STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 1(11)

TALENTUM GROUP’S FINANCIAL INFORMATION FOR 2004 ACCORDING TO IFRS Talentum group has adopted the International Financial Reporting Standards (IFRS) as of 1 January, 2005. Until January 2005 Talentum group reported under Finnish Accounting Standards (FAS). This release describes the preliminary main impacts to the consolidated income statement, balance sheet and key figures. The main differences of IFRS and FAS financial statements are due to: - increase in 2004 profit which is mainly caused by the fact that goodwill amortizations are not applied in IFRS - decrease in the amount of total assets due to impairment loss in goodwill in the opening balance 1 January, 2004 based on the impairment test according to IAS 36 - increase in deferred tax assets caused by the tax loss carry forwards of Satama Interacative group, when valued according to IAS 12 - capitalized renovations that have been reclassified as tangible assets Key figures 31.12.2004 IFRS 31.12.2004 FAS Earnings per share EUR 0.15 0.08 Net sales MEUR 120 120 Operating income MEUR 9.3 6.7 Equity per share EUR 0.54 0.83 Total equity/total assets % 42.34 48.60 The financial statements and other information have been prepared according to the IFRSs valid on 1 January 2005. IFRS opening balance sheet 1 January, 2004 - Appendix 1 Preliminary IFRS comparison figures quarterly 2004 - Appendix 2 Preliminary IFRS comparison figures 2004 - Appendix 3 The information provided is unaudited. Additional information Kai Järvikare, CFO tel. +358 (0)20 442 4210 Distribution Helsinki Stock Exchange Principal Media

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 2(11)

APPENDIX 1 The conversion of FAS balance sheet at the closing 31 December 2003 into IFRS opening balance sheet of transition date, 1 January 2004 RECONCILIATION OF OPENING BALANCE SHEET AND EQUITY 1000 EUR FAS 31.12.2003 IFRS Conversion IFRS 1.1.2004 ASSETS NON-CURRENT ASSETS Intangible assets (2) 4 125 -1 695 2 430 Goodwill (1) 15 662 -8 019 7 643 Tangible assets (2;3) 8 974 2 044 11 018 Investments in associates 1 235 1 235 Trade receivables and other receivables 467 467 Available-for-sale investments (5) 912 -713 199 Deferred tax receivables (6) 1 418 4 743 6 161 NON-CURRENT ASSETS 32 793 -3 640 29 153 CURRENT ASSETS Inventories 1 840 -66 1 774 Trade receivables and other receivables 16 068 -76 15 993 Available-for-sale investments (5) 2 331 235 2 566 Short-term investments (4) 471 -471 Cash and cash equivalents (8) 32 437 32 437 CURRENT ASSETS 53 147 -378 52 769 ASSETS 85 941 -4 018 81 922 SHAREHOLDERS’ EQUITY AND LIABILITIES SHAREHOLDERS’ EQUITY Share capital 8 759 8 759 Share premium account 5 540 -5 149 391 Fair value reserve and other reserves 7 556 -351 7 204 Exchange differences 86 86 Retained earnings 18 837 -9 938 8 899 Shareholders’ equity 40 778 -15 438 25 339 Minority shares 5 742 6 819 12 561 TOTAL EQUITY (9) 46 519 -8 619 37 901

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 3(11)

FAS 31.12.2003 IFRS Conversion IFRS 1.1.2004 LONG TERM DEBT Deferred tax (10) 316 188 504 Loans and other interest bearing debt (12) 13 344 3 274 16 618 Provision for pension liabilities (7) 1 015 1 015 Other long term provisions (11) 1 046 1 046 LONG TERM DEBT 13 660 5 523 19 183 SHORT TERM DEBT Current interest bearing debt (12) 3 447 123 3 571 Accounts payable and other liabilities (11) 22 314 -1 046 21 237 Short term provisions SHORT TERM DEBT 25 761 -923 24 838 SHAREHOLDERS’ EQUITY AND LIABILITIES 85 941 -4 018 81 922 Notes to the reconciliation of opening balance sheet and equity 1. Goodwill According to FAS goodwill in the balance sheet is based on the excess of the purchase price over the equity of subsidiary at the moment of purchase. Under FAS goodwill is amortized according to plan (on a straight-line-basis over its expected useful life). In the opening IFRS balance sheet Talentum group’s goodwill values remained unchanged as allowed in the IFRS 1- First-Time Adoption. Goodwill has been tested for impairment according to IFRS 1- First Time Adoption. Based on the impairment test 11.2 MEUR impairment loss was recognised. Prior to testing binding obligations in partner agreements were included in goodwill and in long term interest bearing debt (3.2 MEUR) respectively. 2. Other intangible assets Capitalized renovations of leaseholds (1.7 MEUR) have been shifted from the intangible assets to tangible assets. 3. Tangible assets Under FAS rental leases are treated as other leases. Under IFRS part of the rental leases have been reclassified as financial leases and they have been included in the balance sheet as tangible assets (0.3 MEUR) after deduction of accrued depreciations. Financial lease-items are depreciated mainly on the lease period basis. Lease obligations corresponding to financial lease-items are included in the balance sheet as long and short term interest bearing debt. 4. Own shares (held by parent company) Own shares are not included in assets or equity as required by IAS 32.

