Vend Marketplaces ASA

Earnings Release • Nov 3, 2017

Q3 2017

3 November 2017 Rolv Erik Ryssdal, CEO and Trond Berger EVP CFO

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.

• Summary

Highlights Q3 2017

• Online classifieds: Solid growth in core verticals
• Positive development in verticals in Developed phase, including France, Norway and Spain
• Investment phase losses reduced
• Publishing: Continued digital product development and strong editorial achievements
• Improved EBITDA driven by digital growth and cost focus
• Schibsted Growth: Continued expansion
• Personal finance portal Lendo increased revenues with 50%
• New organizational structure launched strengthening local execution and leveraging global scale

NEW ORGANIZATION TO STRENGTHEN LOCAL EXECUTION AND GLOBAL SCALE

• Two focused divisions
• Product and tech remain a driving force responsibility for most initiatives moved to divisions
• Product & tech coming closer to the operations, aiming to gain more impact in the local markets.
• New organization to be implemented during Q4 2017

OVERALL STRATEGIC TARGETS STAND FIRM

WORLD CLASS DIGITAL MEDIA & SERVICES

GLOBAL LEADER IN MARKETPLACES

ONLINE CLASSIFIEDS

7

Well positioned for further growth

Strong brands, among leading websites in each local market*

*) National Alexa rank among top 50 (selected): Leboncoin 7, Finn.no 7, Blocket.se 9, Subito.it 13, Milanuncios 25, Willhaben 8, Donedeal 17, OLX Brazil 18, Jofogas.hu 8, Tori.fi 15, Yapo.cl 14

Professional verticals are the main revenue contributors

*) Verticals = Car, real estate, jobs

Continued growth, increased margins as a result of reduced marketing spending in Q3

France*

• High revenue growth rate for verticals. New performance dashboards for verticals implemented
• Positive results from monetization efforts in jobs
• Single digit growth for display advertising
• Increased margins Y/Y, supported by low marketing spend in the quarter
• Traffic growth of 7% Y/Y supported by new mobile features on apps and responsive site
• In-app messaging and alerts

*) Including MB Diffusion from 31 October 2016

Online classifieds

Strong growth in Norway, driven by volumes and new products

Norway Revenues (NOK million) and EBITDA margin 47% 46% 46% 0 100 200 300 400 500 Q3 15 Q3 16 Q3 17 Revenues EBITDA margin +21%

• Volume increase in key verticals jobs, cars and real estate
• Continued good performance by "Blink" targeted distribution of real estate and jobs classifieds
• Strong growth in Personal finance
• Competitive position reinforced in Q3, with good growth in traffic and downloads
• High marketing spend compared to Q3 2016

Q3 2017

Online classifieds

Mixed development in Spain – accelerated growth in jobs and cars

• Good performance in jobs and cars in Q3
• Strong competition in real estate and generalist focus on product development and improving market share
• Total growth supported by acquisition of Habitaclia
• High marketing spending dilutes margins
• Catalonia situation creates uncertainty in advertising spending, real estate, cars and jobs

Soft quarter in Sweden

customers Y/Y

• Good growth in verticals

• Continued good growth in jobs

driven by premium features

• Revenue increase in professional cars

• Soft development in display advertising

• Weak development for Servicefinder,

as a result of lower number of

*) Revenue growth excluding Servicefinder was 4%. EBITDA margin ex Servicefinder was 61% (65% in Q3 16).

Continued high revenue growth rate in Italy and Austria, limited cost increase

Other Developed markets

Revenues and EBITDA-margin (EUR million)

*Reported growth for Q3 is 6% and is negatively affected by non-organic effects, mainly sale of Mudah in Malaysia. Adjusted for this, the underlying growth in Q3 was 14% YOY. Hungary

• Continued high growth rate in Italy and Austria
• Verticals and display advertising drive growth
• Slow growth rate in Ireland

Online classifieds

Continued high growth in Investment phase revenues – reduced investments YOY and compared to Q1 2017 and Q2 2017

-9.2 -14.3 -8.6 Q3 16 -11.1 -2.7 -2.0 -22.4 -1.1 -28.1 -17.5 Q1 17 -8.6 -14.1 -20.9 -5.7 -3.6 -1.5 Q2 17 Shpock Other subsidiaries Q3 17 JVs Investment phase revenues (Million EUR) Investment phase EBITDA (Million EUR) Q1 17 Q2 17 20.7 Q3 16 11.5 Q3 17 15.5 +80% 17.6

