Adresseavisen Group

2nd Qtr. 2nd Qtr. per 30 June per 30 June Accounts

Profit & Loss Account 2004 2003 2004 2003 2003
All figures in NOK mill.

Operating Revenues 194.7 191.8 386.3 367.8 733.9

Cost of Goods 33.0 34.1 66.3 65.3 133.6
Salary Expenses 64.0 61.1 153.4 146.8 327.1
Other Operating Costs 35.6 33.8 73.2 69.2 141.2
Depreciation 12.1 13.7 23.9 27.3 53.6
Total Operating Costs 144.7 142.7 316.8 308.6 655.5
Operating Profit 50.0 49.1 69.5 59.2 78.3
Financial Revenues 1.4 0.7 2.4 1.8 7.4
Financial Costs 2.0 4.1 10.8 7.2 11.8
Financial Loss -0.6 -3.4 -8.4 -5.4 -4.5
Pre-Tax Profit (Loss) 49.4 45.7 61.1 53.8 73.9
Tax Costs 14.7 13.7 18.2 16.1 22.0
Post-Tax Profit (Loss) 34.7 32.0 42.9 37.7 51.8
Minority Interests 0.0 0.0 0.0 0.0 0.0
Post-Tax Group Profit (Loss) 34.7 32.0 42.9 37.7 51.8

*) A change has been made in the estimated tax percent based on the effective tax rate the past two years. Consequently, historical figures have
also been reworked.

As a result of the transition to a new chart of accounts, certain costs have been reclassified. In order to allow for comparability, historical figures
have been reworked accordingly.

per 30 June per 30 June Accounts

Balance Sheet 2004 2003 2003
All figures in NOK mill.

Intangible Fixed Assets 0.0 1.2 0.0

Tangible Fixed Assets 357.1 374.9 362.9
Non-Current Investments 109.8 103.0 112.7
Fixed Assets 467.0 479.1 475.6
Inventories 6.0 6.1 5.6
Accounts Receivable 98.6 93.4 85.1
Investments 2.6 1.7 2.6
Bank Deposits, Cash and Cash Equivalents 47.3 45.2 88.0
Current Assets 154.5 146.3 181.3
Total Assets 621.5 625.5 656.9

Called-Up Capital 36.2 36.2 36.2

Accumulated Equity 275.0 252.0 231.5
Minority Interests 0.4 0.4 0.4
Equity 311.6 288.6 268.0
Provisions 55.5 56.3 59.5
Other Long-Term Liabilities 116.9 135.8 126.9
Short-Term Liabilities 137.4 144.9 202.4
Liabilities 309.9 336.9 388.8
Total Liabilities and Equity 621.5 625.5 656.9

06/09/2004
 per 30 June per 30 June Accounts
Cash Flow Analysis 2004 2003 2003
All figures in NOK mill.
Cash Flow from Operating Activities 22.6 27.0 100.9
Cash Flow from Investing Activities -21.4 -16.8 -38.9
Cash Flow from Financing Activities -41.8 -37.8 -46.7
Change in Cash in Hand -40.7 -27.6 15.3
Cash in Hand at Start of Quarter 88.0 72.7 72.7
Cash in Hand at End of Quarter 47.3 45.2 88.0

per 30. june per 30. june Accounts

Change in Equity 2004 2003 2003
All figures in NOK mill.

Equity at Start of Quarter 268.0 248.7 248.8

Profit for the Quarter 42.9 39.8 51.8
Dividends Paid 0.0 0.0 -32.5
Equity from (to) Minority Interests 0.7 0.1 0.0
Other, directly booked against Equity 0.0 0.0 0.0
Equity at End of Quarter 311.6 288.6 268.0

2nd Qtr. 2nd Qtr. per 30. june per 30. june Accounts
Financial Highlights 2004 2003 2004 2003 2003
Net Operating Profit Margin 25.7 % 25.6 % 18.0 % 16.1 % 10.7 %
Equity Ratio 50.1 % 46.1 % 40.8 %
Current Ratio 1.1 1.0 0.9
Share Price (Latest Trading) 365 235 330
Profit (Loss) per Share (NOK) ( 1.9 mill. shares) 18.3 16.8 22.6 19.8 27.2
Profit Dilution per Share (1.9 mill. shares) 18.3 16.8 22.6 19.8 27.2

