Schibsted ASA
Q4 2009

Rolv Erik Ryssdal CEO & Trond Berger CFO

Agenda

Highlights

Q4 2009 operations

Profitability programme

Income statement and Financials

Outlook

Q4 2009 highlights

Good result in Q4, given weak markets. EBITA NOK 348 million (-122 million)
Profitability programme with total effect of NOK 1.2 billion in FY 2009
Advertising markets still weak. Ad revenues down 0.1% Y/Y
Continued strong growth in online classifieds
both organic growth and growth from new launches
Dividend for 2009 proposed at NOK 1.50

CHIBSTED

Q4 2009 highlights

| | Revenue
Q4 2009 | Underlying
Change
y/y* | EBITA margin | |
| --- | --- | --- | --- | --- |
| | | | Q4 09 | Q4 08 |
| Group | 3 566 | 0 % | 10 % | -4 % |
| Editorial | 2 713 | -2 % | 8 % | -1 % |
| of which Print newspapers | 2 426 | -5 % | 8 % | -2 % |
| of which Online newspapers | 287 | 22 % | 5 % | 0 % |
| Classifieds/directories | 679 | 14 % | 25 % | 14 % |

*) Growth adjusted for acquisitions, divestments, currency fluctuations, close down of print classifieds in Spain and France and consolidation of Media Norge as of Q3 2009

CHIBSTED

Agenda

Highlights

Q4 2009 operations

Profitability programme

Income statement and Financials

Outlook

Two strong strategic legs

European leader in rapidly growing online marketplaces
Leading positions in print and online editorial space in Norway, Sweden and International

CHIBSTED

Q4 2009 operations

Revenue: MNOK 679
EBITA: MNOK 167

Revenue: MNOK 2,713
EBITA: MNOK 219

CHIBSTED

Online Classifieds

M:NO

MEDIA NORGE

FINN

Strong development in Finn.no, growth in all segments

Finn.no

Q4 EBITA NOK 67 million (NOK 44 million)
Q4 EBITA margin 36% (30%)
Operating revenues NOK 186 million, a growth of 27% Y/Y. Underlying revenue growth 20%
Recruitment 4%
Real estate 30%
Car 26%
Finn Travel 45%
Strong underlying growth for Torget (general merchandise)
Schibsted acquired direct stake of 38.6% in Finn.no in Q4, thereby increasing total exposure to 80%

CHIBSTED

bytbls

Online Classifieds

Stable growth rate and high margins in Blocket/Bytbil

Q4 EBITA SEK 77 million (SEK 67 million)
EBITA margin 56% (58%)
Revenue growth 19% Y/Y driven by ad volume, price adjustments, and new products
Strong traffic position with number 3 position in Sweden maintained. 3.6 million unique users weekly, +13% Y/Y
Awarded no. 7 best consumer brand in Sweden

Source: KIA Index week 4/10

CHIBSTED

Online Classifieds

Good margins in challenging Spanish market

Spain online classifieds

) Including LatAm, excluding InfoJobs

EBITDA Spain of EUR 4.1 million (EUR 1.6 million), excluding InfoJobs. EUR 1.2 million in one offs
Revenue increase 11% excluding InfoJobs
Operating margin 29% (7%)

21 anuntis

InfoJobs Spain

Challenging market situation in Spain InfoJobs.net
EBITDA InfoJobs of EUR 3.5 million (EUR 5.4 million)
EBITDA margin maintained at high levels
Revenue decline 21% to EUR 7.1 million. Decline rate reduced compared to Q3 2009
Schibsted controls 98.5% after increasing stake from 75.2% in Q4

CHIBSTED

Online Classifieds

leboncoin.fr

LaCentrale

caradisiac

LeBoncoin contributing to growth and margin improvement in France

France and Other online classifieds*

Unique monthly users (1,000)

20% EBITDA margin for Online classifieds France and Other
Good growth in LaCentrale/Caradisiac (50 % owned)
Continued strong development for LeBonCoin (50% owned)
EBITDA margin 50%
Operating revenues Q4 2009 EUR 6.0 million (100% of the company), +122% Y/Y
Strong traffic development also in Q4, closing the gap to eBay

CHIBSTED

Source: MNR-Nielsen December 2009 *) Other includes SCM head office cost and eliminations. Chart excluding Italian operation until divestment in Q2 2009

