Schibsted ASA
Q2 2010

Rolv Erik Ryssdal CEO & Trond Berger CFO

Agenda

Highlights

Online classifieds in Q2
Media Houses in Q2
Profitability programme
Income statement and Financials
Outlook

Q2 2010 highlights

Continued profit improvement in Q2.
EBITA NOK 509 million (184 million in Q2 09) in seasonally strong quarter
The best quarterly result ever in Schibsted history
Some recovery in Scandinavian advertising markets (from low levels in Q2 2009, due to financial crisis). Overall underlying advertising growth 15%, though some uncertainty remains
Profitability programme ahead of schedule, with accumulated effect of NOK 1.5 billion since 2008. Total effect expected to reach NOK 1.7 billion
Continued growth in online classifieds
– both organic and from new launches
Challenging volume development for tabloid newspapers
Refinancing of bank debt in place. New long term EUR 500 million facility signed

CHIBSTED

Q2 2010 highlights

| | Revenue
Q2 2010 | Underlying
Change
y/y* | EBITA margin | |
| --- | --- | --- | --- | --- |
| | | | Q2 10 | Q2 09 |
| Group | 3 515 | 6 % | 14 % | 6 % |
| Media Houses Scandinavia | 2 489 | 3 % | 13 % | 5 % |
| Media Houses International | 265 | -2 % | 7 % | 2 % |
| Online Classifieds | 761 | 21 % | 30 % | 21 % |

*) 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

Strong EBITA improvement in Q2

CHIBSTED

Two strong strategic legs

European leader in rapidly growing online marketplaces

Leading positions in print and online space in Norway, Sweden and International

CHIBSTED

Q2 2010 operations

Revenue: MNOK 761 MNOK 2,489

EBITA: MNOK 232 MNOK 320

Online Classifieds

Finn.no (owned by Media Norge)

Schibsted Classified Media

Hitta (owned by Schibsted Sweden)

Media Houses Scandinavia

Media Norge

Schibsted Sweden

Rest of the group:
Media Houses International, Other and HQ

Revenue: MNOK 265
EBITA: MNOK (43)

CHIBSTED

Agenda

Highlights

Online classifieds in Q2
Media Houses in Q2
Profitability programme
Income statement and Financials
Outlook

Online Classifieds

Continued growth and margin improvement

Q2 2010 margin excluding amortization of excess values and new ventures: 38%

9 *) Underlying growth, adjusted for currency effects, acquired/divested operations and consolidation of Media Norge. Note: 2009 and 2010 figures are from Business Areas Online Classifieds. 2006-2008 figures Online classifieds/directories in Schibsted's media platform report.

CHIBSTED

Online Classifieds

Overview Q2 2010

| | Revenue
Q2 2010 | Underlying
revenue
growth
Q2 2010 | EBITA
Q2 2010 | EBITA
margin
Q2 2010 | Operations |
| --- | --- | --- | --- | --- | --- |
| | MNOK 258 | 32% | MNOK 121 | 47% | Clear market leader in recruitment, cars, real estate and generalist in Norway |
| CHIBSTED
CLASSIFIED MEDIA
Established operations | MNOK 398 | 18% | MNOK 193 | 48% | Clear market leader in several verticals in Sweden, Spain, and France |
| CHIBSTED
CLASSIFIED MEDIA
New ventures | MNOK 31 | 63% | MNOK (45)* | N/A | Growth operations in double digit number of markets |
| hitta
se | MNOK 68 | 14% | MNOK 17 | 25% | No. 2 in online directories in Sweden.
Market leader in terms of traffic |

) EBITDA figures for Schibsted Classified Media. EBITA for Schibsted Classified Media (group) in Q2 2010 was MEUR 11.7.
**) Revenue growth is adjusted for currency fluctuations and discontinued operations. Currency exchange rates Q2 2010: EUR/NOK 7,91, SEK/NOK 0,8212

CHIBSTED

Online Classifieds

M:NO

MEDIA NORGE

FINN

Record high profits in Finn.no

Growth in all segments

Finn.no

EBITA of NOK 121 million in Q2 (NOK 80 million)
Q2 EBITA margin 47% (41%)
Operating revenues NOK 258 million, a growth of 32% Y/Y
Recruitment 34%
Real estate 57%
Car 16%
Important contribution from new revenue sources
Finn Travel 58%
Finn Torget (general merchandise) 19%
Continued strong development of brand advertising sales, which comprises ¼ of total revenues. Finn capturing market shares

