SCHIBSTED

MEDIA GROUP

Schibsted Media Group Q3 2010

Rolv Erik Ryssdal, CEO

Trond Berger, CFO

Lena K. Samuelsson,

Editor-In-Chief, Svenska Dagbladet

SCHIBSTED

MEDIA GROUP

Shaping the media of tomorrow. Today.

Q3 2010

Agenda

Q3 highlights
Online classifieds in Q3
Media Houses in Q3
Profitability programme
Income statement and Financials
Outlook
New logo for Schibsted

SCHIBSTED MEDIA GROUP

Q3 2010 highlights

Continued profit improvement in a seasonally weak Q3 EBITA NOK 412 million (303 in Q3 2009)
Scandinavian advertising markets are improving. Advertising revenues in media houses increased 15%
Good growth and margin improvement for established Online classifieds
Increased investments in new Online classifieds positions by NOK 49 million Y/Y, building platform for further growth and value creation
50% of Leboncoin.fr acquired in Q3. Good development and significant opportunities in France
Continued growth for online based consumer services in Sweden – capitalizing on existing brand and traffic strength. Similar setup established in Norway

SCHIBSTED MEDIA GROUP
Q3 2010

Q3 2010 highlights

| | Revenue
Q3 2010 | Underlying
Change
y/y* | EBITA margin | |
| --- | --- | --- | --- | --- |
| | | | Q3 10 | Q3 09 |
| Group | 3,288 | 5 % | 13 % | 9 % |
| Media Houses Scandinavia | 2,337 | 2 % | 12 % | 7 % |
| Media Houses International | 207 | 10 % | -5 % | -16 % |
| Online Classifieds | 740 | 20 % | 28 % | 31 % |

SCHIBSTED MEDIA GROUP

Q3 2010

Revenue split Q3 2010

Total revenue MNOK 3,288

SCHIBSTED MEDIA GROUP
Q3 2010

Strong EBITA improvement in Q3

SCHIBSTED MEDIA GROUP
Q3 2010

Q3 2010 operations

Revenue: MNOK 740 MNOK 2,544
EBITA: MNOK 207 MNOK 259

Other/eliminations:
Revenue MNOK 4
EBITA MNOK -54

SCHIBSTED MEDIA GROUP
Q3 2010

Agenda

Q3 highlights
Media Houses in Q3
Online classifieds in Q3
Profitability programme
Income statement and Financials
Outlook
New logo for Schibsted

SCHIBSTED MEDIA GROUP

Media Houses

Continued margin improvement through profitability measures and improved markets

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

SCHIBSTED MEDIA GROUP

Q3 2010

Media Houses Scandinavia

Improved markets and firm cost control in Media Norge

M:NO
MEDIA NORGE

Q3 advertising revenues in Media Norge media houses increased 9%
Recruitment +13%
Real estate +9%
Brand advertising +15%
Circulation revenues increased 1% as a result of price increases. Circulation volume declined 2%
EBITA NOK 83 million (28 million) in seasonally weak quarter
Strong performance for online newspapers contribute to the improvement
Collaboration projects continue to enhance efficiency

Media Norge media houses

SCHIBSTED MEDIA GROUP
Q3 2010

Media Houses Scandinavia

Broad improvement in Media Norge media houses

Aftenposten group*

*) Y/Y change in revenues in Aftenposten group was -2%, is negatively affected by divestment of Retriever. Revenue growth for the print newspaper isolated was 2%.