Continued roll out of Blocket concept in 2010

Site name	Country	Launched
segundamano
La web para comprar y vender	Spain	2005
profitable
leboncoin.fr	France	2006
profitable
subito.it
Vendí & Compro: di tutto in Italia	Italy	2007
mudah.my
The marketplace of Malaysia	Malaysia	2007
	[email protected]
Compro o vendia em todo o Portugal	Portugal	2008
AyesDito.ph
User Marketplace In The Philippines	Philippines	2009
AggelioPolis.gr	Greece	2009
berniaga.com	Indonesia	2009
terí.n	Finland	2009
uttri.cn	Switzerland	2010
12 jófogás.hu	Hungary	2010

Roll out strategy to continue in 2010
NOK 116 million invested in expansion in 2009
Subito leaving Kijiji behind in Italy, becoming #1 in Classifieds
Encouraging development in Malaysia, Mudah clear market leader
Remaining sites still in early stage

CHIBSTED

Directories Sweden

nitta.se

Continued revenue growth and margin increase in Hitta.se

Hitta.se

Unique weekly users

Continued revenue growth in Hitta. 25% increase in Q4 Y/Y
Q4 underlying EBITA SEK 31 million (SEK 15 million), securing margin of 34% (21%)
Balancing traffic investment to optimize competitive position and profits
Awarded no. 8 best consumer brand in Sweden.

Source: KIA Index

CHIBSTED

Editorial Norway

M:NO

MEDIA NORGE

Strong improvements through cost reductions in Media Norge newspapers

Media Norge editorial media houses

Media Norge editorial media houses revenues down 10% in challenging advertising market
EBITA NOK 60 million in Q4. Improvement through cost reductions
Several collaboration projects under development to enhance efficiency

Aftenposten print newspaper

Aftenposten print EBITA NOK 25 million (NOK -17 million)
Operating cost reduced by 17% Y/Y
Advertising revenue decrease 14%
Real estate classifieds +1%
Recruitment classifieds -24%
Brand/retail advertising -17%
Increased circulation revenues

Aftenposten

CHIBSTED

Editorial Norway

Price increases and cost reductions secure strong result in tough market

Increased circulation revenues despite volume decline 8% full year 2009
Print advertising revenues declined 11% Y/Y
Print EBITA NOK 63 million (NOK 45 million), helped by significant effect from cost reductions

Online

Revenues decline 9%, EBITA NOK 18 million (26 million)
Weak advertising markets in Q4, and tough competition adding pressure to margin development
Cost measures, including head count reductions to give effect in 2010
Continued online traffic growth – market leader position reinforced

CHIBSTED

Editorial Sweden

Improvement in Schibsted Sverige

Schibsted Sverige group

Schibsted Sverige Q4 EBITA SEK 110 million (24 million)
Print revenues flat, combined with cost reductions
Strong online growth

Svenska Dagbladet Group

Q4 EBITA SEK 14 million (SEK -13 million).
Positive one off SEK 8 million
Operating revenues increased 6% Y/Y
Print advertising revenue increased 1% in Q4 Y/Y. Increased market shares
Circulation revenues increased 5% in Q4 Y/Y helped by price increases

SCHIBSTED

Editorial Sweden

AFTON

Strong recovery online, margin pressure on print

Aftonbladet print newspaper

Q4 EBITA SEK 29 million (SEK 36 million)
Advertising revenue decrease 13% Y/Y
Circulation volume decline 5.3% weekdays YTD
Circulation revenues increased 2%
Cover price increased from 10 to 11 as of December 21 2010

Aftonbladet online newspaper

Revenue growth 25%
Q4 EBITA SEK 39 million (SEK 18 million)
33% EBITA margin, back to 2006 level

CHIBSTED

Editorial International

Record high profits in 20 Minutes France, improvement in Spain

20 Minutes France (print)

20 Minutes France print EBITA EUR 4.6 million, underlying revenue increase 7% Y/Y
Firm cost control secures margin improvement
Most read newspaper in France with 2.7 million daily readers
Online operations break even in Q4

20 Minutes Spain (print)

20 Minutes Spain print EBITA EUR 0.9 million (EUR 0.3 million)
Revenue decrease 16% Y/Y, more than compensated by significant cost reductions
Maintaining position as most read general newspaper in Spain with 2.4 million daily readers
Online EBITA Q4 EUR -0.2 million (EUR -0.3 million)

CHIBSTED

Continued overall online growth, increased print profitability

Split online/offline revenues rolling 12 months

Split online/offline EBITA* rolling 12 months

Overall migration towards online media continue
29% of group operating revenues last 12 months came from online activities
59% of operating profit from online (ex headquarter cost and associated companies)
Increased profitability from print activities after cost reductions
) EBITA excluding headquarter cost and contribution from associated companies.

