Agora posts strong financial results
Revenues grow in double digits

Operating expense under control

12%

1500

1500

yoy % change

PLN mln

1000

PLN mln

1000

500

500

00

Other

2005
Collections

2006
Copy sales

2005

2007
Advertising

yoy change

53%

200Marketing

2007
Staff costs

Materials

OtherNet profit & ROE expand
150

30%

15%
yoy change

20%

5pp

PLN mln300

2006

Non-cash comp. expense

Operating margins grow

PLN mln5%

yoy % change

208%

100

10%

6pp

10010%

50

5%

00%

00%

2005
Operating EBITDA-2-2006

2007

Operating EBITDA Margin

Source: consolidated financial statements according to IFRS, 2005, 2006, 2007

20052006
Net profit

2007
ROE

Gazeta beats competition
Gazeta’s copy sales grow despite
new competitor

700

Leading and attractive readership baseGazetaNo of readers
5.9 mln

19.5%

Thou copies

Fakt
Fakt

5.5 mlnSuper Express

2.5 mln

8.3%

Metro

2.5 mln

8.2%

Dziennik

2.2 mln

Rzeczpospolita

1.6 mlnGazeta500

Super Express
Rzeczpospolita

300

DziennikDec 07

Oct 07

Nov 07

Sep 07

Jul 07

Aug 07

Jun 07

Apr 07

May 07

Mar 07

Jan 07

Feb 07

Dec 06

Oct 06

Nov 06

Sep 06

Jul 06Aug 06

Jun 06

May 0610075%

30

1550%

25%

0% reach
10%

7%
3%

10%

6%
6%

12%

41%

43%

41%

44%

2%
3%
8%
7%

3%
3%
8%
7%

15%

15%

2006

2007

0%

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

20%

100%

34% yoy

Gazeta’s copy
price reductionin April

5.3%

Leading advertising position*% sharePLN mln

45

7.4%

0%

Innovative marketing boosts
circulation & revenues (now very competitive market)

-3-

18.3%

Source: copy sales: ZKDP; ad market: Agora’s estimates adjusted for average discount rate (data in current prices); readership: Polish Readership Survey, execution MillwardBrown SMG/KRC, JanDec 2007, N=46 694, CCS indicator (weekly readership); copysales revenues: consolidated financial statements according to IFRS, 2006, 2007* versus selected dailytitles

Fakt
DziennikGazetaMetro
Super Express
Rzeczpospolita
Mecom local
PolskapresseAll businesses deliver solid results
Advertising sales
10%

5%

0%

2.5 mlnMetro

5%

2.4 mln

Dailies
30%

3%

2006

2007

0%

2006

2007

3%Revenues

100EBIT

22.1
5.0

8.32006

2007

02005

mln of volumes sold**

PLN mlnCollections

yoy % change

32%109.88.4

2005

41%

25%

38%

44%

2007

Internet ad spend

Agora*

Novmber 2006

¾ 18 new services, 26
revamped¾ Audiovisual platform set up¾ Partnerships withinternational heavy-weights

0%

2006

¾ New ideas maintained
revenue stream

2007

6pp

50%

% reachyoy % change

2006

0%-4-

¾ EBITDA break-evenplanned this year

¾ Very competitive market

0Reach95%

37%¾ Internet and print offer
expand¾ Music businessdevelops

59%
50%

8.0

5Advertising sales
100%¾ Ad sales growthfollows readership

Volume of sales

Revenues and EBIT
200Internet

8.2%

7.9%
No of readers

yoy % change

MetroReadership

53%% reach

55%

60%

November 2007

¾ A wide array of multimedia
endeavors

Source: consolidated financial statements according to IFRS, 2005, 2006, 2007; segment data include inter-segment transactions; ad market: monitoring of Agora based on rate card
data, (dailies), Starlink estimates (Internet); readership: Polish Readership Survey, execution MillwardBrown SMG/KRC, Jan-Dec 2006 N=44 929, Jan-Dec 2007, N=46 694, CCS
indicator (weekly readership); Internet reach: Megapanel PBI/Gemius*exl. vertical ad sales** books, CDs, and DVDs

All businesses deliver solid results
Revenues and EBITDA MarginAMS

PLN mln200

yoy change

30%

3pp

1pp
13%

150

Revenues

PLN mln150

2006

ad spend¾ We won Warsaw metro
contract0%

2005¾ Fast growth of outdoor¾ Further development ofpremium panel network

15%

5%100Magazines

AMS
24%

% ad market share(outdoor)

2007

Operating EBITDA Margin

yoy change

8pp

24%

% ad market share(monthly mags)

6pp
1006%

11%

50

Agora
13%12%¾ Growth of online
presence0%

2005

2006

Revenues

Operating EBITDA Margin¾ Profiled offers (e.g.
Avanti, Logo) drive sales
and circulation