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 4(11)

5. Available-for-sale investments and other receivables Available-for-sale investments consist of shares in listed and unlisted companies. Listed shares are valued at fair value (+ 0.2 MEUR). Unlisted shares are carried at cost or at lower value (less impairment). Listed equity shares in inventories have been shifted into available-for-sale investments (0.1 MEUR). Impairment of 0.7 MEUR in long term investments and 0.1 MEUR in receivables were recognized. 6. Deferred tax assets Increase in deferred tax assets is mainly due to tax loss carry forwards of Satama Interactive group, when valued according to IFRS in the opening balance sheet (+ 3.7 MEUR). 7. Provision for pension liabilities Calculation of benefit plans based on pension solutions according to IAS 19 causes a liability of 1 MEUR in the balance sheet. Majority of group’s pension liabilities have been transferred into pension fund in the beginning of 2004. Employment disability insurance is considered to be a defined contribution plan. 8. Cash and cash equivalents Cash and cash equivalents include interest bearing investments and other investments with maturities at acquisition of shorter than three months. 9. Total Equity Adjustments caused by assets and liabilities recorded differently under IFRS and FAS or revaluation of balance sheet items due to IFRS are included in the equity of the opening balance sheet. Changes included in retained earnings are mainly due to goodwill impairment –11.2 MEUR based on IAS 36, recognized liability due to benefit plan based pension arrangement –0.7 MEUR, change in deferred tax +4.3 MEUR, recognized impairment in shares and receivables –0.5 MEUR and net change of other items +0.1 MEUR. Reserve for own shares 0.5 MEUR is not included in the group equity. Minority shares are included in total equity as a separate item according to IAS 1, whereas under FAS it is not included in the shareholders’ equity. 10. Deferred tax liability Increase in deferred tax liability is mainly due to IFRS-changes in the opening balance sheet. 11. Long term provisions Long term provisions of 1 MEUR are presented as a separate item (under FAS: other liabilities). 12. Long and short term interest bearing debts Liability based on the financial lease-items increases both short term and long term interest bearing debt. Interest bearing debt includes 3.2 MEUR liabilities due to binding partner agreements.

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 5(11)

APPENDIX 2 IFRS PRELIMINARY COMPARISON FIGURES QUARTERLY 2004 INCOME STATEMENT FAS 1-3/2004 IFRS conversion IFRS 1-3/2004 1 000 EUR Net sales 29 813 29 813 Other operating income 242 242 Operating expenses -26 362 46 -26 316 Depreciation, amortization and impairment -1 953 649 -1 303 Share of profit of associates 84 -84 Operating profit 1 824 611 2 435 Financial income and expenses 66 -20 46 Share of profit of associates 93 93 Profit before taxes 1 890 685 2 575 Income tax expense -407 -82 -489 Profit for the period 1 483 603 2 085 Attributable to: Equity holders of the parent 1 157 641 1 798 Minority interest 326 -38 288 Earnings/share, undilluted (EUR) 0,03 0,04 Earnings/share, dilluted (EUR) 0,03 0,04 INCOME STATEMENT FAS 1-6/2004 IFRS conversion IFRS 1-6/2004 1 000 EUR Net sales 60 039 60 039 Other operating income 482 482 Operating expenses -53 890 47 -53 843 Depreciation, amortization and impairment -4 197 1 619 -2 578 Share of profit of associates 180 -180 Operating profit 2 614 1 486 4 100 Financial income and expenses 261 -48 213 Share of profit of associates 200 200 Profit before taxes 2 875 1 638 4 513 Income tax expense -767 -77 -844 Profit for the period 2 108 1 561 3 669 Attributable to: Equity holders of the parent 1 598 1 636 3 234 Minority interest 510 -75 435 Earnings/share, undilluted (EUR) 0,04 0,08 Earnings/share, dilluted (EUR) 0,04 0,08

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 6(11)

