Press Release, , February 4, 2015

Bonnier 2014: Stable Foundation with a View to the Future

Bonnier AB’s operating profit for 2014 amounted to SEK 1.1 billion*, compared with SEK 1.17 billion the previous year, which resulted in an EBITA margin of 4.7 percent (4.8). The group’s revenues were SEK 23.7 billion (24.35), which is a change of -2.7 percent.

Bonnier AB’s CEO Tomas Franzén:

“The year’s financial results were in line with our expectations. Even market developments during the year were, for the most part, as expected. Print ad sales continued to decline, and changes in TV viewing were apparent in the spring. Given the circumstances, it’s gratifying to see on one side how Swedish TV4 continues to perform strongly, and on another how our business areas with significant print advertising – News, Magazines and Business to Business – have shown improved profitability.

“While we have proven ourselves to be financially stable in a turbulent market, we are facing big challenges. In markets where traditional revenue streams are under pressure, we need to increase our revenues from new, primarily digital, sources. And we need to do it at a faster pace than we have done so far.

“In September 2014, Bonnier adopted a strategy to drive this shift towards digital growth. Our ambition is to drive the change process via comprehensive investments in technology and business development within our current businesses, and with greater collaboration at, above all, the business area level. Acquisitions and divestments can of course be of interest as a complement to drive change, but the development of our core business is the main focus of our work to turn Bonnier into a leading digital media company.

“So it is with great pleasure that we have seen signs of a trend reversal for the business area News. The increase in digital advertising is now large enough to balance the decrease in print advertising. If this proves to be permanent, it is even more significant than this year’s improved profitability for the News business area.

“Bonnier has a stable financial position today and owners who take an exceptionally long view, which gives us invaluable room to maneuver. Our focus lies not in maximizing Bonnier’s profits during this year or the next, but in strengthening our long-term competitiveness. During 2015, our ambition is that the strategy adopted in 2014 will have an impact in the form of new products and services, and not least, accelerating the shift to digital revenues that can continue to pay off for Bonnier far into the future.”

Page 1 of 3

Bonnier AB +46 8 736 40 00 Office Kungsgatan 49 +46 8 736 40 39 Fax SE-113 90 Stockholm SE556508366301 VAT. No bonnier.com

Books’ EBITA improved, amounting to SEK 437 million (402), an increase that above all was driven by strong growth in the German operations. The Finnish publishers succeeded in increasing revenues in a tough market, and made a profit. Bonnier Publishing in the U.K. acquired Igloo Books in the fall, becoming the country’s third largest children’s book publisher.

Broadcasting’s EBITA amounted to SEK 589 milion (770). Swedish TV4 had yet another strong year, and both digital and nationwide advertising sales reached an all- time high, despite a decrease in linear TV viewing. Large investments in the continued digital transformation – in content, technology and business development – contributed to results not being on a par with the previous year’s record-breaking results. In Finland, MTV showed clear improvement under very difficult macroeconomic conditions. Production company Nyhetsbolaget also had a greatly improved result and has reached cost-savings targets set at the formation of the company.

Business to Business, with operations in the Nordic region as well as in Eastern and Central Europe, continued to develop strongly, improving its EBITA markedly, to SEK 132 million (88). The Norwegian health-related businesses Dagens Medisin and Norsk Helseinformatikk showed both organic growth and very strong profitability. Denmark’s leading business daily, Børsen, reached record profits. In Eastern Europe, St. Petersburg’s leading news site, Fontanka.ru, succeeded in increasing its digital ad sales by nearly 50 percent despite a tough macroeconomic climate and political unrest.

Growth Media’s EBITA amounted to SEK -189 million (-47). The decrease is primarily due to structural declines in Svensk Filmindustri’s (SF) DVD business, as well as changes in accounting principles for acquiring film rights. At the same time, SF’s production and digital distribution are growing. During 2014, SF signed a mutual distribution and production contract with French company Studiocanal, which will be significant for SF in upcoming years. Bonnier Growth Media focuses on digital companies with global growth ambitions, and among the companies in its portfolio, Toca Boca has distinguished itself with 37 percent growth and continued strong profitability. Among other wholly or partially owned growth companies within the business area are Spoon, Evoke Gaming, Refunder, United Screens, FLX and KIT.

Magazine’s EBITA was SEK 310 million (306). American company improved profits through a combination of cost-savings and increases in digital and event-related revenues, while the Nordic operations’ results were slightly lower than last year’s.

News’ four Swedish newspaper companies had a very strong 2014, and the business area’s profits rose, to SEK 332 million (257). News daily improved on least year’s results and reached an all-time high in revenues from readers. Business daily as well as news daily reversed a trend, raising their total advertising revenues through increased digital ad sales that more than offset losses in print advertising. Southern Swedish news daily acquired local paper Dagblad, and the companies merged into the newly formed HD- Sydsvenskan.

Other consists of common group activities and functions. For 2014, EBITA was affected in 2014 by SEK -508 million (-604).

Page 2 of 3

Bonnier AB +46 8 736 40 00 Office Kungsgatan 49 +46 8 736 40 39 Fax SE-113 90 Stockholm SE556508366301 VAT. No Sweden bonnier.com

Gearing Ratio (net debt in relation to shareholders’ equity) was 0.82 (0.93). The group’s available liquidity, in the form of liquid assets and undrawn credit reserves, continues to be good and as of Dec. 31, 2014 amounted to SEK 6.9 billion, after Bonnier signed new five-year bank contracts in 2014.

Net Sales by business area SEK M 2014 2013 Books 6,472 6,254 Broadcasting 6,448 6,388 Business to Business 1,142 1,111 Growth Media 1,962 2,054 Magazines 3,944 4,342 News 4,705 4,596 Other -971 -391 Bonnier AB total 23,702 24,354

Operating profits (EBITA) by business area SEK M 2014 2013 Books 437 402 Broadcasting 589 770 Business to Business 132 88 Growth Media -189 -47 Magazines 310 306 News 332 257 Other -508 -604 Bonnier AB total 1,103 1,172

Earnings SEK M 2014 2013 Net Sales 23,702 24,354 EBITA 1,103 1,172 EBIT 892 2,888 Net financial items -365 -297 EBT 527 2,591 EAT 310 2,204

Further information: David Salsbäck, Director of Communications, +46 736 4047

*Starting on Jan. 1, 2014, Bonnier implemented accounting in accordance with IFRS. This has had an effect on the income statement and balance sheet. Comparable numbers restated in accordance with IFRS.

Note: This text is a translation of the Swedish original. In case of any discrepancies between the Swedish text and the English translation, the Swedish text supersedes.

Page 3 of 3

Bonnier AB +46 8 736 40 00 Office Kungsgatan 49 +46 8 736 40 39 Fax SE-113 90 Stockholm SE556508366301 VAT. No Sweden bonnier.com