Vend Marketplaces ASA

Investor Presentation • Jul 19, 2016

Schibsted Media Group - Highlights 3
Operational development4
Online Classifieds	4
Online Classifieds International	4
Online Classifieds Sweden	5
Online Classifieds Norway	5
Media Houses including Growth	6
Media House Norway	6
Media House Sweden	6
Product and Technology	7
Group overview7
Profit and Loss	7
Cash flow and capital factors	8
Outlook8
Condensed consolidated income statement	10
Key figures	18
Definitions and reconciliations	19

ROLV ERIK RYSSDAL CEO

We are happy to report another quarter where our Online Classifieds operations grew well both in terms of revenue and gross operating profit. At the same time, our Media Houses improved their profitability compared to the same quarter in 2015 in a challenging advertising market.

Within online classifieds the operations in France and Spain continued the good development, and the growth rate in Norway picked up in Q2. Leading traffic positions provide the foundation to increase revenues backed by both increased ad volumes, enhanced products and price optimization.

We continue to see positive development of our significant organic investments aiming to build market positions in new areas. Our native mobile app Shpock is developing rapidly in several European markets.

Schibsted is investing significant amounts in product and technology. Technology for targeted advertising is one area of focus, and our new advertising solutions are now being rolled across our portfolio. This will enable Schibsted to take part in the expected growth in digital advertising markets in the years to come.

Nevertheless, our newspapers in Norway and Sweden are facing negative revenue development as print advertising continues to decline. Continuous cost adaptions are necessary to maintain acceptable profitability. At the same time, it is encouraging to see that the number of digital subscribers to the newspapers continues to grow rapidly. Schibsted aims to be at the forefront when it comes to presenting premium editorial content in a modern way, which appeals to consumers.

EBITDA AND OPERATING REVENUE DEVELOPMENT IN KEY OPERATIONS (MILLION NOK)

HIGHLIGHTS OF Q2 2016

(Figures in brackets refer to the corresponding period in 2015.)

• EBITDA ex. Investment phase of NOK 831 million, a growth of 10 percent. Total Online classifieds EBITDA ex. Investment phase grew 15 percent to NOK 722 million.
• Continued positive development for Developed phase Online Classifieds.
• Solid revenue growth and good margins in France and Spain.
• Sustained growth in Norway, continued strong momentum in Sweden.
• 37 percent revenue growth in Other Developed phase Online Classifieds, driven by continued good development in Italy, Austria and Ireland.
• Online Classifieds Investment phase continues positive trend.
• 56 percent revenue growth.
• Reduced investment spend in emerging markets.
• Significant investments and rapid growth in UK and Germany for native app Shpock.
• Challenging advertising markets, tight cost control in media houses.
• Strong inflow of digital subscribers.
• Improved margin level as a result of cost savings.
• Continued ramp up of product and technology competence, building platforms for next generation online classifieds services, media houses and long term growth in online advertising.
• Hemnet acquisition terminated by Schibsted because the Swedish Competition Authority informed that the transaction in its current form will not be cleared.

ONLINE CLASSIFIEDS

Schibsted Media Group operates online classifieds companies in 24 markets. Operations in Norway, Sweden, France, Spain, Italy, Austria, Ireland, Malaysia, Colombia and Hungary are in Developed phase, whereas online classifieds sites in Investment phase operate in several other countries.

The figures presented are pro-forma figures, using proportional consolidation of joint ventures and associates. For accounting figures, please see Note 3 (Operating segment disclosures). An overview of definitions and reconciliations is provided at the end of the report.

Second quarter	Online Classifieds Revenues		1 half year	FY
2015	2016 Pro-forma (MEUR)	2016	2015	2015
46.4	54.2 France	105.3	89.3	179.7
24.7	28.0 Spain	54.8	47.5	99.0
46.3	46.1 Norway	85.8	89.6	165.6
27.4	30.4 Sweden	56.8	50.9	102.4
15.4	21.1 Other	40.4	29.0	64.1
160.2	179.8 Total Developed phase	343.1	306.3	610.8
6.9	10.8 Investment phase	19.4	12.9	27.3
167.1	190.6 Total Online Classifieds revenue	362.5	319.2	638.1
Second quarter	Online Classifieds EBITDA		1 half year	FY
2015	2016 Pro-forma (MEUR)	2016	2015	2015
28.8	31.2 France	66.3	58.4	107.3
6.7	7.3 Spain	11.2	8.9	22.6
23.6	21.7 Norway	37.3	41.0	73.5
13.7	17.7 Sweden	31.8	25.4	56.7
-0.1	2.1 Other	1.6	-3.7	-5.1
72.8	80.0 EBITDA Developed phase	148.2	130.1	254.9
-23.7	-22.7 Investment phase	-48.3	-48.0	-95.6
49.0	57.3 EBITDA	99.9	82.1	159.3
45 %	44 % EBITDA margin Dev. phase	43 %	42 %	42 %

Main figures in Q2 2016 compared to Q2 2015, and first half year 2016 compared to first half year 2015:

Operating revenue growth was 25 percent in NOK terms both in Q2 and in the first half year. Adjusted for currency fluctuations, the growth was 18 percent, both in Q2 and the first half year.

EBITDA margin Developed phase was 44 percent (45%) in Q2 and 43 percent (42%) in the first half year. High

marketing spending influences margins in Q2 and the first half year.

Investment phase spending was EUR 22.7 million in Q2 2016, compared to EUR 23.7 million in Q2 2015. For the first half year spending totaled EUR 48.3 million, compared to EUR 48.0 million in the first half of 2015.

ONLINE CLASSIFIEDS INTERNATIONAL

Online Classifieds International comprises all online classifieds operations outside Scandinavia. The segment had consolidated revenues of NOK 1,042 million in Q2, up from NOK 774 million in Q2 2015. The revenue increase is broad-based, and all sites are growing. Consolidated EBITDA is NOK 177 million in Q2 2016 compared to NOK 203 million in Q2 2015. The EBITDA decline is due to nearly all Investment phase spending being fully consolidated in Q2 2016, whereas in Q2 2015 around half the spending was recognized in the share of profit and loss from joint ventures and associates line item.

France

Operating revenues grew by 17 percent in Q2. EBITDA margin was 58 percent (62%). The decline in margin is mainly due to significant marketing spending in connection with preparations for launch of improved job products in Q2/Q3.

The real estate segments shows continued good revenue growth. Leboncoin real estate has more than twice the number of unique monthly visitors as the closest competitor.

