Talentum Q1 2006 Interim Report

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SUCCESSFUL START TO YEAR FOR TALENTUM – INVESTMENT IN GROWTH TALENTUM JANUARY-MARCH 2006 (IFRS) January-March 2006 -

Net sales: EUR 31.0 million (EUR 24.0 million) Operating profit: EUR 2.3 million (EUR 1.9 million) Cash flow from business operations: EUR 1.4 million (EUR 1.5 million) Earnings per share: EUR 0.04 (EUR 0.03) Equity ratio: 30.28% (34.86%)

The consolidated net sales increased 29% in January-March compared with the previous year and totalled EUR 31.0 million (EUR 24.0 million). Talentum Sweden contributed EUR 5.2 million to the growth in net sales of EUR 7.0 million and, excluding the effect of the acquisition (October 6, 2005), net sales went up by 7.1%. The operating profit rose to EUR 2.3 million (EUR 1.9 million). Talentum Sweden accounts for EUR 0.2 million of the growth in the operating profit.

Talentum published on April 25 its plan to launch a new high class magazine during autumn 2006, of which the costs EUR 0.4 million have accrued on the first quarter of the year (group items EUR 0.8 million (EUR 0.5 million)).

IAS/IFRS REPORTING Talentum transferred to International Financial Reporting Standards (IFRS) on January 1, 2005. This interim report has been drawn up according to the IFRS recognition and valuation principles. In drawing up this interim report, Talentum has applied the same accounting principles as in the financial statements for 2005. The interim report is unaudited.

CEO Harri Roschier: "The operating profit for each of Talentum’s business areas went up compared with the previous year. This was a good achievement, because at the same time we invested heavily in the growth and development of the business operations.

Publishing went up 50% and Direct Marketing 25%. About 80% of Publishing’s growth came from the operations in Sweden. The integration of Talentum Sweden and setting the operations on a course of rapid growth and improved profitability have been highly successful, and personnel on both sides of the sea have cooperated enthusiastically. The enthusiasm has been well supported by the growth rate of 20% in the net sales in Sweden. Publishing’s operating profit was more than 10% of the net sales, which for the first quarter of the year is good. The sector-based organization that is aimed at speeding up growth in Publishing to which we transferred in autumn 2005 and the related investment have caused Publishing some additional expenditure in the early phases.

The measures taken by TV Content Production during 2005 are starting to bring positive results, and better is expected of this year than last. The net sales of the TV Content Production group rose by a few per cent compared with the corresponding period in the previous year, and there was a considerable improvement in the operating profit, which was 5% of net sales.

Premedia’s net sales exceeded last year’s and the operating profit was more than 5% of net sales. The measures taken by Premedia to improve profitability continued during the first part of the year.

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Direct Marketing increased by close on 25% and the operating profit remained at more than 15% of net sales. Operations are expanding gradually according to plan both in Finland and the Baltic region, and better is expected of this year than last in Direct Marketing too. " CONSOLIDATED NET SALES Consolidated net sales rose million (EUR 24.0 million). contributed EUR 5.2 million excluding the effect of the

by 29% over the previous year and were EUR 31.0 Talentum Sweden (acquisition October 6, 2005) to the growth in net sales of EUR 7.0 million and, acquisition, net sales increased by 7.1%.

Contributing to the strong improvement in the market in the first quarter compared with the previous year was the falling of Easter and the holidays either side of it in a different quarter – this year it was in April, whereas last year it was in March.

The biggest contributions to the consolidated net sales were the growth in Publishing (52%) and Direct Marketing (24%). Publishing’s net sales went up by 8%, excluding the effect of the acquisition (October 6, 2005) of Talentum Sweden. In addition, the short-term growth targets for TV Content Production (1.8%) and Premedia (5.4%) were achieved.

Publishing accounted for 60% (51%) of the consolidated net sales in the first quarter. TV Content Production accounted for 19% (24%) of the net sales, Premedia for 18% (22%) and Direct Marketing 7% (7%). Inter-group business activities accounted for 4% (4%) of the consolidated net sales.

Advertising revenue from Talentum’s magazines was up 15%, the most significant factor being the more than 40% increase in job advertising. The trend in advertising sales is a key variable in Publishing’s financial performance.

