Vend Marketplaces ASA — Investor Presentation 2013

Feb 13, 2014

Quarterly results Q4 2013

Rolv Erik Ryssdal, CEO Trond Berger, CFO Christian Printzell Halvorsen, CEO Finn.no 13 February 2014

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 forwardlooking 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.

Agenda

• Q4 Highlights
• Online classifieds
• Media houses
• Finn.no update
• Income Statement and Financials
• Outlook

Q4 Highlights

Online Classifieds

• Steady underlying revenue growth of 15%, 20% ex Spain. Healthy margins for established operations
• Consolidating Spanish market by acquiring Milanuncios.es and in Morocco through a merger with Avito.ma
• Investments in New ventures +NOK 168 million to NOK 280 million – market leadership in Brazil in December
• Continued healthy traffic growth across the portfolio
• Finn.no to review generalist strategy

Steady progress in digital transition

Media Houses

• Stable revenues and firm margins for VG and Aftonbladet
• Online growth, but margin pressure for subscription media houses
• Continued good growth personal finance services

Q4 highlights

Continued online growth, 12% EBITDA improvement before investments in New ventures

				NOKm
NOKm	Q4 2011	Q4 2012	Q4 2013	4000
Operating revenues	3,744	3,811	3,937
Gross operating profit (EBITDA)	549	501	406	3000
EBITDA ex. Investment phase	702	613	686
EBITDA margin	15%	13%	10%
EBITDA margin ex. Investment phase	19%	16%	18%	2000
EBITDA Online classifieds ex Investment phase	354	371	455	1000
EBITDA Online classifieds, Investment phase	-153	-112	-280
EBITDA Media houses	407	321	314

• EBITDA ex New ventures increased underlying with 7%
• EBIT includes net NOK 1,245 million special gains and charges

Q4 highlights

Continued progress in digitalization

Online classifieds

Profitable growth for Established operations Online classifieds

• Q4 underlying revenue growth of 15%
• 20% ex. Spain
• 2013 full year underlying revenue growth of 14%
• 18% ex. Spain
• Strong traffic growth as a result of increased investments in New ventures

*) Underlying growth adjusted for currency fluctuations and acquisitions and divestments.

Steady growth and tight cost control

• Healthy growth in Q4
• Volume growth in all verticals except jobs
• Revenue growth supported by price optimizations and improved performance in display advertising
• Finn will take over Lendo Norway as of Q1, reinforcing the personal finance strategy

Online classifieds – Large established

Finn turns free for certain private categories to boost user engagement

• Parts of the private listings on Finn Torget will be turned into a "freemium" model during 2014
• Free basic listings, premium placements
• Aim to increase ad volumes and traffic to create an even stronger market place
• Improved monetization potential longer term
• Negative revenue impact of around NOK 40 million expected in 2014

Online classifieds – Large established

Firm growth, investments in new verticals

Sweden

• Good growth in revenues and EBITDA in Q4
• Signs of volume improvements in the car vertical
• Revenue growth driven by improved price mix, advertising, volume improvements and display advertising
• Good development for new services and verticals
• Around 44% of real estate objects listed on Blocket in December
• Acquired StepStone.se, strengthening the position in recruitment

Online classifieds – Large established Broad based growth, strengthened organization

France

• Continued good growth driven by display advertising, premium placements and professional listing fees
• New ads per day +10%
• Stable EBITDA margin as a result of good revenue
• Continued improvement of the strong positions in the professional car market
• Transition to stand-alone offering when P3 agreement expires at year end 2014

Online classifieds – Other established

Acquisition of Milanuncios.com - Consolidating the Spanish market

• Taking over the largest online classifieds site in Spain measured by traffic
• Strengthens the foundation for creating a solid and broad Spanish offering
• Proceeds EUR 50 million cash. Milanuncios founder will get 10% of the shares in the combined Schibsted Spain.
• Currently modest monetization of the revenue potential in Milanuncios

Schibsted and competitor's sites Page views (million)

