Financial and market
performance

3Q 2009
November 10, 2009

Financial performance of the Group

3Q 2009yoy %change1-3Q 2009yoy %change246.8(13.3%)

819.0(13.0%)

160.9
48.2
12.5

(21.4%)(1.6%)
86.6%

533.8
145.2
64.6

(21.3%)(4.3%)
61.5%

234.0

(12.5%)

785.6(9.9%)- raw materials, energy andconsumables

46.6

6.4%

167.1

7.0%

- staff cost

61.6

(16.6%)

201.4(7.7%)--

7.1(69.9%)- marketing and promotion

30.6(29.2%)

109.6(31.7%)

- D&A

20.6

(1.4%)

61.2

0.2%

-

-

2.3

-

EBIT

12.8

(25.6%)

33.4(52.3%)

Operating EBITDA²

33.3(12.1%)

101.3(34.3%)Net profit

10.1(27.3%)

23.4(56.7%)

Employment (FTE at the end of period)

3 200(13.2%)

3 200(13.2%)

PLN mln

Revenues, incl.:- advertising¹- copy sales¹- Special Projects, incl. collections
Operating cost, incl.:- non-cash expense of share-based
payment- operating efficiency improvement plan

Source: consolidated financial statements according to IFRS, 3Q09
¹ excluding Special Projects² excluding non-cash cost of share-based payments- Copy price increase
introduced twice thisyear partly
compensates decline incopy sales;- Material & energy costremains flat yoy;
- Increase due to higher
cost of launching new
projects in Special
Projects Division;- Incl., i.a., decrease by
473 FTEs vs 31
December 2008
- Lower prices of media
purchase;- Limited number andscale of promotional
campaigns;

2

Financial performance of the Group
Revenue structure by line of business

PLN mln

Revenue performance
300

13.3%

Contract
printing
8%

yoy % change 21.4%2pp

yoy pp changeInternet
8%
1pp

204.8

160.9

150

 1.6%

3Q 2008

Special Projects

4pp

Radio
Metro
5%
3% 1pp

Other0.5pp

PLN mln

Raw materials, energy &consumables
20%
3.5pp

yoy % change

yoy pp change

 16.6%
Marketing &promotion
13%
3pp

61.6
43.8

6.4%

43.2

29.2%

150

46.6
20.9

0pp

Operating cost structure
12.5%

73.9

0pp

Outdoor
14%

Operating cost performance
300

3pp

Other
1%

3Q 2009
Copy sales¹

Special Projects
5%

1.4%
13.0%

85.7

3Q 2009

30.6
20.6

D&A
9%
1pp

Staff
26%
1.5pp

Employment

4000

Number of employees(FTEs at the end of period)

Ad revenue¹

3Q 2009

Gazeta
47%

12.5
25.2

86.6%
4.1%

6.7
24.2

0.5pp

48.2

49.0
0

Magazines
9%

2000

3 673

3 505

3 317

3 200

1Q09

2Q09

3Q09

0

4Q08

74.6

0

Reduction of 473 FTEs

Staff

3Q 2008
Raw materials, energy& consumables

Marketing& promotion

3Q 2009
D&A

Source: consolidated financial statements according to IFRS, 3Q09
¹ excluding Special Projects

Other

Other
32%
0pp

3

Ad market performance
Quarterly ad spend performanceyoy % change

PLN bln

Ad spend
6

5.73

yoy % change

13%

40%
30%
20%
10%

4.96
0%
-10%

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

-20%
-30%

3

15%

Internet¹

TelevisionRadio

Outdoor²

Magazines

Dailies

Ad market structure

1.69

Outdoor²
9%

1.45

yoy pp change

1 pp

Television
43%
1 pp

Internet¹
13%

0

3Q 2009

1-3Q
2008

2 pp

3Q
2009

Dailies
12.5%
Radio
8%
0.5 pp1.5 pp

Magazines
14.5%
0 pp

Source: 2008-3Q09 ad spend estimates by: Agora (press 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);¹ 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; the historical data, concerning the estimates for Internet ad market for previous reporting periods has not been adjusted adequately therefore the data is not fully comparable;² IGRZ, since 1Q 09 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 fullycomparable.