Bergens Tidende

Stavanger Aftenblad

Fædrelandsvennen

SCHIBSTED MEDIA GROUP

Q3 2010

Media Houses Scandinavia

Firm margins despite challenging circulation development in VG

Circulation revenues decreased by 11% in Q3 Y/Y as a consequence of continued circulation decline
Circulation volume decline of 10% YTD on weekdays
Print advertising increased 6% after volume growth
EBITA NOK 77 million (89 million)

Online

Underlying good development for the online newspaper core product
Revenues down 1% due to reduced activity for social network Nettby.no
EBITA NOK 16 million. 24% EBITA margin (18%). Firm cost control secures positive development
User paid iPad version to be launched in 2010

SCHIBSTED MEDIA GROUP

Q3 2010

Media Houses Scandinavia

Continued good growth and margin improvement in Schibsted Sverige

Schibsted Sverige media house*

Schibsted Sverige Q3 EBITA SEK 102 million (43 million)
Increased newspaper revenues
Strong advertising sales counters challenging circulation trend for Aftonbladet
17% online growth. Online growth portfolio (Schibsted Tillväxtmedier) performs well

Svenska Dagbladet group

Q3 EBITA SEK 9 million (SEK -5 million) in seasonally weak quarter
Print advertising revenue increased 15%
Increased share of a strong advertising market
Circulation revenues increased 4% in Q3, helped by price increases
Newspaper of the Year in Sweden

SCHIBSTED MEDIA GROUP

*Excluding Hitta.se, which is reported as part of the Business Area Online classified

Q3 2010

Media Houses Scandinavia

Continued growth and margin improvement in Aftonbladet

Q3 EBITA SEK 82 million (50 million)
Advertising revenue increase 17%
Circulation revenues declined 5%. Volume decline partly countered by price increases
Volume trend unchanged since 1st half 2010. Market share considered to be stable

Online

Revenue growth 28% in Q3 in a strong market
Q3 EBITA SEK 22 million (9 million)
23% EBITA margin (12%) in Q3
Traffic growth 13% in Q3 Y/Y

SCHIBSTED MEDIA GROUP

Q3 2010

Media Houses International

minutes

Continued trend of margin improvement in 20 Minutes

20 Minutes France

Underlying revenue growth of 16% in Q3
Improved EBITA. EUR -1.3 million (EUR -2.2 million) in seasonally weak quarter. Print EBITA margin close to 10% last 12 months
Strong competition in free newspaper market, however position as most read newspaper maintained. 2.7 million daily readers

20 Minutos Spain

Revenue decrease 12%, more than compensated by significant cost reductions
EBITA EUR -1.1 million (EUR -1.8 million)
Status as most read general newspaper in Spain maintained with 2.3 million daily readers

SCHIBSTED MEDIA GROUP

Q3 2010

Agenda

Q3 highlights
Media Houses in Q3
Online classifieds in Q3
Profitability programme
Income statement and Financials
Outlook
New logo for Schibsted

SCHIBSTED MEDIA GROUP

Online classifieds

Continued growth. Underlying margin improvement

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

SCHIBSTED MEDIA GROUP

Q3 2010

Online classifieds

Finn

Strong growth and improved margins in Finn.no

EBITA of NOK 112 million in Q3 (NOK 91 mill)
Q3 operating margin 46% (45%)
Operating revenues NOK 242 million, a growth of 20%
Recruitment 30%
Real estate 20%
Car 10%
Continued good growth by new revenue sources
Finn Travel 43%
Finn Torget (generalist) 23%
Increased market share in brand/display advertising, which comprises around ¼ of Finn.no revenues
39% growth in brand advertising sales

SCHIBSTED MEDIA GROUP

Q3 2010

Online classifieds

blocket.se

Sveriges största Köp & Sälj marknad

Stable growth rate and high margins in Blocket/Bytbil

EBITA of SEK 97 million in Q3 (SEK 86 mill)
Q3 operating margin 62% (62%)
Operating revenues SEK 157 million, a growth of 14% driven by volume, price adjustments, brand advertising and new products
Strong traffic position for Blocket.se with number 3 global position in Sweden maintained
New e-commerce concept launched to capitalize on traffic

Blocket/Bytbil

Source for traffic data: KIA Index

SCHIBSTED MEDIA GROUP

Q3 2010

Online classifieds

InfoJobs.net

anuntis

Strong margins in challenging Spanish market

EBITDA EUR 8.8 million in Q3 (EUR 7.9 mill)
8% growth in revenues compared to Q3 2009
Good growth in car, real estate and generalist verticals (Anuntis)
Continued challenging market for InfoJobs.net
Healthy margins maintained through firm cost control

