Investor presentationInvestor presentation

February/March 2007February/March 2007

2

REVIEW OF 2006: REVENUE AND PROFIT CONTRIBUTORS

EBIT structure

0

10

20

30

40

50

EBIT Newspaper segmentexcl. books

Books Magazines Outdoor Radio Other

Agora Group

Newspapers*

Books

Magazines

Outdoor

Radio

Otherincl. premises

PLN mln

Revenue structure

Source: consolidated financial statements according to IFRS, 2006; segment data include inter-segment transactions* include: Gazeta Wyborcza, Metro, Internet and overhead cost of the Agora Group

0

Gazeta

Books

Magazines

Outdoor

Metro

Internet Radio

+22 mln

+5 mln

+10 mln

+20 mln

-7 mln

-10 mln

2006

PLN

40

mln

3

REVIEW OF 2006: FINANCIAL PERFORMANCE

4.1%

5.7%

yoy % change

42.8

-68.4

yoy PLN mln change

1 094.1

1 133.7

2006PLN mln

Operating cost

Revenue

Source: consolidated financial statements according to IFRS, 2005, 2006 * excluding non-cash cost of share-based payments

yoy PLN mln changeyoy % change2006PLN mln

74.3%

40.2%

73.7%

-101.7151.2Operating EBITDA*

-94.1

-111.2

32.6

39.6EBIT

Net profit

yoy PLN mln changeyoy change2006PLN mln

0.30.7%42.2CAPEX

-80.943.4%105.4Free cashflow

8.4pp

36.2% -83.3147.1Operating cashflow

-2.8%ROE

4

REVIEW OF 2006: SALES

700

800

900

1000

1100

1200

1300

Source: consolidated financial statements according to IFRS, 2005, 2006 * excl. advertising and some publication sales which are included in „advertising” and „copy sales” categories

yoy PLN mln change

2006

Advertising

Copy sales

Books*

Other

2005

43mln

60mln

58mln7mln 68mln

PLN

1 2

02 m

ln

PLN

1 1

34 m

ln

PLN mlnGazeta’s price reduction

Newspapers grow belowtotal market rate

TOTALPLN 68.4 mln

Two hits in 2005: encyclopedia and

travelogs

5

700

800

900

1000

1100

1200

REVIEW OF 2006: OPERATING EXPENSES

Source: consolidated financial statements according to IFRS, 2005, 2006 * includes PLN 5.1 mln of restructuring cost

Marketing

Staff

Other*

Materials

D&A

2005 2006

26mln

43mln

45mln

9mln

40mln

19mln

PLN

1 0

51 m

ln

PLN

1 0

94 m

ln

PLN mln

Incentive plansConsolidation of more radios Some salary risesCompetitive battle in the

newspaper market Books with DVDs

TOTALPLN 42.8 mln

yoy PLN mln change

Production

22mln

Revamped TV Guide

6

REVIEW OF 2006: MARKET ACCOMPLISHMENTS

Source: copy sales: ZKDP, Apr 18-30 - Dec 31, 2006; readership: Polskie Badania Czytelnictwa, MillwardBrown SMG/KRC, Oct-Dec 2006, N=11 525, CCS index (weekly readership), *CPW index (Average Issue Readership); print advertising: Agora, estimated data corrected for average discount rate based on the monitoring of Agora; the data include paid-for and free dailies; financials: consolidated financial statements according to IFRS, 2006

100

200

300

400

500

18-30 Apr May Jun Jul Aug Sep Oct Nov Dec

Gazeta

Dziennik

Rzeczpospolita

thou. copies

Gazeta’s copy sales versus Dziennik and Rzeczpospolita

Protected franchise of Gazeta• Strong readership – 5.8 mln readers in 4Q 2006

• Growing circulation (480 K in Dec., up 77 K yoy)

• Solid advertising share at 41%

Protected franchise of Gazeta• Strong readership – 5.8 mln readers in 4Q 2006

• Growing circulation (480 K in Dec., up 77 K yoy)

• Solid advertising share at 41%

Metro grew scale and reach • 3-rd most widely read newspaper in Poland*• Main competitor withdraws from the market in January 2007

Metro grew scale and reach • 3-rd most widely read newspaper in Poland*• Main competitor withdraws from the market in January 2007

Internet accelerates expansion • 12 new services launched or revamped in 2006 • Ambitious growth plan for 2007-2008