CHIBSTED

Agenda

Highlights

Q4 2009 operations

Profitability programme

Income statement and Financials

Outlook

NOK 1 billion 2009 profitability exceeding plan

NOK 400 million effect recorded in Q4 2009
Total effect in 2009 NOK 1.2 billion including certain additional effects over FY 2009
Headcount reduced by 800 during 2009
Total headcount reduction since programme launch 1,240
Continued close monitoring of progress towards accumulated effect of NOK 1.6 billion by year end 2011

CHIBSTED

NOK 400 million of profit improvements delivered in Q4 2009

CHIBSTED

Effect of current profitability programme increasing in the coming years

NOK million

CHIBSTED

Agenda

Highlights

Q4 2009 operations

Profitability programme

Income statement and Financials

Outlook

Income statement Schibsted Group – headlines for Q4 2009

Revenues NOK 3.6 billion (NOK 3.2 million)
Total revenue and advertising revenue underlying flat Y/Y
Operating profit (EBITA) NOK 348 million (Q4 2008 NOK -122 million, underlying NOK 40)
Other revenues and expenses NOK -50 million
Impairment charges NOK -80 million
Net income NOK 113 million (NOK -1.98 billion)

CHIBSTED

Income statement Schibsted Group

	Q4 2008	Q4 2009	(NOK million)	Full year
				2009	2008
	3 231	3 566	Operating revenues	12 745	12 851
	(3 010)	(3 032)	Operating expenses	(11 184)	(11 420)
	(180)	7	Income from associated companies	(67)	(73)
	41	541	EBITDA	1 494	1 358
Goodwill: -16	(163)	(193)	Depreciation and amortization	(662)	(592)
Intangibles: -48			Operating profit (EBITA) before impairment
Fixed assets: -16	(122)	348	loss and other revenues/expenses	832	766
	(1 542)	(80)	Impairment loss	(161)	(1 558)
Restructuring	(247)	(50)	Other revenues and expenses	(236)	482
related to
profitability	(1 911)	218	Operating profit (loss)	435	(310)
programme: -75	(183)	(50)	Net financial items	(156)	(430)
Divestments: +40	(2 094)	168	Profit (loss) before taxes	279	(740)
Other one offs: -15	101	(55)	Taxes	(94)	(169)
	(1 993)	113	Net income (loss) continuing operations	185	(909)
	15	-	Net income (loss) discontinued operations	327	39
	(1 978)	113	Net income (loss)	512	(870)
	(30,35)	0,62	EPS (NOK)	4,74	(13,95)
	(3,71)	1,51	EPS - adjusted (NOK)	4,42	2,79

CHIBSTED

Key financial figures

Earnings per share

Cash flow per share

CAPEX

CAPEX (million NOK) and CAPEX/Sales (%)

Net interest bearing debt

Net interest bearing debt (NOK) and Ratio of Net interest bearing debt/LTM EBITDA

Note:
NIBD/EBITDA
according to
bank definition.

CHIBSTED

Net interest bearing debt reduced during Q4

Change NIBD end Q3 2009 vs end Q4 2009

NIBD/EBITDA
1.7 according to bank covenant definition

CHIBSTED

Dividend proposed

Dividend proposed at NOK 1.50 per share
Equals NOK 155 million with current number of outstanding shares
Prefects the Group's profitability programme and earnings in the context of the macroeconomic environment, as well as the interest of long term shareholder return

*) Proposed by the Board of Directors
Dividend pr. share adjusted for effect of rights issue in 2009

