Interim report January - March 2010

Developments in the first quarter; *Operating revenues amounted to SEK 1,267 M (1,442), down by 12 percent Y/Y, corresponding to an organic decline of 7 percent *EBITDA amounted to SEK 170 M (285) *Operating cash flow amounted to - 61 M (412) *The implementation of the new sales concept was initiated in Directories Scandinavia

Jesper Kärrbrink, Eniro’s CEO, commented: “The revenue decline in the first quarter is an effect of the structural decline and a weak directory market at the end of 2009, and is also the main factor behind the drop in EBITDA. Our decision to accelerate the transformation process by implementing a new sales concept with a single sales force selling packages affected order intake and negatively impacted cash flow for the quarter – a doubling of the number of training days has led to fewer clients approached. More importantly, in closing campaigns we are now starting to see the signs of positive effects from introducing the new concept – improved customer confidence and faster transformation with slightly higher or retained ARPA. All in all, we are confident that the majority part of the sales lag will be possible to catch up by end of this year, and our previously stated outlook of an organic revenue decline in the range of 5 to 10 percent remains.”