NZZ Media Group with improved result in 2011

At the operating result (Ebit) level, a result of CHF 52.5 million was achieved, exceeding the previous year by CHF 5.3 million. According to a statement by the NZZ Media Group, the main factors contributing to the increase were the integration of the Thurgauer Zeitung, the acquisition of the Anzeiger Luzern and the improved results at the radio stations. The Ebit margin was 10 percent compared to 9.1 percent in the previous year. Despite impairments due to value adjustments on financial assets, the Group result increased by CHF 1.6 million year-on-year to CHF 36.9 million. The Board of Directors proposes to the Annual General Meeting that a dividend of 200 Swiss francs per share be paid for the 2011 financial year.

Total operating revenues rose by 1.7 percent year on year to CHF 527.3 million. Advertising revenues showed slight growth in the first half of the year due to the economic recovery. Although this effect weakened in the second half of the year, advertising revenues nevertheless increased by CHF 0.8 million to CHF 194.3 million, mainly as a result of acquisitions. Income from subscription and single-unit sales also recorded a slight increase to CHF 152.5 million (+0.8 million). In an industry environment characterized by production overcapacity, print revenues remained at the previous year's level of 73.4 million Swiss francs. Revenues from electronic media rose by 8 percent to 50.6 million Swiss francs. The significant increase is the result of consistently improved sales in the online sector and at local radio stations and TV stations. Other income increased by CHF 2.7 million year-on-year to a total of CHF 56.5 million. Total operating expenses increased by 0.8 percent to CHF 474.8 million. The increase is mainly attributable to the expansion in the core area of publishing as well as expenses for strategic developments of business units. Cash flow from operating activities increased from CHF 74.4 million to CHF 88.8 million. The equity ratio remained stable at 68.9 percent (previous year 69.2 percent). The Group's headcount increased to 1,655 full-time positions (previous year 1607), mainly due to the expansion in the online and publishing businesses.

The integration process to create a group of companies has largely been completed, and the new organizational structures are well established. These prerequisites form a good basis for mastering future challenges. The structural changes in the media industry will continue to occupy the NZZ Media Group in the 2012 financial year, as will the decline in print advertising expenditures that has been evident since the beginning of the year. By consistently implementing its redefined corporate strategy and, in particular, by expanding its digital business areas, NZZ Media Group intends to counter this.

Karin Keller-Sutter proposed as new member of the Board of Directors

The Board of Directors of the AG für die Neue Zürcher Zeitung currently comprises seven members, whereby the Articles of Association provide for a composition of 7 to 9 members. The Board of Directors proposes to the Annual General Meeting on April 14, 2012 that Ms. Karin Keller-Sutter be additionally elected to the Board of Directors. Karin Keller-Sutter, 48, is one of the most prominent politicians in Switzerland. She has been a member of the cantonal government and Head of the Department of Security and Justice of the Canton of St. Gallen since 2000. In 2011/2012 she will serve as President of the Government, as she did in 2006/2007, and in October 2011 she was elected to the Council of States. At the end of May 2012, Karin Keller-Sutter will step down from the government council.

> LZ Medien: Sales down slightly