Vend Marketplaces ASA

Quarterly Report • Jul 17, 2015

QUARTERLY RESULTS Q2 2015

CEO Rolv Erik Ryssdal, CFO Trond Berger 17 July 2015

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.

KEY DEVELOPMENTS IN Q2 2015

• Growth and value creation in Online classifieds 32% EBITDA growth in Q2
• Delivering on strategy
• 1. Continued organic growth. Spain accelerating growth to 17 percent solid product pipeline to drive future development
• 2. Structural agreements partnership forming strong leader in Ireland
• 3. Bolt-on acquisitions Anumex acquisition strengthens leadership in Mexico
• Continued margin contraction in media houses during the print-to-digital transition period going forward; volatile development in Scandinavian ad markets
• Technology development being ramped up creating new revenue opportunities
• B shares established provides flexibility to pursue value creative M&A
• Divestment process for SvD, 20 Minutes Spain and France, and Schibsted Forlag

AGENDA

■Online Classifieds ■Media Houses ■Finance

■Summary

ONLINE CLASSIFIEDS

STRONG TRACK-RECORD OF ACTIVELY USING M&A AND PARTNERSHIPS TO CREATE VALUE

Note: Columns represent Schibsted Online Classifieds revenues. Circles represent cornerstone acquisitions / JVs

STRONG TRAFFIC GROWTH BOTH IN EUROPE AND IN EMERGING MARKETS IN Q2

Traffic growth European portfolio* Traffic growth outside Europe**

Kapaza, Kufar, Leboncoin, Milanuncios, Motos.net, Segundamano, Subito, Tocmai, Tori, Willhaben

Q2 2015 7 Source: Internal figures/KeyWe/Google Analytics for Milanuncios

STEADY, HIGH GROWTH RATE IN FRANCE

■ Solid growth with good contribution from key revenue drivers:

• Display advertising growth of 24%
• Continued growth for premium features and professional listing fees - real estate, cars and other
• Calendar effects linked to public holidays affected growth rate negatively in Q2
• Shift in marketing spend from Q1 to Q2 affected EBITDA margins

■ Firm traffic growth; 14% Y/Y (visits per day*)

FURTHER GROWTH POTENTIAL IN VERTICALS

**Source: Schibsted internal assessment/Xerfi

• Gradual ramp up of new revenues, with an uplift of high ARPU automatic upload link customers in 1H 2015
• Main additional revenue uplift expected in 2016
• Further growth potential through: ■ Increasing penetration among agents ■ Price optimizations and product development to grow ARPA

Total real estate market value ~EUR 300 million online, ~EUR 500 million including print*

*Source: Schibsted internal assessment

Further growth to come in real estate Untapped medium term opportunity in jobs

• Opportunity to monetize the recruitment vertical in the medium time frame
• Leboncoin already #1 in listings and traffic
• Currently minimal monetization

Total recruitment online market ~EUR 135 million**

ACCELERATING REVENUE GROWTH IN SPAIN

• 17% revenue growth in Q2 Y/Y
• Jobs important growth driver as macro improves
• Strong development pipeline to strengthen growth momentum
• Real estate content sharing integrated with Milanuncios
• New mobile applications Milanuncios most downloaded market place app on iOS and Android
• Social features/in-app communications

SOLID TRAFFIC GROWTH FOR ALL SITES

Total Monthly Visits indexed (May 2013 – June 2015)

STRONG TRAFFICAND REVENUE GROWTH FOR ITALIAN MARKET LEADER SUBITO.IT

Lower marketing investments in Q2 15, high level planned rest of the year.

