Vend Marketplaces ASA — Earnings Release 2014

Oct 30, 2014

QUARTERLY RESULTS Q3 2014

CEO ROLV ERIK RYSSDAL AND CFO TROND BERGER 30 October 2014

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.

AGENDA

• Q3 2014 key developments
• Online Classifieds
• Media Houses
• Finance
• Outlook

Q3 HEADLINES

• Continued Online classifieds growth
• Continued positive development in France
• Improved traffic growth and better macro in Spain
• Finn.no negatively affected by weaker employment figures in Norway
• Strengthened market position for Investment phase portfolio
• Media Houses strengthen their online positions
• Circulation revenues increased by 2 percent, as online offerings are well received
• Print advertising revenues –17%
• Web tv investments yield good revenue growth

CONTINUED PROGRESS IN DIGITALIZATION

0 % 50 % 100 % Q3 11 Q3 12 Q3 13 Q3 14 Online classifieds Media Houses online Media houses offline 55% online 35% online 48% 30% online online

Revenue split development EBITDA split* development

ONLINE CLASSIFIEDS

7

SIGNIFICANT GROWTH POTENTIAL FOR ESTABLISHED LEADERS

STEADY, HIGH GROWTH RATE IN FRANCE

• Steady growth with good contribution from key revenue drivers:
• Display advertising
  • Premium features
  • Professional listing fees from cars and real estate
  • Google partner revenues declines as more ad volume is shifted towards internal sales
• Continued traffic growth; 8% Y/Y (visits)

PREPARATIONS FOR FUTURE GROWTH IN REAL ESTATE

• Bundle agreement with Spir expires end 2014
• Leboncoin and Spir bundle are now actively selling 12 months contracts

• Gradual ramp up of revenues during 2015 and 2016

• The French real estate market

• 668,000 objects sold in 2013*, of which 70% through agents and 30% C2C
• Market size around EUR 500 million, of which around EUR 250 million online**

*) Source: FNAIM

**) Source: Xerfi precepta/Leboncoin

FINN GROWTH HAMPERED BY SOFT JOB MARKET

• Weak volume development in jobs. Market shares maintained
• Successful transition to freemium model
• Number of daily active sellers +112%, number of listings +150%
• Growth excluding Torget 4 percent

*) Ex Torget

STRONG VOLUME GROWTH AFTER MOVE TO FREEMIUM

Significant volume growth on Finn Torget

STEADY GROWTH FOR BLOCKET.SE

■ Growth supported by price optimizations and display advertising

■ Good progress for new real estate and jobs verticals

■ 51% market share on real estate listings

■ Price increases on job listings in September

BUILDING PLATFORM FOR GROWTH IN SPAIN

■ Revenue declined 2 percent

• InfoJobs (recruitment) revenues grew 9%. New sales increased 18%
• Margins reduced as a result of decision to decrease monetization in order to revamp traffic growth
• Milanuncios.com acquisition expected to close mid Q4 2014

Cars visits/month Real estate visits/month

Visits/month – source Comscore

EMERGING LEADERS GROWING REVENUES FAST

TORI.FI CEMENTING LEADERSHIP POSITION

Source: Comscore

• Clear leader in generalist and cars by traffic, launched in 2010
• 15,000 new ads per day (+30% Y/Y)
• 700,000 ads on the site
• Early days for monetization less than EUR 1 per internet capita
• Doubling revenues Y/Y
• Premium placements, and display driving the growth

0 50 100 150

MARKET LEADER – RAMPING UP MONETIZATION IN CHILE EMERGING LEADERS GROWING REVENUES FAST

• Clearly leading classifieds site, launched in 2011
• 26,000 new ads per day (+99% Y/Y)
• 1.2 million ads on the site
• 2014 first year of monetization

Development Page views/month

BUILDING VALUABLE MARKET SHARES THROUGH INVESTMENTS IN NEW VENTURES

• Total investments over P&L NOK 329 million in Q3 2014
• 119 million affecting the EBITDA
• 210 million in joint ventures, reported below the EBITDA line
• Strong growth in traffic and number of ads in several markets
• Strong growth in Brazil new ads per day +115%

Approved new ads per day Investment phase portfolio +63% Y/Y*

Total pages viewed in Brazil +67% Y/Y

Clear path to value creation - Investments to continue at a relatively high level.

*) The graph include figures for (alphabetical order): Avito.ma, Ayosdito, Berniaga, Bomnegocio, Chotot, Custojusto, Jofogas, Kapaza, Kufar, Segundamano.mx, Tocmai, Tori, Tutti and Yapo.

