Half Year Figures Half Year Figures 2007

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2 Overview of 1st Half Year 2007 Martin Kall Chief Executive Officer 2

3 Tamedia increases income and maintains result at a high level +5.5% in CHF million EBIT Margin* 2006: 17.8% 2007: 17.3% % +2.5% Income EBITDA EBIT *The EBIT figures refer to the respective continued operations 3

4 The economic environment continues to improve well Strong economic growth continues Compared to the first quarter of the previous year, the gross domestic product (GDP) increased strongly by 2.4%. Forecasts for Switzerland see continous, slightly weaker growth Tamedia expects slightly less growth in 2008 Unemployment declined again The unemployment rate decreased during the first six months of 2007 and reached 2.5% in June 2007 (previous year: 3.1%) As a result, fewer than people are unemployed for the first time in almost five years Positive consumer mood The consumer mood index improved again in the first half year 2007 and reached +20 index points in June 2007 In July 2007, the index of consumer mood declined slightly, but remained at a high level and lies now at +15 index points Source: Economics Ministry SECO 4

5 Advertising expenditures profit from strong economic growth Slight growth of daily newspapers for the first time The print advertising expenditures in daily newspaper increased slightly again for the first time in seven years and reached 96.6 index points in June (June 2006: 92.4; June 2005: 94.0; June 2004: 94.2; June 2003: 98.0) according to the Publicitas index But daily newspapers still profit disproportionately little from the growth Strong growth of job ads The complete job market increased from December to June according to the Publicitas index by 15.3% The income of Tamedia products StellenAnzeiger and Alpha increased by 16.0% Increasing advertising expenditures According to MediaFocus Swiss advertising expenditures increased by 8.2% from January to June compared with the previous year Source: Publicitas; Tamedia; MediaFocus 5

6 Increase in advertising expenditures at daily newspapers for the first time since 2001 Publicitas index: development of advertising expenditures (commercial ads) in the daily press (12/1993 = 100) June 2007 compared with Dec. 2006: Growth of 3% Source: Publicitas 6

7 Growth of the job market becomes even more dynamic Publicitas index: Development of advertising expenditures (job ads) in the daily press (12/1993 = 100) June 2007 compared with Dec. 2006: Growth of 15% Source: Publicitas 7

8 Industry environment has still not profited from the growth Production industry as well as paper, cardboard, publishing and printing trades TOTAL of processing trade; industry Paper, cardboard, publishing and printing trades Source: Federal Statistics Office 8

9 Newspapers show growth in income and increased investments Overview of the most important key figures of the Newspaper Division in CHF million Jan. - June Jan. - June Change in % Operating revenue Operating expenses (200.3) (218.3) 9.0 Operating income before (0.2) depreciation (EBITDA) Depreciation (1.4) (0.9) (33.5) Operating income (EBIT))

10 Newspaper Division: Project of a second free daily newspaper General topics Through the launch of new media titles the competition on the newspaper market is increasing both on Sunday and during the week The consolidation of the newspaper market is however proceeding at the same time Tamedia The Commuter newspaper 20 minutes continually increases circulation and is already the leading title in the market of commercial ads in the French-speaking part of Switzerland; positive development of number of readers expected Four of five regional issues of Tages-Anzeiger exceed expectations: extremely positive development of large print circulation Successful start of the newspaper group Nordostschweiz in April 2007 Necessary changes at local newspapers Vorstadt and Uster Nachrichten 20 Minuten: increased circulation of 25% and continuous increase in reader numbers Intensive work on project of a new commuter newspaper with Basler Zeitung and Berner Zeitung 10

11 20 minutes with continually growing circulation Distributed copies of 20 minutes from March 2006 to June 2007 in thousands ,000 copies March 2006 April May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. March April May June 07 11

12 and leading position in the advertising market in Romandie Leading daily newspapers in the Romandie in the first half year 2007 Gross market share in % of advertising revenue without supplements and special sections minutes Le Temps 24 heures Tribune de Genève Tamedia and associated companies Other Titles Le Matin L' Express Nouvelliste L'Impartial Liberté Le matin bleu Source: MediaFocus in first half year

