Vend Marketplaces ASA — Investor Presentation 2015

Feb 13, 2015

QUARTERLY RESULTS Q4 2014

CEO Rolv Erik Ryssdal, CFO Trond Berger and EVP Digital and Group Chief Product Officer Frode Eilertsen 13 February 2015

DISCLAIMER

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted ASA ("Schibsted" or the "Company") exclusively for information purposes, and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments.

Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions.

This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation.

There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed.

The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

AGENDA

• Q4 2014 key developments
• Online Classifieds
• Media Houses
• Technology
• Finance
• Summary

Q4 2014 HEADLINES

• Continued Online classifieds growth consolidating several markets
• Continued positive development in France
• Positive development in Spain, rapid revenue growth in Italy
• Disappointing quarter for Finn.no
• Consolidation taking place in several markets
• Media Houses strengthen their online positions
• Mobile growth and web TV investments secure 13% online revenue growth
• Increased circulation revenues, but continued print decline
• Step up in technology and joint digital product development to create new revenue opportunities

CONTINUED PROGRESS IN DIGITALIZATION

Revenue split development EBITDA* split development

ONLINE CLASSIFIEDS

CONSOLIDATION SPEEDS UP PATH TO PROFITABILITY AND REDUCES INVESTMENTS

Schibsted part of consolidation in several markets in Q4 2014 and Q1 2015

• New agreements with Naspers: Acquiring main competitor OLX in Hungary, divesting Romania and Portugal to Naspers
• Exit from Switzerland 50% of Tutti.ch and Car4You.ch sold to Tamedia
• Closed the acquisition of Milanuncios.com in Spain
• Joint ventures with Naspers in Brazil, Indonesia, Thailand and Bangladesh (and acquiring Naspers assets in selected markets)
• Merged with Avito in Morocco

Announced today

INVESTMENT PHASE MARKETS

Effective ownership position in brackets, where ownership is not 100%

	Position (traffic)	Popul. (million)	Internet pen.	GDP/ capita		Position (traffic)	Popul. (million)	Internet pen.	GDP/ capita
Indonesia (12%)	1	253	28 %	3,475	Morocco (52%)	1	34	61 %	3,093
Brazil (25%)	1	203	54 %	11,208	Chile (50%)	1	17	67 %	15,732
Bangladesh (25%)	2	166	25 %	958	Belgium	2	11	90 %	46,878
Mexico	1	121	49 %	10,307	Hungary	1	10	75 %	13,481
Vietnam (33%)	1	93	44 %	1,911	Belarus	1	9	54 %	7,576
Thailand (19%)	1	68	30 %	5,779	Finland	1	5	97%	49,146

Investment phase portfolio with market leadership in countries with 800 million population

Source internet users: Internet World Stats. GDP: The World Bank

STRONG TRAFFIC GROWTH BOTH IN EUROPE AND IN EMERGING MARKETS

Traffic growth European portfolio* Traffic growth outside Europe**

0 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2012 2013 2014 0 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 700,000,000 800,000,000 900,000,000 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 2012 2013 2014 Monthly visits Monthly visits *) Finn, Blocket, BytBil, Coches.net, Custojusto, Donedeal IE, Fotocasa, Hasznaltauto, Infojobs Italy, Infojobs Spain, Jofogas, Kapaza, Kufar, Leboncoin, Motos.net, Segundamano, Subito, Tocmai, Tori, Tutti, Willhaben **) Avito, Ayosdito, Berniaga, Bomnegocio, Chotot, Fincaraiz, Infojobs Brasil, Mudah, Segundamano MX, Tayara, Yapo.cl Y/Y growth 56% Y/Y growth 20%

SIGNIFICANT GROWTH POTENTIAL FOR ESTABLISHED LEADERS

STEADY, HIGH GROWTH RATE IN FRANCE

■ Steady growth with good contribution from key revenue drivers:

• Display advertising
• Premium features
• Professional listing fees from cars and real estate
• Google partner revenues declines as more ad volume is shifted towards internal sales
• Continued traffic growth; 10% Y/Y (visits)
• New mobile apps launched, including iPad

PRODUCT DEVELOPMENT AND SALES RAMP UP IN REAL ESTATE

• Bundle agreement with Spir expired end of 2014
• Leboncoin and Spir bundle actively sold 12 months contracts in Q4
• Positive reception of Leboncoin standalone in the market. Gradual ramp up of revenues during 2015 and 2016
• New functionality launched and in pipeline
• Pictures, maps, alerts