IMPROVED REVENUE GROWTH IN FINN.NO

• Mixed development for classifieds verticals.
• Continued growth in real estate
• Recruitment volumes down
• Strong traffic growth for Torget
• Somewhat improved performance in display advertising- new products in pipeline

GOOD GROWTH IN NEW VERTICALS

Sweden

• Revenue growth supported by growth in new verticals
• Strong inflow of job ads. Clearly market leading in traffic terms, estimated number 2 in revenues
• EBITDA margin affected by increased marketing spend and tech development

Revenues EBITDA margin *) Growth adjusted for inclusion of Servicefinder +5%

NEW, STRONG LEADER ESTABLISHED IN IRELAND

• New company comprising leading positions in generalist, cars and real estate
• Schibsted ownership 50%. New company consolidated for accounting purposes
• Revenues in 1H 2015 EUR 9.4 million. EBITDA margin 15%
• Total daily reach 650,000 people, on par with Finn.no in Norway

Solid platform for increased growth in revenues and profitability

CONTINUED GROWTH IN INVESTMENT PHASE – SUPPORTED BY JVs AND ACQUISITIONS

• Mexico, continued good growth, supported by acquisition of Anumex
• Joint ventures with Naspers progress well
• Good traffic development in Asian JVs

Approved new ads per day Investment phase portfolio +70% Y/Y*

Total investments included in EBITDA NOK 98 million (137 million)

*) The graph include figures for (alphabetical order): Avito.ma, Chotot, Jofogas, Kapaza, Kufar, OLX Brazil, Segundamano.mx, Tori.fi and Yapo.

HUNGARY RAMPING UP REVENUES, APPROACHING PROFITABILITY

• Strong traffic development after merger with OLX
• Jofogas.hu on clear path towards increased monetization and positive EBITDA
• Hazsnaltauto.hu clear market leader in cars. Good revenue growth and solid EBITDA margins

Jofogas.hu traffic development on the back of OLX merger

ANUMEX ACQUISITION REINFORCES SCHIBSTED'S LEADERSHIP IN MEXICO

• Secundamano.mx organically grown since 2012
• Currently the largest online classifieds site in Mexico
• Anumex adds leadership leading in two states (Jalisco and Coahuila)
• High quality content, matching Segundamano well

Total Page Views (million) – only desktop

GOOD DEVELOPMENT FOR OLX IN BRAZIL – STRONG GROWTH DESPITE MARKETING CUTS

Strong ad insertion growth New Postings (indexed, 1/1/2015 = 1)

NATIVE APP SHPOCK WITH CONTINOUS STRONG TRACTION - TO BE ROLLED OUT IN NEW MARKETS

Mobile-only marketplaces expand our markets through new audiences and new volume

• Rapid sequential growth in downloads and new listings in Germany, UK and Austria
• Most downloaded next-gen marketplace app in Europe
• Preparing to launch in additional markets

MEDIA HOUSES

REVENUE HEADWIND, TIGHT COST CONTROL

Digital newspapers with clearly leading positions in Norway and Sweden

■ Revenue decline of 11 percent

• Loss of certain large customer contracts combined with structural changes
• Operating expenses reduced 9%, including web TV investments

■ Revenue decline of 5 percent

■ Operating expenses reduced 8%, including web TV investments

COST REDUCTIONS CURB MARGIN DECLINE

• Stable circulation revenues
• Contracting advertising revenues
• Print advertising revenues -21%
• Online advertising revenues +6%
• Operating expenses -6%

LEADING THE DIGITAL TRANSFORMATION IN MEDIA

CONTINUED GROWTH AND INVESTMENTS IN MARKET POSITIONS SCHIBSTED GROWTH SWEDEN

• 24% revenue growth ex Hitta.se
• Personal finance sites and price comparison site Prisjakt drives growth

PRISJAKT – STRONG GROWTH IN PRICE COMPARISON SCHIBSTED GROWTH SWEDEN

• Strong revenue growth in price comparison site Prisjakt
• Revenue growth 55% in Q2
• Scalable model potential to roll out in additional Schibsted markets

