Alma Media Corporation's Q4 and FA 2015 presentation for analysts and investors. Published 12 Feb 2016.

1. ALMA MEDIA
Q4 AND FY 2015
KaiTelanne, President and CEO
Juha Nuutinen, CFO
12.2.2016
@AlmaMedia_IR
12.2.2016

2. Highlights
Market development
Financial development
Strategy and outlook
Q & A
Agenda

3. Alma Media’s year 2015 in brief
Operating profit excluding non-recurring items improved
– in spite of the difficult economic climate:
• Revenue decreased to MEUR 291.5 in 2015
due to divestments.
• Operating profit excluding non-recurring items
increased by 9.3% to MEUR 23.4.
• The operating profit includes net non-recurring
items of MEUR -5.7.
• Revenue from digital products and services exceeded
the MEUR 100 milestone.
• Strong financial position: equity ratio 42.5% and
gearing 59.2%
• The Board’s proposal of capital repayment is
EUR 0.12 per share
Business development:
• In Digital Consumer Services, revenue growth with an
excellent level of profitability, led by the international
recruitment business. In Finland, digital services
maintained their level of profit performance.
• Significant acquisitions and divestments in Financial
Media and Business Services (Talentum, JMTieto,
Alma360). For the first time, the number of subscribers
of Kauppalehti’s digital products exceeded print (53%).
• A difficult year for IL-Media, but there was a positive turn
in digital advertising late in the year.
• In Regional Media, operational restructuring and
efficiency improvement measures continued and the
gradual shift towards paid digital content began.
• Organisational restructuring of national media sales has
strengthened Alma’s competitiveness in advertising sales
and increased market share.
12.2.2016 @AlmaMedia_IR 3

4. MARKET
DEVELOPMENT IN
FINLAND
12.2.2016
@AlmaMedia_IR

5. Advertising sales change 12/2014 - 12/2015
12.2.2016 @AlmaMedia_IR 5
Source: TNS Media Intelligence
-15%
-10%
-5%
0%
5%
10%
15%
20%
Advertising sales total, chg % Newspaper advertising, chg % Online advertising, chg %

6. Advertising increased in December, with growth in
vehicle, food and entertainment advertising
12.2.2016 @AlmaMedia_IR 6
Total market, change from previous year
Source: TNS Media Intelligence
Total -3.1% Total -2.6% Total +0.6%
P10 2015 vs 2014 P11 2015 vs 2014 P12 2015 vs 2014
-5.3 %
-59.2 %
7.4 %
-7.5 %
2.7 %
6.5 %
-3.9 %
4.1 %
-0.4 %
Other
Tele
Recru
Tourism
Houses
Entert
Food & bev.
Motor v.
Retail
1.6 %
-11.4 %
-0.6 %
-4.6 %
-18.2 %
-0.8 %
2.3 %
-3.8 %
-7.0 %
Other
Tele
Recru
Tourism
Houses
Entert
Food & bev.
Motor v.
Retail
5.2 %
-40.0 %
-34.6 %
-3.7 %
-5.8 %
3.6 %
12.1 %
14.4 %
-2.4 %
Other
Tele
Recru
Tourism
Houses
Entert
Food & bev.
Motor v.
Retail

7. Digital advertising has established its position as the second-
largest area of media advertising, behind newspapers
12.2.2016
Sources:TNSAd Intelligence monthly monitoring and IAB Finland quarterly monitoring
(search engine advertising, directories, Facebook).
@AlmaMedia_FI
Display
advertising
153,6 M€
(53.7%)
Classified
advertising
33,9 M€
(11.8%)
Search engine
advertising and online
directories
98,6 M€
(34.5%)
Online advertising investments 2015
Total
MEUR 286.1
Facebook
20.7%
Mobile
12.2%
In-stream
10%
Other
57.1%
Breakdown of display advertising in
2015

8. Investments by online media type in 2015
12.2.2016
Sources:TNSAd Intelligence monthly monitoring and IAB Finland quarterly monitoring
(search engine advertising, directories, Facebook).@AlmaMedia_FI
Search engine
advertising ; 34%
Online services of
newspapers; 18%
Classifieds; 14%
Social media; 12%
Online services ofTV
and radio
broadcasters; 9%
Other online services;
7%
Online services of
financial media; 3%
Magazines; 3%

