Announcement No. 2/2010 Copenhagen, 22 January 2010

Announcement no. 2/2010 Page 1 of 6

Copenhagen, 22 January 2010

NASDAQ OMX Copenhagen A/S Nikolaj Plads 6 DK-1007 Copenhagen K

Carl Allers Etablissement A/S: Consolidated Accounts 2008/09

Profit and Loss Statement for the period 1.10.2008 – 30.9.2009

DKK 1,000 2008/09 2007/08 2006/07

Net turnover 3,864,941 4,303,450 4,066,727 Production costs -2,398,789 -2,508,814 -2,312,202 Gross profit 1,466,152 1,794,636 1,754,525

Marketing and distribution costs -994,614 -1,091,527 -1,020,662 Administration costs -586,459 -604,414 -480,464 Other income 3,884 2,401 11,628 Result of primary activities -111,037 101,096 265,027

Share of result in associated companies -20,360 -22,320 -5,531 Income from other shares and securities (fixed assets) 109,755 -64,908 46,977 Other financial income 69,537 82,790 66,416 Interest expense -20,068 -95,239 -10,344 Result before tax 27,827 1,419 362,545

Tax on the year’s income -23,811 -22,876 -87,156 The year’s result before minority interests 4,016 -21,457 275,389

The minority interests’ share of the result 494 1,581 1,363 Net profit for the year 4,510 -19,876 276,752

The CAE Board of Directors comment upon the business year as follows:

“The result of The Aller Group did not live up to the expectations expressed in last year’s Annual Report.

In 2008/09, The Aller Group realized a negative result of primary activities of DKK 111m, a decrease of DKK 212m compared to 2007/08. The result is primarily influenced a decrease in sale of weeklies and lower advertising income totaling DKK 439m. Out of this amount, DKK 241m is due to currency adjustments, and DKK 172m due to lower income from printed advertisements and internet turnover. In addition, the result has been influenced by extraordinary obligations concerning salaries, redundancy payments and pensions for previous employees of DKK 179m.

Financial net income is DKK 159m, which is DKK 236m more than last year due to higher earnings on securities etc.

Announcement no. 2/2010 Page 2 of 6

The Aller Group’s surplus liquidity is represented by investments in both domestic and foreign bonds and shares totaling DKK 2,308m (2007/08: DKK 2.426m).

Cash flow from operations was also positive this year: DKK 310m against DKK 763m last year.

The year’s result after tax amounted to DKK 5m, which is DKK 25m better than in 2007/08.”

The subsidiary groups’ after-tax results:

DKKm 2008/09 2007/08 Aller Media A/S, Denmark -2 63 Aller International as -18 -6 Aller Media AS, Norway -33 -69 Svenska Aller AB, Sweden -12 62 Aller Media Oy, Finland 6 -5

“In general, the media markets – including Aller Media A/S - have been hard hit by the financial crisis. The advertising market has fallen by 20-25% which has also influenced the Aller Media Group in Denmark, not least within the free publication area, which is 100% dependent on advertising income. As a consequence of the general recession, Aller Media A/S initiated a major cost savings plan at the beginning of 2009 involving the closure or sale of several non-profitable titles and a substantial reduction of the company’s organization. The accounting year has thus been influenced by both falling advertising income and extraordinary costs re closure of titles and severance payments to employees given notice.

The weeklies division is still doing well in spite of a falling total market for weeklies. The free publications from Chili Group and Where2Go are still loss-making and a major restructuring was therefore carried out during the accounting year. In total, the 2009/10 result of the free publications is expected to be in balance.

During the accounting year, the special media division has been characterized by a high activity level and investments in new technological platforms which will support Aller Media A/S’ future investments in new media.

For Aller Media A/S, the year’s result was a deficit of DKK 2m compared to a profit of DKK 63m last year.”

The Annual Report mentions that the company – after the end of the accounting year – has disposed of its previous domicile in Valby as at 1 January 2010. The sales price is DKK 139m, which will result in a gain of approximately DKK 110m before tax in the 2009/10 accounts.

