Vend Marketplaces ASA

Earnings Release • Sep 27, 2016

DRIVING LONG TERM ONLINE GROWTH

Schibsted Media Group Investor Day – London and New York 27-28 September 2016

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.

DRIVING LONG TERM ONLINE GROWTH

Rolv Erik Ryssdal, CEO

Schibsted Media Group Investor Day – 27-28 September 2016

WE ARE DRIVING LONG TERM ONLINE GROWTH

• Well positioned for further growth in our Online Classifieds
• Expanding further into verticals to capture new revenue streams through investment in product and tech infrastructure
• Using the Schibsted Ecosystem Strategy to increase revenue in Online Classifieds, Media Houses and Schibsted Growth

STEADY COURSE, CLEAR STRATEGIC TARGETS

Common product platforms and tech infrastructure

WE HAVE DELIVERED ON TARGETS THE LAST TWO YEARS

Target area	Communicated at Investor Day November 2014	Delivered
Online classifieds revenue	15-20%	FY
growth	medium-long term	2015 24%, 1H 2016 26%*
EBITDA margin	10-15%	FY 2015
VG/Aftonbladet	in 2014-2015	15%, 1H 2016 14%
EBITDA margin subscription papers Norway	0-10% in 2014-2015	FY 2015 6%, 1H 2016 4%

*Adjusted for currency fluctuations, the growth was 15 percent in 2015 and 19% in 1H 2016

OUR ONLINE CLASSIFIEDS GROWTH TARGET IS MAINTAINED

15-20%

mid -long term growth

• Strengthen our position in all verticals in core markets
• Increase ARPU through new services
• Expand market share
• Launch Schibsted Growth services in new markets

CONSISTENTLY DELIVERING IN ONLINE CLASSIFIEDS

*) Adjusted for currency fluctuations, acquisitions and divestments

Lendo.no transferred from Media Houses as of 2014, Mitt Anbud and Servicefinder transferred from Media Houses as of 2015.

INVESTING FOR MARKET LEADERSHIP

Increasing number of leadership positions

WELL BALANCED PORTFOLIO IN ESTABLISHED AND EMERGING MARKETS

Revenue figures 2H15-1H16. Growth rates adjusted for currency effects. *)Adjusted for currency effects and consolidation effect of Ireland

SOLID GROWTH IN OUR MOST MATURE MARKETS NORWAY AND SWEDEN

• Innovative services
• Price optimization
• Verticalization

200

300

400

500

600

OPPORTUNITIES TO GROW ARPU IN VERTICALS IN ESTABLISHED MARKETS

ARPU benchmark in Cars vertical [EUR/Month]

*) Schibsted "Other" is the average of SCM Spain, Blocket/Bytbil, Willhaben and Leboncoin. *) Schibsted "Other" is the average of SCM Spain, Willhaben, Blocket and Leboncoin.

Source: Schibsted Data insights – October – April 2016

ARPU benchmark in Real Estate vertical [EUR/Month]

MONETIZING SUCCESSFULLY IN EARLY STAGE EUROPEAN AND EMERGING MARKETS

SHPOCK AMONG THE MOST DOWLOADED SHOPPING APPS IN UK, GERMANY, ITALY AND AUSTRIA

• 1.6 million monthly downloads
• 26 million downloads in aggregate
• Good supplement to existing classifieds models

Source: Comscore Mobile Metrix; mobile app users only

MANAGING CHANGE IN THE MEDIA HOUSES

Print revenues are declining…

Print revenues (NOK Million)* Norwegian and Swedish Newspapers

… so we are managing the transition to online

Online revenues (NOK Million)* Norwegian and Swedish Newspapers

• Growing digital subscriptions
• Increasing personalized new services
• Expanding web-tv services
• Reducing cost

*) SEK konverted to NOK with a fixed conversion rate

RECORD HIGH ENGAGEMENT LEVELS FOR MEDIA HOUSES

Monthly page views (Mar '16) (in millions)

Source: WSJ/Comscore. NOTE: US traffic only for international brands.

