Board of Directors' Report 2009

The consolidated revenues of NHST Media Group fell by 6 % to NOK 1,015 million in 2009 from NOK 1,081 million in 2008. There was a pre-tax loss of NOK 50.8 million in 2009 compared with a loss of NOK 7.3 million in 2008.

Both the revenue decline and the loss were a direct result of the difficult economic conditions that affected the group’s markets throughout 2009. A decline in advertising markets both in Norway and internationally had a severe negative impact on the group’s advertising revenue, which fell by 20 %. Revenue from subscriptions and over-the-counter sales, on the other hand, continued to increase in 2009, going up by 3 %. Other group revenue also increased by 9 % as a result of increased activity in the group’s non-publishing operations. Market positions have been maintained, and in some cases strengthened, on all the main markets where the group operates.

GENERAL
The continuance of the global recession, which started in the second half of 2008, had a major impact on the group’s activities and priorities in 2009. For 2009 as a whole revenue fell by 6 % in total. The decline was the same for all the companies in the group with the exception of TDN, Newsdesk and Nautisk Forlag.

When the financial crisis hit Norway with full force in autumn 2008, it had an immediate and significant impact on advertising revenue at Dagens Næringsliv, the group’s largest company. The weak advertising market persisted in 2009 and had a considerable impact on revenues throughout the year.

While the rest of the group’s publications felt the downturn in the economy less in the first few months of 2009, the impact increased in the first half of the year. And whereas Dagens Næringsliv experienced some improvement in the market during the course of 2009, it was not until the end of the year that the other publications noticed the improvement in market activity. Although the prospects are now better than they were at the start of last year, considerable uncertainty remains.

For the year as a whole, therefore, the financial results have been seriously affected by the financial crisis and the recession. This is clearly reflected in both declining revenues and lower profit margins. As a direct result of the financial trend the group implemented several more rounds of cost adjustments in 2009 and a total of NOK 22 million has been -recognised in restructuring expenses -for downsizing over the year.

Restructuring and cost cutting affected most of the group’s companies. In the first few months of the year Dagens Næringsliv completed the profit improvement programme launched in the fourth quarter of 2008 and in the first quarter of 2009 also booked restructuring expenses of NOK 12 million over and above what had already been earmarked in 2008. DN Nye Medier, -Smartcom, IntraFish, Nautisk Forlag and Europower also implemented downsizing and lay-offs in the course of 2009.

Several of these initiatives were carried out in the second half of 2009 and there was a strong emphasis on adjusting the cost base of the companies to a lower growth rate on the revenue side than was previously assumed.

The challenge also lay in realising that there were differences between segments and regions, which meant that the group needed to open the throttle in some areas while braking hard in others.

The group had net financial loss of NOK 7.7 million for the year. This reflects the sharp exchange rate fluctuations in late 2008/early 2009, which had a positive impact in the fourth quarter of 2008. This impact was largely reversed in the first quarter of 2009, contributing to the negative net financial items for the year. The group is continuing its strategy of hedging the majority of its cash flows in foreign currency throughout the year and its commitment to reducing short-term balance sheet fluctuations.

In June NHST Media Group AS completed a successful share issue, which raised NOK 50 million. This has given the group a sound platform in terms of both equity and liquidity at the beginning of 2010. Non-restricted equity stood at NOK 98 million at the turn of the year (not including the overdraft facility, which has not been used).

The group has maintained its commitment to the renewable energy market in the form of Recharge, its new global news publication. The newspaper (weekly) and website (www.rechargenews.com) were launched according to plan in -January 2009. The start-up was commercially taxing, but the publication is already well established editorially. Operating profits were reduced by NOK 23.3 million due to the investment in 2009 and a positive contribution is not expected in 2010.

Despite the weaker market conditions the group’s publications have maintained their position with readers. In the fourth quarter of 2008 the financial crisis propelled interest in economic news to new heights and this was reflected in strong growth in traffic for DN.no. The website managed to maintain this high level of traffic throughout 2009. Traffic to the group’s other online publications is also continuing to grow strongly. In the case of conventional newspapers, the economic trend has led to a certain reduction in circulation, but circulation revenue has continued to increase owing to price increases and the retention of market shares. Strong market positions provide a good basis for long-term development and growth, although cyclical fluctuations will affect the group in the short term. In parallel with the priority given to cost control and restructuring in 2009, the group also stressed the continuing need to compete effectively on all the markets where it operates, in both the short and longer term. One effect of the crisis in the Norwegian economy has been for Dagens Næringsliv, DN.no and TDN to experience continuing interest in their subject areas, with the group strengthening its position as the leading supplier of business news in Norway.