Magazines and online activities account for about 80% of Publishing’s net sales, of which advertising sales account for 65%, and network advertising contributes about 10% towards the entire advertising net sales. Books and training bring in the remaining 20% of Publishing’s net sales.

Talentum has integrated its business operations portfolio with resolute development work and the implementation of synergy. Strong growth will still be sought for Publishing; investment in development has been increased. Talentum’s objective is to continue refining the business operations and synergy potential in a way that will support the company’s growth and create added value for the owners.

CONSOLIDATED RESULTS Talentum’s consolidated operating profit for the first quarter totalled EUR 2.3 million (EUR 1.9 million), i.e. 7.3% (7.9%), and the profit was EUR 1.7 million (EUR 1.2 million), i.e. 5.5% (5.2%).

Publishing and Direct Marketing performed very well, while Premedia together with TV Content Production were satisfactory.

Fluctuations in exchange rates did not have a significant effect on Talentum’s consolidated net sales or the financial performance. Talentum Group’s currency risk comprises risks concerning foreign currency flows and risks involved with translating shareholders’ equity denominated in foreign currencies i.e. risks

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concerning the operations of Talentum Sweden. Most of the Group’s direct income and costs are generated in the euro zone.

The earnings per share for the first three months of the year were EUR 0.04 (EUR 0.03).

CASH FLOW, FINANCIAL POSITION AND BALANCE SHEET The cash flow of business operations in January-March totalled EUR 1.4 million (EUR 1.5 million).

Net financial expenses in January-March were EUR –0.0 million (EUR –0.1 million), i.e. –0.1% of the net sales (-0.6%).

The total assets on March 31, 2006 amounted to EUR 105.0 million (EUR 80.8 million), of which cash and cash equivalents totalled EUR 33.0 million (EUR 27.0 million). The dividend liability on the record date, March 31, 2006, increases the total assets by EUR 13.2 million and can be seen as increases in cash and cash equivalents and short-term debt in the balance sheet. The Group’s liquid assets are invested primarily in financial instruments and a small amount in shares. The change in cash and cash equivalents in January-March was EUR +10.3 million (EUR –1.5 million).

The Talentum Group’s financial standing remained strong and the equity-to-asset ratio at the end of the period under review was 30.3% (34.9%). The comparability of the equity-to-asset ratio is weakened materially by the dividend of EUR 13.2 million on the record date of March 31, 2006 (EUR 0.30 per share). The Group’s equity per share was EUR 0.67 (EUR 0.43) at the end of March.

The Group’s interest-bearing liabilities at the end of the period under review stood at EUR 29.0 million (EUR 20.1 million).

DEPRECIATION, AMORTIZATION AND IMPAIRMENT Consolidated depreciation, amortization and impairment amounted to 3.0% of net sales (4.6%), i.e. EUR 0.9 million (EUR 1.1 million).

INVESTMENT Gross investment in fixed assets in January-March totalled EUR 1.0 million (EUR 0.6 million), which is 3.2% (2.1%) of net sales. Gross investment comprised mainly normal replacement and maintenance investment, such as procuring equipment, software and fixtures.

PERSONNEL The Group employed an average of 1,050 persons in January-March (1,177 persons).

Of the employees, 28.3% (16.3%) worked abroad.

The average number of staff, broken down by sector is as follows:

Publishing TV Content Production Premedia Direct Marketing Group Administration

393 95 213 331 18

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MANAGEMENT During the first quarter changes took place in the Group management that arose mainly out of Talentum strengthening its organization as part of the sectorbased organization for Publishing introduced as reported on August 26, 2005 and the internal job rotation that was implemented in connection with it.

In addition to this, Pekka Hämäläinen, the Managing Director of Talentum subsidiary Talentum Premedia, resigned from his post on January 12, 2006. He was also a member of Talentum’s Executive Management Group. The managers of the Talentum Premedia units report to Director Seppo Summanen, who is responsible for the TV and Premedia sectors.