• Continued strong revenue growth
• OLX Brazil on track, aim to reach positive EBITDA during 2017
• Significant marketing investments in Shpock
• Strong growth in user metrics across all countries
• Note that seasonal effects may lead to a higher investment level in Q4 2017 compared to Q3 2017

*) Note that for JV's there is an effect in Q3 of increased ownership of OLX Brazil from 25% to 50%, both on revenues and EBITDA. There is also an effect of increased ownership in Chile and divestment of certain assets

Online classifieds

Increased ownership in Brazil to 50% effective as of 1 July; Strong revenue growth and reduced losses based on market leadership

OLX clear market leader in cars

Source ad volumes: Autobiz, October 2017

• High double digit Y/Y revenue growth in Q3

• Growth driven by increased monetization in verticals and display advertising
• Profitability on track, expected to reach break even during 2017

Continued strong development for Shpock – on track to volume leadership in the UK

Listings/month, Shpock UK Oct 17:

Shpock continues to grow strongly

• Shpock continues its good volume growth
• Particularly strong development in the UK which is now Shpock's biggest market by volume 2.5 years after launch

Shpock continues to gain ground in the UK

• Shpock has surpassed Gumtree in app usage 1.5x Gumtree in Daily Active App Users in September¹
• Shpock is now content leader in several consumer goods categories and closing the gap fast in private car listings²

Opening up to professionals and verticals

• First shop product to professionals available in Q4
• Specialized functionality for car listings included in latest app update

MEDIA HOUSES

Digital development and tight cost control in Scandinavian publishing operations

Publishing operations Scandinavia

Figures include Media House Norway and Media House Sweden excluding Schibsted Growth.

Publishing

Strong quarter in tabloid newspapers – revenue increase and tight cost control

• Total revenue growth 3% in Q3. Online revenues +17% YOY.
• Particularly good quarter in VG
• 33% growth in digital subscribers Y/Y
• 23% growth in digital advertising
  • Mobile and web-tv leading drivers
  • Strong performance in content advertising
  • Improved data-driven segmentation and targeting
  • Strong growth in web-tv advertising

Publishing

Digital subscribers in morning newspapers growing rapidily

Digital subscription numbers grow rapidly, creating foundation for significant revenues Number of digital only subscribers

Norwegian Subscription Papers Svenska Dagbladet

I !	AVIS HVER DAG + DIGITAL kr 434,-/mnd.	AVIS I HELGEN + DIGITAL kr 339,-/mnd.	DIGITAL kr 199,-/mnd.
AFTENPOSTEN.NO 2
AFTENPOSTEN EAVIS ©	J
AFTENPOSTEN + (APP) 2	J
PAPIRAVIS I HELGENE 2		✔
PAPIRAVIS ALLE DAGER 2
	Prøv for kr 1,-	Prøv for kr 1,-	Prøv for kr 1,-

Focus on digital product innovation in Publishing

Aftenposten: personalized front-page

VG Peil: next generation news app

SCHIBSTED GROWTH

Accelerated growth in Schibsted Growth

Schibsted Growth (Sweden)*

Revenues (SEK million) and EBITDA margin Revenue split and growth rates (Sweden)*

Lendo – a successful entry to fast growing consumer finance market

Lendo (Sweden) Revenues (SEK million)

• Empowering consumers through transparency and simplicity
• Effective customer acquisition for lenders
• Scalable into additional markets
• So far launched in Norway (part of FINN) and in Finland
• Commission based business model

Online classifieds verticals are the main growth drivers

Revenue split, consolidated Online classifieds Q3 2017 YTD

Strong revenue growth in verticals Growth rate Q3 2017 YTD vs Q3 2016 YTD

• Diversified mix of revenue drivers for verticals • Subscription fees • Visibility features • Single listings in certain markets • "Shops" • Tools Verticals +4% Display advertising +20%