In the car segment revenue progress is also good, with growth in both premium options and insertion fees. Leboncoin is by orders of magnitude largest site for private cars, and has significantly more professional car ads than the competitors.

Advertising revenues also grew in Q2. Leboncoin will continue to leverage its traffic position to create better products to connect buyers with sellers, and job seekers with employers.

Spain

Revenues in Spain increased by 13 percent in Q2 to EUR 28 million. The growth continues to be broad-based with increases in jobs, real estate, cars, and display advertising, but there is reduced momentum in jobs due to political uncertainty.

EBITDA in Q2 was EUR 7.3 million (6.7 million). The EBITDA margin was 26 percent in Q2, compared to 27 percent in the same period in 2015. Marketing spending in the quarter was significantly higher than in Q2 2015, while other costs were at the same level.

Other Developed operations

The revenue growth of Other Developed operations was 37 percent in Q2 2016. The revenue increase was particularly driven by continued good growth in Italy, Ireland and Austria.

In Austria and Ireland, margins are double-digit, and improving. Continued high marketing investments in Italy.

Investment phase

The Investment phase portfolio continues to develop strongly in Q2 both in terms of revenue and traffic growth. The revenue growth was 56 percent, compared to 44 percent in Q1 2016.

The investments (EBITDA loss) amounted to EUR 22.7 million, EUR 2.9 million lower than Q1 2016 and EUR 1.0 million lower than in Q2 2015.

The investment level in Brazil is materially reduced compared to Q2 2015. This is both due to marketing spending and increased revenues. The growth in new ads per day and traffic is strong in Brazil. Entering visits is up by 44 percent in Q2 despite the slowdown in marketing spending. The OLX.com.br generalist site represents a platform for significant revenue growth going forward. Monetization efforts have been launched, with listing fees in car and real estate for professionals introduced. Premium features and advertising are being introduced gradually.

Hungary's leading generalist site Jofogas.hu continues to grow traffic and ad volume in Q2. The site is leading in terms of traffic and content in generalist, real estate, jobs and cars. The site has frequent product updates.

Tori.fi in Finland is experiencing significant traffic and revenue growth. Investment levels are maintained in order to strengthen the foundation for future revenue growth.

Schibsted sees good potential for value creation in the Mexican market, and investments remain high.

Segundamano.mx has integrated the Anumex acquisition and is focusing on consolidating the leading market position in key states, showing strong traffic numbers.

Schibsted is at the forefront of the development of mobileonly marketplaces with the native app Shpock. Shpock expands the market and attracts new user groups and items. It is among the most downloaded apps in the shopping category in large markets like Germany and the UK. Shpock launched in Italy late 2015, and the start has been promising.

ONLINE CLASSIFIEDS SWEDEN

Sweden's operating revenues were SEK 282 million, which represented a growth of 11 percent. The main drivers of growth were car and job verticals, while display advertising also grew well.

EBITDA was SEK 164 million (127 million) in Developed phase, implying an EBITDA margin of 58 percent (50%).

Mobile share of visits is above 60 percent and continues to grow. Professional ad volume shows good growth in Q2, especially in the car segment. Product improvements are ongoing and are successively deployed, for example integrated communication between buyer and seller and improved login functionality in the iOS and Android apps.

ONLINE CLASSIFIEDS NORWAY

Revenue growth of 8 percent in Q2. Revenues are growing in all classified verticals, especially cars and jobs. Real Estate is growing, despite fewer objects for sale in the market. Personal finance continues to show promising growth. Display advertising sales are still soft.

The EBITDA margin of 47 percent is somewhat lower than Q2 2015, affected by increased marketing investments.

MEDIA HOUSES INCLUDING GROWTH

Main figures in Q2 2016 compared to Q2 2015, and first half year 2016 compared to first half year 2015

MEDIA HOUSE NORWAY

Revenues declined 5 percent in Q2 and declined 7 percent in the first half year compared to last year. The decline is mainly due to a continued soft advertising market. EBITDA increased by 20 percent in Q2, driven by overall cost measures and operational improvement in printing and distribution. EBITDA for the first-half year increased 1 percent, with cost measures offsetting the decline in advertising. The cost measures in the first half year include head-count reductions, closing the Sunday edition of Bergens Tidende, and preparations for the closure of a printing plant in Stavanger.

Verdens Gang (VG) media house

Verdens Gang publishes the leading single-copy newspaper in Norway. The online edition, VG.no, is the largest online newspaper in Norway and among the leading websites irrespective of category.

Second quarter			1 half year	FY
2015	2016 Verdens Gang (MNOK)	2016	2015	2015
454	422 Operating revenues	850	912	1,817
302	259 of which offline	525	598	1,186
152	163 of which online	325	314	631
64	64 EBITDA	121	117	272
14 %	15 % EBITDA margin	14 %	13 %	15 %

Subscription-based newspapers Norway

	Subscription			FY
2015	2016 newspapers (MNOK)	2016	2015	2015
800	742 Operating revenues	1,444	1,592	3,073
655	583 of which offline	1,146	1,314	2,521
145	159 of which online	298	278	552
70	56 EBITDA	60	111	186
9 %	8 % EBITDA margin	4 %	7 %	6 %

Operating revenues declined by 7 percent in Q2.

Advertising revenues declined by 24 percent. The decline in print advertising revenues was 25 percent, whereas online advertising revenues decreased by 22 percent.

Weekday circulation volume has declined by 2 percent in the first half of 2016. Total circulation revenues increased 11 percent in Q2 compared to the same quarter last year, driven by growth in digital subscriptions. Online subscription

volumes are developing positively, and now stands at 76,000 for pure digital subscribers at the end of Q2.

The EBITDA margin was 8 percent (9%). Total operating expenses were reduced by 6 percent as a result of declining volumes and continuous work on adapting the cost base to the markets.

MEDIA HOUSE SWEDEN

Revenues increased 4 percent in SEK terms both in Q2 and the first half year compared to the same period last year. Online revenues are growing at a faster pace than the decline in print. All the main business units in Media House Sweden had online revenue growth in Q2 2016. Print advertising revenues continue to decline. Total circulation revenues grew in Svenska Dagbladet, but declined in Aftonbladet. Total EBITDA increased 8 percent in Q2 compared to last year, while EBITDA for the first-half year increased 7 percent. Cost increases in Schibsted Growth due to revenue growth while costs in Aftonbladet and Svenska Dagbladet are flat, for both Q2 and the first half year.