CHIBSTED

bytbls

Online Classifieds

Stable growth rate and high margins in Blocket/Bytbil

Blocket/Bytbil

Q2 EBITA SEK 102 million (SEK 92 million)
EBITA margin 60% (61%)
Revenue growth 13% Y/Y driven by volume, price adjustments, brand advertising and new products
Strong traffic position with number 3 position in Sweden maintained. 3.6 million unique users weekly, +9% Y/Y

Source: KIA Index

CHIBSTED

Online Classifieds

Improving margins in challenging Spanish market

Spain online classifieds

) Including LatAm

EBITDA Spain of EUR 8.6 million (EUR 6.5 million)
10% growth in revenues compared to Q2 2009
Good growth in car, real estate and general merchandise verticals (Anuntis)
Continued challenging market situation and flat revenue development for InfoJobs.net
Operating margin 37% (31%) – helped by firm cost control

InfoJobs.net
at anuntis

CHIBSTED

Online Classifieds

leboncoin.fr

LaCentrale

caradisiac

LeBoncoin contributing to growth and margin improvement in France

France*

50% EBITDA margin in France (47%)
Good growth in LaCentrale/Caradisiac (50 % owned)
Continued strong development for LeBonCoin (50% owned)
Strong traffic development also in Q2

*) Leboncoin.fr included as of Q3 2010. Chart shows pro forma figures for Q1-Q2 2009 including LeBoncoin.fr.

CHIBSTED

Online Classifieds

Continued expansion strategy in 2010

Roll out strategy continues in 2010
Good traffic and ad volume development in most markets
Increased rate of monetization Italy for Subito after good traffic development
Mudah clear market leader
Integration work under way for Willhaben in Austria after acquiring Car4U
Remaining sites still in early stage, but performing according to business plans
Kapaza.be converted to Blocket platform

CHIBSTED

Directories Sweden

nitta.se

Continued revenue growth and margin increase in Hitta.se

Hitta.se

Continued revenue growth in Hitta. 14% increase in Q2 Y/Y
Q2 EBITA SEK 21 million (SEK 2 million), securing margin of 25%
Strong traffic development – surpassed main competitor

Unique weekly users

Source: KIA Index as of week 30 2010. Note: Week 23-27 2010 extrapolated, as data are missing.

CHIBSTED

Agenda

Highlights

Online classifieds in Q2

Media Houses in Q2

Profitability programme

Income statement and Financials

Outlook

Media Houses

Significant margin recovery through profitability measures and improved markets

*) Underlying growth, adjusted for currency effects, acquired/divested operations and consolidation of Media Norge. Note: 2009 and 2010 figures are sum of Business Areas Media Houses Scandinavia and International. 2006-2008 figures are the total of Print newspapers and Online newspapers in Schibsted's media platform report.

CHIBSTED

Media Houses Scandinavia

Overview Q2 2010

	Revenue Q2 2010	EBITA Q2 2010	Online share of revenues	Operations
M:NO
MEDIA NORGE	MNOK 478	MNOK 85	19 %		No. 1 online and print tabloid newspaper
M:NO
MEDIA NORGE	MNOK 1,146	MNOK 123	4 %		No. 1 regional morning newspapers in 4 major cities
Schibsted Sverige	MNOK 825	MNOK 102	24 %		No. 1 online and print tabloid newspaper
				SvD	No. 2 morning newspaper
					Strong positions in various online news/services

Currency: SEK/NOK 0,8223

CHIBSTED

Media Houses Scandinavia

M:NO

MEDIA NORGE

Strong improvements through profitability measures in Media Norge newspapers

Media Norge Media Houses

Media Norge media house advertising revenues underlying increase of 7%
EBITA NOK 123 million in seasonally strong Q2 (30 million).
Collaboration projects continue in order to enhance efficiency

Aftenposten print newspaper

Aftenposten print EBITA NOK 66 million (NOK 30 million)
Operating cost reduced by 7% Y/Y
Advertising revenue increase 9%
Real estate classifieds 12%
Recruitment classifieds 18%
Brand/retail advertising 3%
4% decrease in circulation revenues