Talentum’s CEO, Harri Roschier, CFO Kai Järvikare, Director of Legal Affairs Lasse Rosengren and Director Seppo Summanen are members of the Group’s Management Group. Caspar Berntzen, Director of Sales and Marketing, was appointed a new member of the Management Group as of April 1. Members of the Management Group are also members of the Talentum Executive Management Group. In addition the Executive Management Group also includes Petri Karjalainen, Business Unit Director; Jarl Michelsson, Director; Jarmo Rosenberg, Business Unit Director; Pekka Seppänen, Editor-in-Chief and Mikko Saarela, Managing Director. Mika Malin, Business Unit Director, Seppo Kyrö, Business Controller, and Managing Director Christer Björkin have all been appointed new members of the Executive Management Group.

Jarl Michelsson, Director of Sales and Marketing of Talentum’s publishing operations, was appointed Director of Sales of Talentum Sweden AB and a member of the Management Group starting on April 1, 2006.

STRUCTURAL CHANGES In the comparison figures for 2005, this interim report shows Satama Interactive’s figures under the heading discontinued operations in the income statement. Talentum sold for EUR 23.2 million its 60% majority holding in Satama Interactive, a company that engages in Internet consulting and was listed on the Helsinki Stock Exchange NM List in 2000. Satama Interactive’s net sales in accordance with IFRS came to EUR 23.6 million and the operating profit to EUR 0.6 million in 2004. Talentum recorded a profit on disposal of EUR 10.5 million in the third quarter of 2005.

In the first quarter of 2006 Talentum Sweden accounted for EUR 5.2 million of the net sales and EUR 0.2 million of the operating profit, the corresponding figures for the final quarter of 2005 being EUR 5.8 million and EUR 0.9 million.

On October 6, 2005 Talentum purchased the entire stock of the Swedish magazine publishing company Ekonomi & Teknik Förlag AB and on December 15, 2005 the company was renamed Talentum Sweden. The total purchase price was EUR 17.4 million (SEK 142 million), of which EUR 11.0 million (SEK 102 million) was in cash and EUR 6.4 million (SEK 60 million) in Talentum Oyj shares. Talentum Sweden had net sales of some EUR 18 million in 2005.

The net sales of Talentum Sweden are expected to increase considerably in 2006 over the previous year and a profit is expected although investment in growth will put a considerable strain on the financial performance.

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BUSINESS OPERATIONS AND SEASONAL VARIATION IN THE MEDIA MARKET The general economic situation remained fairly good during the first three months of 2006. Contributing to the strong improvement in the market in the first quarter compared with the previous year was the falling of Easter and the holidays either side of it in a different quarter – this year it was in April, whereas last year it was in March.

There is a seasonal fluctuation in the media and media services markets, and business is at its briskest during the final quarter of the year. Not all Talentum’s personnel resources are available during the summer holidays, and generally no magazines or books are put out in the summer. Customers typically make a significant proportion of their purchases in the final quarter. These characteristics of the business may cause considerable variation in Talentum’s quarterly net sales and particularly in the profit: the figures are the highest in the last quarter, and correspondingly, lower in the third quarter than in the first and second quarters. As a result of the seasonal fluctuation, the main part of net sales and an even greater part of the operating profit in publishing accrue in the latter half of the year. This is the most important reason for most of Talentum’s profit being made in the latter half of the year and the profit trend looking better towards the end of the year.

The annual quarterly-based seasonal fluctuation in Publishing’s operating profit is increased from earlier periods by the seasonal fluctuation in Sweden being greater than in Finland because of the one-dimensional structure of the operations and the predominance of magazines.

In order to eliminate the effects of seasonality Talentum presents the rolling 12-month income statements in addition to interim period financial statements.

BUSINESS RISKS Talentum takes controlled risks that are integrally linked with its corporate strategy and objectives. Risks relating to strategy and objectives are controlled and reduced in various ways. 40% of the consolidated net sales are linked with advertising, specifically with the b-to-b sector, which is susceptible to cyclical fluctuation. We try to control this market risk by increasing revenue from circulation sales and content-sales services. All our products and services aim at being market leaders in their own field, which makes it possible to succeed even during a low cycle. The company is not prepared to take risks that endanger continuation of operations or are difficult to control and cause substantial harm to the company’s operations.