FINN REVENUE AFFECTED BY SOFT JOB MARKET AND LOWER DISPLAY ADVERTISING

• Weak volume development in jobs. Market shares maintained
• Successful transition to freemium model, but drop in revenues, as planned
• Decline in revenues from display advertising
• Continuous product development to secure future revenue growth

STABLE MARGINS AND CONTINUED GROWTH COMPARED WITH A VERY STRONG Q4 2013

• 4 percent revenue growth. Q4 2013 was positively affected by price increases
• Strong development for professional classifieds revenues
• Softer development for private classifieds. Partly as more cars are sold through pros
• Continued investments in real estate and jobs verticals

TRAFFIC GROWTH IN SPAIN – MILANUNCIOS INTEGRATION ON TRACK

Total Monthly Visits indexed (May 2013 – Jan 2015)

Source: SCM internal figures Q4 2014 ¹⁵

INFOJOBS.NET BACK TO SIGNIFICANT VOLUME GROWTH ON BACK OF MACRO IMPROVEMENT

Traffic development (million visits) Registered unemployment New job posts per week in InfoJobs

STRONG TRAFFICAND REVENUE GROWTH FOR ITALIAN MARKET LEADER SUBITO.IT

Total Monthly Visits indexed (Jan 2010 - Dec 2014)

Total Monthly Revenues indexed (Jan 2010 - Dec 2014)

Heavy marketing investments in Q4 14. 2015 will be an investment year.

Dec-14 jul-14 jan-14

MEDIA HOUSES

18

EXCELLENT JOURNALISTIC ACHIEVEMENTS

STEADY DEVELOPMENT IN VG AND AFTONBLADET, SUPPORTED BY DIGITAL GROWTH

Digital newspapers with clearly leading positions in Norway and Sweden

CONTINUED INVESTMENTS IN WEB TV – CONTRIBUTING WELL TO ONLINE GROWTH

• 2014 revenues NOK 123 million, a growth of 28%*
• Around NOK 100 million negative web TV EBITDA in VG and Aftonbladet in 2014. Similar investment in 2015
• Web TV is the growth winner in the total ad market
• Estimated market growth by IRM 43% in 2015*

*) Combined Norway and Sweden

PRINT DECLINE, AND COST REDUCTIONS IN REGIONAL NEWSPAPERS

• Print advertising revenues –18%
• Online advertising revenues +17%
• Total circulation revenues +7%
• Operating expenses -4%
• Further cost reductions to come. Printing plant in Kristiansand closed down

SCHIBSTED GROWTH SWEDEN

CONTINUED GROWTH

• 16% revenue growth ex Hitta.se
• Personal finance and coupon service Let's Deal drives growth
• Tough market for Hitta.se directory. Significant cost reductions secure margin improvement

Schibsted Growth (Sweden)

Smart Devices

Next Generation Media Identified Web

Democratization of Smartphones

Business

Next Billion Consumers The Sharing Economy Most-Enabled Entrepreneurs EVER Digital Payment IMPORTANT TRENDS Cloud and APIs Advanced Data Analytics

End-to-End

The Internet of

Things

Small and Medium E-Commerce

Digital Native Generation

WE ARE ENTERING A NEW PHASE OF THE INTERNET

1993 On the Internet, nobody knows you're a dog.

2015 On the Internet, everybody knows you're a dog.

PERSONALISED EXPERIENCES

SEAMLESS CROSS-DEVICE EXPERIENCE

NEW COMPETITION

C) Global players controlling your identity

Advertising

IMPLICATIONS FOR SCHIBSTED

32

CHANGING PRODUCT AND BUSINESS MODELS

CONVENIENCE

From Liquidity to Quality

TRUST

From Brand to Social

MARKETPLACES: SIMPLE, SOCIAL, PERSONAL

• Simple no friction
• Social trust
• Personal relevant

ADVERTISING: PERFORMANCE, TARGETED, MULTI-CHANNEL, PROGRAMMATIC

Total Schibsted reach	Mobile and cross-device
Identity based segments	Self service

