.5(19.8%) Direct Costs2.32.110.6% Gross Profit(0.3)0.4(177.5%) Gross Margin(15.6%)16.1% Underlying* Gross Profit(0.2)0.4(145.8%) Underlying Gross Margin(9.4%)16.2%

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