Investor presentationJune 2008

2

Financial performance of the Group

Revenue growthdriven byadvertising sales

Revenues

Net profit

Operating cost

Operating performance

0

100

200

300

400

1Q07 1Q08

yoy % change

PLN

mln

16%

4.5%

52.5%

3.5%

0

100

200

300

400

1Q07 1Q08

PLN

mln

* excluding non-cash cost of share-based paymentsSource: consolidated financial statements according to IFRS, 1Q08

2%

17%16%

0

10

20

30

40

50

60

1Q07 1Q080%

5%

10%

15%

20%

Operating EBITDA Operating EBITDA margin

14%yoy % change

0

5

10

15

20

1Q07 1Q08

PLN

mln

PLN

mln 31%

15%

6%

17%

6%

13%

Advertising

Copy sales

Collections

Other

Staff*

Materials

Marketing

Other

Cost increasemainly reflectsgrowth of operations

Strong operatingmargins

yoy % change

yoy % change

Other9.5%

Fakt 6%

Dziennik7%

Gazeta43.5%

Metro 3.5%

Rzeczpospolita8%

Super Express2.5%

Mecom local6%

Polskapresse14%

0

300

600

Fakt Gazeta Super Express Dziennik Rzeczpospolita

3

Segment performance: Gazeta

Readership reach

5.1%

6.3%

7.7%

18.5%

17.2%

8.0%

0% 10% 20%

Rzeczpospolita

Dziennik

Metro

Super Express

Fakt

Gazeta

Source: readership: Polish Readership Survey, execution MillwardBrown SMG/KRC, Jan-Mar 08, N=12 065, CCS indicator (weekly readership); copy sales: ZKDP, Jan-Mar 08; financials: consolidated financial statements according to IFRS, 1Q08; dailies ad market: Agora’s estimates adjusted for average discount rate (data in current prices)

% reach

5.6 mln

2.4 mln

No of readers

5.2 mln

1.9 mln

1.5 mln

Copy sales

thou

. cop

ies

Ad market share*

0

70

140

1Q07 1Q08Advertising Copy sales

Gazeta’s revenues

PLN

mln 11%Gazeta’s copy

sales declinereflects highbase in 2007

Fast growth ofad revenuesand increasedmarket share

1Q08

2.5%

9%

24% 1%6%

1pp

1pp

0.5%

2.3 mln

* versus selected dailyt itles

yoy % change

yoy % change

2pp

0pp

0pp

3pp

0pp

1pp

1pp

11.0%

13.6%

16.9%

20.4%

23.4%

41.6%

46.1%

0% 25% 50%

Rzeczpospolita

Echo Miasta

Super Express

Fakt

Dziennik

Metro

Gazeta

10%

46%

0%

25%

50%

Dailies Metro

4

Readership reach in Warsaw

% reach

Metro’s ad revenues

yoy

% c

hang

e

Double-digit growth of salesreflecting solidreadershipresults

Source: readership: Polish Readership Survey, execution MillwardBrown SMG/KRC, Jan-Mar, N=515, CCS indicator (weekly readership), Warsaw; financials: consolidated financial statements according to IFRS, 1Q08; dailies ad market: Agora’s estimates adjusted for average discount rate (data in current prices)

4%

2%

7%

0%

3%

5%

8%

10%

National Local Warsaw

Metro’s ad market share

3.5% in total 1pp

Segment performance: Metro

EBITDAbreak-even

593 thou

301 thou

No of readers

535 thou

218 thou

175 thou

263 thou

142 thou

% s

hare

39%

115%

0%

60%

120%

Internet ad market Agora*

38.8

%45.9

%

49.9

%62.0

%70.0

%

43.2

%

48.9

%

51.2

%

56.4

%67.2

%

0%

20%

40%

60%

80%

Onet.pl WP Interia.pl o2.pl Agora

February 2007 February 2008

5

Reach of Internet portals

Source: reach: Megapanel PBI/Gemius; financials: consolidated financial statements according to IFRS, 1Q08*exl. vertical ad sales

% re

ach

Agora’s online revenues

yoy

% c

hang

e

Advertising revenue growth nearlytriples the industry rate

47 Internet brands of 43%reach

9 new services1 revamped offer

47 Internet brands in total

Segment performance: Internet

Blox.ua

0

2

4

1Q07 1Q08

0

25

50

1Q07 1Q08

Revenues EBITDA

6

Number of volumes sold

Financial performance

PLN

mlnRevenue decline

due to highbase and competitive market

1.5 mlnvolumes sold in 1Q08

Source: consolidated financial statements according to IFRS, 1Q08** books, CDs, and DVDs

