1. July 24th, 2002 2002 FIRST HALF RESULTS

2. MAIN FIGURES Revenues EBITDA EBIT Net Profit 1H 2001 % change 589 589 (million euros) 42 42 84 84 52 52 8.8% 8.8% 1.8 56.4 15.5 14.2 66 97 59 9.9% EBITDA Margin EBIT Margin 16.2% 1H 2002 14.3% 14.3% 2002 FIRST HALF RESULTS 599

3. REVENUES BY LINE OF ACTIVITY NEWSPAPERS & MAGAZINES BOOKS & RIGHTS ADVERTISING TOTAL REVENUES 104 176 227 1H 2001 1.7 (7.4) 9.4 % change 5891.8 231 163 113 1H 2002 599 OTHER REVENUES91 12.481 2002 FIRST HALF RESULTS (million euros)

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

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

6. 2002 FIRST HALF RESULTS TOTAL EBIT PUBLISHING EBIT BREAKDOWN BY BUSINESS UNIT (MN €) LOCAL TV 59 EL PAÍS 36 20 19 6 GDM SPEC. & REGIONAL PRESS 3 -2 LEISURE & ENTERTAINMENT -3 -4 PRISA & OTHERS -4 INTERNATIONAL MEDIA INTERNET -5 -7 RADIO PRINTING

7. (eur million) Publishing: El País: Printing: 57.4 16.2 8.9 4.1 3.6 1.7 2.9 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

8. Revenues EBITDA EBIT EBIT Margin 150 35 30 19.7% 19.7% (million euros) 1H 2001 % change % change 1.7 153 42 36 23.8% 1H 2002 20.3 22.7 2002 FIRST HALF RESULTS EL PAIS MAIN FIGURES

9. AVERAGE DAILY CIRCULATION 2002 FIRST HALF RESULTS EL PAIS LEADER IN CIRCULATION AVERAGE SUNDAY CIRCULATION 1H 2002 1H 2001 445,234436,965 735,377716,618 Change % 1.9 2.6

10. 2002 FIRST HALF RESULTS 2002 -9% -14% - 22% -11% 3% % EL PAIS ADVERTISING TREND BY QUARTERS 2001 -21%

11. Including A3 Radio Revenues EBITDA EBIT EBIT Margin 92 19 16 (million euros) 1H 2001 % change 4.4 MAIN FIGURES RADIO/SER EBIT EBIT Margin 23.5% 2414.3 17.7% 22 20 1H 2002 20.7% 21.2% 21 18.4 21.6 Revenues 102993.0 2002 FIRST HALF RESULTS 96

12. 2002 1% 5% - 2% 0% % RADIO ADVERTISING TREND BY QUARTERS 2001 -1% 6%

13. EDUCATION AND GENERAL EDITIONS 1H 2001 % change 1H 2002 MAIN FIGURES 2002 FIRST HALF RESULTS Revenues EBITDA EBIT EBIT Margin 180 31 17 (million euros) (7.1)167 34 19 11.4% 12.0 9.5 9.6%

14. EDUCATION AND GENERAL EDITIONS 1H 2001 % change 1H 2002 MAIN FIGURES EXCLUDING MEXICO 2002 FIRST QUARTER RESULTS Revenues EBIT EBIT Margin 180 17 9.4 (million euros) (13.9)155 11 7.1 (35.3)

15. EDUCATION AND GENERAL EDITIONS GEOGRAPHICAL DISTRIBUTION 1H 20021H 2001 2002 FIRST QUARTER RESULTS Spain & Portugal 23% Latam 77% Latam 75% Spain & Portugal 25%

16. 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

17. 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