Event Brief of Q4 2006 Spanish Broadcasting System Earnings Conference Call - Final.

Original Source: FD (FAIR DISCLOSURE) WIRE

PARTICIPANTS

. Raul Alarcon, Spanish Broadcasting System, Chairman, President,

CEO . Joseph Garcia, Spanish Broadcasting System, CFO, EVP, Secretary

. Mark Wienkes, Goldman Sachs, Analyst . Cynthia Hudson-Fernandez, Spanish Broadcasting System, Chief Creative Officer . John Blackledge, JPMorgan, Analyst . David Gray, Columbia Management, Analyst . Stewart Ross, Praxis, Analyst . John Kornreich, Sandler Capital, Analyst . Marko Radlovic, Spanish Broadcasting System, COO, EVP . Bill Taft, BWS, Analyst

OVERVIEW

Co. reported consolidated net revenues of $44.4m in 4Q06 and $176.9m in 2006.

FINANCIAL DATA

A. Key Data From Call 1. 2006 consolidated net revenues = $176.9m.

2. 4Q06 consolidated net revenues = $44.4m. 3. 2006 CapEx = $8.6m.

4. 4Q06 CapEx = $1.9m. 5. Cash on hand as of 12/31/06 = $66.8m.

PRESENTATION SUMMARY

S1. Operational Review (R.A.) 1. Highlights: 1. 4Q06 net revenues were $44.4m vs. $46.9m, a decrease of 5% over 4Q05 with radio net revenues decreasing 9% YoverY for the qtr. 1. Television operation Mega TV continued its revenue expansion posting $1.7m for 4Q06. 2. Not satisfied with 4Q06 results. 1. Decreases were almost solely concentrated in one area, national radio sales.

2. Already vigorously addressing the issue in lockstep with its

national rep firm InterRep and its own national sales managers.

3. To a lesser extent, results were affected by unbalanced comps vs. 4Q05 as Co. limited its participation in certain concerts and events in 4Q06. 3. All other relevant metrics including audience ratings, local radio sales and TV revenues were up in 4Q06.

4. US Hispanic market, the foundation underlying all of Co.'s

strategic initiatives continues its unabated expansion in

terms of absolute audience, economic growth via purchasing

power and cultural and political influence. 5. SBSA lays claim to: 1. The Number 1 Spanish radio station in America. 2. The Number 1 tropical and the Number 1 Herbin station in the world.

3. The Number 2 regional Mexican Spanish AC and Spanish oldies

formatted stations in the nation. 6. Owns and operates four out of the top six ranked stations in the country according to Arbitron.

7. Entry into television has proven its ability to generate

award-winning proprietary content and pave the way for revenues that will soon approximate $1m per month at Mega TV. 8. Interactive division continues to generate impressive page view statistics and dramatic user growth. 1. Built a dynamic online offering that is attracting a large and youthful audience space. 9. Offers advertisers some of the most attractive demographics in all of media, young Hispanic Americans with growing influence and improving financial standings in the country's largest media markets. 1. A powerful growth platform with tremendous long-term

potential. 2. Mission is to better monetize audiences and continue to close the Hispanic media revenue gap. 10. Co.-wide, is making considerable progress in educating the advertising community on the benefits of its platform. 1. In 4Q06 and into 2007, picked up Wal-Mart, Delta, Apple iTunes, Dunkin Donuts, NBC TV, MetLife and Starbucks not including 19 other first-time advertisers on television.

2. Radio: 1. Achieved important share gains across key demos in markets in the full Arbitron book shows that SBSA has strengthened its overall ratings position in the Hispanic radio industry.

2. In New York, ratings position increased substantially during

the full book. 3. At WSKQ, ratings in 12 plus demo increased 16% over the full 2005 period. 1. For the 25-54 demo, ratings increased 11%. 2. The station remains the most listened to Spanish-language station in the country. 4. Growth at BAT is more impressive. 1. For 12 plus, ratings increased 30% over fall 2005 and the station jumped to third most listened to station in the New York market regardless of market or format. 2. In the 25-54 demo, WPAT jumped 26% over fall 2005. 3. Station is now the third most listened to Spanish-language station in the country.

5. WSKQ morning show co-hosts have been replaced by two new

talented SBSA recruits that have joined the other eight cast

members and what appears to be a seamless transition for the

Vasilon ensemble. 1. "1Q" pacings are up double-digits at WSKQ. 6. LA: 1. Stations witness solid ratings traction during a full book. 2. KLAX posted an 18% share increase YoverY for 12 plus and 33% for 25-54. 3. Renan's morning show had a particularly strong period posting 19% share gain in 25-54.

4. KLAX remains the Number 2 most listened to Mexican regional in America. 5. Looking at KXOL, the station maintained a strong presence in the market maintaining a Number 3 overall ranking in the young skewing 12-24 year old demo. 7. Miami: 1. CMQ, XDJ, and RMA continue to maintain a solid presence. 2. XDJ remained Number 1 in the market regardless of language or format in the 18-34 demo in key day parts. 3. WCMQ, Co.'s classic station remains the Number 2 station in the market overall. 8. Puerto Rico:

1. Continues to maintain a strong presence. 2. For 12 plus, three of Co.'s stations were in the top …