Vend Marketplaces ASA — Investor Presentation 2016

Nov 4, 2016

Q3 2016

CEO Rolv Erik Ryssdal, CFO Trond Berger, CPO Terje Seljeseth and CTO Rian Liebenberg 4 November 2016

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.

Q3 2016 Highlights

Solid growth, increased margins in Online classifieds

• Continued high revenue growth and stable margins in France
• Solid revenue growth with high margins in Scandinavia
• Slowdown in revenue growth in Spain driven by jobs and display advertising
• High revenue growth and positive EBITDA contribution in Other developed operations
• Accelerating revenue growth and cost reductions in emerging markets; losses significantly reduced

Managing transition in Media Houses

• New digital products well received, 44% growth in digital subscriptions last nine months
• 5% cost reductions in Q3 Y/Y, 12% EBITDA margin (9% in Q3 2015)
• Solid growth and margin expansion in Schibsted Growth

Active roll out strategy in Product & Tech – building base for future revenue growth

• Continued high investments in 2017 – aim to eliminate duplication and realize efficiency measures as of 2018

Broad revenue growth and EBITDA expansion in Online classifieds

Revenues and EBITDA margin for Online classifieds

Million EUR, Pro forma, including proportionate share of JVs and associates

Key developed markets revenue growth Y/Y

Solid Online classifieds revenue base in verticals

Revenue split, consolidated Online classifieds

January-September 2016

Continued growth, stable margins in Leboncoin

65 % 55 % 55 % 0 % 20 % 40 % 60 % 80 % 0 10 20 30 40 50 60 Q3 14 Q3 15 Q3 16 Revenues EBITDA margin France Revenues (EUR million) and EBITDA margin +17%

• Continued improvement in real estate monetization
• 71% of real estate agents use Leboncoin
• Market leader in terms of number of listings and traffic
• Consistent growth in cars monetization
• Market leader in terms of number of listings, traffic and number of dealers
• Increased in marketing spend; building position in jobs
• Gained market leadership measured by number of ads
• Headcount increase related to sales and product development

Temporary slowdown in growth, good cost control in Spain

Spain

Revenues (EUR million) and EBITDA margin

• Reduced growth momentum for display advertising
• Slowdown in revenue growth for recruitment
• Steady revenue growth trend for cars and real estate
• High marketing spend in Q3. Significant marketing investments will continue to support growth in the competitive generalist segment
• Improved growth expected in 2017 as a result of product developments and better market conditions

Consistent growth in Norway, driven by volumes and new products

• Cars and jobs key growth drivers; driven by price and volume
• Flat development in real estate
• Good development in new adjacent services
• Continued traffic growth. +19% number of visits in Q3 Y/Y
• Rapid growth in engagement in generalist category. Volume of listings on "Torget" +33% in Q3 Y/Y

Consistent growth and margin expansion in Sweden

• •Consistent revenue growth from cars, supported by volume increase and change in pricing model in Q4 2015
• •Successful approach to the local advertising market supports revenue growth
• •Tight cost control as a result of reduced marketing and operational efficiency measures
• •Good potential in jobs
• •Repositioning real estate offering

High growth rate and margin enhancement in Other Developed markets

Other Developed markets

Revenues and EBITDA (EUR million)

Continued good development for Online classifieds investment phase – joint ventures close to break even

Investment phase EBITDA

Million EUR, Pro forma, including proportionate share of JVs and associates

• Investment phase losses, ex Shpock, reduced
• Joint venture losses reduced quarter by quarter, driven by revenue growth and reduced cost in Brazil and other markets
• Increased investments to build Shpock
• 69% revenue growth in Investment phase in Q3 Y/Y, accelerated from

Q2 14 Q1 14 Q4 15 Q3 15 Q3 16 Q2 16 Q1 16 Q4 14 Q3 14 Q2 15 Q1 15

Note: Shpock consolidated as subsidiary as of Q3 2015. Prior to that, Shpock was reported as part of joint ventures, with proportionate share of losses.

