Promotora de Informaciones S.A.

Investor Presentation • May 27, 2020

1Q 2020 RESULTS PRESENTATION

May 27th, 2020

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• 1Q2020 key highlights
• 1QM2020 Group results
• 1QM2020 results by business unit
• Summary

1Q2020 Key highlights

KEY HIGHLIGHTS

1 1Q2020 Results impacted by COVID-19 / EBITDA reached €56Mn vs €69Mn previous year (-18.8%/-6.6%LC) Focus in growth and expansion of digital subscription models and in the boost of digital advertising and audio content

Digital revenue represent already 31% of total group revenue increasing its contribution 20%.

• Education: Solid performance with 5% revenue growth (+15% in Lc) and 36% of total revenue coming from subscription models. Total number of students in subscription models increase by 25% to surpass 1.716.000. Subscription model strong growth and public sales performance offset the decline in the traditional business affected by the transition to subscription model and by the lock down impacting the distribution chain in some countries of the southern area
• Media: Radio and News showed weak performance with revenue declines of 21% and 15% respectively on the back of advertising and circulation declines
  • Radio progresses on its strategy of developing new audio digital content with streaming and podcast downloads increasing significantly
  • A step forward in the News business model with the launching of El PAÍS paywall. Digital model becoming more robust and scalable. 37% of total News revenues are already digital
• Fx impact in revenues of -18Mn and in EBITDA of -8Mn mainly in ARG, BRZ and CHL
• 2 The company sells 30.22% stake of Media Capital. Reported as a discontinued activity

3 Liquidity reinforced with €265Mn in cash at the end of the period after drawing revolving lines amounting 99Mn.

▪ Net debt at the end of the period stood at 1.067Bn vs 1.061 as of December 2019

KEY HIGHLIGHTS

4 In 1Q2020,Covid -19 had an estimated negative impact in revenues of €25Mn and in EBITDA of €21Mn

• COVID-19 is having an unprecedent impact on the economy and society, disrupting industries and businesses around the world.
• Reaffirming Prisa social commitment as a business group focused on 2 essential sectors such as K-12 education and media
• Given current health and macro uncertainty, the company withdraws FY2020 outlook announced to the market at the end of February. A worse performance in advertising and resilience in education is expected. Further visibility to be provided with 1H results expected to be released in September

COVID-19 ESTIMATED IMPACT IN 1Q2020 REVENUES & EBITDA

5 Contingency plan in place to mitigate the negative impacts from current crisis amounting €40Mn

• Review of costs structures in all businesses
• Agreements on salary reductions satisfactory reached

Solid performance of Education business boosted by subscription model growth with Media businesses being impacted by advertising declines while progressing on development of digital advertising and audio content . Contingency plan in place across all business units to mitigate expected negative impacts from COVID-19

1Q 2020 Group results

1Q 2020 Operating Overview

€ Millions	JAN-MAR 2020	Var. 20/19 on constant ccy		Var. 20/19
REVENUES	263	2,8%	7,7	-3,8%	-10,5
EXPENSES	207	6,0%	12,3	1,2%	2,4
EBITDA	5 6	-6,6%	-4,6	-18,8%	-12,9
EBITDA Margin	21,3%	-2,3%		-3,9%
EBIT	3 2	-16,4%	-7,7	-31,4%	-14,7
EBIT Margin	12,3%	-3,2%		-4,9%

The impact of Mediapro's ruling in 2019 has been adjusted for a comparable basis.

€ Millions	2020	2019	Chg %
Reported Results
1 Reported EBIT	32,2	(4 ,1)	---
EBIT Margin	12 3% ,	-1 5% ,
Financial Result	(15 ,7)	(19 ,7)	20,4
Interests on debt	(14 8) ,	(14 2) ,	(4 6) ,
Other financial results	(0 9) ,	(5 6) ,	84 0 ,
Result from associates	1,5	0,3	---
Profit before tax	18,0	(23 ,5)	---
Income tax expense	20 4 ,	21 1 ,	(3 6) ,
Results from discontinued activities 2	(25 ,0)	(0 ,7)	---
3 Minority interest	(1 ,2)	(4 ,8)	74,0
Net Profit	(26 ,1)	(40 ,6)	35,6
MC impairment	28 8 ,
Mediapro ruling		40 8 ,
Comparable Net Profit	2,6	0,2	---

