Financial and market
performance

1Q 2009
May 14, 2009

Financial performance of the Group
1Q 2009

1Q 2008

yoy % change

Revenues, incl.:- advertising*

274.4
178.8

313.4
213.7

(12.4%)(16.3%)- copy sales*

49.5

53.3

(7.1%)- Special Projects, incl. collections

22.9

22.4

2.2%

268.7

290.8

(7.6%)

5.7

22.6(74.8%)

PLN mln

Operating cost
EBIT
Operating EBITDA**

29.3

54.2

(45.9%)Net profit

1.1

18.7

(94.1%)Cash position

7.6%

Cash and short-term securities

256.8

Debt

143.7

Net cash

113.1

Available credit line

200.0

Employment (FTE at the end of period)

Operating cost structure300

e/y 1Q09

PLN mln4000

yoy % change

staf f costz168 FTEs (1Q09 vs 4Q08 change)

PLN mln

z70%
z8.4%
150

z28.3%

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

1.5%

No of employees (FTE)

9.7%

z6 FTEs (yoy change)

3000

3 511

3 673

1Q08

4Q08

3 505

D&A
z0.3%

other
0

2000

1Q08

1Q09

Decrease:– in raw materials, energy and consumables – lower volume of book collections and lower
production volume in printing houses;– in marketing and promotion – reduced number of marketing campaigns and dual pricing offers;
Increase:– in staff cost – annualization effect of salary regulations introduced in April 08, development ofInternet offer, consolidation of Trader.com (Polska) Sp. z o.o.
– in D&A cost – intensive investment program in AMS in 2008
Source: consolidated financial statements according to IFRS, 1Q09
* excluding Special Projects** excluding non-cash cost of share-based payments

1Q09

238 dismissal notices
delivered in 1Q 09
282 dismissal notices
delivered till May, 7 ‘09

2

Ad market performance
Ad market structure in 1Q 2009

Quarterly ad spend performance

Outdoor**
8%

40%

Television
47%

30%

0pp

1pp

20%

PLN 1.6 bln
7%yoy % change

10%

yoy pp and % changeInternet*
12%
3pp

0%

1Q08

2Q08

3Q08

4Q08

1Q09

Dailies
12%

-10%

3pp

-20%

-30%

Internet*

TelevisionRadio

Outdoor**Magazines

Dailies

Radio
8%

Magazines
13%

0pp

1pp

Ad market performance in 2009 inconsistent GDP forecasts;
 disturbed correlation between GDP and ad market performance;
 we expect ad market decline to deepen in 2Q09.

Source: 2008-1Q09 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 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 fully comparable

3

Dailies ad market performance
Newspaper ad spend structure*
Other
10%
0pp
Fakt
7%
1pp

Polskapresse
15%
y1pp

yoy pp change

Mecom (local)
8%
2pp

Dziennik
5.5%
1pp

1Q 2009
PLN 0.2 bln

Super Express
3%0pp
Rzeczpospolita
8%0pp

Gazeta maintains its
market share in dailies
ad spend in 1Q09 if
recruitment ads are
excluded

Metro
4%
1pp

Gazeta39.5%
4pp

Top ad categories in dailies
financialannouncements products

75%

12%
y3pp

yoy pp change

8%
1pp

55%

retail chains8%

automotiv e

y1pp

11%
y1pp

35%

real-estate
yoy % change15%

1Q 2009
PLN 0.2 bln

9%
1pp

recruitment

-5%

8%
8pp

-25%

1Q08

2Q08

3Q08

4Q08

other
44%
y5pp

1Q09

-45%

-65%

recruitm ent

real-estate

autom otive

announcem ents

financial products

retail chains

Source: dailies ad market: display ads, Agora’s estimates*major dailies only4

Segment performance: Newspapers*

Financial performance
1Q 2009

1Q 2008

yoy % change

175.9

216.9

(18.9%)- advertising in GW

86.1

124.2

(30.7%)- copy sales in GW

38.3

41.0

(6.6%)

Operating cost, incl.:

144.0

171.3

(15.9%)- materials & energy

59.2

65.4

(9.5%)- staff cost excl. non-cash
cost of share-based payments- marketing & promotion

33.4

33.7

(0.9%)

26.4

39.5(33.2%)

PLN mln
Revenues, incl.:

Decline in number of
recruitment ads (by 59%)
in which Gazeta holds a
leader’s position- Lower circulation- Less effective dual
pricing- Very competitivemarket- Lower production
volume- Newsprint portfolio mix- Fewer dual pricing
projects

EBIT

31.9

45.6

(30.0%)

Operating EBITDA**

40.4

61.7

(34.5%)- Reduced number ofadvertising campaigns*incl. Gazeta, Metro, Special Projects, contract printing

Source: financials: consolidated financial statements according to IFRS, 1Q 09** excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA

5

Newspapers segment performance: Gazeta
Other paid-for distribution methods in 1Q 2009

Copy sales of dailies
Friday cover price up to PLN 1.5

Monday-Wednesday andSaturday cover price up to PLN
1.3 (11th May 09)