MEDIA HOUSES

18

WORLD CLASS DIGITAL MEDIA HOUSES

■ Carefully managed transition to fully digital media houses

■ Cost reductions on print

• Investments in digital products and platforms
• Web TV
• Advertizing technology and data analytics
• Mobile services
• Some revenue and margin pressure to be expected in transition period

STEADY DEVELOPMENT IN VG AND AFTONBLADET, SUPPORTED BY DIGITAL GROWTH

Digital newspapers with clearly leading positions in Norway and Sweden

WEB TV INVESTMENTS YIELD STRONG GROWTH

• Revenues year to date NOK 87 million, a growth of 37%
• Around NOK 100 million negative web TV EBITDA in VG and Aftonbladet in 2014
• Web TV is the growth winner in the total ad market
• Estimated market growth by IRM 37% in 2015

VG: Linear channel «VG» launches early November to *) Combined Norway and Sweden improve distribution and leverage content proction

PRINT DECLINE, BUT INCREASED CIRCULATION REVENUES FOR REGIONAL MEDIA HOUSES

Schibsted Norge Subscription newspapers

• Print advertising revenues –18%
• Online advertising revenues +7%
• Circulation revenues +8%
• Total weekday circulation volume +2% (first nine months 2014), as more sign up for online products
• Further cost reductions to come. Printing plant in Kristiansand to be closed down

CIRCULATION VOLUMES BACK TO GROWTH DIGITAL SUBSCRIPTIONS WELL RECEIVED

Norwegian subscription newspapers Circulation volume

Rolling 12 months weekday circulation

Circulation revenues

Rolling 12 months circulation revenues (million NOK)

CONTINUED GROWTH AND TIGHT COST CONTROL SCHIBSTED GROWTH SWEDEN

• 21% underlying revenue growth ex Hitta.se
• Personal finance and coupon service Let's Deal drives growth
• Tough market for Hitta.se directory. Significant cost reductions secure margin improvement

FINANCE

EBITDA DEVELOPMENT IN Q3

INCOME STATEMENT SCHIBSTED GROUP

			Full year
(NOK million)	Q3 2014	Q3 2013*	2013*
Operating revenues	3,557	3,581	14,870
Operating expenses	(3,053)	(3,118)	(13,093)
Gross operating profit (EBITDA)	504	463	1,777
Depreciation and amortization	(123)	(121)	(476)
Share of profit (loss) of JVs and associates	(252)	(30)	(123)
Impairment loss	(1)	-	(150)
Other income and expenses	88	(225)	647
Operating profit (loss)	216	87	1,675
Net financial items	(17)	(54)	(185)
Profit (loss) before taxes	199	33	1,490
Taxes	(139)	(111)	(453)
Profit (loss)	60	(78)	1,037
EPS (NOK)	0.43	-0.73	9.43
EPS - adjusted (NOK)	-0.53	1.26	3.90

*) Restated figures

STABLE, STRONG FINANCIAL POSITION

• Net Interest Bearing Debt NOK 1.7 billion
• NIBD/EBITDA* at 0.8x end of Q3
• Refinanced a EUR 325 million loan facility in July 2014. Replaced by a EUR 300 million facility
• 5 years maturity plus two extension options of one year
• Maintaining a diversified debt portfolio
• High CAPEX in Q3 as a result of preparations for colocation in Oslo
• *) NIBD/EBITDA according to bank definition.
• **) Chart reflects the status as of 30 September 2014.

Debt maturity profile**

KEY FINANCIAL FIGURES

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

Earnings per share Cash flow from operating activities/share

Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314

Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

HIGH REPORTED TAX RATE. UNDERLYING RATE OF AROUND 29-30%

Schibsted reports a high tax rate mainly because tax benefits from losses in Online classifieds Investment phase are not recognized

	Jan-Sep 2014
Reported profit (loss) before taxes	490
Share of profit (loss) of joint ventures and associated companies	670
Other losses for which no deferred tax benefit is recognized*	440
Gain on remeasurement of previously held equity interest in business combinations achieved in stages and other gains	-133
"Adjusted" tax base	1467
Taxes	426
Adjusted effective tax rate (426/1467) *) Mainly online classifieds New ventures that are not in JVs.	29%

CONTINUOUS COST FOCUS IN MEDIA HOUSES

• Ongoing program and cost measures in order to maintain healthy profitability
• Gradually implemented in 2014
• Additional savings in 2015. One printing plant to be closed 1 Jan 2015
• Full year restructuring charges for 2014 expected to be around NOK 150 million

Further margin pressure expected for Media Houses in a mid term print to online transition phase

SCHIBSTED IR TEAM EXPANDED

Trond Berger CFO +47 916 86 695 trond.berger@schibsted.no

Anders Rønning IRO, temporary during Q1 and Q2 2015 +47 916 05 660 anders.christian.ronning@schibsted.no