All four of the global market segments where NHST has an international po-sition as a news supplier – oil/gas, -shipping, seafood and renewable energy – were seriously affected by the inter-national economic situation in 2009. But both despite of and because of the recession there was also considerable new development in these industries - in the course of the year, which increased demand for credible news coverage. - For our publications this represented a good opportunity to strengthen already leading market positions in relation to competitors.

DIGITAL DEVELOPMENT
The difficult economic situation in 2009 challenged many media companies and also led to increased awareness in Norway and internationally of the long-term structural challenges facing the media industry. The following areas in particular were in the spotlight:

• The newspaper industry’s business models and the possibility of charging for content on electronic channels in the face of falling circulation and the unprofitability of online activities. -Several leading international players gave notice in 2009 that they would be charging users for online versions of their newspapers.
• Atomisation of news consumption owing to increased use internationally of news aggregation services – e.g. Google News.
• The influence of social media on news organisations – as a distribution channel for content, as an alternative source of news, and as a work tool for press organisations. Twitter’s role as an information channel attracted a great deal of attention after the elections in Iran, for example.
• The increasing number of new digital distribution channels for editorial -content, such as smartphones, e-readers, etc., and how editorial players should respond.

It is probable that these changes will have major consequences for the market for news, but also that it will take time for the long-term consequences to industry players to materialise.

Our ethos in the face of these challenges is that high-quality, exclusive content is the best foundation for continuing to attract loyal readers and advertisers who are prepared to pay.

NHST Media Group has seen its newspaper circulation figures – both in Norway and internationally – gradually rising at the same time as it has been developing increasingly popular online services. DN.no has been a differentiated product in relation to Dagens Næringsliv and both have grown over time. Otherwise, the majority of NHST Media Group’s online news services are already password protected and part of paid subscriptions. As time goes by, the group sees growing potential for editorial pay products online. FiskeribladetFiskaren.no was made a pay product in October 2009 and had 1168 subscribers by the end of the year. Several niche pay services, including offerings to do with wine and training, are under development in association between DN.no and DN.

Ownership of Newsdesk (since 2008) has given NHST Media Group a position in social media and brought it great new expertise. Newsdesk is Sweden’s leading distributor of user-generated content from the business community and was the fastest growing company in NHST in 2009. Social media and editorial media complement each other. Greater opportunities for debate in relation to the editorial content on the group’s websites are an example of increased reader interaction for editorial services. Development in relation to social media will continue, both through joint initiatives with Newsdesk and the development - of new interfaces with readers.

The group’s ethos is to make its content accessible to readers through all channels where there is a willingness to pay. As well as playing an active role in industry initiatives with regard to e-readers (MBL – Norwegian Media Businesses’ Association), for example, the group is constantly developing its digital services. The great loyalty of readers to the group’s conventional newspapers means that their continued development will also be an important part of a future-oriented distribution strategy for the group.

STRATEGY
Regardless of how business models and distribution channels evolve, it is the group’s philosophy that interest in business-related news will continue to grow and that readers will be prepared to pay for high-quality, exclusive journalism in attractive business-related niches in the long term.

At the same time as the group continues to develop digital services, the most important premise for the group’s activities is therefore that editorial quality and innovation must be maintained. NHST Media Group has very strong market positions, highly skilled employees and a unique Norwegian and global network, giving it the potential to achieve good long-term profitability in the niches where it operates.

The strategy of further developing the group’s position in Norway and internationally has held its own in the face of - a demanding economic situation and structural challenges.

The group’s strategy is as follows:

• To be the leading and preferred provider of business news in Norway
• To be the global leader for shipping, oil/gas, seafood and renewable energy news
• To meet demand for information on the markets where we operate through associated information activities
• To pursue the further development of a global nautical chart business

The group’s Norwegian operations have demonstrated, through innovative, quality-driven development, that the potential for business news in Norway is much greater than previously assumed. The group’s strategy in Norway is to continue to expand the business both by developing the product range for its existing audience and by capturing the interest of an even wider audience. This will include focusing on the further development of the editorial product for Dagens Næringsliv.

Within its international segments NHST Media Group has, in the course of time, shown considerable long-term growth potential, which the company will continue to develop in the years to come. The group now has employees in 32 offices, with the largest offices outside Norway being in London, Singapore and Houston.

Nautisk Forlag’s chart business will focus on further international expansion and further development of the company as a leader in electronic distribution.