Thursday and Friday cover priceup to PLN 1.6

491K
450

thou. copies

398K
Everyday cover price up
to PLN 1.8

Monday-Thursday coverprice up to PLN 2.0,
Friday-Saturday PLN 2.5(10th Apr 09)

300

Everyday cover priceup to PLN 3.4

199K
151K
147K

150

100%

% share in total paid distribution

600

6%

75%

41%
50%

25%

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

Everyday cover price up to PLN
1.8, Saturday PLN 2.00%

Gazeta

0
Jan08

Feb08

Mar08

Fakt

Apr08

May08

Jun08

Gazeta

Jul08

Aug08

Sep08

Oct08

Super Express

Nov08

Dec08

Jan09

Rzeczpospolita

Feb09

Dziennik

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

Dziennik

No of readersGazeta4.6 mln

15.4%

Fakt

4.6 mln

15.3%

Metro

2.4 mlnSuper Express

2.3 mln

Rzeczpospolita

1.4 mln

4.5%

Dziennik

1.3 mln

4.3%First community online service inPolish Internet dealing with history
and education

Editorial changes in Gazeta

8.0%

Relaunch of Large Format
magazine – new editorial formula

7.6%

4%

Rzeczpospolita

Mar09

Weekly readership reach

0%

15%

People and money new
business supplement

8%

12%

% reachNew editorial content forsenior readers of Gazeta
16%

Source: copy sales: ZKDP, total paid circulation, Jan 08 – Mar 09, other paid forms of circulations - share in total paid
distribution – Jan-Mar 09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Mar 09,
N=12 447, CCS indicator (average issue readership);6

Newspapers segment performance: Metro
Metro vs newspaper ad spend**

Financial performance
1Q 2009

PLN mln

1Q 2008

Ad market shareyoy % change

Ad revenues
1Q09 vs 1Q08 % change

Ad revenues

8.4

8.7

(3.4%)

Operating EBITDA*

(0.3)

0.1

-

Metro
3%
1Q 2008

1Q 2009

Metro
4%
1pp

24%
6%

Other
96%

Other
97%

DailiesMetro#3 among most daily readnewspapers in Poland***

Relaunch of online service

Readership reach10%

New services:

8.0%% reach- targeted distribution
4.5%

5%

- small events- custom publishing

2.4 mln

1.4 mlnreaders

readers

WeeklyAverage issue0%

Source: financials: consolidated financial statements according to IFRS, 1Q 09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Mar 09,
N=12 447, CCS indicator (weekly readership), CPW (average issue readership);* excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA** display ads, Agora’s estimates (data in current prices)*** according to CPW index (average issue readership)

7

Newspapers segment performance: Special Projects (incl. collections)
Financial performance
2.2%

25

PLN mln

20

Statistics

22.4

22.9

1Q 2009

1Q 2008

Series56One-offs

11

8

Total number of projects

16

14

Copies sold (mln)**

1.1

1.5

yoy % change

1510184.6%
5

1.3

3.7

0

Revenues

Operating EBITDA*
1Q 2008

1Q 2009

New distribution platform

books
CDs, DVDs
Source: financials: consolidated financial statements according to IFRS, 1Q 09* excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA** books, CDs, and DVDs

8

Segment performance: Internet
Agora’s online ad revenues growth vs Internet ad market growth***Financial performance*
1Q 2009

1Q 2008yoy %changeRevenues, incl.:

19.5

14.5

34.5%

- display ads

10.4

8.9

16.9%

- incl. Trader.com (Polska)

0.5

-

-

5.9

4.6

28.3%

2.4

-

-

21.7

16.8

29.2%

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

11.0

6.5

69.2%

- promotion and marketing

4.3

6.5

(33.8%)

EBIT

(2.2)

(2.3)

4.3%

Operating EBITDA**

(0.6)

(1.6)

62.5%

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

Operating cost, incl.:

25%

21%
20%

- Consolidation ofTrader.com (Polska)- Annualization of salary
regulations carried out
in April 08- Internet offer
development

yoy % change

PLN mln

17%

15%

10%

5%

0%

Internet ad market

Agora

Reach of Internet portals
80%

77.3%
69.8%
61.2%

% reach

60%

54.2%
48.6%
48.0%
47.4%

56.1%
41.3%
40%

37.8%

20%
Jan06

Mar06 May06

Jul06

Onet.pl

Sep06

Nov06

Jan07

Mar07

May07

Wirtualna Polska

Jul07

Sep07

Nov07

Jan08

Interia.pl

Mar08

May08

Jul08

o2.pl

Sep08

Nov08

Jan09

Agora

New series produced in cooperation with A2 Multimedia basedon licence from EQUAL – theproducer of popular Internet series
LonelyGirl15 and Kate Modern

SearchLab agency specialises
in search engine advertising(entry into search engine
advertising)