Strong growth in traffic and positive response on monetization efforts in Brazil

Continued strong growth in visits per month in OLX (indexed)

• Leading traffic position in classifieds in Brazil
• •Strong vertical positions
• Cars: Clear leader measured by cars on the site and number of dealers
• Real estate: Leader in number of agents, #2 in number of properties listed
• Listing fees introduced on real estate and car verticals – encouraging results

Accelerating growth for Shpock in key markets

Continued strong growth in engagement

• Increased growth rates for Shpock KPIs in both UK and Germany both in Q3 and in October 2016
• Total number of app downloads 30 million

Promising results from initial monetization

• Proven models like premium placements and display advertising
• Transaction data will allow better premium placement products and more efficient advertising

Number of new listings per day accelerates

MEDIA HOUSES

Quality journalism in focus – Schibsted's newspapers set the agenda

Foundation for significant revenues developed on the back of increased number of digital subscribers

Digital subscription numbers grow rapidly, creating foundation for significant revenues Number of subscribers

Mixed advertising environment in Scandinavia

2017E

-19.1

-9.6

-20.2

2016E

-10.0

Managing structural decline, stable margins

5% cost reduction in Norway and Sweden media houses combined*

*) Adjusted for change in SEK/NOK currency rate

Accelerated growth and margin expansion in Schibsted growth

Schibsted Growth (Sweden)

Revenues (SEK million) and EBITDA margin

• Personal finance concepts Lendo and Compricer growing rapidly
• 34% revenue growth and 69% EBITDA growth for Lendo
• Effective marketing campaigns and steady growth in loan applications
• Continued good growth for price comparison service Prisjakt

Enabling long term growth

We are increasing speed of development Broadening revenue streams Unlocking value of user data

ONE GLOBAL PRODUCT AND TECH ORGANIZATION

We are building scalable platforms and reusable components

Our focus in marketplaces is on new generalist apps, verticals and common components

Aggeliopolis: Live testing beta in Greece

Rocket: Better than expected growth after MVP Launch

Messaging: Drives engagement both for buyers and sellers

Status:

■ Live in 9 sites: Vibbo, Milanuncios, Fotocasa, Segundamano, Yapo, Blocket, Finn, Kufar and Kapaza

Roadmap:

• ■LBC, Subito and more in Q1 17
• Message content extensions video, location, reply templates

Push notifications: reduce response time significantly and drives higher engagement

Enabling long term growth

We are increasing speed of development Broadening revenue streams Unlocking value of user data

FINANCE

Q3 Income statement Schibsted Group

(NOK million)	Q3 2016	Q3 2015
Operating revenues	3,798	3,673
Operating expenses	(3,226)	(3,117)
Gross operating profit (EBITDA) ex Investment phase	756	672	Y/Y comparison negatively affected by consolidation of Shpock as of Sept 2015
Gross operating profit (EBITDA)	572	556
Depreciation and amortization	(127)	(129)	Declining loss Y/Y as a result of lower Online
Share of profit (loss) of JVs and associates	(43)	(124)	classifieds investments in JVs and associates
Impairment loss	(16)	(14)	and that Shpock was included Jul-Aug 2015
Other income and expenses	(32)	794	Gains from remeasurement of previously held
Operating profit (loss)	354	1,083	equity interests
Net financial items	38	(118)
Profit (loss) before taxes	392	965	Net foreign exchange gain of NOK 16 million
Taxes	(195)	(153)	(loss of 95 million in Q3 15). Q3 16 includes NOK 41 million of gain on sale
Profit (loss)	197	812	of shares
EPS (NOK)	0.77	3.68
EPS - adjusted (NOK)	0.93	0.06

EBITDA ex Investment phase development in Q3

Norway

Sweden

and tech

EBITDA improvement in all key operating segments

EBITDA ex Investment phase

Accelerating revenue growth in Investment phase operations, high investments in Shpock

Investment phase spend

Total, including proportionate share of JVs and associates

Revenues Investment phase (EUR million)

Online classifieds investment phase spending to come down significantly in 2017

Online classifieds Investment phase	• Continue to follow strategy to establish #1 positions in markets • Continued high investments in Shpock • Total investments FY 2016 (consolidated + proportionate JVs and associates) of EUR 90-95 million FY 2016, in accordance with previous guidance • Total investments in FY 2017 expected to be significantly reduced compared to 2016
Product and technology development	• EBITDA of the HQ/Other segment, which includes Product & Tech, estimated to be negative NOK 650-700 million in the full year 2016, as previously guided • Slight increase expected in 2017 • Aim to reduce duplication and realize synergies with local organizations as of 2018

Key financial figures

NOK NOK million

CAPEX Net interest bearing debt

Note: NIBD/EBITDA according to bank definition.