Schibsted Investor Day 2016 16

PEOPLE ARE PAYING FOR QUALITY CONTENT

Drivers for our growth in digital subscriptions

• Data driven product development
• Data driven sales processes
• Paying for content is getting "trendy"

WELL POSITIONED IN THE FAST GROWING WEB TV MARKET

Rapid growth for Digital video ad spend

Norway and Sweden, NOK million

Source: iMarketer/ZenithOptimedia

VG and Aftonbladet among National leaders in web tv after significant investments

PROVEN SCANDINAVIAN DIGITAL CONCEPTS TO BE EXPORTED INTERNATIONALLY

Schibsted Growth developed a EUR 100 million business in Sweden

• Personal finance
• Price comparison
• B2C marketing

Good fit with existing Online classifieds business models

THE SCHIBSTED ECOSYSTEM STRATEGY MAXIMIZES VALUE CREATION IN CORE MARKETS

WE ARE DRIVING LONG TERM ONLINE GROWTH

• Well positioned for further growth in our Online Classifieds
• Expanding further into verticals to capture new revenue streams through investment in product and tech infrastructure
• Using the Schibsted Ecosystem Strategy to increase revenue in Online Classifieds, Media Houses and Schibsted Growth

EUROPE: EXPANDING TRAFFIC LEADERSHIP INTO VERTICALS

Sondre Gravir EVP Established Markets

EXPANDING TRAFFIC LEADERSHIP INTO VERTICALS

We have successfully evolved from generalists to multi-vertical leaders with very strong traffic and brand positions, and we see a further upside in monetizing these positions

Investment in product and tech infrastructure is key to expand further into verticals and capture new revenue streams

Strong Shpock development

Native mobile app Shpock shows very good traction in key markets like the UK and Germany, and enlarges the online classifieds market with new users and new objects

OUR EUROPEAN FOOTPRINT COMPRISES BOTH TRADITIONAL ONLINE CLASSIFIEDS MODELS AND SHPOCK

• 380m inhabitants
• 315m internet users
• ~ 30m daily visits
• ~25bn USD digital advertising spending

Shpock

Traditional Online Classifieds (OLC)

Traditional OLC and Shpock

Source: eMarketer, World Bank

UPSIDE IN DIGITAL ADSPEND IN SEVERAL EUROPEAN MARKETS

some of our markets

Source: eMarketer, comparable numbers for Austria not available

UNTAPPED REVENUE GROWTH POTENTIAL IN LEADING VERTICAL POSITIONS

Source: Mediametrie, Comscore, unique monthly visitors

LEBONCOIN: CONSISTENT TRAFFIC GROWTH FOR 10 YEARS

New devices have appeared, traffic growth is intact

Source: Mediametrie – Unique Monthly Visitors, CAGR

LEBONCOIN IS THE ESTABLISHED LEADER ACROSS CATEGORIES IN FRANCE

Solid and steady revenues and EBITDA growth over time (EURm)

Source: Company data

REAL ESTATE: LEBONCOIN'S GROWTH ENGINE

Leboncoin remains ahead of peers by traffic… (LBC=100)

Source: Traffic: Mediametrie March16, monthly unique visitors – Listings: Batibiz July 16

… and by its relative number of listings (LBC=100)

• Total agents marketing spend of EUR600m, of which online classifieds represent c.EUR380m
• 830k buy/sell transactions p.a., in line with pre-crisis level. Over c.40,000 agents
• A major growth driver since the termination of the P3 bundle arrangement
• Penetration with agents has improved over the past 3 years: Leboncoin is the market leader both by number of agents served and by traffic (9m visitors per month)

REAL ESTATE: ON TRACK TO DELIVER HIGHER VALUE TO PROFESSIONAL USERS

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• Agent dashboard accessible from mobile: easing the assessment of ads' performance
• Simplifying the use of push/bumps features
• We are developing tools enabling professional users to better control their performance

MOTOR: ADDRESSING UNTAPPED MONETIZATION POTENTIAL

• Online motor classifieds represent a c.EUR120m market in France addressing c.23,000 dealers
• With over 5.5m transactions a year, used cars trading volume in France is c.3x higher than new cars
• Motor revenues have grown at a double digit rate over 2013-15 at Leboncoin
• Leboncoin is the market leader both by number of dealers served and by traffic (8m visitors per month)