13 After discontinuation of Facts the division Magazine reaches for the first time the targeted figures Overview of the most important key figures of the Magazine Division in CHF million Jan. - June Jan. - June Change in % Operating revenue Operating expenses (31.8) (34.3) 7.7 Operating income before (11.4) depreciation (EBITDA) Depreciation (0.0) (0.1) 27.6 Operating income (EBIT)) (11.7) 13

14 Main Topics in the Magazine Division General Continued strong competition on the weekly magazine market Discontinuation of Cash by Ringier in June 2007 Tamedia Discontinuation of Facts at end of June 2007; difficult decision following years of substantial losses Annabelle maintains sales at a high level and remains the leading Swiss women's magazine despite decline in result Schweizer Familie obtains pleasing development of sales and revenue 14

15 E-Media after loss in 2006 with positive EBIT closing Overview of the most important key figures of the E-Media Division in CHF million Jan. - June Jan. - June Change in % Operating revenue Operating expenses (24.5) (26.9) 9.7 Operating income before (0.4) depreciation (EBITDA) Depreciation (0.4) (0.5) 13.3 Operating income (EBIT)) (0.8)

16 Electronic Media: Growth of online advertising income levels out General Mergers and Accquisitions in the online segment increase Strong growth of online advertising income levels out Online news sites with retained development New radio and TV law took effect in April 2007; termination of contract and new call for bids for radio and TV licenses in second half year 2007 Tamedia Section markets homegate.ch, alpha.ch and jobwinner.ch show very good development Continued expansion of 20minuten.ch and greatly increasing user figures and income Foundation of Mediasense in corporation with partner radio stations of Swiss Radio Pool Sale of Radio Basilisk and the share in RV Radio Vision AG due to planned merger with Espace Media Groupe in planning Project of an online news network between baz.ch, espace.ch and tagesanzeiger.ch 16

17 The new TV-supply area Nordostschweiz Schaffhausen Stand alone information window for inhabitants Concession fees for program window Thurgau Stand alone information window for inhabitants Concession fees for program window Zurich Centre zone with 1.3 million inhabitants No stake of reception fees for the centre zone Schaffhausen Loss of important overlap Eigenständiges Informationsfenster Important areas in the für cantons Aargau, Einwohner Konzessionsgebühren Glarus, Schwyz and für St. Gallen, Programmfenster which were up to now provided by TeleZüri, cannot be provided any longer despite the focus on Zurich 17

18 Services with slight income growth Overview of the most important key figures of the Service Division in CHF million Jan. - June Jan. - June Change in % Operating revenue Operating expenses (102.7) (109.0) 6.1 Operating income before (1.2) depreciation (EBITDA) Depreciation (11.4) (10.6) (6.7) Operating income (EBIT))

19 Services: High capacity utilization in newspaper printing General Margin pressure continues in the printing industry Increase of paper price tends to continue Tamedia Subcontracting of printing orders for 20 Minuten to partners due to new, large print circulation of Tages-Anzeiger Newspaper printing with an average of newspapers per day and high capacity utilization; capacity limits mostly reached at night Development of income in the job sheet-fed printing area still unsatisfactory Integration of the early delivery in Zuvo of St. Galler Tagblatt in the eastern part of Switzerland 19

20 EBIT margin remains high despite increased expenditures Development of Tamedia EBIT margin with jobs and Alpha* since % 15% 20% 17% 10% 5% 4% 0% -5% -10% HY % * The EBIT product result was deducted from the Tamedia EBITDA until For the years , the EBIT was calculated using an average page income and 80% margin. 1. HY

21 Growth in job market finances expansion of newspapers; Increasing dependence on job ads as result Development of Tamedia EBIT margin without jobs and Alpha* since % 10% 11% 9% 5% 4% 0% -5% -10% -15% -14% -20% -19% HY HY 2007 * The EBIT product result was deducted from the Tamedia EBITDA until For the years , the EBIT was calculated using an average page income and 80% margin. 21