CAPEX (NOK million) and CAPEX/Sales (%) Net interest bearing debt (NOK) and Ratio of Net interest bearing debt/LTM EBITDA

Earnings per share - adjusted Net cash flow from operating activities

Underlying tax rate of around 32%

■ Reported tax rate may deviate significantly from the nominal tax rates in our markets. The main reasons are:

• Share of profit (loss) of joint ventures and associates being reported net of tax
• Unrecognised tax benefits from tax losses in Online Classifieds Investment phase operations
• Non-deductible expenses or non-taxable gains

	As of Q3 2016
Reported profit (loss) before taxes	970
Share of profit (loss) of joint ventures and associates	126
Other losses for which no deferred tax benefit is recognised*	566
Non-deductible expenses and non-taxable gains	(80)
Impairment goodwill	16
"Adjusted" tax base	1,598
Taxes	505
Adjusted effective tax rate (505/1598)	31.6%

*) Mainly Online Classifieds Investment phase that are not in JVs or associates.

Q3 2016 Highlights

Solid growth, increased margins in Online classifieds

• Continued high revenue growth and stable margins in France
• Solid revenue growth with high margins in Scandinavia
• Slowdown in revenue growth in Spain driven by jobs and display advertising
• High revenue growth and positive EBITDA contribution in Other developed operations
• Accelerating revenue growth and cost reductions in emerging markets; losses significantly reduced

Managing transition in Media Houses

• New digital products well received, 44% growth in digital subscriptions last nine months
• 5% cost reductions in Q3 Y/Y, 12% EBITDA margin (9% in Q3 2015)
• Solid growth and margin expansion in Schibsted Growth

Active roll out strategy in Product & Tech – building base for future revenue growth

• Continued high investments in 2017 – aim to eliminate duplication and realize efficiency measures as of 2018

APPENDICES

Spreadsheet containing detailed Q3 2016 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Q3 2016 41

Key operations – Online classifieds

Third quarter				As of Q3	FY
2015	2016	Norway Dev. phase (MNOK)	2016	2015	2015
365	390	Operating revenues	1,197	1,134	1,472
172	178	EBITDA	529	525	652
47 %	46 %	EBITDA margin	44 %	46 %	44 %
Third quarter				As of Q3	FY
2015	2016	Sweden Dev. phase (MSEK)	2016	2015	2015
238	259	Operating revenues	788	714	958
141	160	EBITDA	456	378	530
59 %	62 %	EBITDA margin	58 %	53 %	55 %
Third quarter				As of Q3	FY
2015	2016	France (MEUR)	2016	2015	2015
43.2	50.5	Operating revenues	155.8	132.5	179.7
23.7	27.9	EBITDA	94.2	82.1	107.3
55 %	55 %	EBITDA margin	60 %	62 %	60 %
Third quarter				As of Q3	FY
2015	2016	Spain (MEUR)	2016	2015	2015
25.2	27.2	Operating revenues	82.0	72.7	99.0
7.3	7.8	EBITDA	19.0	16.2	22.6
29 %	29 %	EBITDA margin	23 %	22 %	23 %

Key operations – Media Houses

Norway Sweden

				FY
2015	2016 Verdens Gang (MNOK)	2016	2015	2015
442	401 Operating revenues	1,251	1,354	1,817
292	241 of which offline	766	890	1,186
150	160 of which online	485	464	631
74	66 EBITDA	187	191	272
17 %	16 % EBITDA margin	15 %	14 %	15 %

Third quarter		Subscription	As of Q3		FY
2015	2016	newspapers (MNOK)	2016	2015	2015
714	658	Operating revenues	2,102	2,306	3,073
586	519	of which offline	1,665	1,900	2,521
128	139	of which online	437	406	552
22	30	EBITDA	90	133	186
3 %	5 %	EBITDA margin	4 %	6 %	6 %