FINANCE

EBITDA DEVELOPMENT IN Q2

OLC = Online classifieds

INCOME STATEMENT SCHIBSTED GROUP

(NOK million)	Q2 2015	Q2 2014
Operating revenues	3,803	3,834
Operating expenses	(3,161)	(3,260)
Gross operating profit (EBITDA)	642	574
Depreciation and amortization	(119)	(112)
Share of profit (loss) of JVs and associates	(107)	(216)
Impairment loss	(3)	-
Other income and expenses	97	(30)
Operating profit (loss)	510	216
Net financial items	(70)	(26)
Profit (loss) before taxes	440	190
Taxes	(172)	(162)
Profit (loss)	268	28
EPS (NOK)	1.11	0.03
EPS - adjusted (NOK)	0.62	0.13

STABLE, STRONG FINANCIAL POSITION

• Diversified debt structure both by maturity and sources
• Net Interest Bearing Debt NOK 3.0 billion
• NIBD/EBITDA* at 1.5x end of Q1

*) NIBD/EBITDA according to bank definition.

Debt maturity profile

KEY FINANCIAL FIGURES

Earnings per share Cash flow from operating activities/share NOK NOK CAPEX Net interest bearing debt 0,86 -0,36 3,97 -0,16 0,03 0,21 -0,92 3,08 1,11 -2,00 0,00 2,00 4,00 6,00 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215

CAPEX (NOK million) and CAPEX/Sales (%) Net interest bearing debt (NOK) and

Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

UNDERLYING TAX RATE OF AROUND 30%

• Reported tax rate that may deviate significantly from the nominal tax rates in our markets. The main reasons are:
• Share of profit (loss) of joint ventures and associated companies being reported net of tax
• Unrecognised tax benefits from tax losses in Online classifieds Investment phase operations, and
• Non-deductible expenses or non-taxable gains

	First half-year 2015
Reported profit (loss) before taxes	1,286
Share of profit (loss) of joint ventures and associated companies	(247)
Other losses for which no deferred tax benefit is recognized*	329
Non-deductable expenses and non-taxable gains**	(421)
"Adjusted" tax base	947
Taxes	284
Adjusted effective tax rate (284/947)	30%

*) Mainly online classifieds New ventures that are not in JVs. **) Includes reported gains on sale of subsidiaries, joint ventures and associated companies of NOK 414 million.

DIGITAL INVESTMENTS CONTINUE IN 2015

Online classifieds Investment phase

• Estimated spending to be closer to EUR 100 million in 2015 - unchanged

Web TV

• Investments expensed and affecting EBITDA negatively with around NOK 100 million – mainly VG and Aftonbladet - unchanged

New online technology and online development

• Development of central technology and product development resources

B SHARE CLASS ESTABLISHED AS OF 1 JUNE 2015

FINANCIAL FLEXIBILITY TO PURSUE GROWTH

B shares secure opportunity to participate in future value creating growth opportunities

• Financial flexibility in the long run decoupled from ownership structure
• Possibility to pay for future acquisition in shares

• Proxy to issue up to 5% new equity granted by the Annual General meeting

• Schibsted will seek further organic and inorganic growth within online classifieds

• Participating in consolidating efforts
• Expanding into additional verticals
• Entering new markets

Statement by The Tinus Trust: As stipulated by it´s articles of association, the Trust's mandate is to work to achieve a long-term, healthy financial development of the Schibsted Group. The Trust has no other agenda. It is not possible for the Trust's Board to contribute to a dilution of less than 25 percent ownership in Schibsted without violating both its own mandate and the articles of association that guide the Trust's activities. Source: www.tinius.com

M&A ACTIVITY SUPPORTS THE STRATEGY (1/2)

Company	Transaction	Operation	Status
DoneDeal / Distilled Media	Merger	Irish online classifieds sites	The transaction was closed in July 2015
Anumex	Acquisition	Online classifieds site in Mexico	The transaction was closed in June 2015
Hemnet	Acquisition offer	Online classifieds real estate vertical in Sweden	Pending approval by two shareholders and the Swedish competition authorities
Svenska Dagbladet / MittMedia	Merger	#3 subscription based newspaper in Sweden	Schibsted ownership ~30%. LOI signed – pending final negotiations

M&A ACTIVITY SUPPORTS THE STRATEGY (2/2)

