PRISA first half of 2015 highlights

Adjusted EBITDA increases by 12.3% in June, reaching 109 million Euros (98 million Euros at constant currency)

• The Spanish advertising rise, the good performance of Education Campaigns in Southern Area, the digital transformation growth and the continued effort of cost control, impulse the operating growth and offset the worst performance of Radio in Latin America, the weakness on added-value calls in Media Capital and the delay of Education Campaign in Spain.

• The risk profile of the company is significantly reduced after the closure of the Canal+ operation in April. Net bank debt has been reduced by 681 million euros until June 2015

• Adjusted advertising revenues of the Group in Spain increase by +5.7% in 1H 2015. During the second quarter, growth has been affected by the comparison with 2014 when the World Cup took place.

• Radio in Spain grows by +8.9% increasing in both local (+10.1%), and national (+4.5%) advertising.

• Press consolidates its change in trend, growing by +3.6%, (-1.7% offline; +21.4% online).

• In Portugal, Media Capital advertising revenues stay almost flat (+0.4%); (TVI -0.1% and Radio +8.5%).

• In Education, South Area campaigns have closed in their entirety showing a solid behavior: revenues grow by +18%.

• In Radio LatAm, adjusted revenues grow by (+1.0%). Weakness in Chile and Colombia continues but is offset by the favorable evolution in Mexico and Argentina.

• FX evolution during 1H has had a positive impact of 10 million Euros on adjusted revenues, and of 10.5 million Euros on adjusted EBITDA. This impact will revert to end of the year if current FX rate remains stable.

• Digital transformation revenues in adjusted terms increase by 15.3% and reach 94.7 million Euros.

• Digital education systems (UNO and Compartir) continue their development in Latin America reaching 815.212 students (+29%).

• Digital advertising in adjusted terms grows by 16.2% in 1H 2015.

• In Press, digital advertising already represents 35.1% of advertising revenues.

• Average unique browsers of the Group’s web sites grow by 39% reaching more than 118 million in June.

• Operating expenses have fallen meaningfully in Press and Media Capital, while increases in cost in Education and Radio are revenue related increases.

• Capex has been reviewed to channel resources to growth areas, mainly Santillana. During 1H investments amounted to 31.9 million compared to 32.6 million in the same period in 2014.

• Canal+ operation was closed on April 30, 2015. Cancellation of 470 million with part of these funds.

• 122 million euros debt reduction with a c. 22% discount with funds coming from Mediaset Spain stake sale.

• 154 million available to further debt buybacks.

• Capital increase of 75 million euros at 15.9 € per share pending to be formalized.

• Total Group net debt reduced by 681 million to 1,901 million euros as of June 30th 2015, comparing to 2,582 million as of December 31st 2014.

• All of the South Area Campaigns have been closed in the 1H: Brazil, Colombia, Costa Rica, Central North America, Uruguay, Chile, Bolivia, Argentina, Paraguay, Peru and Ecuador. These campaigns have mostly shown good performance in local currency. Highlighting Brazil, which has shown a good behavior, with growth of 7.2% in local currency, and Argentina which has shown an extraordinary growth of +77% in local currency.

• North Area Campaigns (Spain, Mexico, Venezuela and Brazil institutional sales), take place during 2H, and therefore the 1H figures collect practically costs of promotion and marketing of campaigns practically without income. In Spain there have been delays due to the difficulties in the implementation of the new Education Law. Despite these delays, the campaign shows good prospects and their results will impact positively on the year ending.

• Digital Education Systems continue their development in Latin America, growing by + 29% the number of students to 815,212. UNOSystem reaches EBITDA of 6.6 million euros in 1H 2015

• Positive FX impact of 8.6 million euros on Santillana revenues and of 10.6 million euros on EBITDA during 1H 2015. This impact will revert to the end of the year if current FX holds.

• Adjusted revenue in local currency has increased by +10.2 % (Brazil, 9.5%; Peru, +5.7%; Argentina, +77%).

• Adjusted EBITDA grows by +9.3% in local currency (+13.4% in euros).

• Advertising in Spain grows by +8,9 % in 1H 2015 despite the World Cup effect of 2014.

• Strong operational improvement in Spain, which increased its adjusted EBITDA by + 60.8% in 1H 2015 reaching 12.1 million euros, compared to 7.5 million euros in 1H 2014.

• Advertising in LatAmdecreases due to the Chile and Colombia worst performance, offset by a good evolution in Mexico and Argentina.

• Effort in cost control continues, but the costs increase in 1H 2015, as a result of new programs promotion and revenues related to expenses (+5% in adjusted terms).

• Positive FX impact(1.6 million euros on revenues and -0.1 million on EBITDA).

• Radio LatAm adjusted revenues in local currency, fall by -1.5% in 1H 2015 versus 1H 2014.

• Adjusted EBITDA in Radio in 1H 2015 reached 29.6 million euros at constant currency (+5.1% compared to 1H 2014).

• Adjusted advertising revenues in 1H 2015 increase by +3.6% (El País +8.4%, AS -1.3%).

• Adjusted traditional advertising falls by (-1.7%) which is offset by the good behavior of the digital advertising growth of +21.4% (representing 35% of the total advertising revenue of the division already). Events advertising falls by -31% due to the delay of the number of events compared with same period of 2014.

• Circulation revenues fall by -13.4%.

• Strong cost control in every item (-10.5% in adjusted terms and -5.2% in staff costs).

• Press adjusted EBITDA reaches 6.3 million euros in 1H 2015 compared to 7.3 million euros in 1H 2014.

• Advertising revenues increase in 1H 2015 by +0.4% (TV, -0.1%; Radio, +8.5%). It has to be said that advertising recovery in Portugal started in second half of 2013.

• Decline in other revenues in 1H 2015 (-37%), mainly due to the drop in value added call services.

• Adjusted EBITDA reaches 17.1 million euros and falls by -11.7% despite the strong effort in costs control (decrease of -6.3% in adjusted costs).

The comparison of the results of the first semester of 2015 and 2014 is affected by extraordinary items recorded in revenues, expenses, amortizations & provisions. To conduct a homogeneous comparison, we are presenting a profit and loss account adjusting these extraordinary items:

During 1H 2015, excluding extraordinary items and exchange rate impact:

• Operating revenue grow by 2.3%

• Adjusted EBITDA grow by 1.3%.

• Stable margins at 15%.