Vend Marketplaces ASA

Investor Presentation • May 15, 2019

Q1 2019 CEO Kristin Skogen Lund & CFO Trond Berger 15 May 2019

Q1 2019

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, forward-looking 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.

Digital revenue growth of 6%; EBITDA margin 14% (11%)

	Nordic Marketplaces	News Media	Next: Growth & Financial Services	59% ownership
Revenues:	722m	1,855m	777m	EUR 174m
Revenue growth:	12%	-1%	+7%	+15%
	12%	-1%	+7%	+15%
EBITDA:	320m	150m	69m	EUR 50m
EBITDA change	321m	150m	69m	EUR 50m
Y/Y:	+20%	+35%	-33%	+63%
EBITDA-margin:	45%	8%	9%	28%
	45%	8%	9%	29%

Figures in NOK million. Total digital revenue growth and EBITDA margin for Schibsted excluding Adevinta. IFRS 16 had a positive EBITDA effect on Schibsted ex. Adevinta of NOK 84 million in Q1 2019. Excluding this, EBITDA margin would have been unchanged Y/Y (11%). All segment growth rates are currency adjusted except Adevinta. All margins are reported margins, including IFRS-16 effect. Adevinta figures in EUR million, as reported by Adevinta, proportional view including JVs and Associates. Adevinta ownership at reporting date.

Q1 2019: Solid digital revenue growth and improved EBITDA margin

• 6% digital revenue growth in Schibsted excluding Adevinta
  • Total revenues up 3% in Q1
• Nordic Marketplaces: 12% revenue growth, improved EBITDA margin. Blocket returned to growth.
• News Media: 5% growth in digital revenue, driven by digital subscriptions, stable EBITDA margin
• Financial Services: Continued overall growth in Lendo, launched in 3 new countries
• Growth: Good revenue growth and margin expansion in Prisjakt
• Successful demerger and separate listing of Adevinta 10 April
  • Strong revenue growth and margin expansion in Adevinta in Q1

NORDIC MARKETPLACES

NORDIC MARKETPLACES

Targeting 8-12% revenue growth medium to long term

+19% growth for verticals, negative display advertising growth. Positive Easter effect in Q1.

Revenue growth in Schibsted Marketplaces driven by verticals…. … of which jobs and cars are most important

Revenue growth adjusted for currency fluctuations. Verticals = Cars, real estate, jobs EBITDA-margin in Q1 2019 positively affected by 2%-points due to IFRS-16

In Norway, strong growth was driven by volumes and new products

The effect of IFRS 16 on EBITDA in Marketplaces Norway was NOK 12 million in Q1 2019

• 20% revenue growth in classifieds revenue, negative growth for display advertising

• Growth driven by volume and ARPU improvement in all three key verticals
• Volume increase and price optimization supported by product enhancements in jobs, real estate and cars
• Calendar effect related to Easter affects Y/Y comparison positively with around 3%

Blocket returned to revenue growth

Sweden Revenues (NOK million) and EBITDA margin

• Turnaround of Blocket shows good results; revenue growth 2% in local currency
• 6% revenue growth in cars driven by professional clients
  • Close to all car dealers back on the Blocket platform
  • New products support monetization improvement
• Reacceleration in jobs; 10% revenue growth Y/Y
• Blocket Resor vertical for travel launched, using product & tech from Finn.no
• Integration of Qasa for real estate rental underway

Revenue growth in local currency

The effect of IFRS 16 on EBITDA in Marketplaces Sweden was NOK 2 million in Q1 2019

NEWS MEDIA

Driving digital growth in News Media through product innovation

• Optimizing subscription products
  • ARPU improvement
  • Managing churn
• Driving traffic and user engagement
  • Automated and personalized front page driving engagement and subscription conversion
• Strengthening the advertising business
  • Content/native and premium formats
  • New targeting capabilities
  • New sales channels
• Product innovation within new platforms – voice and live pictures
• Tight cost control

While digital is growing driven by subscriptions, we are managing the decline in print

News Media

Revenue growth is adjusted for currency fluctuations

Q1 2019 The effect of IFRS 16 on EBITDA in News Media was NOK 46 million in Q1 2019 News Media

VG delivered digital growth; margin affected by product investments and higher cost of sales

News Media

VG Revenues and EBITDA-margin (NOK million)

Strong growth in digital subscription revenues Number of digital subscribers to VG+