As previously mentioned, digital business models are constantly changing, so the group considers it important to have a flexible, future-oriented strategy in this area that takes account of the competitive situation in each market. Newsdesk has, as mentioned above, supplemented the group’s traditional editorial strength with the ability to play a leading role in the distribution of user-generated content straight from the business -community.

Co-locating all of the group’s Oslo-based activities in April 2009 has helped to improve cooperation across the group and prepares the way for exploiting greater synergies in future. This applies both to infrastructure, where the companies have profited from co-locating activities, and to editorial and sales activities, where there is further cooperation potential.

FINANCIAL RESULTS BY BUSINESS AREA
The group’s companies are organised in four business areas.

The Dagens Næringsliv (DN) area is NHST Media Group’s largest business and accounted for 53 % of consolidated revenue in 2009. DN’s position as Norway’s leading business newspaper was maintained throughout a demanding year. Total income fell by 9 % to NOK 540.5 million compared with NOK 594.2 million in 2008. Operating profit was NOK 27.3 million compared with NOK 45.4 million in the previous year. This includes NOK 16 million in gross restructuring charged to the income statement in 2009.

The company’s advertising revenue, especially for job advertisements, was badly affected by the economic situation in 2009, falling 21 %. This decline was partly compensated for -by increased market shares for brand advertising.

Circulation revenue continued to increase, although circulation fell by about 3000 copies. Much of the decline in circulation was due to changes in bulk contracts and can be directly attributed to the -economic situation.

The magazine D2 continues to develop positively, leading to increased sales on Fridays and advertising growth.

Despite the considerable uncertainty remaining regarding economic developments in 2010, there were signs of increased activity on the advertising market at the end of 2009 and Dagens Næringsliv is expected to be able to strengthen its market position in the course of the year.

The Digital & Nordic area comprises the group’s digital activities in the Nordic region. Revenue increased by 5 % during the year from NOK 117.6 million to NOK 123.0 million. The growth in revenue came from Newsdesk and TDN, while all the other businesses experienced a fall in revenue. Advertising revenue from the classified segment fell particularly sharply.

The area had an operating loss of NOK 16.5 million compared with a loss of NOK 23.9 million in the previous year. The continued substantial deficit is a reflection of difficult markets and the fall in revenue experienced by DN Nye Medier, Smartcom and Europower. As a result of this, extensive restructuring and cost cutting have been implemented in these three businesses in the form of both permanent downsizing and tem-porary lay-offs.

On the positive side, Newsdesk has managed to maintain strong, profitable growth in a demanding market. Similarly, DN.no maintained its historically high traffic levels throughout the year and should be in a good position to capitalise on an improvement in the advertising market.

In this business area the financial results for each company were as follows:

Revenues at DN Nye Medier, which -publishes DN.no, fell by 15 % to NOK 44.1 million. There was an operating loss of NOK 10.3 million compared - with a loss of NOK 9.8 million in 2008 (including DN TV and DN Søk activities, which were merged with DN Nye Medier at the end of 2008). The bottom line was negatively affected by restructuring costs of NOK 2.5 million as well as a sharp fall in classified advertising revenue.

TDN increased revenue by 2.5 % to NOK 14.7 million, while its operating profit was NOK 4.5 million compared with NOK 3.5 million in the previous year. TDN further increased its -operating margin and is winning market shares.

Europower’s revenue (including its -subsidiary, Intstream) fell by 7 % to NOK 21.0 million and the company - had an operating loss of NOK 1.8 million compared with a loss of NOK 3.9 million in the previous year. The fall in revenue kept the company in the red, as a result of which further cost cutting was implemented in the fourth quarter.

Smartcom’s revenue (including its -subsidiary, Smartcom International) fell by 14 % to NOK 18.1 million and the company had an operating loss of NOK 10.7 million compared with a loss of NOK 13.3 million in the previous year. This unsatisfactory trend is primarily due to the economic situation and internal growth challenges. Smartcom also finished work on a new technical platform, for which hopes are high. Please also see note 8 for an account of the equity situation at Smartcom.

NHST Media Group’s revenue from Newsdesk, which became part of NHST Media Group in August 2008, increased by 239 % to NOK 24.7 million. The company’s full year annual growth was also very high (99.8 %). Operating profit was NOK 1.8 million compared with a loss of NOK 0.4 million in 2008.

The company expects further growth both in Sweden and beyond in 2010, with the international platform for MyNewsdesk having been launched on 01.11.2009.