Aftenposten

CHIBSTED

Media Houses Scandinavia

Good profit improvement in all Media Norge newspapers

M:NO

MEDIA NORGE

Bergens Tidende

Stavanger Aftenblad

Fædrelandsvennen

CHIBSTED

Media Houses Scandinavia

Circulation challenging, but solid print margins in VG. Good progress online

Circulation revenues reduced by 7%.
Price increases offset by volume decline. Cover price to increase from NOK 17 to 20 Saturdays as of September
Circulation volume decline of 9% YTD on weekdays.
Print advertising revenues increased 4%
EBITA NOK 63 million (NOK 66 million). Positive one off NOK 9 million in Q2 2009

Online

Revenue increased by 3%, EBITA NOK 22 million (15 million)
27% EBITA margin (19%).
Firm cost control secures improvement
Continued online traffic growth – market leader position reinforced

CHIBSTED

Media Houses Scandinavia

Schibsted Sverige fuelled by improved ad sales

Schibsted Sverige media house*

Schibsted Sverige media house Q2 EBITA SEK 124 million (21 million)
Increased newspaper revenues underpinned by good advertising market
39% online growth
Good development for online growth portfolio

Svenska Dagbladet Group

Q2 EBITA SEK 36 million (SEK -2 million)
Operating revenues increased 7% Y/Y
Print advertising revenue increased 20% in Q2 Y/Y, helped by firm real estate volume development
Continued increase in market shares
Circulation revenues increased 4% in Q2 Y/Y helped by price increases

) Excluding Hitta.se, which is reported as part of the Business Area Online classifieds

CHIBSTED

Media Houses Scandinavia

AFTON

Continued good online growth, strong advertising sales on print

Aftonbladet print newspaper

Q2 EBITA SEK 64 million (SEK 33 million)
Advertising revenue increase 21%
Circulation revenues declined 1% positively affected by price increase.
Volume trend unchanged since Q1. Market share considered to be stable

Aftonbladet online newspaper

Revenue growth 34%
Increased share of a strong market
Q2 EBITA SEK 34 million (SEK 9 million)
28% EBITA margin

CHIBSTED

Source market share: IRM Q1 2010 report

Media Houses International

Continued trend of margin improvement in 20 Minutes

20 Minutes France

Underlying revenue growth of 16%. Reported revenue (incl. barter) -2%
EBITA EUR 1.6 million (EUR 0.4 million)
First quarter with positive EBITA contribution from online activities
Status as most read newspaper in France with 2.7 million daily readers maintained

20 Minutes Spain

Revenue decrease 7% Y/Y, more than compensated by significant cost reductions
EBITA EUR 0.8 million (EUR -0.6 million)
First quarter with positive EBITA contribution from online activities
Status as most read newspaper in Spain with 2.4 million daily readers maintained

CHIBSTED

Agenda

Highlights

Online classifieds in Q2

Media Houses in Q2

Profitability programme

Income statement and Financials

Outlook

Profitability programme ahead of plan – NOK 1.7 billion to be achieved by 2011

NOK 150 million effect recorded in Q2 2010 compared to Q2 2009
Total accumulated effect since programme start in Q4 2008 NOK 1.5 billion
Headcount reduced by 1,400 since programme launch. Reduction of 80 during Q2 2010
Target raised to NOK 1.7 billion from 1.6 billion as a consequence of faster execution than planned

Accumulated effect from profitability programme

Accumulated effect of profit measures quarter by quarter compared to 2008 cost base

CHIBSTED

Agenda

Highlights
Online classifieds in Q2
Media Houses in Q2
Profitability programme
Income statement and Financials
Outlook

Income statement Schibsted Group – headlines for Q2 2010

Revenues NOK 3.5 billion (NOK 3.0 billion)
Total revenue underlying +6% Y/Y
Ad revenue underlying +15% Y/Y
Operating profit (EBITA) NOK 509 million (Q2 2009 NOK 184 million)
Other revenues and expenses NOK +390 million – including gain on sale of real estate gain and restructuring in Sweden
Net financials NOK +70 – affected by divestment of Point Carbon shares
Net income NOK 759 million (NOK 257 million). Q2 2009 positively affected by divestment of Metronome Film & Television