Third quarter			As of Q3	FY	Third quarter				As of Q3	FY
2015	2016 Verdens Gang (MNOK)	2016	2015	2015	2015	2016	Aftonbladet (MSEK)	2016	2015	2015
442	401 Operating revenues	1,251	1,354	1,817	471	464	Operating revenues	1,428	1,430	1,935
292	241 of which offline	766	890	1,186	295	265	of which offline	797	876	1,152
150	160 of which online	485	464	631	176	199	of which online	631	554	783
74	66 EBITDA	187	191	272	63	61	EBITDA	170	168	233
17 %	16 % EBITDA margin	15 %	14 %	15 %	13 %	13 %	EBITDA margin	12 %	12 %	12 %
Third quarter	Subscription		As of Q3	FY	Third quarter				As of Q3	FY
2015	2016 newspapers (MNOK)	2016	2015	2015	2015	2016	SvD (MSEK)	2016	2015	2015
714	658 Operating revenues	2,102	2,306	3,073	216	218	Operating revenues	691	687	944
586	519 of which offline	1,665	1,900	2,521	5		18 EBITDA	51	36	51
128	139 of which online	437	406	552	2 %	8 %	EBITDA margin	7 %	5 %	5 %
22	30 EBITDA	90	133	186
3 %	5 % EBITDA margin	4 %	6 %	6 %	Third quarter		Schibsted Growth		As of Q3	FY

2015	2016	(MSEK)	2016	2015	2015
250	290	Operating revenues	828	728	986
67	87	EBITDA	204	158	214
27 %	30 %	EBITDA margin	25 %	22 %	22 %

Revenue and EBITDA split Q3 2016

Revenue split EBITDA* ex Investment phase split

*) EBITDA excluding HQ and Other operations

Cash flow

		As of Q3
(NOK million)	2016	2015
Profit (loss) before taxes	970	2,251
Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	(784)
Depreciation, amortisation and impairment losses	437	389
Share of profit of joint ventures and associates, net of dividends received	155	(108)
Taxes paid	(521)	(681)
Sales losses (gains) non-current assets	(80)	(435)
Change in working capital	40	58
Net cash flow from operating activities	1,001	690
Net cash flow from investing activities	(677)	(1,310)
Net cash flow before financing activities	324	(620)
Net cash flow from financing activities	(819)	2,758
Effects of exchange rate changes on cash and cash equivalents	(8)	(29)
Net increase (decrease) in cash and cash equivalents	(503)	2,109
Cash and cash equivalents at start of period	1,891	745
Cash and cash equivalents at end of period	1,388	2,854

Financial key figures

	Per Q3		Full year
Schibsted Media Group	2016	2015	2015
Gross operating profit (EBITDA) (NOK million)	1 630	1 574	2 016
Gross operating profit (EBITDA) ex. Investment phase (NOK million)	2 222	1 933 1 932	2 560
Operating margins (%):
Operating margin (EBITDA)	14	14	13
Operating margin (EBITDA) ex. Investment phase	19	18	17
EPS (NOK)	1.70	7.88	5.79
Net cash flow from operating activities (NOK million)	1 001	690	993
Cash flow from operating activities per share (NOK)	4.43	3.20	4.56
Profit attributable to owners of the parent	383	1 699	1 263
Average number of shares (1 000)	226,070	215,512	218,135

Capital structure

		Per Q3
Schibsted Media Group	2016	2015	2015
Investments (NOK million):
Operational investments (capex)	511	352	460
Shares and other holdings	346	1 674	1 797
Interest bearing borrowings (NOK million)	2 362	3 731	2 683
Net interest bearing debt (NOK million)	974	877	792
Interest bearing debt ratio (%)	1 2	1 6	1 2
Equity ratio(%) 1)	5 0	5 0	5 1

1) Treasury shares are offset against equity

Basic information

	A-share	B-share
Ticker
Oslo Stock Exchange:	SCHA	SCHB
Reuters:	SBSTA.OL	SBSTB.OL
Bloomberg:	SCHA:NO	SCHB:NO
Number of shares (28 October 2016)	108,003,615	118,803,976
Treasury shares (28 October 2016)	283,614	505,274
Number of shares outstanding	107,710,604	118,298,702
Free float*	74%	76%
Share price (28 October 2016)	NOK 199.30	NOK 187.00	*) Total number of shares excluding treasury shares
Average daily trading volume (shares)**	230,200	142,000	and shares owned by Blommenholm Industrier AS.
Market Cap total (28 October 2016)		NOK 43.8 bn., EUR 4.8 bn.,
		USD 5.3 bn., GBP 4.3 bn.	**) Since 1 October 2015

