15 August 2012

Company announcement no 10-12



Today the Board of Directors of North Media A/S has resolved to grant options
to a group of 21 persons, consisting of the Company’s Executive Board and
selected executives of the Group, to acquire a total of up to 1,410,000 shares
of a nominal value of DKK 5.00 each in North Media. 390,000 of those shares
have been granted to the Executive Board. The grant will take place in three
tranches. 



The Company’s Board of Directors will not receive share options.



The objective of this step is to incentivise performance-oriented and
value-creating focus and, in doing so, increase group profit. Also, the aim of
the programme is to develop long-term loyalty and to constitute a competitive
remuneration to employees under this programme. 



The theoretical market value (as assessed using the Black-Scholes model) of the
share options granted is DKK 5.5 million. To assess the Black-Scholes value,
such elements as 2-4 years’ historical volatility of the share price calculated
at 39.1% - 45.3%, a risk-free interest rate of 0.00% - 0.07% and a life of 2-4
years have been considered. In accordance with the IFRS accounting policy
governing share-based payment, the value of the share options value be
recognised in the income statement over the estimated average vesting period,
DKK 0.6 million of which will be taken to pre-tax profit or loss for 2012. 



Each share option will entitle the holder to acquire one share at a price
equivalent to the average of the closing price of the Company’s shares during
the period from 8 August 2012 to 14 August 2012, both dates included. On this
basis, the exercise price has been calculated at DKK 21.12 per share. 



The options will be granted in three tranches:

  -- Tranche 1 consisting of 370,000 options vest up until the publication of
     the Interim Report for 2014. Tranche 1 options may be exercised during the
     period of one week after the date of termination of the vesting period and
     until four weeks after the date of the Company’s publication of the
     financial statements for 2015.
  -- Tranche 2 consisting of 470,000 options vest up until the publication of
     the Interim Report for 2015. Tranche 2 options may be exercised during the
     period of one week after the date of termination of the vesting period and
     until four weeks after the date of the Company’s publication of the
     financial statements for 2016.
  -- Tranche 3 consisting of 570,000 options vest up until the publication of
     the Interim Report for 2016. Tranche 3 options may be exercised during the
     period of one week after the date of termination of the vesting period and
     until four weeks after the date of the Company’s publication of the
     financial statements for 2017.



During the exercise period, the options may only be exercised in the windows
applicable at the exercise date pursuant to the internal rules as have been
laid down by the Company in accordance with the Danish Securities Trading Act
as well as the rules of Nasdaq OMX. 



Share options are granted in accordance with the overall guidelines for
incentive programmes that were adopted at the Annual General Meeting held by
North Media A/S on 4 April 2008. 



At 15 August 2012 the Company has a portfolio of treasury shares of 443,500
shares. Referring to Company announcement no 11-12 dated 15 August 2012, the
Board of Directors has resolved to launch a share buy-back programme in order
to hedge all share options through a portfolio of the Company’s treasury
shares. 



Please contact CEO Lars Nymann Andersen at +45 39 57 70 00 for further
information. 





Yours faithfully

North Media A/S



Richard Bunck

Chairman of the Board of Directors







This document is an unofficial translation of the Danish original. In the event
of any inconsistencies the Danish version shall apply.