Source: Traffic: Mediametrie March16, Listings: Autobiz, July 2016

JOBS: MONETIZATION IN THE STARTING BLOCKS

JOBS: MONETIZATION IN THE STARTING BLOCKS (2)

Source: Internal estimates

• Online job classifieds are a c.EUR135m market in France, greater than motor. 70% of job offers are on generalist job boards
• PR campaign has driven traffic (+20%), listings (+60%) and top of mind up in the past 5months, reinforcing Leboncoin's status as go-to job-board
• Leboncoin is already attracting a high share of blue collar ads. Price elasticity in the segment is high though, and job classifieds are yet to be monetized
• Leveraging best practices from Spain

JOBS: LAUNCHING KEY FEATURES ADAPTED TO RECRUITERS

ACQUIRING MB DIFFUSION

- A LEADING MARKETPLACE IN FRANCE

• Leading market place for agriculture and construction equipment in France
• Strong synergies with leboncoin.fr on sales, technology and traffic
• FY 2015 revenues of EUR 10.8 million, +8% Y/Y, with EBITDA margin 37%
• International presence with potential for additional growth

DISPLAY: A KEY NATIONAL PLAYER WITH LOCAL POTENTIAL

• As the fifth most visited site in France, Leboncoin offers both national and local solutions
• Appnexus was rolled out in 2016: we expect improved yield on our advertising inventory
• French local ads was a EUR3bn market in 2015
• Self serve is a nascent line of business, which has shown good traction with our local user base

SPAIN: CONFIDENT ABOUT MID-TERM GROWTH

Solid performance over time (EURm)

• Political uncertainty, combined with a difficult macro-economic background, is affecting the most cyclical stream of revenues in Spain – jobs and advertising
• Underlying online trends, combined with strong local and global product investments support our mid-term growth aspiration

MOTOR: LEADING THE SPANISH MARKET

• Total dealers marketing spend of EUR130m, of which online classifieds represent c.EUR40m
• 380k buy/sell transactions in 2015, 9,500 dealers
• Milanuncios leads the market in both traffic and content
• The recovery of the Milanuncios license will be effective in February 2017 and give full commercial flexibility in defining our offering

Source: Autobiz, Jul15-Jun16

REAL ESTATE: FOCUSING ON IMPROVING USER EXPERIENCE

Rolling out unique features

• Total agents marketing spend of EUR200m, of which online classifieds represent c.EUR85m
• 1.8m real estate transactions in 2015 and 24,000 agents
• Fotocasa is ahead of peers in content
• Latest mobile release further improved efficiency to customers

JOBS: KEEPING FOCUS ON EXECUTION DESPITE ECONOMIC CYCLES

Growth in monthly job posts remains solid… (Jan14=100)

… but revenue growth has slowed down sequentially

• Listing growth on Infojobs remains solid, supported by tourism
• Political uncertainty is however slowing down recruitments in the rest of the economy, thus affecting Infojobs' customer mix
• Infojobs has shown the greatest slowdown in revenue sequentially

Source: Company data, % growth

GENERALIST: PRODUCT INVESTMENTS ARE KEY TO ADDRESS INCREASED COMPETITION

• We are leading in terms of audience, but Wallapop has a much strong mobile position and is the leader in terms of content
• We are investing significantly in product, both local and global, to address new users' needs and fit a urban, mobile-friendly user
• We will continue our strong marketing push going forward

Source: Web: Comscore unique monthly visitors, App: AppAnnie – July 16

ITALY: EXPANDING FROM A LEADING GENERALIST POSITION INTO MOTORS

Source: Generalist New Approved Ads, Company Data, August 16– Motor: Autobiz, August 16

ITALY: STRENGTHENING SUBITO'S POSITION IN THE MOTOR CATEGORY

• Total dealer marketing spend of EUR150m, of which online classifieds represent c.EUR30m
• 4m transactions in 2015, of which 60% were used cars
• New professional products and shops for car dealers already launched – increased product investments going forward
• Impresa+ Shops will also be rolled out to professional users in Real Estate and Jobs by the end of the year

