Vend Marketplaces ASA — Earnings Release 2015

May 8, 2015

QUARTERLY RESULTS Q1 2015

CEO Rolv Erik Ryssdal, CFO Trond Berger 8 May 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.

AGENDA

• Offer to acquire Hemnet.se
• Online Classifieds
• Media Houses
• Finance
• Summary

HEMNET A PRIME ASSET IN SWEDEN EXPANDING IN SWEDISH REAL ESTATE ONLINE CLASSIFIEDS

• Clear market leader:
• 2x the traffic of its closest competitor
• 100% of listing objects
• 51% unaided brand awareness*
• 2014 revenues SEK 162 million, EBITDA SEK 34 million
• Listing fees introduced 1 July 2013
• Good growth rate and synergies with Blocket Bostad expected

LEADER IN A EUR 24 MILLION ONLINE MARKET WITH GROWTH POTENTIAL – 80-85% OF MARKETING SPEND STILL ON PRINT

SWEDISH REAL ESTATE MARKET

• Business model aligns interest between realtors and Hemnet
• Total real estate marketing spending in Sweden is EUR 160 million. Approx 15%-20% is online*
• In connection with the acquisition, the current owners will enter into a cooperation regarding future use and development of the site

EXPANDING IN SWEDISH REAL ESTATE OFFER TO ACQUIRE MARKET LEADER HEMNET.SE

• Schibsted has made a conditional offer for 100 percent of Hemnet.se
• Values Hemnet at SEK 1,500 million (EV)
• Offer conditional on Schibsted acquiring all shares and approval by the Swedish Competition Authority

Ownership structure

AGENDA

• Offer to acquire Hemnet.se
• Online Classifieds
• Media Houses
• Finance
• Summary

ONLINE CLASSIFIEDS

A GLOBAL LEADER IN ONLINE MARKETPLACES…

VALUE CREATION THROUGH IN-MARKET FOCUS

• Continued organic growth in key online classifieds markets
• Solid development in France tapping into the real estate market
• Fast growing revenues and traffic in Italy
• Strong development in Shpock entering new markets

■ Bolt on acquisitions leverage existing traffic position and strengthens verticals

• Offer to acquire Swedish real estate market leader Hemnet.se
• Integration of Milanuncios in Spain well under way

■ Structural agreements strengthens market positions and boosts traffic

■ Successful merger with OLX in several emerging markets, including Brazil

STRONG TRAFFIC GROWTH BOTH IN EUROPE AND IN EMERGING MARKETS IN Q1

Traffic growth European portfolio* Traffic growth outside Europe**

0 200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000 1,200,000,000 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar 2012 2013 2014 2015 0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar 2012 2013 2014 2015 Monthly visits Monthly visits *) Finn, Blocket, BytBil, Coches.net, Donedeal IE, Fotocasa, Hasznaltauto, Infojobs Italy, Infojobs Spain, Jofogas, **) Avito, OLX Brazil, Chotot, Fincaraiz, Infojobs Brasil, Mudah, Segundamano MX, Tayara, Yapo.cl Y/Y growth 89% in March Y/Y growth 20% in March

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

STEADY, HIGH GROWTH RATE – SOLID MARGINS IN FRANCE

■ Steady growth with good contribution from key revenue drivers:

■ Display advertising growth of 31% (local+national) - market share of 1.5%

■ Continued growth for premium features and professional listing fees - real estate and cars

■ Continued traffic growth; 12% Y/Y (visits per day*)

REAL ESTATE STAND-ALONE PRODUCT WELL RECEIVED IN THE MARKET

• Gradual ramp up of new revenues, starting in Q1 2015 with an uplift of high ARPU automatic upload link customers
• Strong growth in direct customers
• 25,000 real estate agents in a fragmented market. Leboncoin has a strong position outside Paris
• Around 1/3 of the market is C2C
• Main revenue uplift expected in 2016, as main sales season is in the autumn

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

*Source: Schibsted internal assessment

13 **) Source: Xerfi precepta/Leboncoin Q1 2015

Real estate customers control their own inventory on the site – including statistics

