SanomaWSOY Corporation applies for listing of the 2001B warrants on the main list of the Helsinki Stock Exchange as of 1 November 2005.

The total number of 2001B warrants is 1,112,100. Each 2001B warrant entitles its holder to subscribe for one (1) SanomaWSOY Corporation Series B share. In total, the 2001B warrants entitle holders to subscribe for 1,112,100 Series B shares. The present share subscription price with 2001B warrants is EUR 9.30 per share. The annual dividend will be deducted from the subscription price.

The share subscription period for 2001B warrants will begin on 1 November 2005 and end on 30 November 2008.

SanomaWSOY announced the Warrant Scheme 2001 on 31 January 2002.

SANOMAWSOY CORPORATION


Matti Salmi
Senior Vice President
Finance and Administration


DISTRIBUTION
Helsinki Stock Exchange
Principal media


ENCL
Terms and Conditions of the Warrant Scheme 2001

SANOMAWSOY CORPORATION WARRANT SCHEME 2001

The Board of Directors of SanomaWSOY Corporation ("SanomaWSOY" or "Company") (Board of Directors) has on 31 January 2002 resolved, by authorization of the Extraordinary General Meeting of Shareholders on 21 August 2001, that warrants be issued to the senior management of SanomaWSOY Corporation and its subsidiaries ("SanomaWSOY Group") and to Lastannet Oy*, a wholly owned subsidiary of SanomaWSOY Corporation on the following terms and conditions:

I TERMS OF WARRANTS

1. Number of Warrants

The number of warrants issued will be 4,500,000, which entitle to subscribe for a total of 4,500,000 B-shares in SanomaWSOY Corporation.

2. Warrants

Of the warrants 1,500,000 will be marked with the symbol 2001A, 1,500,000 with the symbol 2001B and 1,500,000 will be marked with the symbol 2001C. The persons to whom warrants will be issued will be notified in writing by the Company about the issue of warrants. The warrants will be delivered to the recipient when he or she has accepted the offer of the Company. Warrant certificates shall upon request be delivered to the warrant owner at the start of the relevant subscription period unless the warrants have been transferred to the book-entry securities system.

3. Right to Warrants

The warrants shall, with deviation from the shareholders' pre-emptive right to subscription, be issued to the senior management of the SanomaWSOY Group and to Lastannet Oy*, a wholly owned subsidiary of SanomaWSOY Corporation. It is proposed that the shareholders' pre-emptive right to subscription be deviated from since the warrants are intended to form part of the Group's incentive and commitment program for the senior management.

Upon issuance all warrants 2001B and 2001C shall be distributed to Lastannet Oy*. Lastannet Oy* can distribute warrants 2001B and 2001C to the senior management employed by or to be recruited by the SanomaWSOY Group by the resolution of the Board of Directors.

4. Distribution of Warrants

The Board of Directors decides upon the distribution of the warrants. Lastannet Oy* shall be distributed warrants to such extent that the warrants are not distributed to senior management of the SanomaWSOY Group. The Board of Directors of SanomaWSOY Corporation shall later on decide upon the further distribution of the warrants issued to the subsidiary, to the senior management employed by or to be recruited by the SanomaWSOY Group.

5. Transfer of Warrants and Obligation to Offer Warrants

The warrants are freely transferable, when the relevant share subscription period has begun. The Company shall keep the warrants on behalf of the warrant owner until the beginning of the share subscription period. The warrant owner has the right to acquire the possession of the warrants when the relevant share subscription period begins. Should the warrant owner transfer his/her warrants, such person is obliged to inform the Company about the transfer without delay. The Board of Directors may, as an exception to the above, permit the transfer of a warrant also before such date.

Should a warrant owner cease to be employed by or in the service of the SanomaWSOY Group, for any other reason than the death of the employee, or the statutory retirement of the employee in compliance with the employment contract, or the retirement of the employee otherwise determined by the Company, before 1 November 2006, such person shall without delay offer to the Company, free of charge, the warrants for which the share subscription period in accordance with Section II.2 had not begun at the last day of such person's employment. Regardless of whether the warrant owner has offered his warrants to the Company or not, the Company is entitled to inform the warrant owner in writing that the warrant owner has lost his warrants on the basis of the above-mentioned reasons. Should the warrants be transferred to the book-entry securities system, the Company has the right, whether or not the warrants have been offered to the Company, to request and get transferred all the warrants, for which the share subscription period had not begun, from the warrant owner's book-entry account to the book-entry account appointed by the Company without the consent of the warrant owner. In addition, the Company is entitled to register transfer restrictions and other respective restrictions concerning the warrants to the warrant owner's book-entry account without the consent of the warrant owner.

II TERMS AND CONDITIONS OF THE SHARE SUBSCRIPTION

1. Right to Subscribe New Shares

Each warrant entitles its owner to subscribe for one (1) B-share in SanomaWSOY. The book equivalent value of each share is 0.43 euro upon issuance of warrants. As a result of the subscriptions the share capital of SanomaWSOY may be increased by a maximum of 1,935,000 euro and the number of shares by a maximum of 4,500,000 new B-shares.

Lastannet Oy*, as a subsidiary of SanomaWSOY, shall not be entitled to subscribe shares in SanomaWSOY on the basis of the warrants.

