Vend Marketplaces ASA

Investor Presentation • Feb 13, 2020

Q4 2019 Results

CEO Kristin Skogen Lund CFO Ragnar Kårhus

13 February 2020

Disclaimer

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted" or the "Company") exclusively for information purposes and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments.

Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions.

This presentation includes and is based on, among other things, forwardlooking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation.

There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed.

The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

Alternative performance measures (APM) used in this presentation are described and presented in the section Definitions and reconciliations in the quarterly report.

Schibsted creates significant value to all our stakeholders

Steady growth in Q4 for Schibsted Group

Continued good growth development in Q4 within key strategic focus areas

jobs volumes in Norway somewhat lower in Q4 and start of 2020

both volume and ARPU expansion

continued double-digit growth in Sweden

primarily driven by Distribution

Executing on our focused strategy to mitigate the negative trend in digital advertising

Aftonbladet digital advertising revenue decline 22%

VG digital advertising revenue decline 4%

Significant drop in revenue from gaming industry continued

Volatile market in Norway

• Reorganization of our Swedish sales force completed
• Continuous product development aiming to distinguish our offerings from programmatic commodities
• Bolt-on acquisition of "Matkanalen"
• Strengthening our offering for tailor-made content marketing by ramping up and coordinating "Brand Studio"
• Launch of high-volume reach product "Norge NÅ" in Norway, reaching 1 million users within 24 hours

Taking strategic measures in News Media to adapt

1 Implementing initiatives to turn around negative margin development and secure longterm profitability for News Media

• Tight cost control
• Efficiency improvements in combination with cost reductions
• Main effects in 2021

2 Focused product and business development to generate new revenues

• Fast guaranteed reach products within advertising
• Increasing value and product experience for every subscriber
• E24 building a stronger position for financial news in Norway

Building capabilities within data and tech to leverage Schibsted's strong reach and vast access to data

Nordic Marketplaces 207m Monthly visits News Media 505m Monthly visits Next 114m Monthly visits …traffic and user data

Product development and integrations driven

• by… Utilizing user data across the Group entities
• Better products for consumers and customers
• Improved advertising targeting
• Opportunity to develop subscription products across the Group
• Cross linking traffic to supercharge growth of new services

Strong financial position and capital discipline

Low level of net interest-bearing debt, targeting NIBD/EBITDA* 1-3x

Ongoing ambition for M&A and growth investments

Share buyback program announced in July 2019 to be completed

Dividend proposal of NOK 2.00 per share

Nordic Marketplaces

Revenue growth of 6% driven by key verticals in Norway and car vertical in Sweden

Nordic Marketplaces

Revenues (NOKm), EBITDA margin (%)

EBITDA margin

(EBITDA margin ex IFRS 16)

Revenue growth driven by verticals in Q4 2019 Revenues (NOKm)

11 * Foreign exchange neutral basis, adjusted for termination of license revenue from Adevinta and "Mäklarprodukt" transferred to News Media IFRS 16 effect Q4 2019: NOK 13m

Revenue growth of 6% driven by verticals and advertising, margin expansion driven by lower costs

Marketplaces Norway

Revenues (NOKm), EBITDA margin (%)

Revenues

EBITDA margin (EBITDA margin ex IFRS 16) Highlights Q4 2019

• 5% growth in classifieds revenues, 14% growth in advertising revenues
• Growth in classifieds due to higher ARPU in key verticals driven by performance products (e.g. "Blink")
• Macro affecting jobs with somewhat lower volumes in Q4 and start of 2020; real estate volumes also slightly down YoY
• Costs and margin positively affected by lower marketing spending
• Continued good traffic growth, +11% YoY in Q4

8% revenue growth driven by car vertical, increase in FTEs to execute on growth strategy affecting margin

Marketplaces Sweden

Revenues (NOKm), EBITDA margin (%)

Highlights Q4 2019

• Turnaround of Blocket continues with highest quarterly revenue growth in 2019
• 11%* growth in classifieds, 3%* decline in advertising
• Growth in classifieds driven by new bump feature and pricing model within cars for professionals
• Improved Generalist product with free edits and extra images affecting revenues negatively
• EBITDA decline driven by more FTEs within product, tech and sales due to both growth strategy and catch-up investments