4

Dailies ad market performance
Newspaper ad spend structure¹

Fakt
7.5%
y2pp
Dziennik²
4.5%
3pp

Other
9.5%
0pp

Polskapresse
14.5%
1pp

Mecom (local)
7.5%
y0.5ppDziennik Gazeta Prawna

3Q 2009(till Sep 11, 09 Gazeta Prawna³)

2.5%
1.5pp
Gazeta slightly strengthens
its market share in dailies
ad spend in 3Q09 if
recruitment ads are
excludedyoy pp change

PLN 0.2 bln

Super Express3%
y0.5ppRzeczpospolita
9%y1.5pp
Metro
4%
0pp

Gazeta38%
2pp

yoy % change

Top ad categories in dailies
yoy pp change

financial products

70%

announcements
14%7%

y1pp entertainment

8%

y2pp

y4.5ppeducation
automotiv e
35%

8%

0.5ppreal estate8%

3Q 2009
PLN 0.2 bln

y2.5ppretail chains
8%

y1pp

9%
3pp

recruitment

0%6%6.5pp

other
32%

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

1pp

-35%

-70%

recruitm ent

real estate

autom otive

announcem ents

financial products

retail chainsentertainm ent

education

Source: dailies ad market: display ads, Agora’s estimates;¹ comparison of major dailies only;² till September 12, 2009;³ the title appeared on the market on September 14, 2009 from the merger of Gazeta Prawna and Dziennik. The ad revenue for the period July 1 – September 11 relates to the ad revenue of Gazeta Prawna.

5

Segment performance: Newspapers
Financial performance¹

PLN mln3Q 2009

yoy % change

1-3Q 2009

yoy % change

156.4(12.3%)

518.9(15.5%)- advertising in GW

77.5(27.2%)

252.3(31.8%)- copy sales in GW

37.6

4.2%

113.0

(2.0%)

Operating cost, incl.:

122.1(12.2%)

418.9(13.8%)- raw materials, energy andconsumables

49.5

6.2%

177.3

4.5%

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

31.3(13.3%)

97.5(11.0%)- marketing & promotion

20.5(33.0%)

73.0(36.7%)

-

-

1.4

-

Revenues, incl.:- operating efficiency improvement plan

- Decline in number of
recruitment ads (by 61%)
in which Gazeta holds
a leader’s position;- Increase in copy pricebrings effects despite lower
effectiveness of dual pricing
offer;- Material & energy costremains flat yoy;- Higher volume & production
cost of publishing projects;- Lower prices of media
purchase;- Lower number ofpromotional campaigns;

EBIT ²

34.3(12.7%)

100.0(22.0%)

Operating EBITDA³

41.1(15.8%)

123.8(27.0%)

Source: financials: consolidated financial statements according to IFRS, 3Q 09; recruitment ads: display ads, 3Q09 vs 3Q08;¹ incl. Gazeta, Metro, Special Projects, contract printing;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.

- Lower number of Gazeta’s
editions with dual pricing
offer;

6

Newspapers segment performance: Gazeta
Volume and copy sales of Gazeta

Friday cover price up to PLN 1.5

Thursday and Friday coverprice up to PLN 1.6

thou. copies

600
Monday-Wednesday and Saturday
cover price up to PLN 1.3

y4.2%

600

40
yoy % change

z13.3%
30

443 K

450

Everyday cover priceup to PLN 1.8

300

300
Monday-Thursday coverprice up to PLN 1.3

Everyday coverprice up to PLN 3.4

z10.0%

356 K

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

PLN mlnthou. copies

Copy sales of dailies¹

20

183 K
150

Everyday cover price up
to PLN 1.8, Saturday PLN 2.0

Friday-Saturday coverprice up to PLN 2.9

Gazeta Prawna (till Sep 11, 09): Tuesday-Thursday editions cover price: PLN 3.5; Monday, Friday: PLN 3.99²

Apr08 May08 Jun08

Jul08

Aug08 Sep08 Oct08

Fakt
Rzeczpospolita

Nov08 Dec08

GazetaDziennik98.9 K³

Dziennik Gazeta Prawna (from Sep 14, 09): MondayThursday: PLN 2.6, Friday: PLN 2.9

0Jan08 Feb08 Mar08

Jan09 Feb09 Mar09

Apr09 May09 Jun09

Jul09

Aug09 Sep09

Super Express
Dziennik Gazeta Praw na

0

3Q 2008

3Q 2009
copy sales

copy sales revenue

Gazeta’s online development

No of readers

Fakt

4.2 mln

14.0%

Gazeta4.2 mln

14.0%Super Express

2.0 mln

6.7%

Metro

1.9 mln

6.5%

Rzeczpospolita

1.3 mlnDziennik

1.1 mlnGazeta Prawna

0.7 mln– New online service of Saturday
addition to GW Wysokie Obcasy(High Heels) – generated significant
increase in no. of users– Pociąg osobowy – weekly video
online program on important socialand moral issues available on
Wyborcza.pl