Online classifieds – Investment phase

Continued investments in new markets

• Joint venture with Telenor strengthens the foundation for emerging markets expansion
• Investment spending of NOK 280 million in New ventures
• • NOK 168 million Y/Y
• Developing leading market positions
• The progress in key markets yield confidence in the growth strategy
• Morocco consolidated
• Merger with Avito.ma forming a clear market leader
• Schibsted owns 51 percent after the merger
• The company is well financed after the transaction
• No employees will be affected by the merger

Investments yield firm improvements. Regained leadership in Brazil Online classifieds – Investment phase

• Continued good growth in inflow of new ads per day
• The investment phase portfolio showed +58% Y/Y growth in Q4
• +164% for Bomnegocio (Brazil)
• Significant traffic growth in most markets, partly fuelled by mobile users
• +143% Berniaga (Indonesia)
• +246% Yapo (Chile)
• +56 % Willhaben (Austria)
• +101% Tocmai (Romania)

Daily new ads, investment phase companies

Note: the graph include figures for (alphabetical order): Ayosdito, Berniaga, Bikhir, Bomnegocio, Custojusto, Jofogas, Kapaza, Kufar, Segundamano.mx, Tocmai, Tori, Tutti and Yapo.

Bomnegocio regained market leadership in Brazil in Q4 2013

Media houses

Revenues and profitability supported by good online growth and cost reductions World class digital media houses

• Online advertising revenue +9%
• Main news sites increased 15-25%
• Print advertising -11%
• Focus on new growth drivers mobile and web TV
• Digital subscription models introduced in all newspapers
• Digital transition program and cost cuts progress as planned

Total Schibsted Norge and Schibsted Sverige media houses

World class digital media houses

Single copy papers: Strong online growth and cover-price increases

Online advertising share 65% (60%) Main digital growth drivers are mobile and web TV

Continued print advertising decline – digital subscriptions launched World class digital media houses

Schibsted Norge

Subscription newspapers

• Structural decline for print advertising continue – good online growth
• Online advertising revenues +24% Y/Y
• Print advertising revenues -13% Y/Y continued negative trend
• Online/print bundle launched in all newspapers
• Total cost reduced by 1% Y/Y

World class digital media houses

All newspapers launched digital subscription models

VG+		Aftenposten
• 40,000 paying digital only subscribers	• 138,000 paying digital only subscribers	• Reached 100,000 registered digital subscribers	• Close to stabilizing subscription numbers year over year

Solid quarter for Personal Finance in Sweden

• Underlying revenue growth of 12% for Schibsted Tillväxtmedier in Sweden
• Personal finance units grew 42%
• Directory service Hitta.se reorganized. Revenue decline mitigated by cost reductions
• First Growth investment outside Scandinavia
• Pret d'Union a P2P lending club in France

Building competence within data analytics and payment

• Single sign-in and payment
• Current status
• 2.3 million verified users
• 4.3 million transactions
• 240 million logins
• Peer to peer payment solutions is on the roadmap

Advanced data analytics

• Pricing
• Churn modelling
• Conversion
• Segmentation
• Current status
• Hiring talents
• Rolling out projects in the operational units

and technology:

NOK 100-150 million will affect our EBITDA in 2014 Investment in data analytics

Building up web TV offering in Norway and Sweden

Tapping in to a fast growing, large market potential

• Web TV advertising market 2013 NOK 540 million*
• Growth forecast +37% in 2014*
• Schibsted market share ~15-20% first nine months 2013
• Short term investment phase with negative EBITDA of around NOK 50 million

Finn.no update

FINN continues to maintain a very strong position in Norway

	2012	2013
Brand awareness	99%	99%
Internet rank*	1	1
Visits/capita	110	128
- of which mobile	25	46
Time spent/capita	20.7 hrs	22.5 hrs
Revenue/capita	251 NOK	278 NOK
GMV**	560 BNOK	590 BNOK

* Internet rank: Norwegian TNS list (based on pageviews)