Concerning the expected development in Aller Media A/S, the Annual Report states “that for the accounting year 2009/10, a markedly improved result is expected based on the cost savings carried out and a stabilizing market for weeklies and magazines plus extraordinary income from the sale of the old domicile.”

Aller International as’ deficit of DKK 18m compared to last year’s deficit of DKK 6m “is characterized as unsatisfactory.”

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“As at 1 October 2009, G & S International as has been transferred to Aller Media A/S. As regards the remaining activities in Aller International as, all the activities of the subsidiary Aller Business have been put up for sale and a restructuring of the corporate organization will take place.”

As a consequence of the expected deficit for 2009/10, “the company will be in need of additional liquidity and capital. The company has taken the necessary steps to secure this.”

Concerning the expected development, it is mentioned “that the above-mentioned restructuring process will be continued during 2009/10 which is expected to lead to an improved but still negative result.”

In the Aller Media AS Group, Norway, “turnover decreased from DKK 1,308m in 2007/08 to DKK 970m in 2008/09. Out of this, DKK 112 is due to currency losses, DKK 101m decrease in income from the printing division which was transferred internally in The Aller Group, and DKK 126m was the result of decreasing advertising income and income from internet activities plus missing turnover from closed titles. In addition, redundancy payments following a substantial reduction in the number of employees has negatively influenced the accounts. The year’s result has been reduced from a deficit of DKK 69m to a deficit of DKK 34m.”

For the coming year, the Group is expecting “improved profitability due to the cost savings measures carried out and signs of a stabilized or even improved advertising market. This is in spite of increasing competition and the fact that the financial crisis is still expected to have a negative impact on sales.

Within the internet activities which have seen the largest investments in later years, a higher profitability is expected. During the accounting year, the internet division has reduced its costs substantially and is therefore well positioned towards an improved advertising market.

In total, a substantially better and positive result is expected for 2009/10.”

Concerning the Svenska Aller AB Group, the Annual Report states “that the printing works in Helsingborg were closed during the accounting year and the activities transferred to the printing facilities in Norway and Denmark and to external printers. In addition, the activity Spray Portal Internet KB was sold. The above has negatively affected the year’s result and the equity by DKK 114m.

Due to the above disposal, closure of the printing works and sale of the internet activity Spray Passagen Internet KB, Svenska Aller AB has had a difficult year. Turnover fell by DKK 138m to DKK 996m. The cost development has been stable. The result of primary activities shows a deficit of DKK 34m, a decrease of DKK 108m out of which DKK 114m must be characterized as extraordinary.

The year’s result after tax is a deficit of DKK 12m compared to last year’s profit of DKK 62m.”

For 2009/10, “a stable development in the activity level is expected together with a substantially better and positive result.”

In the Aller Media Oy Group, Finland, “turnover fell from DKK 398m to DKK 385m. Costs developed satisfactorily, and seen in the light of the market development during 2008/09, the DKK 20m result of primary activities was satisfactory compared to the result of DKK 23m in 2007/08. The after tax result was a profit of DKK 6m against a deficit of DKK 5m last year. For 2009/10, a positive result in line with the 2008/09 result is expected.”

Announcement no. 2/2010 Page 4 of 6

Carl Allers Etablissement A/S: Consolidated Accounts 2008/09

Main figures from the Consolidated Balance Sheet as at 30.9.2009

DKK 1,000 2008/09 2007/08 2006/07

Assets

Immaterial assets 399,350 556,693 375,533 Tangibe fixed assets 1,665,624 1,371,103 1,074,723 Financial long term assets 2,077,883 2,095,121 2,738,172 Total fixed assets 4,124,857 4,022,917 4,188,428

Stocks and goods 99,590 114,629 96,575 Total debtors 361,656 457,166 402,496 Other securities and shares 8,913 0 36,224 Cash 547,825 732,128 585,438 Total current assets 1,017,984 1,303,923 1,120,733

