Financial and market
performance

1Q 2010
May 13, 2010

Advertising market performance
Quarterly ad spend performance

Quarterly performance of ad market segments
24%

10%

Internet¹
Television²

yoy % change

yoy % change

16%

0%

1Q09

2Q09

3Q09

4Q09

1Q10
-1.5%
-1,5%

-10%

8%

Magazines
0%

1Q09

2Q09

3Q09

4Q09

1Q10

Radio

-8%

Outdoor-16%

Dailies

-7%
-7%
-11%
-11%

-20%

-17%
-17%

-24%

-15%
-15%

-32%

Ad market structure in 1Q 2010

Outdoor7%
1pp

Internet
13%
2pp
Dailies10%
1.5pp

PLN 1.6 billion

1.5%

Television
51%
1.5pp

yoy pp and % change

Magazines
12%
0.5pp
Radio7%
0.5ppSource: ad spend estimates by: Agora (press based on Expert Monitor and Agora’s monitoring, radio based on Expert Monitor), Starlink (TV, Internet), IGRZ (outdoor);¹ Data, for 1Q09 and 1Q10, after the methodology change of Internet ad market measurement by Starlink comprise revenues from e-mail marketing, display, search engine marketing and affiliate marketing. In the previous periods thedata comprised e-mail marketing, display, search engine marketing and classifieds (since 2009). The estimates for Internet ad market for previous reporting periods have not been adjusted adequately therefore the Internet ad market
Internet ad market dynamics 2009/2008 are not fully comparable.
² Data, for 1Q09 and 1Q10, according to new methodology of TV ad market measurement (by media house Starlink) comprise standard TV advertising and sponsoring revenues. The estimates for previous reporting periods have notbeen adjusted adequately therefore they are not fully comparable.

2

Financial performance of the Group

PLN million

1Q 2010

1Q 2009yoy change

Revenues, incl.:

248.1

274.4

(9.6%)- advertising

159.3

179.4

(11.2%)- copy sales

53.3

66.0

(19.2%)- other

35.5

29.0

22.4%

231.4

268.7

(13.9%)- raw materials, energy and consumables

45.2

55.4

(18.4%)- staff cost

68.6

72.1

(4.9%)- non-cash expense relating to share-based payments

3.1

3.6

(13.9%)- promotion and marketing

25.9

38.2

(32.2%)

- D&A

19.8

20.1

(1.5%)

16.7

5.7

193.0%EBIT margin

6.7%

2.1%

4.6 ppOperating EBITDA¹

39.5

29.3

34.8%

15.9%

10.7%

5.2 pp21.7

1.1

1 872.7%

Operating cost, incl.:

EBIT

Operating EBITDA margin¹
Net profit

Source: consolidated financial statements according to IFRS, 1Q10;¹ excluding non-cash cost of share-based payments;- Lower revenues from bookcollections offered by Special
Projects;- Other copy sales revenues
decreased by 3.7%.

Due to, i.a., 21% growth ofrevenues from printing services
for external clients.

Result of favorable EUR/PLN
exchange rate, lower prices of
paper purchase, lower volume of
production.

Result of efficiency improvement
plan comprising staff reduction
executed since December 2008.
- Lower prices of media purchase;- Limited scope and number ofadvertising campaigns.

3

Segment performance: Dailies (Gazeta, Metro, Special Projects, Printing Division)
Financial performance¹

1Q 2010

1Q 2009yoy change

156.3

175.9

(11.1%)- advertising in GW

73.2

86.1

(15.0%)- copy sales in GW

37.3

38.3

(2.6%)

PLN million

Revenues, incl.:

Operating cost, incl.:

Lower production volume,favorable EUR/PLN
exchange rate, lower costof paper.

117.2

144.0

(18.6%)- raw materials, energy, consumables and printing
services

47.4

59.2

(19.9%)- staff cost excl. non-cash cost of share-based
payments

31.7

33.4

(5.1%)- Lower cost of media
purchase;- marketing & promotion

16.5

26.4

(37.5%)- Lower number ofadvertising campaigns.