SCHIBSTED'S RESPONSE

36

STARTING AT A STRONG POSITION…

LOCAL STRENGTH THROUGH GREAT BRANDS

blecket	leboncoin.fr	ANS INCLUDED	C segundamano	O Prisjakt	SERVICEFINDER's	EV nu	Rekhanei.com	fotocasa.es	Aftenpoften
Mergens 222 Tidende	Chợ Tốt.vn	AFTONBLADET	Finn,	WILLHABEN.AT®	Fædrelandsvennen	DoneDeal.je	milanuncios	KUNDKRAFT	Compricer.se
teri.	Stavanger Aftenblad	SvD	hitta	ENTERNAL	Infojobs	Mudah.my	Syapo.d	Omni)	POLITISM
Tripwell \tilde{\mathbf{A}}	Obokavard.se	$\frac{1}{1}$	B. prêt d'union	mittanbud.no	M Mobilio	MÖTESPLATSEN.st Hitta kärleken på nätet		subite.	Drive Co

GREAT LOCAL DATA

Differentiating Identity data

• Local content
• Shopping intent
• Personal finance

OUR DATA IS MORE PRECISE ON INTENT AND TIMING

Knows your personality and desires

Knows what you are looking for

When you are actually ready for it What you actually buy Whether you can afford it

2015 FOCUS: UNLOCKING LOCAL MARKET SYNERGIES USING DATA LINKED TO IDENTITY

Local news National news Marketplaces Smart services eCommerce Personal finance Price comparison +

FREQUENT NATIONAL REACH Media, marketplaces, and growth sites combined reach people enough on a daily basis to be top-of-mind

GREAT LOCAL DATA Combined data in ecosystems make it possible to compete and win against the Internet giants

LOGGED-IN ECOSYSTEMS

2015 FOCUS: NORWAYAND SWEDEN

TO DO THIS: SCALE ALSO REQUIRED

Local news National news Marketplaces Smart services eCommerce Personal finance Price comparison

FREQUENT NATIONAL REACH Media, marketplaces, and growth sites combined reach people enough on a daily basis to be top-of-mind

GREAT LOCAL DATA Combined data in ecosystems make it possible to compete and win against the Internet giants

RESOURCES AND EXPERTISE to build the product platforms and technology infrastructure needed

NOW BUILDING A GLOBAL SCHIBSTED PLATFORM

	User Experience
End user products	Media Platform	Marketplace Platform
	Advertising Platform
Data driven products	Payment
	Identity
	Analytics
	Data
Infrastructure	Infrastructure

HIRING WORLD CLASS PEOPLE

HIRING WORLD CLASS PEOPLE

INVESTING IN FUTURE GROWTH AND SUCCESS

Schibsted products and technology hiring

SEIZING FUTURE OPPORTUNITIES

50

NORWAY JOB ADS EXAMPLE: JOINING FORCES TO CREATE GREAT DATA-DRIVEN JOB PRODUCTS AND ONE STOP PURCHASING

NORWAY JOB ADS EXAMPLE: WE TARGET USERS ON OUR SITES BASED ON THEIR BEHAVIOR

A user looks at a job ad on FINN.no…: + … the user goes to other Schibsted site and is shown a banner with relevant ad on the front page:

WE USE OUR DATA AND ANALYTICS TO TARGET USERS BASED ON PROFILING

1	2 Create a segment of relevant	3
Generate list of similar ads	candidates from those who have looked at similar ads	Try to reach the relevant candidates Schibsted on media houses

WITH OUR DATA WE CAN PROFITABLY TARGET AND RE-TARGET ON ANY CHANNEL

2015 FOCUS: BUILDING A COMPETITIVE SMB SOLUTION

SMB Advertiser problem

• Focused on performance and how advertising turns into actual sales.
• Worried about time consuming processes that steals time from "the real job".
• Wary about "black box" models with uncertainty of what will be actual spend.
• Conscious about in which context and setting ads should be shown in.

Schibsted Solution

• Effective advertising based on rich targeting, e.g. demographics, purchasing intent.
• Efficient and easy to use interface focused on quickly create and launch campaigns.
• Simple to understand models that provide clear upfront understanding of spend.
• Safe and trusted brands that provide a selection of environments for advertising.

WE SEE STRONG OPPORTUNITY IN SMB MARKET

SMB advertising market (2015e)* Billion EUR

KEY TAKEAWAYS

• It is a global game. Strong international competitors.
• The web is changing from anonymous to identified. Login becomes essential.
• Traffic and data is the new currency.
• More data allow better, more relevant and personalized services.
• Investments in products and technology creating opportunities for additional revenue and profits.