Advertising Volume
Column Meters, Sold Ads, Adresseavisen 9,804 8,422 18,401 15,798 30,964
Column Meters, Sold Ads, Local Newspapers 2,132 2,163 3,861 3,705 7,230
Column Meters, Sold Ads, Group 11,936 10,585 22,262 19,503 38,194

Circulation
Circulation Adresseavisen 85,078 85,715 86,570
Circulation Local Newspapers 25,324 25,417 25,613
Total Circulation 110,402 111,132 112,183

Personnel
No. of Man-Years Permanent Empl. (excl.Paperboys/Girls) 502 513 507
No. of Paperboys/Girls 375 351 298

Definitions:
Net Operating Profit Margin: Operating Profit as a Percentage of Operating Revenues
Equity Ratio: Equity as a Percentage of Total Capital
Current Ratio: Current Assets in relation to Short-Term Liabilities
Profit (Loss) per Share: Post-Tax Profit (Loss) in relation to No. of Shares

*) Change in estimated tax percent and reclassification of certain costs as a result of the transition to a new chart of accounts
influences the historical key figures. In order to allow for comparability, certain historical key figures have been reworked accordingly.

06/09/2004
 2nd Qtr. 2nd Qtr. per 30 June per 30 June Accounts
Business Segments 2004 2003 2004 2003 2003
All figures in NOK mill.
Adresseavisen
Operating Revenues (External) 140.1 137.2 277.3 263.7 519.8
Operating Profit (Loss) 32.7 34.6 44.3 42.6 55.3
Pre-Tax Profit (Loss) 32.5 30.9 36.6 37.2 51.0

Printing Companies
Operating Revenues (External) 27.6 28.8 55.9 56.1 115.8
Operating Profit 11.1 8.9 16.6 11.7 19.0
Pre-Tax Profit 10.5 8.1 15.3 9.9 15.9

Local Newspapers
Operating Revenues (External) 18.1 17.5 35.3 32.5 65.1
Operating Profit 5.0 5.4 7.1 5.9 7.5
Pre-Tax Profit 5.2 5.8 7.6 7.0 9.2

Other
Operating Revenues (External) 8.9 8.3 17.9 15.6 33.2
Operating Profit (Loss) 1.1 1.2 1.4 0.6 -0.3
Pre-Tax Profit (Loss) 1.2 1.3 1.5 0.8 0.1

Consolidated Group
Consolidated Pre-Tax Profit (Loss) 49.4 46.2 61.1 54.9 76.2
Internal Group Items (Goodwill, Depreciations, etc.) 0.0 -0.5 0.0 -1.1 -2.3
Group Pre-Tax Profit (Loss) 49.4 45.7 61.1 53.8 73.9

The Quarterly Accounts are presented in conformity with the Accounting Act and generally accepted
accounting principles, and are compiled in accordance with the same accounting principles as those adhered
to in the Annual Accounts. The Quarterly Report is compiled in accordance with the requirements of the
Norwegian Accounting Standard (NRS) for Interim Reports.

06/09/2004
THE BOARD OF DIRECTORS’ REPORT FOR THE SECOND QUARTER 2004
Continued Profit Growth for the Adresseavisen Group

