Financial and market
performance

2Q 2009
August 13, 2009

Financial performance of the Group
2Q 2009

2Q 2008

yoy % change

Revenues, incl.:- advertising*

297.8
194.1

343.7
259.6

(13.4%)(25.2%)- copy sales*

47.5

49.5

(4.0%)- Special Projects, incl. collections

29.2

10.9

167.9%Cash position

Operating cost

282.9

313.5

(9.8%)

PLN mln

EBIT

14.9

30.2

(50.7%)

PLN mln

Operating EBITDA**

38.7

62.0

(37.6%)Net profit

12.2

21.5

(43.3%)

The financial result affectedby one-off provision cost of
PLN 2.3 mln for the cost of
the additional 100 lay-offs

Operating cost structure
10%

330

e/y 2Q09

Cash and short-term securities

246.6

Debt

131.8

Net cash

114.8

Available credit line

200.0

Employment (FTE at the end of period)
4000

yoy % change

staf f costz168 FTEs

220

z70%

PLN mln

y26%
z36%
110

non-cash expense of sharebased pay ments
raw materials, energy andconsumables
marketing and promotion

0.5%

No of employees (FTE)z14%z188 FTEs
3000

3 673

3 505

z356 FTEs

3 317

D&A
z2%

other

0

2000

2Q08

2Q09

Decrease:– in staff cost: reduction in number of employees as a result of efficiency improvement plan;– in marketing and promotion cost: reduced number of marketing campaigns and dual pricing offers;– in non-cash expense relating to share-based payments.

4Q08

1Q09

2Q09

337 dismissal notices
delivered in 1H 09

Increase:– in raw materials, energy and consumables: higher volume and number of book collections;increase in energy prices.
Source: consolidated financial statements according to IFRS, 2Q09
* excluding Special Projects** excluding non-cash cost of share-based payments2

Ad market performance
Ad market structure in 2Q 2009

Quarterly ad spend performance40%

Outdoor**
9%

30%

1pp

Television
47.5%

20%

1pp

yoy % change

10%

PLN 1.9 bln
17%

0%

-10%

1Q08

2Q08

3Q08

4Q08

1Q09

yoy pp and % changeInternet*
12%
2.5pp

2Q09
Dailies
11%

-20%

2pp

-30%

Radio
7%

-40%

Internet*

TelevisionRadio

Outdoor**Magazines

Dailies

0pp

Magazines
13.5%
0.5ppAd market performance in 2009 steeper decline of ad spend in 2Q09;
 electronic media suffer the ad spend decline with one quarter delay;
 no signs of improvement in ad market in 2Q09;

Source: 2008-2Q09 ad spend estimates by: Agora (print based on Expert Monitor and monitoring of Agora, radio based on Expert Monitor), Starlink (TV, Internet – in 2008 display, search engines, since 1Q09 additionally classifieds,
e-mail marketing), IGRZ (outdoor)* since1Q09 media house Starlink changed the methodology of Internet ad market measurement; Internet ad market includes now: display, SEM, e-mail marketing and classifieds. Previously it included only display and SEM; thehistorical data, concerning the estimates for Internet ad market for previous reporting periods has not been adjusted adequately therefore the data is not fully comparable**IGRZ, since 1Q09 data based on a new definition of outdoor market redefined as „out-of-home” market incl. stationary, mobile and digital advertising; the historical data has been adjusted adequately and is fully comparable

3

Dailies ad market performance
Newspaper ad spend structure*
Other
11%

0.5pp

Polskapresse
13.5%

Fakt
7%

yoy pp change

z0.5ppMecom (local)
8%

1.5pp

1.5pp

Dziennik7%

2Q 2009
PLN 0.2 bln

0.5ppSuper Express
3%
0.5pp

Rzeczpospolita
9%Gazeta maintains its
market share in dailies
ad spend in 2Q09 if
recruitment ads are
excluded