9. ALMA MEDIA’S
PROFIT
PERFORMANCE
12.2.2016
@AlmaMedia_IR
9

10. Revenue decreased
due to divestments
• Revenue in 2015 decreased by 1.3%, primarily due
to divestments.
• Talentum’s effect on revenue was
MEUR +5.8.
• JMTieto’s effect on revenue was
MEUR +3.4.
• Alma 360’s effect on revenue was
MEUR -3.6.
• The effect of Regional Media’s newspaper
divestments on revenue was MEUR -9.8.
• In National Consumer Media and Regional Media,
advertising and content revenue have decreased
in recent years.The sales of digital products and
services are growing, but they are not sufficient to
compensate for the loss of revenue that
accumulates from the decline in print media.
12.2.2016 @AlmaMedia_IR
76.6 78.6
Q4 2014 Digital Consumer
Services
Financial Media and
Business Services
National Consumer
Media
Regional Media Q4 2015
1.9
4.2
-0.1
-4.4
295.4 291.5
2014 Digital Consumer
Services
Financial Media and
Business Services
National Consumer
Media
Regional Media 2015
5.9
5.5
-5.3
-10.9
MEUR
MEUR

11. 5.6
7.1
Q4 2014 Digital Consumer
Services
Financial Media and
Business Services
National Consumer
Media
Regional Media Group operations Q4 2015
0.9 0.2
1.2
-0.4
-0.4
• Operating profit excluding non-recurring items
for the full year 2015 was MEUR 23.4, or 8.0%
(7.2%) of revenue.
• Total expenses decreased by MEUR 0.5,
or 0.2%, to MEUR 277.4 (277.9).
• Depreciation and impairment included in
the total expenses amounted to MEUR
16.8 (15.7).
12.2.2016 @AlmaMedia_IR
Operating profit excluding
non-recurring items improved
21.4
23.4
2014 Digital Consumer
Services
Financial Media and
Business Services
National Consumer
Media
Regional Media Group operations 2015
4.3
1.3
-1.2
-0.7
-1.8
MEUR
MEUR

12. MEUR 100 milestone exceeded in revenue from digital products
and services – growth accelerated in Q4
12.2.2016 @AlmaMedia_IR
Segment’s share of the Group’s
digital revenue
MEUR
Q4 digital business revenue grew by 17.7%.The growth rate in 2015 was 8.7%.
44 40
49
57
78 84
95
10312.9 % 13.1 %
15.7 %
18.0 %
24.3 %
28.1 %
32.0 %
35.3 %
2008 2009 2010 2011 2012 2013 2014 2015
Revenue from digital business Share of total revenue
4.5 %
12.0 %
23.7 %59.7 %
Regional Media
National Consumer Media
Financial Media and Business Services
Digital Consumer Services

13. • Media business brands operated with a multi-channel approach.
• Digital consumer and business services have been developed
in-house and obtained by acquisitions.
• Divestments have also been made.
Alma’s digital product portfolio has grown substantially
since the late 1990s
2000 2005 2010 20151995

14. Alma’s operations in Finland and internationally
• Alma’s international business is growing and
profitable.
• The most significant investments in the international
recruitment business were made in 2012:
LMC, Profesia and CV Online acquisitions totalled
more than MEUR 70.
12.2.2016 @AlmaMedia_IR
286 260 252 235
32
37 37 45
2012 2013 2014 2015
Domestic Foreign operations Not Allocated
35 32
23
17
1 2
5
11
2012 2013 2014 2015
Domestic Foreign operations Not Allocated
1,362
430
Domestic Foreign operations
Employees 2015
Revenue 2012–2015
Operating profit 2012–2015

15. FINANCIAL REVIEW
Juha Nuutinen, CFO
@AlmaMedia_IR

16. Long-term financial targets
Alma Media’s financial
targets
2011 2012 2013 2014 2015 Target
Digital business growth 16.3% 36.8% 8.4% 11.9% 8.7% > 15%
Return on Investment
(ROI), %
26.1% 13.8% 10.0% 9.8% 6.9 % > 15%
Dividend payout ratio* 103% 45% 50% 63% 92% > 50%
12.2.2016 @AlmaMedia_IR 16
* Includes capital repayment to shareholders.