Company	Transaction	Operation	Status
Tutti.ch	Sale	Online classifieds in Switzerland (50%)	Divested to joint venture partner Tamedia. The transaction has been closed
Schibsted Forlag and Ebok	Sale	Book publishing and ebook distribution	Divestment – closed in June 2015
20 Minutes France	Sale	Free print and online newspapers	Divestment – pending final negotiation and approval by competition authorities
20 Minutos Spain	Sale	Free print and online newspapers	Divestment – closed in July 2015

SUMMARY

KEY TAKEAWAYS

• Continued Growth and value creation in Online classifieds
• Continued organic growth and investment in market positions solid product pipeline to drive future development
• B shares establish flexibility to pursue value creative M&A or structural agreements
• Continued transitioning into World Class Digital Media Houses. Sustained margin contraction in media houses during the print-to-digital transition period going forward; volatile development in Scandinavian ad markets
• Technology development being ramped up creating new revenue opportunities

APPENDICES

Spreadsheet containing detailed Q2 2015 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

BASIC INFORMATION

	A-Share	B-share
Ticker Oslo Stock Exchange: Reuters: Bloomberg:	SCHA SBSTA.OL SCHA:NO	SCHB SBSTB.OL SCHB:NO
Number of shares (10 July 2015)	108,003,615	108,003,615
Treasury shares (10 July 2015)	468,758	565,204
Number of shares outstanding	107,534,857	107,438,411
Free float*	73%	73%
Share price (10 July 2015)	NOK 257.50	NOK 247.50
Average daily trading volume (shares)**	279,000	162,404
Market cap total (10 July 2015)		NOK 54.3 bn., EUR 6.1 bn., USD 6.8 bn., GBP 4.4 bn.

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS. **) Since 1 June 2015

KEY FINANCIAL FIGURES

	Per Q2		Full year
Schibsted Media Group	2015	2014	2014
Gross operating profit (EBITDA) (NOK million)	1 018	984	1 941
Gross operating profit (EBITDA) ex new ventures (NOK million)	1 242	1 262	2 444
Operating margins (%):
Operating margin (EBITDA)	14	13	13
Operating margin (EBITDA) ex new ventures	17	17	16
EPS (NOK)	4.20	(0.13)	(0.84)
Net cash flow from operating activities (NOK million)	362	348	1 230
Cash flow from operating activities per share (NOK)	1.68	1.62	5.73
Profit attributable to owners of the parent	902	(29)	(180)
Average number of shares (1 000)	214.867	214.731	214.777

CAPITAL STRUCTURE

	Per Q2		Full year
Schibsted Media Group	2015	2014	2014
Investments (NOK million):
Operational investments (capex)	254	321	630
Shares and other holdings	1 089	671	1 572
Interest bearing borrowings (NOK million)	3 496	2 641	2 828
Net interest bearing debt (NOK million)	3 027	2 183	2 083
Interest bearing debt ratio (%)	1 9	1 7	1 6
Equity ratio(%) 1)	3 9	4 4	3 8
1) Treasury shares are offset against equity