SCM Spain

SCHIBSTED MEDIA GROUP

Q3 2010

Online classifieds

leboncoin.fr

Continued strong growth in Leboncoin.fr

Schibsted agreed to acquire 50% of Leboncoin.fr, increasing ownership to 100%
Full control over one of the largest online sites in France – number 3 measured by page views
Company valued at EUR 400 million on a 100% basis
Creates opportunity to develop the site as well as new online business in France, capitalizing on the tremendous traffic volume
Easier to utilize learnings from Leboncoin.fr across Schibsted Classified Media
Revenues in Q3 EUR 9.0 million (100% basis), a growth of approx 90% Y/Y
Continued strong development for operational metrics

Note: Chart illustrates Leboncoin development on a 100% basis. Acquisition announced in Q3, expected to close in Q4

Source for traffic data: Google AdPlanner

SCHIBSTED MEDIA GROUP

Q3 2010

Online classifieds

Investment in expansion stepped up

EUR 20 million invested over the P&L in new ventures as of Q3 (YTD), an increase from EUR 7 million as of Q3 2009
Total investments in 2010 expected around NOK 250 million (EUR 31 million*)
Increased marketing investment for Emerging leaders – resulting in strong growth
Roll outs in new countries
Continuous monitoring of operational and financial progress – with firm milestone structure
Roll outs in 16 markets outside Sweden

Example: Subito.it compared to Ebay and Kijiji

*) Based on EUR/NOK rate 7,99

SCHIBSTED MEDIA GROUP

Q3 2010

Directories Sweden

hitta.se

Continued growth and margin enhancement in Hitta.se

Steady revenue growth in Hitta.se. 23% increase in Q3. Capturing market shares
Q3 EBITA SEK 35 million (SEK 11 million), securing margin of 38%
Continued traffic growth. +35% Y/Y
Gap to main competitor maintained during Q3 and so far in Q4

Source for traffic data: Kiaindex.org

SCHIBSTED MEDIA GROUP

Q3 2010

Online classifieds

Overview Q3 2010

	Revenue Q3 2010	EBITA* Q3 2010	EBITA margin Q3 2010*	Operations
	MNOK 242	MNOK 112	46%	Clear market leader in Recruitment, cars, real estate and generalist in Norway
	MNOK 381	MNOK 191	50%	Clear market leader in several verticals in Sweden, Spain, and France
	MNOK 29	MNOK (73)	N/A	Growth operations in double digit number of markets
	MNOK 77	MNOK 29	38%	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 Q3 2010 was MEUR 8.3.
*) Revenue growth is adjusted for currency fluctuations and discontinued operations. Currency exchange rates Q3 2010: EUR/NOK 7,96, SEK/NOK 0,8483

SCHIBSTED MEDIA GROUP

Q3 2010

Agenda

Q3 highlights
Media Houses in Q3
Online classifieds in Q3
Profitability programme
Income statement and Financials
Outlook
New logo for Schibsted

SCHIBSTED MEDIA GROUP

Profitability programme on track to achieve NOK 1.7 billion

NOK 100 million effect recorded in Q3 2010
Total accumulated effect since programme start in Q4 2008 NOK 1.6 billion
Headcount reduced by 1,440 since programme launch.
Reduction of 40 during Q3 2010
Target NOK 1.7 billion to be achieved during Q4 2010

Accumulated effect from Profitability programme

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

SCHIBSTED MEDIA GROUP

Q3 2010

Agenda

Q3 highlights
Media Houses in Q3
Online classifieds in Q3
Profitability programme
Income statement and Financials
Outlook
New logo for Schibsted

SCHIBSTED MEDIA GROUP

Income statement Schibsted Group – headlines for Q3 2010

Revenues NOK 3.3 billion (3.3 billion)
Total revenue underlying +5% Y/Y
Advertising revenue Online classifieds and Media Houses +15%
Operating profit (EBITA) NOK 412 million (Q3 2009 NOK 303 million)
Seasonally weak quarter for most operations
Includes NOK 49 million in increased investment in Online classifieds roll outs
Other revenues and expenses NOK -18 million, impairment loss NOK 25 million
Net financials NOK -26 million
Net income NOK 235 million (NOK 188 million)