SUMMARY

KEY TAKEAWAYS

• ■Real estate in France and macro recovery in Spain key growth drivers
• ■Significant value creation in high growth emerging market sites
• ■Continued margin contraction in media houses during the print-to-digital transition period going forward

WELCOME TO INVESTOR SEMINAR

18 November 2014 - Hotel Arts, Barcelona – sign up at www.schibsted.com/ir

APPENDICES

Spreadsheet containing detailed Q3 2014 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

BASIC INFORMATION

Ticker	Oslo Stock Exchange: SCH Reuters: SBST.OL Bloomberg: SCH NO
Number of shares (28 October 2014)	108,003,615
Treasury shares (28 October 2014)	593,423
Number of shares outstanding	107,410,192
Free float*	73%
Share price (28 October 2014)	NOK 313.90
Market cap (28 October 2014)	NOK 39.9 bn., EUR 4.0 bn., USD 5.1 bn., GBP 3.2 bn.
Average daily trading volume LTM	258,000 shares

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS.

KEY FINANCIAL FIGURES

	Per Q3		Full year
Schibsted Media Group	2014	2013	2013
Gross operating profit (EBITDA) (NOK million)	1 488	1 322	1 777
Gross operating profit (EBITDA) ex new ventures (NOK million)	1 885	1 975	2 647
Operating margins (%):
Operating margin (EBITDA)	13	12	12
Operating margin (EBITDA) ex new ventures	17	18	18
EPS (NOK)	0.16	1.49	9.43
Net cash flow from operating activities (NOK million)	765	181	716
Cash flow from operating activities per share (NOK)	7.12	1.69	6.67
Profit attributable to owners of the parent	17	160	1 011
Average number of shares (1 000)	107.379	107.251	107.274

CAPITAL STRUCTURE

	Per Q3		Full year
Schibsted Media Group	2014	2013	2013
Investments (NOK million):
Operational investments (capex)	475	317	520
Shares and other holdings	791	888	935
Interest bearing borrowings (NOK million)	2 508	3 165	2 317
Net interest bearing debt (NOK million)	1 677	2 660	1 115
Interest bearing debt ratio (%)	1 6	2 0	1 4
Equity ratio(%) 1)	4 2	4 0	4 6

1) Treasury shares are offset against equity

SHAREHOLDER REGISTER

Rank Name	Holding	Share
1 Blommenholm Industrier AS	28,188,589	26.1 %
2 Goldman Sachs & Co Equity Segregat *	7,030,094	6.5 %
3 Folketrygdfondet	5,936,929	5.5 %
4 NWT Media As	4,000,000	3.7 %
5 The Northern Trust Company Ltd. *	3,302,000	3.1 %
6 UBS AG, London Branch *	2,630,100	2.4 %
7 Citibank, N.A. *	2,322,843	2.2 %
8 Montague Place Custody Services *	2,306,571	2.1 %
9 The Bank Of New York Mellon *	2,295,327	2.1 %	% of foreign shareholders**	57.6 %
10 JP Morgan Clearing Corp. *	2,254,159	2.1 %	Number of shareholders	4,504
11 Credit Suisse Securities (USA) Ltd	2,012,829	1.9 %	Number of shares	108,003,615
12 Clearstream Banking S.A. *	1,992,505	1.8 %	Shares ow ned by Schibsted	593,423
13 J.P. Morgan Chase Bank N.A. London *	1,902,283	1.8 %
14 JPMorgan Clearing Corp. *	1,779,216	1.6 %	Largest countries of ownership
15 J.P. Morgan Chase Bank N.A. London *	1,760,994	1.6 %	Norw ay**	42.4 %
16 Morgan Stanley & Co LLC *	1,743,292	1.6 %	USA	29.6 %
17 State Street Bank & Trust Company *	1,713,143	1.6 %	United Kingdom	13.6 %
18 J.P. Morgan Chase Bank N.A. London *	1,310,000	1.2 %	Sw eden**	4.4 %
19 The Northern Trust Co. *	972,766	0.9 %	Luxembourg	2.7 %
20 Citibank, N.A. *	901,904	0.8 %	Australia	2.7 %
Source: VPS
*) Nominee accounts
**) NWT Media AS is counted for as a Sw edish shareholder.
Data as of 30 June 2014. Updated information	at: www.schibsted.com/en/ir/Share/Shareholders/

6 of foreign shareholders**	57.6 %
Jumber of shareholders	4.504
Jumber of shares	108.003.615
Shares ow ned by Schibsted	593.423

Largest countries of ownership
Norw ay**	42.4%
I ISA	29.6%
United Kingdom	13.6%
Sweden**	4.4%
Luxembourg	2.7%
Australia	2.7%