17. 12.2.2016 @AlmaMedia_IR 17
Revenue breakdown
October–December
• Content revenue +5.5%.
• Talentum’s effect on content revenue
MEUR +4.1.
• Advertising revenue +5.2%
• Advertising sales for print media -2.2%
• Online advertising sales +20.7%
• Talentum’s effect on advertising sales revenue
MEUR +1.0.
Full year 2015
• Content revenue -4.9% due to lower circulations of
print media.
• Advertising revenue +0.3%
• Advertising sales for print media -10.2%
• Online advertising sales +11.0%
27.7
38.6
10.2
76.6
29.2
40.6
8.7
78.6
Content sales Advertising Sales Net sales of
services
Revenue
Q4 2014 Q4 2015
5.5 %
5.2 %
-14.9 %
2.6 %
110.1
146.4
38.8
295.4
104.7
146.9
39.9
291.5
Content sales Advertising Sales Net sales of
services
Revenue
2014 2015
-4.9 %
0.3 %
2.8 %
-1.3 %

18. 12.2.2016 @AlmaMedia_IR 18
Operating profit breakdown
1.9 1.8 0.1
3.8
-2.0
5.6
2.8 2.1 1.3
3.4
-2.5
7.1
Digital Consumer
Services
Financial Media
and Business
Services
National
Consumer Media
Regional Media Group operations Alma Media total
Q4 2014 Q4 2015
46.0%
11.5%
968.9%
-9.4%
-21.4%
26.3 %
9.2 6.7 3.7 9.6
-7.7
21.4
13.4
8.0
2.5
8.9
-9.5
23.4
Digital Consumer
Services
Financial Media
and Business
Services
National
Consumer Media
Regional Media Group operations Alma Media total
2014 2015
46.6%
19.1%
-31.4%
-7.0%
-22.7%
9.3 %

19. Digital Consumer Services in 2015:
strong international growth
• Revenue from the recruitment business increased by 20.5% and it accounted for 73.6% (67.5%) of the segment’s revenue in 2015.
• In Finland, Alma Media’s digital services maintained their profit level.
• The business was highly profitable, with operating profit excluding non-recurring items increasing by 47% compared to 2014.
12.2.2016 @AlmaMedia_IR 19
Revenue and operating profit
(excluding non-recurring items)
MEUR
14.7 15.3
16.6
1.9
4.0
2.8
Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
+54.6% +46.0%
+13.1% +12.9%
55.8
61.7
9.2
13.4
2014 2015
+46.6%
+10.5%

20. Financial Media and Business Services in 2015:
significant acquisitions and divestments
• Online business accounted for 41.7% (43.0%) of the segment’s revenue.
• For the first time, the number of subscribers of Kauppalehti’s digital products exceeded print (53%).
• Profitability excluding non-recurring items improved to a good extent.Talentum had a minor effect on the result for the full year.
12.2.2016 @AlmaMedia_IR 20
Revenue and operating profit
(excluding non-recurring items)
MEUR
14.0
12.5
18.2
1.8 2.1 2.1
Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
-1.4% +11.5%
+2.3% +30.0%
53.0
58.5
6.7 8.0
2014 2015
+19.1%
+10.3%

21. National Consumer Media in 2015: encouraging growth in
mobile advertising late in the year
• Online business accounted for 29.8% (27.0%) of the segment’s revenue.
• Content revenue -13.2% to MEUR 24.7 due to the decrease in Iltalehti’s circulation
• Advertising sales -8.6% to MEUR 16.8: print media advertising sales -22.6%, online advertising sales -2.1%
12.2.2016 21
Revenue and operating profit
(excluding non-recurring items)
MEUR
11.2
9.9
11.1
0.1 0.7
1.3
Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
-13.7%
+968.9%
-13.7% -0.9%
46.9
41.6
3.7 2.5
2014 2015
-11.3%
-31.4%

