Eniro update

· New accounting principle and refined calculation methods for online revenue recognition and reporting · Changes in publication dates for printed directories

Prior to the interim report for the period January - March 2004, which will be released on April 26, the following information is provided.  New accounting principle and refined calculation methods for online revenue recognition and reporting The Board of Directors of Eniro has decided to change the accounting principle pertaining to accounting for online revenues. This change is  an alignment to industry standards and complies with recommendations issued by the Swedish Financial Accounting Standards Council. The company's auditor, ÖhrlingsPriceWaterhouseCoopers AB, supports the change. Accordingly, effective January 1, 2004, online revenues and costs will be recognized over the length of the customer contract period, which is normally 12 months. Previously, the full value of the customer contract was recognized as revenue and costs in the same quarter as the order booking and initial publication on the Internet. In addition, the Board has decided to refine the method of  allocating revenues between offline (printed directories) and online products when both products are sold together to a customer as a bundled offering. This pertains mainly to Sweden. The total sales of bundled products in the Swedish operations is estimated to be in the range of SEK 500 M annually. As of January 1, 2004, approximately 30 percent of the revenues associated with the sales of bundled products will be reported as online revenues. The usage of online and offline products has been used to determine this allocation because it indicates the value attributed to each product.  The effect of the above changes, taken together, will be a one time charge against consolidated  shareholders' unrestricted equity estimated at approximately SEK 500 M compared with the balance on the closing date 2003. The changes will not have any impact on Eniro's cash flow. The consolidated income statements recalculated in accordance with the new principles will not vary materially from the adopted income statements. Pro forma quarterly data from 2002 and 2003 will be published in the interim report released on April 26. Effects of changes in publication dates for certain printed directories Eniro's operating revenues from printed directories (offline revenues) are reported at the time each directory is published. Consequently, changes in publication dates, for example, when publication of a directory is shifted into the next quarter, affect comparisons between revenues in different years and quarters. In a comparison between 2004 and 2003 for Sweden excluding Voice, the net effect of changed publication dates for the full year 2004 is estimated as a reduction in comparable revenues of SEK 20 M. For the first quarter of 2004 and the corresponding period in 2003 , the effect of changes in publication dates is estimated to amount to a reduction, net, in revenues of some SEK 45 M in 2004. This means that first quarter of 2004 does not include revenues from the directories that previously were published in the first quarter of prior years whose value is estimated at about SEK 45 M. For the second quarter, the effect is estimated as a reduction of SEK 10 M in comparable revenues. For the third and fourth quarters, the effect is estimated as an increase of SEK 40 M and a reduction of SEK 5 M, respectively.   For  information: Lars Berg, Chairman of the Board and acting CEO. Tel +46 8 634 7001 Boel Sundvall, Vice President, Corp Comm & IR. Tel. +46 8 634 7006, mobil +46 70 560 60 18, boel.sundvall@eniro.com www.eniro.com