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AGM Information • May 12, 2017

MINUTES OF GENERAL MEETING

for

Schibsted ASA

(org. no. 933 739 384)

in Apotekergaten 10, Oslo

On 12 May 2017 at 10.30 a.m., the Annual General Meeting of Schibsted ASA was held. An overview of represented shareholders is attached to this protocol.

Ole Jacob Sunde and CEO Roly Erik Ryssdal attended the General Meeting. In addition, the Board members Christian Ringnes, as well as the Chairman of the Nomination Committee, John A. Rein.

The Chairman of the Board opened the General Meeting.

The Company's auditor, Ernst & Young, was represented by Certified Public Accountant Kietil Rimstad.

The meeting had the following agenda:

ITEM 1. ELECTION OF CHAIR

Ole Jacob Sunde was elected as chair of the meeting.

ITEM 2. APPROVAL OF THE NOTICE OF THE ANNUAL GENERAL MEETING AND AGENDA

The notice and agenda were approved, and the General Meeting was declared legally opened.

ITEM 3. ELECTION OF TWO REPRESENTATIVES TO CO-SIGN THE MINUTES OF THE ANNUAL GENERAL MEETING TOGETHER WITH THE CHAIR

Jacob Møller and Andreas Ehrenclou were elected to sign the minutes together with the chair. Both are shareholders of the Company and were present at the general meeting.

ITEM 4. APPROVAL OF THE FINANCIAL STATEMENT FOR 2016 FOR SCHIBSTED ASA AND THE SCHIBSTED GROUP, INCLUDING THE BOARD OF DIRECTORS' REPORT FOR 2016

CEO Rolv Erik Ryssdal presented the financial statement for 2016 for Schibsted ASA and the Schibsted group, including the Board of Directors' Report for 2016. The Board of Directors' statement on corporate governance was considered.

Resolution: "The General Meeting approved the financial statements for 2016 for Schibsted ASA and the Schibsted Group, including the Board of Directors' Report for 2016. The General Meeting took into consideration the statement on corporate governance."

ITEM 5. APPROVAL OF THE BOARD OF DIRECTORS' PROPOSAL REGARDING SHARE DIVIDEND FOR 2016

The Board of Directors proposed paying a dividend for 2016 of NOK 1.75 per share. Dividend will be paid out on 24 May 2017. The Schibsted share will be traded on the Oslo Stock Exchange exclusive of dividend as from 15 May 2017.

Resolution: "The General Meeting approved the Board of Director's proposal regarding dividend for the 2016 financial year of NOK 1.75 per share, excluding shares owned by the Group."

ITEM 6. APPROVAL OF THE AUDITOR'S FEE FOR 2016

Resolution: "The General Meeting approved the auditor's fee of NOK 1,499,000."

ITEM 7. AN EXTENSION OF THE AUTHORISATION TO THE BOARD OF DIRECTORS TO BUY BACK COMPANY SHARES UNTIL THE ANNUAL GENERAL MEETING IN 2018

The proposal did not obtain the necessary number of votes and was not passed.

ITEM 8. THE NOMINATION COMMITTEE'S REPORT ON ITS WORK DURING THE PERIOD 2016-2017

The Chairman of the Nomination Committee accounted for the Nomination Committee's work in the period 2016-2017. The General Meeting took the account into consideration.

ITEM 9. THE BOARD OF DIRECTORS' DECLARATION REGARDING THE DETERMINATION OF SALARY AND OTHER REMUNERATIONS TO THE MANAGEMENT OF SCHIBSTED ASA (STATEMENT OF EXECUTIVE COMPENSATION) PURSUANT TO SECTION 6-16 A) OF THE NORWEGIAN PUBLIC LIMITED LIABILITY COMPANIES ACT

The Chairman of the Board of Directors accounted for the incentive programs applicable for management.

Resolution:

a) "The General Meeting endorsed the Statement of Executive Compensation"

b) "The General Meeting approved the binding guidelines for share based programs for the coming financial year, as set out in the Statement of Executive Compensation.'

ITEM 10. ELECTION OF SHAREHOLDER-ELECTED DIRECTORS AND BOARD CHAIR

The Nomination Committee proposed the election of seven shareholder-elected directors and the re-election of Ole Jacob Sunde as Chairman of the Board. Pursuant to Article 8 of the Articles of Association. Blommenholm Industrier AS has exercised its right to directly appoint Ole Jacob Sunde as a member of the Board of Directors.