22. Regional Media in 2015:
continued structural reforms
• Online business represented 3.5% (2.6%) of revenue.
• Content revenue -8.7% to MEUR 59.8. Advertising sales -9.9% to MEUR 56.3:
print media advertising sales -11.1%, while online advertising sales +23.2%.
• Operating profit excluding non-recurring items remained at 6.6% of revenue. Non-recurring items, including structural reforms late
in the year, weighed down operating profit.
12.2.2016 22
Revenue and operating profit
(excluding non-recurring items)
MEUR
38.3
31.6
33.9
3.8 2.7 3.4
Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
+2.1% -9.4%
-8.7% -11.5%
145.2
134.4
9.6 8.9
2014 2015
-7.0%
-7.5%

23. Cash flow from operating activities and
investments
12.2.2016 @AlmaMedia_IR 23
-0.9
-21.9
3.4
5.7
Q4 14 Q4 15
MEUR
Gross investments
Proceeds from sales of assets
Cash flow from operating activities
Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
MEUR
8.7
8.2
6.2
16,7
8.7

24. Interest-bearing liabilities
12.2.2016 @AlmaMedia_IR 24
Net debt Q2/2013-Q4/2015 Net debt distribution
Q4/2015
Financial leasing 65.0
Financial loans 25.6
Commercial papers 0.0
Cash and cash
equivalents
-14.4
Total 76.2
97.6
71.1 67.8
63.4 62.1
76.2
Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15
MEUR

25. Equity ratio and Gearing
12.2.2016 @AlmaMedia_IR 25
IFRS
Equity ratio, % Gearing, %
42.6 42.5
2014 2015
68.5
59.2
2014 2015

26. Earnings per share and equity per share
12.2.2016 @AlmaMedia_IR 26
-0.01
-0.07
0.20 0.20
2014 2015
EPS wo non-recurring items
Non-recurring items
0.19 0.13
0.70 0.64
0.47
0.71
2014 2015
Retained earnings
Restricted equity
1.17
1.35

27. Balance sheet
12.2.2016 @AlmaMedia_IR 27
Assets Liabilities
215
274
41
54
Q4 2014 Q4 2015
Long-term assets
Short-term assets
328
256
83 91
69
109
104
129
Q4 2014 Q4 2015
Shareholders' equity
Non-Ib debt
Ib debt
328
256

28. 12.2.2016 @AlmaMedia_IR 28
Depreciation of intangible assets – timetable
3.0
3.7 3.8
4.3
6.5
4.1
3.1
2012 2013 2014 2015 2016S 2017S 2018S
Depreciations on business combinations
MEUR

29. Talentum
Financial Review 2015

30. Talentum 2015 in brief
Achievements Challenges
• Positive trend in Talentum Group’s operating
income without non-recurring items
continued
• Operating profit without non-recurring items
was EUR 5.4 million (EUR 4.1 million)
• Operating income without non-recurring
items in Magazines Finland improved
markedly mainly due to circulation revenue
increase and cost management
• Also Talentum Pro and Direct Marketing
generated excellent results
• Operating income without non-recurring
items in Magazines Sweden and in Events
decreased
• As a result of Talentum’s impairment testing,
the company recognised a write-down
totalling EUR 9.9 million. The write-down
concerns publishing rights and goodwill and
was allocated to Magazine Business
Sweden.
• Advertising sales continued to decrease in
both Magazines Finland and Magazines
Sweden

31. Talentum Financial Review
Sales progression R12M
72,3 72,5 72,4
73,1
72,6
60,0
62,0
64,0
66,0
68,0
70,0
72,0
74,0
Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015
EBIT margin progression R12M
without non-recurring items
4,1
4,4
4,9
5,6
5,4
0,0
1,0
2,0
3,0
4,0
5,0
6,0
Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015

32. EBIT development 2015
Excluding one-off items
2,5
0,2 0,2
1,3
1,0
-1,1
4,1
3,3
-0,2
0,1
1,7 1,5
-1,1
5,4
-2,0
-1,0
0,0
1,0
2,0
3,0
4,0
5,0
6,0
Magazines
Finland
Magazines
Sweden Events Pro Direct Marketing Other Total
2014 2015
M€