INCOME STATEMENT FAS 1-9/2004 IFRS conversion IFRS 1-9/2004 1 000 EUR Net sales 84 412 84 412 Other operating income 503 503 Operating expenses -76 203 -55 -76 258 Depreciation, amortization and impairment -6 269 2 324 -3 945 Share of profit of associates 184 -184 Operating profit 2 627 2 085 4 712 Financial income and expenses 313 -75 238 Share of profit of associates 213 213 Profit before taxes 2 940 2 223 5 163 Income tax expense -1 295 -25 -1 320 Profit for the period 1 645 2 198 3 843 Attributable to: Equity holders of the parent 1 201 2 327 3 528 Minority interest 444 -129 315 Earnings/share, undilluted (EUR) 0,03 0,08 Earnings/share, dilluted (EUR) 0,03 0,08 BALANCE SHEET

FAS 31.3.2004 IFRS conversion IFRS 31.3.2004

1 000 EUR ASSETS Non-current assets Intangible assets 4 632 -1 585 3 047 Goodwill 14 955 -7 329 7 625 Tangible assets 8 411 1 991 10 402 Investments in associates 1 264 10 1 274 Deferred income taxes 1 418 4 565 5 983 Other long term receivables and investments

1 380 -713 667

Total non-current assets 32 060 -3 061 28 998 Current assets Inventories 1 727 -72 1 654 Trade receivables and other receivables

22 312 -76 22 237

Cash and cash equivalents 32 514 -343 32 171 Total current assets 56 553 -491 56 062 Total assets 88 613 -3 553 85 060

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 7(11)

FAS 31.3.2004 IFRS conversion IFRS 31.3.2004 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 8 763 8 763 Share premium reserve 5 540 -5 149 391 Fair value reserve and other reserves 7 639 -456 7 183 Exchange differencies 86 86 Retained earnings 12 601 -9 970 2 631 Net income 1 157 641 1 798 Total 35 785 -14 933 20 852 Minority interest 5 754 6 758 12 512 Total equity 41 540 -8 175 33 364 Long term debt Provisons for pension liabilities 970 970 Deferred tax 356 196 553 Long term interest bearing borrowings 12 518 3 305 15 823 Long term provisions 0 922 922 Long term debt 12 874 5 394 18 268 Short term debt Current interest bearing debts 2 945 151 3 096 Accounts payable and other liabilities 31 254 -922 30 332 Current liabilities 34 199 -771 33 428 SHAREHOLDERS' EQUITY AND LIABILITIES 88 613 -3 553 85 060 BALANCE SHEET FAS 30.6.2004 IFRS conversion IFRS 30.6.2004 1 000 EUR ASSETS Non-current assets Intangible assets 4 349 -1 552 2 797 Goodwill 14 804 -6 665 8 139 Tangible assets 8 285 2 033 10 318 Investments in associates 1 361 19 1 380 Deferred income taxes 1 418 4 479 5 897 Other long term receivables and investments

1 669 -713 956

Total non-current assets 31 886 -2 399 29 487 Current assets Inventories 1 761 -63 1 699 Trade receivables and other receivables 19 599 -122 19 477 Cash and cash equivalents 31 933 -447 31 486 Total current assets 53 293 -632 52 661 Total assets 85 180 -3 031 82 149

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 8(11)

FAS 30.6.2004 IFRS conversion IFRS 30.6.2004 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 8 760 8 760 Share premium reserve 5 543 -5 149 394 Fair value reserve and other reserves 7 639 -523 7 116 Exchange differencies 86 86 Retained earnings 12 630 -9 968 2 662 Net income 1 598 1 636 3 234 Total 36 256 -14 003 22 252 Minority interest 5 986 6 722 12 709 Total equity 42 242 -7 281 34 961 Long term debt Provisons for pension liabilities 926 926 Deferred tax 332 143 475 Long term interest bearing borrowings 16 666 3 014 19 680 Long term provisions 710 710 Long term debt 16 998 4 793 21 791 Short term debt Current interest bearing debts 1 921 167 2 089 Accounts payable and other liabilities 24 019 -710 23 309 Current liabilities 25 940 -543 25 397 SHAREHOLDERS' EQUITY AND LIABILITIES 85 180 -3 031 82 149 BALANCE SHEET FAS 30.9.2004 IFRS conversion IFRS 30.9.2004 1 000 EUR ASSETS Non-current assets Intangible assets 6 557 -3 918 2 639 Goodwill 14 204 -3 348 10 856 Tangible assets 8 197 1 687 9 884 Investments in associates 1 364 29 1 394 Deferred income taxes 1 418 4 788 6 206 Other long term receivables and investments 1 762 -713 1 049 Total non-current assets 33 503 -1 476 32 027 Current assets Inventories 1 987 -57 1 929 Trade receivables and other receivables 18 406 -210 18 196 Cash and cash equivalents 25 684 -432 25 252 Total current assets 46 077 -700 45 377 Total assets 79 580 -2 176 77 404