Q3 income statement Schibsted Group

		Third quarter
(NOK million)	2017	2016
Operating revenues	4,161	3,798
Operating expenses	(3,378)	(3,226)
Gross operating profit (EBITDA) ex Investment phase	903	756
Gross operating profit (EBITDA)	783	572
Depreciation and amortization	(158)	(127)
Share of profit (loss) of JVs and associates	(15)	(43)
Impairment loss	(2)	(16)
Other income and expenses	194	(32)
Operating profit (loss)	802	354
Net financial items	(23)	38
Profit (loss) before taxes	779	392
Taxes	(226)	(195)
Profit (loss)	553	197
EPS - Basic (NOK)	2.35	0.77
EPS - Basic adjusted (NOK)	1.45	0.93

Positively affected by one-off in relation to the divestment of Hitta

EBITDA ex Investment phase development in Q3

Solid revenue growth across the Online classifieds portfolio

Revenues and EBITDA margin for Online classifieds Million NOK, Pro forma, including proportionate share of JVs and associates

1) Adjusted for currency fluctuations

External revenues, Developed markets in Q3 growth in local currency
		Revenue growth Y/Y	Revenue (mNOK)	EBITDA margin
E C N A R F		23%	580	60%
Y A W R O N		21%	472	46%
N E D E W S		2 2%	259	59%
N AI P S		27%	323	31%
	Other developed markets3	6%	201	9%

2) Ex Servicefinder the growth in Sweden in Q3 is 4%

3) Ireland, Italy, Colombia, Austria & the car vertical in Hungary. Growth rate hampered by non-organic effects. 14% underlying growth.

Reduced investments, good revenue growth expected going forward

15-20 percent Online classifieds revenue growth next 3-5 years target maintained; strong operational leverage inherent in business model.

Online classifieds Investment phase

• Full year investments are expected to go down compared to 2016, though seasonal effects may lead to a higher investment level in Q4 2017 compared to Q3 2017
• In 2018, we plan for further reductions of online classifieds investment phase losses

Product and technology development

• EBITDA loss of the HQ/Other segment, which includes Product & Tech, estimated to remain around the same level in second half of 2017 as in the first half 2017, following strengthened efforts to develop vertical products

CAPEX expected to increase with around NOK 100 million in 2017 compared to 2016 (unchanged guidance)

Key financial figures

CAPEX Net interest bearing debt

Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

Earnings per share - adjusted Net cash flow from operating activities

125 9 8 108 153 192 166 ^{187 198 215 207} 3.3 2.7 2.7 3.9 4.7 4.4 4.6 5.0 5.0 5.0 0 5 0 100 150 200 250 Q215 Q315 Q415 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

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

Strong financial position

• NIBD/EBITDA 2.1 end at Q3
• Slightly above target range of 1x-2x
• Refinancing of short-term bank facilities planned in Q4 17

Debt maturity profile

Underlying tax rate stable around 30%

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

	Q3 2017	As of Q3 2017
Reported profit (loss) before taxes	779	2,730
Share of profit (loss) of joint ventures and associates	15	84
Other losses for which no deferred tax benefit is recognised*	214	766
Gain on sale of subsidiaries, joint ventures and associates	-236	-999
Impairment losses (goodwill and associates)	-	-
"Adjusted" tax base	772	2,582
Taxes	226	752
Adjusted effective tax rate *) Mainly Online Classifieds Investment phase that are not in JVs or associates.	29.3%	29.1%

HIGHLIGHTS

Highlights Q3 2017

• Online classifieds: Solid growth in core verticals
• Positive development in verticals in Developed phase, including France, Norway and Spain
• Investment phase losses reduced
• Publishing: Continued digital product development and strong editorial achievements
• Improved EBITDA driven by digital growth and cost focus
• Schibsted Growth: Continued expansion
• Personal finance portal Lendo increased revenues with 50%
• New organizational structure launched strengthening local execution and leveraging global scale

PRESENTERS:

Rolv Erik Ryssdal CEO

Sondre Gravir CEO Marketplaces

Raoul Grünthal CEO Media

Antoine Jouteau CEO Leboncoin.fr

Anders Skoe CEO Finn.no

More information at www.schibsted.com/ir

Register at:https://goo.gl/i8eh6w

The event will be webcasted on www.schibsted.com

APPENDICES

Spreadsheet containing detailed Q3 2017 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Q3 2017

