Step Stone ASA Results for the First Quarter

Step. Stone ASA Results for the First Quarter ended 31 March 2001

Giles Clarke Chief Executive Officer Christoph Schmidt-Wolf Chief Financial Officer

Overview • • Sales flat as indicated at AGM Further decline in EBITDA and EBIT EUR 4. 7 m. restructuring charge By Q 3 operating expenses down by EUR 20 m • EUR 35 m. Goodwill write-down • Aim to reach cash positive trading during 2002

Overview • • CV’s rose 37% in Q 1 to 582, 000 Subscribers at 931, 000 – up 31% in Q 1 Brand Leadership consolidated New site architecture rolling-out

Financial Highlights

Sales and Revenues Annual Revenues Quarterly Sales (€Millions) 52. 2 20. 8 20. 9 Q 4 Q 1 17. 0 12. 4 9. 8 18. 1 12. 2 4. 5 1997 1998 1999 2000 YTD 2001 Q 2 Q 3 2000 2001

Positive Financial Trends *Q 1/01 excluding restructuring and goodwill write down

Profit and Loss Statement

Balance Sheet

Cash Flow Statement

Operational Review

Nordic Region • Scandinavian economic effect • Another operating profit in Denmark • Continued expansion in Finland

Central Region • Further German growth – Highest ever weekly sales • UK signs 3 year EUR 3. 2 m. Contract • Austria and Netherlands another solid performance • Switzerland grew satisfactorily

Southern Region • Italy sales moved strongly ahead • Portugal impressive growth • First local sales in India

Summary • Optimistic that 2001 will see significant financial progress • EUR 20 m. Cost base reduction implemented • Aim to reach cash positive trading during 2002

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