Internet accelerates expansion • 12 new services launched or revamped in 2006 • Ambitious growth plan for 2007-2008

8.5%

18.3%19.2%

0%

10%

20%

Gazeta W yborcza Fakt Metro

no. o

f rea

ders

5.8

mln

% reachWeekly readership reach in 4Q 2006

5.5

mln

2.5

mln

AMS continues to grow • 1.78 thou. new faces in 2006 (1.71 thou. demolished) • Solid revenues of PLN 151 mln and profitability at 22%

AMS continues to grow • 1.78 thou. new faces in 2006 (1.71 thou. demolished) • Solid revenues of PLN 151 mln and profitability at 22%

2006

7

REVIEW OF 2006: COST REDUCTION PROGRAM

8 mlnExternal services

18 mlnPayroll

5 mlnMaterials and energy

Main areas:

13 mlnOverhead/corp utilities

22 mlnBusinesses

Cost reduction PLN 35 mln

4 mlnPromo expenses

Metro – monetize position

Internet operations – accelerate growth

Gazeta – editorial and product enhancements

Operating investments

AMS – expand network

Risk factors

Pressure on salaries following market trends

New competition in the newspaper market

Pressure on salaries following market trends

New competition in the newspaper market

8

8.5%

3.1%

4.7%5.1%5.3%

5.6%

4.5%

5.2%

4.0%

5.4%4.8%

3.6%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

Average wage (gross) in PLN

PREVIEW OF 2007: THE ECONOMY

5.1%5.8%

12.0%

16.7%

0%

5%

10%

15%

20%

2006 2007F

6.3%5.5% 5.8%

5.2%4.5%4.1%

3.0%2.4%

19.3%19.8%

14.8%

7.7%

10.1%

6.4%

3.9%

1.2%

0%

5%

10%

15%

20%

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06F

GDP growthCompany investments

GDP and company investments

Source: Central Statistical Office (GDP and company investments for 2006 - preliminary data); forecasts: Ministry of Finance, 2007 forecast as of 29 November 2006, 4Q06 forecast as of 17 January 2007; volume of Gazeta’s recruitment ads: monitoring of Agora

yoy % changeyoy % change

Average wage growth in companies Volume of Gazeta’s recruitment ads

22.1%20.7%

15.5%

19.5%

13.6%

10.4%11.2%9.5%

0

20

40

60

80

100

120

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q060%

5%

10%

15%

20%

25%thou yoy % change

Unemployment rate

14.9%

15.2%

15.9%

17.8%17.6%17.6%

18.0%

19.2%

12%

14%

16%

18%

20%

1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06

Unemployment rate (end of period)

12.3%14.9%

0%

4%

8%

12%

16%

2006 2007F

yoy % change

2006

5.1% average annual growth

9

PREVIEW OF 2007: ADVERTISING MARKET

0

1000

2000

3000

4000

5000

6000

7000PLN mln

10%

11%

5%

10%

42%

2006 vs 2005 % change

3%

10%

Ad market structure in 2007

Source: the estimates are adjusted for average discount rate; 2006: Starlink estimates (TV and Internet), IGRZ (outdoor), Agora’s estimates based on Expert Monitor and monitoring of Agora (press and radio); 2007 estimates: Agora

0pp9%

OutdoorOutdoor

0pp9%

RadioRadio

1pp5%

InternetInternet

1pp15%

DailiesDailies

1pp16%

MagazinesMagazines

1ppyoy pp change47%% shareTV TV

12%

20062007E

12%

10%

59%

3%

5%

TV

Magazines

Dailies

Radio

Outdoor

Internet

2007 vs 2006 % change

10

PREVIEW OF 2007: OTHER FACTORS

Operations

Business seasonality deepens

Higher newsprint price, but cost of production materials 2% down (subject to f/x rate)

Non-cash

Share-based compensation down to PLN 28 million in 2007; volatile quarters (PLN 0.8 mln in 3Q 2007)

And keep in mind

1Q 2006 high revenue base – cover price cut in April 2006

No cost of Nowy Dzień in 2007 (PLN 26 million in 2006; provision set in 1Q 2006)

Collections deepen volatility of quarters

Source: consolidated financial statements according to IFRS, 2006

110

100

200

300

400

500

2001 2002 2003 2004 2005

0

2

4

6

8

10

2001 2002 2003 2004 2005Asia

Europe

North AmericaOther*

0

100

200

300

400

500

2001 2002 2003 2004 2005

Source: WAN, World Press Trends 2006, update January 2007 * other include: Africa, South America, Australia & Oceania