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 9(11)

FAS 30.9.2004 IFRS conversion IFRS 30.9.2004 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 8 931 8 931 Share premium reserve 7 781 -5 149 2 632 Fair value reserve and other reserves 7 596 -496 7 100 Excange differencies 85 85 Retained earnings 12 630 -9 835 2 796 Net income 1 201 2 327 3 528 Total 38 225 -13 152 25 073 Minority interest 2 837 6 757 9 594 Total equity 41 062 -6 395 34 667 Long term debt Provisons for pension liabilities 881 881 Deferred tax 324 188 511 Long term interest bearing borrowings 5 986 2 998 8 984 Long term provisions 563 563 Long term debt 6 310 4 629 10 939 Short term debt Current interest bearing debts 11 915 153 12 067 Accounts payable and other liabilities 20 293 -563 19 730 Current liabilities 32 208 -410 31 798 SHAREHOLDERS' EQUITY AND LIABILITIES 79 580 -2 176 77 404

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 10(11)

APPENDIX 3 IFRS PRELIMINARY COMPARISON FIGURES 2004 AND RECONCILIATION OF EQUITY INCOME STATEMENT FAS 1-12/2004 IFRS conversion IFRS 1-12/2004 1 000 EUR Net sales 119 923 119 923 Other operating income 667 667 Operating expenses -106 092 -147 -106 239 Depreciation, amortization and impairment -8 095 3 042 -5 054 Share of profit of associates 269 -269 Operating profit 6 672 2 626 9 298 Financial income and expenses 58 -131 -72 Share of profit of associates 308 308 Profit before taxes 6 731 2 803 9 534 Income tax expense -2 271 -293 -2 564 Profit for the period 4 460 2 510 6 969 Attributable to: Equity holders of the parent 3 523 2 756 6 280 Minority interest 936 -247 690 Earnings/share, undilluted (EUR) 0.08 0.15 Earnings/share, dilluted (EUR) 0.08 0.15

BALANCE SHEET FAS

31.12.2004 IFRS conversion IFRS 31.12.2004 1 000 EUR ASSETS Non-current assets Intangible assets 7 349 -4 781 2 568 Goodwill 14 461 -1 713 12 748 Tangible assets 7 744 1 716 9 460 Investments in associates 1 195 39 1 234 Deferred income taxes 1 396 4 358 5 754 Other long term receivables and investments 1 804 -713 1 091 Total non-current assets 33 949 -1 094 32 855 Current assets Inventories 1 941 -63 1 878 Trade receivables and other receivables 15 606 -292 15 314 Cash and cash equivalents 28 896 -478 28 418 Total current assets 46 444 -834 45 610 Total assets 80 393 -1 928 78 464

STOCK EXCHANGE RELEASE

April 25, 2005 at 4.30 pm

TALENTUM OYJ Malminkatu 30 00100 Helsinki Puhelin 020 442 40 Faksi 020 4424 130 www.talentum.com 11(11)

FAS

31.12.2004 IFRS conversion IFRS 31.12.2004 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 17 863 17 863 Share premium reserve 5 144 -5 149 -4 Fair value reserve and other reserves 549 -542 7 Excange differencies 84 84 Retained earnings 8 555 -9 808 -1 252 Net income 3 523 2 756 6 280 Total 35 719 -12 742 22 977 Minority interest 3 206 6 669 9 875 Total equity 38 925 -6 073 32 852 Long term debt Provisons for pension liabilities 836 836 Deferred tax 205 139 344 Long term interest bearing borrowings 5 898 3 022 8920 Long term provisions 452 452 Long term debt 6 103 4 450 10 552 Short term debt Current interest bearing debts 12 110 147 12 257 Accounts payable and other liabilities 23 255 -452 22 803 Current liabilities 35 365 -305 35 060 SHAREHOLDERS' EQUITY AND LIABILITIES 80 393 -1 928 78 464 CHANGES IN EQUITY 31.12.2003 31.12.2004 1 000 EUR Total equity (FAS) 46 519 38 925 IAS 12 Income taxes 4 322 3 640 IAS 17 Leases 85 71 IAS 19 Employee benefits -721 -588 IAS 32 and 39 Financial instruments -1 118 -1 312 IAS 36 Impairment of assets -11 187 -11 187 IFRS 3 Business combinations 3 303 Total equity (IFRS) 37 901 32 852