Source: reach, real users: Megapanel PBI/Gemius, reach Jan06-Feb09; financials: consolidated financial statements according to IFRS, 1Q 09;* Internet division, Agora Ukraine, Trader.com (Polska) including print revenues**excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA*** Internet ad market: Starlink, since 1Q09 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 fullycomparable; Agora: consolidated financial statements according to IFRS, 1Q 09

9Segment performance: Outdoor
Financial performance

AMS ad market share**

Revenues, incl.:- ad revenues

Operating cost, incl.:

1Q 2009

1Q 2008

yoy % change

38.5

40.0

(3.8%)

37.8

39.2(3.7%)

41.6

39.2

6.1%

- execution of campaigns

7.4

9.3

(20.2%)- maintenance cost

19.8

16.8

17.6%

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

4.8

4.6

5.1%

- D&A

6.0

4.1

47.0%

- promotion & marketing

0.8

1.0

(16.2%)

EBIT

(3.1)

0.8

-

Operating EBITDA*

3.0

5.8

(47.8%)

Competition in outdoor market (rate card data)***
CPP
11%

AMS
28%

y2.4pp1Q 2009
outdoorad spendz8%

Outdoor ad market structure by panels (rate card data)***Premium panels ad revenues 1Q09

Other
15%

Superpremium

New s
Outdoor12%

23%
Premium36%- backlight 18-48 m2- frontlight 12x3/12x4,
FLN50 and 100

Cityboard
15%

AMS
30%

Spectacular
10%

105%

110%

yoy pp changey2pp

1Q 2009yoy pp change

yoy % change

PLN mln

55%

20%

y4pp

0%

1Q 2009- scroll- frontlight 6x3

Total market

AMS

z1pp
- backlight over 48m2
- meshStroer17%

Universal
31%
z6pp- citylight- billboard
Source: financials: consolidated financial statements according to IFRS, 1Q 09;* excluding non-cash cost of share-based payments** IGRZ, 1Q 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, 1Q 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

Readership position on monthly magazines market (all categories)
1Q 2009

1Q 2008

yoy % change

Revenues

23.4

26.1

(10.3%)- copy sales

10.7

12.0

(10.8%)- ad revenues

12.5

14.0

(10.7%)

Operating cost, incl.:

20.6

22.5

(8.4%)- materials & energy

8.2

8.5

(3.5%)- staff cost excl. non-cash costof share-based payments

4.7

4.7

0.0%

- promotion & marketing

5.8

7.1

(18.3%)

EBIT

2.8

3.6

(22.2%)

Operating EBITDA*

3.1

4.3

(27.9%)

mln readers

4

PLN mln2

3.9 mln

3.8 mlnTwój Styl

Claudia

3.2 mln

3.2 mlnMonthly magazine advertising performanceMedia Point
Gruner+Jahr
Group
10.5%
4.5%
Axel Springer
4%

0
Agora
11%

Edipresse
7%

Bauer
15%

Cztery Kąty Poradnik Domowy(Home Design) (Housekeeping)

Marquard
12.5%

1Q 2009

Other
17.5%

Murator
7.5%

Burda Media
Polska10.5%

Source: financials: consolidated financial statements according to IFRS, 1Q 09; monthlies ad market: monitoring of Expert Monitor based on rate card data, 125 titles, excl. specialist titles,
1Q09; readership: Polskie Badania Czytelnictwa, execution MillwardBrown SMG/KRC, Jan-Mar 09, N=12 447, CCS indicator, 15+*excluding non-cash cost of share-based payments and allocations of general overhead cost of Agora SA

11

Segment performance: Radio
Financial performance*
PLN mln

Revenues, incl.:

Radio ad market structure
1Q 2009

1Q 2008

yoy % change

18.6

18.0

3.3%

- ad revenues

18.1

17.7

2.3%

Operating cost, incl.:

17.9

17.9

0.0%

6.7

6.4

4.7%

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

2.6

3.1

(16.1%)

EBIT

0.7

0.1

600.0%

Operating EBITDA**

1.6

1.4

14.3%

- promotion and marketing

Time
17%
1 pp

Broker26%
0 pp

1Q 2009
PLN 129 mln
z7%Eurozet31%0 pp

yoy pp change

Agora
12%
1.5 ppOther
6%
0.5 pp

Polskie
Radio
8%
z3 pp

Further development of radio Internet platform

Daily reachz0.5 pp12%

 5 new channels in 1Q 2009yoy pp change% reach11.7%
0.8 pp6%

6.4%

Channels:Video music
Thematic
Authorial
Traditional/analog
Total

1
20
2
4
27

0%

TOK FM

Music stations

Source: financial: consolidated financial statements according to IFRS, 1Q 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: Jan-Mar 2008: N=8 104, Jan-Mar 2009: N=8 035; Music
stations: Jan-Mar 2008: N=11 422, Jan-Mar 2009: N=11 410* local radio stations (incl. TOK FM)** excluding non-cash cost of share-based payments

12Summary: our objectives

Continue to execute our main goals:
 further implementation of operating efficiency improvement plan; concentrate on development and restructuring of existing
business areas; take advantage of current equity market conditions to win valuableassets 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- MetroTrader.com (Polska)*- Special Projects

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