0

2

4

6

8

10

2001 2002 2003 2004 2005

Asia

Europe

North AmericaOther*

thou titles 13.2%

mln copies 6.4%

thou titles 14.2%

mln copies 10.0%

2.8%

0.7%

3.3%

2.4%

PREVIEW OF 2007: WORLD TRENDS DEFY CONVENTIONAL WISDOM

Paid-for dailies: titles and circulation

Total number of paid-for and free newspapers up 14% over the last 5 years

Total circulation of paid-for dailies up 6%over 5 years and 0.7 yoy

More than 450 million copies sold daily

In excess of 1.4 billion paid-for newspaper readers

More than 6 billion euros invested innewspaper technology in the past 5 years –new genres of newspapers, newaudiences, marketing and distributionscenarios

Paid-for and free dailies: titles and circulation

2005 vs 2004 % change

2005 vs 2004 % change

2005 vs 2001 % change

2005 vs 2001 % change

12

100

200

300

400

500

Fakt

Gazeta

Super ExpressDziennik

Rzeczpospolita

8.0%8.3%

18.3%19.2%

0%

5%

10%

15%

20%

25%

Gazeta

Fakt

Super Express

Dziennik

PREVIEW OF 2007: GAZETA

Other38%

Dziennik3%

Super Express3% Fakt

7%

Rzeczpospolita8%

Gazeta41%

0.8pp

0.9pp

0.8pp1.0pp

yoy pp change

2006

Copy sales and readership in 4Q 2006thou copies

2007

no. o

f rea

ders

5.8

mln

2.4

mln

5.5

mln

2.5

mln

Premier brand and franchise

Strong national and local presence (content and ads)

Proven promo strategies

Advertising breadth andinnovationsAdvertising share in 2006

High circulation

Copy price strategies

Protect ad share

Improve profitability andenhance sales

Leverage synergies with Metro and online

% reach

Source: copy sales: ZKDP, Oct-Dec 2006; readership: Polskie Badania Czytelnictwa, MillwardBrown SMG/KRC, CCS index (weekly readership), Oct-Dec 2006, N=11 525; print advertising: Agora, estimated data corrected for average discount rate based on the monitoring of Agora; the data include paid-for and free dailies

13.3%

7.4%

7.6%

5.9%

N/A

0.7pp

yoy % change

13

Weekly readership reach

PREVIEW OF 2007: METRO

Leverageleadership position – grow adsales

Introduceinnovative advertising formsand new supplements (Metro City)

Improve distributionefficiencyReach break-evenin 2008

2006 2007

0

10

20

30

40

2005 2006

Metro

Metropol

PLN mln

Advertising performance

55%

2%

26%

yoy % change

0%

5%

10%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Metro

Metropol

% reach

Source: readership: Polskie Badania Czytelnictwa, MillwardBrown SMG/KRC, Jan-Dec 2006, N=44 929, CCS index (weekly readership), **CPW index (Average Issue Readership); print advertising: Agora, estimated data corrected for average discount rate based on the monitoring of Agora

* distributed every day (Monday thru Friday)

Shut down in Jan 2007

Now the only national freedaily in the market*

#3 most read overall**

Tested formula: innovativeeditorial and marketingapproach

2006

14

2005 2006

8.4 mln

9.8 mln

0

50

100

150

200

2005 20060

6

12

18

24

RevenuesEBIT

PREVIEW OF 2007: BOOK COLLECTIONS

2006 2007

Maintain scale

Continueinnovating newcollections

Brand extensionsin other media

Increase margins

Volumes sold

Financial performancePLN mln PLN mln

14%

32%77%

Market innovator; ahead onthe learning curve

Leverages brand andfranchise strength

Ongoing innovation basedon reader input

Source: consolidated financial statements according to IFRS, 2005, 2006

yoy % change

yoy % change

15 Source: Megapanel PBI/Gemius, December 2006; internal statistics

PREVIEW OF 2007: INTERNET

5 mln users 120 thou. blogs,1.6 mln users

#2 job service,15 thou. job ads,

0.8 mln users

#1 real estate vortal,0.5 mln users

#1 newspaper online service,1 mln users

Gazeta.pl mobile service

Own video production,150 videos weekly,

0.4 mln users

1.3 mln users,56 mln posts

16

0

2

4

6

8

10

November 2006 December 2006

0,0

0,2

0,4

0,6

0,8

1,0

December 2006

GazetaDom.plGratka.pl/dom

0

1

2

3

4

5

Nov ember 2006 December 2006

PREVIEW OF 2007: INTERNET (CONT’d)