The Global area comprises the group’s global publications and conference activities in the oil/gas, shipping, seafood and renewable energy segments. The group is the international market leader in the first three areas, while the renewable energy venture was launched in January 2009. Revenue in the area fell by 8 % during the year from NOK 279.3 million to NOK 255.9 million. The fall in revenue is largely due to the decline in the international advertising markets and weaker currencies. Circulation revenue increased, although circulation growth was also affected by the economic situation throughout the year.

The area had an operating loss of NOK 29.2 million compared with a loss of NOK 7.2 million in 2008. Although all the companies posted worse results than in 2008, it was Recharge and IntraFish that contributed to the loss. Recharge won strong approval in the market in its first year of operation, but it will take time for the investment to show positive results. IntraFish implemented appreciable downsizing in the autumn of 2009 in the face of falling revenue, with NOK 3.5 million in restructuring costs being charged to the income statement. For the area as a whole the order books for advertising looked much better at the beginning of 2010 than a year earlier.

In this business area the financial results for each company were as follows:

TradeWinds’ revenue fell by 4 % to NOK 78.6 million, while its operating profit was NOK 7.1 million compared with NOK 9.9 million in the previous year.

Upstream’s revenue fell by 10 % -to NOK 74.0 million, while its operating profit was NOK 1.9 million compared with NOK 6.3 million in the previous year.

IntraFish Media’s revenues fell by 14 % to NOK 89.3 million and the company had an operating loss of NOK 13.0 million compared with a loss of NOK 16.0 million in 2008. Please also see note 8 for an account of the equity situation at IntraFish Media AS.

Recharge had revenue of NOK 3.7 million and an operating loss of NOK 23.2 million in its first year of operation.

The Nautical Charts area consists of Nautisk Forlag. The maritime sector became increasingly affected by the -economic situation in 2009 as well, - but Nautisk Forlag nevertheless posted a slight improvement in revenue for the year as a whole.

The company had revenue of NOK 100.8 million compared with NOK 100.0 million in 2008. Operating profit was NOK 3.2 million compared with a loss of NOK 0.5 million in 2008, reflecting reduced costs.

GOING CONCERN
The accounts have been prepared on the basis of a going concern assumption. This assessment is based on forecasts for 2010, the group’s satisfactory liquidity position and undrawn credit facilities. The Board of Directors believes that the financial statements present a true and fair picture of NHST Media Group’s assets and liabilities, financial position and results.

EXTERNAL ENVIRONMENT
The group does not produce goods or services that use environmentally -hazardous input factors. Dagens Næringsliv, the one newspaper owned by the group that has appreciable over-the-counter sales, collects unsold newspapers through AS Avisretur. The newspapers are then sent for recycling. All office machines that are taken out of service are dealt with in accordance with regulations. All the newspapers buy printing services from external suppliers. The environmental awareness of the group’s main suppliers has been assessed and found to be satisfactory.

EMPLOYEES AND WORKING -ENVIRONMENT
Downsizing in several of the group’s companies in the course of 2009 was difficult for the employees, their organisations and management, while there was considerable new recruitment for growth areas such as Newsdesk. Working conditions are nevertheless considered to be good and the company attaches importance to health, safety and environment activities organised by the working environment committee. Cooperation with the employees’ organisations has been satisfactory. As planned, the group moved to new premises in Akerselva Atrium in April 2009. The move means that all of the group’s activities in Oslo are under one roof. The sickleave absence rate for the group was 4.7 % in 2009, 0.7 % up on 2008. The sickleave absence rate for the parent company, NHST Media Group AS, was 3.2 %, 0.5 % down on 2008. The group is constantly working to reduce the sickleave absence rate. No injuries or accidents were reported during the year.

NHST Media Group has employees in 32 offices in Norway and abroad, with the largest offices outside Norway being in London, Singapore and Houston. Many nationalities are represented in both Norway and abroad, and the employees work well together. The group has a recruitment and HR policy that ensures equal opportunities and rights, while preventing discrimination.

EQUALITY OF STATUS AND EQUAL OPPORTUNITIES
In 2009 NHST Media Group had an average of 674 employees (639 full-time equivalents), 254 of them women. There were 626 full-time employees. 48 people were employed part-time, 31 of them women. At the end of the year there were 676 employees.

At the end of 2009 the group’s Board of Directors had five members elected by shareholders, two women and three men. The group’s administrative management consisted of one woman and four men in 2009. All the subsidiaries, with one exception, are headed by men. The proportion of women in middle management is 30 %. When recruiting for executive positions, the group looks for the best-qualified person. All other things being equal, preference will be given to the underrepresented gender.