39.1
25.0%

31.9
18.1%

22.6%
6.9 pp

47.2

40.4

16.8%

30.2%

23.0%

7.2 pp

EBIT ²
EBIT margin²
Operating EBITDA³
Operating EBITDA margin³

Source: financials: consolidated financial statements according to IFRS, 1Q10;¹ incl. Gazeta, Metro, Special Projects, Printing Division;² excluding allocations of general overhead cost of Agora SA;³ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.

4

Dailies segment performance: Gazeta
Dailies ad spend structure¹
yoy pp change

Metro
4%
0pp

Gazeta40%
0pp

Rzeczpospolita
9%y1pp
Super Express
3%0pp
Mecom (local)
7%
z1pp

thou. copies

Copy sales of dailies¹
600
Monday-Wednesday and Saturday
cover price up to PLN 1.3

443K

450

Everyday coverprice up to PLN 1.8

1Q 2010300

PLN 0.2 billion

Everyday coverprice up to PLN 3.4

Dziennik Gazeta Prawna

Fakt
8%
y1pp

Monday-Thursday cover priceup to PLN 1.4, Friday PLN 1.7

Monday-Thursday coverprice up to PLN 1.3

Monday-Thursday cover price up to
PLN 2.0, Friday-Saturday PLN 2.5

4%
y3pp
Polskapresse
15%
0pp

339K

Monday-Thursday cover price up to
PLN 2.0, Friday-Saturday PLN 2.5

173K
142K
103K

150

(till Sep 11, 09 Gazeta Prawna²)

Other
10%
y1pp

Monday-Wednesday and Saturday
cover price up to PLN 1.4, Thursday
and Friday PLN 1.7

Friday-Saturday coverprice up to PLN 2.9

Dziennik
0%0Gazeta Prawna (till Sep 11, 09): TuesdayThursday editions cover price: PLN 3.5;
Monday, Friday: PLN 3.99³

Oct08

Nov08

Dec08

Jan09

Feb09

Dziennik Gazeta Prawna (from Sep 14, 09):
Monday-Thursday: PLN 2.6, Friday: PLN 2.9

Mar09

Apr09

May09

Jun09

Jul09

Aug09

Sep09

Oct09

Nov09

Dec09

Jan10

Feb10

Mar10

(published till Sep 12, 09²)

z5pp

Fakt

GazetaRzeczpospolita

DziennikSuper Express
Dziennik Gazeta Praw na(till Sept. 11, 09 Gazeta Prawna 4 )Weekly readership reach in 1Q 2010¹
No of readersGazeta4.5 mln

Fakt

4,2 mln
4.4 mlnSuper Express

2.0 mlnMetro

1.9 mln

Rzeczpospolita

1.3 mlnDziennik Gazeta
Prawna1.0 mln

0%

14.9%

•

14.5%
6.5%
6.2%

•

4.2%
3.4%
4%

8%

12%

% reachThree awards in Innovation Competition in MassMedia - Media Trends 2010 :•in a category ‘self – promotion and promotion of
medium’,•‘cross media platform to create and distribute content’•and in ‘CSR’ category.

Two third positions in INMA Awards 2010 in thefollowing categories:•

in a category ‘copy sales’, and•‘marketing campaign that exhorted the largest influenceon business operations’.

16%

Source: copy sales: ZKDP, total paid circulation, Oct 08 – Mar 10, comparison; financials: consolidated financial statements according to IFRS, 1Q 10; readership: Polskie Badania Czytelnictwa,
execution MillwardBrown SMG/KRC, Jan-Mar 10, N=12 142, CCS indicator (weekly readership), elaboration Agora SA;(1) comparison of major dailies only;(2) the title appeared on the market on September 14, 2009 from the merger of Gazeta Prawna and Dziennik. The ad revenue of 1Q09 relates to the ad revenue of Gazeta Prawna.
(3) Gazeta Prawna: basic prices on days without special additions; price with additions from PLN 4.99 to PLN 6.99;(4) the title appeared on the market Sep 14, 09 from the merger of Dziennik and Gazeta Prawna. The data from Jul 1, 09 till Sep 11, 09 relate to copy sales of Gazeta Prawna; The copy sales of
new title Dziennik Gazeta Prawna amounted to 126 thou. copies (Sep 14-30, 09);5