News Media

Strong growth in digital subscription revenues, outweighed by a challenging advertising market

News Media

Revenues (NOKm), EBITDA margin (%)

Reaching 720k digital subscribers

Digital subscription revenues** (NOKm)

15 * Foreign exchange neutral basis; ** Excluding combined (paper edition with digital access) subscriptions IFRS 16 effect Q4 2019: NOK 47m

11% growth for VG+ subscriptions, margin increase despite lower advertising revenues

VG Revenues (NOKm), EBITDA margin (%)

17% (16%) Q4 2017 15% Q4 2018 Q4 2019 17% 447 ^{493 477} -3% Online revenues Offline revenues EBITDA margin (EBITDA margin ex IFRS 16) Q4 2018 Q4 2019 +11% +1% ARPU

Reaching 200k subscribers

Digital subscription revenues* (NOKm)

Highlights Q4 2019

• VG's mobile audience reached a record of 1.7 million daily users in December
• VGTV finished 2019 with record traffic results – 800.000 daily video views (click-to-play)
• VG+ reached a record number of 200.000 subscriptions at year-end

Decline in revenues and EBITDA due to challenging advertising market

Aftonbladet

Revenues (NOKm), EBITDA margin (%)

ARPU driving growth

Digital subscription revenues (NOKm)**

Implementing new initiatives

• Aftonbladet's mobile audience reached a record of 2.9 million unique visitors in one day
• Strengthening its position as #1 sports destination in Sweden
• Acquired live rights of OBOS Damallsvenskan for the period 2020-2022
• Strengthening local news, Uppsala launched Q4

* Foreign exchange neutral basis; ** Excluding combined (paper edition with digital access) subscriptions

17 Underlying subscription revenue growth of 26% as a one-off due to change in revenue recognition affected growth negatively in Q4;

ARPU growth positively impacted by removing VAT for digital subscriptions in 2019, 4% YoY increase like-for-like; IFRS 16 effect Q4 2019: NOK 4m

Digital subscription growth and ARPU improvement main drivers for stable revenue development

Subscription Newspapers Revenues (NOKm), EBITDA margin (%)

Strong ARPU growth

Digital subscription revenues** (NOKm) Highlights Q4 2019

• Testing and adjusting packaging of our products to be relevant for more user groups
• Podcasts as format is reaching a younger audience
• Aftenposten's Forklart continue to see good growth in number of unique listeners

18 * Foreign exchange neutral basis; ** Excluding combined (paper edition with digital access) subscriptions IFRS 16 effect Q4 2019: NOK 8m

Next Financial Services & Growth

Strong growth in Sweden, stable development quarter-over-quarter in Norway

Lendo Group

Revenues (NOKm), EBITDA margin (%)

EBITDA margin (EBITDA margin ex expansion)

20 * Foreign exchange neutral basis Highlights Q4 2019

• Continued double-digit growth in Sweden
• Stable development on a quarter by quarter basis in Norway, but still down year-on-year
• Geographical expansion affected EBITDA negatively with NOK 19m in Q4
• Also negative EBITDA contribution from Finland; launching new platform to improve conversion in a highly competitive market
• Reorganization to provide a more efficient structure and enhance ability to expand continues according to plan

Continued strong growth in Denmark, soft launch in Spain planned for 2020

Lendo Denmark

Indexed number of applications*

Lendo expansion

Highlights

• Continued strong growth in Denmark with solid traction on all key KPIs during the year
• Continuing international expansion and plan for soft launch in Spain during 2020
• Compared to Denmark, slower development in the more immature markets Austria and Poland
• Cost for geographical expansion affected EBITDA with NOK -19m in Q4, leading to fullyear EBITDA effect of around NOK -100m in line with guidance
• 2020 total EBITDA investment level expected to be in line with 2019

Accelerated revenue development and margin expansion in Schibsted Growth

Schibsted Growth

Revenues (NOKm), EBITDA margin (%)

(EBITDA margin ex IFRS 16)