33. STRATEGY AND
OUTLOOK
KaiTelanne
@AlmaMedia_IR

34. Strategic development areas
Multi-channel
content
Marketing
solutions
Digital services
Resources and
expertise
We will build new capacities, seek efficiency and
accelerate growth in digital services and
media.
12.2.2016 @AlmaMedia_IR 34

35. Kauppalehti andTalentum
together are now Alma
Talent.

36. The integration ofTalentum andAlma Media – the combination is
being implemented at two levels
AlmaTalent
Group functions
Digital Consumer Services
Marketplaces
Financial Media and Business
Services
production and distribution of financial
information: Kauppalehti, Kauppalehti
Business Information Services,
Objektvision.se
National Consumer Media
Iltalehti
Regional Media
Alma Regional Media and the Group
printing and distribution company
Alma Manu
Group functions
Magazine Business Finland
publishes magazines for professionals
in print and online, e.g. Talouselämä,
Arvopaperi, Tekniikka&Talous
Magazine Business Sweden
publishes magazines for professionals
in print and online, e.g. Affärsvärlden,
Ny Teknik
Events
offers events and training and acts as
B2B media for executives and experts
Books and Legal Training
produces legal and professional
literature and online services and offers
training
Direct Marketing
telemarketing operationsIntegration of business areas
Integration of Group functions

37. • The annual cost synergies expected from the combination may amount to EUR 4–5 million, and the
integration costs resulting from the combination will be approximately EUR 1–2 million in the first year of
operation following the combination.
• The new business unit’s management team will start on 13 February:
Combination process
Juha-Petri Loimovuori (CEO ofTalentum
and head of the management team)
Arno Ahosniemi (editorial staff)
Tuomas Hämäläinen (content sales)
Tiina Järvilehto (media sales)
Otto Mattsson (Kauppalehti Business
Information Services)
TapioTeppo (Talentum Events)
Pia Ruusukivi (digital development)
Maria Ampiala (Talentum Pro)
37

38. November December Q1/2016 Q2/2016 Q3/2016
Execution of the exchange offer and
redemption of minority shares
17 November
Decision regarding
the execution of
the purchase bid
and share issue
Final result.
Offer execution trade
Announcement on
redemption
proceedings
Appointment of special
representative
14 December 2015
Redemption
proceedings begin
Talentum’s
Extraordinary
General Meeting
15 December 2015
Q1/2016
Arbitrators
appointed
19 January 2016
Q2/2016
Confirmation of
redemption right
Confirmation and
payment of collateral
amount
Talentum delisting
Redemption
proceedings
estimated
duration
Q3/2016
Estimated timetable ofTalentum’s delisting

39. Sustainable growth while making use of digitisation
opportunities: growing the service business
• Alma has expanded beyond the sphere of
traditional media to various system and
expert services, such as:
• in the real estate business, a housing marketplace
system and information services.
• in the recruitment business, HR consulting and
recruitment systems.
• in the automotive trade, ERP systems and systems
for requesting bids
• Kauppalehti Business Information Services,
JMTieto and Alma Manu have launched new
initiatives to complement their existing
businesses.
12.2.2016 39

40. Outlook
12.2.2016 @AlmaMedia_IR 40
• The Finnish economy is expected to show zero growth or only slight growth in 2016. Alma Media’s
significant operating countries in Eastern Central Europe, such as the Czech Republic and Slovakia,
are expected to see continued economic growth, but at a lower rate than in 2015.
• Macroeconomic development affects both consumer demand and advertising volume.The
structural transformation of advertising will continue in 2016; online advertising will grow, while
print media advertising will decline.Total advertising volume is not expected to increase in Finland
in 2016.
• TheTalentum acquisition completed in late 2015 will increase Alma Media’s revenue and operating
profit in 2016. In 2016, Alma Media expects its full-year revenue and operating profit excluding non-
recurring items to increase from the 2015 level.The full-year revenue for 2015 was MEUR 291.5, and
operating profit excluding non-recurring items was MEUR 23.4.

41. 4112.2.2016 @AlmaMedia_IR
THANKYOU!
Upcoming events in the investor calendar:
• Report by the Board of Directors and
Financial Statements: 25 February 2016
• Annual General Meeting: 17 March 2016
• Q1 result: 29 April 2016
• CMD: 17 May 2016 /Helsinki