The effect of IFRS 16 on EBITDA in VG was NOK 4 million in Q1 2019

Q1 2019 12

Aftonbladet delivered digital growth; margin improvement due to tight cost control

Aftonbladet

Revenues and EBITDA-margin (NOK million)

Strong growth in digital subscription revenues

Number of digital subscribers to Aftonbladet PLUS

Q1 2019 13 Revenue growth in local currency (SEK). The effect of IFRS 16 on EBITDA in Aftonbladet was NOK 0 million in Q1 2019

News Media

Growing subscription numbers and

increased margins in subscription papers

Subscription based newspapers Revenues (NOK million) and EBITDA margin

Strong growth in digital subscription revenue

Revenue growth is adjusted for currency fluctuations

News Media

NEXT: GROWTH & FINANCIAL SERVICES

Lendo – continued growth; investment in marketing

Lendo

Revenues (NOK million) and EBITDA margin

Currency adjusted revenue growth

• Continued revenue growth driven by good performance in Sweden; +14%

• Slowdown in the number of applications due to regulations in Norway. Continued good conversion rate
• Reduced margins in established phase driven by poor performance in Finland and increased marketing overall
• Strong value creation potential outside Nordics
• Launched in Denmark, Poland and Austria
• Geographical expansion affected EBITDA negatively with NOK 21 million in Q1

16

Q1 2019

Good revenue growth and margin expansion in Prisjakt

Prisjakt Group

Revenues (NOK million) and EBITDA-margin

• A leading price and product comparison service
• Monetizing by sending quality traffic to online retailers
• Strong growth supported by growth in online retail

Adevinta Q1: 15% revenue growth and improved EBITDA margin

• France, Spain, and Brazil all showing strong revenue development in Q1
• High growth rates for verticals, weak development for display advertising
• Increased EBITDA margin; reduced investment phase spending
• Full report and presentation of Adevinta available on www.adevinta.com; released 14 May 2019

Adevinta including proportionate share of JVs Revenues and EBITDA margin (EUR millions)

Schibsted will continue to be a supportive long-term owner of Adevinta

• Schibsted ASA will continue to be an active, significant long-term owner of Adevinta the global leading online classifieds company
• Schibsted will exercise its ownership through representation on Adevinta's Board of Directors
• Adevinta will be well equipped to play an active role in any structural development of the marketplace Industry
• Schibsted as a majority owner will support a simplified governance structure without ownership or voting limitations and an amalgamation into one share class by 2019 year end, subject to EGM approval
• Proceeds from sale of Adevinta shares leads to a strong balance sheet in Schibsted
• Measures to optimize the capital structure will be continuously considered

FINANCE

ü

Focus on Schibsted excluding Adevinta

Improved EBITDA in Q1 before Lendo expansion cost

EBITDA change Q1 18-Q1 19 (NOK million)

Finance

Schibsted excl. Adevinta

Q1 income statement Schibsted ex. Adevinta

(NOK million)	First quarter
Income statement	2018	2019
Operating revenues	3 037 ,	3 089 ,
Operating expenses	(2 701) ,	(2 671) ,	NOK 84 million in IFRS-16 effect on
Operating profit (loss) EBITDA	336	418	operating expenses and EBITDA
	-	-
Depreciation and amortisation	(113)	(208)	NOK -71 million in IFRS-16 effect on
Share (loss) of profit of joint and associates ventures	(9)	(19)	depreciation
Impairment loss	(3)	(9)
Other income and expenses	(4)	(14)
Operating profit (loss) EBIT	205	168
Net financial items	10	(10)
Profit (loss) before tax	215	158
Taxes	(79)	(59)
Net profit	137	99

We have improved EBITDA and increased operating cash flow, and reduced CAPEX

Finance

Schibsted excl. Adevinta

Cash flow Schibsted ex Adevinta

(NOK million)	First quarter
Cash flow	2019
Profit (loss) before taxes	158
Depreciation amortisation and impairment losses ,	216
Net effect pension liabilities	(65)
Share of loss (profit) of joint and associates of dividends received ventures net ,	20
Taxes paid	(182)
Sales losses (gains) and other non-cash losses (gains) non-current assets	1
Change in working capital and provisions	127
Net cash flow from operating activities	276
Development and purchase of intangible and plant and equipment assets property , ,	(102)
Acquisition of subsidiaries of cash acquired net ,	(32)
Proceeds from sale of intangible and plant and equipment assets property , ,	9
Proceeds from sale of subsidiaries of cash sold net ,
Net sale of (investment in) other shares	(204)
Net change in other investments	(5)
Net cash flow from investing activities	(334)
Net cash flow from financing activities	(1 024) ,
Net increase (decrease) in cash and cash equivalents	(1 082) ,

Underlying tax rate at 24%

• The underlying tax rate, excluding Adevinta, is 24%.
• The reported tax rate is 37% in the first quarter of 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.