Risk management does not have a separate organization of its own; its responsibilities follow the division of responsibilities in business operations and the organization. The most important perceived risks are reported to the Board of Directors annually when operations are being planned, and the Board then analyses risks from the shareholder value perspective. In addition, internal auditing is outsourced to Tuokko Tilintarkastus Oy (PKF International), a professional and independent external service provider with sufficient resources. The aim of internal auditing is to promote and improve risk management in Talentum’s various operating areas.

Talentum keeps an active eye on the market situation in order to be able to prepare for changes in the competition situation in advance. Competition has remained unchanged for a longer period now, but it is possible that the major

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media companies will increase their input in Talentum’s product areas significantly.

The Talentum Group’s currency risks comprise risks concerning foreign currency flows and risks involved with translating shareholders’ equity denominated in foreign currencies i.e. risks concerning the operations of Talentum Sweden. The majority of the Group’s direct income and costs are generated in the euro zone.

The basic principle for controlling risks concerning foreign currency flows is by matching income and costs. The basic principle for risks associated with translating shareholders’ equity is to try to hedge against large currency movements.

Talentum tries to hedge against finance risks relating to its business operations by ensuring that stable financial conditions are created for developing. Customer’s payment behaviour is monitored constantly. Attempts are made to invest liquid funds in liquid money market instruments that have good credit standing. Liquid funds do not contain a major interest rate risk because of the short duration of the investments.

BUSINESS AREAS Publishing

Publishing accounted for 60% of the consolidated net sales.

Publishing performed very well during the first quarter of the year. Net sales went up by 52% to EUR 18.6 million (EUR 12.2 million). Talentum Sweden contributed EUR 5.2 million to the growth in net sales of EUR 6.4 million and, excluding the effect of the acquisition (October 6, 2005), the net sales increased by 8%. Contributing to the strong improvement in the market in the first quarter compared with the previous year was the falling of Easter and the holidays either side of it in a different quarter – this year it was in April, whereas last year it was in March. The operating profit was EUR 2.1 million (EUR 2.0 million). Talentum Sweden accounts for EUR 0.2 million of the growth in the operating profit. The sector-based organization for Publishing, to which we transferred in August 2005, is aimed at speeding up growth, and the investment has brought some additional costs for Publishing in the early phases.

Magazine publishing’s net sales totalled EUR 15.6 million (Internet services accounted for around EUR 0.9 million), book publishing’s net sales were EUR 2.5 million and the net sales for training activities were 0.5 million.

The circulation revenue of Talentum’s magazines was up 11% and advertising revenue 15%. The most significant factor in the growth in advertising sales was the continued upturn in job advertising that started in the latter half of 2004.

TV Content Production TV Content Production accounted for 19% of the consolidated net sales.

The net sales of Varesvuo Partners Oy, which concentrates on TV content production, increased by 2% (2%) to EUR 5.9 million (EUR 5.8 million). The operating profit was EUR 0.3 million (EUR 0.1 million).

The demand for commercials started an upturn after the fall of recent years with net sales increasing by 7% to EUR 2.3 million (EUR 2.1 million). TV Content

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Production continued investing in TV programme production. TV Content Production’s net sales went up by 3% to EUR 2.9 million (EUR 2.9 million).

Premedia Premedia accounted for 17% of the consolidated net sales.

Premedia’s net sales made a turnaround and increased by 5% (-11%), amounting to EUR 5.5 million (EUR 5.2 million). The operating profit was EUR 0.4 million (EUR 0.3 million).

A considerable amount of the growth in Premedia’s net sales is explained by net sales for March, the biggest month in the first quarter in terms of net sales, rising by 16% over the previous year. The strong growth in March is explained by the falling of Easter and the holidays either side of it in a different quarter – this year it was in April, whereas last year it was in March.

Direct Marketing Direct Marketing accounted for 4% of the consolidated net sales.

Direct Marketing’s net sales increased by 24% (-15%) and totalled EUR 2.1 million (EUR 1.7 million). Direct Marketing’s strong improvement in the first quarter compared with the previous year is mainly explained by the improved performance of the operations. A significant part is also explained by the falling of Easter and the holidays either side of it in a different quarter – this year it was April, whereas last year it was in March. The increase of five working days in March compared with last year is significant because of the nature of the operations. The operating profit was EUR 0.3 million (EUR 0.3 million).

