January – September 2006

1. Observer AB January – September 2006

2. Highlights January - September 2006 • Revised strategy and new financial targets • Revenue up 11 % and EBIT* up 31 % • Strong growth in integrated services with value added analyzed information • Growth in international client segment • Restructurings in the Nordic & Baltic region proceed according to plan • On-going restructuring in the UK • Positive development in the US, Canada, Germany and Portugal * Excluding write-down goodwill and restructuring expenses

3. Market • Generally good market conditions • New media and channels create opportunities for service development • Crises management through blog monitoring • New channels, primarily within broadcast monitoring • Growing importance of reputation and brands drive demand • Rising demand for integrated services with value-added analyzed information • Growing demand within international client segment • Copy right issues change market prerequisites • Tough competition in all service areas

4. January – September 2006 *excl. write-down goodwill and restructuring expenses

5. Organic Growth & Operating Margin* (rolling 12 months) * Excluding write-down goodwill and restructuring expenses

6. Operating Cash Flow and EBIT * (rolling 12 months) Amounts in SEK million * EBIT before write down of goodwill and restructuring costs

7. Balance Sheet September 30, 2006 Financial Assets, 164 Current receivables, 353 Other fixed assets, 281 Goodwill 2 303 Financial liabilities 961 Operating liabilities 429 Equity 1 640 Working capital: -76 Equity / Assets ratio: 52 % Debt / Equity ratio: 49 % Net debt: 797 Amounts in SEK million

8. The Regions North America • Improved earnings • Organic growth amounted to 8 % (Q3: 5 %) • Healthy demand for integrated services • Strong market for broadcast monitoring Nordic & Baltic • Improved but still weak earnings • Organic growth amounted to 5 % (Q3: 7 %) • Strong growth in evaluation services • Positive development in the large client segment Rest of Europe • Lower earnings • Organic growth amounted to 0 % (Q3: -1 %) • Positive development in Germany and Portugal • Weak development in UK and Ireland

9. Changes and development • Revised strategy and new financial targets • Digitalization of production processes • Restructuring - estimated savings: SEK 130 million, costs: SEK 120 million • Expansion in geographic markets with high shareholder ROI • Centralization for increased efficiency and profitability: • Sourcing and quality management • International client processes

10. Observer today Strengths • Global market leader • Unparalleled offering – breadth and depth • Large client base • Prime position in North America – the leading media market in the world • Strong cash flow Opportunities • Strong growth in international client segment • Strong position within our client segment • Effects from initiated cost reduction program • Increased synergies within and between regions • Expansions to new markets • Observer is well positioned to capitalize on a growing market.