THE ADRESSEAVISEN GROUP

The consolidated pre-tax profit for the Group for the second quarter was NOK 49.4 mill (NOK
45.7 mill for the same period in 2003). The operating profit for the quarter amounted to NOK
50.0 mill (49.1 mill). Adresseavisen chose to publish a reduced edition of the newspaper
during the strike from 12 to 22 May 2004. This was done in order to offer a limited editorial
coverage and to maintain our offer to our advertisers. The net loss for the Group is estimated
at approx. NOK 4.5 mill, of which NOK 3.0 mill is ascribed to Adresseavisen, NOK 1.2 mill to
Adressa-Trykk and NOK 0.3 mill to TV-Trondelag. Turnover for the second quarter was NOK
194.7 mill (191.8 mill), while operating costs were NOK 144.7 mill (142.7 mill). The increase in
revenues is attributed in particular to Adresseavisen, with increased advertising revenues in
several segments.
The Group had a consolidated pre-tax profit as of the first half-year of NOK 61.1 mill (NOK
53.8 mill). The operating profit was NOK 69.5 mill (59.2 mill). The improvement in profit is
chiefly due to an increase in advertising revenues in Adresseavisen, in addition to the positive
profit development in Adressa-Trykk. Turnover was NOK 386.3 mill (367.8 mill), while
operating costs were NOK 316.8 mill (308.6 mill). A NOK 6.6 mill write-down of
Adresseavisen’s entire block of shares in Kanal 24 was undertaken in the first quarter, as a
consequence of the loss of the share capital in the company. Adresseavisen subscribed for
new shares in Kanal 24 in the amount of NOK 5.6 mill when a capital increase was
undertaken.
At the end of the quarter, the Group had 502 man-years in permanent employees (513 man-
years at the same time last year). The reduction in the number of employees is in accordance
with the plan to reduce the Adresseavisen staff by 41 man-years during the period 2002-2004.
Adressa Bud AS employed 375 paperboys/girls (351).

ADRESSEAVISEN
Adresseavisen achieved a pre-tax profit for the second quarter of NOK 32.5 mill (30.9 mill),
while the operating profit was NOK 32.7 mill (34.6 mill).
Pre-tax profit as per the first half-year was NOK 36.6 mill (NOK 37.2 mill). The operating profit
was NOK 44.3 mill (NOK 42.6 mill). The combined advertising revenues for newspaper,
internet and radio were NOK 188.6 mill (176.1 mill), an increase of 7.1 % in relation to last
year. Increased concentration on editorial and marketing segments, in addition to the start-up
of RadioAdressa, has led to somewhat increased costs.
Newspaper
The advertising revenues for the newspaper were NOK 177.7 mill (169.2 mill) as per the first
half-year, an increase of 5.0 % in relation to the previous year. Adresseavisen showed an
increase in advertising volume of 16.5 % as of the first half-year in relation to last year. This is
better than the average for the major subscription newspapers. The combined circulation
revenues were NOK 87.5 mill (87.9 mill), 0.7 % lower than last year. The subscription
revenues were reduced by NOK 2.4 mill. as a result of seven newspaper editions at under half
price during the strike. The average circulation was 85 078, a decline from the previous year of
637 copies per day. The decline in revenues stems in large part from a reduction in single
copy sales. The number of readers was 228 000 (230 000) per day (TNS Gallup).
Internet
Internet turnover was as of the first half-year NOK 9.4 mill (6.9 mill, which is 36.2 % higher
than that of last year. Traffic on Adressa.no continues to increase. The numbers for June
show 278 000 single users. In relation to June last year, traffic has increased by 70.6 percent
(TNS Gallup). As of July, Adressa.no is the seventh largest news-based internet newspaper in
Norway (TV2 and NRK included). Adresseavisen, together with Bergens Tidende and
Stavanger Aftenblad, has a 34.0 % ownership share in the internet company, FINN.no (of
which Adresseavisen owns 11.3 %). FINN.no continues goes from strength to strength, and
had 1.2 million single users in June, an increase of 53 % compared with last year. The
company achieved an operating profit for the first half-year of NOK 36.8 mill (23.3 mill), an
increase of 58 %.
Radio
After barely 15 months of operations, polls show that RadioAdressa has 53 000 weekly
listeners in South and North Trondelag, of which 26 000 (21 % of the population) in
Trondheim. The greatest response has come from 30 to 49 year-olds. At the end of June, total
revenues were NOK 2.3 mill. RadioAdressa bases its content on news and entertainment, and
is an integral part of Adresseavisen’s editorial offices at Heimdal. RadioAdressa delivers
segments to Kanal 24 on a daily basis.
Adresseavisen ASA owns 19 % of Kanal 24. The number of listeners to the radio station has
been lower than expected. The figures for the second quarter show that Kanal 24 has a daily
coverage of 280 000 listeners (TNS Gallup). A number of significant program-related changes
have been undertaken in order to develop a radio channel with a clear focus, based on
entertainment, news and music.