Direct Marketing’s success in Finland and the Baltic countries went according to plan.

ANNUAL GENERAL MEETING MARCH 28, 2006 Board of Directors and auditor Talentum’s Annual General Meeting on March 28, 2006 re-elected Manne Airaksinen and Juha Blomster as members of the Board of Directors; new members elected were Harri Kainulainen, Kai Mäkelä, Eero Lehti and Tuomo Saarinen.

Tuomo Saarinen was elected Chairman of the Board and Manne Airaksinen Deputy Chairman.

The Annual General Meeting on March 28, 2006 re-elected Authorized Public Accountants PricewaterhouseCoopers Oy with APA Kari Miettinen as the accountable auditor.

Board of Directors’ authorizations The Annual General Meeting on March 28, 2006 authorized the Board of Directors to decide, within one year of the meeting, on taking out one or several convertible bonds and/or issuing options and/or on increasing the share capital by a rights issue in one or several instalments, provided that the increase is no more than EUR 1,859,351.88 and that no more than 4,422,081 new shares are subscribed. The maximum increase in the share capital and the combined number of votes of the shares issued correspond to less than 10% of the company’s registered share capital and of the combined number of votes conferred by the

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shares. The Board of Directors has the right to decide on the subscription price, the grounds for determining the subscription price, other terms and conditions of the subscription, and the other terms and factors relating to the rights issue, issuing of options and taking out of a convertible loan. The authorization includes the right to overrule the shareholders' right of preemption. The authorization can be exercised only for financing mergers and acquisitions. As of March 31, 2006, the authorization had not been exercised.

The Annual General Meeting on March 28, 2006 authorized the Board of Directors to decide, within one year of the meeting, on the acquisition of the company’s own shares using the company’s disposable funds in one or several instalments, but placed a limit of 4,422,081 on the maximum number of shares to be acquired, including the 181,000 shares acquired on the basis of previous acquisition authorizations. The limit is equivalent to less than 10% of the company’s registered share capital and combined votes conferred by the shares. The authorization includes the right to acquire shares in a manner other than in proportion to the shareholders’ holdings. As of March 31, 2006, the authorization had not been exercised.

The Annual General Meeting on March 28, 2006 authorized the Board of Directors to decide, within one year of the meeting, on the relinquishment in one or several instalments of the company’s own shares acquired for the company, but placed a limit of 4,422,081 on the maximum number of shares to be relinquished.

The limit is equivalent to less than 10% of the company’s registered share capital and combined votes conferred by the shares. The authorization includes the right to relinquish shares in a manner other than in the proportion to the shareholders’ pre-emptive rights to acquire the company’s own shares. As of March 31, 2006, the authorization had not been exercised.

Dividend The Annual General Meeting on March 28, 2006 decided that a dividend of EUR 0.30 per share be paid for the 2005 financial year. The record date of payment of the dividend was March 31, 2006 and the date of payment April 7, 2006.

SHARES AND SHARE CAPITAL At the end of the period under review Talentum Oyj’s share capital totalled EUR 18,593,518.79, comprising 44,220,817 fully paid-up shares. The book countervalue of each share was EUR 0.42 (not an exact value). The shares are listed on the Helsinki Stock Exchange Main List.

At the and of the period under review the company and its subsidiaries held 181,000 company shares, 0.41% of Talentum’s total stock and votes.

Shareholdings of the Board of Directors and Managing Director On March 31, 2006, the number of Talentum Oyj shares and options owned by members of the Board of Directors and the CEO personally and through companies in which they have a controlling interest was 4,590,938, representing 10.4% of the company's total shares and votes.

Notifications On January 4, 2006 Nordea Bank AB reported that its subsidiary, Nordea Bank Plc, had acquired 600,000 Talentum shares on January 3, 2006, as a result of which the Nordea Group’s share of Talentum’s ownership and votes exceeded 1/20. At the same time, Nordea Bank AB reported that, as a result of derivative deals made on

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January 3, 2006, the Nordea Group’s and Nordea Bank Finland Plc’s share of Talentum’s ownership and shares would fall below 1/20 when the forwards matured on March 17, 2006.