22 Forecast and outlook: Economic growth will probably continue Economic framework conditions Growth of the Swiss economy will probably continue in a slightly weaker form The unemployment rate should continue to decline in the year 2008 Tamedia expects the consumer mood to remain positive Media market Weak growth of commercial print advertising expenditures will probably continue Growth of job ads should continue thanks to the declining unemployment, especially among manager positions: other areas with substantial decline Outlook for Tamedia Raise of the circulation of 20 minutes in the Romandie to copies Raise of the 20 Minuten circulation in the German speaking part to copies Launch of the commuter newspaper L Essentiel in Luxembourg before the end of 2007 Integration of Espace Media after approval by the Competition Commission Project of second commuter newspaper and a leading online news network for Switzerland in collaboration with Basler Zeitung and Berner Zeitung 22

23 Finance Report of 1st Half Year 2007 Christoph Tonini Head of the Finances & Services Division 23

24 Comments on the Half Year Statement 2007 Discontinued operations The news magazine Facts has been discontinued at the end of June 2007 due to a lack of economic perspectives Radio Basilisk must be sold due to the merger of Tamedia and Espace Media Segment information with slight changes Newspapers new EDITA S.A. Magazines Facts no longer included Electronic Media Radio Basilisk and RV Radio Vison AG no longer included Services unchanged IFRS standards The partially revised accounting standards had no bearing on the accounting policies of Tamedia The former standard IFRS 5, Article 6 ff was applied, and the activities of Facts, Radio Basilisk and RV Radio Vision were shown as discontinued operations; the data of the previous year was adjusted correspondingly 24

25 Media income increases especially thanks to job ads and 20 Minuten in CHF million % % % -0.3% Media Income Print Income Other Operating Income Operating Revenue

26 Investments in new projects result in Increased Expenditures in CHF million +6.8% % % % Material Expenditures and Third-Party Services Staff Expenditures Other Operating Operating Expenditures Expenditures

27 EBITDA increases by 0.5% Margin declines slightly in CHF million +5.5% % % Operating Revenue Operating Expenditures EBITDA

28 Depreciation declines by 8.7% and is now at CHF 12 million in CHF million % % Depreciation on Investment in Kind -15.0% -63.6% Depreciation on Other Other Depreciation Intangible Fixed Assets Depreciation 28

29 Net income from Continued Operations increases by 8.3% in CHF million % % % EBITDA EBIT Result of Continued Operations 29

30 The overall group result declines by 2.1%, above all due to Facts discontinuation in CHF million +0.5% % % EBITDA EBIT Group Result

31 All divisions show income growth in CHF million +5.5% % % +15.8% % % Newspapers Magazines E-Media Services Intercompany Elimination Total 31

32 EBIT with slight growth despite substantial investments in CHF million +2.5% % % % Newspapers Magazines E-Media Services Total

33 Higher Operative Cash Flow results again in increased liquidity in CHF million % % % Cash Flow from Business Activities Cash Flow from Investment Activities Cash Flow from Financing Activities Change of Cash Flow

34 Balance Sheet shows again an increase of the Equity Capital Rate Equity Capital Rate: 65.4% in CHF million % Non-Current Assets Current Assets Equity Capital Long-Term Debt Short-Term Debt 65.4% 34

35 Substantially higher Equity Capital thanks to profits Current assets/non-current assets While current assets increased by CHF 22.3 million due to the operative cash flow, noncurrent assets recorded a reduction of CHF 20.3 million Total assets Total assets rose by CHF 13.4 million, especially thanks to the positive development of liquidity Shareholders equity Shareholders' equity also increased substantially by CHF 21.3 million to CHF million Equity capital rate The equity capital rate again increased and is now at a high 65.4% 35

36 Summary of the Finance Report of 1st Half Year 2007 Income Statement With income growth of 5.5%, Tamedia had substantial growth of income in the first half year 2007 for the third time in a row The EBIT margin is declining slightly from 17.8% to 17.3% due to major investments in the regionalization of Tages-Anzeiger, expansion of 20 minutes in the Romandie as well as 20minuten.ch All segments of Tamedia show a positive result on the level of EBIT Closing costs for Facts are the main reason for the slight decline of the Group result to CHF 51.2 million Balance sheet The equity ratio is again higher at 65.4% Liquidity (following large acquisitions in 2005) is already at a high level again. As a result, financing the merger with Espace Media will be possible to a large extent with own means 36