LOCAL NEWSPAPERS
The business segment ”Local Newspapers” (Fosna-Folket AS, AS Sor-Trondelag,
Tronderbladet AS, Innherreds Folkeblad og Verdalingen AS) had a pre-tax profit of NOK 7.6
mill (NOK 7.0 mill) as of the first half-year, and an operating profit of NOK 7.1 mill (5.9 mill).
The increase in relation to last year is due in part to the sale of real estate (profit of NOK 1.2
mill), but also to an increase in advertising and circulation revenues. The total circulation for
the local newspapers was 25 324 (25 417) copies per publication day. The Group’s local
newspapers have a combined total of 80 000 readers per publication day.

PRINTING COMPANIES
The business segment ”Printing Companies” (Adressa-Trykk AS and ST-Trykk AS) achieved a
pre-tax profit of NOK 10.5 mill (8.1 mill). The operating profit was NOK 11.1 mill (8.9 mill). The
increase in profit stems in particular from a positive cost development, among others, lower
cost of materials and lower depreciation. Losses incurred as a result of the strike are
estimated at NOK 1.2 mill. The printing business achieved a pre-tax profit for the first half-year
of NOK 15.3 mill (9.9 mill), and an operating profit of NOK 16.6 mill (11.7 mill).

OTHER, TVTRONDELAG
The business segment ”Other” (TVTrondelag AS, Trondelag Mediesalg AS, Adresseavisens
Telefontjenester AS and Adressa Bud AS) achieved a pre-tax profit for the first half-year of
NOK 1.5 mill (0.8 mill). The operating profit amounted to NOK 1.4 mill (0.6 mill).
TVTrondelag achieved a pre-tax profit as per the first half-year of NOK 0.6 mill (0.4 mill), and
an operating profit of NOK 0.6 mill (0.2 mill). The consolidated revenues at the end of June
were NOK 7.9 mill (7.4 mill). TVTrondelag is among Norway’s largest local TV stations, with
41 000 (38 000) daily and 115 000 (118 000) weekly viewers (TNS Gallup).

LIQUIDITY
The Group has a solid economic and financial position, and had consolidated cash in the
amount of NOK 47.3 mill (45.2 mill) at the end of the quarter. The Group’s equity is 50.1 %
(46.1 %). NOK 20.4 mill (12.0 mill) has been invested during the first half-year, in, among
others, a new advertising system and a new accounting system, in addition to investments in
the printing companies.

SHAREHOLDERS
At the end of the second quarter, the parent company had 936 shareholders. The five largest
shareholders were Schibsted ASA (31.9 %), Erik Must and family (17.9 %), Orkla ASA
(17.2 %), Adresseavisen ASA (4.8 %) and Sparebank 1 Midt-Norge (4.5 %). Adresseavisen
ASA owns 91 171 own shares. The price of Adresseavisen’s shares (last traded) was at the
end of June, NOK 365 (NOK 235).

FUTURE PROSPECTS
The positive development in advertising revenues continuted into the second quarter. This
positive trend is expected to continue through the rest of 2004.
Adresseavisen’s focus is on further strengthening the content and market places for the
Group’s various segments in 2004. As of the Fall of 2004, the different sections of the
newspapers will be revamped. The Culture Section will appear daily in tabloid format.
RadioAdressa will strengthen its news profile through a daily debate and news magazine.
Kanal24 has not achieved the anticipated listener and revenue figures thus far. Measures
have been implemented to increase the number of listeners.
The Board expects a positive profit development for the Adresseavisen Group in 2004.

The Board of Directors of Adresseavisen ASA

Trondheim, 31 August 2004