SCHIBSTED

Preparation for refinancing initiated

All debt maturing in 2010 and 2011 can be refinanced with undrawn facilities maturing in the end of 2011
Preparation for refinancing initiated.
A more diversified debt structure will be considered
Refinancing will take place within end of 2010
NIBD/EBITDA of 1.7 at the end of 2009 (according to loan agreement definition) and financial flexibility is improved significantly

CHIBSTED

Divestment programme freeing up capital

Divestments as of Q4 2009 – total cash flow NOK 1,168 million

Metronome Film & Television
Secondamano print/online classifieds Italy
Moi Rayon Moscow
Polaris Media (total return swap)
Aspiro (total return swap)
Bolha (classifieds JV Slovenia)
Retriever
Basefarm
Teleadress

Additional sales process initiated

Schibsted Trykk real estate property

CHIBSTED

Agenda

Highlights

Q4 2009 operations

Profitability programme

Income statement and Financials

Outlook

Some flattening out or modest growth indicated by certain external macro forecasts, large variations between markets
Scandinavia: Advertising markets still weak. However, some limited underlying improvements for certain categories – particularly for online classifieds, especially real estate. Online classifieds expected to develop better than print. Continued weak circulation trend for tabloid newspapers. Subscription based newspapers more stable
International: Structural migration to online media will continue to support most Schibsted activities. Independent macro forecasts show few signs of short term improvement, particularly weak markets expected in Spain and Baltics
Accumulated effect of profitability programme expected to reach NOK 1.6 billion by end of 2011
Newsprint prices expected to decline 15-20 % in 2010
Targeted investments in a focused portfolio of online growth initiatives will continue
Efforts to maintain and develop number 1 positions within print newspapers and online news/services will continue

CHIBSTED

Q&A

APPENDICES

Spreadsheet containing detailed Q4 2009 and Historical financial and analytical information can be downloaded from www.schibsted.com/ir

Advertising – Print editions

Per Q4	Volume^{1)} 2009	Change 2008-2009	Revenues (NOK million)	Change 2008-2009
Aftenposten	65 356	(22,7) %	961	(25,2) %
Verdens Gang	11 146	(4,9) %	385	(15,4) %
Aftonbladet^{2)}	18 158	8,4 %	405	(17,5) %
Svenska Dagbladet^{2)}	23 788	(8,6) %	466	(11,6) %

1) Column meters
2) SEK million

CHIBSTED

Circulation development - YTD

Per Q4	Circulation 2009	Change 2008-2009	Change	Circulation revenue	Change 2008-2009
Aftenposten morning ed.	243 188	(4 369)	(1,8)%
Aftenposten evening ed.	111 566	(13 241)	(10,6)%	798 a)	5,7%
Aftenposten Sunday	212 834	(3 631)	(1,7)%
Verdens Gang weekdays	262 374	(22 040)	(7,7)%	1 236 a)	4,5%
Verdens Gang Sunday	221 349	(18 915)	(7,9)%
Aftonbladet weekdays	348 800	(19 400)	(5,3)%	1 595 b)	(1,4)%
Aftonbladet Sunday	410 800	(14 800)	(3,5)%
Svenska Dagbladet weekdays	195 400	2 100	1,1 %	481 b)	4,3 %
Svenska Dagbladet Sunday	204 900	1 100	0,5 %

a) Figures in NOK million
b) Figures in SEK million

CHIBSTED

M:NO
MEDIA NORGE

Operating profit – Media Norge

2008				2009				Media Norge Group
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
303	302	308	321	326	330	337	325	Circulation
867	923	754	722	692	764	640	759	Advertising
179	242	154	315	218	196	188	170	Other revenues
1349	1467	1216	1359	1 235	1 291	1 165	1 254	Operating revenues
-111	-115	-111	-124	-97	-86	-87	-92	Raw materials
-568	-573	-537	-685	-631	-581	-499	-542	Personnel costs
-465	-475	-467	-543	-462	-462	-426	-451	Other operating costs
5	7	7	-18		-6	0	0	Income from associates
-1140	-1156	-1107	-1370	-1 190	-1 135	-1 012	-1 085	Operating costs
209	312	108	-11	45	156	153	169	EBITDA
-45	-49	-49	-46	-48	-48	-53	-52	Depreciation & amortization
165	262	59	-57	-3	108	100	117	EBITA

								Margins
15,5 %	21,2 %	8,9 %	-0,8 %	3,7 %	12,1 %	13,1 %	13,5 %	EBITDA
12,2 %	17,9 %	4,9 %	-4,2 %	-0,2 %	8,4 %	8,6 %	9,3 %	EBITA

Note: Media Norge Group consolidated into the Schibsted Group as from Q3 2009. Figures for previous periods show Media Norge Group stand alone.

