North Media

Earnings Release • May 7, 2015

Company announcement no 04-15

More than 350,000 households have now signed up for No Ads+, which progresses
as planned. Revenue and EBIT of the Group were as expected for Q1 2015, and
expectations for FY2015 remain unchanged.

-- Group revenue for Q1 2015 is DKK 250.5 million and EBIT stands at a
negative DKK 11.6 million. This is as anticipated.
-- Group EBITDA for Q1 2015 is DKK 0.2 million.
-- Total earnings expectations remain unchanged.
-- Implementation of No Ads+ and other strategic initiatives progress as
planned.
-- The Group’s net interest-bearing cash position is DKK 80.6 million, and
capital resources come to DKK 258.4 million at 31 March 2015.

The Group’s revenue for Q1 2015 is 3% down on the same quarter last year. As
expected, FK Distribution’s revenue went down by approx 5% as a consequence of
the market decline and lower average prices. Newspaper activities achieved
their objective of maintaining the same revenue level for Q1 2015 compared to
Q1 2014. Revenue of the Online segment was also unchanged, and if the
divestment of Godmail.dk and the changed strategy for håndværker.dk in mid-2014
are disregarded, revenue of the online activities in fact grew by almost 10%.

In Q1 2015, Group EBIT was negative by DKK 11.6 million, which is DKK 23.3
million down on the same quarter last year, when Group EBIT was DKK 11.7m. The
decline is a result of FK Distribution generating lower revenue and achieving
lower prices. Development costs and marketing of No Ads+ also affected
performance adversely. The Online segment improved EBIT performance from a
negative DKK 4.2 million to a negative DKK 3.4 million in Q1 2015.

The strategic goals, activities and performance targets set for 2015 develop as
planned. The transformation extending to most of the Group's activities in 2014
has been maintained, and the Group will continue to play an active role in
laying the path for the Danish media market’s development and trends.

FK Distribution continues to increase the number of households signed up for No
Ads+ and expand the
possibilities for bargain hunting at minetilbud.dk.
During Q1 2015, more than 50,000 new households signed up for No Ads+. No Ads+
households now number more than 350,000, and continue to grow according to
plan.

The advertising tax has still not been implemented and is now not expected to
be so until Q4 2015 at the earliest.

BEKEY consolidates its market-leading position within electronic key systems in
the municipal market
In Q1 2015, BEKEY’s electronic key systems were supplemented with emergency
call systems that are in demand by some municipalities and nursing homes. A new
key box was also developed, which, as with BEKEY’s other products, is opened
with a mobile phone, and where the system is administered and controlled online
via NETKEY. As anticipated, BEKEY’s revenue was substantially higher for Q1
2015 compared to the same quarter last year.

The Copenhagen midweek newspapers intensify sales efforts towards retail
customers and increase revenue significantly for this segment
In Copenhagen, the local midweek newspapers have seen a decline in housing and
large-customer advertising, which was made up for by an intensified sales
effort towards retail customers, resulting in considerable growth for this
customer segment.

Ofir’s sale of the Emply Hire e-recruitment system satisfied expectations
Sale of the Emply Hire e-recruitment system developed positively, landing the
expected number of contracts and realising very stable and satisfactory
operations. A new media selection page was launched at Ofir.dk, and the
composition of the media packages in Ofir’s job universe have been validated
and optimised. Ad revenue of Ofir’s job universe for Q1 2015, however, fared
poorer than expected.

håndværker.dk continues to develop positively and matched expectations
The change in strategy and business model of Byggestart.dk was initiated in
mid-2014, and a new website and name, håndværker.dk, was launched in February
2015. The number of builders and users is increasing handsomely and in line
with expectations.

BoligPortal.dk maintains its leading position in the market for advertising
rental housing
In Q1 2015, BoligPortal.dk has focused on developing new products and improving
usability within rental, co-opera­tive and owner-occupied dwellings. The new
initiatives will be launched in Q2 2015. The innovative product “maybe for
sale” was launched within the self-sale segment. BoligPortal.dk’s revenue was
slightly below expectations for Q1 2015.

Unchanged expectations for Group revenue and performance for FY 2015
Overall, the Group’s revenue is still expected to range from DKK 1,010 million
to DKK 1,050 million for 2015. Group EBIT is still expected to range from a
negative DKK 20 million to a positive DKK 5 million for 2015.

Please contact Lars Nymann Andersen, CEO, at +45 40 36 26 30 and Kåre Wigh,
CFO, at +45 25 65 21 45 for further information.

The Interim Management Statement in its full is attached.

This Interim Management Statement for Q1 2015 has been prepared in Danish and
English. The Danish text shall be the governing text for all purposes and in
case of any discrepancy the Danish wording shall be applicable.