Aftonbladet media house

Aftonbladet is the leading media house in both print and online news in Sweden. Aftonbladet's single-copy newspaper is Sweden's largest newspaper, and Aftonbladet.se is the clear leader in online news.

	Second quarter	1 half year		FY
Online revenues showed an improvement in Q2 2016.	2015 2016 Aftonbladet (MSEK)	2016	2015	2015
Mobile and Web-TV advertising is growing while desktop still	504 502 Operating revenues	964	959	1,935
declines. The growth in mobile advertising is seen in both	304 272 of which offline	532	581	1,152
programmatic and direct sales, and is helped by product	200 230 of which online	432	378	783
	71 65 EBITDA	109	105	233
improvements such as geo-targeting.	14 % 13 % EBITDA margin	11 %	11 %	12 %
The number of subscribers to the VG+ premium digital subscription product is growing rapidly, and has reached 85,000 in Q2. The number is 44 percent higher than in Q2	Operating revenues were largely flat compared to Q2 2015. Online revenues increased by 15 percent in Q2. Print advertising revenues dropped by 20 percent in the quarter, but only represents 19 percent of total advertising revenues.
The EBITDA margin was slightly up to 15 percent (14%). Operating costs were reduced with 8 percent.	Print circulation volume on weekdays declined by 19 percent in the first half of 2015. The rate of decline has been stable at 19 percent over the last six quarters. Total circulation
Subscription-based newspapers Norway	revenues decreased 6 percent in Q2 compared to 2015, due
The Subscription-based newspapers include the media	to the print circulation volume decline.
houses in four of the largest cities in Norway: Aftenposten, Bergens Tidende, Fædrelandsvennen and Stavanger Aftenblad.	Operating expenses increased 1 percent in Q2 2016 compared to Q2 2015. The EBITDA margin was 13 percent (14%).
Second quarter Subscription 1 half year FY

Subscription-based newspaper - Svenska Dagbladet (SvD)

Svenska Dagbladet is the second largest subscription newspaper in Sweden and holds a particularly strong position in the Stockholm region.

Second quarter		1 half year		FY
2015	2016 SvD (MSEK)	2016	2015	2015
243	240 Operating revenues	473	471	944
19	16 EBITDA	33	31	51
8 %	7 % EBITDA margin	7 %	7 %	5 %

Operating revenues decreased 1 percent in Q2 compared to the same period in 2015.

Circulation revenues are boosted by an underlying positive volume development for digital subscribers and a slight

increase in print revenues. Total circulation revenues increased by 8 percent in Q2 compared to 2015. Svenska Dagbladet now has more than 27,000 digital-only subscribers at the end of Q2.

The print advertising revenues decreased 10 percent. The market continued its structural migration from print advertising. Total online revenues grew 12 percent.

SvD's EBITDA decreased from SEK 19 million in Q2 2015 to SEK 16 million in Q2 2016. Operating costs were flat.

Schibsted Growth Sweden

Schibsted Growth consists of a portfolio of web-based growth companies. These companies benefit from the strong traffic positions and brands of Schibsted's established operations in Sweden.

Second quarter	Schibsted Growth		1 half year	FY
2015	2016 (MSEK)	2016	2015	2015
240	275 Operating revenues	538	478	986
49	65 EBITDA	117	91	214
20 %	24 % EBITDA margin	22 %	19 %	22 %

Total reported revenue growth including Hitta was 15 percent in Q2 2016.

The personal finance services, particularly Lendo, is an important driver for the revenue and EBITDA growth. The price comparison service Prisjakt shows continued good revenue progress.

EBITDA margin of 24 percent (20%), and total EBITDA was up SEK 16 million to SEK 65 million in Q2.

PRODUCT AND TECHNOLOGY

Schibsted is investing significant resources in product and technology development as part of the Group's strategy.

There are five main areas of investments:

• New online classifieds platform
• New publishing platform
• Advertising technology, especially targeting solutions
• Payment solutions
• User identitification

A common technological foundation across the Group will drive accelerated innovation through rapid experimentation and faster rollout of new products. Many products are initially soft launched on smaller sites to test the product viability and minimize risk. The products will be personalized through data-driven optimizations and tailored user experiences.

Schibsted's new advertising technology is based on a strategic partnership with Appnexus. It will include the platform for a highly scalable advertising network, which may be a viable alternative to other established players in the market. Schibsted sees the opportunity to include other online publishers in the network. This will create mutual benefits and improve the scale and efficiency of the advertising products.

PROFIT AND LOSS

Main figures in Q2 2016 compared to Q2 2015, and first half year 2016 compared to first half year 2015:

OPERATING REVENUES

Group consolidated revenues increased 8 percent in Q2 and 7 percent for the first half year. Total consolidated online classifieds revenues (Norway, Sweden and International) grew by 25 percent in both Q2 and the first half year in NOK terms. Media house Norway revenues declined by 5 percent in Q2 and declined by 7 percent in the first half year. Media House Sweden revenues increased by 14 percent in both Q2 and the first half year in NOK terms.

OPERATING EXPENSES

Consolidated operating expenses increased by 10 percent in Q2 and increased by 7 percent in the first half year. Adjusted for currency, operating expenses grew 5 percent in Q2 and 2 percent in the first half year. The increased share of online classifieds investment spending fully consolidated, general growth in online classifieds and phasing of marketing spending in established operations negatively influences operating expense growth. There is continuous work in the media houses to adapt the cost base to the market, where print advertising declines and online increases. Within the online activities, costs are increasing as a result of product and technology development, sales and marketing.

PROFIT DEVELOPMENT

Consolidated EBITDA ex. Investment phase was NOK 831 million (753 million) in Q2 2016. In the first half year of 2016 consolidated EBITDA ex. Investment phase was NOK 1,466 million (1,261 million).

Group EBITDA margin ex. Investment phase was 21 percent (20%) in Q2, and 19 percent (17%) in the first half year.

Please refer to the notes to the Condensed consolidated financial statement for a detailed breakdown of the line items impairment loss, other income and expenses and net financial items. Additionally, non-GAAP accounting definitions are provided at the end of the report.

UNDERLYING DEVELOPMENT

The currency adjusted revenue growth rate for the Group was 3 percent in Q2 and 1 percent for the first half year.

Total growth for all three online classifieds segments combined, adjusted for currency effects was 18 percent both in Q2 and in the first half year.

Total growth for both media house segments combined, adjusted for currency effects was -1 percent in Q2 and -3 percent in the first half year.