CHIBSTED

Income statement Schibsted Group

(NOK million)	Q2 2010	Q2 2009	Full year 2009
Operating revenues	3 515	2 996	12 745
Operating expenses	(2 876)	(2 631)	(11 184)
Income from associated companies	13	(34)	(67)
EBITDA	652	331	1 494
Depreciation and amortization	(143)	(147)	(662)
Operating profit (EBITA) before impairment loss and other revenues/expenses	509	184	832
Impairment loss	(6)	(5)	(161)
Other revenues and expenses	390	(162)	(236)
Operating profit (loss)	893	17	435
Net financial items	70	(109)	(156)
Profit (loss) before taxes	963	(92)	279
Taxes	(204)	29	(94)
Net income (loss) continuing operations	759	(63)	185
Net income (loss) discontinued operations	-	320	327
Net income (loss)	759	257	512
EPS (NOK)	6,87	3,57	4,74
EPS - adjusted (NOK)	3,44	0,48	4,42

Related to gain on sale of real estate in Norway and restructuring in Sweden

Affected by gain on sale of Point Carbon

CHIBSTED

Key financial figures

Earnings per share
NOK

Cash flow per share
NOK

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

Refinancing of long term debt in place - with favorable terms

New loan agreements signed with effect from 31 August 2010
Long term syndicate with drawing rights of totally EUR 500 million
of which EUR 175 million 3 year maturity
of which EUR 325 million 5 year maturity
Bond issue is planned. "Bridge to bond facility" of NOK 1 billion in place
Participating banks are Danske Bank, DnB NOR, Handelsbanken, Nordea, SEB, Swedbank and BNP Paribas
Interest margins significantly reduced compared to the effective margins last year
NIBD to EBITDA of 0.7 at the end of Q2 2010 (according to loan agreement definition).

CHIBSTED

Some cyclical recovery so far in 2010 – but from low levels

CHIBSTED

Divestments of non core assets continued

Schibsted Trykk real estate sold with effect from May 2010
Real estate value of NOK 760 million. Sales gain of 416 booked in Q2 2010
Negative impact on EBITA of about NOK 30 million. At the Schibsted Trykk level the rental costs will be unchanged
Shares in Point Carbon sold with a gain of approximately NOK 100 million
Scanpix (Norwegian picture agency) sold
Divestment of Sandrew Metronome or parts of it is being considered

Divestments in 2009 and 2010 with total proceeds of approx NOK 2.0 billion

CHIBSTED

"Tilvekstmedier" Norge established.

Aim to recreate successful Swedish online growth model
Separate company held jointly by VG, Finn and Schibsted ASA
To build a portfolio of consumer services oriented online sites in early stage
Greenfields and small acquisitions
Utilize one of our most important competitive advantages – strong online traffic machines
Stimulates exchange of traffic among existing and new Schibsted online sites

CHIBSTED

Agenda

Highlights

Online classifieds in Q2

Media Houses in Q2

Profitability programme

Income statement and Financials

Outlook

Modest growth indicated by certain external macro forecasts, large variations between markets
Scandinavia: Continued advertising recovery expected, although markets still expected to be volatile, with varying development in different advertising categories. 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 1.7 billion by end of 2011 – former target was NOK 1.6 billion
Targeted investments in new positions for Schibsted Classified Media (Blocket copies) expected to affect the P&L with approximately NOK 250 million in 2010 as a whole
Efforts to maintain and develop number 1 positions within print newspapers and online news/services will continue. Focus on user payment for online newspapers

CHIBSTED

CAPITAL MARKETS DAY

OSLO 2010

Date: September 22
Venue: Schibsted headquarters, Apotekergaten 10

Welcome!
Sign up at www.schibsted.com/ir

CHIBSTED

Q&A

APPENDICES

Spreadsheet containing detailed Q1 2010 and Historical financial and analytical information can be downloaded from www.schibsted.com/ir

Schibsted ASA facts

| Ticker | Oslo Stock Exchange: SCH
Reuters: SBST.OL
Bloomberg: SCH NO |
| --- | --- |
| Number of shares | 108,003,615 |
| Treasury shares | 4,700,141 |
| Number of shares outstanding | 103,303,474 |
| Free float | 69 % |
| Share price (11 August 2010) | NOK 133.0 |
| Market cap (11 August 2009) | NOK 15.5 bn., EUR 1.8 bn.,
USD 2.3 bn., GBP 1.5 bn. |
| Average daily trading volume LTM | 342,000 shares |
| ) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS. | |

CHIBSTED

Advertising – Print editions

Per Q2	Volume^{1)} 2010	Change 2009-2010	Revenues (NOK million)	Change 2009-2010
Aftenposten	36 111	4,4 %	517	2,2 %
Verdens Gang	5 878	6,5 %	206	7,3 %
Aftonbladet^{2)}	9 560	16,5 %	212	12,2 %
Svenska Dagbladet^{2)}	13 580	17,4 %	269	15,0 %