OUR JOINT VENTURE IN IRELAND IS A LEADER IN GENERAL GOODS, CARS AND REAL ESTATE

Source: Comscore

WE CONTINUE OUR EFFORTS TO INCREASE REVENUES PER PROFESSIONAL SELLER

IN HUNGARY, OUR OPERATIONS ARE VERY WELL POSITIONED IN ALL THE MAIN VERTICALS

Source: dkt.hu

WE ARE INTRODUCING ADDITIONAL SERVICES TO IMPROVE USER EXPERIENCE AND MONETIZATION

Additional value added services integrated … resulting in strong revenue growth

Indexed classifieds revenues from private users

SHPOCK WAS INHERENTLY DESIGNED AS A MOBILE APP, WITH DEEP USER DATA

• 91% owned by Schibsted
• The largest mobile native marketplace in Germany and in the UK
• 1.6m average monthly downloads across markets
• Transactions happen on the platform, between logged-in users seeking proximity
• Reduced friction drives high engagement

VIDEO

SHPOCK ADDRESSES DIFFERENT USERS

Shpock has a high share of users below 35 years

Brand awareness is strongest with younger, "native" mobile users

SHPOCK CONTRIBUTES TO EXPANDING THE CLASSIFIEDS MARKET

Subito's listings have kept on growing strongly despite Shpock's launch

And visits have proven to remain equally strong

Source: Company data, July 2016

GROWTH TRAJECTORY IS ENCOURAGING

Volume growth of items listed on Shpock is accelerating

SHPOCK HAS STARTED MONETIZATION

• We are implementing proven monetization models with very good traction
• Shpock's unique transaction data will allow us to deliver improved advertising and premium products
• Shpock's active role in the transaction will allow us to unlock new revenue streams such as payment and delivery services

EXPANDING TRAFFIC LEADERSHIP INTO VERTICALS

We have successfully evolved from generalists to multi-vertical leaders with very strong traffic and brand positions, and we see a further upside in monetizing these positions

Investment in product and tech infrastructure is key to expand further into verticals and capture new revenue streams

Strong Shpock development

Native mobile app Shpock shows very good traction in key markets like the UK and Germany, and enlarges the online classifieds market with new users and new objects

EMERGING MARKETS: A KEY SOURCE OF GROWTH AND GEOGRAPHIC DIVERSIFICATION

Susanna Grill Erntell CFO Schibsted Emerging Markets

EMERGING MARKETS: A KEY SOURCE OF GROWTH AND GEOGRAPHIC DIVERSIFICATION

• Schibsted Emerging Markets has clear leading positions in traffic and content, as a result of organic investments, targeted acquisitions and partnerships
• The current focus is on deepening commercial presence in Vehicles and Real Estate segments
• Good results from first monetization efforts and sharp decline in investment levels result in reduced losses

EMERGING MARKETS COMPRISES 12 MARKETS IN 3 CONTINENTS

Investor Day 2016 – Emerging markets

MARKETS ARE BIG AND SHOW HIGH GROWTH PERSPECTIVES

Digital Ad Spend 2016 and 2020 in selected markets

WE HAVE LEADING POSITIONS IN TRAFFIC AND CONTENT; CURRENT FOCUS IS ON CARS AND REAL ESTATE

Competitive positions based on traffic in selected markets

Source: Comscore; Gemius; Similarweb

OLX BRAZIL AND INFOJOBS ARE GAINING GROUND IN THE KEY VERTICAL SEGMENTS

THE INTRODUCTION OF NEW MONETIZATION FEATURES IN OLX SHOWS POSITIVE RESULTS

Introducing visibility features

OLX Brazil indexed revenues from Professional customers

SEGUNDAMANO IS A SOLID TRAFFIC LEADER IN THE MAIN CATEGORIES

Source: IMF; CIA Factbook; eMarketer; Similarweb * CAGR 2016-2020; ** as % of Internet users