On January 4, 2006 Oy Herttakuutonen Ab reported that its share of Talentum’s ownership and votes would reach 1/10 through a forward trade made on January 4, 2006 and maturing on March 17, 2006.

On February 13, 2006 Franklin Resources Inc. informed Talentum Oyj that the holding by Franklin Mutual Advisers, LLC had exceeded the 5% proportion of the ownership and voting rights and was 5.57%.

On March 10, 2006 Oy Herttakuutonen Ab informed Talentum Oyj that its proportion of votes and share capital in Talentum Oyj (10.04%) had reached one tenth (1/10) on trades that settled the forward trades of Oy Herttakuutonen Ab maturing on March 17, 2006, announced by a stock exchange release on January 4 2006, resulting in the purchase of the linked shares.

The Swedish Nordea Bank AB (publ.) informed Talentum Oyj on March 13, 2006 that on March 10, 2006 its Finnish subsidiary Nordea Bank Finland Plc had sold 1,692,700 Talentum Oyj shares, due to which its proportion of Talentum's share capital and voting rights as of March 10, 2006 was 0.00%. The Finnish subsidiary Nordea Life Assurance Finland Ltd of the Nordea Bank AB (publ.) Group, owned in addition 1,049,050 Talentum Oyj shares, corresponding to 2.37% of the share capital and voting rights. The holding of Nordea Bank AB (publ.) and its subsidiaries in Talentum Oyj's share capital and voting rights was consequently 2.37%, and had thus fallen below one-twentieth (1/20).

Liquidity providing agreement An agreement with Nordea Securities Plc on liquidity providing for Talentum Oyj shares became effective on June 21, 2004. Under the agreement, Nordea Securities submits a purchase and sale offer so that the maximum differential between them is 3% of the purchase offer. The offers will include a minimum of 2,500 shares.

IMPORTANT EVENTS AFTER THE PERIOD UNDER REVIEW On April 19, 2006 Talentum announced that it was expanding its publishing business by acquiring 30% of Acacom Academic Communications Oy. Acacom publishes the Improbatur magazine for high school-students, the magazine Campus.fi for university students in the technical and business fields as well as 25 different customer magazines. Talentum plans to acquire the majority of the company in the future. Acacom’s net sales grew rapidly in 2005 and were approximately EUR 3.5 million, and the company is very profitable. The acquisition is not expected to have a material effect on Talentum Oyj’s financial performance for 2006.

OUTLOOK Talentum’s media achieved good success in the first months of 2006 compared with its competitors. The economies of both Finland and Sweden are still performing well and this generally means that advertising and marketing will also make good progress and the media will be successful. Talentum feels that, on the basis of the market situation as seen at present, the position will remain the same right through to the end of 2006.

The forecasts and estimates presented here are based on the management’s current view of economic trends. The actual results may differ considerably from those expected at this time.

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This interim report has been drawn up according to the IFRS recognition and valuation principles.

In drawing up this interim report Talentum has applied the same accounting principles as in the financial statements for 2005.

This interim report is unaudited.

INCOME STATEMENT

1-3/2006

1-3/2005

1-12/2005

30 925 2 256 -46 54 2 264 0

23 966 1 895 -139 9 1 764 280

103 289 20 447 -741 239 19 945 -11 231

2 264 -550 1 713

2 044 -524 1 520

8 715 -1 556 7 158

0 1 713

-274 1 246

11 500 18 658

1 533 181

1 276 -29

17 868 789

Earnings per share (EUR) 0.04 0.03 Earnings per share, ongoing 0.04 0.03 operations (EUR) Earnings per share, discontinued 0.00 0.00 operations (EUR) *)Including discontinued operations Tax presented corresponding to the result of the period

0.42 0.16

1000 EUR Net sales Operating profit (adjusted) *) Financial income and expenses Share of profit of associates Adjusted profit before tax *) Operating profit on discontinued operations Profit before tax Income tax expense Profit after tax - ongoing activities Discontinued operations Profit for the period Attributable to: Equity holders of the parent Minority interest