OTHER MATERIAL EVENTS IN THE FIRST HALF YEAR

20 MINUTES FRANCE DIVESTED

Schibsted gained final approval from the French competition authorities on 1 January 2016 to sell our 50 percent stake in freesheet newspaper 20 Minutes France to Belgian media group Groupe Rossel. The transaction closed 7 January 2016.

ZERO VAT FOR ELECTRONIC NEWS SERVICES IN NORWAY

EFTA's surveillance authority ESA on 25 January 2016 approved the Norwegian government's proposal to introduce a zero VAT rate for electronic news services, with effect from 1 March 2016. The measure is designed to bring the VAT treatment of electronic news services in line with that applicable to printed newspapers, where the existing zero VAT rate will remain in place unchanged. The final rules regarding delimitation of the definition for electronic news services are unfinished.

EVENTS AFTER THE REPORTING PERIOD

Schibsted announced in May 2015 an offer to acquire the largest online classifieds site for real estate in Sweden, Hemnet. During 2016, the agreement has been under scrutiny by The Swedish Competition Authority (SCA). A set of commercially acceptable remedies were offered. It is Schibsted's view that the SCA's initial concerns have been alleviated as a result of these remedies and that Schibsted would be the best owner of Hemnet both from the perspective of Swedish consumers and from the realtors' viewpoint.

However, the SCA has informed Schibsted that the authority will not clear the transaction in its current form. Schibsted has on this background concluded that the acquisition process will be terminated.

Schibsted still considers the Swedish real estate market to be attractive, and will now consider other alternatives for its presence in the market.

CASH FLOW AND CAPITAL FACTORS

Main figures in first half of 2016 compared to first half of 2015:

CASH FLOW

Net cash flow from operating activities was NOK 801 million in the first half of 2016, compared to NOK 362 million in the first half of 2015. The change is largely related to a more favourable development in working capital and reduced tax payments.

Net cash outflow from investing activities was NOK 487 million in the first half of 2016, compared to NOK 616 million in the first half of 2015. The decrease is mainly related to reduced net cash outflows related to investments in joint ventures and associates, partly offset by increased net cash outflows from acquisition and sale of subsidiaries as well as net investments in fixed and intangible assets.

Net cash outflow from financing activities was NOK 771 million in the first half of 2016, compared a net cash inflow of NOK 20 million in the first half of 2015. The increased cash outflow is mainly related to increase in net repayments of interest bearing borrowings, partly offset by reduced distributions to non-controlling interests.

EQUITY AND DEBT

The carrying amount of the Group's assets decreased by NOK 1,127 million to NOK 20,489 million during the first half of 2016. The Group's net interest bearing debt increased by NOK 176 million to NOK 968 million. The Group's equity ratio was 52 percent at the end of the second quarter of 2016 and 51 percent at the end of 2015.

Schibsted ASA repaid a loan of EUR 25 million from Eksportfinans at maturity end of January.

Schibsted has two long term revolving credit facilities of totally EUR 425 million. As of 30 June none of these facilities were drawn. After exercising the last extension option, the final maturity of the EUR 300 million revolving credit facility is 14 July 2021. No other changes has been made to the main loan portfolio.

After the issue of B-shares in September 2015, the liquidity reserve is much higher than before. Including cash and cash equivalents, the liquidity reserve at the end of Q2 2016 was NOK 5.4 billion.

ONLINE CLASSIFIEDS

Schibsted sees continued revenue growth potential and a good margin outlook for its portfolio of developed online classifieds sites. On a medium to long-term horizon the target for annual revenue growth remains at 15-20 percent.

Our leading French site Leboncoin.fr holds significant longterm potential in new verticals and products, such as real estate and jobs. An improved product offering in the job vertical will be launched in Q3/Q4 2016.

Our strategy of building online classifieds positions in new markets as well as new product rollouts in existing markets will continue as long as key metrics like traffic, user engagement and brand recognition continue to develop compared to business plans and competitors. Continued investments are planned in native apps, like Shpock, and the online classifieds operations during the second half of 2016. At the same time, investments are expected to be reduced in most other markets, as the investment cycle is nearing the end there. This is a result of reduced marketing investments and increased monetization. In total, investments in full year 2016 are expected to be in the area EUR 80-100 million (compared to EUR 95.6 million in 2015). Note that the investments are affecting profitability and, the effect is split between consolidated companies, joint ventures and associates.

MEDIA HOUSES

The media houses in Schibsted will continue the transformation into world-class digital media houses based on strong editorial products. Schibsted is rolling out a new media platform that gives a user-first perspective and encompasses the entire newsroom production process. It is highly scalable across all media companies and allows publishers to leap into a digital-only newsroom.

Overall, the structural digital shift and the transformation process are expected to continue. Schibsted will continue to focus on digital product development combined with cost adaptions, with the aim to produce continued healthy cash flows and operating margins.

INVESTMENTS IN TECHNOLOGY AND ONLINE PRODUCT DEVELOPMENT

The build-up of Schibsted's global technology and product development resources is ongoing, and the aim is to facilitate the digital transformation and the strategy of forming identity-based ecosystems. Schibsted has strong

traffic positions and great brands in Scandinavia covering a broad range of online services. We intend to use these strong national ecosystems as a basis for developing products that improves the ability to offer targeted advertising, and personalized products for consumers both within online classifieds and news. The advertising technology, based on a strategic partnership with Appnexus, may be a viable alternative to other established players in the market, and represent an opportunity for new revenue sources.

The ramp up and organizational change related to product and technology will increase the efficiency and reduce timeto-market for new services both for online classifieds operations, for media houses and adjacent services. Investments will increase, as previously communicated, compared with 2015. EBITDA of the Other/Headquarters segment, which includes product and technology investments, is estimated to be negative NOK 650-700 million in the full year 2016.