FINANCE

EBITDA DEVELOPMENT IN Q4

INCOME STATEMENT SCHIBSTED GROUP

			Full year
(NOK million)	Q4 2014	Q4 2013*	2014	2013*
Operating revenues	3,874	3,832	14,975	14,870
Operating expenses	(3,421)	(3,377)	(13,034)	(13,093)	JVs (mainly online classifieds New ventures) reported with the equity
Gross operating profit (EBITDA)	453	455	1,941	1,777	method as of Q1 2014. 2013 figures
Depreciation and amortization	(118)	(119)	(467)	(476)	restated.
Share of profit (loss) of JVs and associates	(171)	(56)	(841)	(123)	Mainly printing plant close-down.
Impairment loss	(121)	(148)	(131)	(150)
Other income and expenses	(95)	871	8	647	Head-count reductions count negatively, reduced provisions and
Operating profit (loss)	(52)	1,003	510	1,675	reduced contingent considerations
Net financial items	(56)	(28)	(128)	(185)	count positively. 2013 gain related to
Profit (loss) before taxes	(108)	975	382	1,490	establishing of joint ventures.
Taxes	(83)	(125)	(509)	(453)	High tax rate mainly as tax benefit from
Profit (loss)	(191)	850	(127)	1,037	losses in Online classifieds investment
					phase are not recognized.
EPS (NOK)	-1.84	7.94	-1.67	9.43
EPS - adjusted (NOK)	-0.49	0.44	-1.46	3.90

*) Restated figures

CONTINUED STRONG GROWTH IN INVESTMENT PHASE. SPENDING TO BE CUT SIGNIFICANTLY

• Total investments over P&L NOK 293 million in Q4 2014
• 106 million affecting the EBITDA
• 187 million in joint ventures, reported below the EBITDA line
• Strong growth in traffic and number of ads in several markets
• Strong growth in Brazil new ads per day +114%

Approved new ads per day Investment phase portfolio +64% Y/Y*

Investments, mainly marketing, will be reduced with close to 50 percent in 2015

*) The graph include figures for (alphabetical order): Avito.ma, Ayosdito, Berniaga, Bomnegocio, Chotot, Custojusto, Jofogas, Kapaza, Kufar, Segundamano.mx, Tocmai, Tori, Tutti and Yapo.

DIGITAL INVESTMENTS CONTINUE IN 2015

Online classifieds Investment phase

• Spending to be reduced with close to 50% compared with 2014 level

• Affecting EBITDA negatively with around NOK Web TV 100 million – mainly VG and Aftonbladet

New online technology and online development

• Investments of NOK 100-200 million in 2015

CONTINUOUS COST FOCUS IN MEDIA HOUSES

• Further cost savings in Media Houses in 2015. One printing plant closed 1 Jan 2015
• 0-10 percent EBITDA margin expected for subscription based newspapers in 2015
• 10-15 percent EBITDA margin expected for VG and Aftonbladet in 2015

STABLE, STRONG FINANCIAL POSITION

• Diversified debt structure both by maturity and sources
• Net Interest Bearing Debt NOK 2.1 billion
• NIBD/EBITDA* at 1.1x end of Q4

*) NIBD/EBITDA according to bank definition.

Debt maturity profile

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

• High dividend compared to the target range
• A balanced dividend level in a period of digital investment
• Equals NOK 376 million based on total number of shares outstanding

HIGH REPORTED TAX RATE. UNDERLYING RATE OF AROUND 30%

Schibsted reports a high tax rate mainly because tax benefits from losses in Online classifieds Investment phase are not recognized

	Full year 2014
Reported profit (loss) before taxes	382
Share of profit (loss) of joint ventures and associated companies	841
Other losses for which no deferred tax benefit is recognized*	629
Gain on remeasurement in business combinations achieved in stages and other non-taxable gains	-185
"Adjusted" tax base	1667
Taxes	509
Adjusted effective tax rate (509/1667)	30.5%
*) Mainly online classifieds New ventures that are not in JVs.

KEY FINANCIAL FIGURES

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

Earnings per share Cash flow from operating activities/share

CAPEX Net interest bearing debt

Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

SCHIBSTED IR TEAM

Trond Berger CFO

Anders Rønning IRO

Jonas Wismer IRO, temporary during Q1 and Q2 2015

Head of IR Jo Christian Steigedal on paternity leave February-May 2015

SUMMARY

KEY TAKEAWAYS

• Real estate in France and macro recovery in Spain key growth drivers in 2015
• Significant value creation through consolidations in Online classifieds and further investments in selected markets
• Continued margin contraction in media houses during the printto-digital transition period going forward
• Step up in efforts in technology and online product development to create new revenue opportunities
• Slow start of 2015 in the Scandinavian display ad markets

APPENDICES

Spreadsheet containing detailed Q4 2014 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