WE ARE RAMPING UP MONETIZATION PRODUCTS FOR DEALERS AND REAL ESTATE AGENTS

Shops introduced for professional sellers

Segundamano.mx indexed revenues from professional sellers

IN MALAYSIA, MUDAH IS THE LEADING GENERALIST PLATFORM AND VERY STRONG IN THE MAIN VERTICALS

Source: IMF; CIA Factbook; eMarketer; Similarweb * CAGR 2016-2020

STRONG FOCUS ON THE VERTICALS RESULTING IN SIGNIFICANT REVENUE GROWTH

Strong focus on Real Estate vertical

Mudah.my indexed revenues in Real Estate vertical

IN MOROCCO, AVITO IS A STRONG LEADER IN ALL THE MAIN CATEGORIES

Source: IMF; CIA Factbook; eMarketer; Similarweb; FNEM (Fedration Nationale du ecommerce du Maroc) * CAGR 2016-2020; ** as % of Internet users

SHARP REDUCTION IN INVESTMENT LEVELS ACROSS THE PORTFOLIO RESULTS IN REDUCED LOSSES

Indexed marketing spending evolution in selected markets

EMERGING MARKETS: A KEY SOURCE OF GROWTH AND GEOGRAPHIC DIVERSIFICATION

• Schibsted Emerging Markets has clear leading positions in traffic and content, as a result of organic investments, targeted acquisitions and partnerships
• The current focus is on deepening commercial presence in Vehicles and Real Estate segments
• Good results from first monetization efforts and sharp decline in investment levels result in reduced losses

LONG TERM VALUE CREATION IN OUR ECOSYSTEMS

Raoul Grünthal EVP, Schibsted Sweden

WE ARE CREATING LONG TERM VALUE IN OUR ECOSYSTEMS...

• Schibsted's ecosystem strategy is a powerful way to strengthen our position and pursue new opportunities
• We have a strong track-record of growing new digital services in our Scandinavian ecosystems and we see great opportunities in exporting proven concepts to other markets
• Through common platforms and shared data, we are strengthening our advertising business and creating better products

… TO STRENGTHEN OUR POSITION AND PURSUE NEW OPPORTUNITIES

Investor Day 2016 – Value creation in our ecosystems

PUBLISHING AND CLASSIFIEDS CONTRIBUTE IN DIFFERENT WAYS TO THE ECOSYSTEM

• •High reach
• •High frequency
• •Context for premium inventory

OUR MAIN GOALS WITH OUR ECOSYSTEM STRATEGY

Achieve advertising leadership

Develop better products enabled by data

OUR MAIN GOALS WITH OUR ECOSYSTEM STRATEGY

Creating niche winners Create new digital winners

Achieve advertising leadership

enabled by data

NEW DIGITAL SERVICES WITH CLEAR SYNERGIES WITH MEDIA HOUSES AND CLASSIFIEDS

Common product platforms and tech infrastructure

WE HAVE BEEN ACTIVE INVESTORS IN DIGITAL START-UPS SINCE 2003

OUR SWEDISH GROWTH PORTFOLIO DELIVERS CONSISTENT GROWTH AND PROFITABILITY

Financial development for current Swedish Growth Portfolio

NOTE: Numbers are adjusted for internal transfers of portfolio companies to other business areas (ex: Servicefinder, Tv.nu, Klart.se, MiniMedia)

OUR INVESTMENTS ARE NATURAL EXTENSIONS OF MEDIA HOUSES AND CLASSIFIEDS

THERE ARE STRONG SYNERGIES BETWEEN PERSONAL FINANCE AND CLASSIFEDS…

Product integrations, advertising, data exchange:

• Compare costs for financing your car, boat and more with consumer loans.
• Compare costs for insuring used goods, cars, boats etc.

OUR MAIN GOALS WITH OUR ECOSYSTEM STRATEGY

Achieve advertising leadership

enabled by data

THE GOOD NEWS IS THAT DIGITAL ADVERTISING IS INCREASING…

Sweden: online advertising 2006-p2017 (billion sek)

Source:IAB

…BUT THE MARKET IS ALSO CHALLENGING…

…AND THE MARKET CONDITIONS ARE CHANGING

Source: Luma Partners

WE ARE IMPROVING OUR AD SALES ORGANIZATION

• •We are combining our sales organizations in Sweden and Norway to improve customer service and make it easier for advertisers to buy
• •We are pooling digital ad inventory so that we can offer our customers optimal advertising within our ecosystem

