1. Successful Nation as a Framework for Successful Business Jaakko Rauramo Chairman of SanomaWSOY December 4, 2006

2. Jaakko Rauramo | 4.12.2006 | 2 The SanomaWSOY Group Net sales M€ 2,622 EBIT M€ 301.1 Personnel 16,885 EBIT including major non-recurring capital gains Personnel under employment contract, average Net sales, EBIT and personnel in 2005 * Will start in January 2007 SWelcom Net sales 122.5 M€ EBIT 9.6 M€ Commercial TV, Cable TV, Broadband, and Radio* Sanoma Net sales 446.4 M€ EBIT 59.1 M€ Newspaper publishing, Digital media, Printing SanomaWSOY Education and Books Net sales 294.4 M€ EBIT 55.8 M€ Educational publishing, Publishing Rautakirja Net sales 635.9 M€ EBIT 51.2 M€ Press distribution, Kiosk operations, Bookstores, Movie theatres Sanoma Magazines Net sales 1,181.9 M€ EBIT 129.1 M€ Magazine publishing, Digital media, Press distribution

3. Jaakko Rauramo | 4.12.2006 | 3 SanomaWSOY in Hungary Sanoma Budapest Kiadói Zrt –The leading magazine publisher in Hungary with nearly 40 titles –Also considerable online businesses, e.g. the leading consumer portal Startlap.hu, nlcafe.hu (women’s portal), profession.hu (job portal), teszvez.hu (internet auction site) –Book publishing, event and conference organization –Some 400 employees Hearst Sanoma Budapest (50%) –Publishes Cosmopolitan and FHM Láng Kiadói, which consists of –Nemzeti Tankönyvjiadó Rt. (NTK), the leading educational publisher –Perfekt Zrt., one of the leading vocational training companies –Some 300 employees

4. Jaakko Rauramo | 4.12.2006 | 4 The Framework 1/2 Main Economic Indicators Rule of Law Rule of Moral Age Structure Development Indicators of Age Structure Foreign Population Labour Market Education Levels World Top Universities Research and Developmnet Expenditure Patents R&D Funding in the State Budget Taxation

5. Jaakko Rauramo | 4.12.2006 | 5 The Framework 2/2 Public Subsidies of Businesses Public Sector Expenditure and Revenue Number of Towns Structure of the Economy by Sector Energy Balances Largest Companies Venture Capital Investments Foreign Direct investment Criminality and Safety Broadband Subscribers Internet Usage Penetrations Trends Driving the Global Economy

6. Jaakko Rauramo | 4.12.2006 | 6 Main Economic Indicators Hungary 2002200320042005 GDP change (%)4.34.14.94.2 GDP, EUR million50,32163,61377,84383,709 GDP/capita, EUR5,0796,4537,9368,577 Inflation (%)5.24.76.73.5 General government financial balance, deficit/surplus of GDP (%) -8.4-6.4-5.4 Current account, EUR million-3,593-5,593-6,863-6,733 Population, million10.1 1 USD = 0.7756 EUR Sources: Finpro, Worldbank, Statistics Finland

7. Jaakko Rauramo | 4.12.2006 | 7 Main Economic Indicators Finland 2002200320042005 GDP, change (%)1.61.83.52.9 GDP, EUR million103,167126,121144,373148,070 GDP/capita, EUR19,81624,16927,66028,325 Inflation (%)2.01.30.10.9 General government financial balance, deficit/surplus of GDP (%) 4.22.31.9 Current account, EUR million6,9285,4507,2743,641 Population, million5.2 1 USD = 0.7756 EUR Sources: Worldbank, Statistics Finland

8. Jaakko Rauramo | 4.12.2006 | 8 Rule of Law Legal system Security Public trust Speed of justice Business law

9. Jaakko Rauramo | 4.12.2006 | 9 Rule of Moral Overall Rank EU and other Western European CountryScoreConfidence range Surveys Used 11Finland9.69.4–9.77 11Iceland9.69.5–9.76 43Denmark9.59.4–9.67 64Sweden9.29.0–9.37 75Switzerland9.18.9–9.27 86Norway8.88.4–9.17 97Netherlands8.78.3–9.07 …. 4121Hungary5.25.0–5.48 Source: Corruption Perceptions Index 2006, Transparency International

10. Jaakko Rauramo | 4.12.2006 | 10 Education Levels Number of degrees in 2005 Hungary2005 A levels or similar37,974 Masters19,188 Finland2005 A levels or similar34,058 Masters19,176 Technical2,854 Business School2,159 Other14,163 Sources: Statistics Finland, Hungary: Ministry of Education, statistical yearbook