22 * Foreign exchange neutral basis IFRS 16 effect Q4 2019: NOK 8m

Revenue growth across all areas

Revenue growth Q4 2019 vs. last year (%)

Finance

Segment summary

24 * Foreign exchange neutral basis, Marketplaces Norway adjusted for termination of license revenue from Adevinta and "Mäklarprodukt" transferred to News Media Segment summary excluding Other/HQ segment

EBITDA waterfall excl. Adevinta (NOKm)

Q4 income statement Schibsted excl. Adevinta

Income statement	Fourth quarter
(NOK million)	2018	2019
Operating revenues	3,275	3,316	NOK 83 million in positive IFRS 16 effect on operating
Operating expenses	(2,799)	(2,857)	expenses and EBITDA
Operating profit (loss) EBITDA	476	460
			NOK -69 million in IFRS 16 effect on depreciation
Depreciation and amortisation	(128)	(201)
Share of profit (loss) of associates and JV	6	(13)	Mainly related to write-down of goodwill in Möteplatsen
Impairment loss	(149)	(26)
Other income and expenses	24	(51)	Mainly related to headcount reductions in News Media
Operating profit (loss) EBIT	228	168	and restructuring cost following the Adevinta Spin-off
Net financial items	(10)	(29)
Profit (loss) before tax	218	139	NOK -16 million in IFRS 16 effect on net financial items
Taxes	(66)	(53)
Net profit/loss	152	86

Underlying tax rate excl. Adevinta

• The underlying tax rate, excluding Adevinta, is 23.5%
• The reported tax rate is 33% in 2019
• Generally, Schibsted reports a tax rate exceeding the applicable nominal tax rates primarily as an effect of losses for which no deferred tax asset is recognized

Underlying Schibsted excl Adevinta tax rate -	Year
(NOK million)	2019
profit (loss) before Reported taxes	829
Share of profit (loss) of joint and associates ventures	58
Basis for changes in unrecognised deferred tax assets	266
Impairment losses	19
Adjusted base tax	1 173 ,
Taxes	275
Underlying tax rate	5% 23

Q4 EBITDA, operating cash flow and capex excl. Adevinta

EBITDA investments of around NOK -150 million targeted in 2020 enabling further mid- to long-term growth

Financial targets and policies (updated)

To increase transparency, centralized product & tech costs will be allocated to business segments effective Q1 2020

HQ/Other segment EBITDA (NOKm) Highlights

• A significant part of Schibsted's HQ/Other EBITDA losses are related to centralized product & tech
• To create better transparency costs will be allocated to the operating segments based on usage effective Q1 2020
• Internally, this is combined with improved processes to facilitate stricter prioritizations and improved cost control
• Restatements will be provided

Key takeaways Q4 2019

Online classifieds	Digital subscriptions	Schibsted Growth
verticals +12%	revenues in	revenues +16%*,
Blocket +8%	News Media +21%	margin expansion
Digital advertising in News Media -11%, driven by Sweden	Improvement program to improve margins and secure long-term healthy profits in News Media	Capital discipline – dividend proposal NOK 2.00 per share, complete share buybacks up to 2%

Appendices

Spreadsheet containing detailed Q4 2019 and historical and analytical information can be downloaded at www.schibsted.com/ir

Key operations excl. Adevinta [1/2]

Media News	Fourth	quarter			Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	1,944	2,045	-5%	7,465	7,733	-3%
EBITDA	185	214	-14%	760	682	11%
EBITDA margin	10%	10%		10%	9%
EBITDA excl. IFRS 16	138	214	-35%	575	682	-16%

VG	Fourth	quarter		Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	477	493	-3%	1,793	1,839	-3%
- of which online revenues	292	287	2%	1,042	1,016	3%
- of which print revenues	185	206	-10%	751	824	-9%
EBITDA	82	75	10%	293	331	-11%
EBITDA margin	17%	15%		16%	18%
IFRS EBITDA excl. 16	78	75	5%	277	331	-16%

