Investor presentation September 2005

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Jasmine Perkins
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1 Investor presentation September 2005 Consolidated figures according to International Financial Reporting Standards (IFRS)

2 IMPROVING ECONOMIC PICTURE Construction drives growth of industrial output Retail sales up significantly % % 21.8% 29.9% Lower spending on durables due to summer vacation 1 4.6% 2.3% -3.7% -1% 0.9% 6.9% 2.6% 1 7.5% % % -0.3% % -1-3 Jan '05 Feb '05 Mar '05 Apr '05 May '05 Jun '05 Jul ' Jan'05 Feb'05 Mar'05 Apr'05 May'05 Jun'05 Jul '05 Industrial output (not corrected for seasonal factors) Construction Retail sales / current prices Jobs and salaries are growing New car sales are volatile 5% 4.5% 2 0.2% 3% 2% 1% 2.6% % % 1.6% 1.8% 1.7% % 1.7% 3.2% 1.8% % % -57.1% -19.6% -10.7% Jan '05 Feb '05 Mar '05 Apr '05 May '05 Jun '05 Jul '05 Employment in companies Average income (gross) in companies 2 Source: Central Statistical Office, IBRM SAMAR -6 Jan'05 Feb'05 Mar'05 Apr'05 May'05 Jun'05 Jul '05 No. of cars

3 MORE OPTIMISTIC ECONOMIC FORECASTS GDP growth CPI 5% 3.7% 4. 3% 2.9% 3% 2% 2. 2% 2.1% 1.5% 1% 1% 1H AF 2006 F 1H AF 2006 F 12% 1 8% Company investments % Individual consumption 2.8% 3.7% 6% 2% 1.6% 2% 2.6% 1% 1H AF 2006 F 1H AF 2006 F 3 Source: Central Statistical Office, Ministry of Finance - Budget assumptions for the year 2006

4 ADVERTISING MARKET CONTINUES TO GROW 18% 16% TV budgets shift to dailies 17% 1 12% 1 Total ad spend in 1H 2005 grew by ca.1 13% Deceleration driven by lower growth rate of TV 1 12% 1 8% 6% 2% 12% 11% 8% 8% TV Newspapers 6% 1Q Q % 4 35% 3 Strong growth in smaller media 3 1Q Q % 2 15% 1 8% 7% 13% 13% 11% 5% 4 Source: Agora s estimates adjusted for average discount rate (data in current prices). The estimates refer to advertising expenditures in four media (TV, print, radio and outdoor), which in case of print do not include classifieds, inserts and obituaries. The estimates are based on rate card data of AGB Polska monitoring, Expert Monitor monitoring, Agora monitoring and Izba Gospodarcza Reklamy Zewnetrznej (IGRZ) monitoring. Magazines Outdoor Radio 1Q Q 2005

5 TV RUNS AT FULL CAPACITY % usage 10 TV inventory sell-out rates % usage 10 Prime time and off peak in commercial TV Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 Prime time (commercial TVN and Polsat) Prime time (public TVP1 and TVP2) 4 Jan'05 Feb'05 Mar'05 Apr'05 May'05 Jun'05 Prime time Off peak One-week advertising break thou 90 Number of TV spots % usage Prime time and off peak in public TV Jan'05 Feb'05 Mar'05 Apr'05 May'05 Jun' Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 Commercial TVN and Polsat Public TVP1 and TVP2 5 Source: AGB Polska

6 ALL KEY ADVERTISING CATEGORIES PICKED UP Total ad spend growth in 1H 2005 Newspaper ad spend growth in 1H 2005 TOTAL! 240 million! 58 million Biggest contributors Biggest contributors Health & beauty 71 Retail 20 Retail Package goods Automotive 9 of growth 9 of growth 16 Automotive 26 Employment 9 Telecom 25 Announcments 7 Fastest growing Fastest growing Retail!3 Retail!62% Employment!2 Automotive Telecoms!28%!26% Health & beauty!18% Finanace!23% 6 Employment Source: Agora s estimates adjusted for average discount rate (data in current prices). The estimates refer to advertising expenditures in four media (TV, print, radio, outdoor), which in case of print do not include classifieds, inserts and obituaries. The estimates are based on rate card data of AGB Polska, Expert Monitor and Izba Gospodarcza Reklamy Zewnetrznej (IGRZ) monitoring. The comparisons refer to 1H 2005 and 1H 2004.!21%

7 PRINT IS STILL VOLUME DRIVEN Print will not reach 2000 level in H H 2005 constant prices + 1H 2005 current prices TOTAL TV Dailies Magazines Outdoor Radio 7 Source: Agora s estimates adjusted for average discount rate (data in current prices). The estimates refer to advertising expenditures in four media (TV, print, radio, outdoor), which in case of print do not include classifieds, inserts and obituaries. The estimates are based on rate card data of AGB Polska, CR Media, Expert Monitor, Monitoring of Agora, AMS based on Media Watch and IGRZ. CPI adjustments based on Central Statistical Office data for 2000, 2001, 2002, 2003, 2004 and 1H 2005.