Shareholder analysis

Rang Navn	SCHA	SCHB	Totalt	Andel
1 Blommenholm Industrier AS	28,188,589	28,598,589	56,787,178	25.0 %
2 Baillie Gifford & Co.	10,876,130	9,779,443	20,655,573	9.1 %
3 Folketrygdfondet	6,038,805	9,669,528	15,708,333	6.9 %
4 NWT Media AS	4,133,300	4,306,000	8,439,300	3.7 %
5 Luxor Capital Group, L.P.	813,964	6,621,776	7,435,740	3.3 %
6 Capital World Investors	2,529,556	4,217,449	6,747,005	3.0 %
7 Alecta pensionsförsäkring, ömsesidigt	3,225,000	2,503,000	5,728,000	2.5 %
8 Adelphi Capital LLP	2,380,809	2,015,588	4,396,397	1.9 %
9 DNB Asset Management AS	2,021,143	2,350,876	4,372,019	1.9 %
10 Platinum Investment Management Ltd.	2,137,438	2,122,875	4,260,313	1.9 %
11 Marathon Asset Management LLP	2,016,581	2,052,444	4,069,025	1.8 %
12 Pelham Capital Ltd	0	3,809,851	3,809,851	1.7 %
13 BlackRock Institutional Trust Company, N.A.	1,552,336	2,010,816	3,563,152	1.6 %
14 The Vanguard Group, Inc.	1,615,289	1,812,134	3,427,423	1.5 %
15 Caledonia (Private) Investments Pty Limited	1,704,786	1,635,804	3,340,590	1.5 %
16 Tybourne Capital Management (HK) Limited	743,089	2,454,119	3,197,208	1.4 %
17 Mitsubishi UFJ Trust and Banking Corporation	1,558,713	1,293,027	2,851,740	1.3 %
18 SAFE Investment Company Limited	1,322,732	1,468,671	2,791,403	1.2 %
19 KLP Forsikring	948,017	1,694,892	2,642,909	1.2 %
20 Nordea Funds Oy	1,168,522	1,107,370	2,275,892	1.0 %

Source: Nasdaq OMX. Data as of 10 October 2016.

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/

Shareholder register

As of 30 September 2016

			Share
28,188,589	28,598,589	56,787,178	25.0 %
5,888,805	9,669,528	15,558,333	6.9 %
4,133,300	4,306,000	8,439,300	3.7 %
2,620,528	4,217,449	6,837,977	3.0 %
3,225,000	2,503,000	5,728,000	2.5 %
2,637,450	2,264,589	4,902,039	2.2 %
2,449,459	1,760,994	4,210,453	1.9 %
225,602	3,811,591	4,037,193	1.8 %
1,945,949	1,623,618	3,569,567	1.6 %
1,750,734	1,686,469	3,437,203	1.5 %
482,899	2,943,411	3,426,310	1.5 %
1,525,358	1,529,974	3,055,332	1.3 %
1,352,475	1,698,199	3,050,674	1.3 %
1,547,094	1,343,197	2,890,291	1.3 %
1,817,570	1,071,292	2,888,862	1.3 %
1,155,964	976,527	2,132,491	0.9 %
1,034,373	860,944	1,895,317	0.8 %
896,158	988,839	1,884,997	0.8 %
915,307	956,375	1,871,682	0.8 %
900,000	900,000	1,800,000	0.8 %
	SCHA	SCHB	Total

Shareholders	SCHA	SCHB
% of foreign shareholders**	59.0 %	58.4 %
Number of shareholders	4,732	4,503
Number of shares	108,003,615	118,803,976
Shares owned by Schibsted	283,614	375,274

Largest country of ownership A+B
Norge**	41.3 %
U.S.A.	24.1 %
Storbritannia	14.0 %
Sverige**	5.3 %
Irland	2.8 %
Japan	2.5 %

**) NWT Media AS is counted as a Swedish shareholder.

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

Source: VPS

*) Nominee accounts

INVESTOR INFORMATION

Visit Schibsted's web site www.schibsted.com

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

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