** Gross Merchandise Value: Value of goods advertised.

Next: Developing a more engaging and social marketplace experience

New mobile services to take advantage of changing behavior

• Faster and personalized – immediate content tailored to you
• Seamless across channels – continue the experience as you move from channel to channel
• New sources of revenue to be explored

Investing in new product features to further strengthen network effects

• Personal and business profiles
• «Follow» feature (> 80 000 followers already)
• Integrated communication and sharing mechanisms
• Rating and feedback systems
• Arenas for local / interestbased trading

SPiD single sign-on and payment platform rolled out to enable P2P payments and better targeting of content and ads

Today	Tomorrow
Pay your FINN order using SPiD account	Peer-to-peer payments using SPiD account
Content recommendations based on FINN profile	Content recommendations based on SPiD profile
Targeted ads based on FINN history	Targeted ads based on SPiD history

30 Q4 2013

Introduction of freemium listing model for private sellers on FINN torget to reinforce position and strengthen other business models

Reinforce position and increase engagement

Accelerate listings growth by reducing threshold for selling lower-priced items

Strengthen brand and social responsibility profile

Align with expectations of younger demographic (the future FINN users)

Strengthen other verticals and new business models

Boost traffic to better monetizing verticals

Grow data set used in delivering targeted advertising and content

Lay strong foundation for new business models (incl. P2P payments)

Short term impact is only around 3% of revenue

Gradual introduction of new pricing model for general merchandise 1H 2014

• New freemium model to be rolled out in first half of 2014
• Limited to private sellers
• Basic classifieds listing will be free
• Add-on products will not be free
• Gradual introduction and continuous experimentation during rollout phase
• Anticipate 3-5x listing volume increase

FINN today - Listing centric

FINN tomorrow - User centric

Reinventing the jobs vertical using data analytics

An ad for a vacant position is posted on FINN

Sarah is actively hunting for a new job and finds the position by searching on FINN

Today Tomorrow

Liv is not actively hunting for a new job, but her profile is matched to the position

When Liv reads Aftenposten the relevant ad is shown. She is interested and applies.

Personal Finance initiatives in Norway consolidated under FINN

• 590 BNOK GMV*
• Internet rank: 1**
• Proven ability to drive relevant traffic
• Strong links between purchase and finance decisions

• Existing partnerships with banks and insurance companies

• Goal to create a broad offering of personal finance services to help consumers make good financial decisions

• First wave of lending, insurance and utility marketplaces launched; add'l marketplaces (savings, pensions) in pipeline
• The initiative in Norway is in an early stage compared to Sweden; still in an investment phase
• Estimated revenues of 100+ MNOK in this segment in 2014 (FINN + Penger.no + Lendo)

* Gross Merchandise Value: Value of goods advertised **Internet rank: Norwegian TNS list (based on pageviews)

Stable group overall revenues, good online performance

	Revenues Q4 2013	Underlying change y/y*	Online share of revenues	Q4 13	EBITDA margin Q4 12
Schibsted Media Group	3 937	2 %	50 %	10 %	13 %
Online Classifieds *) 20 % growth ex Spain	1 123	15 %*	100 %	16 %	28 %
Online Classifieds ex Investment phase	1 085	13 %	100 %	42 %	42 %
- Finn.no - Blocket.se/Bytbil.se - Leboncoin.fr	348 208 270	11 % 22 % 23 %	100 % 100 % 100 %	47 % 53 % 65 %	49 % 44 % 64 %
Schibsted Norge media house	1 643	-2 %	19 %	9 %	11 %
Schibsted Sverige media house	1 034	1 %	44 %	15 %	13 %

Q4 2013

37

*) Growth adjusted for acquisitions, divestments and currency fluctuations

EBITDA development in Q4

Good cost control in Media Houses, increased activity in Online Financials

Operating cost change Y/Y MNOK

Growth companies include SCM, Finn.no, Norwegian and Swedish online newspapers, and Schibsted Tillväxtmedier/Vekst