Resolution: "The General Meeting elected, in accordance with the Nomination Committee's proposal, the following shareholder-elected directors for the period 2017-2018: Ole Jacob Sunde (Chairman), Christian Ringnes, Arnaud De Puyfontaine, Eugenie van Wiechen, Birger Steen, Orla Noonan and Marianne Budnik."

ITEM 11. THE NOMINATION COMMITTEE'S PROPOSAL REGARDING DIRECTORS' FEES, ETC. FOR THE PERIOD 2017-2018

Resolution: "The General Meeting approved the Nomination Committee's proposal regarding fees payable to the Board of Directors and the Board of Director's committees for the period from the Annual General Meeting in 2017 to the Annual General Meeting in 2018."

The fees were accordingly resolved to be as follows (figures for the period 2016-2017 in brackets):

Director's fee: Board Chair: NOK 1,029,000 (980,000). Other directors: NOK a) 483,000 (460,000).

Additional fees: NOK 50,000 (50,000) for directors who reside outside Oslo but in a Nordic country, and NOK 100,000 (100,000) for directors who reside outside Oslo and outside the Nordic region.

• b) Fees payable to the Board's alternate members: NOK 21,000 (20,000) per meeting.
• Fees payable to members of the Group Board's Compensation Committee: $\mathcal{C}$ ) NOK 121,000 (115,000) for the Chair of the Committee and NOK 79,000 (75,000) for the Committee's other members.

$\mathbf{d}$ Fees payable to members of the Group Board's Audit Committee: NOK 179,000 (170,000) for the Chair of the Committee and NOK 110,000 (105,000) for the Committee's other members.

ITEM 12. ELECTION OF NEW MEMBERS OF THE NOMINATION COMMITTEE

Pursuant to Article 10 of Schibsted ASA's Articles of Association the members of the Nomination Committee shall be elected for a period of two years. The Nomination Committee proposed to re-elect the current members of the Nomination Committee with John A. Rein as Chair

Resolution: "The General Meeting approved the Nomination Committee's proposal regarding the new members of the Nomination Committee for the period 2017-2019. John A. Rein (Chair), Ann Kristin Brautaset and Spencer Adair was elected as members of the Nomination Committee".

ITEM 13. THE NOMINATION COMMITTEE - FEES

The Nomination Committee has proposed to change the structure of the remuneration to the members of the Nomination Committee, from a remuneration based on the number of meetings during the year, to an annual fee. The proposed annual fee is NOK 130,000 for the Chair of Committee and NOK 80,000 for the Committee's other members. For the period 2016-2017 the fees were NOK 16,000 per meeting for the Chair and NOK 11,000 per meeting for the Committee's other members.

Resolution: "The General Meeting approved the Nomination Committee's proposal regarding fees for the period from the Annual General Meeting in 2017 to the Annual General Meeting in 2018."

ITEM 14. INSTRUCTIONS TO THE NOMINATION COMMITTEE

The Chairman of the Board, Ole Jacob Sunde, accounted for the Norwegian Code of Practice for Corporate Governance and the proposal for certain instructions for the Nomination Committee of Schibsted.

Resolution: "The General Meeting approved the "Instructions for the Nomination" Committee in Schibsted ASA".

ITEM 15. GRANTING OF AUTHORISATION TO THE BOARD OF DIRECTORS TO ADMINISTRATE SOME OF THE PROTECTION INHERENT IN ARTICLE 7 OF THE ARTICLES OF ASSOCIATION

The Chairman of the Board, Ole Jacob Sunde, accounted for the proposal.

Resolution: "The General Meeting authorized the Board of Directors to administrate parts of Article 7 of Schibsted's Articles of Association in accordance with the proposed authorisation as worded in the notice of General Meeting. The

authorisation applies from the Annual General Meeting in 2017 until the annual general meeting in 2018."

The wording of the authorisation is as follows:

"Pursuant to the third paragraph of Article 7 of the Articles of Association, the Board of Directors is authorized to make decisions on the following matters referred to in the second paragraph, subparagraph a) of Article 7 of the Articles of Association:

• $a)$ Voting relating to amendments to subsidiaries' Articles of Association.
• $b)$ Decisions to sell shares or operations, including private placements, mergers or demergers, in subsidiaries when the net payment (sales amount, merger or demerger payment, etc.) does not exceed NOK 4 billion after financial adjustments.

Within the framework of the Group CEO's general authorisation, the Board of Directors may delegate its authority pursuant to this authorisation to the management.