SPAIN BACK TO REVENUE GROWTH OF 10%*

• Revenue growth driven by macro and internal improvement
• Jobs important growth driver
• Improved efficiency in the sales teams and lower churn
• Product development and integration of Milanuncios lay the foundation for increased monetization in the coming quarters

*Underlying growth

CONTINUED IMPROVEMENTS IN EMPLOYMENT DRIVE VOLUMEAND REVENUE GROWTH

Sale of new contracts +33% Y/Y in Q1 for InfoJobs – deferred revenue model

Traffic development (million visits) Registered unemployment New job posts per week in InfoJobs

SOLID TRAFFIC GROWTH FOR ALL SITES

Total Monthly Visits indexed (May 2013 – Mar 2015)

STRONG TRAFFICAND REVENUE GROWTH FOR ITALIAN MARKET LEADER SUBITO.IT

Heavy marketing investments in Q1 15, to be maintained throughout the year.

BUILDING POSITION IN CARS AND REAL ESTATE VERTICALS IN ITALY

Volume and traffic leadership in cars

MIXED DEVELOPMENT IN FINN.NO

Norway

■ Revenue growth in real estate +18%

• Strong traffic growth for Torget Number of private ads increased 2.7x Y/Y
• Revenue growth ex Torget freemium effect +5%
• Soft development in display new products in pipeline
• New targeted products under development in real estate and jobs

GOOD GROWTH IN NEW VERTICALS

• 5 percent revenue growth supported by growth in new verticals
• Strong inflow of job ads. Clearly market leading in traffic terms (Blocket Jobb+StepStone)
• Movement from private cars to dealer cars, market share unchanged
• Continued investments in real estate and jobs verticals

SOLID GROWTH IN INVESTMENT PHASE, SUPPORTED BY NASPERS AGREEMENT

• Successful integration of Schibsted and Naspers sites executed
• Brazil: The new, merged OLX.br is now our second largest site after Leboncoin and growing fast
• Mexico: Accelerated growth in traffic and listings
• Hungary: Ramping up revenues, reducing EBITDA loss and good traction in traffic growth before merge with OLX in May
• Finland: Reinforced traffic leadership position. New ads per day +55% Y/Y
• Good traffic development in Asian JVs

Approved new ads per day Investment phase portfolio +55% Y/Y*

Total investments included in EBITDA NOK 126 million (141 million)

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

GOOD DEVELOPMENT FOR OLX IN BRAZIL AFTER MERGER

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 growth in downloads and new listings in Germany and Austria
• Top rankings in app stores
• Most downloaded next-gen marketplace app in Europe
• 4.6 million monthly active users
• Preparing to launch in additional markets

MOBILE INNOVATION TOP PRIORITY CLOSE TO 50% OF TRAFFIC TO APPS OR MOBILE OPTIMIZED SITES

• Mobile dominate product development pipeline
• Next gen app (iOS and Android) with social features launched in 6 countries
• Central mobile development team to pilot new functionality in Spain before global roll out
• Easy ad insertion, proximity search, messaging, user profiles

Q1 2015 24

MEDIA HOUSES

25

SCHIBSTED COLLECTINGA BROAD RANGE OF AWARDS FOR INNOVATION AND JOURNALISM FOCUS ON HIGH QUALITY EDITORIAL PRODUCTS

16 out of 21 awards at "Media Awards of the Year" to Schibsted media

• Newspaper of the Year VG
• Newspaper Magazine of the Year VG – VGHelg
• Magazine Cover of the Year VG Helg – Saturday 30 August 2014
• Sports Page of the Year VG – "Best games never"
• News Page of the Year - Bergens Tidende – "Politimann slo alarm etter Monikas død" - Stavanger Aftenblad – "Gjeldsslaver resten av livet" (excellence)
• Feature Page of the Year VG Helg – "Historien om Odin"

• MBL's Young Award Fædrelandsvennen – KRSby

• Website of the Year VG.no

• News Website of the Year BT.no
• Innovation of the Year - VG – VGdirekte
• BT- kommunebyggeren (excellence)
• Digital Story of the Year VG - Odins-historie
• Feature Series of the Year Aftenposten – Fra Ungdommen
• Magazine of the Year Aftenposten K
• Innovation of the Year Aftenposten Historie