Aftonbladet	Fourth	quarter		Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	383	438	-13%	1,475	1,678	-12%
- of which online revenues	212	254	-16%	782	892	-12%
- of which print revenues	171	184	-7%	694	786	-12%
EBITDA	24	81	-71%	108	190	-43%
EBITDA margin	6%	18%		7%	11%
IFRS EBITDA excl. 16	20	81	-75%	93	190	-51%

Subscription Newspapers	Fourth	quarter			Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	913	914	0%	3,496	3,484	0%
- of which online revenues	285	248	15%	1,050	918	14%
- of which print revenues	628	666	-6%	2,446	2,566	-5%
EBITDA	74	75	-1%	309	242	28%
EBITDA margin	8%	8%		9%	7%
EBITDA excl. IFRS 16	66	75	-12%	277	242	15%

Nordic Marketplaces	Fourth quarter				Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	758	714	6%		3,062 2,843	8%
EBITDA	323	294	10%		1,421 1,267	12%
EBITDA margin	43%	41%		46%	45%
EBITDA excl. IFRS 16	310	294	5%		1,370 1,267	8%

Marketplaces Norway	Fourth quarter				Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	486	459	6%	2,012 1,826		10%
EBITDA	222	186	19%	981	813	21%
EBITDA margin	46%	41%		49%	45%
EBITDA excl. IFRS 16	213	186	14%	947	813	16%

Marketplaces Sweden	Fourth quarter			Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	248	230	8%	951	925	3%
EBITDA	100	110	-9%	433	469	-8%
EBITDA margin	40%	48%		46%	51%
EBITDA excl. IFRS 16	97	110	-12%	421	469	-10%

Key operations excl. Adevinta [2/2]

Financial Services	Fourth quarter			Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	260	249	4%		1,054 1,011	4%
EBITDA	33	63	-48%	170	327	-48%
EBITDA margin	13%	25%		16%	32%
EBITDA excl. IFRS 16	30	63	-52%	160	327	-51%

Growth	Fourth	quarter		Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	635	542	17%	2,165	1,966	10%
EBITDA	63	34	82%	124	99	25%
EBITDA margin	10%	6%		6%	5%
EBITDA excl. IFRS 16	54	34	58%	91	99	-8%

Lendo Group	Fourth quarter			Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	218	207	5%	882	852	4%
EBITDA	30	59	-49%	155	322	-52%
EBITDA margin	14%	28%		18%	38%
EBITDA excl. IFRS 16	29	59	-51%	150	322	-53%

Fourth
2019	2018	Change	2019	2018	Change
355	285	24%	1,247	1,064	17%
16	9	76%	39	6	>100%
5%	3%		3%	1%
12	9	32%	24	6	>100%
		quarter			Year

Lendo established	Fourth quarter				Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	211	207	2%	861	852	1%
EBITDA	50	72	-31%	254	335	-24%
EBITDA margin	24%	35%		30%	39%
EBITDA excl. IFRS 16	48	72	-33%	250	335	-25%

Prisjakt	Fourth	quarter		Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	116	109	7%	325	308	6%
EBITDA	44	35	24%	95	97	-2%
EBITDA margin	38%	33%		29%	31%
EBITDA excl. IFRS 16	43	35	21%	90	97	-6%

Adevinta	Fourth quarter				Year
(NOK million)	2019	2018	Change	2019	2018	Change
Operating revenues	1,844 1,494		23%		6,664 5,665	18%
EBITDA	485	421	15%		1,929 1,427	35%
EBITDA margin	26%	28%		29%	25%
EBITDA excl. IFRS 16	446	421	6%		1,788 1,427	25%

Q4 cashflow excl. Adevinta

Cash flow - Schibsted excl. Adevinta	Fourth quarter
(NOK million)	2019
Profit (loss) before taxes	139
Depreciation, amortisation and impairment losses	227
Net effect pension liabilities	(33)
Share of loss (profit) of joint ventures and associates, net of dividends received	14
Taxes paid	42
Sales losses (gains) non-current assets and other non-cash losses (gains)	-
Change in working capital and provisions	105
Net cash flow from operating activities	494
Development and purchase of intangible assets, and property, plant and equipment	(125)
Acquisition of subsidiaries, net of cash acquired	(58)
Proceeds from sale of intangible assets, and property, plant and equipment	-
Proceeds from sale of subsidiaries, net of cash sold	-
Net sale of (investment in) other shares	(50)
Net change in other investments	(16)
Net cash flow from investing activities	(250)
Net cash flow from financing activities	(631)
Effects of exchange rate changes on cash and cash equivalents	1
Net increase (decrease) in cash and cash equivalents	(385)

