Investor presentationMay 2007

REVIEW OF 2006: REVENUE AND PROFIT CONTRIBUTORS
Revenue structure

EBIT structure
Outdoor
PLN mlnInternet Radio+20 mln-7 mln50MetroRadioOutdoor
40-10 mln

Agora GroupOtherincl. premises

Magazines+10 mln

GazetaBooks

30Books20

PLN 40 mln

Magazines

Newspapers*+5 mln+22 mln

1000

EBIT
2006

Newspaper segmentexcl. books

Source: consolidated financial statements according to IFRS, 2006; segment data include inter-segment transactions

2* include: Gazeta Wyborcza, Metro, Internet and overhead cost of the Agora GroupBooksMagazinesOutdoor

RadioOtherADVERTISING MARKET: TRENDS IN 1Q07 AND PREVIEW OF 2007
Ad spend growth in 2007

Ad spend growth in 1Q07

2007 vs 2006 % change

PLN mln
1500

PLN mln

y10%y10%

7000

2006 vs 2005 % change

6000

1250

y11%

5000

1000

y12%
yoy % change

TV

4000

750

y13%

Magazines

1Q06
1Q07

3000

y5%

y5%

DailiesRadio

500

Outdoor
2000

y3%
y2%

250

y5%
1000

5%

y6%

y55%

00

TOTAL

TV

Dailies

Magazines

Radio

OutdoorInternet

y10%
y12%
y59%
2006

y3%

Internet

y10%
y10%
y42%
2007E

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);
3 Source:
2007 estimates: AgoraREVIEW OF 1Q07: FINANCIAL PERFORMANCE

Agora Group (selected figures)
PLN mln

1Q07

1Q06

yoy % change

Revenues

302.7

295.1

2.6%

55.8
183.8
63.1

59.4
166.0
69.7

-6.1%
10.7%
-9.5%

283.9

291.8

-2.7%

72.8
62.2
9.9
50.2

71.7
64.4
10.7
51.5

1.5%
-3.4%
-7.5%
-2.5%

EBITDA

37.6

22.2

69.4%

Operating EBITDA*

47.5

32.9

44.4%

EBIT18.83.3469.7%

Net profit

14.3

0.8

1 687.5%

Operating cash flow

49.8

38.2

30.4%

Employment (at the end of term)

3 403

3 682

-7.6%

- copy sales- advertising- other incl. collections

Operating cost:- materials- staff cost
- non-cash stock incentive comp.
- promotion and marketing4* excluding non-cash cost of share-based payments
Source: consolidated financial statements according to IFRS, 1Q 2007

Gazeta reduces
cover price toPLN 1.5
in April 06

Cost cutting
programimplementede/o 2006

NEWSPAPERS MARKET PERFORMANCE
Gazeta’s copy sales versus
Dziennik and Rzeczpospolita
thou. copies
500

Weekly readership reach in 1Q07

Dual-pricing strategy –in 1Q07 revenues fromcopy sales down only
PLN 0.9 mln% reach25%

20.0%

Just announced
Friday coverprice increaseto PLN 2

19.3%

20%
400

Gazeta15%

9 High circulation

Dziennik300

Rzeczpospolita
9.4%

10%

no. of readers

8.3%

100

1.7 mln

2.5 mln

2.8 mln

9 Premier brand and franchise

0%DecJanFebMar

AprSu
per

G2007

ita2006

NovikOctReczpospolSep

DziennAugExpressJul

Fakt

JunazetaMay

9 Copy pricestrategies

5.7%

5.8 mln5%6.0 mln200

9 Strong national and local
presence (content and ads)
9 Proven promo strategies

Dailies ad market in 1Q07
yoy pp change

Metro
3%

Fakt
6% Dziennik
4%

y0.8pp 1.8pp

Rzeczpospolita
8%0.2ppGazeta43%y0.3ppyoy % change

Super Express3%0.3ppDailies +2%
Gazeta +3%

9 Advertising breadth andinnovations

9 Protect ad share
9 Improve
profitability andenhance sales
9 Leveragesynergies withMetro and online

Other11%
2.9pp

Polskapresse
15%
Orkla
7%

0.6ppy0.2pp5Source: ad market: Agora’s estimates adjusted for average discount rate (data in current prices), 1Q07; copy sales: ZKDP (Circulation Audit Office); readership: Polskie Badania Czytelnictwa,
MillwardBrown SMG/KRC, Jan-Mar 2007, N=12 068, CCS index (weekly readership)

BOOKS: FINANCIAL AND MARKET PERFORMANCE

PLN mln

1Q07

yoy change

Revenues

47.2

-8.7%

15.2%

-7.5ppOperating margin

9 Maintain scale

9 Market innovator; ahead onthe learning curve
9 Leverages brand andfranchise strength

4 new collections
3 continuations
4 one-off projects
3 million books sold6

Source: consolidated financial statements according to IFRS, 1Q07

9 Ongoing innovation basedon reader input

9 Continue
innovating newcollections
9 Brand extensions
in other media
9 Increase margins

METRO: FINANCIAL AND MARKET PERFORMANCE
Ad spend growth vs the market
yoy % change
60%

y50%
40%

20%
Shut down in Jan 2007y2%
0%

New spaper ad spend

MetroReadership reach in 1Q07
% reach5%

4.5%

9 Now the only national freedaily in the market*
9 #3 most read overall**
9 Tested formula: innovative
editorial and marketing
approach