CHIBSTED

M:NO
MEDIA NORGE

Media Norge media houses quarterly

	2008				2009
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Operating revenues
Aftenposten	631	675	534	581	549	555	496	525
Bergens Tidende	262	293	245	272	242	252	231	269
Stavanger Aftenblad	185	200	154	169	150	164	140	165
Fædrelandsvennen	95	108	90	173	108	119	104	114
Finn	176	192	193	163	182	199	201	191

EBITDA excl. income from associates
Aftenposten	51	87	-15	-21	0	44	20	31
Bergens Tidende	32	69	22	0	9	24	22	28
Stavanger Aftenblad	23	32	13	-14	-5	1	9	23
Fædrelandsvennen	12	22	9	8	-2	15	7	7
Finn	87	93	73	38	46	89	99	74

EBITA excl. income from associates
Aftenposten	40	78	-16	-30	-8	34	13	28
Bergens Tidende	16	52	9	-14	-10	5	8	17
Stavanger Aftenblad	12	21	0	-29	-19	-15	-5	12
Fædrelandsvennen	5	16	3	0	-10	7	1	3
Finn	80	87	66	37	39	83	92	67

CHIBSTED

M:NO
MEDIA NORGE

Advertising revenues Media Norge

	2008			2009					2009	2008	2007	2006	2005
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	FY	FY	FY	FY	FY
Offline advertising revenues	648	696	519	574	481	489	393	503	1 866	2 431	2 672	2 405	2 215
Aftenposten	350	380	251	293	250	248	198	256	952	1 273	1 457	1 294	1 220
Bergens Tidende	133	152	105	124	103	105	88	112	408	514	541	494	458
Stavanger Aftenblad	116	111	110	106	85	86	68	89	329	442	466	431	370
Fædrelandsvennen	50	52	54	52	43	49	39	46	178	202	208	187	167
									0
Real estate	109	134	83	69	70	89	66	69	294	394	475	382	371
Aftenposten	76	92	54	46	47	59	43	46	196	268	341	276	275
Bergens Tidende	17	19	13	10	9	11	9	10	39	60	72	56	50
Stavanger Aftenblad	9	13	8	8	8	10	6	7	32	37	38	29	28
Fædrelandsvennen	7	9	9	5	5	9	7	6	27	30	24	21	17

Recruitment	178	173	108	111	104	85	70	86	345	569	686	587	405
Aftenposten	100	97	62	63	60	48	38	48	194	321	391	346	261
Bergens Tidende	29	30	17	17	16	15	12	15	58	93	109	97	63
Stavanger Aftenblad	38	36	23	24	21	18	15	18	72	121	146	114	62
Fædrelandsvennen	11	11	7	7	6	5	4	5	21	35	40	29	19

Online advertising	37	44	35	33	33	36	34	44	146	150	149	116	86
Aftenposten	18	25	17	14	18	21	18	24	81	74	91	77	63
Bergens Tidende	10	9	9	9	8	8	8	10	34	38	29	18	10
Stavanger Aftenblad	6	7	6	7	4	5	5	6	19	26	19	14	8
Fædrelandsvennen	3	3	3	3	3	3	3	4	13	12	10	7	4