0pp

Metro
3.5%

Gazeta38%

0.5pp

3.5ppTop ad categories in dailies
financial70%

announcements
14%

y5pp

yoy pp change

products

6% entertainment
2pp
7%
y2pp

retail chainsautomotiv e

35%

8%

9%

z1.5ppy1pp

2Q 2009
PLN 0.2 bln

yoy % change

real-estate9%

1.5pp0%

recruitment
6%

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

7pp

other
41%
y4pp

-35%

-70%

recruitm ent

real-estate

autom otive

financial products

retail chainsentertainm ent

Source: dailies ad market: display ads, Agora’s estimates*major dailies only

announcem ents

4

Segment performance: Newspapers*

Financial performance
2Q 2009

2Q 2008

yoy % change

186.6

218.9

(14.8%)- advertising in GW

88.7

139.5

(36.4%)- copy sales in GW

37.1

38.2

(2.9%)

PLN mln
Revenues, incl.:

Decline in number of
recruitment ads (by 64%)
in which Gazeta holds a
leadership position;- Lower circulation;- Increased copy price;- Less effective dual
pricing offer;- Very competitivemarket;Operating cost, incl.:

152.8

175.6

(13.0%)- materials & energy

68.6

57.6

19.1%

- staff cost excl. non-cash
cost of share-based payments- marketing & promotion

32.8

39.8

(17.6%)

26.1

45.2

(42.3%)- operating efficiency improvement plan

1.4

-

-

EBIT**

33.8

43.3(21.9%)- Fewer dual pricing
projects;

Operating EBITDA****

42.3

59.1

(28.4%)- Lower prices of adpurchase in media;*incl. Gazeta, Metro, Special Projects, contract printing

Source: financials: consolidated financial statements according to IFRS, 2Q 09; recruitment ads: display ads, Agora, 2Q09 vs 2Q08** excluding allocations of general overhead costs of Agora SA*** excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA- Increase in energy
prices;- Higher cost of production
materials due to higher
EUR/PLN exchange rate;- Higher volume and unit
cost of production ofbook collections;- Reduced number ofadvertising campaigns

5

Newspapers segment performance: Gazeta
Other paid-for distribution methods (2Q09)

Copy sales of dailies
Friday cover price up to PLN 1.5

Thursday and Friday cover priceup to PLN 1.6

458K

thou. copies

450

Everyday cover priceup to PLN 1.8
300

Everyday cover priceup to PLN 3.4

379K
Monday-Thursday coverprice up to PLN 2.0,
Monday-Thursday coverFriday-Saturday PLN 2.5 price up to PLN 1.3

187K
142K
132K

150

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

Everyday cover price up to PLN
1.8, Saturday PLN 2.0

100%

Monday-Wednesday and Saturday
cover price up to PLN 1.3% share in total paid distribution

600

11%

75%

44%
50%

25%

0%

Gazeta

0
Jan08

Feb08

Mar08

Fakt

Apr08

May08

Jun08

Jul08

Gazeta

Aug08

Sep08

Oct08

Nov08

Dec08

Super Express

Jan09

Feb09

Mar09

Rzeczpospolita

Apr09

May09

Jun09

DziennikGazeta4.3 mlnMetro

2.3 mlnSuper Express

2.0 mln

Rzeczpospolita

1.1 mlnDziennik

1.0 mln0%Dziennik„Wyborcza for iPhone”

No of readers
4.4 mln

Rzeczpospolita

Other paid-f or distribution methods
Total sales (incl. subscription)

Weekly readership reach
Fakt

19%

14.6%
14.2%

Free and fast application for iPhone, enabling accessto news and comments from Wyborcza.pl service.
The application is one the most popular free news
program for Polish users of iPhones.