SHAREHOLDER REGISTER

Schibsted ser. A - Data as of 30 June 2015			Schibsted ser. B - Data as of 30 June 2015
Rank Name	Holding	Share	Rank Name	Holding	Share
1 Blommenholm Industrier AS	28,188,589	26.1 %	1 Blommenholm Industrier AS	28,188,589	26.1 %
2 Folketrygdfondet	6,254,842	5.8 %	2 Folketrygdfondet	6,674,002	6.2 %
3 Goldman Sachs & Co Equity Segregat *	4,634,384	4.3 %	3 NWT Media AS	4,000,000	3.7 %
4 NWT Media AS	4,000,000	3.7 %	4 Goldman Sachs & Co Equity Segregat *	3,722,892	3.4 %
5 The Northern Trust Company Ltd. *	3,200,000	3.0 %	5 J.P. Morgan Chase Bank N.A. London *	2,882,283	2.7 %
6 J.P. Morgan Chase Bank N.A. London *	2,882,283	2.7 %	6 Montague Place Custody Services *	2,681,738	2.5 %
7 Montague Place Custody Services *	2,681,738	2.5 %	7 Deutsche Bank Ag *	2,424,555	2.2 %
8 Morgan Stanley & Co. Llc *	2,170,369	2.0 %	8 Morgan Stanley & Co. Llc *	2,400,424	2.2 %
9 Clearstream Banking S.A. *	2,077,167	1.9 %	9 The Northern Trust Company Ltd. *	2,300,000	2.1 %
10 State Street Bank And Trust Co. *	1,892,922	1.8 %	10 State Street Bank And Trust Co. *	2,125,013	2.0 %
11 J.P. Morgan Chase Bank N.A. London *	1,760,994	1.6 %	11 Morgan Stanley & Co. International *	1,798,652	1.7 %
12 Morgan Stanley & Co. International *	1,634,797	1.5 %	12 J.P. Morgan Chase Bank N.A. London *	1,760,994	1.6 %
13 Deutsche Bank Ag *	1,576,756	1.5 %	13 Clearstream Banking S.A. *	1,596,199	1.5 %
14 Ubs Ag, London Branch *	1,430,002	1.3 %	14 Ubs Ag, London Branch *	1,464,340	1.4 %
15 State Street Bank & Trust Company *	1,250,188	1.2 %	15 State Street Bank & Trust Company *	1,251,269	1.2 %
16 Citibank, N.A. *	1,223,052	1.1 %	16 Citibank, N.A. *	1,223,052	1.1 %
17 Euroclear Bank S.A./N.V. ('Ba') *	1,119,890	1.0 %	17 Euroclear Bank S.A./N.V. ('Ba') *	1,104,336	1.0 %
18 Baillie Gifford Gl Alpha Pen F	1,040,706	1.0 %	18 Baillie Gifford Gl Alpha Pen F	1,040,706	1.0 %
19 The Northern Trust Co. *	1,023,234	0.9 %	19 The Northern Trust Co. *	1,023,250	0.9 %
20 The Bank Of New York Mellon *	912,548	0.8 %	20 Goldman Sachs International Equity *	972,109	0.9 %
Source: VPS			Source: VPS
*) Nominee accounts			*) Nominee accounts

Schibsted ser. A

% of foreign shareholders**	58.3 %
Number of shareholders	4,382
Number of shares	108,003,615
Shares ow ned by Schibsted	468,758

Schibsted ser. B
% of foreign shareholders**	58.3 %
Number of shareholders	4,271
Number of shares	108,003,615
Shares ow ned by Schibsted	565,204

Largest countries of ownership
Norw ay**	41.7 %
USA	24.7 %
United Kingdom	18.6 %
Sw eden**	5.5 %
Luxembourg	2.4 %
Australia	1.5 %
**) NWT Media AS is counted as a Sw	edish

shareholder.

*) Nominee accounts

Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

SHAREHOLDERANALYSIS

capital shares 1 Blommenholm Industrier AS 26.10 56,377,178 28,188,589 28,188,589 2 Baillie Gifford & Co. 8.41 18,170,927 8,476,854 9,694,073 3 Luxor Capital Group, L.P. 6.86 14,809,128 6,897,599 7,911,529 4 Folketrygdfondet 5.92 12,798,190 6,254,842 6,543,348 5 NWT Media As 3.70 8,000,000 4,000,000 4,000,000 6 Adelphi Capital LLP 3.24 7,005,521 3,466,695 3,538,826 7 Capital World Investors 2.67 5,764,566 2,882,283 2,882,283 8 Alecta pensionsförsäkring, ömsesidigt 2.55 5,500,000 3,200,000 2,300,000 9 Caledonia (Private) Investments Pty Limited 2.43 5,254,874 2,251,125 3,003,749 10 Tybourne Capital Management (HK) Limited 2.43 5,254,733 2,590,747 2,663,986 11 Scopia Capital Management LP 1.89 4,073,038 1,994,214 2,078,824 12 Marathon Asset Management LLP 1.79 3,862,872 1,872,286 1,990,586 13 SAFE Investment Company Limited 1.62 3,489,336 1,925,064 1,564,272 14 Falcon Edge Capital, LP 1.36 2,948,406 1,639,283 1,309,123 15 Sw edbank Robur AB 1.27 2,753,976 1,376,988 1,376,988 16 Platinum Investment Management Ltd. 1.21 2,615,051 1,286,977 1,328,074 17 The Vanguard Group, Inc. 1.21 2,610,445 1,308,596 1,301,849 18 Nordea Funds Oy 1.11 2,388,161 1,149,689 1,238,472 19 Danske Capital (Norw ay) 1.09 2,363,251 1,169,426 1,193,825	Rank Fund manager	% of	Total	A Shares	B Shares
	20 KLP Forsikring	1.00	2,159,552	1,079,776	1,079,776