Q4 income statement Schibsted Group

Income statement	Fourth quarter
(NOK million)	2018	2019
Operating revenues	4,742	5,101
Operating expenses	(3,845)	(4,156)
Gross operating profit (loss) - EBITDA	897	944
Depreciation and amortisation	(203)	(333)
Share of profit (loss) of joint ventures and associates	35	31
Impairment loss	(617)	(272)
Other income and expenses	(37)	(91)
Operating profit (loss)	75	279
Net financial items	(28)	(52)
Profit (loss) before taxes	47	227
Taxes	(246)	(106)
Profit (loss)	(199)	121
Non-controlling interests	18	36
Owners of the parent	(216)	85
Earnings per share (NOK)
EPS - basic (NOK)	(0.91)	0.36
EPS - basic adjusted (NOK)	1.84	1.36

NOK 122 million in positive IFRS 16 effect on operating expenses and EBITDA
NOK -105 million in negative IFRS 16 effect on depreciation
Mainly related to write-down of Goodwill in marketplace operations in Mexico and Möteplatsen
Mainly related to the spin-off and listing process of Adevinta, and restructurings costs following the spin-off, as well as headcount reductions in News Media and Adevinta
NOK -21 million in negative FRS 16 effect on net financial items
Affected by reduced ownership in Adevinta

Group EBITDA waterfall

Q4 EBITDA, operating cash flow and capex

Capex (NOKm)

266 276

+4%

Q4 2018 Q4 2019

Capex

Q4 cashflow Schibsted Group

Cash flow - Consolidated	Fourth	quarter
(NOK million)	2018	2019
Profit (loss) before taxes	47	227
Depreciation , amortisation and impairment losses	820	605
Net effect pension liabilities	(37)	(29)
Share of loss (profit) of joint and associates of dividends received ventures , net	(35)	(32)
Taxes paid	(342)	(199)
Sales (gains) (gains) losses and other non-cash losses non-current assets	(4)	1
Change in working capital and provisions	(120)	186
Net cash flow from operating activities	330	759
Net cash flow from investing activities	(357)	(1 100) ,
Net cash flow from financing activities	(132)	(196)
Effects of exchange changes cash and cash equivalents rate on	28	0
(decrease) Net increase in cash and cash equivalents	(130)	(537)
Cash and cash equivalents of period at start	1 974 ,	4 403 ,
Cash and cash equivalents end of period at	1 844 ,	3 866 ,

Underlying tax rate Schibsted Group

• The underlying tax rate is 28.4%
• The reported tax rate is 39% in 2019, compared to 57% in 2018
• Generally, Schibsted reports a tax rate exceeding the applicable nominal tax rates primarily as an effect of losses for which no deferred tax asset is recognized

Underlying tax rate - Consolidated	Year
(NOK million)	2019
Reported profit (loss) before taxes	1,948
Share of profit (loss) of joint ventures and associates	(1)
Basis for changes in unrecognised deferred tax assets	457
Gain on sale of subsidiaries, joint ventures and associates	(6)
Impairment losses	247
Adjusted tax base	2,645
Taxes	752
Underlying tax rate	28.4%

Key financial figures Schibsted Group

Earnings per share – adjusted (NOK)

Net interest-bearing debt NIBD (NOKm), NIBD/EBITDA TTM* (%)

Net cash flow from operating activities (NOKm)

Capex

Capex (NOKm), Capex/Revenues (%)

Basic share information

	A-share	B-share
Ticker Oslo Stock Exchange: Reuters: Bloomberg:	SCHA SBSTA.OL SCHA:NO	SCHB SBSTB.OL SCHB:NO
Number of shares	108,003,615	130,684,373
Treasury shares (10 February 2019)	3,213,267	1,302,176
Number of shares outstanding	104,790,348	129,382,197
Free float*	71%	76%
Share price (10 February 2020)	NOK 288.40	NOK 274.80
Average daily trading volume (shares)**	274,000	179,000
Total market cap (10 February 2019)	NOK 65.8 billion (USD 7.1 billion)

