PRISA post profits in all business areas

• PRISA posts first-quarter revenues of 765 million euros, EBITDA of 144.47 million and a net profit of 35.55 million. The Group reported a profit in all business areas.
  
    
• The Group maintains operational efficiency with a reduction of 14.2% in spending.  
  
  
• International revenues represent 29% of Group income.
  
  
• Advertising revenues are up by 4.6% over 2009.
  
  
• Santillana increases earnings by 4.3% to 164.76 million. EBITDA margin climbs to 32.7%.
  
  
• El País reports EBITDA of 6.47 million (+13.7%) and a profit of 2.83 million. Sports daily AS reports EBITDA of 1.84 million (+126,4%).
  
  
• Union Radio reports EBITDA of 16.76 million of (+5.0%). International radio increases its turnover by 27.1% and 29.5% in advertising revenue. 
  
  
• Digital + reports revenues of 296.94 million and EBITDA of 74.47 million. Its EBITDA margin improved to 25.1% compared to 20.5% in the first quarter of 2009.
  
  
• Online, the Group reports 42.8 million unique monthly users, representing a growth of 27% over the first quarter of 2009.
  

In the first quarter of 2010, PRISA has reported profits in all business areas, with improvements in the operating profits across all its units as compared to the first quarter of 2009. Revenues from international sources are up by 11.7% and now account for 29% of Group sales. 2010 also sees PRISA maintain its operational efficiency plan with a reduction in 14.2% of spending in the first quarter.

Revenues reached 764.94 million euros. Advertising revenue is up by 4.6% to 214.31 million, compared to the same period of 2009. Notable success was enjoyed by online business growth (+12%), audiovisual (+9.7%) and radio (+6.8%).

The Group achieved EBITDA of EUR 144.47 million (+3.9%). EBIT was 101.44 million (83.05 million in the first quarter of 2009).

Operating margins were also up in the first quarter and EBITDA over revenues reached 18.9% while EBIT is 13.3%.

In the same quarter, PRISA made great headway in the formalization of the operations announced regarding its partial divestment plan, and the Group signed an agreement with Liberty for the entry of international investors aimed at strengthening the Group's capital.

INCOME STATEMENT

Publishing and Education

Income from book sales has increased by 5.9% to 162.74 million euros. Noteworthy is growth in Peru (+23.1%), Brazil (+21.9%), Colombia (+13.7), Chile (+6.8%) and Argentina (+6%). 

Press
Revenues from Press were 96.54 million euros. Newspaper and magazine sales provided the Group with turnover of EUR 44.66 million, representing a fall of 9.6%.

El Pais posted revenues of 67 million euros, with an EBITDA of 6.47 million (+13.7%) and net profit of 2.83 million. This contrasts with the fall in revenues suffered by most of the world's leading daily papers. El Pais, with an average daily circulation of 385,017 copies, retains its lead among the non-give-away press in Spain and holds its lead over its closest competitor. In terms of readership figures, the paper strengthens its market lead with 2.022 million readers daily (EGM 1st quarter results 2010).

AS improves EBITDA to 1.84 million euros (+126,4%). With an average daily circulation of 208,113 copies, the sports daily strengthens its lead in the Madrid region and in Barcelona, and reached the figure of 1.304 million readers (1st quarter EGM).

Radio

Radio posted revenues of 83.38 million euros (+3.1%) and EBITDA of 16.76 million (+5.0%). International radio increased its turnover by 27.1% and saw advertising revenue grow by 29.5%. Gran Via Musical performed particularly well with a 7.3% increase in revenue.

Cadena SER starts 2010 as the absolute leader in all time slots with 4.7 million listeners per day, exceeding the sum of its three main competitors in private radio and general-interest broadcasting.

Audiovisual
Subscription revenues reached 234.42 million euros. The number of subscribers to DIGITAL+ reached 1.798.845 as of 31 March 2010 (Canal + League had more than 700,000 subscribers as of the same date). Average revenue per subscriber in the first quarter was 41.8 euros per month.