CHIBSTED

Advertising revenue split

Aftenposten AS
Figures in NOK million	Q4 04	Q1 05	Q2 05	Q3 05	Q4 05	Q1 06	Q2 06	Q3 06	Q4 06	Q1 07	Q2 07	Q3 07	Q4 07	Q108	Q208	Q308	Q408	Q109	Q209	Q309	Q409
Total classified	132	161	187	142	152	199	196	157	176	228	233	193	193	208	215	141	135	137	128	106	121
Recruitment	52	62	71	56	73	93	92	70	91	113	106	79	93	100	97	62	63	60	48	38	48
Real estate	54	69	91	62	53	73	82	62	59	80	103	87	71	76	92	54	46	47	59	43	46
Other classified	26	30	25	25	26	33	22	25	26	35	24	27	30	32	26	26	26	29	22	24	26
Brand	77	71	88	63	80	73	76	52	77	78	85	61	74	68	81	50	67	44	49	40	48
Retail	88	66	75	54	78	68	72	59	87	74	75	65	96	72	84	59	95	68	73	52	86
Unspec. market	0	0	0	1	2	-1	0	1	2	0	2	1	0	1	1	0	-5	1	-2	-1	-1
Y/Y change:
Total classified	5 %	6 %	27 %	21 %	15 %	23 %	5 %	10 %	16 %	15 %	19 %	22 %	10 %	-9 %	-8 %	-27 %	-30 %	-34 %	-40 %	-25 %	-11 %
Recruitment	18 %	11 %	52 %	31 %	41 %	51 %	30 %	26 %	25 %	21 %	16 %	12 %	2 %	-12 %	-9 %	-22 %	-32 %	-40 %	-51 %	-38 %	-24 %
Real estate	-6 %	3 %	16 %	15 %	-3 %	5 %	-10 %	0 %	12 %	10 %	26 %	39 %	20 %	-5 %	-11 %	-38 %	-35 %	-38 %	-36 %	-19 %	1 %
Other classified	9 %	0 %	14 %	16 %	-2 %	7 %	-12 %	1 %	0 %	9 %	5 %	8 %	15 %	-9 %	8 %	-4 %	-11 %	-8 %	-17 %	-6 %	-2 %
Brand	8 %	-3 %	27 %	21 %	4 %	3 %	-14 %	-18 %	-4 %	7 %	13 %	17 %	-3 %	-12 %	-5 %	-17 %	-9 %	-36 %	-40 %	-21 %	-29 %
Retail	5 %	-4 %	13 %	-14 %	-11 %	2 %	-4 %	10 %	11 %	9 %	4 %	10 %	10 %	-2 %	12 %	-9 %	-1 %	-6 %	-13 %	-11 %	-9 %

Note: New classification of Brand and Retail segments from Q1 2009. Historic data not updated.

Figures for the print newspaper Aftenposten

CHIBSTED

Key financial figures

	Per Q4
	2009	2008	2007	2006	2005
Operating profit (EBITDA) (NOK million)	1 494	1 358	1 763	1 452	1 321
Operating margins (%):
Operating margin (EBITDA)	11.7	10.6	13.0	12.5	13.4
Operating margin before ass. companies	7.0	6.5	7.6	7.2	7.9
Operating margin (EBITA)	6.5	6.0	8.6	8.7	9.9
EPS (NOK)	4.74	(13.95)	9.52	32.52	12.91
Cash flow from operations (NOK million)	1 610	1 694	1 292	2 605	1 255
Cash flow from operations per share (NOK)	19.34	26.07	19.36	39.53	18.53
Net income attr. to major interests	395	(906)	635	2 143	874
Average number of shares (1 000)	83,256	64,970	66,719	65,904	67,727

CHIBSTED

Capital structure

	2009	2008	Per Q4 2007	2006	2005
Investments (NOK million):
Operational investments (capex)	390	603	619	498	363
Shares and other holdings	196	1 001	1 160	5 200	693
Interest bearing debt (NOK million)	3 809	6 144	4 963	6 010	1 571
Net interest bearing debt (NOK million)	2 554	5 390	4 118	3 692	839
Interest bearing debt ratio (%)	25.0	37.5	31.0	36.3	19.8
Equity ratio(%) 1)	34.7	22.8	31.0	31.2	40.6