Dailies segment performance: Metro
Financial performance

Metro ad market share in 1Q 2010
yoy pp change

1Q 2010 1Q 2009

PLN million

yoy % change

national

Ad revenues

7.3

8.4

(13.1%)

Operating EBITDA¹

0.7

(0.3)

-

4.2%
z0.5pp

local

Total
4%

2.4%

(maintained share)(excl. Warsaw)(maintained share)
Warsaw

12.5%
y2pp
0%

5%

% share10%15%% reachReadership reach 1Q 2010
8%

6.2%

• Main INMA Awards 2010 prize in a category‘marketing solutions for advertisers’;

3.4%

4%

• Distinction in Innovation Competition in Mass

1.9 million

1.0 million

readers

readers

WeeklyAverage issue

Media – Media Trends 2010 in ‘CSR’
category.

0%

Source: financials: consolidated financial statements according to IFRS, 1Q10; ad expenditure on dailies: Agora, display advertising, 1Q10; readership: Polskie Badania Czytelnictwa,
execution MillwardBrown SMG/KRC, Jan-Mar 2010, N=12 142, CCS indicator (weekly readership), CPW (average issue readership), elaboration Agora SA;¹ excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA;

6

Dailies segment performance: Special Projects (incl. collections)

1Q 2010

1Q 2009

yoy % change

Revenues

14.1

22.9

(38.4%)EBIT ¹

1.9

3.7(48.6%)

PLN million

million copies

Copy sales²

Financial performance

1,5

1.1 million
1

0.7 million
0,50

1Q 2009

Successful sales of music publications

1Q 2010

New publication

Kayah & Royal Quartet– Golden record• exclusive publication;• limited number of 1 thousand sets
(numbered)

Fryderyk Chopin collection– Platinum record
This is two volume Bible (set with New
and Old Testament) translated bypriest Jakub Wujek, with prints by
Gustav Dore.
Source: financials: consolidated financial statements according to IFRS, 1Q10; numbers of sold copies: The Polish
Society of the Phonographic Industry (ZPAV);(1) excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA;(2) books and albums with DVDs and CDs;

7

Segment performance: Internet
Financial performance¹

Dynamics of ad expenditure in Internet in 1Q 2010
1Q 2010

1Q 2009

21.2

19.5

8.7%

13.3
0.7
5.6
2.6

10.4
0.5
5.9
2.4

27.9%
40.0%
(5.1%)
8.3%

21.3

21.7

(1.8%)

10.6

11.0(3.6%)

Revenues, incl.:- display ads- incl. Trader.com (Polska)- vortals ad sales- incl. Trader.com (Polska)

Operating cost, incl.:- staff cost excl. non-cash cost ofshare-based payments- promotion and marketing

3.5

4.3

(18.6%)EBIT ²
EBIT margin ²(0.1)(0.5%)(2.2)(11.3%)

95.5%
10.8 pp

Operating EBITDA ³
Operating EBITDA margin³

1.8
8.5%

(0.6)
(3.1%)

11.6 pp28%

30%

yoy change

yoy % change

PLN million

18%

16%

13%

15%

Display andclassifieds

Display
and e-mailmarketing

TOTAL

0%

AGORA

Position in thematic categories
Number of real users(mln)

Sports#2

3.6

Information, journalism, media

#2

5.6

Community#2

6.0

Lifestyle#4

4.4% reach72.6% Onet.pl Group
64.4% Gazeta.pl Group
63.1% Wirtualna Polska Group
60.1% Interia.pl Group

60%

56.1%

56.0% o2.pl Group

41.3%
40%

CLASSIFIEDS

37.8%

Jan10

Oct09

Jul09

Apr09

Jan09

Oct08

Jul08

Apr08

Oct07

20%
Jan08

1.2

Jul07

#5

Apr07

1.4
Jan07

#1

methodology change

Oct06

2.3

Jul06

#1

Apr06

4

Jan06

Recruitment

Automotive

80%

77.3%
69,8%

NEWS & INFORMATION

Construction, real estate

Internet ad market

Reach of Internet portals

Gazeta.pl position

category

Display
and e-mailmarketingSource: financials: consolidated financial statements according to IFRS, 1Q10; ad spend: Starlink (display, search engine marketing, e-mail marketing and affiliate marketing); Internet statistics: Megapanel PBI/Gemius, reach - Jan06Feb10, thematic categories – real users, Feb10;(1) Internet division, Agora Ukraine, AdTaily, Trader.com (Polska) including print revenues;(2) excluding allocations of general overhead cost of Agora SA;(3) excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA;(4) excluding Domiporta.pl.

