P4 Radio Hele Norge ASA Presentation for Q1 2005 Kalle Lisberg, CEO/Editor-in-Chief Pål Falck-Pedersen, CFO

Good start to a new year Key figures for Q1 2005 Daily weekday audiences increased to 26% (25% in the previous quarter and in Q1 2004) Operating revenues for the group increased by 23% to NOK 59.1 million Best Q1 radio advertising sales in P4’s history Operating costs for the group increased by NOK 1.2 million to NOK 48.5 million Operating profit for the group increased by NOK 9.7 million to NOK 10.6 million

Positive revenue development continues The national radio advertising market grew by 20% in Q1 P4 captured 90% of the growth and increased its market share from 79% in Q1 2004 to 81% Thus, P4 had a 23% increase in revenues, to NOK 59.1 mill. This is the highest Q1 radio advertising sales in P4’s history Approx. 20% higher than the average for the last 6–7 years NOK 2 mill. (3.5%) higher than the previous best figure (1999) January and February were considerably better than in 2004, and well above the normal level for these months, while March was the best March in P4’s history – more than 30% higher than March 2004

Cost development as expected Total operating costs of NOK 48.5 million, which is NOK 1.2 million higher than Q1 2004 The increase in costs is mainly due to the following: Increased distribution costs as a result of the further expansion of the network in 2004 NOK 1.0 m Donation to tsunami victims (other op. costs) NOK 1.0 m Extra provision for music royalties due to pending mediation case with Gramo (programming costs) NOK 1.0 m Increased music royalties due to increased turnover (programming) NOK 0.5 m Provision for restructuring in Q1-04 (personnel) NOK -2.5 m Net effect of main items NOK 1.0 m The level of comparable fixed salary costs (excluding restructuring) is the same as in Q1 2004

Profit and loss account, Q1 2005

Balance sheet as at 31 March 2005

Special items and provisions in Q1 An extra provision of NOK 1 million was made in order to take into account the uncertainty of the outcome of the mediation case regarding P4’s music royalties to Gramo and fees to FFUK for 2005. A similar provision will be made each quarter until the case has been settled. In 2004, an extra provision of NOK 3 million for the year as a whole was made in the fourth quarter. A donation of NOK 1 million to the tsunami victims in Asia was charged against income. The donation was made in connection with P4’s own money-raising efforts.

Result variables for Q1 more in line with previous quarters

Positive development of listener figures so far this year

Positive development of listener figures so far this year

Good, stable market position in Q1 Market share in listener time on weekdays Market share in listener time on weekdays (20- to 50-year-olds) Markedsandel i lyttertid på hverdager Markedsandel i lyttertid på hverdager 20 - 50 år Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 *) Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 *) *) P4’s listener figures and market position in Q1 2004 were abnormally good due to the publicity about the frequency change

P4’s sales growth – both volume- and price-driven P4’s prices increased by 12% on 1 January 2005, thereby reflecting a listener audience of approximately 900 000 (22.5% of the population) on weekdays The price increase has so far also been reflected through at least a corresponding increase in the net prices The sales volume has also seen a major increase over 2004 (volume growth of around 10% in prime time in Q1). Prime time in March and April is sold out P4’s price structure has made it difficult for P4 to compete for customers in certain areas where there is a strong focus on discounting P4 therefore changed its price structure on 1 April 2005 and increased gross prices by 32%, whereby the gross CPT is now more on a par with other players and the discount potential has increased The price increase in itself is not expected to have any noticeable effect on the net prices. However, the sell-out of prime time can have positive effects on net prices in the longer term

Radio advertising still taking market share Q1 2005 Q1 2004 2004 2003 5.5 % 4.8 % 4.7 % 5.0 % 4.3 % Turnover growth in Q1 Radio advertising's share of total AC Nilsen Gross: Radio Totalmarked 22 % 7 % 30 % 10 % MIO Net: In Q1 2005, radio experienced higher growth than the Internet – which has been by far the quickest-growing medium in recent years (30% vs. 28% – source: MIO) The UK radio market has experienced growth of 13% in the last two years and now has a share of 7% of the total advertising market after almost a threefold increase in 10 years. The UK is a pioneering country and illustrates the potential for radio advertising, including that in Norway. We anticipate that radio will achieve a market share of 6% in Norway during the course of 2006

Radio – a medium in positive development The number of commercial daily listeners has increased by 23% in the last two years This has provided the opportunity for greater radio coverage and has helped to increase the benefits for the advertisers An increasing number of advertisers choose radio as a part of their natural media mix More and more are realising the many good characteristics and high cost-effectiveness of the medium of radio Radio’s previous status as an “incidental” supplementary medium is changing 11% of P4’s turnover in Q1 2005 is from new radio advertisers 8 out of 10 major grocery chains currently advertise on P4 They use radio both for profiling and purchase-triggering advertising 12 of Norway’s 15 largest advertisers advertised on P4 last year Certain major advertisers are “shuffling” their use of the media and are placing the main emphasis of their activities on radio P4 has a large number of satisfied customers who can document that their radio investments have increased sales and strengthened their brand