0.26

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BALANCE SHEET 1000 EUR ASSETS Non-current assets Intangible assets Goodwill Tangible assets Investments in associates Deferred income taxes Other long term receivables and investments Total non-current assets Current assets Inventories Trade receivables and other receivables **) Cash and cash equivalents Total current assets TOTAL ASSETS SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital Share premium reserve Own shares Fair value reserve and other reserves Exchange differences Retained earnings Net income Total Minority interest Total equity Long term debt Short term debt SHAREHOLDERS' EQUITY AND LIABILITIES Interest bearing debt

31.3.2006

12 24 7 1 3 1

001 943 514 255 517 430

31.3.2005

2 12 9 1 5

570 072 052 211 712 983

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31.12.2005

12 24 7 1 3 1

135 792 754 389 458 375

50 659

31 600

50 903

3 099 18 275

2 014 20 211

3 469 13 407

32 956 54 330

26 961 49 186

22 677 39 553

104 989

80 786

90 456

18 594 5 896 -1 314 4

17 892 167 -1 348 15

18 594 5 896 -1 314 4

-124 4 759 1 533 29 348 2 014 31 362

1 18 9 28

84 183 276 268 779 047

-44 254 868 259 043 302

8 733 64 893

9 520 43 219

8 522 38 632

104 989

80 786

90 456

29 043

20 053

15 555

17 41 2 43

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CASH FLOW STATEMENT (1000 EUR) Profit for the period Adjustments

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1-3/2006

1-3/2005

1-12/2005

1 713 1 499

1 246 1 551

18 658 -5 309

Change in working capital Net financial items and taxes Net cash from operating activities

-1 476 -335 1 402

-940 -388 1 469

-3 392 -1 727 8 230

Acquisitions of subsidiaries and associates Purchase of other non-current assets Other investments Sales of subsidiaries Sales of other non-current assets Net cash used in investing activities

-2 370

-324

-11 903

-803

-628

-3 225

-1 105

-1 455

52 -4 226

48 -2 359

-1 772 17 770 461 1 331

Issue of share capital Change in short term loans Change in long term loans Payment of finance lease liabilities Dividends paid and equivalents Other financing items Share repurchases Net cash used in financing activities

0 14 000 -590 -46

0 0 -474 -39

0 -2 000 -4 710 -174

-96 -163

-122 69

13 105

-566

-6 620 -74 -1 724 -15 302

Net change in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Including discontinued operations: Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities

10 280

-1 456

-5 741

22 677

28 418

28 418

32 956

26 961

22 677

-286

628

-1 580

15 289

189

-1 400

INVESTMENTS (1000 EUR) Investments in non-current assets, ongoing activities Investments in non-current assets, discontinued activities Total % of net sales

1-3/2006

1-3/2005

1-12/2005

1 000

495

25 672

0

120

2 876

1 000 3.2

615 2.1

28 548 23.3

STOCK EXCHANGE RELEASE April 27, 2006 at 8.30 am

AVERAGE NUMBER OF EMPLOYEES Talentum Group ***) Part-time telemarketing staff Total

767 283 1 050

932 245 1 177

923 279 1 202

288

222

31.3.2006

31.3.2005

31.12.2005

5 903 3 628

17 220 4 365

5 903 3 801

17 532

22 092

18 845

2 518

3 343 4 488

2 492

42720075 44039817

42354126 42370176

42720075 44039817

0.04

0.03

0.42

0.04

0.03

0.16

0.00

0.00

0.26

0.67 30.28

0.43 34.86

0.94 48.84

***) Including employees of discontinued operations CONTINGENT LIABILITIES

TALENTUM OYJ Malminkatu 30 FIN-00100 Helsinki Tel.+358(0) 20 442 40 Fax +358(0)20 4424 130 www.talentum.com 13(16)

(1 000 EUR) Given as security loans with securities as collateral Rental and other commitments ****) Leasing commitments ****) ****) Including the commitments of discontinued operations NUMBER OF SHARES Adjusted average number Number at the end of period KEY FIGURES Earnings per share, adjusted (EUR) Earnings per share, ongoing activities (EUR) Earnings per share, discontinued operations (EUR) Equity per share (EUR) Equity ratio, %

TALENTUM OYJ Malminkatu 30 FIN-00100 Helsinki Tel.+358(0) 20 442 40 Fax +358(0)20 4424 130 www.talentum.com 14(16)