3 mln 1.5 mln

82%

52.5%

mln

of v

olum

es s

old*

*

6 series,

8 one offs

Segment performance: collections

yoy % change

0

25

50

1Q07 1Q08

Revenues Operating EBITDA

7

Double-digit growth of adrevenues

AMS24%

Other76%

Ad market share

1Q08

Financial performance

PLN

mln

11.5%

16%

Source: consolidated financial statements according to IFRS, 1Q08; ad market: IGRZ, 1Q08

Segment performance: outdoor

Continuedexpansion in6x3 panels

CityInfoTVscreens to beinstalled inWarsaw metrocars

yoy % change

Capex

0

5

10

15

20

1Q07 1Q08

PLN

mln 210%

yoy % change

0

400

800

1200

1Q07 1Q08

0

15

30

1Q07 1Q08

Revenues Operating EBITDA

8

Strongrevenuegrowth andsolid operating margins

thou

cop

ies

Bauer15%

Edipresse8%

Axel Springer3%

Media Point Group

4%

Gruner+Jahr12%

Agora12%

Marquard12%

Burda Media Polska

9%Murator

8%Other17%

9%

Monthly ad market

1Q08

Financial performance

PLN

mln

16%

11%

Source: consolidated financial statements according to IFRS, 1Q08; copy sales: Agora; ad market: monitoring of Expert Monitor based on rate card data, 1Q08

Average copy sales (monthlies)

Segment performance: magazines

New launches

yoy % change

yoy % change

-5

0

5

10

15

20

1Q07 1Q08

Revenues Operating EBITDA

9

Healthy revenuegrowth andpositive EBITDA

Audience share – local stations

Financial performance

PLN

mln

18%

Source: financial: consolidated financial statements according to IFRS, 1Q08; audience share: Radio Track, MillwardBrown SMG/KRC, cities of broadcasting,15+, Jan-Mar (2007: N=11 430, 2008: N=11 422), TOK FM, Jan-Mar, Warsaw (2007: N=1 501, 2008: N=1 059) cities of broadcasting (2007: N=7 840, 2008: N=7 844)

8.6%8.0%

0%

5%

10%

1Q07 1Q08

% s

hare

Local radio stations

Audience share – TOK FM

7.4%

4.6%

0%

5%

10%

Cities of broadcasting Warsaw

% s

hare

1.1pp

Segment performance: radio

Audiencesuccess and fast revenue growth of TOK FM (71%) 1.3pp

yoy % change

yoy pp change

10

10%

11%

15%

16%

26%

39%

0% 25% 50%

Dailies

Magazines

Radio

Television

Outdoor

Internet

Ad market performance

Source: 1Q08 spending: estimates made by: Agora (print, radio based on Expert Monitor and monitoring of Agora), Starlink (TV and Internet), IGRZ (outdoor); 2008 estimates: Agora. All estimates are adjusted for average discount rate.

Ad spend growth in 1Q08

yoy % change

Fast growth oftotal ad spendcontinued

2008 ad spend growth estimates

yoy % change

Internet 35% - 40%

TV 11% - 12%

Outdoor 10%

Radio 7% - 8%

Dailies 4%

Magazines 5%

Total 10% - 11%

Total

16%

Ad market structure

Internet5%Outdoor

9%

Television 48%

Radio8%

Magazines14%

Dailies15%

1Q08

Newspapersgrew fasterthan expected

Yet, total 2008market estimatesremain unchanged so far

11

Internet penetration (households) Internet viewership

26%30%

36%41%

30%

22%16%

8%0%

25%

50%

2004 2005 2006 20070%

25%

50%

Internet penetration Broadband

0

20

40

Oct

05

Nov

50

Dec

05

Jan

06

Feb

06

Mar

. 06

Apr 0

6

May

06

Jun

06

Jul 0

6

Aug

06

Sep

06

Oct

06

Nov

06

Dec

06

Jan

07

Feb

07

Mar

. 07

Apr 0

7

May

07

Jun

07

Jul 0

7

Aug

07

Sep

07

Oct

07

Nov

07

0

300

600

Page views Time spent

Growing number of ways to reach media content

0.40.30.7

3.8*

1.92.83.2

8.2

0

6

12

Poland Romania Czech Republic Hungary

2006

2012E

Digital TV households in CEE

Source: Informa Telecoms & Media 2008 / Media&Entertainment*as of Dec 2007, Agora’s estimates DTT – Digital Terrestrial Television