A director appointed pursuant to the second paragraph of Article 8 of the Articles of Association may demand that certain matters which are covered by this authorisation must nonetheless be submitted to the General Meeting for its decision.

This authorisation applies until the next Annual General Meeting."

ITEM 16. PROPOSAL FOR AUTHORITY TO INCREASE THE SHARE CAPITAL

The Chairman of the Board, Ole Jacob Sunde, accounted for the proposal.

Resolution:

• $(i)$ The Board of Directors is authorized pursuant to the Public Limited Liability Companies Act $\zeta$ 10-14 (1) to increase the company's share capital by up to NOK 5 940 198.5. Subject to this aggregate amount limitation, the authority may be used on more than one occasion.
• $(ii)$ The authority may only be used to issue B-shares.
• $(iii)$ The authority shall remain in force until the Annual General Meeting in 2017, but in no event later than 30 June 2018.
• $(iv)$ The pre-emptive rights of the shareholders under § 10-4 of the Public Limited Liability Companies Act may be set aside.
• The authority covers capital increases against contributions in cash and $(V)$ contributions other than in cash. The authority covers the right to incur special obligations for the company, ref. § 10-2 of the Public Limited Liability Companies Act. The authority covers resolutions on mergers in accordance with § 13-5 of the Public Limited Liability Companies Act.

There were no further items on the agenda. All resolutions, except for item 7, were passed in accordance with necessary majority requirements. An overview of the voting on each individual item on the agenda is attached to the minutes (schedule). The general meeting was closed at 11.30.

$\n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \n UU \$

Jacob Møller

Andreas Ehrenclou

Totalt representert

ISIN:	NO0003028904 SCHIBSTED ASA A-AKSJER
Generalforsamlingsdato: 12.05.2017 10.30
Dagens dato:	12.05.2017

Antall stemmeberettigede personer representert/oppmøtt : 15

Navn		Antall aksjer % kapital
	A - aksje Total aksjer	108 003 615
	- selskapets egne aksjer	268 484
	A - aksje Totalt stemmeberettiget aksjer	107 735 131
	Representert ved egne aksjer	41 051 334	38,10%
	Sum Egne aksjer	41 051 334	38,10 %
	Representert ved fullmakt	227 287	0,21%
	Representert ved stemmeinstruks	32 433 635	30,11%
	Sum fullmakter	32 660 922	30,32 %
	Totalt representert stemmeberettiget	73 712 256	68,42 %
	Totalt representert av AK	73 712 256	68,25 %
	B - aksje Total aksjer	118 803 976
	- selskapets egne aksjer	351 960
	B - aksje Totalt stemmeberettiget aksjer	118 452 016
	Representert ved egne aksjer	44 088 947	37,22 %
	Sum Egne aksjer	44 088 947	37,22 %
	Representert ved fullmakt	597 512	0.50%
	Representert ved stemmeinstruks	33 869 724	28,59 %
	Sum fullmakter	34 467 236	29,10 %
	Totalt representert stemmeberettiget	78 556 183	66,32 %
	Totalt representert av AK	78 556 183	66,12%

Kontofører for selskapet:

DNB Bank ASA

Bank A NΒ Verdipapirservice

For selskapet:

SCHIBSTED ASA A-AKSJER

$164$

DNB Bank ASA Verdipapirservice

Agenda item	Share	FOR	Against	Poll in	Total shares voted FOR	Percentage votes FOR of shares represented	Percentage votes class A shares represented at AGM	3/4 of total share capital
	A - aksje	73712256	Ö	3712256	122560 55		400,00%
	B - aksje	78556183	ō	556 183 ă,	78556183	100,00 %		೫ 100,00
	A - aksje	73712256	ਠ	712256 ო	737 122 560		100,00 %
	B - aksje	78 556 183	$\circ$	556 183 ø,	78 556 183	100,00 %		100,00 %
ო	A - aksje	73712256	$\circ$	712 256 ღ	737 122 560		$\frac{100,000}{6}$
ო	B - aksje	78556183	ō	78556183	78556183	100,00 %		100,00 %
	A - aksje	73 504 414	ö	504 414 $\overline{r}$	735044140		100,00 %
	B - aksje	77 982 975	$\overline{\circ}$	982975 F	77982975	100,00 %		100,00 %
	A - aksje	73712256	$\circ$	712 256 ឌ	737 122 560		100,00,96
	B - aksje	78 556 183	0	556 183 1º	78 556 183	$\frac{4000000}{2000}$		100,00 %
	A - aksje	73 695 143	17113	73712256	736951430		99,98
	B - aksje	78517414	38769	556 183 ∣ę	78517414	ಕ್ 99,97		¥ 99,96
	$A - a$ ksje	51 156 986	22555270	73712256	511 569 860		69,40 %
	B - aksje	55 982 938	22 573 245	556 183 P	55 982 938	69,58 %		70,36 %
கீ	$A - a$ ksje	61800566	9 294 090	71094656	618005660		86,93 %
ஃ	B - aksje	65 815 940 10 332 243 52 741 272 18 353 384		76 148 183	65815940	86,88 %		36 86,67
å	A - aksje			71094656	527 412 720		74,18%
န္တြ	B - aksje	53 523 092	22625091	6148183	53 523 092	≭ 73,81		72,17 %
ā	A - aksje	72 139 217	1573039	712256 $\frac{1}{2}$	721 392 170		x 97,87
ā	$B - a$ ksje	75 446 109	3110074	556 183	75 446 109 733 228 460	97,69%		೫ 96,92
10.a		73 322 846	389410	3712256			æ 99,47
10.a	A - aksje B - aksje		1188320	556 183 1º	367863 77	99,38%		æ 98,96
$\frac{1}{2}$	A - aksje	73710901	1355	3712256	010 601 252		100,00 %
$\frac{10}{10}$	B - aksje	78 532 776	23 407	78556183	78532776	400,00%		99,98%
10c	A - aksje B - aksje	72 453 108	1 259 147	73712255	724 531 080		98,29 %
10c		76 477 253	2052251	529 504 P	76477253	98,20 %		ઋ 97,82
10.d	A - aksje	73 639 768		73712256	736 397 680		99,90 %
10d	$B - a$ ksje	78449584	106599	556 183 œ,	78449584	99,90 %		99,88%
10.0	$A - a$ ksje		1137310	73712256	725 749 460		98,46 %
10e	B - aksje	72 574 946 76 657 376 73 633 890	1898807	556 183 P	76 657 376	∣୫ 98,37		98,01%
jot	A - aksje		78366	73712256	736 338 900		99,89%
iot	B - aksje	78 405 743	150440	556 183 ლ	78 405 743	99,89%		99,85%
10.9	$A - a$ ksje	73710901	1355	73712256	737 109 010		400,00%
10.9	B - aksje	78532776	23407	556 183 r8	78 532 776	$\frac{400,000}{6}$		39,98%
፣	A - aksje	72778039	934 217	73712256	727 780 390		98,73 %
	B - aksje	78556183	o	556 183 rø	78556183	98,85 %		89,39 %
ā	A - aksje	73712255		712256 Z	737 122 550		$\frac{100,000,00}{5}$
$\bar{\mathbf{c}}$	B - aksje	78529504	26679	556 183 æ	78 529 504	400,00%		99,98%
12a	A - aksje B - aksje	73712255		73712256	737 122 550		100,00%	¥, 99,98
$\frac{a}{2}$		78 529 504	26679	556 183 PS	78 529 504	100,00%	100,00 %
12b	A - aksje	73712255		712256 ღ	737 122 550	100,00 %		99,98%
12.b	$B - aksje$	78529504	26679	556 183 $\overline{8}$	78 529 504		ಕೆ 100,00
12.c	$A - a$ ksje	73712255 78 529 504		73712256 556 183 78	78 529 504	100,00%		99,98 %
12.c	B - aksje		26679	712256 စ္ပ	$\frac{122}{560}$ $\overline{57}$		¥ 100,00
ē ë	A - aksje $B - aksje$	73712256 78 556 183	o $\circ$	556 183 ğΘ	78556183	100,00 %		100,00 %
					737 122 550		100,00%
혼	A - aksje	78 529 504 73712255	26679	3712256 556 183 œ,	78 529 504	100,00%		99,98%
$\dot{A}$ 15	B - aksje A - aksje	73712255		712256 ო	737 122 550		100,00%
ļ5	B - aksje	78529504	26679	556 183 ဇ္ဇ	78 529 504	100,00%		99,98%
ڥ	A - aksje		4769	712256 ო	37 074 870		99,99%
	$B - aksje$	73 707 487	1414024	78 556 183	142 159	39,82 %		99.07%

Protokoll for generalforsamling
SCHIBSTED ASA
12.05.2017 10.30