	Second quarter		First half-year	Year
2015	2016 (NOK million)	2016	2015	2015
3,803	4,114 Operating revenues	7,997	7,497	15,117
(144)	(129) Raw materials and finished goods	(258)	(305)	(575)
(1,460)	(1,568) Personnel expenses	(3,130)	(2,947)	(5,884)
(1,557)	(1,780) Other operating expenses	(3,551)	(3,227)	(6,642)
642	637 Gross operating profit (loss)	1,058	1,018	2,016
(119)	(132) Depreciation and amortisation	(255)	(237)	(498)
(107)	(40) Share of profit (loss) of joint ventures and associates	(83)	247	52
(3)	(39) Impairment loss	(39)	(9)	(488)
97	(69) Other income and expenses	(93)	364	1,079
510	357 Operating profit (loss)	588	1,383	2,161
(70)	2 Net financial items	(10)	(97)	(195)
440	359 Profit (loss) before taxes	578	1,286	1,966
(172)	(166) Taxes	(310)	(284)	(575)
268	193 Profit (loss)	268	1,002	1,391
	Profit (loss) attributable to:
29	38 Non-controlling interests	59	100	128
239	155 Owners of the parent	209	902	1,263
	Earnings per share in NOK:
1.11	0.69 Basic	0.93	4.20	5.79
1.11	0.69 Diluted	0.92	4.20	5.78
0.62	1.04 Basic - adjusted	1.33	2.72	3.17
0.62	1.04 Diluted - adjusted	1.33	2.72	3.16

Second quarter		First half-year		Year
2015	2016 (NOK million)	2016	2015	2015
268	193 Profit (loss)	268	1,002	1,391
-	- Remeasurements of defined benefit pension liabilities	(5)	49	563
-	- Income tax relating to remeasurements of defined benefit pension liabilities	1	(13)	(151)
-	- Share of other comprehensive income of joint ventures and associates	5	(2)	5
-	- Items not to be reclassified subsequently to profit or loss	1	34	417
23	(150) Exchange differences on translating foreign operations	(351)	(269)	446
(14)	28 Hedges of net investments in foreign operations	62	4	(79)
4	(8) Income tax relating to hedges of net investments in foreign operations	(16)	(1)	21
-	3 Share of other comprehensive income of joint ventures and associates	6	-	-
13	(127) Items to be reclassified subsequently to profit or loss	(299)	(266)	388
13	(127) Other comprehensive income	(298)	(232)	805
281	66 Comprehensive income	(30)	770	2,196
	Comprehensive income attributable to:
32	32 Non-controlling interests	48	88	129
249	34 Owners of the parent	(78)	682	2,067

	30 June		31 December
(NOK million)	2016	2015	2015
Intangible assets	13,920	11,855	14,292
Investment property and property, plant and equipment	1,069	1,196	1,137
Investments in joint ventures and associates	964	1,199	929
Other non-current assets	346	458	425
Non-current assets	16,299	14,708	16,783
Trade receivables and other current assets	2,779	2,898	2,942
Cash and cash equivalents	1,411	469	1,891
Current assets	4,190	3,367	4,833
Total assets	20,489	18,075	21,616
Equity attributable to owners of the parent	10,276	6,930	10,776
Non-controlling interests	322	136	314
Equity	10,598	7,066	11,090
Non-current interest-bearing borrowings	1,838	2,334	2,365
Other non-current liabilities	2,493	2,886	2,743
Non-current liabilities	4,331	5,220	5,108
Current interest-bearing borrowings	541	1,162	318
Other current liabilities	5,019	4,627	5,100
Current liabilities	5,560	5,789	5,418
Total equity and liabilities	20,489	18,075	21,616

Second quarter		First half-year		Year
2015	2016 (NOK million)	2016	2015	2015
440	359 Profit (loss) before taxes	578	1,286	1,966
-	- Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	-	(778)
122	171 Depreciation, amortisation and impairment losses	294	246	1,000
122	59 Share of profit of joint ventures and associates, net of dividends received	102	(232)	(25)
(319)	(187) Taxes paid	(366)	(532)	(738)
(127)	(11) Sales losses (gains) non-current assets	(35)	(418)	(437)
142	242 Change in working capital	228	12	5
380	633 Net cash flow from operating activities	801	362	993
(125)	(192) Purchase of intangible assets and property, plant and equipment	(345)	(254)	(460)
(312)	(103) Acquistion of subsidiaries, net of cash acquired	(120)	(425)	(753)
35	- Proceeds from sale of intangible assets and property, plant and equipment	3	60	34
59	(1) Proceeds from sale of subsidiaries, net of cash sold	(1)	430	470
11	(25) Net sale of (investment in) other shares	(24)	(432)	(722)
5	- Net change in other investments	-	5	(82)
(327)	(321) Net cash flow from investing activities	(487)	(616)	(1,513)
53	312 Net cash flow before financing activities	314	(254)	(520)
739	(29) Net change in interest-bearing loans and borrowings	(285)	669	(212)
(100)	(63) Change in ownership interests in subsidiaries	(63)	(110)	(188)
-	- Capital increase	-	-	2,634
3	3 Net sale (purchase) of treasury shares	11	8	16
(505)	(431) Dividends paid	(434)	(547)	(567)
137	(520) Net cash flow from financing activities	(771)	20	1,683
(6)	(5) Effects of exchange rate changes on cash and cash equivalents	(23)	(42)	(17)
184	(213) Net increase (decrease) in cash and cash equivalents	(480)	(276)	1,146
285	1,624 Cash and cash equivalents at start of period	1,891	745	745
469	1,411 Cash and cash equivalents at end of period	1,411	469	1,891

First half year 2016	Equity attributable to owners of	Non- controlling interests	Equity
(NOK million)	the parent
Equity at start of period	10,776	314	11,090
Comprehensive income	(78)	48	(30)
Transactions with the owners	(422)	(40)	(462)
Share-based payment	27	-	27
Dividends paid to owners of the parent	(396)	-	(396)
Dividends to non-controlling interests	-	(38)	(38)
Change in treasury shares	11	-	11
Business combinations	-	9	9
Loss of control of subsidiaries	-	(1)	(1)
Changes in ownership of subsidiaries that do not result in a loss of control	(63)	(10)	(73)
Share of transactions with the owners of joint ventures and associates	(1)	-	(1)
Equity at end of period	10,276	322	10,598

First half year 2015 (NOK million)	Equity attributable to owners of the parent	Non- controlling interests		Equity
Equity at start of period	6,560	230		6,790
Comprehensive income	682	88		770
Transactions with the owners	(312)	(182)		(494)
Share-based payment	29	-	29
Dividends paid to owners of the parent	(376)	-	(376)
Dividends to non-controlling interests	15	(171)	(156)
Change in treasury shares	8	-	8
Loss of control of subsidiaries	-	(3)	(3)
Changes in ownership of subsidiaries that do not result in a loss of control	5	(8)	(3)
Share of transactions with the owners of joint ventures and associates	7	-	7

	Equity at end of period	6,930	136	7,066
--	-------------------------	-------	-----	-------

Year 2015	Equity attributable to owners of		Non- controlling interests	Equity
(NOK million)	the parent
Equity at start of period	6,560		230	6,790
Comprehensive income	2,067		129	2,196
Transactions with the owners	2,149		(45)	2,104
Capital increase	2,640	-	2,640
Share-based payment	55	-		55
Dividends paid to owners of the parent	(376)	-	(376)
Dividends to non-controlling interests	15	(191)	(176)
Change in treasury shares	16	-		16
Business combinations	-	111	111
Loss of control of subsidiaries	-	(3)	(3)
Changes in ownership of subsidiaries that do not result in a loss of control	(208)	38	(170)
Share of transactions with the owners of joint ventures and associates	7	-		7
Equity at end of period	10,776		314	11,090

NOTE 1 GENERAL INFORMATION

Schibsted ASA is a public limited company incorporated and domiciled in Norway. The address of its registered office is Apotekergata 10, N-0107 Oslo, Norway. The A-shares and B-shares of Schibsted ASA are listed on the Oslo Stock Exchange under tickers SCHA and SCHB. Schibsted Media Group (Schibsted or the Group) consists of Schibsted ASA and its subsidiaries.