1) Treasury shares are offset against equity

CHIBSTED

Top 20 shareholders

Shareholders as of 31 December 2009	Number of shares	% share
Blommenholm Industrier	29 158 589	27,0 %
Folketrygdfondet	7 062 543	6,5 %
JPMorgan Chase Bank*	6 108 925	5,7 %
State Street Bank And Trust*	5 764 758	5,3 %
Bank Of New York Mellon*	5 067 340	4,7 %
Schibsted ASA	4 660 641	4,3 %
NWT Media AS	2 962 619	2,7 %
Skandinaviska Enskilda Banken*	2 119 000	2,0 %
Orkla ASA	1 945 200	1,8 %
SHB Stockholm Clients*	1 940 237	1,8 %
Clearstream Banking*	1 563 575	1,4 %
State Street Bank And Trust*	1 115 654	1,0 %
Citibank, N.A. London Branch*	1 000 000	0,9 %
Bank Of New York Mellon*	963 615	0,9 %
JPMorgan Chase Bank*	956 804	0,9 %
Skandinviska Enskilda Banken*	946 000	0,9 %
DnB Nor Bank ASA Egenhandelskonto	808 496	0,7 %
JPMBLSA*	761 839	0,7 %
BNP Paribas Secs Services Paris*	758 400	0,7 %
RBC Dexia Investor Services Trust*	755 648	0,7 %

*) Nominee accounts
Source: VPS

% of foreign shareholders	44,6 %
No. of shareholders	4 754
Number of shares	108 003 615
Shares owned by Schibsted	4 700 141
Largest countries of ownership
---	---
Norway	55,4 %
USA	14,3 %
UK	13,0 %
Sweden	5,4 %

CHIBSTED

Online revenue growth and margins in Q4

EBITA margin
Q4 08
Q4 09
% Revenue growth Y/Y

Operating margin (EBITA)

CHIBSTED

1) EBITDA for Schibsted Classified Media Mature online operations Spain. *)Organic growth for Finn , adjusted for inclusion of Schibsted Søk, was 20%

Print advertising growth and margins in Q4

CHIBSTED

% Advertising growth Y/Y

EBITA margin
- Q4 08
- Q4 09

Operating margin (EBITA)

Afterspotsen

AFTUNBLAUET

SvD

Strong market position in Norway and Sweden

Schibsted owns some of the most read titles

Schibsted owns six of top ten newspapers in Norway

Schibsted owns two of top five paid newspapers in Sweden

) Sum of Bergens Tidende (248), Stavanger Aftenblad (177), Fædrelandsvennen (112)
Source: TNS Gallup 2009 Forbruker & Media 09/02

¹ Norwegian population of 3,963,000 aged 12 or older

Source: Orvesto 2009:2

² Swedish population of 7,150,000 aged 15 to 79

SCHIBSTED

Strong market position in Norway and Sweden

Schibsted owns some of the most visited internet sites

Schibsted sites generate close to 28% of top 20 traffic in Norway

	Unique weekly visitors (m)		Change Y/Y
1.		3.7	19%
2.	MSN	2.9	26%
3.	Startsiden	2.2	16%
4.	Dagbladet.no	2.2	7%
5.	NRK	1.9	27%
6.		1.8	20%
9.		1.1	10%
17.		0.6	20%

Schibsted sites generate close to 25% of top 20 traffic in Sweden

	Unique weekly visitors (m)		Change Y/Y
1.	MSN network	9.4	32%
2.		4.9	20%
3.		3.3	14%
4.	Eniro.se	3.0	7%
5.		2.6	4%
18.	E24.se	0.8	-
19.		0.8	33%
20.		0.7	17%

Schibsted's superior online traffic positions enable rapid and efficient launch of new concepts (e.g. Nettby, E24)

Source: TNS Gallup, Kiaindex

Note: Week 50 of 2009

Schibsted's properties

SCHIBSTED

Number 1 online positions in Spain

Site	Market position	Unique monthly visitors
InfoJobs.net	No. 1 recruitment	4.2 million
segundamanos
La web de anuncios más grande	No. 1 generalist classifieds	4.6 million
coches.net	No. 1 cars	2.6 million
FotoCasa.es	No. 1/2 real estate	3.1 million
FOTOSEAS	No. 3 news site	9.4 million
Laboris.net	No. 3 recruitment	1.3 million

Source: OJD / Google AdPlanner Dec. 2009

CHIBSTED

Number 1 online positions in France and Italy

Site	Market position	Unique monthly visitors
France: Car & Boat Media
SCH 50%
SPIR 50%	No 1 in cars (combined)	2.4 million
3.8 million
leboncoin.fr	No. 1 general merchandise	22 million
minutes	No. 5 news site	3.8 million
Italy
InfoJobs.it
Trovare lavoro non è mai stato così facile	No. 1 in recruitment	1.0 million
subito.it
Vendi & Compra di tutto in Italia	No. 1 general merchandise	5.1 million