SCHIBSTED MEDIA GROUP
Q3 2010
29

Income statement Schibsted Group

(NOK million)	Q3 2010	Q3 2009	Full year 2009
Operating revenues	3,288	3,264	12,745
Operating expenses	(2,728)	(2,777)	(11,184)
Income from associated companies	7	2	(67)
EBITDA	567	489	1,494
Depreciation and amortization	(155)	(186)	(662)
Operating profit (EBITA) before impairment loss and other revenues/expenses	412	303	832
Impairment loss	(25)	(4)	(161)
Other revenues and expenses	(18)	6	(236)
Operating profit (loss)	369	305	435
Net financial items	-26	-55	-156
Profit (loss) before taxes	343	250	279
Taxes	(108)	(62)	(94)
Net income (loss) continuing operations	235	188	185
Net income (loss) discontinued operations	-	-	327
Net income (loss)	235	188	512
EPS (NOK)	1.99	1.46	4.74
EPS - adjusted (NOK)	2.27	1.37	4.42

Related to Nettby.no online community and write down of IT systems

Related to Nettby.no settlement and divestment of Scanpix.

SCHIBSTED MEDIA GROUP
Q3 2010
30

Some cyclical recovery in 2010, but not yet back to peak levels

SCHIBSTED MEDIA GROUP
Q3 2010
31

Key financial figures

Earnings per share
NOK

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

Cash flow from operations per share
NOK

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.

SCHIBSTED MEDIA GROUP

Q3 2010

Healthy maturity profile and favorable financing terms

New loan agreements effective as of 31 August 2010
Favorable terms compared to previous financing
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
NIBD/EBITDA 0.6 at end of Q3

SCHIBSTED MEDIA GROUP
Q3 2010
33

Financial effects of Leboncoin.fr transaction

50% of Leboncoin.fr to be acquired from Spir for EUR 200 million. Increasing Schibsted ownership to 100%
Schibsted's 50% of Car & Boat Media sold to Spir for EUR 60 million
EUR 140 million to be paid in cash
Closing expected in Q4 2010
Approximately NOK 1.5 billion of gain related to the acquisition of Leboncoin.fr and sale of Car & Boat Media shares expected to be booked in Q4 2010
Mainly a result of remeasurement of the original 50% stake in Leboncoin.fr, according to IFRS 3

SCHIBSTED MEDIA GROUP
Q3 2010
34

Online growth engine "Tillväxtmedier" exported to Norway

www.tv.nu

TASTELINE.COM

Destination.se

NÄRINGSLIV

www.b24.se

PRISJAKT.NU

webtraffic

MÖTESPLATSEN.se

littn härtehen på nätet

New Online business fuelled by strong traffic machines controlled by Schibsted
Growth through green fields and acquisitions
Several fast growing profitable operations in Sweden
Price comparison
TV-guide
Consumer finance
Travel services
etc.
Strategy to be replicated in Norwegian market

SCHIBSTED MEDIA GROUP

Q3 2010

Agenda

Q3 highlights
Media Houses in Q3
Online classifieds in Q3
Profitability programme
Income statement and Financials
Outlook
New logo for Schibsted

SCHIBSTED MEDIA GROUP

Outlook

Scandinavia: Expected further strengthening of advertising markets in Scandinavia
International: Soft markets in Spain. Some improvement in Baltics and France
Continued weak trend expected for single copy sold newspapers
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.
Investment in 2011 at similar level to 2010 or somewhat higher

SCHIBSTED MEDIA GROUP
Q3 2010
37

Priorities 2010-2011 (1)

Media Houses

Media Norge:

Continue to develop number 1 market position
Enhance collaboration to secure efficiency improvements
Continued product development

Single copy sold newspapers:

Monitor development closely, adjust organization and develop product
Innovation combined with cost awareness

Online growth operations (Tillväxtmedier):

Continued strong growth in Tillväxtmedier portfolio
For instance within financial market places for consumers, price comparison etc.
To be developed in Norway as well

SCHIBSTED MEDIA GROUP
Q3 2010
38

Priorities 2010-2011 (2)

Online classifieds – continued expansion
Finn.no and Blocket:
Continue growth based on developing new services and revenue streams
Leboncoin.fr and Spain:
Increase pure classifieds footprint – increase market shares
Innovation combined with cost awareness
New ventures:
Utilize time window of opportunity to establish in new markets
Transfer best practices across the Schibsted Classified Media portfolio

SCHIBSTED MEDIA GROUP
Q3 2010
39

Agenda

Q3 highlights
Media Houses in Q3
Online classifieds in Q3
Profitability programme
Income statement and Financials
Outlook
New logo for Schibsted

SCHIBSTED MEDIA GROUP

2 billion people

BIBLIOGRAPHY

Response time online

Who are we?

The journey

SCHIBSTED MEDIA GROUP

Tradition & Innovation

Christian Schibsted
1812-1878

Amandus Schibsted
1849-1913

Thrine Schibsted
1849-1933

SCHIBSTED MEDIA GROUP

Tradition & Innovation

What are we?

We are global

27 countries

7700 employees

We have a clear strategy

European leader in rapidly growing online marketplaces

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

SCHIBSTED MEDIA GROUP

We have confidence

SCHIBSTED MEDIA GROUP

An extremely positive view of Schibsted as a very innovative media company that recognises where the future is and is pursuing it with their various online acquisitions and move away from traditional print... A good company to invest in!

Conclusion from Millward Brown, global brand research agency

SCHIBSTED MEDIA GROUP

We have customer insight

VG
blecket.se
Sveriges största Köp & Sälj marknad
Nergens 点火 Zidende
AFTONBLADET
SvD
leboncoin.fr
MÖTESPLATSEN.se
Aftenposten
InfoJobs.net
bytbil.com
FIND
hitta.se
SCHIBSTED MEDIA GROUP

We have a mission

Creating value for the modern media consumer.
Creating value of the modern media consumption.

SCHIBSTED MEDIA GROUP

So it's clear and easy…

We embrace tradition and innovation.
We provide for the modern media consumer.
We create value for customers and owners.
We are shaping the media of tomorrow. Today.

SCHIBSTED MEDIA GROUP

...but are we understood?

SCHIBSTED MEDIA GROUP

... is our message clear?

SCHIBSTED MEDIA GROUP

SCHIBSTED
MEDIA GROUP

SCHIBSTED MEDIA GROUP

Something old…

SCHIBSTED
MEDIA GROUP

The response to the new logo

Modern and innovative

SCHIBSTED

Classic and conservative

SCHIBSTED MEDIA GROUP

So, here we are.

We have a strong international brand.
We have a clear strategy
We have a clear mission
We are "Shaping the media of tomorrow. Today."
We are Schibsted Media Group

SCHIBSTED MEDIA GROUP

Shaping the media of tomorrow. Today.

What's your idea?

SCHIBSTED MEDIA GROUP

SCHIBSTED

MEDIA GROUP

Appendices

Spreadsheet containing detailed Q3 2010 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

SCHIBSTED MEDIA GROUP
Q3 2010
66

Schibsted ASA basic data

| Ticker | Oslo Stock Exchange: SCH
Reuters: SBST.OL
Bloomberg: SCH NO |
| --- | --- |
| Number of shares | 108,003,615 |
| Treasury shares | 4,668,972 |
| Number of shares outstanding | 103,334,643 |
| Free float | 70 % |
| Share price (8 November 2010) | NOK 158.00 |
| Market cap (8 November 2010) | NOK 17.1 bn., EUR 2.1 bn.,
USD 2.9 bn., GBP 1.8 bn. |
| Average daily trading volume LTM | 309,000 shares |
| ) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS. | |