BASIC INFORMATION

Ticker	Oslo Stock Exchange: SCH Reuters: SBST.OL Bloomberg: SCH NO
Number of shares (11 February 2015)	108,003,615
Treasury shares (11 February 2015)	582,218
Number of shares outstanding	107,421,397
Free float*	73%
Share price (11 February 2015)	NOK 506.50
Market cap (11 February 2015)	NOK 54.7 bn., EUR 6.3 bn., USD 7.1 bn., GBP 4.7 bn.
Average daily trading volume LTM	265,000 shares

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

KEY FINANCIAL FIGURES

Schibsted Media Group	2014	2013
Gross operating profit (EBITDA) (NOK million)	1 941	1 777
Gross operating profit (EBITDA) ex new ventures (NOK million)	2 444	2 647
Operating margins (%):
Operating margin (EBITDA)	13	12
Operating margin (EBITDA) ex new ventures	16	18
EPS (NOK)	(1.67)	9.43
Net cash flow from operating activities (NOK million)	1 230	716
Cash flow from operating activities per share (NOK)	11.46	6.67
Profit attributable to owners of the parent	(180)	1 011
Average number of shares (1 000)	107.389	107.274

CAPITAL STRUCTURE

	Full year	Full year
Schibsted Media Group	2014	2013
Investments (NOK million):
Operational investments (capex)	630	520
Shares and other holdings	1 572	935
Interest bearing borrowings (NOK million)	2 828	2 317
Net interest bearing debt (NOK million)	2 083	1 115
Interest bearing debt ratio (%)	1 6	1 4
Equity ratio(%) 1)	3 8	4 6
1) Treasury shares are offset against equity

SHAREHOLDER REGISTER

Data as of 31 December 2014
Rank Name	Holding	Share
1 Blommenholm Industrier AS	28,188,589	26.1 %
2 Folketrygdfondet	6,740,977	6.2 %
3 NWT Media AS	4,000,000	3.7 %
4 Goldman Sachs & Co Equity Segregat *	3,506,377	3.2 %
5 The Northern Trust Company Ltd. *	3,000,000	2.8 %
6 UBS AG, London Branch *	2,656,007	2.5 %
7 J.P. Morgan Chase Bank N.A. London *	2,602,283	2.4 %
8 The Bank Of New York Mellon *	2,281,938	2.1 %
9 Montague Place Custody Services *	2,102,397	1.9 %	% of foreign shareholders**	57.6 %
10 Clearstream Banking S.A. *	2,062,440	1.9 %	Number of shareholders	4,399
11 J.P. Morgan Chase Bank N.A. London *	1,760,994	1.6 %	Number of shares	108,003,615
12 Morgan Stanley & Co. LLC *	1,736,424	1.6 %	Shares ow ned by Schibsted	582,218
13 State Street Bank & Trust Company *	1,709,628	1.6 %
14 Citibank, N.A. *	1,661,610	1.5 %	Largest countries of ownership
15 State Street Bank And Trust Co. *	1,448,669	1.3 %	Norw ay**	42.4 %
16 JP Morgan Clearing Corp. *	1,417,881	1.3 %	USA	26.5 %
17 J.P. Morgan Chase Bank N.A. London *	1,376,988	1.3 %	United Kingdom	16.4 %
18 The Bank Of New York Mellon SA/NV *	1,356,498	1.3 %	Sw eden**	4.1 %
19 JPMorgan Clearing Corp. *	1,126,124	1.0 %	Luxembourg	2.6 %
20 The Northern Trust Co. *	1,059,877	1.0 %	Australia	2.7 %
Source: VPS
*) Nominee accounts
**) NWT Media AS is counted for as a Sw edish shareholder.

% of foreign shareholders**	57.6%
Number of shareholders	4.399
Number of shares	108.003.615
Shares ow ned by Schibsted	582.218

Largest countries of ownership
Norw ay**	42.4%
USA	26.5%
United Kingdom	16.4%
Sweden**	4.1%
Luxembourg	2.6%
Australia	2.7%

Data as of 31 December 2014. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

