Promotora de Informaciones S.A.

Investor Presentation • Feb 26, 2020

12M 2019 RESULTS PRESENTATION

February 26, 2020

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• 12M2019 key highlights
• 12M2019 Group results
• 12M2019 results by business unit
• Summary
• Outlook 2020

12M2019 Key highlights

KEY HIGHLIGHTS

1 FY19EBITDA reached €242 Mn +8%/+12% in LC

• Santillana: Outstanding performance reaching an EBITDA of €175 Mn; +6% /+12% in LC. Strong focus in accelerating its digital transformation fulfilling 2019 plans (1.4Mn students; +16% growth) and reaching for 2020 ,1,7 Mn students (>20% growth).
• Radio: Remains stable and gains advertising share in main countries despite a difficult environment in Latam in 2019
• Press: EBITDA increasing by 2x on the back of advertising growth and improved efficiencies
• Positive recurrent cash flow generation of €18 Mn (€52 Mn proforma for Brazilian Public sales collection done in 1Q2020). Net Debt of 1,061 Mn (€907 Mn proforma for MCP and 100% PNLD collections) 2
• 3 2019 Outlook metrics fulfilled
• Santillana minority repurchase, eliminating perpetual dividend and improving cash flow profile. Allows to focus Group Strategy in Education 4
• Agreement reached to sell Media Capital, following company´s roadmap focused on deleveraging, profitable growth and value creation. Media Capital reported as a discontinued activity 5

Solid operating performance with strong focus on deleveraging, profitable growth and value creation

Outlook metrics for 2019 fullfilled

* Excluding disposals and one offs in local currency

(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)

Outlook metrics for 2019 fullfilled

* For comparable basis, WK adjusted to reflect comparable PNLD collections

12M 2019 Group results

12M 2019 Operating Overview

€ Millions	JAN-DEC 2019	19/18 Var on constant ccy		19/18 Var		Ex. Temporary Effects&One-offs on constant ccy
REVENUES	1 096	1 9% ,	21 1 ,	-0 3% ,	-3 1 ,	+3,6%(*)
EXPENSES	853	-0 8% ,	-6 9 ,	-2 4% ,	-21 3 ,	-0,6%
EBITDA	242	12 5% ,	27 9 ,	8 1% ,	18 2 ,	+21,1%
EBITDA Margin	22 1% ,	2 1% ,		1 7% ,
EBIT	147	15 9% ,	21 3 ,	9 3% ,	5 12 ,
EBIT Margin	13 4% ,	1 7% ,		1 2% ,

Note: EBITDA includes provisions in 2019 (15.0Mn) and 2018 (20.2Mn)

The impact of Mediapro's ruling in 2019 & the IFRS16 estimated effect (in 2018) have been adjusted for a comparable basis.

(*) Significant perimeter effect due to the closing or disposal of non core or non profitable businesses (Prisa Video, Music and Santillana US) amounting 22M€.

€ Millions	2019	2018	% Chg.
Reported Results
Reported EBIT 1	95,5	127,0	(24,8)		€ Millions	2019	2018	% Chg.
EBIT Margin	8,7%	11,6%			Media Capital impairments, Mediapro ruling & IFRS16 impact Reported EBIT	95,5	127,0	(24,8)
Financial Result 2	(82,6)	(82,6)	0,1	1	Mediapro Ruling	51,0
Interests on debt	(57 ,7)	(50 ,3)	(14 ,7)		IFRS16 Effect		7,0
Other financial results	(24 ,9)	(32 ,3)	23,1		Comparable EBIT	146,6	134,1	9,3
Result from associates	2,7	3,8	(30,1)	2	Reported Financial Result	(82,6)	(82,6)	0,1
Profit before tax	15,6	48,2	(67,6)		IFRS16 Effect		(12,4)
Income 3 tax expense	61,0	231,1	(73 ,6)		Mediapro Ruling	2,0
Results from discontinued activities 4	(127,4)	(53,7)	(137,1)		Comparable Financial Result	(80,6)	(95,0)	15,2
Minority interest 5	9,5	32,8	(71,1)	3	Income Tax Expense	61,0	231,1	(73,6)
Net Profit	(182,3)	(269,3)	32,3		Tax Impairment	(21,0)	(201,8)	89,6
MC impairment	131,6	76,8	71,2		Mediapro Ruling	(1,0)
Mediapro ruling	52,8		---		Adjusted Income Tax Expense	39,0	29,3	33,0
IFRS16	0,0	(5 ,3)	100,0	4	Results from discontinued activities	(127,4)	(53,7)	(137,1)
Tax impairments	21,0	201,8	(89 ,6)		MC impairment	131,6	76,8	71,2
Comparable Net Profit	23,1	3,9	---		Comparable Results from discon. activities	4,2	23,1	(82,0)
				5	Reported Minority Interest Mediapro Ruling	9,5 1,3	32,8	(71,1) ---