7.6%
6.8%
3.7%
3.3%
4%

8%

12%

% reach16%

Source: copy sales: ZKDP, total paid circulation, Jan 08 – Jun 09, other paid forms of circulations - share in total paid
distribution – Apr-Jun 09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Apr-Jun 09,
N=12 254, CCS indicator (average issue readership);6

Newspapers segment performance: Metro
Metro ad market share in 2Q 2009

Financial performance
2Q 2009

2Q 2008

Ad revenues

7.9

9.6

(17.7%)

Operating EBITDA*

(0.7)

0.4

-

PLN mlnyoy % change
yoy pp change

National

3.2% (maintained)

3.5% in total

2.4% y0.5pp

Local

y0.5pp
11.3% y4pp

Warsaw#3 among most daily readnewspapers in Poland**

0%

5%

10%

15%

% dailies ad market share

Readership reachDevelopment of mTarget service

10%- new packages enriching the portfolio of mTarget services(e.g. mAuto, mCity)- online service% reach

7.6%

4.1%

5%

2.3 mln readers

1.2 mln readers

WeeklyAverage issue0%

Source: financials: consolidated financial statements according to IFRS, 2Q 09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Apr-Jun 09,
N=12 254, CCS indicator (weekly readership), CPW (average issue readership); dailies ad market: dailies ad market: display ads, Agora’s estimates, 2Q09
* excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA** according to CPW index (average issue readership)

7

Newspapers segment performance: Special Projects (incl. collections)
Financial performance
30

Statistics

170%

2Q 2009

2Q 2008

Series8420One-offs

8

14

15

Total number of projects

16

18

Copies sold (mln)**

1.8

0.7

yoy % change

PLN mln

25

39%

10

8 mln

5
0
-5

Revenues

Operating cost

EBIT*

-5 mln2Q 2008

2Q 2009

Awards in Audio Book of the year 2008:- The winner in the category detective story and thriller
literature: „The Man with White Eyes” - Leopold
Tyrmand („Zły”), read by: Marek Kondrat- The winner in the graphics category for: „Imperium.
Postscriptum” by Ryszard Kapuściński
- 6 nominations in other categories

Source: financials: consolidated financial statements according to IFRS, 2Q 09* excluding allocations of general overhead cost of Agora SA** books, CDs, and DVDs

8

Segment performance: Internet
Financial performance*

Reach of Internet portals- promotion and marketing- operating efficiency improvement plan

4.5

9.2

(51.1%)

EBIT**- incl. LLC Agora Ukraine

Operating EBITDA***

0.4

-

-

(3.1)

(1.9)

(63.2%)

(0.5)

(0.4)

(25.0%)

(1.4)

(1.0)

(40.0%)Development of new competencies

category

No. of real users

Gazeta.pl position

Community

5.7 M

#2

News, information, media

4.7 M

#2

2.9 M

#1

3.9 M

#3

1.1 M

#1

Sports

3.0 M#2Recruitment

1.8 M

#1

Construction, real estate

1.3 M

#2

Home design

0.6 M

#1

Lifestyle- Family, children

37.8%

20%

Position in thematic categories- Local and regional news & info

40%

May09

36.7%

Jan09

7.9

Mar09

10.8

Nov08

- staff cost excl. non-cash cost ofshare-based payments

41.3%
Decrease in number
and intensity ofpromotional campaigns

Jul08

4.2%

Sep08

21.3

59.5% Gazeta.pl
59.5% Interia.pl
55.6% o2.pl

56.1%

May08

22.2

Operating cost, incl.:

Consolidation ofTrader.com (Polska)

Jan08

20.0%
-

Mar08

4.5
-

Nov07

5.4
2.3

63.7% Wirtualna Polska

Sep07- vortals ad sales- incl. Trader.com (Polska)

69.8%
60%

Jul07

(19.1%)
-

May07

13.6
-

Jan07

11.0
0.5

Mar07

- display ads- incl. Trader.com (Polska)

73.3% Onet.pl

Nov06(1.5%)

Sep06

19.4

Jul06

19.1

methodology change

77.3%

May06

Revenues, incl.:

80%

Jan06

yoy %
changeMar06

2Q 2008% reach

2Q 2009

PLN mln

New transaction platform in portfolioof Agora’s Internet segment: diversification of revenue
streams,
 acquiring competencies in
e-commerce and performancemarketing,without Domiporta.pl;the service is visited by
ca. 419k real users;

Source: Internet statistics: Megapanel PBI/Gemius, reach Jan 06-May 09, real users May 2009 ; financials: consolidated financial statements according to IFRS, 2Q 09;* Internet division, Agora Ukraine, Trader.com (Polska) including print revenues** excluding allocations of general overhead cost of Agora SA*** excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA

9Segment performance: Outdoor
Financial performance

AMS ad market share**

PLN mln2Q 2009

2Q 2008

yoy % change

48.0

53.5

(10.3%)

Revenues, incl.:- ad revenues

Operating cost, incl.:

47.0

52.9

(11.2%)

46.1

46.4

(0.7%)- execution of campaigns

9.2

12.8

(27.8%)- maintenance cost

20.0

18.1

10.9%

- staff cost excl. non-cash
cost of share-based payments

4.8

5.3

(10.2%)

- D&A

6.0

4.6

31.0%

- promotion & marketing

0.8

1.3

(40.9%)

EBIT

1.9

7.1

(73.5%)

Operating EBITDA*

8.0

12.4

(35.1%)AMS
26%

yoy pp change

y0.6pp2Q 2009
outdoorad spend
z10%

Competition in outdoor market (rate card data)***
CPP
10%
New s
Outdoor
12%

Cityboard
15%

Other
14%

Large partnership agreements with Neste Polska
Sp. z o.o. and Inter IKEA Centre Polska SA in 2Q09

2Q 2009

AMS
30%- Using the areas of IKEA shopping malls for investment
into new panels and their management- Using the areas of self-service petrol stations to builda net of billboard panels 18 square metre and backlights

Stroer19%

Source: financials: consolidated financial statements according to IFRS, 2Q 09;* excluding non-cash cost of share-based payments** IGRZ, 2Q 09, data based on a new definition of outdoor market redefined as „out-of-home” market incl. stationary, mobile and digital advertising; excluding cross-promotion ofAgora’s other media on AMS panels if such promotion was executed without prior reservation*** Expert Monitor, 2Q 09, rate card data, including cross-promotion of Agora’s other media on AMS panels if such promotion was executed without prior reservation

10

Segment performance: Magazines
Financial performance

Position of Avati & Logo in magazines’ copy sales

PLN mln2Q 2009

2Q 2008

yoy % change

Revenues

24.2

30.6

(20.9%)- copy sales

9.8

11.1

(11.7%)- ad revenues

14.3

19.6

(27.0%)

Operating cost, incl.:

18.6

22.3

(16.6%)- materials & energy

8.3

9.0

(7.8%)- staff cost excl. non-cash costof share-based payments

4.5

5.4

(16.7%)- promotion & marketing

3.9

5.8

(32.8%)- operating efficiency improvement plan

0.1

-

-

EBIT*

5.6

8.3

(32.5%)

Operating EBITDA**

5.8

8.8

(34.1%)

Monthly magazine advertising performanceMedia Point
Group
3.8%
Axel Springer
2.9%

Gruner+Jahr
12.7%

The structure of copy sales ofwomen luxurious magazines
Uroda
7.5%

Twój Styl

The structure of copy sales ofmagazines for men
Men's
Health24%

Zwierciadło
6%

17%

Logo
23%

Av anti
14%
Pani
Hot Moda &Shopping

10%

7%

Playboy
21%

Cosmopolitan

Joy
14%

9.5%
Glamour

Elle

9%

6%

CKM
32%

Development of Logo’s online presence

Real users

Agora
12.9%

150

Edipresse
6.9%

y193%

Bauer
14.1%

Other
14.7%

Murator
7.8%

Burda Media
Polska10.6%

yoy % change

100thou. real users

2Q 2009

Marquard
13.6%

50

49 thou.

