Sanoma Oyj · OMXHEX:SANOMA

Sanoma Oyj — Merger or Acquisition (April 2017)

13 slides from Sanoma Oyj's merger presentation, Apr 10, 2017

1. Slide 1: Sanoma Divests SBS

   Sanoma Divests SBS Susan Duinhoven – President and CEO Markus Holm – CFO / COO

2. Slide 2: Sanoma Divests SBS to Talpa

   Sanoma Divests SBS to Talpa  SBS is #3 free-to-air TV business in the Dutch market with four TV channels (SBS 6, NET 5, SBS 9 and Veronica)  Sanoma to receive a net cash consideration of EUR 237 million for its 67% stake and 100% ownership of the TV guide business Veronica Uitgeverij  Implies a 1

3. Slide 3: Key Benefits of Transaction

   Key Benefits of Transaction More balanced composition of net sales  Improved financial and strategic flexibility to grow and create value in stronghold 100 % businesses 14% 14% – Reduced leverage with Net debt / adj. 90 % EBITDA to decrease from 3.2 to 2.5x (pro 80 % 17% 20% forma 2016) 70 % – Full

4. Slide 4: Focus on Strongholds

   Focus on Strongholds Net sales by Strategic Business Unit Businesses in leading market positions with growth opportunities 17% 20% 35% 41%  Sanoma Learning: – Forerunning digital learning company 47% 39% – A leading player in each of its 5 markets 2016 Pro forma 2016 – Attractive growth opportuniti

5. Slide 5: Focus on Strongholds: Continued commitment to SMBeNe

   Focus on Strongholds Net sales by Strategic Business Unit Continued commitment to SMBeNe 17% 20% 35% 41%  Sanoma Media Belgium/Netherlands: – #1 local online player in NL market 47% 39% – Market leader in magazine print and online 2016 Pro forma 2016 domain, developing strong multimedia brands Oper

6. Slide 6: Clearly Lower Leverage

   Clearly Lower Leverage Effects on Sanoma’s financial position Net debt 1 400 6x 1 200  Pro forma for the transaction, Sanoma’s 2016 1242 100 5x – Net debt reduces to EUR 539 million 1 000 (from EUR 786 million) 1135 4x 100 100 – Net debt / adj. EBITDA decreases to 2.5x 800 EUR million 802 801 (from

7. Slide 7: Outlook Improved, Dividend Policy Unchanged

   Operational EBIT, EUR million Outlook Improved, Dividend Policy Unchanged 168 153  Sanoma’s outlook 2017 is improved: – Net sales, adjusted for structural changes including SBS divestment, will be stable and 2016 Pro forma 2016 – Operational EBIT margin will be above 10% (previously ‘around 10%’) C

8. Slide 8: Q&A

   Q&A

9. Slide 9: Transaction Structure

   Transaction Structure  Sanoma will receive a net cash Cash consideration of EUR 237 million for its 67% Image stake 67% stake and 100% ownership of the TV 100% guide business Veronica Uitgeverij Veronica  Transaction subject to closing conditions, Uitgeverij B.V. Cash Image B.V. including customar

10. Slide 10: Veronica Uitgeverij

    Veronica Uitgeverij Leading TV Guides in the Dutch market  TV guides Veronica Magazine and Totaal TV as well as the digital Superguide  Focus on TV programming and entertainment news  Contributes to our market leading position in the print domain  Unique weekly reach of 1 million  Average circu

11. Slide 11: Sanoma pro forma 2016 excluding SBS

    Sanoma pro forma 2016 excluding SBS: Net sales EUR 1,407 million – non-print sales 41% (EUR 580 million) Operational EBIT margin above 10% Three Strategic Business Units TV & Radio Media Media Learning Net sales EUR 120 million Finland BeNe Magazines 2016 2016 2016 Net sales EUR 460 million Net sale

12. Slide 12: Important Notice

    Important Notice The information above contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or future financial performance, including, but not limited to, expectations regarding market growth and development as well growth and profitability of

13. Slide 13: sSQqnomd

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