2007

Revenues and EBITDARadio

PLN mln80

yoy % change

15%

50

9%% ad market share(radio)

Agora
11%

¾ Internet radio launched(Tuba.fm)

20-10-5-¾ Two-brand strategy ispaying off: promotional andsales synergies

2005

2006

2007

Revenues

Operating EBITDA

Source: consolidated financial statements according to IFRS, 2005, 2006, 2007; segment data include inter-segment transactions; outdoor ad market: IGRZ, 2007;
radio ad market: Expert Monitor, Company’s estimates, 2007, magazines ad market: monthly magazines, monitoring of Agora based on rate card data, 2007
* excl. TOK FM¾ Market success of TOK FM

Advertising growth will continue
Double-digit growth rate expectedInternet will heavily outperformthe market

11%

8 000

60%

59%

13%
10%
6 000

yoy % change

PLN mln

41% 40%

4 000

40%

19%

20%

17%

2 000

12%

12%
10%

12%
10%9%
8%
5%5%5%0%0

2006InternetNewspapers

2007
RadioMagazines

2008E

InternetOutdoor

Television

RadioOutdoor
Television
2006

-6-5%
3% 4%

2007

2008ESource: 2006-2007 spending: estimates made by: Agora (print, radio based on Expert Monitor and monitoring of Agora),Starlink (TV and Internet), IGRZ (outdoor); 2008
estimates: Agora. All estimates are adjusted for average discount rate.

Magazines Newspapers

Growing number of ways to reach media content
Internet viewership

Internet penetration (households)
billion page views

41%
36%

40%

26%

30%
30%

20%

22%

30

300

20

1016%
8%
0Page views

Oct 07

Aug 07

Jun 07

Apr 07

Feb 07

Dec 06

Oct 06

Aug 06

Jun 06

Apr 06

200520062007
Broadband
Internet penetration

Dec 05

2004Feb 060Oct 050%

Time spent

Digital TV households in CEE
No of households mln

1224%

8.2
2006
30%

647%

3.2

2.3
0.7

32%

2.8
0.3

1.9
0.4

0

Poland-7-Romania

Czech Republic

Source: Internet penetration: GUS; Internet viewership: Megapanel PBI/Gemius; Digital TV: Informa Telecoms & Media 2008 / Media&Entertainment

Hungary

2012E

billion hours

600

4060%

Expanding media offer due to narrower profiling
Profiled magazines on the increase

0%

2000

2001

2002

2003

2004

Revenues

2005

2006

2007

Home & interior
designAudience share

2007

166%
132%
57.1%

53.9%

49.3%
46.4%

46.7%
44.2%

40%

37.3%

Onet.plo2.pl

Wirtualna Polska
Gazeta.pl

Nov 07

Oct 07

Sep 07

Aug 07

Jul 07

Jun 07

May 07

Apr 07

Mar 07

Feb 07

Jan 07

Dec 06

Nov 06

30%-8-Shopping

68.3%
real users % change(Nov 07 vs Nov 05)

50%

Parenting

200%

65.6%

Oct 06% reach60%

0Profiled online offers rise in popularity

74.3%
70%

Lifestyle

2000

Broadly-targeted online services
decline reach80%

05 titles

04 titles

NA3 titles

NA1 titles

NA16 titles

5%

NA298%

14 title

10%2007 vs 2000 % change

275%

80

No of titles

PLN mln

15%
150

share (SHR)

20%

86%

160

25%

PLN mln300

10 titles

Thematic TV channels continue togrow reach and revenues

118%

100%

105% 98%
81%
62%

58%

57%

56%
33%

Total Internet growth 44%
0%Interia.pl

Source: thematic TV channels: Agora (based on AGB Polska); ad revenues of thematic channels : Starlink estimates; Internet: Megapanel PBI/Gemius, Nov 2007 vs Nov
2005; magazines: Expert Monitor, rate card data, 2000 and 2007

Agora’s key growth directions

Contentcreationanddistribution

Expansionin thefastest
growing adsegments

Strong fundamentals-9-Digitalopportunity

Executing on growth objectives
GEOGRAPHIC
FOCUS
Poland; active searchin the CEE region

Build substantial positionin the fastest growing
advertising segments:

Expand existing
franchises off andonline:- Internet (audiovisual andmobile content, classifiedoffers)- thematic offers- outdoor- magazines- newspapers (incl. free)- radioAgora
Leverage existing
competencies:- brands- ad and marketing skills- distribution across multiple
platforms- national and local presence- 10 -

Secure new content
distribution opportunities:
digitalization

INTERNAL FOCUS
Add new competencies;
implementpro--development
promanagement systemExecuting on growth objectives
Current financial capacity
PLN mln 2007