Income statement Schibsted Group

			Full year
(NOK million)	Q4 2013	Q4 2012	2013	2012
Operating revenues	3,937	3,811	15,232	14,763	NOK 168 million
Operating expenses	(3,528)	(3,319)	(13,573)	(12,754)	increased investment Y/Y in online
Share of profit of associated companies	(3)	9	13	34	classifieds New
Gross operating profit (EBITDA)	406	501	1,672	2,043	ventures.
Depreciation and amortization	(123)	(120)	(490)	(479)
Gross operating profit after depreciation and
amortisation	283	381	1,182	1,564	Mainly related to
Impairment loss	(148)	(547)	(150)	(548)	Metro Sweden.
Other income and expenses	1,393	(285)	1,169	(287)
Operating profit (loss)	1,528	(451)	2,201	729	Mainly related to establishing of Online
Net financial items	(28)	27	(186)	(109)	classifieds joint
Profit (loss) before taxes	1,500	(424)	2,015	620	venture and sale of real estate.
Taxes	(125)	(57)	(453)	(426)
Profit (loss)	1,375	(481)	1,562	194
EPS (NOK)	12.82	-4.62	14.32	1.32
EPS - adjusted (NOK)	0.44	2.36	3.90	8.18

Special items in Q4 2013

• Impairment loss
• NOK 148 million, mainly related to Metro Nordic Sweden AB
• Other income and expenses
• Restructuring cost of NOK 141 million related to Schibsted Sverige, Anuntis (Spain) and Norwegian printing operations
• NOK 1,536 million of gain related to the sale of shares SnT Classifieds and 701 Search Pte. Higher amount than previously announced, as the remaining shares of 701 Search has been revalued
• NOK 130 million of gain on sale of an office building in Bergen

Stable, strong financial position

• Net Interest Bearing Debt NOK 1.13 billion
• NIBD/EBITDA at 0.6x end of Q4
• Strong cash flow and reduced net debt through establishment of Online classifieds joint ventures and divestment of real estate
• High CAPEX as a result of preparations for co-location in Oslo
• Sufficient long-term financing and diversified maturity profile

Debt maturity profile

Key financial figures

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

Earnings per share Cash flow from operating activities/share

Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413

CAPEX Net interest bearing debt

Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

Dividend of NOK 3.50 proposed

Dividend policy (summary)

Schibsted targets a pay-out ratio over time in the range of 25% to 40% of cash flow

• Depending on:
• Macroeconomic outlook
• Investment requirements
• NOK 3.50 (unchanged) dividend proposed for 2013
• In the high end of the target range
• A balanced dividend level in a period of investment in online classifieds growth and digital transition
• Equals NOK 376 million based on total number of shares outstanding

*) Proposed by the Board of Directors Historic dividend per share adjusted for effect of rights issue in 2009

Amendments of reporting structure Financials

Changes related to establishment of new Online classifieds JVs

• With effect from 1 January 2014, changes to IFRS requires accounting for investments in joint ventures to change from proportionate consolidation to the equity method
• Details on Schibsted Classified Media will still show figures with a proportionate consolidation for joint ventures

Media house changes as of Q1 2014

• Discontinuing separate EBITDA-reporting on print and online media
• Online/offline split will be maintained on revenues
• Details on D&A and EBITA will be discontinued. Focus on EBITDA
• Schibsted Sweden is reorganized, and reporting will be amended correspondingly
• "Publishing" established as a new unit
  • 1. Aftonbladet including some units that has been taken over from Tillväxtmedier (Klart.se, Minimedia, and certain other)
  • 1. SvD
• Comparable historical figures will be released by mid March 2014

Increased exposure to Ireland – buy out of minorities in DoneDeal.ie

• Strong position and good development in Ireland
• Leading classifieds site
• Strong in the car vertical
• Emerging presence in jobs
• Schibsted acquired 50.1% in 2011
• Increased holdings in Q1 2014 to 90%

Outlook

Outlook

Online Classifieds

• Continued growth potential in the established sites
• Maintaining high investment level in New ventures. Focus on core markets and expansion in selected new geographies
• Acquisition of Milanuncios creates opportunities for increased future monetization
• Continued relatively high investments in New ventures to be expected going forward
• Finn.no turn free for certain private categories to boost user engagement. 2014 negative revenue effect NOK 40 million expected