Page views: CAGR 55%

billi

on p

age

view

s

billi

on h

ours

Source: GUS Source: Megapanel PBI/Gemius

No

of h

ouse

hold

s m

ln

30%

24%

32%47%

0

80

160

Home & interiordesign

Lifestyle Parenting Shopping

2000 2007

67.3%

74.3%

56.9%

65.6%

51.3%53.9%

44.6%

37.3%

30%

40%

50%

60%

70%

80%

Oct

06

Nov

06

Dec

06

Jan

07

Feb

07

07-m

ar

Apr

07

May

07

Jun

07

Jul 0

7

Aug

07

Sep

07

Oct

07

Nov

07

Dec

07

Jan0

8

Feb0

8

08-m

ar

Onet.pl Wirtualna Polska Interia.pl

o2.pl Gazeta.plSource: Internet: Megapanel PBI/Gemius, Nov 2007 vs Nov 2005

0

150

300

2000 2001 2002 2003 2004 2005 2006 20070%

5%

10%

15%

20%

25%

Revenues Audience share

166%

132%118%

105% 98%81%

62% 58% 57% 56%33%

0%

100%

200%

jobshousing

communities

automotivelifestyle

businesseducation

travel

information

entertainmentsports

Expanding media offer due to narrower profiling

share (SH

R)

PLN

mln

NA NA NA NA

PLN

mln 275%86%

0

298%

Total national magazine ad spend +115%2007 vs 2000 % change

14 ti

tle

16 ti

tles

1 tit

les

3 tit

les

4 tit

les

10 ti

tles

5 tit

les

No

of ti

tles

% re

ach

Total Internet growth Total Internet growth 44%44%

real

use

rs %

cha

nge

(Nov

07

vsN

ov 0

5)

Thematic TV channels continue to grow reach and revenues Profiled magazines on the increase

Broadly-targeted online services decline reach Profiled online offers rise in popularity

Source: Megapanel PBI/Gemius

46.4%48.6%

12

Source: thematic TV channels: Agora (based on AGB Polska); ad revenues of thematic channels : Starlink estimates

Source: Expert Monitor, rate card data, 2000 and 2007

Executing on growth objectives

13

Leverage existing competencies:- brands - ad and marketing skills - distribution across multiple

platforms - national and local presence

Secure new content distribution opportunities: digitalization

INTERNAL FOCUS Add new competencies;

implement pro-development

management system

Expand existing franchises off and online:- magazines- newspapers (incl. free)- radio

Build substantial position in the fastest growing advertising segments:- Internet (audiovisual and mobile content, classifiedoffers)

- thematic offers - outdoor

Agora

Summary

The company is engaged in and committed to a proactive and effective execution of the growth plan

Our aim: – increase revenue base – change the mix: in 3 years majority revenues from sources other than

newspaper-based

The company will be prepared for larger and diversified scale of operations:

– cultivate current capabilities– build new competence centers– implement pro-development revisions of the management system (incl. incentive

tools and compensation review)

14

Agora’s acquisition of Trader.com(Polska) Sp. z o.o.

Appendix

16

Key transaction details

Agora acquires100% of Trader.com (Polska)operations

Trader.com (Polska) Sp. z o.o. Company

Pronto Invest B.V. (group company of Trader Media East Limited which belongs to the leading Turkish media group Hurriyet )

Seller

100% Share

US$ 54.35 mlnPrice

May 14, 2008 Signing date

Closing dateupon fulfillment of the conditions stipulated in the share purchase agreement

In 2007 Trader.com (Polska)generatedPLN 18.5 mln inrevenues

Trader.com(Polska) is oneof the leading players in thePolish online homeand automotiveclassifieds

sector brand

6 ad publications automotive

real-estate

"AutoBiznes Ogłoszenia"

"AutoBit Biznes"

"Biznes Truck"

"Domiporta Oferty Nieruchomości"

"Nieruchomości Warszawa i okolice"

"Nieruchomości Wrocław i okolice”

4 verticals (classifieds)

real-estate classifieds

automotive classifieds

Domiporta.pl

Autotrader.pl

395 thou.

466 thou.

machinery, trucks and utility vehicles

Tabor24.pl 80 thou.

other classifieds Kupsprzedaj.pl 178 thou.

1 vertical (community)

automotive Autofoto.pl 158 thou.

17

Key details about Trader.com (Polska) Sp. z o.o.