Source: Nasdaq OMX. Data as of 2 July 2015.

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.

Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

KEY OPERATIONS – ONLINE CLASSIFIEDS

FY	1 half-year		Q2	Q2
2014	2014	2015	2015 Finn.no (MNOK)	2014
1,421	753	769	396 Operating revenues	382
637	337	353	203 EBITDA	182
45 %	45 %	46 %	51 % EBITDA margin	48 %
FY	1 half-year		Q2	Q2
2014	2014	2015	2015 Blocket.se/Bytbil.se (MSEK)	2014
857	432	476	255 Operating revenues	231
508	253	250	135 EBITDA	135
59 %	59 %	53 %	53 % EBITDA margin	58 %
FY	1 half-year		Q2	Q2
2014	2014	2015	2015 Leboncoin.fr (MEUR)	2014
150.7	75.4	89.3	46.4 Operating revenues	39.6
101.5	51.7	60.1	29.8 EBITDA	27.2
67 %	69 %	67 %	64 % EBITDA margin	69 %
FY	1 half-year		Q2	Q2
2014	2014	2015	2015 SCM Spain (MEUR)	2014
84.7	42.1	47.5	24.7 Operating revenues	21.2
14.0	7.0	10.1	7.4 EBITDA	3.6
17 %	17 %	21 %	30 % EBITDA margin	17 %

KEY OPERATIONS – MEDIA HOUSES

Norway Sweden

Q2	Q2		1 half-year	FY
2014	2015 Verdens Gang (MNOK)	2015	2014	2014
512	454 Operating revenues	912	1,004	2,009
330	302 of which offline	598	650	1,292
182	152 of which online	314	354	717
83	64 EBITDA	117	155	328
16 %	14 % EBITDA margin	13 %	15 %	16 %

Q2	Q2 Schibsted Norge subscription		1 half-year	FY
2014	2015 newspapers (MNOK)	2015	2014	2014
880	800 Operating revenues	1,592	1,738	3,381
745	655 of which offline	1,314	1,479	2,841
135	145 of which online	278	259	540
104	70 EBITDA	111	149	253
12 %	9 % EBITDA margin	7 %	9 %	7 %

Q2	Q2		1 half-year
2014	2015 Aftonbladet (MSEK)	2015	2014	2014
528	504 Operating revenues	959	1,014	2,019
342	304 of which offline	581	657	1,320
186	200 of which online	378	357	699
57	71 EBITDA	105	102	237
11 %	14 % EBITDA margin	11 %	10 %	12 %

Q2	Q2		1 half-year
2014	2015 SvD (MSEK)	2015	2014	2014
246	243 Operating revenues	471	488	960
12	19 EBITDA	31	14	35
5 %	8 % EBITDA margin	7 %	3 %	4 %

Q2	Q2 Schibsted Growth		1 half-year
2014	2015 (MSEK)	2015	2014	2014
225	244 Operating revenues	485	465	953
40	48 EBITDA	89	98	207
18 %	20 % EBITDA margin	18 %	21 %	22 %

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

Anders Christian Rønning IRO anders.christian.ronning@schibsted.no +47 916 05 660

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