2. Shares Subscription and Payment

The subscription period shall be

- for warrant 2001A 1 November 2004-30 November 2007,

- for warrant 2001B 1 November 2005-30 November 2008, and

- for warrant 2001C 1 November 2006-30 November 2009.

The share subscription shall take place at the head office of SanomaWSOY or possibly at another location to be determined later. The subscriber shall transfer the respective warrant certificates with which he/she subscribes shares, or in case the warrants have been transferred to the book-entry securities system, the warrants with which shares have been subscribed shall be deleted from the subscriber's book-entry account. Payment of shares subscribed shall be effected upon subscription to the bank account appointed by the Company. The Company shall decide on all measures concerning the share subscription.

3. Share Subscription Price

The share subscription price shall be:

- for warrant 2001A the trade volume weighted average quotation of the SanomaWSOY B-share on the Helsinki Exchanges between 1 November and 31 December 2001 with an addition of 20%,

- for warrant 2001B the trade volume weighted average quotation of the SanomaWSOY B-share on the Helsinki Exchanges between 1 November and 31 December 2002 with an addition of 20%, and

- for warrant 2001C the trade volume weighted average quotation of the SanomaWSOY B-share on the Helsinki Exchanges between 1 November and 31 December 2003 with an addition of 20%.

From the share subscription price of warrants shall, as per the dividend record date, be deducted the amount of the cash dividend decided after the end of the period for determination of the subscription price but before share subscription. The share subscription price shall nevertheless always amount to at least the book equivalent value of the share.

4. Registration of Shares

Shares subscribed for and fully paid shall be registered in the book-entry account of the subscriber.

5. Shareholder Rights

Dividend rights of the shares and other shareholder rights shall commence when the increase of the share capital has been registered with the Trade Register.

6. Share Issues, Convertible Bonds and Warrants before Share Subscription

Should the Company, before the share subscription, increase its share capital through an issue of new shares, or issue of new convertible bonds or warrants, a warrant owner shall have the same right as or an equal right to that of a shareholder. Equality is reached in the manner determined by the Board of Directors by adjusting the amount of shares available for subscription, the subscription price or both of these.

Should the Company, before the subscription for shares, increase its share capital by way of a bonus issue, the subscription ratio shall be amended so that the ratio to the share capital of shares to be subscribed by virtue of warrants remains unchanged. If the number of shares that can be subscribed for by virtue of one warrant should be a fraction, the fractional part shall be taken into account by reducing the subscription price.

7. Rights in Certain Cases

If the Company reduces its share capital before the share subscription, the subscription right accorded by the terms and conditions of the warrants shall be adjusted accordingly as specified in the resolution to reduce the share capital.

If the Company is placed in liquidation before the share subscription, the warrant owner shall be given an opportunity to exercise his subscription right before the liquidation begins within a period of time determined by the Board of Directors.

If the Company resolves to merge in another company as the company being acquired or in a company to be formed in a merger or if the Company resolves to be divided, the warrant owner shall before the merger or division be given the right to subscribe for the shares with his warrants within the period of time determined by the Board of Directors. After such date no subscription right shall exist. In the above situations the warrant owner has no right to require that the Company redeems the warrants from him/her for market value.

If the Company, after the beginning of the period of subscription, resolves to acquire its own shares by an offer made to all shareholders, the warrant owners shall be made an equivalent offer. In other cases acquisition of the Company's own shares does not require the Company to take any action in relation to the warrants.

In case, before the end of the subscription period, a situation as referred to in Chapter 14 Section 19 of the Finnish Companies Act, in which a shareholder possesses over 90% of the shares of the Company and therefore has the right and obligation to redeem the shares of the remaining shareholders, or as referred to in Chapter 6 Section 6 of the Finnish Securities Market Act, arise, the warrant owners shall be entitled to use their right of subscription by virtue of the warrant within a period of time determined by the Board of Directors.

If the book equivalent value of the share is changed while the share capital remains unchanged, the subscription terms shall be amended so that the total book equivalent value of the shares available for subscription and the total subscription price remain the same.

Converting the Company from a public company into a private company will not affect the terms and conditions of the warrants.

8. Dispute Settlement

The laws of Finland shall be applied to these terms and conditions. Disputes arising in relation to the warrants shall be settled by arbitration in accordance with the Arbitration Rules of the Central Chamber of Commerce.

III OTHER MATTERS

The Board of Directors may decide on the transfer of the warrants to the book-entry securities system at a later date and on the resulting technical amendments to these terms and conditions, including those amendments and specifications to the terms and conditions, which are not considered essential. Other matters related to the warrants are decided on by the Board of Directors. The warrant documentation is kept available for inspection at the head office of SanomaWSOY in Helsinki.

The Company is entitled to withdraw the warrants which have not been transferred, or with which shares have not been subscribed, free of charge, if the warrant owner acts against these terms and conditions, or against regulations given by the Company on the basis of these terms and conditions, or against applicable law, or against regulations by authorities.

The warrant holder is liable for his/her tax consequences arising from participating in the warrant scheme.

These terms and conditions have been made in Finnish and in English. In case of any discrepancy between the Finnish and English terms and conditions, the Finnish terms and conditions are decisive.

* On 10 December 2003 SanomaWSOY Corporation's Board of Directors has decided to replace Tiikerijakelu Oy with Lastannet Oy.