Portfolio details

Real users

Source: real users: Megapanel PBI/Gemius, January 2008

18

Transaction objectives

Acquisition ofTrader.com (Polska) is in line with Agora’sstrategic objectives to develop itsthematic mediaoffer in the fastestgrowing areas ofthe advertising market

Agora strives tobecome one of the leading players ineach key classifiedcategory

Maintain strong long-term leadership position in real-estate/home/construction classifieds;

Acquire second position in automotive category measured by # of real users;

Capture classified revenue outflow from print to Internet in the most attractive market segments;

Build capacity to create new classified services in Poland and abroad based on the acquired technology, expertise and experience of the team;

Leverage cross-promotion, content sharing and cross-selling advantage to build new offers and optimize operating processes.

19

Real-estate and automotive advertising are among thelargest and the fastest growing categories

Real-estate ad market in 2005-2007

PLN

mln

Automotive ad market in 2005-2007

PLN

mln

Source: Agora’s estimates, display ads and classifieds

Estimated three-year CAGR for online real-estate and automotive advertising will reach ca. 33% and ca. 17%, respectively

Real-estate ad market structure in 2007

PLN

mln

Automotive ad market structure in 2007

PLN

mln

12%

38%

5%

33%

65%59%

yoy % change yoy % change 2%5%

10%

51%

2%

20%

0

50

100

150

200

250

2005 2006 2007

Total 2007 Print Internet

0

50

100

150

2005 2006 2007

Total 2007 Print Internet

0

35

70

Total 2007 Print Internet

Agora Polskapresse Trader.com (Polska)

0

35

70

Total 2007 Print Internet

Agora Polskapresse Trader.com Polska

0

20

40

60

2005 2006 2007

Trader's shareAgora's shareTotal automotiv e classif ieds

0

10

20

30

40

2005 2006 2007

Trader's shareAgora's shareTotal real-estate classif ieds

0

1

2

3

Real usersGazeta.pl (incl. moto.pl)+Trader Group otoMoto

INTERIA.PL* Gratka Group*

Onet.pl* Wirtualna Polska*

o2.pl* Trader Group*

Gazeta.pl* www.auto.pl

mobile.de

0

0,4

0,8

1,2

Real users

Gazeta.pl+Trader.com Polska Gazeta.pl*Murator Group Gratka Group - gratka.pl-gratka.pl/domotoDom Trader Group - domiporta.ploferty.net szybko.plnieruchomosci-online.pl meble.plOnet.pl*

20

Agora and Trader.com (Polska) – market position

Agora’s leadership position in print advertisingcombined with Trader’s online advantage creates an opportunity to become a strong long-run player in key classified categories

Real users of top 10 home-related services

Source: real users: Megapanel PBI/Gemius, January 2008; ad market: Agora’s estimates, display ads and classifieds

total Gazeta.pl + Trader.com Polska (overlaps excluded)

mln

real

use

rs

*home-related services

Real users of top 10 automotive services

mln

real

use

rs*automotive-related services

Trad

er G

roupG

azet

a.pl

*

Gaz

eta.

pl*

Trad

er G

roup

PLN

mln

PLN

mln

% share % share

Agora and Trader.com (Polska) share in online real-estate ads (display and classifieds)

Agora and Trader.com (Polska) share in onlineautomotive ads (display and classifieds)

7%

7%

14%

20%

21

Agora and Trader.com (Polska) – joint potential

Trader.com (Polska) Agora

• Product quality – best onlinetechnology in home category

• Well-recognized onlinebrands

• Strong and experienced sales teams; large client base

• Unique competencies of the team

• Brand recognition, predominantly in print; leadership position in home-related category

• Leading content provider in home-related category online

• Wide reach of 47-brand Internet offer

• Cross-promotion, content sharing and cross-selling advantage of the media group

Become a significant player in each key classified category

This presentation has been prepared by Agora SA (the "Company"). The data and information contained on the individual slides do not show a complete or coherent financial analysis, nor present the commercial offer of the Company and serve for information purposes only. A detailed description of the business and financial affairs of Agora SA is presented on www.agora.pl website. All data therein are based on sources which the Company regards as credible. The Company reserves the right to amend data and information at any time, without prior notice. This presentation was not verified by an independent auditor. This presentation may contain slides containing statements related to the future. Such statements cannot be interpreted as forecasts or other assurances in respect of future Company's financial results. The expectations of the Company's management are based on their knowledge, experience and individual views and are dependent on many factors which may cause that the actual results may differ from statements contained in this document. The Company recommends that professional investment advice is sought in case any investment in the Company's securities is considered.

22