Schibsted Media Group is an international media group with leading positions within online classifieds and strong positions within media houses. The major businesses are in Norway, Sweden, France and Spain, but the Group also has operations in other countries in Europe, Latin America, Asia and Africa.

The condensed consolidated interim financial statements comprise the Group and the Group's interests in joint ventures and associates. The interim financial statements have been prepared in compliance with IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Group's Annual financial statements as at 31 December 2015.

The accounting policies adopted in preparing these interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2015.

In November 2015, Schibsted Media Group presented a new organisation model with new geographies and stronger global functions. Consequently, changes are made to operating segments reported with effect from the first quarter of 2016. Comparable figures for previous periods are restated.

The condensed consolidated interim financial statements for the first half of 2016 were authorised for issue by the Board of Directors on 18 July 2016. The interim financial statements are unaudited.

NOTE 2 CHANGES IN THE COMPOSITION OF THE GROUP

Business combinations 2016:

Schibsted has in the first half year of 2016 invested NOK 120 million related to acquisition of subsidiaries and businesses (business combinations), of which NOK 120 million is settlement of contingent consideration related to prior year's business combinations (primarily Compricer AB, Media House Sweden). Investments related to business combinations in the first half year of 2016 amount to NOK 15 million (net NOK 0 million adjusted for cash in acquired companies).

Other changes in the composition of the Group 2016:

Schibsted has in the first half year of 2016 invested NOK 67 million related to increased ownership interests in subsidiaries. The amount invested is related to increase in ownership interest in ServiceFinder Sverige AB (Online Classifieds Sweden) from 69.95% to 100%. In January 2016, Schibsted closed the sale of its 50% interest in the joint venture 20 Minutes France S.A.S. A gain of NOK 24 million is recognised in the line item Other income and expenses.

NOTE 3 OPERATING SEGMENT DISCLOSURES

Schibsted reports five operating segments; Online Classifieds (Norway, Sweden and International) and Media Houses (Norway and Sweden). As a consequence of the new organisational model, operating segments are changed from 1 January 2016, and restated retrospectively to give comparable information.

Online Classifieds Norway comprices Finn.no and Mittanbud.

Online Classifieds Sweden comprices Blocket, BytBil and Servicefinder.

Online Classifieds International comprices the Group's online classifieds operations world wide. The segment includes operations in Europe, Asia, Latin America and Africa. The main operations in Europe are in France, Spain and Italy.

Media House Norway comprises the media houses VG, Aftenposten, Bergens Tidende, Stavanger Aftenblad and Fædrelandsvennen, printing and distribution operations, and the publishing house Schibsted Forlag (sold in June 2015).

Media House Sweden comprises Publishing, where Aftonbladet and Svenska Dagbladet are the main units, and Schibsted Growth, a portfolio of internet-based growth companies (including the online directory service Hitta).

Other / Headquarters comprises operations not included in the five reported operating segments, including Mötesplatsen, Aspiro (sold in March 2015), 20 Minutes in Spain (sold in July 2015) and 20 Minutes in France (sold in January 2016), as well as the Group's headquarter Schibsted ASA and centralised functions including Product and Technology.

Eliminations comprise intersegment sales. Transactions between operating segments are conducted on normal commercial terms.

The division into operating segments corresponds to the management structure and the internal reporting to the Group's chief operating decision maker, defined as the CEO. The division reflects an allocation based partly on the type of operation and partly on geographical location.

In the operating segment information presented, Gross operating profit (loss) is used as measure of operating segment profit or loss. For internal control and monitoring, Operating profit (loss) is also used as measure of operating segment profit or loss.

Information about operating revenues and profit (loss) by operating segment:

		Online Classifieds			Media Houses	Other /
(NOK million)	Norway	Sweden	International	Norway	Sweden	Headquarters	Eliminations	Total
Operating revenues from external customers	429	283	1,015	1,336	1,029	22	-	4,114
Operating revenues from other segments	19	11	27	48	60	71	(236)	-
Operating revenues	448	294	1,042	1,384	1,089	93	(236)	4,114
Gross operating profit (loss)	200	160	177	143	130	(173)	-	637
Operating profit (loss)	192	142	116	36	81	(210)	-	357

	First half-year 2016

		Online Classifieds			Media Houses	Other /
(NOK million)	Norway	Sweden	International	Norway	Sweden	Headquarters	Eliminations	Total
Operating revenues from external customers	807	535	1,972	2,625	2,013	45	-	7,997
Operating revenues from other segments	32	16	64	89	89	152	(442)	-
Operating revenues	839	551	2,036	2,714	2,102	197	(442)	7,997
Gross operating profit (loss)	346	290	336	188	216	(318)	-	1,058
Operating profit (loss)	330	270	186	13	145	(356)	-	588

Second quarter 2015 (restated)

		Online Classifieds			Media Houses	Other /
(NOK million)	Norway	Sweden	International	Norway	Sweden	Headquarters	Eliminations	Total
Operating revenues from external customers	396	234	759	1,437	927	50	-	3,803
Operating revenues from other segments	6	20	15	21	27	96	(185)	-
Operating revenues	402	254	774	1,458	954	146	(185)	3,803
Gross operating profit (loss)	203	117	203	119	110	(110)	-	642
Operating profit (loss)	193	116	179	65	89	(132)	-	510

First half-year 2015 (restated)
		Online Classifieds			Media Houses	Other /
(NOK million)	Norway	Sweden	International	Norway	Sweden	Headquarters	Eliminations	Total
Operating revenues from external customers	769	437	1,460	2,888	1,784	159	-	7,497
Operating revenues from other segments	12	35	23	42	53	181	(346)	-
Operating revenues	781	472	1,483	2,930	1,837	340	(346)	7,497
Gross operating profit (loss)	353	218	293	187	184	(217)	-	1,018
Operating profit (loss)	333	216	642	85	152	(45)	-	1,383