37 Stock price in 1st Half Year: Below-Average Growth 120 SPI Media: 7.86% 115 SPI: 6.41% Tamedia: 4.27% January February March April May June = 100 SPI Media = % Publigroupe N; % Tamedia N; % Affichage N; % Edipresse I; % Orell Füssli N; 5.89 % Agen N; 4.69 % Goldbach Media AG N 37

38 2nd Half Year 2007 and Outlook Martin Kall Chief Executive Officer 38

39 Espace Media: Approval of the Competition Commission Merger key factors Tamedia and Espace Media Groupe announced their merger on 24 May 2007 Tamedia is acquiring 80% of the share capital of Espace Media, and the previous majority shareholders of Espace Media will hold a substantial interest in Tamedia with new shares Competition commission procedure The Swiss Competition Commission approved the merger of Tamedia and the Espace Media Groupe without reservations on 20 August 2007 Next steps Carrying out the approved capital increase and implementing the legal merger of the two companies by the end of 2007 Examination of the organization of the new company at the same time The work on the project of a new commuter newspaper and an online news network with Basler Zeitung and Berner Zeitung continues at top speed 39

40 Starting in 2008: Long-term implementation of the merger Media and Sites of Tamedia Starting as of

41 Luxembourg: A small country with high performance capability Luxembourg Inhabitants Population density 185 Area in km 2 2,568 GNP billion GNP per capita 57,226 Advertising expenditures billion Adv. expenditures per capita Switzerland Inhabitants 7,415,000 Population density 180 Area in km 2 41,285 GNP billion GNP per capita 39,090 Advertising expenditures 1 2,103 billion Adv. expenditures per capita without posters, movies, text, Internet and supplements; Sources: BfS, Statec, ILReS, Mediafocus 41

42 Luxembourg has a top position in European comparison GNP per capita in thousand USD 1) Unemployment rates Work productivity 2) Luxembourg Norway Ireland Denmark Iceland Switzerland Sweden GB France Belgium Netherlands Austria Finland Italy Germany Spain Greece Portugal Turkey Luxembourg Switzerland Norway Ireland Austria Netherlands GB Denmark Sweden Portugal Belgium Italy Finland Germany France Greece Spain Norway France Luxembourg Belgium Ireland Netherlands Denmark Austria Germany Sweden Finland GB Italy Switzerland Iceland Spain Greece Portugal 0 60' % 12.0% ) Assessed according to Geary Khami's buying power parity 2) In USD per work hour, Source: Groningen Growth and Development Centre and the Conference Board, January 2005, all data from

43 St. Paulus, Editpress, RTL: Largest media offer in Luxembourg St. Paulus Daily newspapers Editpress Daily newspapers Magazines and weekly newspapers Magazines and Weeklies Electronic media TV3 Kombi (Suppl.) Electronic media Other daily newspapers: Magazines and Weeklies RTL Electronic media Electronic media Radio & Télé Lëtzebuerg 43

44 Advertising market is growing continually; Newspapers have a large share Development of gross advertising income in Luxembourg in million euros TV 8% Radio 17% Magazines & weekly press 17 % Daily newspapers 58 % ) Without posters, movies, teletext, internet and supplements 2) Magazines for a wide audience and trade journals are not separated in Luxembourg; Source: ILReS 44

45 L Essentiel: Great potential with younger readers Readers in 2005 in thousands Age Region Lux. City Rest of metropolitan area South North + East Sex Male Female Income level High Average Low Level of education Basic Average High Source: Mach Basic ; TNS Media June , Switzerland

46 L Essentiel is a modern commuter paper for Luxembourg A competent staff with local roots 46 Denis Berche Emmanuel Fleig Alvin Sold Editor-in-Chief L Essentiel Publishing Director L Essentiel Chairman of the Board Edita SA Member of Editpress Management Publisher and Delegate of the Board of Editpress Editpress CFO General Manager

47 Thank you very much for your time and attention! 47