STOCK EXCHANGE RELEASE April 27, 2006 at 8.30 am

STATEMENT OF CHANGES IN EQUITY (EUR 1000)

Equity 1.1.2005

Equity

Share premium reserve

17863

-4

Fair value reserve and other reserves 7

Exchange differen ces

Retained earnings

Minority interest

Total equity

84

5028

9875

32852

87

16

103

54

36

90

22

2

32

1276

-29

1247

-6356

-121

-6477

Exchange differences Share-based payments Net income recognized directly in equity

8

Profit for the period Dividends paid Issue of share capital Share Premium Equity 31.3.2005 Equity 1.1.2006

29

29

171

171

17892

167

15

84

111

9779

28047

18594

5896

4

-44

16808

2043

43302

0

-80

Exchange differences

-80

Net income recognized directly in equity

-153

Profit for the period

1 533

181

1713

-13212

-129 -81

-13 341 -81

2014

31362

Dividends paid Other Equity 31.3.2006

18594

5896

4

-124

4978

-153

STOCK EXCHANGE RELEASE April 27, 2006 at 8.30 am

TALENTUM OYJ Malminkatu 30 FIN-00100 Helsinki Tel.+358(0) 20 442 40 Fax +358(0)20 4424 130 www.talentum.com 15(16)

TALENTUM GROUP / SUB-SEGMENTS (1000 EUR)

Net sales Publishing TV content production Premedia Direct marketing Internet consulting ****) Sales within group Total -Discontinued operations Adjustments and eliminations Total / ongoing activities Operating profit Publishing TV content production Premedia Direct marketing Internet consulting ****) Parent company and group items Capital gain on discontinued operations Total

1-3/2006

1-3/2005

1-12/2005

Rolling 12 months 4/05-03/06

Rolling 12 months 4/04-03/05

18 604 5 941

12 224 5 837

57 447 21 499

63 827 21 603

49 830 23 292

5 471 2 079 0

5 190 1 672 5 809

20 975 7 163 19 717

21 256 7 570 13 908

20 593 6 594 23 287

-1 170 30 925 0

-1 002 29 730 -5 809

-4 027 122 774 -19 717

-4 195 123 968 -13 908

-3 756 119 840 -23 287

0

45

232

187

112

30 925

23 966

103 289

110 247

96 665

2 054 296

2 006 104

9 823 628

9 872 820

8 527 65

358 330 0

260 278 -280

31 1 157 743

128 1 209 1 022

975 979 361

-782

-474

-2 422

-2 731

-1 744

10 488

10 488

0

20 447

20 808

9 162

0

2 256

1 895

STOCK EXCHANGE RELEASE April 27, 2006 at 8.30 am

TALENTUM OYJ Malminkatu 30 FIN-00100 Helsinki Tel.+358(0) 20 442 40 Fax +358(0)20 4424 130 www.talentum.com 16(16)

PUBLISHING BY GEOGRAPHICAL AREA 1-3/2006

1-3/2005

1-12/2005

13 274 5 330 18 604

12 133 91 12 224

51 241 6 206 57 447

Operating profit Finland Other Total

1 871 183 2 054

2 015 -9 2 006

8 888 935 9 823

Average number of employees Publishing TV content production Premedia Direct marketing Internet consulting ****) Group administration Total

393 95 213 331 0 18 1 050

276 114 190 292 288 17 1 177

308 102 228 326 222 16 1 202

(1000 EUR) Net sales Finland Other Total

*****) Discontinued operations, gross (including group eliminations)

Talentum will publish an interim report for January-June on July 21, 2006 and for January-September on October 27, 2006.

TALENTUM OYJ Harri Roschier CEO

FURTHER INFORMATION Harri Roschier, CEO, tel +358 (0)20 442 4220 Kai J채rvikare, CFO, tel +358 (0)40 342 4210 www.talentum.com COPIES TO Helsinki Stock Exchange Key media

BRIEFING A briefing will be held for analysts and the media today, April 27, 2006, at 10 a.m. at the Radisson SAS Royal Hotel, Runeberginkatu 2, Helsinki. The interim report will be presented by CEO Harri Roschier, and CFO Kai J채rvikare will also be present.