Data as of 30 June 2014. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

SHAREHOLDERANALYSIS

Rank Fund manager	%	Shares
1 Blommenholm Industrier AS	26.10	28,188,589
2 Luxor Capital Group, L.P.	10.53	11,372,938
3 Baillie Gifford & Co.	6.83	7,378,181
4 Folketrygdfondet	5.44	5,877,977
5 Caledonia (Private) Investments Pty Limited	3.77	4,075,527
6 NWT Media As	3.70	4,000,000
7 Alecta pensionsförsäkring, ömsesidigt	3.06	3,302,000
8 Adelphi Capital LLP	2.47	2,670,370
9 Marathon Asset Management LLP	1.91	2,062,845
10 Cadian Capital Management LP	1.90	2,047,029
11 SAFE Investment Company Limited	1.87	2,023,657
12 Capital Research Global Investors	1.76	1,902,283
13 Platinum Investment Management Ltd.	1.42	1,532,743
14 Tw eedy, Brow ne Company LLC	1.39	1,500,627
15 Eminence Capital, LLC	1.37	1,480,000
16 Sw edbank Robur AB	1.33	1,431,400
17 Taube, Hodson, Stonex Partners, LLP	1.29	1,392,002
18 Scopia Capital Management LLC	1.19	1,288,255
19 Danske Capital (Norw ay)	1.07	1,157,250
20 Fidelity Worldw ide Investment (UK) Ltd.	1.03	1,114,502
21 The Vanguard Group, Inc.	1.01	1,096,050
22 KLP Forsikring	0.97	1,042,804
23 Nordea Funds Oy	0.87	934,963
24 Storebrand Kapitalforvaltning AS	0.83	899,709
25 MSD Capital, L.P.	0.75	814,677

Source: Nasdaq OMX. Data as of 8 October 2014.

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

Q3	Q3	As of Q3		FY
2013	2014 Finn.no (MNOK)	2014	2013	2013
350	353 Operating revenues	1 117	1 058	1 406
175	167 EBITDA	504	528	691
50 %	47 % EBITDA margin	45 %	50 %	49 %
Q3	Q3	As of Q3		FY
2013	2014 Blocket.se/Bytbil.se (MSEK)	2014	2013	2013
218	231 Operating revenues	706	643	866
116	121 EBITDA	366	330	448
53 %	52 % EBITDA margin	52 %	51 %	52 %
Q3	Q3	As of Q3		FY
2013	2014 Leboncoin.fr (MEUR)	2014	2013	2013
30,1	36,1 Operating revenues	111,5	91,5	124,3
20,2	24,2 EBITDA	75,9	62,4	83,6
67 %	67 % EBITDA margin	68 %	68 %	67 %

KEY OPERATIONS – MEDIA HOUSES

Norway					Sweden
Q3	Q3		As of Q3	FY	Q3	Q3		As of Q3	FY
2013	2014 Verdens Gang (MNOK)	2014	2013	2013	2013	2014 Aftonbladet (MSEK)	2014	2013	2013
484	492 Operating revenues	1,496	1,451	1,951	507	494 Operating revenues	1,508	1,517	2,051
340	327 of which offline	977	1,028	1,365	373	345 of which offline	1,002	1,074	1,430
144	165 of which online	519	423	586	134	149 of which online	506	443	621
92	87 EBITDA	242	246	313	74	61 EBITDA	163	187	287
19 %	18 % EBITDA margin	16 %	17 %	16 %	15 %	12 % EBITDA margin	11 %	12 %	14 %
Q3	Q3 Schibsted Norge subscription		As of Q3	FY	Q3	Q3		As of Q3	FY
2013	2014 newspapers (MNOK)	2014	2013	2013	2013	2014 SvD (MSEK)	2014	2013	2013
818	785 Operating revenues	2,523	2,662	3,571	230	217 Operating revenues	705	756	1,033
732	655 of which offline	2,134	2,411	3,214	(14)	4 EBITDA	18	(21)	1
86	130 of which online	389	251	357	-6 %	2 % EBITDA margin	3 %	(3 %)	0 %
76	41 EBITDA	190	284	365
9 %	5 % EBITDA margin	8 %	11 %	10 %	Q3	Q3 Schibsted Growth		As of Q3	FY
					2013	2014 (MSEK)	2014	2013	2013

210 235 Operating revenues 700 617 857 41 54 EBITDA 152 81 131 20 % 23 % EBITDA margin 22 % 13 % 15 %

INVESTOR INFORMATION

Visit Schibsted's web site www.schibsted.com

IR contact: Jo Christian Steigedal VP Investor Relations jcs@schibsted.no +47 415 08 733

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