MARKET SLOW-DOWN IN DIGITAL ADVERTISING HAMPERS MARGIN DEVELOPMENT VG AND AFTONBLADET

Digital newspapers with clearly leading positions in Norway and Sweden

STABLE MARGINS AS DIGITAL REVENUES GROW AND COSTS ARE REDUCED SUBSCRIPTION NEWSPAPERS NORWAY

• Maintaining readership revenues
• Continued cost savings
• Print advertising revenues –18%
• Online advertising revenues +6%
• Total circulation revenues -1%
• Operating expenses -8%

DATA DRIVEN PRODUCTS KEY TO SECURE GROWTH IN DIGITAL ADVERTISING

• Centralized data driven products in Norway and Sweden
• All Schibsted's national sites in one product
• Advertiser can buy audience segments based on Schibsted's user data, also programmatically
• Centralized sales teams across Media Houses and Online Classifieds

CONTINUED GROWTH AND INVESTMENTS IN MARKET POSITIONS SCHIBSTED GROWTH SWEDEN

• 16% underlying revenue growth ex Hitta.se
• The personal finance sites and price comparison site Prisjakt drives growth
• Let's Deal now bigger than Groupon in Sweden
• Strong growth for Lendo

Personal finance concept Lendo launched in Finland in cooperation with Tori.fi

PRISJAKT – STRONG GROWTH IN PRICE COMPARISON SCHIBSTED GROWTH SWEDEN

• Strong revenue growth in price comparison site Prisjakt
• Rolled out in several additional markets – Norway, UK, New Zealand, Ireland
• Unique database
• Revenue growth 48% in Q1
• Click growth rate 38% in Q1

FINANCE

EBITDA DEVELOPMENT IN Q1

INCOME STATEMENT SCHIBSTED GROUP

(NOK million)	Q1 2015	Q1 2014
Operating revenues	3,694	3,710
Operating expenses	(3,318)	(3,300)
Gross operating profit (EBITDA)	376	410
Depreciation and amortization	(118)	(114)
Share of profit (loss) of JVs and associates	354	(202)
Impairment loss	(6)	(9)
Other income and expenses	267	45
Operating profit (loss)	873	130
Net financial items	(27)	(29)
Profit (loss) before taxes	846	101
Taxes	(112)	(125)
Profit (loss)	734	(24)
EPS (NOK)	6.17	-0.32
EPS - adjusted (NOK)	4.20	-0.69

Positively affected by gain in connection with establishment of Naspers JVs. Negative EBITDA effect of organic investments NOK 81 million.

Gain on sale of Aspiro and online classifieds operations in Romania of NOK 287 million

DIGITAL INVESTMENTS CONTINUE IN 2015

Online classifieds Investment phase

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

Web TV

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

New online technology and online development

• Increased investments of NOK 100-200 million in 2015
• 60% 70% expected to be capitalized

STABLE, STRONG FINANCIAL POSITION

• Diversified debt structure both by maturity and sources
• Net Interest Bearing Debt NOK 2.5 billion
• NIBD/EBITDA* at 1.2x end of Q1

*) NIBD/EBITDA according to bank definition.

0 500 1,000 1,500 2,000 2,500 3,000 < 1 yr < 2 yrs < 3 yrs < 4 yrs < 5 yrs > 5 yrs Other interest-bearing debt Bonds FRNs and CPs Drawn bankfacilities Undrawn bankfacilities

Debt maturity profile

DIVIDEND OF NOK 3.50 PROPOSED

Dividend policy (summary)

Schibsted targets a pay-out ratio over time in the range of 25% to 40% of cash flow

• High dividend compared to the target range
• A balanced dividend level in a period of digital investment
• Equals NOK 376 million based on total number of shares outstanding

UNDERLYING TAX RATE OF AROUND 29%

• 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

	Q1 2015
Reported profit (loss) before taxes	846
Share of profit (loss) of joint ventures and associated companies	(354)
Other losses for which no deferred tax benefit is recognized*	178
Gain on remeasurement in business combinations achieved in stages and other non taxable gains	-287
"Adjusted" tax base	383
Taxes	112
Adjusted effective tax rate (112/383)	29%
*) Mainly online classifieds New ventures that are not in JVs.