Reported Net result affected by extraordinary provision related to i) Mediapro negative ruling ii) Mediacapital discontinuity iii) tax credits impairments

Comparable Minority interest 10,7 32,8 (67,2)

12M 2019 Operating Overview – Cash Flow Generation

Positive Cashflow generation in the period conditioned by collection of €46Mn of PNLD(4) in 1Q 2020

(1) & (2) Includes IFRS16 effect

(3) Includes Media Capital disposal funds & 100% of 2019 PNLD collection

(4) PNLD correspods to "Programa Nacional de Libro didactico in Brazil"

12M 2019 results by business unit

12M 2019 Operating Overview – Santillana

Note: EBITDA includes provisions in 2019 and 2018. The IFRS16 effect has been adjusted in 2018 figures for a comparable basis.

12M 2019 Operating Overview – Santillana

Revenue evolution (Mn€)

		JANUARY - DECEMBER
	Mn€	2019	2018	% Chg.	%Chg LC
	Education sales	615,7	578,7	6,4	9,2
1	Private Latam Didactic	351,5 209,2	343,0 217,2	2,5 (3,7)	5,6 (3,6)
	Learning systems	142,3	125,8	13,1	21,4
2	Public sales	131,2	121,1	8,4	13,1
3	Spain*	133,0	114,6	16,0	16,0
	(1) Other revenues	12,3	21,8	(43,8)	(32,8)
	Total Operating Revenues	628,0	600,5	4,6	7,7

Performance driven by strong focus in accelerating transition into learning systems

Performance supported by extraordinary performance in Brazil with 32.5% share on PNLD FII (2) and good repositions on FI (2) and Ensino Medio (2)

Performance supported by Novelties in Primary

2

3

Strong performance overall supported by the positive evolution of both private and public sales with strong focus on growing Learning Systems

(1) "Other revenues" include asset sales of €3.7 Mn in 2019 and €13.6 Mn in 2018

(2) 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 €5.2 Mn in 2019 and €4.8Mn in 2018 corresponding to Portugal and others.

12M 2019 Operating Overview – Santillana (Cont'd). Learning systems

Strong performance of subscription models based on Learning systems

Global player with leading positions in most of the latam countries . The only Global scalable platform expanding Systems outside Brazil

Unique leading position to accelerate Learning systems growth in a highly promising market

12M 2019 Operating Overview – Radio

Business remains stable with advertising share gains despite World Cup and politics (elections) positive impacts in 2018, and difficult advertising environment in Latam. Positive performance ex one -offs

Note: EBITDA includes provisions in 2019 and 2018. The estimated IFRS16 effect has been adjusted in 2018 figures for a comparable basis. (*) Significant perimeter effect in Revenue: closing/disposal of Music business in 2018:. Excluding this effect: +3,9% growth of Revenue at constant currency. Low impact in EBITDA

12M 2019 Operating Overview – Radio Spain & Radio LatAm

Colombian elections and World Cup in 2018 and a difficult advertising environment specially in Chile

Note: EBITDA includes provisions in 2019 and 2018. The estimated IFRS16 effect has been adjusted in 2018 figures for a comparable basis.

* Spain figures exclude Music and others.

** Assets disposals, Politics (elections) , Chile crisis and World Cup net impact 2019/2018

12M 2019 Operating Overview – Press (1)

Note: EBITDA includes provisions in 2019 and 2018. The estimated IFRS16 effect has been adjusted in 2018 figures for a comparable basis. (1) Press including PBS & IT.

12M 2019 Operating Overview – Press (1)

Ranking	PC+Mobile Spain (Avg Jan-Dec'19)	Unique Users (M)
1	YOUTUBE COM	32,3
2	GOOGLE COM	32,1
3	FACEBOOK COM	29,4
4	ANDROID COM	25,9
5	INSTAGRAM COM	24,2
6 6	ELPAIS COM	20 8 ,
7	VANGUARDIA LA	20,4
8	ELMUNDO ES	20,0

Spain figures: unique users (Pc+mobile). Source: Comscore

Progress towards a growing and scalable digital model with online advertising representing already 57% of total advertising

• Solid underlying business performance fulfilling 2019 outlook metrics 1
• 2 Improved cash flow generation profile
• MCP disposal agreed and approved by EGM with transaction expected to be fully completed in 1Q 2020 3
• Management keeps focus on delivery building the pillars for profitable growth and value creation 3

Outlook 2020

Outlook metrics for 2020 prisa.com

Positive evolution in all businesses with margin improvement. Full focus on value and cash generation

KEY DRIVERS