• Digital transition program progressing as planned

• Online growth and cost reduction set to mitigate effects of print revenue declines

• Overall expectation for some margin contraction in media houses during the print-to-digital transition period going forward
• Softer macro in Norway expected to put pressure on print advertising – particularly recruitment

Spreadsheet containing detailed Q4 2013 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Schibsted ASA basic data

Ticker	Oslo Stock Exchange: SCH Reuters: SBST.OL Bloomberg: SCH NO
Number of shares (11 February 2014)	108,003,615
Treasury shares (11 February 2014)	655,075
Number of shares outstanding	107,348,540
Free float*	73%
Share price (11 February 2014)	NOK 376.50
Market cap (11 February 2014)	NOK 40.7 bn., EUR 4.9 bn., USD 6.7 bn., GBP 4.0 bn.
Average daily trading volume LTM	249,000 shares

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS.

Shareholder register

Rank Name	Holding	Share
1 BLOMMENHOLM INDUSTRIER	28,188,589	26.1 %
2 FOLKETRYGDFONDET	7,081,976	6.6 %
3 STATE STREET BANK AND TRUST *	4,000,000	3.7 %
4 NWT MEDIA AS	3,307,870	3.1 %
5 THE NORTHERN TRUST *	3,302,000	3.1 %
6 THE BANK OF NEW YORK *	2,524,048	2.3 %
7 JP MORGAN CLEARING CO *	2,425,294	2.2 %
8 CLEARSTREAM BANKING *	2,383,915	2.2 %
9 MORGAN STANLEY & CO *	2,069,725	1.9 %	% of foreign shareholders**	51.4 %
10 J.P. MORGAN CHASE BANK *	1,972,802	1.8 %	Number of shareholders	4,707
11 UBS AG, LONDON BRANCH *	1,858,923	1.7 %	Number of shares	108,003,615
12 GOLDMAN SACHS & CO EQUITIES *	1,823,802	1.7 %	Shares ow ned by Schibsted	655,075
13 J.P. MORGAN CHASE BANK *	1,760,994	1.6 %
14 THE NORTHERN TRUST CO *	1,559,293	1.4 %	Largest countries of ownership
15 STATE STREET BANK & TRUST *	1,455,962	1.3 %	Norw ay**	43.7 %
16 CREDIT SUISSE SECURITIES *	1,282,674	1.2 %	USA	24.9 %
17 SKANDINAVISKA ENSKILDA BANKEN *	1,278,268	1.2 %	United Kingdom	13.9 %
18 J.P. MORGAN CHASE BANK *	1,117,780	1.0 %	Sw eden**	6.7 %
19 J.P. MORGAN CHASE BANK *	1,078,051	1.0 %	Luxembourg	3.2 %
20 SVENSKA HANDELSBANKEN *	957,893	0.9 %	Australia	1.8 %
Source: VPS
*) Nominee accounts
**) NWT Media AS is counted for as a Sw edish shareholder.

% of foreign shareholders**	51.4%
Number of shareholders	4.707
Number of shares	108.003.615
Shares ow ned by Schibsted	655.075

Largest countries of ownership
Norw ay**	$43.7\%$
I ISA	24.9%
United Kingdom	13.9%
Sw eden**	6.7%
Luxembourg	$3.2\%$
Australia	1 $8\%$

Data as of 31 December 2013. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