Year 2015 (restated)
		Online Classifieds			Media Houses	Other /
(NOK million)	Norway	Sweden	International	Norway	Sweden	Headquarters	Eliminations	Total
Operating revenues from external customers	1,472	913	3,149	5,628	3,753	202	-	15,117
Operating revenues from other segments	31	74	53	95	118	358	(729)	-
Operating revenues	1,503	987	3,202	5,723	3,871	560	(729)	15,117
Gross operating profit (loss)	652	507	510	398	422	(473)	-	2,016
Operating profit (loss)	614	490	1,374	(298)	296	(315)	-	2,161

NOTE 4 IMPAIRMENT LOSS

Second quarter 2016
(NOK million)	Norway	Online Classifieds Sweden	International	Norway	Media Houses Sweden	Other / Headquarters	Eliminations	Total
Operating revenues from external customers Operating revenues from other segments	429 19	283 11	1,015 27	1,336 48	1,029 60	22 71	- (236)	4,114 -
Operating revenues	448	294	1,042	1,384	1,089	93	(236)	4,114
Gross operating profit (loss)	200	160	177	143	130	(173)	-	637
Operating profit (loss)	192	142	116	36	81	(210)	-	357
First half-year 2016
(NOK million)	Norway	Online Classifieds Sweden	International	Norway	Media Houses Sweden	Other / Headquarters	Eliminations	Total
Operating revenues from external customers	807	535	1,972	2,625	2,013	45	-	7,997
Operating revenues from other segments	32	16	64	89	89	152	(442)	-
Operating revenues Gross operating profit (loss)	839 346	551 290	2,036 336	2,714 188	2,102 216	197 (318)	(442) -	7,997 1,058
Operating profit (loss)	330	270	186	13	145	(356)	-	588
Second quarter 2015 (restated)		Online Classifieds			Media Houses	Other /
(NOK million)	Norway	Sweden	International	Norway	Sweden	Headquarters	Eliminations	Total
Operating revenues from external customers Operating revenues from other segments	396 6	234 20	759 15	1,437 21	927 27	50 96	- (185)	3,803 -
Operating revenues	402	254	774	1,458	954	146	(185)	3,803
Gross operating profit (loss)	203	117	203	119	110	(110)	-	642
Operating profit (loss)	193	116	179	65	89	(132)	-	510
First half-year 2015 (restated)
(NOK million)	Norway	Online Classifieds Sweden	International	Norway	Media Houses Sweden	Other / Headquarters	Eliminations	Total
Operating revenues from external customers Operating revenues from other segments	769 12	437 35	1,460 23	2,888 42	1,784 53	159 181	- (346)	7,497 -
Operating revenues	781	472	1,483	2,930	1,837	340	(346)	7,497
Gross operating profit (loss)	353	218	293	187	184	(217)	-	1,018
Operating profit (loss)	333	216	642	85	152	(45)	-	1,383
Year 2015 (restated)
		Online Classifieds			Media Houses	Other /
(NOK million)	Norway	Sweden	International	Norway	Sweden	Headquarters	Eliminations	Total
Operating revenues from external customers Operating revenues from other segments	1,472 31	913 74	3,149 53	5,628 95	3,753 118	202 358	- (729)	15,117 -
Operating revenues	1,503	987	3,202	5,723	3,871	560	(729)	15,117
Gross operating profit (loss)	652	507	510	398	422	(473)	-	2,016
Operating profit (loss)	614	490	1,374	(298)	296	(315)	-	2,161
NOTE 4 IMPAIRMENT LOSS
Second quarter							First half-year	Year
2015 2016 (NOK million)						2016	2015	2015
- - Impairment loss goodwill (3) (39) Impairment loss other intangible assets and property, plant						- (39)	- (18)	(430) (44)
and equipment
- - Impairment loss investments in associates						-	9	(14)
(3) (39) Total impairment loss						(39)	(9)	(488)
Impairment losses in 2016 are related to operations being closed down.

NOTE 5 OTHER INCOME AND EXPENSES

	Second quarter		First half-year	Year
2015	2016 (NOK million)	2016	2015	2015
(29) 127	(62) Restructuring costs 11 Gain (loss) on sale of subsidiaries, joint ventures and	(109) 35	(43) 414	(141) 422
-	- Gain (loss) on sale of intangible assets, property, plant and equipment and investment property	-	3	3
-	- Gain from remeasurement of previously held equity interests in business combinations achieved in stages	-	-	858
(2)	(18) Acquisition-related costs	(18)	(10)	(34)
1	- Other	(1)	-	(29)
97	(69) Total other income and expenses	(93)	364	1,079

Restructuring costs in first half year 2016 are mainly related to structural measures within Media Houses. NOK 77 million are related to the restructuring of Media House Norway.

Gain (loss) on sale of subsidiaries, joint ventures and associates in the first half year 2016 includes sale of the joint venture 20 Minutes France S.A.S, that gave rise to a gain of NOK 24 million. See note 2.

NOTE 6 NET FINANCIAL ITEMS

	Second quarter		First half-year	Year
2015	2016 (NOK million)	2016	2015	2015
(32)	(17) Net interest income (expenses)	(33)	(58)	(97)
(37)	23 Net foreign exchange gain (loss)	30	(34)	(80)
(1)	(4) Net other financial income (expenses)	(7)	(5)	(18)
(70)	2 Net financial items	(10)	(97)	(195)

NOTE 7 SHARES OUTSTANDING

The development in the number of shares outstanding:

	Second quarter		First half-year	Year
2015	2016	2016	2015	2015
107,432,299 6,112 107,438,411 96,446 -	226,045,355 Shares outstanding at start of period - Decrease in treasury shares before share split - Share split 73,290 Decrease in treasury shares after share split - Capital increase	225,928,308 - - 190,337 -	107,421,397 17,014 107,438,411 96,446 -	107,421,397 17,014 107,438,411 251,125 10,800,361
214,973,268	226,118,645 Shares outstanding at end of period	226,118,645	214,973,268	225,928,308
1,033,962	688,946 Treasury shares at end of period	688,946	1,033,962	879,283
216,007,230	226,807,591 Total number of shares issued	226,807,591	216,007,230	226,807,591
214,882,552	226,100,388 Average number of shares outstanding used for calculating Earnings per share	226,035,239	214,866,638	218,135,315

The share capital of Schibsted ASA is NOK 113,403,795.50 divided on 108,003,615 A-shares with a nominal value of NOK 0.50 and 118,803,976 B-shares with a nominal value of NOK 0.50. Shares outstanding at 30 June 2016 comprise 107,710,604 Ashares and 118,408,041 B-shares.