4.1%
3.6%4
2.3% 4
4%

0

volume(till Sep 11, 09 Gazeta Prawna³)

Weekly readership reach in 3Q 2009¹

0%

10

139 K

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

8%

12%

% reach16%– Enriching the offer of classifieds
onlineSource: copy sales: ZKDP, total paid circulation, Jan 08 – Sep 09, comparison; volume and copy sales GW: ZKDP, average single press run, total paid distribution, 3Q 08, 3Q 09, auto
presentation; financials: consolidated financial statements according to IFRS, 3Q 09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jul-Sep09, N=12100, CCS indicator (weekly readership), elaboration Agora SA;¹ selected dailies with nationwide reach;² Gazeta Prawna: basic prices on days without special additions; price with additions from PLN 4.99 to PLN 6.99;³ 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);
4 due to the fact that a new title appeared on the market on Sep 14, 09 from the merger of Dziennik and Gazeta Prawna, according to Polskie Badania Czytelnictwa the data on these
titles for September can be treated only as a rough estimate.

7

Newspapers segment performance: Metro
Financial performance

Metro ad market share in 3Q 2009

3Q 2009yoy %change1-3Q 2009yoy %changeAd revenues

7.1(24.5%)

23.4(15.5%)

Operating EBITDA¹

(0.4)

-

(1.3)

-

PLN mlnyoy pp change

National

3.6%

Local

2.4%

Total
4%
(maintained share)#3 among most daily read
Warsaw

newspapers in Poland²

11.5%

0%

% share10%

15%

Readership structure

10%% share% reachReadership reach in 3Q 2009

5%

80%

75.5%

72.6%

60%

6.5%

46.3%

45.2%

38.5%

40%

5%

3.5%

1.9 mln

1.1 mlnreaders

readers

WeeklyAverage issue

20%

0%

0%

Age 15-34

Secondary school andhigh education

Source: financials: consolidated financial statements according to IFRS, 3Q 09; ad expenditure on dailies: Agora, display advertising; 3Q09; readership: Polskie
Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jul-Sep 2009, N=12 100, 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;² Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jul-Sep 09, N=12 100, CPW (average issue readership), elaboration of Agora SA.

Cities 500K+

Cities 100K+

Managers,
professionals, whitecollars, businessowners8

Newspapers segment performance: Special Projects (incl. collections)
Statistics

Financial performance

3Q 2009yoy %change1-3Q 2009yoy %changeRevenues

12.5

86.6%

64.6

61.5%

EBIT ¹

1.5

-

13.8

-

PLN mln3Q 2009

1-3Q 2009

Series4

10

One offs

7

26

Total:

11

36

Copies sold (mln)²

0.6

3.5

One-off projects

SeriesNasz Niemen – Platinum

Queen (1 vol.) "A Kind of Magic" – Triple platinum

Pogadaj ze mna – Gold

Queen (2 vol.) "A Night at the Opera" – Double platinum

Chlip-Hop (DVD) – Gold

Queen (other volumes) – Platinum
Operas – Diamond

Source: financials: consolidated financial statements according to IFRS, 3Q 09; CDs ranking: 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 books with DVDs and CDs.

9

Segment performance: Internet
Reach of Internet portals
3Q 2009yoy %change1-3Q 2009yoy %change

77.3%

19.9

2.6%

58.5

9.8%

69.8%

11.9
0.5
5.4
2.7

32.2%
(44.4%)(18.2%)
17.4%

33.3
1.5
16.7
7.4

5.7%
66.7%
6.4%
221.7%

22.2

2.3%

66.1

10.5%

10.2

0.0%

32.0

30.1%

5.0
-

13.6%
-

13.8
0.4

(31.3%)
-

(2.3)

0.0%

(7.6%)(16.9%)

(0.3)

70.0%

(1.4)

12.5%

(0.3)

72.7%

(2.3)

37.8%

No. of real users
(mln)
6.2

Gazeta.pl position

Information, journalism, media- Local and regional information

4.7
2.8

#2
#1

Lifestyle

3.4

#4

1.0

#2

Sports3.0#3Recruitment

1.9

#1

Building, real estate

1.2

#2

0.7

#1

Community- Children, family- Furnishing and garden

Jul09

May09

Jan09

mar-09

Nov08

Jul08

Sep08

Mar08

May08

Jan08

New projects

Position in thematic categories
Category

Nov07

Jan06

20%

Jul07

methodology change

Sep07

Operating EBITDA³

40%

37.8%

Mar07

- incl. LLC Agora Ukraine

41.3%

May07

EBIT ²

56.1%

Jan07

- staff cost excl. non-cash cost ofshare-based payments- promotion and marketing- operating efficiency improvement plan