Shareholder analysis – top 25 holders Appendices

Rank Fund Manager	%	Shares
1 Blommenholm Industrier AS	26.10	28,188,589
2 Folketrygdfondet	6.90	7,456,976
3 Luxor Capital Group, L.P.	6.45	6,971,066
4 Baillie Gifford & Co.	6.20	6,701,102
5 NWT Media As	3.70	4,000,000
6 Alecta pensionsförsäkring, ömsesidigt	3.06	3,302,000
7 Caledonia (Private) Investments Pty Limited	2.50	2,697,612
8 SAFE Investment Company Limited	1.87	2,019,943
9 Capital Research Global Investors	1.76	1,902,283
10 Marathon Asset Management LLP	1.74	1,882,227
11 Taube, Hodson, Stonex Partners, LLP	1.67	1,800,620
12 Tw eedy, Brow ne Company LLC	1.39	1,505,622
13 Sw edbank Robur AB	1.11	1,198,657
14 Danske Capital (Norw ay)	1.03	1,107,120
15 Handelsbanken Asset Management	0.96	1,041,227
16 Fidelity Worldw ide Investment (UK) Ltd.	0.96	1,036,607
17 Adelphi Capital LLP	0.91	986,197
18 The Vanguard Group, Inc.	0.91	979,477
19 New brook Capital Advisors, L.P.	0.89	956,364
20 DNB Asset Management AS	0.88	947,436
21 Statoil Kapitalforvaltning ASA	0.87	940,873
22 Nordea Investment Management AB (Sw eden)	0.87	936,905
23 KLP Forsikring	0.84	910,203
24 Storebrand Kapitalforvaltning AS	0.83	894,751
25 Cadian Capital Management LLC	0.77	827,132

Source: Nasdaq OMX. Data as of 20 January 2014.

The shareholder ID data are provided by Thomson Reuters. 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 Thomson Reuters or Schibsted can guarantee the accuracy of the analysis.

Updated information at:

www.schibsted.com/en/ir/Share/Shareholders/

Key financial figures

		Full year
	2013	2012	2011
Gross operating profit (EBITDA) (NOK million)	1,672	2,043	2,185
Gross operating profit (EBITDA) ex new ventures (NOK million)	2,672	2,573	2,597
Operating margins (%):
Operating margin (EBITDA)	1 1	1 4	1 5
Operating margin (EBITDA) ex new ventures	1 8	1 8	1 8
EPS (NOK)	14.32	1.32	7.00
Net cash flow from operating activities (NOK million)	635	1,275	1,616
Cash flow from operating activities per share (NOK)	5.92	11.91	15.24
Profit attributable to owners of the parent	1,536	141	742
Average number of shares (1 000)	107.274	107.027	106.021

Capital structure

		Full year
	2013	2012	2011
Investments (NOK million):
Operational investments (capex)	531	366	354
Shares and other holdings	935	203	731
Interest bearing borrowings (NOK million)	2,399	2,471	2,430
Net interest bearing debt (NOK million)	1,131	1,437	1,642
Interest bearing debt ratio (%)	1 4	1 6	1 5
Equity ratio(%) 1)	4 7	4 0	4 1

1) Treasury shares are offset against equity

Well balanced portfolio with steady development Online classifieds

Key operations – Online classifieds

Q4	Q4	Full year
2012	2013 Finn.no (MNOK)	2013	2012
307	348 Operating revenues	1,406	1,266
151	163 EBITDA	691	622
49 %	47 % EBITDA margin	49 %	49 %
Q4	Q4	Full year
2012	2013 Blocket.se/Bytbil.se (MSEK)	2013	2012
184	224 Operating revenues	866	774
81	118 EBITDA	448	415
44 %	53 % EBITDA margin	52 %	54 %
Q4	Q4	Full year
2012	2013 Leboncoin.fr (MEUR)	2013	2012
26.6	32.8 Operating revenues	124.3	97.7
17.0	21.2 EBITDA	83.6	66.7
		67 %	68 %
64 %	65 % EBITDA margin