1) Column meters
2) SEK million

CHIBSTED

Circulation development - YTD

Per Q2	Circulation 2010	Change 2009-2010	Change	Circulation revenue	Change 2009-2010
Aftenposten morning ed.	241 442	(5 834)	(2,4)%
Aftenposten evening ed.	105 451	(10 970)	(9,4)%	397 a)	0,0%
Aftenposten Sunday	212 706	(3 915)	(1,8)%
Verdens Gang weekdays	235 564	(23 786)	(9,2)%	559 a)	(5,1)%
Verdens Gang Sunday	212 741	(9 302)	(4,2)%
Aftonbladet weekdays				758 b)	(3,4)%
Aftonbladet Sunday
Svenska Dagbladet weekdays	197 300	1 879	1,0%	245 b)	4,3%
Svenska Dagbladet Sunday	200 900	(8 949)	(4,3)%

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

CHIBSTED

M:NO
MEDIA NORGE

Advertising revenues Media Norge

	2008				2009				2010		2009	2008	2007	2006	2005
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	FY	FY	FY	FY	FY
Offline advertising revenues	648	696	519	574	481	489	393	503	471	543	1866	2 431	2 672	2 405	2 215
Aftenposten	350	380	251	293	250	248	198	256	238	279	952	1 273	1 457	1 294	1 220
Bergens Tidende	133	152	105	124	103	105	88	112	107	116	408	514	541	494	458
Stavanger Aftenblad	116	111	110	106	85	86	68	89	85	97	329	442	466	431	370
Fædrelandsvennen	50	52	54	52	43	49	39	46	41	51	178	202	208	187	167

Real estate	109	134	83	69	70	89	66	69	67	94	294	394	475	382	371
Aftenposten	76	92	54	46	47	59	43	46	46	66	196	268	341	276	275
Bergens Tidende	17	19	13	10	9	11	9	10	8	10	39	60	72	56	50
Stavanger Aftenblad	9	13	8	8	8	10	6	7	7	10	32	37	38	29	28
Fædrelandsvennen	7	9	9	5	5	9	7	6	6	8	27	30	24	21	17

Recruitment	178	173	108	111	104	85	70	86	105	103	345	569	686	587	405
Aftenposten	100	97	62	63	60	48	38	48	57	56	194	321	391	346	261
Bergens Tidende	29	30	17	17	16	15	12	15	19	18	58	93	109	97	63
Stavanger Aftenblad	38	36	23	24	21	18	15	18	23	22	72	121	146	114	62
Fædrelandsvennen	11	11	7	7	6	5	4	5	6	7	21	35	40	29	19

Online advertising	37	44	35	33	33	36	34	44	44	46	146	150	149	116	86
Aftenposten	18	25	17	14	18	21	18	24	22	24	81	74	91	77	63
Bergens Tidende	10	9	9	9	8	8	8	10	13	11	34	38	29	18	10
Stavanger Aftenblad	6	7	6	7	4	5	5	6	6	7	19	26	19	14	8
Fædrelandsvennen	3	3	3	3	3	3	3	4	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	Q110	Q210
Total classified	132	161	187	142	152	199	196	157	176	228	233	193	193	208	215	141	135	137	128	106	121	129	147
Recruitment	52	62	71	56	73	93	92	70	91	113	106	79	93	100	97	62	63	60	48	38	48	57	56
Real estate	54	69	91	62	53	73	82	62	59	80	103	87	71	76	92	54	46	47	59	43	46	46	66
Other classified	26	30	25	25	26	33	22	25	26	35	24	27	30	32	26	26	26	29	22	24	26	26	20
Brand	77	71	88	63	80	73	76	52	77	78	85	61	74	68	81	50	67	44	49	40	48	46	53
Retail	88	66	75	54	78	68	72	59	87	74	75	65	96	72	84	59	95	68	73	52	86	61	75
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 %	-6 %	15 %
Recruitment	18 %	11 %	52 %	31 %	41 %	51 %	30 %	26 %	25 %	21 %	16 %	12 %	2 %	-12 %	-9 %	-22 %	-32 %	-40 %	-51 %	-38 %	-24 %	-5 %	18 %
Real estate	-6 %	3 %	16 %	15 %	-3 %	5 %	-10 %	0 %	12 %	10 %	26 %	39 %	20 %	-5 %	-11 %	-38 %	-35 %	-38 %	-36 %	-19 %	1 %	-3 %	12 %
Other classified	9 %	0 %	14 %	16 %	-2 %	7 %	-12 %	1 %	0 %	9 %	5 %	8 %	15 %	-9 %	8 %	-4 %	-11 %	-8 %	-17 %	-6 %	-2 %	-11 %	-7 %
Brand	8 %	-3 %	27 %	21 %	4 %	3 %	-14 %	-18 %	-4 %	7 %	13 %	17 %	-3 %	-12 %	-5 %	-17 %	-9 %	-36 %	-40 %	-21 %	-29 %	4 %	9 %
Retail	5 %	-4 %	13 %	-14 %	-11 %	2 %	-4 %	10 %	11 %	9 %	4 %	10 %	10 %	-2 %	12 %	-9 %	-1 %	-6 %	-13 %	-11 %	-9 %	-10 %	2 %