KEY FINANCIAL FIGURES

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

Earnings per share Cash flow from operating activities/share

CAPEX Net interest bearing debt

Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

SUMMARY

KEY TAKEAWAYS

• Growth and value creation in Online classifieds
• Continued organic growth Southern Europe, large untapped potential
• Structural agreements successful integration with OLX in emerging markets
• Bolt-on acquisitions Hemnet acquisition to broaden revenue base in Sweden
• Continued margin contraction in media houses during the print-to-digital transition period going forward; volatile development in Scandinavian ad markets
• Step up in efforts in technology and online product development to create new revenue opportunities

APPENDICES

Spreadsheet containing detailed Q1 2015 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 (5 May 2015)	108,003,615
Treasury shares (5 May 2015)	571,316
Number of shares outstanding	107,421,397
Free float*	73%
Share price (5 May 2015)	NOK 461.10
Market cap (5 May 2015)	NOK 49.5 bn., EUR 5.9 bn., USD 6.7 bn., GBP 4.4 bn.
Average daily trading volume LTM	255,000 shares

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

KEY FINANCIAL FIGURES

Schibsted Media Group	Per Q1 2015	2014	Full year 2014
Gross operating profit (EBITDA) (NOK million)	376	410	1,941
Gross operating profit (EBITDA) ex new ventures (NOK million)	502	551	2,444
Operating margins (%):
Operating margin (EBITDA)	10	11	13
Operating margin (EBITDA) ex new ventures	14	15	16
EPS (NOK)	6.17	(0.32)	(1.67)
Net cash flow from operating activities (NOK million)	(18)	(61)	1,230
Cash flow from operating activities per share (NOK)	(0.17)	(0.57)	11.46
Profit attributable to owners of the parent	663	(35)	(180)
Average number of shares (1 000)	107.425	107.349	107.389

CAPITAL STRUCTURE

	Per Q1		Full year
Schibsted Media Group	2015	2014	2014
Investments (NOK million):
Operational investments (capex)	129	171	630
Shares and other holdings	568	475	1 572
Interest bearing borrowings (NOK million)	2 752	2 078	2 828
Net interest bearing debt (NOK million)	2 467	1 771	2 083
Interest bearing debt ratio (%)	1 6	1 3	1 6
Equity ratio(%) 1)	4 1	4 8	3 8

1) Treasury shares are offset against equity

SHAREHOLDER REGISTER

Data as of 31 March 2015
Rank Name	Holding	Share
1 Blommenholm Industrier AS	28,188,589	26.1 %
2 Folketrygdfondet	6,695,977	6.2 %
3 Goldman Sachs & Co Equity Segregation *	5,168,582	4.8 %
4 NWT Media As	4,000,000	3.7 %
5 The Northern Trust Company Ltd. *	3,000,000	2.8 %
6 J.P. Morgan Chase Bank N.A. London *	2,882,283	2.7 %
7 Montague Place Custody Services *	2,476,231	2.3 %
8 State Street Bank And Trust Co. *	2,430,685	2.3 %
9 Morgan Stanley & Co. LLC *	2,144,707	2.0 %	% of foreign shareholders**	57.7 %
10 The Bank Of New York Mellon *	1,990,735	1.8 %	Number of shareholders	4,470
11 Clearstream Banking S.A. *	1,975,628	1.8 %	Number of shares	108,003,615
12 J.P. Morgan Chase Bank N.A. London *	1,760,994	1.6 %	Shares ow ned by Schibsted	571,316
13 UBS AG, London Branch *	1,390,235	1.3 %
14 Citibank, N.A. *	1,385,478	1.3 %	Largest countries of ownership
15 J.P. Morgan Chase Bank N.A. London *	1,376,988	1.3 %	Norw ay**	42.3 %
16 Euroclear Bank S.A./N.V. ('Ba') *	1,360,855	1.3 %	USA	26.7 %
17 Equity Tri-Party (3)	1,253,615	1.2 %	United Kingdom	16.7 %
18 State Street Bank & Trust Company *	1,192,675	1.1 %	Sw eden**	4.1 %
19 Baillie Gifford Gl Alpha Pen F *	1,040,706	1.0 %	Luxembourg	2.5 %
20 The Northern Trust Co. *	973,268	0.9 %	Belgia	1.6 %
Source: VPS
*) Nominee accounts
**) NWT Media AS is counted for as a Sw edish shareholder. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