⁴³ * Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS ** January-December 2019

Shareholder analysis

Rank	Name	A-shares	B-shares	Total	%	Shareholders	A-shares	B-shares
1	Blommenholm Industrier AS	28 541 262 , ,	30 621 205 , ,	59 162 467 , ,	25 3%	of foreign shareholders %	52 3%	56 3%
2	Folketrygdfondet	8 476 190 , ,	10 473 569 , ,	18 949 759 , ,	8 1%	Number of shareholders	3 801 ,	4 199 ,
3	Baillie Gifford & Co	7 944 436 , ,	4 620 887 , ,	12 565 323 , ,	5 4%	Number of shares	108 003 615 , ,	130 684 373 , ,
4	Fidelity Management & Research Company	8 202 299 , ,	4 062 242 , ,	12 264 541 , ,	5 2%	Shares owned by Schibsted	3 213 267 , ,	1 302 176 , ,
5	Nya Wermlands Tidningen	4 291 281 , ,	4 063 000 , ,	8 354 281 , ,	3 6%
6	The Vanguard Group Inc ,	3 229 541 , ,	2 811 894 , ,	6 041 435 , ,	2 6%
7	JPMorgan Chase Bank GTS CL A/C Escrow Account	2 259 602 , ,	3 455 610 , ,	5 715 212 , ,	2 4%	Largest of country	ownership A+B	(VPS)
8	Luxor Capital Group L P ,	0	5 621 805 , ,	5 621 805 , ,	2 4%	Norway		45 5%
9	Alecta pensionsförsäkring ömsesidigt ,	0	5 193 000 , ,	5 193 000 , ,	2 2%	United States		21 3%
10	Adelphi Capital LLP	2 205 460 , ,	2 809 202 , ,	5 014 662 , ,	2 1%	United Kingdom		13 7%
11	Goldman Sachs International	2 740 347 , ,	2 125 372 , ,	4 865 719 , ,	2 1%	Luxembourg		4 6%
12	Marathon Asset Management LLP	1 874 724 , ,	1 492 033 , ,	3 366 757 , ,	1 4%	Ireland		3 5%
13	KLP Forsikring	820 850 ,	2 387 211 , ,	3 208 061 , ,	1 4%	Sweden		3 2%
14	Storebrand Kapitalforvaltning AS	1 465 954 , ,	1 677 905 , ,	3 143 859 , ,	1 3%
15	Company BlackRock Institutional Trust N A ,	77 193 ,	2 911 377 , ,	2 988 570 , ,	1 3%
16	Fidelity Institutional Asset Management	2 207 396 , ,	713 926 ,	2 921 322 , ,	1 2%
17	AS DNB Asset Management	1 218 065 , ,	1 662 315 , ,	2 880 380 , ,	1 2%
18	Corporation Mitsubishi UFJ Trust and Banking	1 524 808 , ,	1 334 667 , ,	2 859 475 , ,	1 2%
19	(U ) FMR Investment Management K Limited	2 339 000 , ,	146 708 ,	2 485 708 , ,	1 1%
20	Capital Pelham Ltd	0	2 164 926 , ,	2 164 926 , ,	0 9%

Shareholders	A-shares	B-shares
% of foreign shareholders	52.3%	56.3%
Number of shareholders	3,801	4,199
Number of shares	108,003,615 130,684,373
Shares owned by Schibsted	3,213,267	1,302,176

of ownership Largest A+B country	(VPS)

The shareholder ID data are provided by Nasdaq OMX. The data are obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX or Schibsted can guarantee the accuracy of the analysis.

Visit Schibsted's web site schibsted.com

Investor Relations contact: Jann-Boje Meinecke VP, Head of IR ir@schibsted.com +47 941 00 835

Schibsted ASA

Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo schibsted@schibsted.no +47 23 10 66 00