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 Q2		Per Q4
	2010	2009	2009	2008
Operating profit (EBITDA) (NOK million)	1 070	464	1 494	1 358
Operating margins (%):
Operating margin (EBITDA)	15.8	7.8	11.7	10.6
Operating margin before ass. companies	11.2	4.3	7.0	6.5
Operating margin (EBITA)	11.4	3.1	6.5	6.0
EPS (NOK)	8.32	2.86	4.74	(13.95)
Cash flow from operations (NOK million)	1 180	726	1 610	1 694
Cash flow from operations per share (NOK)	11.42	11.24	19.34	26.07
Net income attr. to major interests	859	185	395	(906)
Average number of shares (1 000)	103,303	64,589	83,256	64,970

CHIBSTED

Capital structure

	Per Q2		Per Q4
	2010	2009	2009	2008
Investments (NOK million):
Operational investments (capex)	155	237	390	603
Shares and other holdings	55	40	196	1 001
Interest bearing debt (NOK million)	2 198	5 441	3 809	6 144
Net interest bearing debt (NOK million)	1 501	4 149	2 554	5 390
Interest bearing debt ratio (%)	15.6	32.5	25.0	37.5
Equity ratio(%) 1)	39.7	24.9	34.7	22.8

1) Treasury shares are offset against equity

CHIBSTED

Top 20 shareholders

Shareholders as of 30 June 2010	Number of shares	% share
Blommenholm Industrier	29 158 589	27,0 %
Folketrygdfondet	8 233 703	7,6 %
JPMorgan Chase Bank*	7 102 330	6,6 %
Schibsted ASA	4 660 641	4,3 %
Bank Of New York Mellon*	4 340 583	4,0 %
State Street Bank And Trust*	3 165 858	2,9 %
NWT Media AS	2 962 619	2,7 %
Skandinaviska Enskilda Banken*	2 745 255	2,5 %
SHB Stockholm Clients*	2 277 234	2,1 %
Orkla ASA	1 856 050	1,7 %
Clearstream Banking*	1 613 407	1,5 %
State Street Bank And Trust*	1 585 280	1,5 %
JPMorgan Chase Bank*	1 156 306	1,1 %
Bank Of New York Mellon*	896 533	0,8 %
Vital Forsikring ASA	836 437	0,8 %
Citibank, N.A. London*	734 669	0,7 %
RBC Dexia Investor Services Trust*	724 795	0,7 %
JPMBLSA*	716 020	0,7 %
State Street Bank & Trust*	663 108	0,6 %
Scotford's Schibsted Trust	650 000	0,6 %

*) Nominee accounts
Source: VPS

% of foreign shareholders	44,4 %
No. of shareholders	4 548
Number of shares	108 003 615
Shares owned by Schibsted	4 700 141
Largest countries of ownership
---	---
Norway	55,6 %
UK	13,6 %
USA	12,9 %
Sweden	5,2 %
Luxembourg	4,2 %
France	2,1 %

CHIBSTED

Unique exposure to online revenue sources maintained

Split online/offline revenues rolling 12 months

Split online/offline EBITA* rolling 12 months

Overall migration towards online media continue.
Print media more exposed to cyclical recovery and cost reductions
29% of group operating revenues last 12 months came from online activities
52% of operating profit from online (ex headquarter cost and associated companies)
) EBITA excluding headquarter cost and contribution from associated companies.