Key operations – Media houses

Q4	Q4			Full year
2012	2013	Verdens Gang (MNOK)	2013	2012
488	500	Operating revenues	1,951	1,920
357	337	of which offline	1,365	1,466
131	163	of which online	586	454
74	67	EBITDA	313	310
42	25	of which offline	163	200
32	42	of which online	150	110
Q4	Q4	Schibsted Norge subscription		Full year
2012	2013	newspapers (MNOK)	2013	2012
989	954	Operating revenues	3,726	3,906
894	819	of which offline	3,261	3,556
95	135	of which online	465	350
103	78	EBITDA	365	406
87	57	of which offline	305	371
16	21	of which online	60	35
Q4	Q4			Full year
2012	2013	Aftonbladet (MSEK)	2013	2012
540	539	Operating revenues	2,066	2,168
381	360	of which offline	1,443	1,621
159	179	of which online	623	547
82	99	EBITDA	283	312
40	54	of which offline	154	170
42	45	of which online	129	142
Q4	Q4			Full year
2012	2013	SvD (MSEK)	2013	2012
288	277	Operating revenues	1,033	1,087
27		22 EBITDA	1	59
Q4	Q4	Schibsted Tillväxtmedier		Full year
2012	2013	(MSEK)	2013	2012
270	289	Operating revenues	1,043	1,000
27	56	EBITDA	151	124

Norway

Sweden

Circulation development - YTD

Per Q4	Circulation 2013	Change 2012-2013	Change	Circulation revenue	Change 2012-2013
Schibsted Norge, subscription newspapers, weekdays Schibsted Norge, subscription newspapers, Sunday	381 869 264 078	(18 006) (10 462)	(5) % } (4) %	1 368	a) 2 %
Verdens Gang weekdays Verdens Gang Sunday	164 430 159 573	(23 923) (19 861)	(13) % } (11) %	1 024	a) (6) %
Aftonbladet weekdays Aftonbladet Sunday	176 475 191 400	(30 825) (36 800)	(15) % } (16) %	1 128	b) (8) %
Svenska Dagbladet weekdays Svenska Dagbladet Sunday	159 000 164 400	(15 400) (15 400)	(9) % } (9) %	451	b) (8) %
a) Figures in NOK million b) Figures in SEK million

Advertising – Print editions

Per Q4	Volume1) 2013	Change 2012-2013	Revenues (NOK million)	Change 2012-2013
Schibsted Norge, subscription newspapers	119 946	(8) %	1 569	(14) %
Verdens Gang	11 778	10 %	281	(10) %
Aftonbladet 2)	16 913	(5) %	296	(22) %
Svenska Dagbladet 2)	22 688	(0) %	429	(7) %
1) Column meters 2) SEK million

Historical development

• Chr. Schibsted Forlag (publishing house) founded
• Christiania Adresseblad launched in Oslo renamed Aftenposten in 1861
• Takeover of VG
• Reorganisation from a private family company to a limited company
• Listing at the Oslo Stock Exchange with a growth strategy declaration
• First TV and film investments
• First New Media/Internet investments
• First investments in Kanal 2 in Estonia
• Acquisition of Aftonbladet
• Acquisition of Svenska Dagbladet
• Investment in Eesti Meedia Group
• Launch of the free newspaper concept 20 Minutes
• Launch of Finn
• Acquisition of Blocket
• Acquisition of Hitta.se

• Launch of Sesam and acquisition of Internettkatalogen

• Schibsted International Classifieds & Search launch of Willhaben.at and LeBoncoin.fr

• Acquisition of selected assets of Trader Classified Media (International Classifieds Acquired)
• Divestment of ownership in TV 2
• Divestment of ownership TV4
• Media Norge approved by Schibsted's general meeting
• Rolv Erik Ryssdal new CEO
• Media Norge and Schibsted Sverige established
• Increased ownership in Finn.no and InfoJobs.net
• Non core activities Metronome, Retriever, Basefarm, Teleadress divested
• Increased ownership in Leboncoin.fr from 50% to 100%
• Merger with Media Norge.
• The Blocket-copy Bomnegocio.com launched in Brazil
• Schibsted Norge AS established
• Full ownership in Anuntis Segundamano
• SnT Classifieds established with Telenor as partner

See also:http://www.schibsted.com/en/About-Schibsted/History/

Investor information

• Visit Schibsted's homepages
• www.schibsted.com/ir
• Jo Christian Steigedal, VP Investor Relations jcs@schibsted.no Tel: +47 2310 6600 Mobile: +47 415 08 733

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: schibsted@schibsted.no www.schibsted.com