	Q1 2019
Reported profit (loss) before taxes	158
Share of profit (loss) of joint ventures and associates	19
Other losses for which no deferred tax benefit is recognised	65
Adjusted tax base	242
Taxes	59
Underlying tax rate	24.4%

Solid balance sheet in Schibsted ex Adevinta

• Targeting a NIBD/EBITDA ratio of 1-3x
• Approx. net debt free as of 31 March 2019 adjusted for proceeds from sale of Adevinta shares in IPO and dividend (paid in May 2019)
• Possibility to lever up if a particularly attractive investment becomes available
• Over time, any over-capitalisation to be addressed through (extraordinary) dividend or share buyback

Financial targets and policies

Finance

Schibsted excl. Adevinta

Consolidated figures

Q1 income statement Schibsted Group

(NOK million)	First quarter
Income statement	2018	2019
Operating revenues	4 357 ,	4 576 ,
Operating expenses	(3 746) ,	(3 720) ,
Gross operating profit (loss) - EBITDA	610	856	NOK 118 million in IFRS-16 effect on operating expenses and EBITDA
Depreciation and amortisation	(172)	(316)	NOK -101 million in IFRS-16 effect on
Share (loss) of profit of joint and associates ventures	(6)	22	depreciation
Impairment loss	(5)	(12)
Other income and expenses	(10)	(31)
(loss) Operating profit	417	520
Net Financial Items	(28)	(6)
(loss) Profit before taxes	389	514
Taxes	(220)	(194)
(loss) Profit	169	320
EPS (NOK) basic -	0 67	1 26
EPS (NOK) basic adjusted -	0 72	1 42

Q1 2019: Solid digital revenue growth and improved EBITDA margin

• 6% digital revenue growth in Schibsted excluding Adevinta
  • Total revenues up 3% in Q1
• Nordic Marketplaces: 12% revenue growth, improved EBITDA margin. Blocket returned to growth.
• News Media: 5% growth in digital revenue, driven by digital subscriptions, stable EBITDA margin
• Financial Services: Continued overall growth in Lendo, launched in 3 new countries
• Growth: Good revenue growth and margin expansion in Prisjakt
• Successful demerger and separate listing of Adevinta 10 April
  • Strong revenue growth and margin expansion in Adevinta in Q1

APPENDICES

Spreadsheet containing detailed Q1 2019 and historical and analytical information can be downloaded from www.schibsted.com/ir

Improved EBITDA in Q1 – consolidated figures

EBITDA change Q1 18-Q1 19 (NOK million)

Finance

Consolidated figures

We have improved EBITDA and increased operating cash flow, increase in CAPEX due to Adevinta office in Barcelona

Consolidated figures

Finance

Q1 2019

35

Cash flow Schibsted Group

(NOK million)	First quarter
Cash flow	2018	2019
Profit (loss) before taxes	389	514
Gain in business combinations achieved in and remeasurement stages on of contingent consideration remeasurement	-	-
Depreciation amortisation and impairment losses ,	177	328
Net effect pension liabilities	(70)	(65)
Share of loss (profit) of joint and associates of dividends received ventures net ,	6	(21)
Taxes paid	(194)	(301)
Sales losses (gains) and other non-cash losses (gains) non-current assets	(7)	1
Change in working capital and provisions	33	323
Net cash flow from operating activities	335	778
Net cash flow from investing activities	(158)	(491)
Net cash flow before financing activities	177	287
Net cash flow from financing activities	15	(1 387) ,
Effect of exchange changes cash and cash equivalents rate on	(13)	(16)
Net increase (decrease) in cash and cash equivalents	179	(1 116) ,
Cash and cash equivalents of period at start	1 626 ,	1 844 ,
Cash and cash equivalents end of period at	1 805 ,	727

Consolidated figures

Underlying tax rate stable below 30%

■ The underlying tax rate is stable, slightly below 30%.

■ The reported tax rate is 38% in the first quarter of 2019, compared to 57% in the same period 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. That effect has declined in the first quarter of 2019 compared to the first quarter of 2018.