8

Segment performance: Outdoor
AMS ad market share

Financial performance
1Q 2010

PLN million

1Q 2009

Revenues, incl.:

35.0

38.5

- ad revenues

34.5

37.8

(8.7%)

40.0

41.6(3.8%)

Operating cost, incl.:- execution of campaigns

6.0

7.4

(18.9%)

18.7

19.8

(5.6%)- staff cost (excl. non-cash costof share-based payments)

4.6

4.8

(4.2%)

- D&A

5.6

6.0

(6.7%)- promotion & marketing

1.0

0.8

25.0%

(5.0)
(14.3%)(3.1)(8.1%)(61.3%)(6.2 pp)

0.8
2.3%

3.1
8.1%

(74.2%)(5.8 pp)

Operating EBITDA¹
Operating EBITDA margin¹

AMS
28%

(9.1%)- maintenance cost

EBIT
EBIT margin

yoy % and pp change

yoy change

0pp
Purchase of smaller
number of ad panels on
public buses, fewer
number of poster changes
and orders for printing
services from externalclients.

1Q 2010
PLN 122 million

z11%

Reduction of unit cost ofowned panels.

Synergy of outdoor and Internet
Report on new brand campaign efficiency• Synergy of outdoor and Internet
enables to reach attractive groupof consumers.

Results of the campaign in Poland² and UK
WARSAWLONDONno. of panels
used

250 + CityINFOtv

5 thousand

duration

2 weeks

4 weeks

ratios andreactions
measured• reach of thecampaign• visits on website• questionnaires
on website• monitoring ofInternet buzz

• visits on website• questionnaires
on website

Source: financials: consolidated financial statements according to IFRS, 1Q10; ad expenditure on outdoor: IGRZ, 1Q10, excluding cross-promotionof Agora’s other media on AMS panels if such promotion was executed without prior reservation;¹ excluding non-cash cost of share-based payments;² results of the project iKoniec: Aegis Media, campaign executed on panels belonging to AMS Feb 15-28, 2010.

*Quotient of real users and no. of panels used andno. Of weeks of campaign duration of campaigns** Quotient of no. of visits and no. of used panels
and no. of weeks of campaign duration• Outdoor as an effective channel ofcommunication about unknown
brand;
It directs the search for information
to Internet;

5.6

1.1

0.8

Real users per week per
poster*iKoniec.pl (Poland)

1.6

Weekly no. of page v iews perposter**Oohgle.com (UK)9

Segment performance: Magazines
Monthlies ad spend structure

Financial performance
1Q 2010

1Q 2009yoy change

20.5

23.4

(12.4%)- copy sales

9.8

10.7

(8.4%)- ad revenues

10.6

12.5

(15.2%)

16.9

20.6

(18.0%)- raw materials, energy and consumables

6.6

8.2

(19.5%)- staff cost excl. non-cash costof share-based payments

4.1

4.7

(12.8%)- promotion & marketing

4.6

PLN million

Revenues, incl.:

Operating cost, incl.:

EBIT ¹
EBIT margin ¹
Operating EBITDA²
Operating EBITDA margin²(20.7%)

5.8

3.6
17.6%

2.8
12.0%

28.6%
5.6pp

3.8

3.1

22.6%

18.5%

13.2%

5.3 ppMedia Point
Gruner+Jahr
Group
9.7%
5.2%
1pp
Agora
1pp
Axel Springer
10.5%
5.5%

Lower price of paper
purchase (price,favorable EUR/PLN
exchange rate), lower
production volume,change of paper mix.

Edipresse
7.5%
0.5pp

1pp

pozostałe
16.3%

120

Murator8.0%

1.5ppBurda Media
Polska
9.7%
1pp

0.5pp

Increasing no. of users in services of selected magazines
1100

monthlies
137.5

1pp

- Lower prices of media
purchase.