SCHIBSTED MEDIA GROUP
Q3 2010
67

Top 20 shareholders

Shareholders as of 30 September 2010	Number of shares	% share
Blommenholm Industrier AS**	29,158,589	27.0 %
Folketrygdfondet	8,678,703	8.0 %
JPMorgan Chase Bank*	6,737,534	6.2 %
Schibsted ASA	4,629,472	4.3 %
Bank Of New York Mellon	4,609,486	4.3 %
NWT Media AS	2,962,619	2.7 %
State Street Bank And Trust*	2,519,919	2.3 %
SHB Stockholm Clients*	2,386,112	2.2 %
Orkla ASA	1,900,000	1.8 %
Skandinaviska Enskilda Banken*	1,881,757	1.7 %
State Street Bank And Trust*	1,573,533	1.5 %
Clearstream Banking*	1,530,626	1.4 %
JPMorgan Chase Bank*	1,140,573	1.1 %
Montague Place Custody Services*	1,019,859	0.9 %
Citibank N.A. (London)*	930,003	0.9 %
Bank Of New York Mellon*	912,882	0.8 %
Vital Forsikring ASA	813,978	0.8 %
Citibank, N.A. London*	741,222	0.7 %
RBC Dexia Investor Services*	729,420	0.7 %
State Street Bank & Trust*	678,254	0.6 %

) Nominee accounts
*) Blommenholm Industrier on 14 October 2010 disclosed a sale of 970.000 shares, and holds after this 26.1% of Schibsted shares.

Source: VPS

Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

% of foreign shareholders	43.0 %
No. of shareholders	4,773
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 %

SCHIBSTED MEDIA GROUP

Q3 2010

Shareholder analysis

Rank	Fund Manager	Shares
1	Blommenholm Industrier AS	29,158,589
2	Folketrygdfondet	8,678,703
3	Tweedy Browne	5,305,987
4	Fidelity Investments	5,293,233
5	Taube Hodson Stonex Partners	5,203,859
6	Schibsted ASA	4,660,641
7	Handelsbanken Asset Management	3,022,612
8	NWT Media ASA	2,962,619
9	Orkla Finans	2,077,725
10	State Street (C)	1,735,796
11	Private holdings less than 10k shares	1,735,684
12	Nordea Fonder (Finland)	1,676,498
13	Nordea Asset Management	1,544,465
14	People's Bank of China	1,483,376
15	DnB NOR Asset Management	1,392,414
16	TT International Investment Management	1,318,540
17	Sw edbank Robur	1,274,260
18	Nordea Fonder (Sweden)	1,024,362
19	Storebrand Investments	970,160
20	Adelphi Capital	935,589
21	Rational Asset Management	933,000
22	National Australia (C)	887,233
23	Vital Forsikring ASA	813,978
24	SEB, Stockholm (C)	781,088
25	Kuw ait Investment Office	774,949
26	Banque Federative de Credit Mutuel (C)	746,662
27	KLP	723,282
28	Nordea Investment Funds, Luxembourg	699,644
29	BlackRock	689,900
30	SW Mitchell Capital	689,320

Source: RD: IR and VPS, through the Nominee ID service. Data as of 11 October 2010. Note: The share of Blommenholm Industrier has been updated after the sale of 970,000 shares, equal to 0.9% of Schibsted's shares, that was carried out 14 October 2010.

The shareholder ID data is provided by RD: IR and VPS, through the Nominee ID service. The data is 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 RD:IR nor VPS can guarantee the accuracy of the analysis.

Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

SCHIBSTED MEDIA GROUP
Q3 2010

Circulation development - YTD

Per Q3	Circulation 2010	Change 2009-2010	Change	Circulation revenue	Change 2009-2010
Aftenposten morning ed.	238,401	(5,022)	(2.1)%
Aftenposten evening ed.	103,466	(8,945)	(8.0)%	600 a)	(0.3)%
Aftenposten Sunday	208,783	(3,275)	(1.5)%
Verdens Gang weekdays	238,715	(27,468)	(10.3)%	859 a)	(7.3)%
Verdens Gang Sunday	211,008	(11,337)	(5.1)%
Aftonbladet weekdays				1,154 b)	(4.2)%
Aftonbladet Sunday
Svenska Dagbladet weekdays	191,722	(3,069)	(1.6)%	373 b)	4.2%
Svenska Dagbladet Sunday	195,961	(8,453)	(4.1)%

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

SCHIBSTED MEDIA GROUP

Advertising – Print editions

Per Q3	Volume^{1)} 2010	Change 2009-2010	Revenues (NOK million)	Change 2009-2010
Aftenposten	51,389	6.1 %	733	4.0 %
Verdens Gang	8,675	6.9 %	299	6.8 %
Aftonbladet^{2)}	14,379	13.2 %	327	13.9 %
Svenska Dagbladet^{2)}	19,278	16.5 %	371	14.9 %

1) Column meters
2) SEK million

SCHIBSTED MEDIA GROUP

Key financial figures

	Per Q3		Per Q4
	2010	2009	2009	2008
Operating profit (EBITDA) (NOK million)	1,637	953	1,494	1,358
Operating margins (%):
Operating margin (EBITDA)	16.3	10.4	11.7	10.6
Operating margin before ass. companies	11.5	6.1	7.0	6.5
Operating margin (EBITA)	11.8	5.3	6.5	6.0
EPS (NOK)	10.31	4.32	4.74	(13.95)
Cash flow from operations (NOK million)	1,606	1,150	1,610	1,694
Cash flow from operations per share (NOK)	15.54	15.03	19.34	26.07
Net income attr. to major interests	1,065	331	395	(906)
Average number of shares (1 000)	103,309	76,500	83,256	64,970

SCHIBSTED MEDIA GROUP
72

Capital structure

	Per Q3		Per Q4
	2010	2009	2009	2008
Investments (NOK million):
Operational investments (capex)	251	302	390	603
Shares and other holdings	93	168	196	1,001
Interest bearing debt (NOK million)	2,004	3,967	3,809	6,144
Net interest bearing debt (NOK million)	1,337	3,102	2,554	5,390
Interest bearing debt ratio (%)	14.4	25.2	25.0	37.5
Equity ratio(%) 1)	41.5	35.0	34.7	22.8

1) Treasury shares are offset against equity

SCHIBSTED MEDIA GROUP

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
30% of group operating revenues last 12 months came from online activities
53% of operating profit from online (ex headquarter cost and associated companies)

SCHIBSTED MEDIA GROUP
Q3 2010
74

Market leading newspapers in Norway and Sweden

Schibsted owns six of top ten newspapers in Norway

*) Sum of Bergens Tidende (243), Stavanger Aftenblad (173), Fædrelandsvennen (112)
Source: TNS Gallup 2010 Forbruker & Media 10/01
¹ Norwegian population of 3,963,000 aged 12 or older

Schibsted owns two of top five paid newspapers in Sweden

Daily readership ('000)	Penetration²
AV RINHLADER	1 121
16%
EXPRESSEN	1 103
14%
DAGENS NYHETER.	870
12%
GP	524
7%
SvD	497
7%

Source: Orvesto 2010:2 - weekdays
² Swedish population of 7,150,000 aged 15 to 79

SCHIBSTED MEDIA GROUP

Q3 2010

Market leading online positions in Norway and Sweden

Source: TNS Gallup, Kiaindex
Note: Week 43 of 2010
C3 Schibsted's properties
SCHIBSTED MEDIA GROUP
Q3 2010
76

Norway

Unique weekly visitors (m)		Change Y/Y
1.	3.6	-3%
2.	MSN	2.9
3.	Finn	2.4
4.	Dagbladet	2.3
5.	Startsiden.no	2.3
6.	NRK	2.1
10.	Jftenpoften	1.2
18.	24	0.6