CHIBSTED

Revenue distribution Q2 2010

Revenue category

Split by Business area

CHIBSTED

New segments introduced as of Q2 2010

Overall desire to simplify and streamline group structure and communication
New segments reflect Schibsted’s strategic development and management structure
Provides a good fundament for analysis and valuation of the Group
Underlying details published for each media house is unchanged

51
CHIBSTED

Strong market position in Norway and Sweden

Schibsted owns some of the most read titles

Schibsted owns six of top ten newspapers in Norway

Daily readership ('000)	Penetration^{1}
VE	1 089
28%
Aftenpoften	731
18%
Dagbladet	555
14%
Aften	356
9%
DagensNæringsliv	300
8%
Other M:NO*	537
14%

Schibsted owns two of top five paid newspapers in Sweden

Daily readership ('000)	Penetration^{2}
AVKONTRIATER	1 208
17%
EXPRESSEN	1 054
15%
DAGENS NYHETER.	905
13%
GP	551
8%
SvD	516
7%

) 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

Norway

	Unique weekly visitors (m)	Change Y/Y
1.	2.9	0%
2.	MSN	2.4
3.	Finn	2.1
4.	NRK	2.1
5.	Startsiden.no	1.9
6.	Dagbladet.no	1.8
10.	Jftenposten	0.9
18.	E24	0.5

Sweden

	Unique weekly visitors (m)	Change Y/Y
1.	MSN network	8.6
2.	AVRUNDLADET	4.5
3.	blocket...
Jemligns stända Köp & Jälj marknad	4.4
4.	Gift	3.4
5.	Wyatt Media Netw.	3.1
6.	Eniro	2.5
22.	SvD.se	0.8
21.	www.tv.nu	0.8

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

Source: TNS Gallup, Kiaindex
Note: Week 31 of 2010
53
Schibsted's properties
SCHIBSTED

Number 1 online positions in Spain

Site	Market position
InfoJobs.net	No. 1 recruitment
segundamanos
La web de anuncios más grande	No. 1 generalist classifieds
coches.net	No. 1 cars
FotoCasa.es	No. 1/2 real estate
FOTOSEAS
La web de anuncios más grande	No. 3 news site
Laboris.net	No. 3 recruitment

Source: Google AdPlanner March 2010

CHIBSTED

Number 1 online positions in France and Italy

Site	Market position
France:
Car & Boat
Media
SCH 50%
SPIR 50%	No 1 in cars (combined)
	No. 1 general merchandise
	No. 5 news site
Italy	No. 1 in recruitment
	No. 1 general merchandise

55
CHIBSTED
Source: Google AdPlanner, Unique Visitors (France/Italy, cookies), March 2010

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

57
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_2010-08-13_a3026c93-378c-46b1-bd3d-4a6a38baf79c.pdf

Agenda

Q2 2010 highlights

Q2 2010 highlights

Strong EBITA improvement in Q2

Two strong strategic legs

Q2 2010 operations

Agenda

Online Classifieds

Continued growth and margin improvement

Online Classifieds

Overview Q2 2010

Record high profits in Finn.no

Growth in all segments

Online Classifieds

Stable growth rate and high margins in Blocket/Bytbil

Improving margins in challenging Spanish market

LeBoncoin contributing to growth and margin improvement in France

Online Classifieds

Continued expansion strategy in 2010

Continued revenue growth and margin increase in Hitta.se

Agenda

Media Houses

Significant margin recovery through profitability measures and improved markets

Media Houses Scandinavia

Overview Q2 2010

Strong improvements through profitability measures in Media Norge newspapers

Media Houses Scandinavia

Schibsted Sverige fuelled by improved ad sales

Continued good online growth, strong advertising sales on print

Agenda

Profitability programme ahead of plan – NOK 1.7 billion to be achieved by 2011

Agenda

Income statement Schibsted Group – headlines for Q2 2010

Income statement Schibsted Group

Key financial figures

Refinancing of long term debt in place - with favorable terms

Some cyclical recovery so far in 2010 – but from low levels

Divestments of non core assets continued

Agenda

Outlook

CAPITAL MARKETS DAY

CHIBSTED

Schibsted ASA facts

Advertising – Print editions

Circulation development - YTD

Advertising revenues Media Norge

Advertising revenue split

Key financial figures

Capital structure

Top 20 shareholders

Unique exposure to online revenue sources maintained

Revenue distribution Q2 2010

New segments introduced as of Q2 2010

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

Strong market position in Norway and Sweden

Schibsted owns some of the most visited internet sites

Norway

Sweden

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