8 AGORA S PERFORMANCE TAKES OFF Strong operating results Net earnings grow significantly yoy change "13.5pp % % yoy change "473.9% "680.5% "12.4pp 2 15% 1 5% 0 0 1H H H H 2005 EBIT EBIT margin Net prof it Net margin Growth in free cash flow "165.7% 18% 16% 1 Return on equity ahead of Re 80 12% % 40 6% 20 2% 0 8 1H H 2005 Free cash flow Capex 1H H 2005 Re Return on equity

9 GROWTH IN SCALE CHANGES COMPOSITION OF REVENUES AND COST Revenues Operating cost % "29.7% % " % % % % -11.2% PLN 4 million dedicated to development % 0 1H H H H 2005 advertising circulation books other materials promotion staff cost D&A other 9 Source: Consolidated figures according to International Financial Reporting Standards (IFRS)

MAJOR LINES OF BUSINESS GROW STRONGER THE GROUP

8 million NEWSPAPER SEGMENT % of total yoy % growth

7% 4.4pp 18% 987% 10 Source: Consolidated figures

10 MAJOR LINES OF BUSINESS GROW STRONGER THE GROUP Revenues PLN million EBITDA PLN million NEWSPAPER SEGMENT % of total yoy % growth 61% 7% PLN million 60.6% EBITDA margin 28.7% 4.4pp 18% 987% 10 Source: Consolidated figures according to International Financial Reporting Standards (IFRS), 1H Newspaper segment includes: Gazeta Wyborcza, Metro, Internet, books, as well as cost of overhead.

MAJOR LINES OF BUSINESS GROW STRONGER THE GROUP Revenues PLN 615.9 million EBITDA PLN 154.

2pp Scale of operations increases! Over 1500 new citylight panels in three big cities!

11 MAJOR LINES OF BUSINESS GROW STRONGER THE GROUP Revenues PLN million EBITDA PLN million OUTDOOR % of total yoy % growth 11% 2 PLN 16.4 million EBITDA margin pp Scale of operations increases! Over 1500 new citylight panels in three big cities! Fully operational by e/o June 2006! Investment of PLN 10 million 11 Source: Consolidated figures according to International Financial Reporting Standards (IFRS), 1H 2005

MAGAZINES AND RADIOS ARE SMALL MARKET PLAYERS THE GROUP Revenues PLN 615.9 million EBITDA PLN 154.8 million MAGAZINES % of total yoy % growth! Ad revenues in line with the market 7% 3% PLN 1.

12 MAGAZINES AND RADIOS ARE SMALL MARKET PLAYERS THE GROUP Revenues PLN million EBITDA PLN million MAGAZINES % of total yoy % growth! Ad revenues in line with the market 7% 3% PLN 1.8 million EBITDA margin 3.9%! Copy sales decline reflecting market trend! Successful new magazines RADIO! Advertising share steady! Extra investment to improve 17% PLN (0.3) million long-term results! Slightly negative in Source: Consolidated figures according to International Financial Reporting Standards (IFRS), 1H 2005

13 NEWSPAPERS GROW CIRCULATION AND MARKET SHARE Circulation of Gazeta strengthens Metro nearly doubles its circulation thou copies 600 #5.5% thou copies cities since mid April "5% Gazeta Fakt Super Express 400 Metro Metropol #9% H Jan Feb March April May June No of readers (thou) 7000 "8% Readership Advertising position "1% Fakt Gazeta Other 36% Gazeta 43% -0.6pp #8% "177% #6% Super Express Metro Rzeczpospolita Fakt 6.5% Rzeczpospolita Metro Super Express 9.5% 1% 0 1H05 13 Source: copy sales, circulation: ZKDP (Circulation Audit Office); readership: Polish Readership Research (PBC General), Millward Brown Company SMG/KRC, weekly readership, January June 2005, N=18 081, N=18 017; advertising: Agora, estimated data (current prices) corrected for average discount rate based on Agora Monitoring. The comparisons refer to 1H 2005 and 1H 2004.

Profit in late phase of each project 1M 2M 3M 4M 5M 6M 7M 8M 9M 10M 11M 12M 13M 14M 15M 16M 17M 18M 19M 20M

14 BOOKS INCREASE VOLATILITY OF RESULTS Start of the project Duration of the project Accounting method (according to IFRS):! Cost booked when incurred (incl. first free volume)! Revenues booked when received! Profit in late phase of each project 1M 2M 3M 4M 5M 6M 7M 8M 9M 10M 11M 12M 13M 14M 15M 16M 17M 18M 19M 20M Revenues Costs Q1 Q2 Q3 Q4 Q1 Q2 The graph does not refer to real numbers it was prepared for illustrative purposes only. 14

15 WHAT TO EXPECT AHEAD IN 2005 Diminishing effect of base Expansion impacts results Accounting impact! Lower rate of revenue growth in 2H 2005! Books add cost and increase volatility and seasonality effects! IFRS 2 share based payments write-off to be booked in 4Q 2005! Cost cuts already reflected in 2H 2004 results! Upfront development new projects increase cost base! Improved cost base due to lower D&A but risk of provisions after impairment 15

16 GROWTH IS THE COMPANY S OVERARCHING PRIORITY Dividend payout! PLN 0.5 per share or PLN 28 million on 2nd September Immediate funds availability 400 Share buy-back back 350! Value: PLN 120 million! Timing: August 18, 2005 June 30, million operating cash 2H05 funds + = available! Method: main market (through the broker); no block Dividend and share buy-back transactions; shares to be cancelled H 2005 Credit line Net cash 16

Financial results and market performance in the 3 rd quarter of Investor presentation November 2007

Financial results and market performance in the 3 rd quarter of 27 Investor presentation November 27 SOLID FINANCIAL PERFORMANCE OF THE GROUP 3 2 Revenues 16% 13% Advertising 3 2 Operating cost 6% 4% 2