Balanced portfolio with revenue and EBITDA growth

EBITDA improvement in all operating segments

Key operations – Online classifieds

Third quarter			As of Q3		Year
2016	2017	Norway Dev. phase (MNOK)	2017	2016	2016
390	472	Operating revenues		1,410 1,197 1,587
178	216	EBITDA	598	529	670
46 %	46 %	EBITDA margin	42 %	44 %	42 %
Third quarter			As of Q3		Year
2016	2017	Sweden Dev. phase (MSEK)	2017	2016	2016
259	265	Operating revenues	796		788 1,040
160	155	EBITDA	430	456	587
62 %	59 %	EBITDA margin	54 %	58 %	56 %
Third quarter			As of Q3		Year
2016	2017	France (MEUR)	2017	2016	2016
50.5	62.0	Operating revenues		187.8 155.8 214.0
27.9	37.2	EBITDA	114.4		94.2 129.2
55 %	60 %	EBITDA margin	61 %	60 %	60 %
Third quarter			As of Q3		Year
2016	2017	Spain (MEUR)	2017	2016	2016
27.2	34.5	Operating revenues	101.2		82.0 110.7
7.8	10.6	EBITDA	23.4	19.0	23.7

Key operations – Media Houses

Third quarter			As of Q3		Year
2016	2017	Verdens Gang (MNOK)	2017	2016	2016
401	428	Operating revenues		1,298 1,251 1,700
241	225	of which offline	675		766 1,017
160	203	of which online	623	485	683
66	87	EBITDA	263	187	272
16 %	20 %	EBITDA margin	20 %	15 %	16 %

Third quarter Subscription		As of Q3	Year
2016	2017	newspapers (MNOK)	2017	2016	2016
658	605	Operating revenues		1,874 2,102 2,848
519	452	of which offline		1,413 1,665 2,233
139	153	of which online	461	437	615
30	46	EBITDA	146	90	161
5 %	8 %	EBITDA margin	8 %	4 %	6 %

Norway Sweden

Third quarter			As of Q3		Year
2016	2017	Aftonbladet (MSEK)	2017	2016	2016
464	461	Operating revenues		1,374 1,428 1,933
265	246	of which offline	733		797 1,045
199	215	of which online	641	631	888
61	65	EBITDA	164	170	236
13 %	14 %	EBITDA margin	12 %	12 %	12 %
Third quarter			As of Q3		Year
2016	2017	SvD (MSEK)	2017	2016	2016
218	212	Operating revenues	670	691	951
18	18	EBITDA	49	51	74
8 %	9 %	EBITDA margin	7 %	7 %	8 %
Third quarter		Schibsted Growth	As of Q3		Year
2016	2017	(MSEK)	2017	2016	2016
290	318	Operating revenues	977		828 1,150
87	97	EBITDA	241	204	279
30 %	31 %	EBITDA margin	25 %	25 %	24 %
Third quarter		Schibsted Growth ex. Hitta	As of Q3		Year
2016	2017	(MSEK)	2017	2016	2016
228	296	Operating revenues	826	639	893
70	93	EBITDA	210	153	210
31 %	31 %	EBITDA margin	25 %	24 %	24 %

Cash flow

	As of Q3
(NOK million)	2017	2016
Profit (loss) before taxes	2,730	970
Gain on remeasurement in business combinations achieved in stages and	(498)	-
remeasurement of contingent consideration
Depreciation, amortisation and impairment losses	470	437
Share of profit of joint ventures and associates, net of dividends received	102	155
Taxes paid	(678)	(521)
Sales losses (gains) non-current assets	(1,050)	(80)
Net cash flow from operating activities before change in working capital	1,076	961
Change in working capital	(122)	40
Net cash flow from operating activities	954	1,001
Net cash flow from investing activities	(4,144)	(677)
Net cash flow before financing activities	(3,190)	324
Net cash flow from financing activities	2,704	(819)
Effects of exchange rate changes on cash and cash equivalents	1	(8)
Net increase (decrease) in cash and cash equivalents	(486)	(503)
Cash and cash equivalents at start of period	1,268	1,891
Cash and cash equivalents at end of period	783	1,388

The working capital development in the first half of 2016 was very positive, driven by temporary effects following a poor second half of 2015 and measures implemented to improve cash flow. The negative development in working capital in 2017 is mainly related to restructuring and pensions.