	Q1 2019
Reported profit (loss) before taxes	514
Share of profit (loss) of joint ventures and associates	-22
Other losses for which no deferred tax benefit is recognised	168
Gain on sale of subsidiaries, joint ventures and associates	-
Impairment losses	-
Adjusted tax base	660
Taxes	194
Underlying tax rate	29.4%

Key operations

Nordic Marketplaces News Media

Year	(NOK million)		First quarter
2018	Marketplaces Norway	2019	2018	Δ %
1 826 ,	Operating revenues	480	408	18 %
-1 013 ,	Operating expenses	-258	-236	9 %
813	EBITDA	222	172	29 %
45 %	EBITDA margin	46 %	42 %

The effect of IFRS-16 on EBITDA for Marketplaces Norway in Q1 2019 is NOK 8 million

Year	(NOK million)	First	quarter
2018	Sweden Marketplaces	2019	2018	% Δ
925	Operating revenues	218	221	-1 %
-456	Operating expenses	-118	-119	-2 %
469	EBITDA	100	101	-1 %
51 %	EBITDA margin	46 %	46 %

The effect of IFRS-16 on EBITDA for Marketplaces Sweden in Q1 2019 is NOK 2 million

Year	(NOK million)	First quarter		YoY
2018	VG	2019	2018	Δ %
1,839	Operating revenues	430	443	-3 %
-1,509	Operating expenses	-372	-363	2 %
331	EBITDA	57	80	-28 %
18 %	EBITDA margin	13 %	18 %

The effect of IFRS-16 on EBITDA for VG in Q1 2019 is NOK 4 million

Year	(NOK million)	First quarter		YoY
2018	Aftonbladet	2019	2018	Δ %
1,678	Operating revenues	378	415	-9 %
-1,487	Operating expenses	-342	-379	-10 %
190	EBITDA	36	35	3 %
11 %	EBITDA margin	10 %	9 %

The effect of IFRS-16 on EBITDA for Aftonbladet in Q1 2019 is NOK 0 million

Year	(NOK million)		First quarter
2018	Subscription Newspapers	2019	2018	Δ %
3,484	Operating revenues	862	859	0 %
-3,243	Operating expenses	-812	-828	-2 %
242	EBITDA	49	30	63 %
7 %	EBITDA margin	6 %	4 %

The effect of IFRS-16 on EBITDA for Subscription Newspapers in Q1 2019 is NOK 8 million

Key operations

Financial Services Growth

Year	(NOK million)	First quarter		YoY
2018	Lendo	2019	2018	Δ %
852	Operating revenues	229	215	6 %
-530	Operating expenses	-178	-121	47 %
322	EBITDA	51	95	-46 %
38 %	EBITDA margin	22 %	44 %

Year (NOK million) YoY 2018 Distribution 2019 2018 Δ % 1,064 Operating revenues 292 263 11 % -1,058 Operating expenses -288 -261 10 % 6 EBITDA 4 1 203 % 1 % EBITDA margin 1 % 1 % First quarter

The effect of IFRS-16 on EBITDA for Lendo in Q1 2019 is NOK 1 million

The effect of IFRS-16 on EBITDA for Distribution in Q1 2019 is NOK 4 million

Year	(NOK million)	First	quarter	YoY	Year	(NOK million)	First	quarter	YoY
2018	Lendo established	2019	2018	Δ %	2018	Prisjakt	2019	2018	Δ %
852	Operating revenues	228	215	6 %	308	Operating revenues	72	66	10 %
-517	Operating expenses	-155	-121	28 %	-211	Operating expenses	-53	-52	2 %
335	EBITDA	72	95	-23 %	97	EBITDA	19	14	40 %
39 %	EBITDA margin	32 %	44 %		31 %	EBITDA margin	27 %	21 %

The effect of IFRS-16 on EBITDA for Lendo established in Q1 2019 is NOK 1 million

The effect of IFRS-16 on EBITDA for Prisjakt in Q1 2019 is NOK 1 million

Key financial figures - consolidated

NOK NOK million

CAPEX Net interest bearing debt

Note: NIBD/EBITDA according to bank definition.