% of foreign shareholders**	57.7%
Number of shareholders	4.470
Number of shares	108.003.615
Shares ow ned by Schibsted	571.316

Largest countries of ownership
Norw ay**	42.3%
USA	26.7%
United Kingdom	16.7%
Sw eden**	4.1 $%$
Luxembourg	2.5%
Belgia	1.6%

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 Baillie Gifford & Co.	8.77	9,472,664
3 Luxor Capital Group, L.P.	6.82	7,360,662
4 Folketrygdfondet	6.34	6,845,977
5 NWT Media As	3.70	4,000,000
6 Adelphi Capital LLP	2.85	3,081,946
7 Capital Research Global Investors	2.67	2,882,283
8 Alecta pensionsförsäkring, ömsesidigt	2.55	2,750,000
9 Caledonia (Private) Investments Pty Limited	2.08	2,246,710
10 Scopia Capital Management LP	2.03	2,196,154
11 Tybourne Capital Management (HK) Limited	1.88	2,028,382
12 SAFE Investment Company Limited	1.80	1,949,364
13 Marathon Asset Management LLP	1.74	1,877,220
14 Falcon Edge Capital, LP	1.55	1,673,160
15 Sw edbank Robur AB	1.27	1,376,988
16 Platinum Investment Management Ltd.	1.22	1,315,763
17 Nordea Funds Oy	1.14	1,235,953
18 The Vanguard Group, Inc.	1.13	1,219,393
19 Danske Capital (Norw ay)	1.02	1,100,926
20 KLP Forsikring	1.02	1,096,506
21 SCGE Management, L.P.	0.86	925,000
22 Tw eedy, Brow ne Company LLC	0.84	902,602
23 Storebrand Kapitalforvaltning AS	0.82	888,269
24 Taube, Hodson, Stonex Partners, LLP	0.78	846,656
25 Ruane, Cunniff & Goldfarb, Inc.	0.74	800,000

Source: Nasdaq OMX. Data as of 23 April 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

Q1	Q1	FY
2015	2014	2014
373	371	1,421
150	155	637
40 %	42 %	45 %
Q1	Q1	FY
2015	2014	2014
221	201	857
115	118	508
52 %	59 %	59 %
Q1	Q1	FY
2015	2014	2014
42.9	35.8	150.7
30.3	24.5	101.5
71 %	68 %	67 %
Q1	Q1	FY
2015	2014	2014
	20.9	84.7
22.8
2.7	3.4	14.0

KEY OPERATIONS – MEDIA HOUSES

Norway Sweden

	Q1	Q1	FY
Verdens Gang (MNOK)	2015	2014	2014
Operating revenues	458	492	2,009
of which offline	296	320	1,292
of which online	162	172	717
EBITDA	53	72	328
EBITDA margin	12 %	15 %	16 %
Schibsted Norge subscription	Q1	Q1	FY
newspapers (MNOK)	2015	2014	2014
Operating revenues	792	858	3,381
of which offline	659	734	2,841
of which online	133	124	540
EBITDA	41	45	253
EBITDA margin	5 %	5 %	7 %

	Q1	Q1	FY
Aftonbladet (MSEK)	2015	2014	2014
Operating revenues	455	486	2 019
of which offline	277	315	1 320
of which online	178	171	699
EBITDA	34	45	237
EBITDA margin	7 %	9 %	12 %
	Q1	Q1	FY
SvD (MSEK)	2015	2014	2014
Operating revenues	228	242	960
EBITDA	12	2	35
EBITDA margin	5 %	1 %	4 %
Schibsted Growth	Q1	Q1	FY
(MSEK)	2015	2014	2014
Operating revenues	241	240	953
EBITDA	41	58	207
EBITDA margin	17 %	24 %	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