144 thou.

May 2008

May 2009

0

Source: financials: consolidated financial statements according to IFRS, 2Q 09; monthlies ad market: monitoring of Expert Monitor based on rate card data, 125 titles, excl. specialist titles, 2Q09;
copy sales: ZKDP, May 2009; Internet statistics: Megapanel PBI/Gemius, real users, May 2008, May 2009,* excluding allocations of general overhead costs of Agora SA**excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA

11

Segment performance: Radio
Financial performance*

Radio ad market structure
2Q 2009

PLN mln2Q 2008

Time
18%
0pp

yoy % change

Revenues, incl.:

21.8

24.5

(11.0%)

Broker28%- ad revenues

21.2

23.9

(11.3%)

2pp

Operating cost, incl.:

23.0

22.7

1.3%

- staff cost excl. non-cash cost ofshare-based payments

6.5

7.9

(17.7%)- promotion and marketing

8.6

4.4

95.5%

EBIT

(1.2)

1.8

-

Operating EBITDA**

(0.2)

3.0

-

Agora
12%
0pp

2Q 2009
PLN 137 mln
z18%Eurozet27%
z2pp

yoy pp change

Other
6%
0pp

Polskie
Radio
9%
0pp

Daily reach
Smooth Festival Zlote Przeboje(Golden Oldies)z0.9 pp12%
yoy pp change

New prestigious event on Polish music scene
initiated by Agora radio group. The festival% reach11.9%
6%

won large popularity and attracted several
thousand people.

0.2 ppPhot. Piotr Tarasiewicz

5.8%

Change of broadcast programmingin Roxy FM

0%

TOK FM

Music stations- more programs on widely defined culture
engaged in creation of valuable initiatives inpublic space,- authorial programs,- renown artists, writers and journalists as experts

Source: financial: consolidated financial statements according to IFRS, 2Q 09; ad market: Agora based on Expert Monitor, Agora’s share incl. TOK FM, excl.
brokerage; daily reach: Radio Track, MillwardBrown SMG/KRC, cities of broadcasting,15+, TOK FM: Apr-Jun 2008: N=8 089, Apr-Jun 2009: N=7 828; Music
stations: Apr-Jun 2008: N=11 375, Apr-Jun 2009: N=10 497* local radio stations (incl. TOK FM)** excluding non-cash cost of share-based payments- close co-operation with Group’s other media

12Summary: our objectives

Execution of our main goals:
 Operating efficiency improvement plan; Development and restructuring of existing business areas; Taking advantage of current market conditions to enrich portfolioof Group’s assets if available.

13

OLD

Appendix: Changes in reporting of Group’s operating segments
Headquarters and
New Business
Development

Newspapers
and Internet

Magazines

OutdoorRadio- Gazeta- Metro- Collections- Print- magazines- AMS Group- local stations (excl.
superregional TOK FM)- Agora Press Ltd(Company in Ukraine)- Internet (incl. Trader.com(Polska)* and LLC Agora
Ukraine)- Corporate Sales- Management Board
cost and the overhead
cost of support divisions-

no changes

no changes

Internet segment separated+

Corporate Sales, Management Board
and Support Divisions overhead costof Agora SA presented in matchingpositionsSuperregional TOK FM added

NEW

Change of name from Collections toSpecial Projects

Newspapers

Internet

Magazines

OutdoorRadio- Gazeta- Internet (incl.

- magazines- Agora Press Ltd- AMS Group- local stations- superregional
TOK FM- Metro- Special Projects

Trader.com (Polska)*and LLC Agora Ukraine)(Company in Ukraine)(incl. collections)- Print

Matching
positions- Headquarters and
New Business
Development- Corporate Sales- Management Board andSupport Divisions overhead
cost of Agora SA- Matching adjustments andintercompany eliminations* incl. publishing activities of Trader.com (Polska) Sp. z o.o. since June 30, 200814

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.

15