62.4% Wirtualna Polska Group
59.6% Interia.pl Group
58.0% Gazeta.pl Group
55.2% o2.pl Group

60%

Nov06

Operating cost, incl.:

72.7% Onet.pl GroupJul06- display ads- incl. Trader.com (Polska)- vortals ad sales- incl. Trader.com (Polska)% reach

Sep06

Revenues, incl.:

80%

Mar06

PLN mln

May06

Financial performance¹#2– Launch of new home page Gazeta.pl– Launch of MSN.gazeta.pl, joint portalof Agora & Microsoft Inc.
– Launch of business service
Wyborcza.biz – cooperation of Gazeta’s
journalists with Internet segment

Excl. data for
Domiporta.pl which has
ca. 524 thou. real users

Source: financials: consolidated financial statements according to IFRS, 3Q 09; Internet statistics: Megapanel PBI/Gemius, reach – Jan 06-Aug 09; thematic
categories – real users, Aug 09;¹ Internet division, Agora Ukraine, 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.

10

Segment performance: Outdoor
AMS ad market share

Financial performance
PLN mln3Q 2009yoy %change1-3Q 2009yoy %changeRevenues, incl.:

35.8(13.1%)

122.2(9.2%)- ad revenues

35.8(11.9%)

120.5(9.2%)

43.1(0.3%)

130.7

1.5%

- execution of campaigns

6.7(29.3%)

23.4(25.7%)- maintenance cost

19.8

(0.9%)

59.6

9.2%- staff cost excl. non-cash
cost of share-based payments

4.6(7.7%)

14.2(4.6%)

- D&A

5.9

27.6%

17.9

34.7%

- promotion & marketing

1.4(13.1%)

3.0(23.2%)

EBIT

(7.3)

(262.7%)(8.5)-

Operating EBITDA¹

(1.5)

-

9.6

(53.5%)

Operating cost, incl.:

Lower than market declineof ad revenues

number of Premium panels

3Q 2009- Decrease in maintenancecost as an element ofoperating efficiency
improvement plan

PLN 135 mln

z21%

Increase in D&A cost due
to investment activities lastyear

Current activities

2 200– Simplifying organizational structure of AMS group –2 thou.
panels

1 100

yoy % and pp changey3pp- Less printing services forexternal clients

Increase in premium panels in 3Q 2009

y39%

AMS
26%

AMS
13%

y5pp

Premium
panelsmerging Akcent Media and planned merger of Media
System with AMS SA;

yoy pp change

1.5 thou.

– Reduction of system maintenance cost.

panels0

Septem ber 2008

Septem ber 2009

Source: financials: consolidated financial statements according to IFRS, 3Q 09; outdoor ad market: IGRZ, 3Q 09, excluding cross-promotion of Agora’s other media on AMS panels if such promotion was
executed without prior reservation; Premium panels segment: AMS number of panels – AMS, Sep 08 and Sep 09, share of AMS in Premium segment – IGRZ, Jun 09;¹ excluding non-cash cost of share-based payments.

11

Segment performance: Magazines
Financial performance

Monthlies ad spend structure
3Q 2009yoy %change1-3Q 2009yoy %changeMedia Point
Group
6.2%

Revenues, incl.:

22.4(17.3%)

70.0(16.5%)

0.7pp- copy sales

10.4(14.0%)

30.9(12.2%)

PLN mln- ad revenues

12.0(18.4%)

38.8(19.7%)

17.6(19.6%)

56.8(14.8%)- raw materials, energy andconsumables

7.5(10.7%)

24.0(7.3%)- staff cost excl. non-cash costof share-based payments

4.1(19.6%)

13.3(12.5%)- promotion & marketing

4.2(37.3%)

13.9(29.1%)

Operating cost, incl.:- operating efficiency improvement plan

EBIT ¹
Operating EBITDA²

-

-

0.1

-

4.8

(7.7%)

13.2(22.8%)

4.9(7.5%)

13.8

163.8

#1
interior home design
monthlies100

0.4pp

Edipresse
7.1%
0.4ppMarquard
12.4%

3Q 2009

0.9pp

Bauer
13.7%
0.1pp

Limited number ofpromotional
campaigns

Other
14.7%
0.8ppBurda Media
Polska9.9%
0.6pp

Murator
9.6%
0.1pp

Readership reach% reachthou. copies

monthlies

yoy pp change

Agora
12.0%

1.0pp(25.0%)#3 in women luxurious

0.3pp

Axel Springer
2.6%

Maintained copy sales position in selected magazine segments
200

Gruner+Jahr
11.8%

6%

5.3% 5.1%

4%#2

3.2% 3.2%

1-3Q 08

in parenting monthlies

1-3Q 09

97.9
85.0

0

1.8%

2%

1.6%

0%

AvantiCztery Katy

(Home Design)