9 Leverageleadership
position – grow adsales
9 Introduce
innovative
advertising forms
and newsupplements(Metro City)
9 Improve
distribution
efficiency

1.4 mln readers

9 Reach break-evenin 20080%

Metro7

Source: readership: Polskie Badania Czytelnictwa, MillwardBrown SMG/KRC, Jan-Mar 2007, N=12 068, CPW index (daily readership); ad market: Agora’s estimates adjusted foraverage discount rate (data in current prices), 1Q07

Member of Online
Publishers
Association Europe

INTERNET: FINANCIAL AND MARKET PERFORMANCE
yoy % change

Ad spend growth vs the market

80%

y65%*

y55%

60%

40%

9 #3 player in reachand ad share intwo years

20%

0%

Internet ad spend

Gazeta.pl

9 Revenue growth 3times in 2 years

Gazeta.pl reach vs market leader
15%

mln real users

87%

yoy % change

29%

4Gazeta.pl

9 Strong brands

Onet.pl9 Rich content: editorial andclassifieds

19%

9 Commitment and resources
to invest

39%

39%

69 Attractive target group

70%

71%

1020January 20071,492%

0,687%

113%

0,4mln real users

109%

0,8mln real users

Recruitment services

yoy % change

1,2yoy % change

110% 99%105%

1,00,80,60,40,20,20,00,0

January 2007

February 2007

GazetaDom.pl
Gratka.pl/dom

8January 2007

February 2007

GazetaPraca.pl
Pracuj.pl* excluding the Internet ads in vortals, consolidated financial statements according to IFRS, 1Q07
Source: Megapanel PBI/Gemius; ad market: Starlink estimates

9 New internet-based
businesses, including
advanced audiovisualcontent
9 Acceleratedinvestments in 2007:
growth of revenue
and cost

February 2007

Real estate services
1,0

9 Leadership inclassifieds

36%

OUTDOOR: FINANCIAL AND MARKET PERFORMANCE

PLN mln

1Q07

yoy change

Revenues

34.5

24.5%

Operating cost

33.2

31.7%

Operating EBITDA*

5.2

-EBIT

1.3

-48.0%

25 840

7.0%

Number of panels

9 #1 outdoor company
in Poland
9 Solid profitability
9 Committed to market
innovations and investments

Outdoor ad market in 1Q07
AMS
28.7%
y2.1ppOther71.3%* excluding non-cash cost of share-based payments

9 Source: financials: consolidated financial statements according to IFRS, 1Q07; number of panels: AMS; advertising: IGRZ monitoring

9 Maintainleadership position– revenueenhancements
9 Further network
investments
9 Protect margin
during investment
phase

MAGAZINES: FINANCIAL AND MARKET PERFORMANCE

1Q 07

PLN mlnyoy % change

23.5

10.3%

- copy sales- advertising

11.0
12.3

0.0%
19.4%

Operating cost

20.2

-5.6%

Operating EBITDA*

3.7

1 133.3%

EBIT

3.3-1047.6-0.6%

Revenues

Average copy sales –monthlies (thou copies)

9 Small but profitable business
9 Successful launches

National magazine ad market in 1Q07

9 Rich source of content
9 Strong brands

Other
26.8%
Agora
5.4%

yoy % change

Polityka SP6.2%

Agora +24.1%

Bauer
17.5%

Gruner+Jahr
11.8%

Axel Springer
12.2%

10

9 Continue improving
their financialparameters
9 Seek new growth
opportunities: newtitles

y0.7ppAW-R Wprost
5.6%

Market +8.4%

9 Maintain copy
sales andreadership
position of theleading titles

Edipresse
14.5%* excluding non-cash cost of share-based payments
Source: financials: consolidated financial statements according to IFRS, 1Q07; ad market: Agora monitoring, rate card data; average copy sales: Agora

RADIO: FINANCIAL AND MARKET PERFORMANCE

1Q 07*

yoy % changeRevenues

14.9

4.9%

Operating cost

16.2

-9.5%

Operating EBITDA*

-0.2

90.9%

EBIT

-1.3

64.9%

PLN mln

Audience share

8.0%-2.0pp

9 Key priority:
financialperformance

9 Clear brand strategy

9 Roxy FM: keep
growing audience

9 Revamped operatingstructureRadio ad market in 1Q07
PR12.3%

9 TOK FM’s brand takes off

Other9.7%Eska
16.9%
yoy pp change
yoy % change

TOK FM1.0%
y0.3ppMarket +4.6%

RMF FM
25.6%

9 Golden Oldies:target newaudiences
9 TOK FM: leverageaudience results

Agora +6.3%

Agora
10.2%
y0.2pp
ZET
24.3%

3 TOK FM audience share up to 3.5% (6.1% in Warsaw)
11Source: financials: consolidated financial statements according to IFRS, 1Q07; audience share: MillwardBrown SMG/KRC, Jan-Mar 2007, +15 years of age, cities of broadcasting, local stations
N=11 430, TOK FM N=7 840, TOK FM in Warsaw N=1 501, ad market: Agora’s estimates based on Expert Monitor, 1Q07

PRIORITIES FOR GROWTH: TOPLINE AND SCALE EXPANSION

9 Strong brandsCore business

9 National/local franchises
9 Rich multimedia content
9 Proved promo strategies
9 Innovative ad forms
9 Comprehensive sales
approach2006
12

Apply new techperspective toleverage equities andbuild new activities

Online businessNew activities
on/off line2007