…AND WE HAVE A CLEAR PLATFORM STATEGY FOR ADVERTISING

OUR COMPONENTS WILL GENERATE BETTER ADVERTISING PRODUCTS AND NEW REVENUES

Self Serve Advertisement - A three step process

1. Create your ad	2. Select your budget	3. Review your ad
1. Create your ad

Audience targeting engine – Better targeted advertising through data

OUR MAIN GOALS WITH OUR ECOSYSTEM STRATEGY

Develop better products enabled by data

WE ARE BUILDING A SINGLE SIGN-ON FOR SCHIBSTED

Investor Day 2016 – Value creation in our ecosystems 93

THE DATA TRIGGERS A VIRTUOUS CYCLE

Critical success factors

• Enabling technologies
• Data
• Identity
• Infrastructure
• A framework
• User Journeys

SHARED DATA WILL MAKE OUR PRODUCTS BETTER

• By common platforms and shared user data we can integrate our services tighter and create better user journeys

WE ARE CREATING LONG TERM VALUE IN OUR ECOSYSTEMS

• The ecosystem strategy is a powerful way to strengthen our position and pursue new opportunities
• We have a strong track-record of growing new digital services in our Scandinavian ecosystems and we see great opportunities in exporting proven concepts to other markets
• Through common platforms and shared data, we are strengthening our advertising business and create better products

PUBLISHING: MANAGING THE DECLINE OF PRINT AND GRASPING DIGITAL OPPORTUNITIES

EVP Sweden, Raoul Grünthal

Investor Day 27-28 September 2016

MANAGING THE DECLINE OF PRINT AND GRASPING DIGITAL OPPORTUNITIES

• Media houses are performing well despite challenging environment
• Cost reduction to adapt to print decline
• User payment is growing
• Shared platforms and new products building the basis for future digital business models

NORWEGIAN PUBLISHING OPERATIONS ARE MANAGING IN A TOUGH ENVIRONMENT…

0% 10% 20% 30% 40% 50% 60% 70% 0 1000 2000 3000 4000 5000 6000 7000 2014 2015 2H15-1H16 Revenues EBITDA Online share of revenues Million NOK 9% 7% 7% = EBITDA margin

Print revenue decline and reduced expenses in Norway

• Decreased topline due to reduced print revenues and slower growth in digital advertising
• Digital subscriptions show strong trend and is the main growth driver
• Stable margins through price increases in print and tight cost control

…WHILE THE SWEDISH PUBLISHING OPERATIONS ARE PERFORMING WELL

Stable revenues and EBITDA in Swedish media houses

• Stable top line and EBITDA despite continued decline in print
• Increased prices in print and tight cost control to manage the online transition
• Healthy growth in online advertising revenues as well as digital subscriptions

THE USER BEHAVIOUR IS CHANGING…

• More digital and more personalized
• Social media platforms and aggregators challenge traditional media
• Video and other platforms on the rise
• Online user payment more common

…AND SO IS THE ADVERTISING MARKET

• Decreasing reach of print leads to decreasing print advertising revenues
• Programmatic advertising takes rapid market share
• The abundance of the internet makes branding and context even more important
• Global players are gaining market share

REVENUE FROM DIGITAL SUBSCRIPTIONS IS STARTING TO BECOME SIGNIFICANT

TRANSITIONING TO A YOUNGER SUBSCRIPTION BASE

Age distribution for new subscription sales per product – Norwegian Subscription papers

TIGHT COST CONTROL CONTINUES IN MEDIA HOUSES

• Two of four printing plants closed in Norway
• Reduced headcount by 400 in Norwegian media houses during 2015 and 2016
• All commercial functions in the morning newspapers in Norway are merged
• Further headcount reduction of 40 positions announced in Aftenposten 2H 2016

Reduced operating expenses in Media Houses Norway

WE ARE NOW WORKING ON THREE LEVELS OF PUBLISHING PRODUCTS

• 1. Established products
• 1. Next gen products
• 1. Publishing platform

OMNI - THE FIRST NEXT GEN PRODUCT

Established

Next gen Products

Products Publishing Platform

Omni launched in Dec 2013

• A new way of creating and consuming news
• Good traction and has established it self as one of the major news destinations in Sweden
• Close to break even, revenues primarily from native advertising
• Omni is built upon Schibsted's publishing platform and the concept can be scaled to new verticals/niches and markets