#3 player in reach and ad share intwo years

Revenue growth 3times in 2 years

Leadership inclassifieds

New internet-basedbusinesses, includingadvanced audiovisualcontent

Accelerated investments in 2007:growth of revenue and cost

2006 2007

Gazeta.pl reach vs market leader

Source: Megapanel PBI/Gemius

Attractive target group

Strong brands

Rich content: editorial andclassifieds

Commitment and resourcesto invest

72% 71%

38% 36%

29%

41%

28%

46%mln

real

use

rs

Online communities

27%

59%

23%

59%mln

real

use

rs

Recruitment and real estate services

mln

real

use

rs

December 2006

RecruitmentReal estate

Gazeta.pl

Onet.pl

Gazeta.pl

Onet.pl

GazetaPraca.pl

Pracuj.pl

yoy % change

yoy % change

yoy % change 93%136%

100%

180%

17

0

30

60

90

120

150

180

2005 20060%

5%

10%

15%

20%

25%

Rev enues

Operating EBITDA margin

STROER17%CITYBOARD

MEDIA13%

NEWS OUTDOOR

14%

CLEAR CHANNEL

9%

Other20%

AMS*27%

PREVIEW OF 2007: OUTDOOR

PLN mln

Ad market performance

2006 2007

Maintain leadership position– revenue enhancements

Further networkinvestments

Protect marginduring investmentphase

Financial performance

Source: financials: consolidated financial statements according to IFRS, 2005, 2006 ; outdoor advertising: AMS based on Media Watch, 2006 , monitoring in 12 largest agglomerations* out of 27%, 9pp comes from Agora’s media

#1 outdoor company in Poland

Solid profitability

Committed to market innovations and investments

5.4%2.9pp

yoy change

18 Source: financials: consolidated financial statements according to IFRS, 2005, 2006; average copy sales: Agora

PREVIEW OF 2007: MAGAZINES

2006 2007

Maintain copy sales and readership position of theleading titles

Continue improvingtheir financial parameters

Seek new growthopportunities: newtitles

Small but profitable business

Successful launches

Rich source of content

Strong brands

0

20

40

60

2005 20060

200

400

600

800

1000

1200

Revenues from copy sales Copy sales

PLN mlnCopy sales performance

2006

thou copies

2.4%

9.2%

0

20

40

60

80

100

2005 20060

2

4

6

8

10

12

14

Revenues Operating EBITDA

PLN mln5.7%

107.1%

Financial performancePLN mln

yoy % change

yoy % change

19Source: audience share: SMG/KRC A MillwardBrown Company, Jan-Dec 2005 and Jan-Dec 2006, cities of broadcasting; target audiences: Roxy FM: 20-35 years of age, N= 7 155 in 2006, 7 731 in 2005 , ZlotePrzeboje: 30-50 years of age, N= 15 212 in 2006, 16 053 in 2005, TOK FM +15 years of age, N= 31 256 in 2006, 31 321 in 2005; financials: consolidated financial statements according to IFRS, 2005, 2006; does not include TOK FM

PREVIEW OF 2007: RADIO

2.5%

Roxy FM

2006 2007

Key priority:financial performance

Roxy FM: keep growing audience

Golden Oldies: target new audiences

TOK FM: leverageaudience results

Audience share

2.8%

TOK FM

0.7pp

0.4pp 0.8pp

yoy pp change

Clear brand strategy

Revamped operatingstructure

TOK FM’s brand takes off

-10

0

10

20

30

40

50

60

70

2005 2006

Revenues

EBIT

PLN mln

14.7%

44.7%

Financial performance

yoy % change

10.0%

Złote Przeboje (Golden Oldies)

20

PRIORITIES FOR GROWTH: TOPLINE AND SCALE EXPANSION

2006 2007

Apply new tech perspective to

leverage equities and build new activities

Core business

Online business

New activities

on/off line

Strong brands

National/local franchises

Rich multimedia content

Proved promo strategies

Innovative ad forms

Comprehensive salesapproach