PRISA reached an EBITDA of €420 million in the first eight months of 2010

• PRISA achieved revenues of €2,064 million, reached an EBITDA of €420 million, EBIT of €285 million and net profit was €97 million.
  
• Total revenues reached €2,064 million compared to €2,182 million obtained in the same period of the previous year. Excluding the impact of the change in the exploitation football model, revenues would have grown by 0.4%. Audiovisual represented 52.5% of total revenues, Education (21.8%), Press (12.7%) and Radio (12.2%).
  
• In the first eight months of 2010, 25% of the revenues came from the international area. By countries, it is worth highlighting the contribution of Brazil and Portugal (45% of the total). The whole international area in the group maintained an important growth rate increasing its revenues by 7.0%.
  
• The Audiovisual area revenues reached €1,083 million and obtained an EBITDA of €191 million, with a margin of 17.6%. Digital+ obtained an EBITDA of €189 million and continued improving its cancellation rates. The month of August is the fifth consecutive month which shows a decline in cancellations in relation to the same period last year. During this period of 2010, several agreements have been signed with Jazztel, Telecable and Orange for the distribution of content and negotiations to close additional deals with other operators are in process.
  
• Total subscriber base of Digital+ as of August 31, 2010 was 1,760,320. The average revenue per user (ARPU) remained at €41.7 per subscriber and month. Canal+ league reached 800,000 subscribers.
  
• Cuatro continued with a positive performance during the first eight months of 2010, to finish August with an average audience of 7.2% in 24 hours and 7.5% in prime time. It also strengthened its position in the more interesting profiles to advertisers, to reach 9.4% and 10.2% of audience in the commercial and core target, respectively. Cuatro reached a negative EBITDA of 21 million of euros as of August 31, 2010, mainly as a consequence of the exploitation of the football World Cup. TVI, the free TV of Media Capital, maintained its leadership in Portugal, both in 24 hours and prime time audience. During the first eight months of 2010, TVI had an average audience of 33.9% and 39.2% in prime time.
  
• The Education business continued showing strong results. Santillana improved its revenues by 2.7% to €450 million and its EBITDA reached €149 million. It is worth highlighting, the growth achieved in Brazil (+37%), Peru (+22%), Mexico (+17%) and Colombia (+14%).
  
• The Radio business increased its revenues by 7.6% to reach €253 million, with an increase of 16.3% of its EBITDA and showed a significant margin improvement (23.3% versus 21.5%). The international radio increased its revenues by 33.5% and its advertising revenues improved by 36.9%.
  
• Press reached revenues of €263 million and increased its EBITDA by 4.3% with a significant margin improvement (10.1% versus 9.4%). El Pais, reached €178 million of revenues, obtained an EBITDA of €18 million with a margin of 10% and its net profit was €8 million. El País is one of the few reference newspapers worldwide which continues to bring profits, renewed its leadership position among the general paid press and increased the distance with its main competitor. AS, obtained €57 million of revenues (+22.6%), an EBITDA of €9 million (+55.8%), and increased it advertising revenues by 73.3%.
  
• In the Digital area, advertising revenues increased by 38.1%. The group reached €45.95 million monthly unique users on average (+24.4%). It is worth highlighting the growth of As.com (+41.2%), El Pais.com (+10.5%) in which approximately 30% of its unique users are international, Los40.com (+21.6%), Cuatro.com (16.6%) and Media Capital (+14.8%).
  
• The advertising of the Group increased by 9.1% to reach €608 million. It is worth mentioning the growth in the Audiovisual business (+14.9%), in the Radio (+9.7%) and in Press (+3.1%).
  
• Interest on debt decreased by 34.8%.
  
• On August 19, 2010, PRISA referred to the Securities Exchange Commission of the U.S (SEC), the Registration Form F-4, with the latest amendments included in the agreement with Liberty Acquisition Holdings Corp. (LIBERTY). Its content is available on the websites of the Sec and PRISA. 

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 States 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 Amended and Restated Business Combination Agreement between PRISA and Liberty (the “Amended and Restated Business Combination Agreement”); (2)the outcome of any legal proceedings that may be instituted against Prisa and others following announcement of the Amended and Restated Business Combination Agreement and transactions contemplated therein; (3)the inability to complete the transactions contemplated by the Amended and Restated Business Combination Agreement due to the failure to obtain Liberty stockholder approval, Liberty warrant holder approval or PRISA shareholder 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 Amended and Restated Business Combination Agreement; (5)the risks 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 or that PRISA will not receive the necessary consents under its Refinancing Master Agreement to the terms of the business combination; (6)the risk that holders of more than 80 million shares of Liberty common stock will elect to receive cash or will elect to redeem their shares; (7) the risk that other conditions to closing may not be satisfied; (8) the risk that securities markets will react negatively to the business combination or other actions by PRISA and the holders of Liberty common stock will not find this to be more attractive than the former terms of the business combination or have a different view of the value and long-term prospects of PRISA; (9)the risk that the proposed transaction disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; (10)the ability to recognize the anticipated benefits of the combination of PRISA and Liberty and of PRISA to take advantage of strategic opportunities; (11)costs related to the proposed business combination; (12)the limited liquidity and trading of Liberty’s securities; (13)changes in applicable laws or regulations; (14)the possibility that PRISA may be adversely affected by other economic, business, and/or competitive factors; and (15)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. On August 19, 2010, in connection with the proposed business combination, PRISA filed an amended registration statement on Form F-4 (the “Registration Statement”) with the SEC that includes a preliminary proxy statement of Liberty for the proposed business combination and proposed warrant amendment that will also constitute a prospectus of PRISA. PRISA expects to file an amendment to its Registration Statement which will, among other things, reflect the terms of the Amended and Restated Business Combination Agreement. Liberty intends to mail a definitive proxy statement/prospectus for the proposed business combination and proposed warrant amendment to its stockholders and warrant holders as of a record date to be established for voting on the proposed business combination. Liberty stockholders and warrantholders are urged to read the preliminary proxy statement/prospectus, and the definitive proxy statement/prospectus when it becomes available, because these documents contain or will contain important information regarding Liberty, PRISA, the proposed business combination, the proposed warrant amendment and related matters. Stockholders and warrantholders may obtain a copy of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus when it becomes available, and any other documents filed by Liberty or PRISA with the SEC, free of charge, at the SEC’s website (www.sec.gov) or by sending a request to Liberty, 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 warrant holders 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 warrant holders 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 the other relevant documents filed with the SEC.