11. Jaakko Rauramo | 4.12.2006 | 11 World Top Universities World Rank InstitutionCountryScore on Alumni Score on Award Score on HiCi Score on N&S Score on SCI Score on Size Total Score 1Harvard UnivUSA100 73.6100 2Univ CambridgeUK96.391.553.859.567.166.572.6 3Stanford UnivUSA39.770.788.47071.465.372.5 4Univ California - BerkeleyUSA70.674.570.572.271.953.172.1 5Massachusetts Inst Tech (MIT) USA72.980.666.666.462.253.669.7 6California Inst TechUSA57.169.159.164.550.110066 7Columbia UnivUSA78.259.45653.669.845.861.8 8Princeton UnivUSA61.175.359.643.547.35858.6 8Univ ChicagoUSA72.980.249.943.754.141.858.6 10Univ OxfordUK6257.94854.3664657.6 **** 74University of HelsinkiFinland18.217.920.419.253.429.227.6 290University of TurkuFinland0010.911.534.117.1 312Eotvos Lorand UnivHungary19.10012.425.214.2 Source: Institute of Higher Education, Shanghai Jiao Tong University

12. Jaakko Rauramo | 4.12.2006 | 12 Research and Development Expenditure In Hungary MHUF199920002001200220032004 1 2005 Business enterprises 30,07039,79048,98450,93653,92667,35181,954 Government41,62452,20775,386100,392102,00894,049102,666 Other domestic source 2,1312,1893,3172,3699911,334974 From abroad4,36311,20212,91817,77318,84718,79122,171 Total78,188105,388140,605171,470175,773181,525207,764 Of GDP (%)0.680.820.941.010.950.890.95 1 EUR = 248.05 HUF Source: Hungarian Central Statistical Office

13. Jaakko Rauramo | 4.12.2006 | 13 Research and Development Expenditure In Finland MEUR199920002001200220032004 1 2005 Business enterprises2,6443,1363,2843,3753,5283,6833,770 Public sector 2 470497501530515530538 University sector 3 7657898349269621,0401,080 Total3,8794,4234,6194,8305,0055,2535,388 Of GDP (%)3.23.3 3.4 *3.5 1 Estimate on the basis of inquiry responses and other calculations, 2 Incl. private non-profit sector 3 Incl. central university hospitals and polytechnics, * preliminary data Source: Statistics Finland

14. Jaakko Rauramo | 4.12.2006 | 14 Public Sector Expenditure and Revenue HUNGARY2005 Expense of GDP42% Revenue, excluding grants of GDP38% FINLAND Expense of GDP37% Revenue, excluding grants of GDP40% Source: The World Bank. Data & Statistics: Public Sector

15. Jaakko Rauramo | 4.12.2006 | 15 Venture Capital Investments HUNGARY20032004 Investments, MEUR117108 Number of transactions3241 FINLAND Investments, MEUR328369 Number of transactions431419 Source: Hungarian Venture Capital and Private Equity Association, Suomen pääomasijoitusyhidstys

16. Jaakko Rauramo | 4.12.2006 | 16 Foreign Direct Investment % of GDP 1975198019851990199520002003 HUNGARY0.0 0.9410.923.623.03 FINLAND0.240.050.210.590.807.612.12 Source: Globalis

17. Jaakko Rauramo | 4.12.2006 | 17 Penetrations 199920002001200220032004 Mobile phones/100 persons Hungary16.230.749.868.378.586.4 Finland63.471.080.586.791.095.6 PCs/100 persons Hungary7.58.510.010.812.614.6 Finland36.039.642.444.246.148.2 Broadband connections/100 persons Hungary0.00.31.12.83.6 Finland0.61.35.39.514.9 Internet users/1000 persons Hungary59.670.0148.5158.8237.2267.4 Finland322.7372.3430.8512.0536.7630.0 Source: Statistics Finland

18. Jaakko Rauramo | 4.12.2006 | 18 Trends Driving the Global Economy People power –Blogs, user reviews, photo-sharing – the peer production era has arrived Personalize it –Jeans cut just for your hips, drugs designed just for your genome. The new me decade is a perfect fit. Video unlimited –Any time, any place, any format, any screen – there’s always something on. All-access economy –Closed systems are dead. From software to supply chains, open is the new standard. Carbon Killers –Hug that tree: For some companies, going green is generating serious greenbacks Buy it now –Forget old-school R&D. These companies purchase their ideas one startup at a time. Source: Wired 07/2006

19. Jaakko Rauramo | 4.12.2006 | 19 Future is in our own hands.

20. SanomaWSOY – Content for your life.