Cash position
Operating cash flow
Free cash flow
Credit line available

400203
150

TOTAL

360

760

Investment approach• Defined growth areas• Active search for investment targets• More aggressive valuation approach

Flexible financing structure• Debt increase• New share issue if needed- 11 -

Scale

Sustainableprofitable
growthOur Internet goals in 2008
Areas of focus• Grow sales ahead of industryrate• Continue to broaden reach,
add new brands/services• Increase sales of the existingclassified verticals; enrich withnew services• Continue to develop
audiovisual and mobilecontent; new ad offers

2008 targets• Triple 2006 display ad sales• Narrow audience distance totop 3 market players• Gain leadership position in
top classified categories• Reach position among top 10
sites in the entertainment
category• Build reach and sales
capacity in Ukraine• Seek partnerships for content and distribution (local and international)• Create joint ventures and more aggressive acquisition approach• Combine multi-segment assets to create content and new ad offers• Seek new distribution and syndication formats (web, mobile)- 12 -

Grow reach trough diversified brand portfolio

Lifestylemln real users% change Nov 07 vs Jan 07

Communities
19%

87%

189%
2.7
1.7
0.6

January 2007 November 2007

2.4

2.8

1.4
January 2007 November 2007

- 13 - Source: Megapanel PBI/GemiusSports

January 2007 November 2007

mln real users

Entertainment% change Nov 07 vs Jan 07

14%

2.5

2.8

22%
0.8

Information

Recruitment

11%
1.3

1.4

1.0

January 2007 November 2007

January 2007 November 2007

January 2007 November 2007

Develop audiovisual entertainment content- 14 -

5th edition underway

Communities

Dedicated online dramas/soap

Cross-media/TV4

www.TiVi.pl

180K user profiles andgrowing

Develop mobile content- 15 -

Expand content sales & distribution
Press-clipping:
PAP, Newton,
Glob, Jar, Press
ServiceAOL:
gossip facilitatedby Agora’s
Plotek.pl

MSN/Microsoft:
news, movies,music
news, sports,business

E-edition ofGazeta
Wyborcza- 16 -

Gazeta’sarchives

Content
aggregators:
Factiva,ISI, LexisNexis

Leveraging multi-media content
The largest
Polishcommunity forparents• Over 17 mln page views monthly• 5 mln posts in 2007, over 12 mln
posts in total

Dedicated blogs• 84K unique users
monthly• 410K page views
monthly

Combined paperand online service
dedicated to newparents• User generated content –MMS service

Instructionalvideos

Over 5% reach

720K real users• 27K clicks monthly

103K copies soldca 1 million readersPartnerships•MiastoDzieci.pl – active time with children;
cooperation with radio and TV productions•FriscoBaby.pl – e-commerce platform (mobileservice soon)

forum, blogs: Agora based on GemiusTraffic, Jan 08; eDziecko’s reach and real users: Megapanel PBI/Gemius, Nov 07; video: Agora, Jan 6, 08 - Feb 5, 08;- 17 - Source:
copy sales: ZKDP, average monthly copy sales in Jan-Nov 07; readership: Polish Readership Survey, execution MillwardBrown SMG/KRC, CCS indicator, Jan-Nov07, N= 42 809

Strengthen leadership position in classified verticals
Step 1:neighborhood, prices,company information

Step 2:
detailed listings

Step 3:after transaction
community

9 787K real users monthly
9 14 mln page views monthly
9 20 metropolitan sites
9 500 developer offers
9 More than 150K active listings- 18 -Source: real users, page views: Megapanel PBI/Gemius, Nov 07; Agora

Step 4:interior design,gardens etc

Step 5:interior designcommunity

Develop international presence

9 Registered a company in Ukraine
9 Launched a clone of our popular blog service (Blox.pl)
9 Accessed in 4-language interface versions- 19 -

Summary> The company is engaged in and committed to a proactive and effective
execution of the growth plan

> Our aim:
– increase revenue base
– change the mix: in 3 years majority revenues from sources other thannewspaper-based> The company will be prepared for larger and diversified scale ofoperations:– cultivate current capabilities– build new competence centers– implement pro-development revisions of the management system (incl. incentive
tools and compensation review)- 20 -

This presentation has been prepared by Agora SA (the "Company"). The data and information
contained on the individual slides do not show a complete or coherent financial analysis, nor present
the commercial offer of the Company and serve for information purposes only. A detailed description of
the business and financial affairs of 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 toamend data and information at any time, without prior notice. This presentation was not verified by anindependent auditor. This presentation may contain slides containing statements related to the future.
Such statements cannot be interpreted as forecasts or other assurances in respect of future
Company's financial results. The expectations of the Company's management are based on theirknowledge, experience and individual views and are dependent on many factors which may causethat 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.

- 21 -