Interim report January - June 2009

Developments in the second quarter * Operating revenues were close to unchanged and amounted to SEK 1,673 M (1,678). The organic decline was 4 percent in the second quarter * Organic growth for the Online business area amounted to 7 percent * Net income for the period amounted to SEK 220 M (250) * Rights offering carried out, resulting in proceeds of SEK 2.5 bn before transaction costs * During the quarter, a settlement agreement was entered into with DeTeMedien regarding a dispute in Germany * During the quarter, an agreement was entered into with Navteq, the leading global supplier of digital maps * After the end of the quarter, Spray Passagen and non-core operations within Din Del were divested.

“I am pleased to be able to present today's report with stable earnings for the second quarter, despite continued challenging market conditions. It is gratifying to see that our products and business model function well even in a more difficult media climate and that despite the weak economy, the Online business area is growing and the Group continues to generate favourable cash flows. We were also pleased by the completion of the rights offering, which significantly strengthened our balance sheet, thereby ensuring execution of our strategy for long-term growth. Looking forward, I continue to have the greatest respect for market trends, which despite some bright spots, remain uncertain and may have a negative effect on our customers’ willingness to invest. To meet future challenges in the best manner, we will focus on delivering on our strategy: From Print dependency to Online opportunities in which new initiatives, stronger confidence among customers and investments are just as important as our review of the cost structure. The cost-saving program is well underway and work to achieve the earlier communicated cost savings of SEK 200 M by the end of 2010 is proceeding according to plan. Thanks to our strategy work and the successful rights offering, I am confident that we will secure the company’s long-term growth.” Jesper Kärrbrink, President and CEO