Financial key figures

	Per Q3		Full year
Schibsted Media Group	2017	2016	2016
Gross operating profit (EBITDA) (NOK million)	1,911	1,630	2,131
Gross operating profit (EBITDA) ex. Investment phase (NOK million)	2,454	2,222	2,904
Operating margins (%):
Operating margin (EBITDA)	15	14	13
Operating margin (EBITDA) ex. Investment phase	20	19	19
EPS Basic (NOK)	8.55	1.70	2.05
Net cash flow from operating activities (NOK million)	954	1,001	1,506
Cash flow from operating activities per share (NOK)	4.22	4.43	6.66
Profit attributable to owners of the parent	1,934	383	465
Average number of shares outstanding (1 000)	226,198	226,070	226,064

Capital structure

	Per Q3		Full year
Schibsted Media Group	2017	2016	2016
Investments (NOK million):
Operational investments (capex)	620	511	698
Shares and other holdings	5,010	346	751
Interest bearing borrowings (NOK million)	5,830	2,362	2,342
Net interest bearing debt (NOK million)	5,047	974	1,074
Interest bearing debt ratio (%)	23	12	11
Equity ratio(%) 1)	46	50	52

1) Treasury shares are offset against equity

Basic information

	A-share	B-share
Ticker
Oslo Stock Exchange:	SCHA	SCHB
Reuters:	SBSTA.OL	SBSTB.OL
Bloomberg:	SCHA:NO	SCHB:NO
Number of shares (26 October 2017)	108,003,615	118,803,976
Treasury shares (26 October 2017)	262,138	239,827
Number of shares outstanding	107,741,477	118,564,149
Free float*	74%	76%	*) Total number of
Share price (26 October 2017)	NOK 210.10	NOK 191.00	shares excluding
Average daily trading volume (shares)**	283,000	100,000	treasury shares and shares owned by
Market Cap total (26 October 2017)	NOK 45.4 bn., EUR 4.8 bn., GBP 4.2 bn, USD 5.5 bn		Blommenholm Industrier AS. **) Since 1 January

2017

Shareholder analysis

				% of
Rank Name	A-Shares	B-shares	Total	capital
1 Blommenholm Industrier AS	28,188,589	28,598,589	56,787,178	25.0%
2 Folketrygdfondet	6,021,190	10,945,610	16,966,800	7.5%
3 Baillie Gifford & Co.	7,503,301	6,694,072	14,197,373	6.3%
4 Adelphi Capital LLP	4,495,099	4,157,988	8,653,087	3.8%
5 NWT Media AS	4,233,300	4,200,000	8,433,300	3.7%
6 Alecta pensionsförsäkring, ömsesidigt	3,094,000	3,211,600	6,305,600	2.8%
7 Platinum Investment Management Ltd.	2,797,795	3,015,060	5,812,855	2.6%
8 DNB Asset Management AS	2,057,891	3,323,985	5,381,876	2.4%
9 Luxor Capital Group, L.P.	392,704	3,999,719	4,392,423	1.9%
10 The Vanguard Group, Inc.	2,044,730	1,969,228	4,013,958	1.8%
11 Marathon Asset Management LLP	1,958,130	1,989,624	3,947,754	1.7%
12 Ancient Art, L.P.	0	3,914,673	3,914,673	1.7%
13 Pelham Capital Ltd	0	3,809,851	3,809,851	1.7%
14 BlackRock Institutional Trust Company, N.A.	1,267,452	2,317,237	3,584,689	1.6%
15 Fidelity Management & Research Company	3,310,865	135,424	3,446,289	1.5%
16 Fidelity International	1,727,028	1,515,109	3,242,137	1.4%
17 Nordea Funds Oy	1,647,128	1,302,023	2,949,151	1.3%
18 Echinus Capital, LLC	2,159,781	771,870	2,931,651	1.3%
19 Mitsubishi UFJ Trust and Banking Corporation	1,613,431	1,306,414	2,919,845	1.3%
20 KLP Forsikring	539,986	2,229,903	2,769,889	1.2%

Source: Nasdaq OMX. Data as of 17 October 2017.

Largest country of ownership A+B (VPS)
Norway**	42.8 %
U.S.A.	22.6 %
U.K.	9.4 %
Sweden**	8.9 %
Japan	2.6 %
Luxembourg	2.6 %

**) NWT Media AS is counted as a Swedish shareholder.

Updated information and VPS register at:

www.schibsted.com/en/ir/Share/Shareholder-new

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.

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

Espen Risholm IRO espen.risholm@schibsted.com +47 924 80 248

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