Total assets 5,160,841 5,326,840 5,309,161

DKK1,000 2008/09 2007/08 2006/07

Liabilities

Total equity 3,702,238 3,752,953 3,899,844 Minority interests 376 390 1,533 Total provisions 273,051 280,181 287,093

Long term debt 49,575 69,335 33,194 Short term debt 1,135,601 1,223,981 1,087,497 Total debt 1,185,176 1,293,316 1,120,691

Total liabilities 5,160,841 5,326,840 5,309,161

As at 30.9.2009, the Group’s cash amounts to DKK 548m which combined with a holding of liquid securities and shares valued at DKK 1,760m adds up to a total liquid reserve of DKK 2,308m (2007/08: DKK 2,426m).

Announcement no. 2/2010 Page 5 of 6

Development in the Aller Group’s equity

DKK 1,000

Total equity as at 1.10.2008 3,752,953

Paid-out dividends -50,000 Dividend on treasury shares 5,064 Purchase and sale of treasury shares -14,955 Net profit for the year 4,510 Currency adjustment re foreign subsidiaries 4,666 Total equity as at 30.09.2009 3,702,238

At the Annual General Meeting of Carl Allers Etablissement to be held on Friday 5 February 2010 a dividend of 278% (last year: 278%) to the B-shareholders will be proposed.

Outlook for the accounting year 2009/10

In the Annual Report, the Board of Directors make the following comments on the outlook for the current business year in the section “Expected Future Development”:

“Together with the technological development, the current crisis will result in changed consumer patterns both in readers and in advertisers. Following thorough analysis and market research the Group will therefore continue to strengthen its product development and launch new products if a demand with the necessary profit potential is identified in the market place. Furthermore, loss-making products and activities will be subject to a continuous evaluation. At the same time, the Group will seek to develop new markets and business areas within mass media marketing and related activities. A goal-oriented marketing effort will be adhered to, and the coming years will see an even stricter cost control than in previous years. Finally, the Group is expected to continue its acquisition strategy within its core activities, albeit on a reduced scale.

The coming years’ results will be especially influenced by increasing competition in the context of the present crisis. The Group has therefore decided to increase its focus on the competitive distortion from state owned and state supported media companies in Denmark and in Norway. This will take place locally and within the EU framework. In addition, the results will be influenced by depreciation on publishing rights and goodwill in connection with later years’ acquisitions and new activities. Due to the financial crisis, longer running-in periods than originally envisaged must now be expected before the projected income potential can be realized. In certain cases, increased competition and the effect of the financial crisis can combine to make it impossible to obtain and maintain a profitable activity in some of the new or acquired companies which could result in possible losses from a necessary sale or close-down of the activity.

Based on the budget figures for 2009/10 from the leading subsidiaries, a result (EBIT) of approximately DKK 150m – DKK 180m is expected (excluding the gain from the disposal of the Valby property) – with certain reservations, however, due to the extreme market conditions.

Announcement no. 2/2010 Page 6 of 6

A moderate fall in the circulation numbers is expected, especially for the weeklies. During the 1st quarter of the accounting year, advertising turnover has stabilized around last year’s level, but the future development is still uncertain.

Furthermore, the financial crisis may necessitate additional restructuring measures in the Group, e.g. the closing down or sale of non-strategic loss-making activities, or other measures to obtain necessary cost savings and restructuring gains.

It is still the Group’s policy not to express any expectations with regard to financial income. However, the Group’s investments have been structured conservatively with the goal of achieving a stable return in line with the market.”

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Carl Allers Etablissement A/S’ Annual Report 2008/09 (Danish version) will shortly be available on Rella Holding A/S’ web-site, www.rella.dk. An English version will be prepared by Rella Holding A/S and should be available for download from our web-site during the coming week.

Kind regards,

Rella Holding A/S

Contact: Jens Arnth-Jensen, CEO. Telephone: +45 45 42 45 17, E-mail: [email protected]