NHST Media Group’s HR policy is based on equal pay for equal work. This means that women and men have equal pay in equal positions, provided that other factors and their performance are equal.

The group tries to make it possible for employees of either gender to combine work and family life. During 2009 a total of 45 employees had leave of absence, 21 of them women.

NHST Media Group had 48 part-time employees at the end of 2009, 31 of them women. In positions where it is feasible in practice, NHST has made it possible for employees to work part-time. Women are represented to a higher degree than men among employees going on leave of absence, working part-time and taking sick leave. This is considered to be mainly due to women continuing to take greater responsibility for caring for children and family in society.

When recruiting, the group looks for the person best qualified for the job. NHST Media Group believes that good gender distribution contributes to a better working environment, greater creativity and flexibility, and better results in the long run. All other things being equal, preference will be given to a person of the underrepresented gender. The group will continue to have an active approach to equality of status and equal opportunities.

RESEARCH AND DEVELOPMENT
The group does not have any research and development expenses, but recognises development costs linked to its electronic publishing and production platforms as intangible assets in the balance sheet. This item represented NOK 38.9 million as at 31.12.2009. Such costs are normally depreciated over 3 to 5 years.

CORPORATE GOVERNANCE AND COMPANY MANAGEMENT
NHST Media Group tries to follow the recommendations of the Oslo Stock Exchange with regard to good corporate governance and company management. An account of central factors and any departures follows.

Every business depends on good relations if it is to succeed. A good reputation and good financial development are prerequisites for building and maintaining confidence among important target groups such as shareholders, customers, employees, suppliers, partners and public authorities. This requires the company to be run using good control and management mechanisms. Open, honest communication and equal treatment of the company’s shareholders are also important when it comes to increasing shareholder value and inspiring confidence. The company has annual rolling four-year strategic plans, an annual budget and comprehensive rules for journalism activities, as well as providing supplementary information in the annual report on other matters relating to corporate governance and company management. In addition, the company has rules for the Board of Directors and the CEO. See also the rest of the account.

OPERATIONS
The objectives of the company are set out in the Articles of Association, while its goals and strategies are described in the annual report.

EQUITY
NHST Media Group AS has share capital of NOK 12,879,250. Equity stood at NOK 110,300,840 on 31 December 2009, i.e. an equity interest of 28.1 %. The equity interest for the group was 28.1 %.

DIVIDEND
NHST endeavours to be financed through equity and aims to offer a competitive return on its shares in the form of price rises and dividends. When assessing the size of the dividend, the Board of Directors attaches importance to the company’s dividend capacity, the requirement for adequate equity and the need to have sufficient financial resources for future development. No dividend is being proposed for 2009 on account of the need to boost the company’s financial capacity.

SHARE ISSUES
In June 2009 NHST Media Group AS had a successful share issue, which raised NOK 50 million. No further share issues have been proposed.

TREASURY SHARES
Holdings of treasury shares were unchanged in 2009. The holding consists -of 44,752 treasury shares.

EQUAL TREATMENT OF SHAREHOLDERS AND TRANSACTIONS WITH RELATED PARTIES
The company’s General Meeting is open to all approved shareholders and all approved shares carry equal voting rights. All shareholders may attend in person or by proxy. It is not possible to attend and/or vote via the Internet. There are no known shareholders’ agreements. The General Meeting is convened with the statutory minimum notice.

FREE NEGOTIABILITY
There is just one class of shares and each share carries one vote at the General Meeting. The shares are freely negotiable, though the Board of Directors may refuse to allow a share transfer on reasonable grounds. The right to refuse consent for the acquisition of shares is based on the need for editorial and commercial -independence.

GENERAL MEETING
The documents for the General Meeting, including the recommendations of the election committee, are sent to shareholders no less than two weeks before the General Meeting is held. Importance is attached to the documents containing the information necessary for the shareholders to be able to decide on the business on the agenda. According to the Articles of Association, the Chairman of the Board of Directors chairs the General Meeting.

COMMITTEES
In 2009, in addition to an internal -committee for elections, the Board used a subcommittee to look at matters to do with group financing. The nomination committee was elected by and from among the members of the Board of Directors for reasons of expediency. - The group has a compensation committee consisting of 3 Board Members.

CORPORATE ASSEMBLY AND BOARD OF DIRECTORS – COMPOSITION AND INDEPENDENCE
NHST Media Group AS does not have a corporate assembly.