Sweden

Unique weekly visitors (m)		Change Y/Y
1.	MSN network	5.8
2.	AFTUNDLAVET	5.4
3.	blocket...
Innytter sitterna klip & dig marknad	5.3
4.	Wyatt Media Netw.	3.8
5.	Fins	3.6
6.	Aller.net	3.0
17.	SvD.se	1.0
20.	www.tv.nu	1.0

Schibsted's superior online traffic positions enable rapid and efficient launch of new concepts

Number 1 positions in Spain, France and Italy

Market	Site	Market position
Spain	InfoJobs.net
segundamano.es
ca web de anuncios más grande	No. 1 recruitment
coches.net	No. 1 generalist classifieds
FotoCasa.es	No. 1 cars
Laboris.net	No. 1/2 real estate
	No. 3 news site
	No. 3 recruitment
France	leboncoin.fr	No. 1 general merchandise
	Italy	InfoJobs.it
Trovare lavoro non è mai stato così facile	No. 1 in recruitment
subite.it
Vendi & Compra di tutto in Italia	No. 1 general merchandise

Source:
Google AdPlanner, Unique Visitors (France/Italy, cookies)

SCHIBSTED MEDIA GROUP
Q3 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
2010 Increased ownership in Leboncoin.fr from 50% to 100%

More information at: www.schibsted.com/en/About-Schibsted/History/

SCHIBSTED MEDIA GROUP
Q3 2010

Investor information

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

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

SCHIBSTED MEDIA GROUP
Q3 2010
79

SCHIBSTED
MEDIA GROUP

AI assistant

Vend Marketplaces ASA — Investor Presentation 2010

3738_rns_2010-11-12_bc32d714-031b-493d-ab1c-d42a1678afd7.pdf

Schibsted Media Group Q3 2010

SCHIBSTED

Agenda

Q3 2010 highlights

Q3 2010 highlights

Revenue split Q3 2010

Strong EBITA improvement in Q3

Q3 2010 operations

Agenda

Continued margin improvement through profitability measures and improved markets

Improved markets and firm cost control in Media Norge

Media Houses Scandinavia

Broad improvement in Media Norge media houses

Firm margins despite challenging circulation development in VG

Media Houses Scandinavia

Continued good growth and margin improvement in Schibsted Sverige

Continued growth and margin improvement in Aftonbladet

Continued trend of margin improvement in 20 Minutes

Agenda

Continued growth. Underlying margin improvement

Strong growth and improved margins in Finn.no

Stable growth rate and high margins in Blocket/Bytbil

Strong margins in challenging Spanish market

Continued strong growth in Leboncoin.fr

Online classifieds

Investment in expansion stepped up

Continued growth and margin enhancement in Hitta.se

Overview Q3 2010

Agenda

Profitability programme on track to achieve NOK 1.7 billion

Agenda

Income statement Schibsted Group – headlines for Q3 2010

Income statement Schibsted Group

Some cyclical recovery in 2010, but not yet back to peak levels

Key financial figures

Healthy maturity profile and favorable financing terms

Financial effects of Leboncoin.fr transaction

Online growth engine "Tillväxtmedier" exported to Norway

Agenda

Outlook

Priorities 2010-2011 (1)

Media Houses

Media Norge:

Single copy sold newspapers:

Online growth operations (Tillväxtmedier):

Priorities 2010-2011 (2)

Agenda

2 billion people

BIBLIOGRAPHY

Response time online

The journey

Tradition & Innovation

Tradition & Innovation

We are global

We have a clear strategy

We have confidence

We have a mission

So it's clear and easy…

The response to the new logo

So, here we are.

SCHIBSTED

Appendices

Schibsted ASA basic data

Top 20 shareholders

Shareholder analysis

Circulation development - YTD

Advertising – Print editions

Key financial figures

Capital structure

Unique exposure to online revenue sources maintained

Market leading newspapers in Norway and Sweden

Market leading online positions in Norway and Sweden

Norway

Sweden

Number 1 positions in Spain, France and Italy

Schibsted – historical development

Investor information

Vend Marketplaces ASA Investor Presentation 2010