50
CHIBSTED
Source: Google AdPlanner, Unique Visitors (France/Italy, cookies), Dec. 2009

Schibsted – historical development

1839 Chr. Schibsted Forlag (publishing house) founded
1860 Christiania Adresseblad launched in Oslo – renamed Aftenposten in 1861
1966 Takeover of VG
1989 Reorganisation from a private family company to a limited company
1992 Listing at the Oslo Stock Exchange with a growth strategy declaration
1992 First TV and film investments
1995 First New Media/Internet investments
1995 First investments in Kanal 2 in Estonia
1996 Acquisition of Aftonbladet
1998 Acquisition of Svenska Dagbladet
1998 Investment in Eesti Meedia Group
1999 Launch of the free newspaper concept 20 Minutes
2000 Launch of Finn
2003 Acquisition of Blocket
2005 Acquisition of Teleadress/Hitta.se
2005 Launch of Sesam and acquisition of Internettkatalogen
2006 Schibsted International Classifieds & Search – launch of Willhaben.at and LeBoncoin.fr
2006 Acquisition of selected assets of Trader Classified Media (International Classifieds Acquired)
2006 Divestment of ownership in TV 2
2006 Divestment of ownership TV4
2007 Media Norge approved by Schibsted’s general meeting
2009 Rolv Erik Ryssdal new CEO
2009 Media Norge established
2009 Increased ownership in Finn.no and InfoJobs.net
2009 Non core activities Metronome, Retriever, Basefarm, Teleadress divested

CHIBSTED

Investor information

Visit Schibsted's homepages
www.schibsted.com/ir
Jo Christian Steigedal, VP Investor Relations
[email protected]
Tel: +47 2310 6600

52
SCHIBSTED

CHIBSTED

Schibsted ASA
Apotekergaten 10, P.O. Box 490 Sentrum, NO-0105 Oslo
Tel: +47 23 10 66 00. Fax: +47 23 10 66 01. E-mail: [email protected]
www.schibsted.com

AI assistant

Vend Marketplaces ASA — Investor Presentation 2010

3738_rns_2010-02-19_60a747ab-cc08-4a4f-ab6c-234d8aa10b63.pdf

Agenda

Q4 2009 highlights

Q4 2009 highlights

Agenda

Two strong strategic legs

Q4 2009 operations

Strong development in Finn.no, growth in all segments

Online Classifieds

Stable growth rate and high margins in Blocket/Bytbil

Good margins in challenging Spanish market

LeBoncoin contributing to growth and margin improvement in France

Continued roll out of Blocket concept in 2010

Continued revenue growth and margin increase in Hitta.se

Strong improvements through cost reductions in Media Norge newspapers

Editorial Norway

Price increases and cost reductions secure strong result in tough market

Editorial Sweden

Improvement in Schibsted Sverige

Strong recovery online, margin pressure on print

Record high profits in 20 Minutes France, improvement in Spain

Continued overall online growth, increased print profitability

Agenda

NOK 1 billion 2009 profitability exceeding plan

NOK 400 million of profit improvements delivered in Q4 2009

Effect of current profitability programme increasing in the coming years

Agenda

Income statement Schibsted Group – headlines for Q4 2009

Income statement Schibsted Group

Key financial figures

CAPEX

Net interest bearing debt

Net interest bearing debt reduced during Q4

Dividend proposed

Preparation for refinancing initiated

Divestment programme freeing up capital

Divestments as of Q4 2009 – total cash flow NOK 1,168 million

Additional sales process initiated

Agenda

Outlook

CHIBSTED

Advertising – Print editions

Circulation development - YTD

Operating profit – Media Norge

Media Norge media houses quarterly

Advertising revenues Media Norge

Advertising revenue split

Key financial figures

Capital structure

Top 20 shareholders

Online revenue growth and margins in Q4

Print advertising growth and margins in Q4

Strong market position in Norway and Sweden

Schibsted owns some of the most read titles

Strong market position in Norway and Sweden

Schibsted owns some of the most visited internet sites

Number 1 online positions in Spain

Number 1 online positions in France and Italy

Schibsted – historical development

Investor information

CHIBSTED

More from Vend Marketplaces ASA

Vend Marketplaces ASA Investor Presentation 2010