	€ Millions	2020	2019	% Chg.
	Media Capital impairment & Mediapro rulling
1	Reported EBIT	32,2	(4,1)	---
	Mediapro Rulling		51,0	(100,0)
	Comparable EBIT	32,2	46,9	(31,4)
2	Results from discontinued activities	(25,0)	(0,7)	---
	MC impairment	28,8		---
	Comparable Results from discont. activities	3,8	(0,7)	---
3	Minority interest	(1,2)	(4,8)	74,0
	Mediapro Rulling		10,2	(100,0)
	ComparableMinority Interest	(1,2)	5,4	---

Net profit result impacted by MCP impairment

1Q 2020 Operating Overview – Cash Flow Generation

Liquidity reinforced with €265 Mn cash at the end of the period after drawing €99Mn of revolving lines

1Q 2020 results by business unit

1Q 2020 Operating Overview – Santillana

Revenue evolution (Mn€)

Var.(%) -6,2% Solid performance despite the lock down impacting the distribution chain in some countries of the southern area with FX impacting negatively mainly in Argentina, Brazil and Mexico

1Q 2020 Operating Overview – Santillana

Revenue evolution (Mn€)

		JANUARY - MARCH
€ Millions	2020	2019	% Chg.	% Chg.LC
Education sales	177,2	168,0	5,5	15,2
Private Latam Traditional Subscription model	137,7 73,3 64,4	150,4 97,9 52,5	(8,4) (25,1) 22,7	0,1 (17,7) 33,2
Public sales	38,1	15,2	150,9	174,4
Spain*	1,4	2,5	(42,9)	(42,9)
Other revenues	0,8	0,9	(12,0)	(0,2)
Operating Revenues	178,0	168,9	5,4	15,1

▪ Private Latam performance driven by strong performance of subscription model with traditional sales being affected by the transition to subscription model and by the lock down of the distribution chain in some countries of the Southern area (mainly Argentina, Chile, Ecuador and Peru)

• Public sales performance supported by pending public sales corresponding to Brazil 19PNLD1(1)
• Spain sales are not representative in the quarter as campaign takes places in 2Q/3Q

Solid performance overall supported by the strong growth of subscription model and the good evolution of public sales in Brazil which offset the traditional business performance affected by the transition to subscription model and by the lock down of the distribution chain in some countries of the Southern area

(1) PNLD corresponds to "Programa Nacional de Libro Didactico in Brazil". FI( 1st to 5 th grade); FII( 6th to 9th Grade) ; Ensino Medio ( Bachelor) *Spain includes €0.1 Mn in 2020 and €0.3Mn in 2019 corresponding to Portugal and others.

1Q 2020 Operating Overview – Santillana (Cont'd). Subscription model

Outstanding performance of Subscription models with a strong growth already committed for 2020. Brazil grows its number of students by +38% to 600K ahead of competitors

• Santillana has guaranteed school activity in total normality through its platforms and digital resources during pandemic
• Users and content consumption has increased exponentially
• Covid-19 is representing a fundamental change in Education accelerating the shift towards digital of both teachers and students

Strong performance of subscription models

1Q 2020 Operating Overview – Radio

Revenue Evolution (Mn€)

TLH and Poadcast downloads reaching record levels

Comparable EBITDA Evolution (Mn€)

Var. ex FX(%) -93,3%

Business affected by declines in advertising market both in Spain and latam due to COVID-19 crisis with the focus in digital audio content development increasing the streaming and podcast downloads

1Q 2020 Operating Overview – Radio Spain & Radio LatAm

1Q 2020 Operating Overview – News (1)

Operating improvement conditioned by COVID-19 affecting both advertising and circulation trends

1Q 2020 Operating Overview – News (1)

PAYWALL LAUNCHING OF EL PAÍS

A step forward in the new press business model with the launching of El PAÍS paywall which will consolidate and enlarge the digital business developed in the past years.

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18

11%

0,70%

1Q2019 1Q2020

• 1 Focus in growth and expansion of digital subscription models and in the development of digital advertising and audio content
• 1Q Results evolution impacted by COVID-19 with solid performance in Education and media businesses being impacted by advertising declines 2
• 3 Contingency plan in place to mitigate negative impacts from pandemic
• ⁴ Liquidity of the company reinforced
• Reaffirming Prisa social commitment as a business group focused on two essential sectors such as the K12 education and media 5