Decrease in treasury shares is related to an employee share saving plan and other share-based payment arrangements. Consideration received related to treasury shares sold amounts to NOK 11 million.

		First half-year	Year
	2016	2015	2015
(NOK million)		Restated *	Restated *
Pro forma Online Classifieds
Operating revenues Developed phase (EUR million)	343.1	306.3	610.8
EBITDA Developed phase (EUR million)	148.2	130.1	254.9
EBITDA margin Developed phase	43 %	42 %	42 %
EBITDA Investment phase (EUR million)	(48.3)	(48.0)	(95.6)
Operating revenues for operating segments
Online Classifieds Norway	839	781	1,503
Online Classifieds Sweden	551	472	987
Online Classifieds International	2,036	1,483	3,202
Media House Norway	2,714	2,930	5,723
Media House Sweden	2,102	1,837	3,871
EBITDA Group
EBITDA excl. Investment phase	1,466	1,261	2,560
EBITDA (gross operating profit (loss))	1,058	1,018	2,016
Operating margin
EBITDA excl. Investment phase	19 %	17 %	17 %
EBITDA (gross operating profit (loss))	13 %	14 %	13 %
Operating margins operating segments (EBITDA)
Online Classifieds Norway	41 %	45 %	43 %
Online Classifieds Sweden	53 %	46 %	51 %
Online Classifieds International	17 %	20 %	16 %
Media House Norway	7 %	6 %	7 %
Media House Sweden	10 %	10 %	11 %
Equity ratio	52 %	39 %	51 %
Interest-bearing borrowings	2,379	3,496	2,683
Net interest-bearing debt	968	3,027	792
Cash flow from operating activities	801	362	993
Cash flow from operating activities per share (NOK)	3.54	1.68	4.56
CAPEX	345	254	460

* Operating segments are changed from 1 January 2016, and restated retrospectively to give comparable information.

	First	Second	Third	Fourth	First	Second
	quarter	quarter	quarter	quarter	quarter	quarter
(NOK million)	2015	2015	2015	2015	2016	2016
Operating revenues	3,694	3,803	3,673	3,947	3,883	4,114
Gross operating profit (loss)	376	642	556	442	421	637
Operating profit (loss)	873	510	1,083	(305)	231	357
Profit (loss) before taxes	846	440	965	(285)	219	359
Profit (loss)	734	268	812	(423)	75	193

This section includes definitions and reconciliations of financial measures presented in this report. These financial measures are included as they provide information of our financial performance in addition to the financial statements presented in accordance with IFRS.

EBITDA

Gross operating profit (loss)

EBITDA margin

Gross operating profit (loss) / Operating revenues

EBITDA excl. Investment phase

Online classifieds operations in investment phase are defined as operations in growth phase with large investments in market positions, immature monetization rate and sustainable profitability has not been reached.

	Second quarter		First half year	Year
2015	2016 (NOK million)	2016	2015	2015
753	831 EBITDA excl. Investment phase	1,466	1,261	2,560
(104)	(185) EBITDA Investment phase Online Classifieds	(390)	(230)	(514)
(7)	(9) EBITDA Investment phase Other	(18)	(13)	(30)
642	637 Total EBITDA	1,058	1,018	2,016

Online classified pro forma figures presented in EUR

The table includes all online classifieds sites. Subsidiaries are fully consolidated. Joint ventures and associates are proportionally consolidated based on Schibsted ownership. Figures are converted to EUR using monthly average exchange rates.

Second quarter		First half year		Year
2015	2016 (EUR million)	2016	2015	2015
49.0	57.3 Pro forma EBITDA Online Classifieds	99.9	82.1	159.3
11.4	1.5	5.2	20.7	36.3
	Effect proportionate consolidation of joint ventures and associates
0.7	(1.2) Headquarter costs and other	(1.8)	(2.2)	(7.8)
61.1 523	57.6 EBITDA online classifieds 537 EBITDA online classifieds in NOK million	103.3 972	100.6 864	187.8 1,669

Revenues adjusted for currency fluctuations

Growth rates adjusted for currency effects are calculated using the same foreign exchange rates for the period last year and this year.

Earnings per share - adjusted

Second quarter		First half year		Year
2015	2016 (NOK million)	2016	2015	2015
239	155 Profit (loss) attributable to owners of the parent	209	902	1,263
(97)	69 Other income and expenses	93	(364)	(1,079)
3	39 Impairment loss	39	9	488
	Taxes and Non-controlling interests related to Other income and
(12)	(29) expenses and Impairment loss	(41)	38	19
133	234 Profit (loss) attributable to owners of the parent - adjusted	300	585	691
0.62	1.04 Earnings per share – adjusted (NOK)	1.33	2.72	3.17
0.62	1.04 Diluted earnings per share – adjusted (NOK)	1.33	2.72	3.16

We confirm that, to the best of our knowledge, the condensed set of financial statements for the first half year of 2016 has been prepared in accordance with IAS 34 Interim Financial Statements, as endorsed by the EU, and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the Group taken as a whole.

To the best of our knowledge we confirm that the interim management report includes a fair review of important events during the accounting period, and their impact on the financial statements for the first half year, together with a description of the principal risks and uncertainties that the company is facing during the next accounting period and any major transactions with related parties.

Oslo, 18 July 2016 Schibsted ASA's Board of Directors

Ole Jacob Sunde Marianne Budnik Tanya Cordrey Chair

Torbjörn Ek Arnaud de Puyfontaine Christian Ringnes

Ingunn Saltbones Birger Steen Eugenie van Wiechen

Finn E. Våga Rolv Erik Ryssdal CEO

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Schibsted ASA

Apotekergaten 10, P.O. Box 490 Sentrum NO-0105 Oslo

Tel: +47 23 10 66 00 Fax: +47 23 10 66 01 E-mail: schibsted@schibsted.no www.schibsted.com

Investor information: www.schibsted.com/ir

Financial calendar

Investor Day 2016 27 September 2016 (London) and 28 September 2016 (New York) Q3 report 2016 4 November 2016 For information regarding conferences, roadshows etc., please visit www.schibsted.com/en/ir/Financial-calendar/