Dziecko(Child)AvantiCztery Katy

(Home Design)

Dziecko(Child)Source: financials: consolidated financial statements according to IFRS, 3Q 09; monthlies ad market: monitoring of Expert Monitor based on rate card data, 122 titles in 3Q09 and 126 in 3Q08, excl. specialist titles; copy
sales: ZKDP, total paid circulation, Jan-Jul 09, comparison (luxurious women monthlies: Twój Styl, Joy, Avanti, Glamour, Cosmopolitan, Elle, Hot Moda & Shopping; interior design monthlies: Cztery Kąty, M jak
Mieszkanie, Moje Mieszkanie, Dobre Wnętrze, Dom & Wnętrze, Elle Decoration; parenting monthlies: Mamo To Ja, Dziecko, Mam Dziecko, Twoje Dziecko, Rodzice, M jak Mama); readership: Polskie Badania
Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Sep 08 (N=35 724), Jan-Sep 09 (N=36 801), CPW (readership of average issue), elaboration Agora SA;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.

12

Segment performance: Radio
Radio ad market structure

Financial performance¹
3Q 2009% changeyoy

1-3Q 2009% changeyoy

Revenues, incl.:

13.8(25.8%)

54.2(11.3%)- ad revenues

13.6(26.1%)

52.9(11.8%)

PLN mln

Operating cost, incl.:

Time
20%
1pp
Broker
28%
2pp

Agora
11%
z0.5pp3Q 2009

13.6(26.1%)

54.5(7.6%)- staff cost excl. non-cash costof share-based payments

5.0(30.6%)

18.2(15.3%)- promotion & marketing

1.7(41.4%)

12.9

24.0%

- Lower prices of media
purchase

EBIT

0.2

0.0%

(0.3)

-

- Limited number ofpromotional campaigns

Operating EBITDA²

0.9

12.5%

2.3

(55.8%)

yoy pp change

PLN 110 mln

Polskie
Radio
8.5%
z1pp

Eurozet
26%
z2pp

Other
6.5%
0.5pp

Position of Golden Oldies in local stations ranking on particularbroadcasting markets³

Daily reach12%% reach0 pp
yoy pp change

11.4%

3 cities
6%0.2 pp10 cities

6.1%

4 cities
1 city0%

TOK FM

Music stations

2nd

1st

3rd

Aglomeracja Slaska,
Czestochowa,
Jelenia Gora,
Krakow, Opole,
Szczecin, Trojmiasto,
Walbrzych,
Warszawa, Wroclaw

Lublin, Lodz,
PoznanBialystok,
Bydgoszcz, Nowy
Sacz, Rzeszow

4th
Zielona Gora

Source: financials: consolidated financial statements according to IFRS, 3Q 09; ad market: Agora based on Expert Monitor, Agora’s share incl. TOK FM, excl. brokerage; daily reach: Radio Track, MillwardBrown SMG/KRC, cities ofbroadcasting, 15+, TOK FM – Jul-Sep 2008: N=8 055, Jul-Sep 2009: N=7 758, music stations – Jul-Sep 2008: N=11 360, Jul-Sep 2009: N=10 456;
¹ local radio stations (incl. TOK FM);
² excluding non-cash cost of share-based payments;³ according to share in listening time, Radio Track, MillwardBrown SMG/KRC, Jul-Sep 09, cities of broadcasting,15+, Aglomeracja Slaska N=1270, Bialystok N=458, Bydgoszcz N=456, Czestochowa N=454, Jelenia Gora N=154, Krakow N=909, Lublin N=455, Lodz
N=911, Nowy Sacz N=35 [the researched group below the level recommended by SMG/KRC (nonrepresentative group)], Opole N=226, Poznan N=910, Rzeszow N=306, Szczecin N=454, Trojmiasto N=906, Walbrzych N=151, Warszawa N=1268, Wroclaw N=904, Zielona Gora N=229.

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 (1Q09)

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(incl. collections)

Trader.com (Polska)¹,
LLC Agora Ukraine and
AdTaily till 3Q09)(Company in Ukraine)- Print

Matching
positions- Headquarters and
New Business
Development- Corporate Sales- Management Board andSupport Divisions overhead
cost of Agora SA- Matching adjustments andintercompany eliminations¹ 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.

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