CAPEX (NOK million) and CAPEX/Sales (%) Net interest bearing debt (NOK) and Ratio of Net interest bearing debt/LTM EBITDA

Earnings per share - adjusted Net cash flow from operating activities

Basic information

	A-share	B-share
Ticker
Oslo Stock Exchange:	SCHA	SCHB
Reuters:	SBSTA.OL	SBSTB.OL
Bloomberg:	SCHA:NO	SCHB:NO
Number of shares	108,003,615	130,684,373
Treasury shares (9 May 2019)	256,227	30,000
Number of shares outstanding	107,747,388	130,354,373	*) Total number of shares excluding treasury shares
Free float*	74%	78%	and shares owned by Blommenholm Industrier AS.
Share price (9 May 2019)	NOK 225,60	NOK 208,20	**) Since 1 January 2018
Average daily trading volume (shares)**	311,000	221,000
Market Cap total (9 May 2019)	NOK 51.6 bn., EUR 5.2 bn., GBP 4.5 bn., USD 5.9 bn.,

Shareholder analysis

Rank Name	A-Shares	B-shares	Total	%
1 Blommenholm Industrier AS	28 188 ,589 ,	28 ,598 ,589	56 ,787 178 ,	23 8%
Folketrygdfondet 2	8 301 190 , ,	10 473 ,569 ,	18 ,774 ,759	7.9%
Gifford Co 3 Baillie &	6 696 699 , ,	5,072 943 ,	11 ,769 642 ,	4 9%
4 Fidelity Management & Research Company	5,796 ,799	3 ,599 368 ,	9 396 167 , ,	3 9%
NWT Media AS 5	4 274 300 , ,	4 063 000 , ,	8 337 300 , ,	3 .5%
6 Platinum Investment Management Ltd	3 496 657 , ,	2 648 204 , ,	6 144 861 , ,	2 6%
The Vanguard Group Inc 7 ,	3 027 867 , ,	2 ,711 823 ,	5,739 690 ,	2 4%
AKO Capital 8 LLP	3 092 098 , ,	2 050 634 , ,	5,142 ,732	2 2%
9 Alecta pensionsförsäkring ömsesidigt ,	1 334 023 , ,	3 ,741 600 ,	5,075 623 ,	2 1%
Adelphi Capital LLP 10	2 006 422 , ,	2 680 980 , ,	4 687 402 , ,	2 0%
Capital 11 Pelham Ltd	0	4 209 851 , ,	4 209 851 , ,	1 8%
Luxor Capital Group L P 12 ,	118 333 ,	3 ,753 298 ,	3 871 631 , ,	1 6%
13 Marathon Asset Management LLP	2 128 129 , ,	1 ,734 659 ,	3 862 ,788 ,	1 6%
14 York Capital Management L P	545 950 ,	3 147 862 , ,	3 693 812 , ,	1 .5%
FMR Investment Management (U K ) Limited 15	3 077 033 , ,	335 805 ,	3 412 838 , ,	1 4%
16 Echinus Partners LP	2 379 ,781 ,	850 970 ,	3 230 ,751 ,	1 4%
Storebrand Kapitalforvaltning AS 17	1 ,572 192 ,	1 ,554 089 ,	3 126 281 , ,	1 3%
Corporation 18 Mitsubishi UFJ Trust and Banking	1 ,526 676 ,	1 306 ,554 ,	2 833 230 , ,	1 2%
19 BlackRock Institutional Trust Company N A ,	77,792	2 670 352 , ,	2 ,748 144 ,	1 2%
Ancient Art L P 20 ,	0	2 ,735 024 ,	2 ,735 024 ,	1 1%

Nasdaq OMX or Schibsted can guarantee the accuracy of the analysis. Source: Nasdaq OMX. Data as of 16 April 2019

Shareholders	SCHA	SCHB
% of foreign shareholders**	57.4 %	55.7 %
Number of shareholders	4,126	4,284
Number of shares	108,003,615	130,684,373
Shares Schibsted owned by	256,227	30,000

(VPS) Largest of ownership A+B country
Norway	43.5 %
United States	23.7 %
United Kingdom	14.3 %
Luxembourg	4.7 %
Ireland	3.7 %
Sweden	3.7 %

Updated information and VPS register at: https://schibsted.com/ir/shareholders/

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

INVESTOR INFORMATION

Visit Schibsted's web site www.schibsted.com

IR contacts:

Jo Christian Steigedal VP, Head of IR jcs@schibsted.no +47 415 08 733

Espen Risholm IRO espen.risholm@schibsted.com +47 924 80 248

Schibsted ASA Akersgata 55, P.O. Box 490 Sentrum, NO-0105 Oslo Tel: +47 23 10 66 00. E-mail: schibsted@schibsted.no