NHST Media Group aims to balance the composition of its Board of Directors so that it takes account of expertise, experience and background relevant to the company’s activities and represents the composition of shareholders. The company’s management is not represented on the Board of Directors. There are no family ties with the General Manager or other senior employees. Performance-related directors’ fees are not used. The Board of Directors normally consists of five representatives elected by shareholders. All representatives are elected for two years at a time on a rotating basis. Three of the Board Members elected by shareholders have direct or indirect shareholdings in the company (see note 16). None of the Board Members has significant business relations with the company.

WORK OF THE BOARD OF DIRECTORS
The Board of Directors receives a monthly complete income statement and a management report describing developments in the past month. The company’s strategy is discussed on a broad basis at an extended Board Meeting every year. There is also a rotating review of subsidiaries at individual Board Meetings. The work of the Board of Directors is evaluated annually.

RISK MANAGEMENT AND INTERNAL CONTROL
The group is exposed to various types of financial risk linked to ordinary operations. In the short term this involves unpredictable advertising markets in particular. There is also a financial risk associated with technical business interruption and distribution. The group therefore has comprehensive systems in place to deal with such a situation. The group is exposed to risks associated with operations in foreign currency. During the year the risk has been limited and is managed by means of established routines and internal control. In addition, there is continuous assessment of whether to hedge net anticipated liquidity surpluses

in foreign currency. Hedging as at 31 December is described in detail in the notes to the accounts. The group has a relatively diversified customer portfolio and therefore runs a credit risk on these.

During 2009 the group focused on outstanding receivables and the Board of Directors judges the risk of significant losses to be relatively small. The company’s equity financing is necessary in order to manage financial and liquidity-related risks.

DIRECTORS’ REMUNERATION
The General Meeting fixes remuneration for the Board of Directors every year. In 2009 the total remuneration paid to the Board of Directors was NOK 740,000. This was made up of NOK 160,000 for the Chairman of the Board of Directors and NOK 100,000 for each of the other directors (reduced in proportion to attendance at Board meetings).

REMUNERATION OF SENIOR EMPLOYEES
NHST Media Group attaches importance to being an attractive employer. The company wants to attract skilled employees with relevant experience.

The company therefore aims to have a competitive remuneration system.

INFORMATION AND COMMUNICATION
NHST Media Group endeavours to provide good, correct information externally every quarter, with such information being given to shareholders on an equal basis. Reports and announcements are also available on NHST’s website at www.nhst.no.

The company does not make specific assumptions about future revenue and profits. NHST’s shares are listed on the OTC list in Oslo (stockbrokers’ list of unlisted shares) and the share price is published daily under “Børs og marked” in Dagens Næringsliv. At the turn of the year the share price was NOK 420.

COMPANY TAKEOVER
The company has no defence mechanisms against possible takeover bids in its Articles of Association. Nor has it prepared guidelines for how the company would act in the event of a possible takeover bid.

AUDITOR
The company uses the same firm of accountants for all its subsidiaries on all the markets where it is active with the exception of Sweden and Finland. The overall auditing quote is discussed and approved by the Board of Directors and CEO. The auditor is not used as a consultant for strategic matters. The CFO approves any consultancy assignments.

The auditor attends the Board Meeting at which the financial statements are discussed. The auditor’s remuneration is reported at the Ordinary General Meeting and described in the notes to the accounts.

PROSPECTS FOR 2010
The prospects for 2010 are marked by the continuing macroeconomic uncertainty, although there were definite signs of the situation improving at the end of 2009. From a market standpoint, NHST is well positioned for the future. Most of its publications occupy a leading market position that was maintained or enhanced during 2009. However, the effects of the economic situation mean that the prospects for the group’s publications in the short term, particularly on advertising markets, are difficult to anticipate.

PROFIT FOR THE YEAR AND DISTRIBUTION
The parent company is a holding company that had revenue from group services of NOK 72.9 million in 2009. This is an increase of NOK 8.2 million. It had an operating loss of NOK 23.2 million compared with a loss of NOK 25.8 million in 2008. Net financial items were NOK –14.1 million compared with NOK 57.7 million in 2008. This change is due to the parent company not receiving group contributions in 2009. The tax income for the year was NOK 7.6 million owing to the deficit. It is proposed that NHST Media Group AS’s loss for the year of NOK 29.7 million after tax should be covered as follows (NOK ‘000):

The non-restricted equity of NHST Media Group AS is NOK 42.9 million. Total equity is NOK 110.3 million and the equity interest is 28.1 %.