Eniro Update

Sweden - weaker offline sales, stable online growth As the Stockholm sales campaign is closing, it is clear that economic conditions have affected advertisers and that they are reducing spending on printed products. Current estimate is that total revenues in 2003 for the Sweden business area (excluding Voice) will show negative growth of 3-4%, compared with 2002, due to a decline of some 7-8% in offline revenues. Previously issued outlook that organic growth in online revenues for the full year 2003 will be in line with the growth (of 11%) reported in 2002 remains valid. The EBITDA margin for Sweden excluding Voice for the full year 2003 (adjusted for expenses of some SEK 35 M for shared services previously charged to the head office) is estimated to be broadly in line with last year.   Strengthened organization Eniro continues to streamline its organization. Further efficiency is now created, integrating a series of country functions with the corresponding Group functions. The local subsidiaries will be pure sales/market organizations focused on top line growth and product offerings. As a consequence of this development Cecilia Geijer-Haeggström leaves her position as president of Eniro Sweden and instead takes over full responsibility for the Group's Internet and Mobile operations. Lars Guldstrand will take operating responsibility for the Swedish operation to ensure a swift change in Sweden to the new structure with its increased focus on sales.  Extraordinary General Meeting The Board of Directors of Eniro (publ) decided today to convene an Extraordinary General Meeting of Shareholders on September 25, 2003. The purpose of the Extraordinary General Meeting would be to propose a transfer of restricted reserves to unrestricted reserves through a write-down of the company's share premium reserve by 1 000 000 000 SEK from 1 751 944 653 to 751 944 653 SEK. As a result of this transfer, a reserve will be created that will be used according to decisions of future General Meetings of shareholders. The transfer is intended to reestablish a better balance between non-restricted and restricted equity and gives the Board greater freedom to act and more flexibility in its efforts to optimize the company's capital structure.   Encl. The complete Notice of the Extraordinary General Meeting