MANAGING THE DECLINE OF PRINT AND GRASPING DIGITAL OPPORTUNITIES

• Media houses are performing well despite challenging environment
• Cost reduction to adapt to print decline
• User payment is growing
• Shared platforms and new products building the basis for future digital business models

BUILDING WORLD CLASS PLATFORMS FOR LONG TERM GROWTH

Rian Liebenberg, CTO – Schibsted Investor Day 27-28 September 2016

ENABLING LONG TERM GROWTH

We are increasing speed of development Broadening revenue streams Unlocking value of user data

INCREASING SPEED OF DEVELOPMENT

ONE GLOBAL PRODUCT AND TECH ORGANISATION

WITH RELEVANT EXPERTISE

PLATFORMS AND REUSABLE COMPONENTS

VERTICALS AND COMMON COMPONENTS

Aggeliopolis: Live testing 2000 beta in Greece

LEVERAGING ADVANCES IN TECHNOLOGY

• New technological innovations will enable

• Quicker ad upload
• Improved classification and discovery
• Better moderation
• Data driven improvements for both consumers and sellers
• Personalised content feeds

We will test new concepts in Selective markets during 2H 2016

118 Investor Day 2016 - Product & Tech

BROADENING REVENUE STREAMS

BY ADAPTING TO A CHANGING AD LANDSCAPE

FRAGMENTED LEADING TO MARGIN EROSION…

B U Y E R S

S E L L E R

NORWAY AS EXAMPLE

IMPROVED OUR INVENTORY AND REACH

PROGRAMMATIC TO PRESERVE VALUE OF INVENTORY

Programmatic: Flexible, short leadtimes The highest bidder winning the impression. The delivery is not guaranteed

Direct: Guaranteed delivery Possible to offer customized campaigns which are not available programmatically

OUR INVENTORY IS AVAILABLE BOTH PROGRAMMATICALLY AND DIRECT. CHOOSE THE METHOD THAT BEST SUITS YOUR MEDIA

ENSURES INVENTORY OF HIGH QUALITY

Coverage Broad weekly coverage of 77% in Norway

PREMIUM Brand building formats with high impact

BRAND SAFE Your ad shown in a safe context on Norway biggest sites

VIEWABILITY Market leading on delivering viewable impressions FRAUD SAFE

Very little fraudelnt traffic – good control over offerd inventory

.

Unique Data Exploit the power of the Schibsted data to reach your audience

APPNEXUS GLOBAL ROLLOUT IS WELL UNDERWAY

Q3-16	Q4-16	Q1-17
LIVE
LIVE
LIVE

BROADENING REVENUE STREAMS

BY CAPITALIZING ON RAPID GROWTH ON LOCAL ONLINE ADVERTISING

FRENCH LOCAL AD MARKET REPRESENTS 3B€ IN 2015

SELF SERVICE ADVERTISING OPENING THE DOOR TO LARGE UNTAPPED LOCAL ADVERTISING MARKET

		VIDEO

Launched in France & Norway. To be further enhanced and launched in other key markets.

UNLOCKING THE VALUE OF OUR DATA

WITH THE LAUNCH OF AUDIENCE TARGETING ENGINE

AUDIENCE TARGETING ENGINE (ATE) DELIVERS VALUE BASED ON OUR DATA

• Built by the Advertising team in London
• Integrated with AppNexus
• Produces significant new revenue in the Norwegian market

To be further developed and rolled out in new markets

IMPROVING QUALITY OF SERVICES AND REVENUE POTENTIAL

By adding value on five different levels...

...we can create a self-reinforcing data cycle

Schibsted has potential to capture differentiating data within areas like Buying intent, Shopping & transactions, and Object identity

UNLOCKING THE VALUE OF OUR DATA

…BY UTILIZING ARTIFICIAL INTELLIGENCE

MILLION IMAGES GROWING BY 100 MILLION / MONTH

Investor Day 2016 - Product & Tech

ENABLING LONG TERM GROWTH

We are increasing speed of development Broadening revenue streams Unlocking value of user data

STRONG FINANCIALS ENABLING CONTINUED GROWTH

EVP CFO, Trond Berger Investor Day 27-28 September 2016

STRONG FINANCIALS ENABLING CONTINUED GROWTH

• We maintain our Online classifieds revenue growth target 15-20%
• Focus on long term value creation
• Disciplined capital allocation