#1
interior home design
monthlies

80

79.1

#2

38%
38%

thou. real users

thou. copies#4 in women luxurious

Marquard
13.7%

1Q 2010

Bauer
14.1%

Copy sales position in selected magazine segments (January10)
160

0pp

1.5pp

- Limited number ofadvertising campaigns;

yoy % change

in parenting monthlies
89.7

1 001

728
550

February 09
February 10

91%
40

103%

279
146

0

yoy pp change

242
119

0

AvantiCztery Kąty(Home Design)

Dziecko(Child)AvantiCztery Katy
(Home Design)

Dziecko(Child)Source: financials: consolidated financial statements according to IFRS, 1Q10; monthlies ad market: monitoring of Expert Monitor based on rate card data, 125 titles in 1Q09 and 124 in 1Q10, excl. specialist titles; copy sales: ZKDP,
total paid circulation, Jan10, comparison (luxurious women monthlies: Twój Styl, Joy, Avanti, Glamour, Cosmopolitan, Elle, Hot Moda & Shopping; interior design monthlies: Cztery Kąty, M jak Mieszkanie, Moje Mieszkanie, DobreWnętrze, Dom & Wnętrze, Elle Decoration; parenting monthlies: Mamo To Ja, Dziecko, Mam Dziecko, Twoje Dziecko, Rodzice, M jak Mama); Internet statistics: Megapanel PBI/Gemius, real users, Feb09, Feb10;¹ excluding allocations of general overhead cost of Agora SA;² excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA.

10

Segment performance: Radio
Radio ad market structure

Financial performance¹

Time
18%
0.5pp

1Q 2010

1Q 2009yoy change

Revenues, incl.:

16.0

18.6

(14.0%)- ad revenues

15.8

18.1

(12.7%)

15.0

17.9

(16.2%)

1Q 2010

6.2

6.7(7.5%)

PLN 116 million

1.8

2.6

(30.8%)

1.0
6.3%

0.7
3.8%

42.9%
2.5 pp

1.9

1.6

18.8%

11.9%

8.6%

3.3 pp

PLN million

Operating cost, incl.:- staff cost excl. non-cash costof share-based payments- promotion & marketing

EBIT
EBIT margin
Operating EBITDA²
Operating EBITDA margin²

Grupa RMF
29.5%
4pp

Eurozet25%z5.5ppmillion page views% change yoy

y148%
4

160

average 16 min/average 24 min/February 2009

February 2010

real user

thou. real users

320

y71%

Agora
11%
z1pp

Other
6%
0pp

Polskie
Radio
10.5%
y2pp

Further development of tuba.FM (April 2010)

Increasing popularity of internet radio platform tuba.FM
8

yoy pp change- New functionalities, i.a.: possibility tocreate individual radio station, to edit
playlists, to share playlists with others- Over 100 available radio channels(regular radio, authorial and thematicradio stations)- tuba.PL – new information service on
musicreal user

00page views

real users

My Tuba (Moja Tuba) – award
in Media Trends 2010
competition in a category‘innovation change in media’

Source: financials: consolidated financial statements according to IFRS, 1Q10; ad market: Agora based on Expert Monitor, Agora’s share incl. TOK FM, excl. brokerage;
Internet statistics: Megapanel PBI/Gemius, real users, page views, average time per user, Feb09, Feb10;¹ local radio stations (incl. TOK FM);
² excluding non-cash cost of share-based payments;

11This presentation has been prepared by Agora SA (the "Company"). The data and information contained on theindividual slides do not show a complete or coherent financial analysis, nor present the commercial offer of theCompany and serve for information purposes only. A detailed description of the business and financial affairsof Agora SA is presented on www.agora.pl website. All data therein are based on sources which the Company
regards as credible. The Company reserves the right to amend data and information at any time, without priornotice. This presentation was not verified by an independent auditor. This presentation may contain slides
containing statements related to the future. Such statements cannot be interpreted as forecasts or otherassurances in respect of future Company's financial results. The expectations of the Company's management
are based on their knowledge, experience and individual views and are dependent on many factors which may
cause that the actual results may differ from statements contained in this document. The Company
recommends that professional investment advice is sought in case any investment in the Company's securities
is considered.

12