TVI, Media Capital's free-to-view television channel, maintains its lead in Portugal, both in terms of 24-hour audience figures as well as in prime time. Over the first quarter of 2010, TVI has reported a 34.4% average audience share with this figure rising to 40% in prime time.

Disclaimer:

This document does not constitute an offer to sell, or an invitation to subscribe for or purchase, any securities or the solicitation of any approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. This document is not an offer of securities for sale in the United States. No securities will be offered or sold in the United States absent registration or an exemption from registration. This document does not constitute a prospectus or prospectus equivalent document. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

Forward-Looking Statements:

This document may include "forward looking statements" within the meaning of the "safe harbor" provisions of the United Stated Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Investors are cautioned that such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of PRISA, Liberty and the combined group after completion of the proposed business combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement between PRISA and Liberty (the "Business Combination Agreement"); (2) the outcome of any legal proceedings that may be instituted against PRISA and others following announcement of the Business Combination Agreement and transactions contemplated therein; (3) the inability to complete the transactions contemplated by the Business Combination Agreement due to the failure to obtain Liberty stockholder approval, Liberty warrantholder approval or PRISA stockholder approval; (4) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Business Combination Agreement; (5) the risk that PRISA's planned asset dispositions and/or restructuring of its credit facilities will fail to be completed or fail to be completed on the terms currently anticipated; (6) the risk that securities markets will react negatively to the Business Combination or other actions by PRISA (7) the risk that the proposed transaction disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (8) the ability to recognize the anticipated benefits of the combination of PRISA and Liberty; (9) costs related to the proposed combination; (10) the limited liquidity and trading of Liberty's securities; (11) changes in applicable laws or regulations; (12) the possibility that PRISA may be adversely affected by other economic, business, and/or competitive factors; and (13) other risks and uncertainties indicated from time to time in PRISA's or Liberty's filings with the SEC.

Readers are referred to Liberty's most recent reports filed with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It:

This document may be deemed to be solicitation material in respect of the proposed business combination involving PRISA and Liberty. In connection with the proposed business combination, PRISA intends to file with the SEC a Registration Statement on Form F-4 that will include a proxy statement of Liberty that also constitutes a prospectus of PRISA. Liberty will mail the proxy statement/prospectus to its stockholders and warrantholders. Liberty stockholders, warrantholders and other investors are urged to read the proxy statement/prospectus regarding the proposed business combination and warrant amendment when it becomes available because it will contain important information regarding Liberty, PRISA, the proposed business combination, the proposed warrant amendment and related matters. You may obtain copies of all documents regarding this business combination, warrant amendment and other documents filed by Liberty with the SEC, free of charge, at the SEC's website (www.sec.gov) or by sending a request to Liberty Acquisition Holdings Corp., 1114 Avenue of the Americas, 41st floor, New York, New York 10036, or by calling Liberty at (212) 380-2230. PRISA will also file certain documents with the Spanish Comisión Nacional del Mercado de Valores (the "CNMV") in connection with its shareholders' meeting to be held in connection with the proposed business combination, which will be available on the CNMV's website at www.cnmv.es.

Participants in the Business Combination:

PRISA and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Liberty in connection with the proposed business combination and from the warrantholders of Liberty in connection with the proposed warrant amendment. Information regarding the special interests of these directors and executive officers in the merger will be included in the Registration Statement on Form F-4 (and will be included in the definitive proxy statement/prospectus for the proposed business combination) and the other relevant documents filed with the SEC.

Liberty and its directors and officers may be deemed to be participants in the solicitation of proxies from Liberty's stockholders in respect of the proposed business combination and from the warrantholders of Liberty in connection with the proposed warrant amendment. Information regarding the officers and directors of Liberty is available in Liberty's annual report on Form 10-K for the year ended December 31, 2009, which has been filed with the SEC. Additional information regarding the interests of such potential participants will also be included in the Registration Statement on Form F-4 (and will be included in the definitive proxy statement/prospectus for the proposed business combination and proposed warrant amendment) and the other relevant documents filed with the SEC.