CONSISTENT PROFITABLE GROWTH FROM ONLINE CLASSIFIEDS

Stready, high revenue growth from Online classifieds

Growing EBITDA ex Investment phase for Online classifieds

SIGNIFICANT ROOM TO FURTHER GROW REVENUE PER USER IN KEY MARKETS

CAPITAL ALLOCATION FOCUSED ON ONLINE CLASSIFIEDS

*Note: Schibsted entered a JV with Distilled Media which included the leading real estate vertical Daft.ie and generalist Adverts.ie

VALUE CREATION THROUGH INVESTMENTS IN ONLINE CLASSIFIEDS

GENERATING SIGNIFICANT SHAREHOLDER RETURNS

Guidance for 2017 investment level expected to be given at Q4 2016 presentation.

INVESTMENTS IN PRODUCT & TECH TO SUPPORT LONG TERM GROWTH 2

• Good investment return expected
• Increased revenue opportunities
• Targeted display advertising
• Self serve advertising
• Online classifieds monetization features
• Stronger ability to innovate and further develop leadership positions
• 2016 guidance: HQ and Other segment EBITDA loss expected in the range NOK 650-700 million
• Efficiency measures leads to ambition to reduce total Group tech (central and local) spend as of 2018

WE WILL CONTINUE TO SEEK VALUE CREATION THROUGH CONSOLIDATION AND JVs 3

ACQUISITIONS

• December 2014: Milanuncios
• July 2015: Anumex
• February 2015: OLX.hu
• September 2016: MB Diffusion

MERGERS

• July 2014: Avito.ma

• July 2015: Distilled Media, Ireland

PARTNERSHIPS

• September 2013: Telenor/SPH joint venture
• November 2014: Naspers JVs

ONLINE DEVELOPMENT AND TIGHT COST CONTROL IN MEDIA HOUSES

• Two of four printing plants closed in Norway
• Reduced headcount by 400 in Norwegian media houses during 2015 and 2016
• All commercial functions in the morning newspapers are merged
• Further headcount reduction of 40 positions announced in Aftenposten 2H 2016

Reduced operating expenses in Media Houses Norway

ADEQUATE RESOURCES AVAILABLE TO PURSUE VALUE CREATIVE M&A

• Undrawn borrowing facilities of EUR 425 million
• Total liquidity reserves NOK 5.4 bn
• Divestments of non-core activities largely completed
• Opportunity to raise capital through B-shares
• Authority to buy back 10% of shares in place
• No current plans to do share buy-backs, but market and capital requirements will be monitored

TARGETING A CONTINUED PRUDENT CAPITAL STRUCTURE

Net interest bearing debt/EBITDA

• Target leverage NIBD/EBITDA 1x-2x
• May exceed the target range in special circumstances if there is a plan to return to the target range
• Stable dividend at NOK 1.75 per shares recent years

LOW VOTING B-SHARES PROVIDES FINANCIAL FLEXIBILITY FOR FUTURE GROWTH

• Allows straight equity issuance, free from structural constraints
• Provides flexibility in the long run
• Flexibility to pay for future acquisitions in shares
• Lower liquidity in B- compared to A-shares; should normalize over time
• Free float in B-shares set to increase
• Future equity issues likely to be issued as B-shares

FINANCIAL TARGETS ACHIEVED – MAINTAINED FOR MEDIUM TO LONG TERM

KPIs	Target	Status
Online classifieds growth	15%-20%*		15% CAGR 2012-2015
Equity ratio	35%-50%		52% per 1H-2016
NIBD/EBITDA	1-2x		0.5x per 1H-2016
Dividend	Stable to increasing dividend		Stable at NOK 1.75 in the period 2011-2015

Slowdown in growth in Spain in Q3 2016 due to macro conditions.

STRONG FINANCIALS ENABLING CONTINUED GROWTH

• Strong underlying revenue growth and margins from online classifieds
• Online classifieds revenue growth target 15-20%
• Focus on long term value creation
• Disciplined capital allocation

DRIVING LONG TERM ONLINE GROWTH