SHAREHOLDERANALYSIS

Rank Fund manager		%	Shares
1	Blommenholm Industrier AS	26.10	28,188,589
2 Baillie Gifford & Co.		8.29	8,955,112
3	Luxor Capital Group, L.P.	7.68	8,297,484
4 Folketrygdfondet		5.90	6,375,977
5 NWT Media As		3.70	4,000,000
6	Alecta pensionsförsäkring, ömsesidigt	2.78	3,000,000
7	Caledonia (Private) Investments Pty Limited	2.53	2,730,589
8	Capital Research Global Investors	2.41	2,602,283
9 Adelphi Capital LLP		2.29	2,473,888
10	Scopia Capital Management LLC	2.01	2,169,595
11	Marathon Asset Management LLP	1.98	2,138,157
12	SAFE Investment Company Limited	1.85	1,996,826
13	Tybourne Capital Management (HK) Limited	1.57	1,693,582
14 Tw eedy, Brow	ne Company LLC	1.35	1,453,359
15 Nordea Funds Oy		1.29	1,398,494
16 Sw	edbank Robur AB	1.27	1,376,988
17	Platinum Investment Management Ltd.	1.17	1,264,164
18 Danske Capital (Norw	ay)	1.11	1,194,350
19	The Vanguard Group, Inc.	1.06	1,140,786
20	Taube, Hodson, Stonex Partners, LLP	1.02	1,096,655
21 KLP Forsikring		0.99	1,066,320
22	Storebrand Kapitalforvaltning AS	0.80	859,616
23 MSD Capital, L.P.		0.75	814,677
24	Statoil Kapitalforvaltning ASA	0.74	800,873
25	Ruane, Cunniff & Goldfarb, Inc.	0.74	800,000

Source: Nasdaq OMX. Data as of 22 January 2015.

The shareholder ID data are provided by Nasdaq OMX. The data are obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX or Schibsted can guarantee the accuracy of the analysis.

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

KEY OPERATIONS – ONLINE CLASSIFIEDS

Q4	Q4			Full year
2013	2014	Finn.no (MNOK)	2014	2013	2013
348	329	Operating revenues	1,446	1,406	1,406
163	133	EBITDA	637	691	691
47 %	40 %	EBITDA margin	44 %	49 %	49 %
					FY
Q4	Q4			Full year
2013	2014	Blocket.se/Bytbil.se (MSEK)	2014	2013	2013
224	233	Operating revenues	939	866	866
118	123	EBITDA	489	448	448
53 %	53 %	EBITDA margin	52 %	52 %	52 %
Q4	Q4		Full year		FY
2013	2014	Leboncoin.fr (MEUR)	2014	2013	2013
32.8	39.2	Operating revenues	150.7	124.3	124.3
21.2	25.6	EBITDA	101.5	83.6	83.6
65 %	65 %	EBITDA margin	67 %	67 %	67 %
Q4	Q4		Full year		FY
2013	2014	SCM Spain (MEUR)	2014	2013	2013
21.8	21.9	Operating revenues	84.7	88.5	88.5
3.8	1.3	EBITDA	14.0	25.2	25.2
17 %	6 %	EBITDA margin	17 %	28 %	28 %

KEY OPERATIONS – MEDIA HOUSES

Norway Sweden

Q4	Q4	Full year
2013	2014 Verdens Gang (MNOK)	2014	2013
500	513 Operating revenues	2,009	1,951
337	315 of which offline	1,292	1,365
163	198 of which online	717	586
67	86 EBITDA	328	313
13 %	17 % EBITDA margin	16 %	16 %

Q4	Q4 Schibsted Norge subscription	Full year
2013	2014 newspapers (MNOK)	2014	2013
909	858 Operating revenues	3,381	3,571
803	707 of which offline	2,841	3,214
106	151 of which online	540	357
81	63 EBITDA	253	365
9 %	7 % EBITDA margin	7 %	10 %

Q4	Q4	Full year
2013	2014 Aftonbladet (MSEK)	2014 2013
534	511 Operating revenues	2,019 2,051
356	318 of which offline	1,320 1,430
178	193 of which online	699 621
100	74 EBITDA	237 287
19 %	14 % EBITDA margin	12 % 14 %

Q4	Q4	Full year
2013	2014 SvD (MSEK)	2014 2013
277	255 Operating revenues	960 1,033
22	17 EBITDA	35 1
8 %	7 % EBITDA margin	4 % 0 %

Q4	Q4 Schibsted Growth		Full year
2013	2014 (MSEK)	2014	2013
240	253 Operating revenues	953	857
50	55 EBITDA	207	131
21 %	22 % EBITDA margin	22 %	15 %

INVESTOR INFORMATION

Visit Schibsted's web site www.schibsted.com

IR contacts: Jo Christian Steigedal VP, Head of IR jcs@schibsted.no +47 415 08 733

Anders Christian Rønning IRO anders.christian.ronning@schibsted.no +47 916 05 660

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