Vend Marketplaces ASA — Investor Presentation 2016

May 11, 2016

Q1 2016

CEO ROLV ERIK RYSSDAL AND EVP CFO TROND BERGER 11 May 2016

Q1 2016 HIGHLIGHTS

• Continued positive development for online classifieds
• Strong revenue growth and solid margins in France and Spain
• Steady growth and good margins in Scandinavia
• Emerging markets growing well. High growth in traffic and engagement; monetization measures and reduced marketing investments drives EBITDA improvement
• Continued focus to develop vertical positions increased market share in real estate in France
• Challenging markets for media houses. Focus on developing digital products and cost measures
• Product & tech investments result in several new products being launched in Q1 including geographical ad targeting

AGENDA

■ Online Classifieds ■ Media Houses ■ Product & Tech ■ Finance ■ Summary

CONTINUED GROWTH IN TRAFFIC – STRONG MOMENTUM IN MOBILE MIGRATION

*) Finn, Blocket, BytBil, Coches.net, Donedeal IE, Fotocasa, Hasznaltauto, Infojobs Italy, Infojobs Spain, Jofogas, Kapaza, Kufar, Leboncoin, Milanuncios, Motos.net, Segundamano, Subito, Tori, Willhaben

**) Avito, OLX Brazil, Chotot, Fincaraiz, Infojobs Brasil, Mudah, Segundamano MX, Tayara and Yapo. JVs counted proportionally.

SOLID REVENUE AND EBITDA GROWTH IN ONLINE CLASSIFIEDS

Key established markets revenue growth Y/Y

*) 17 percent adjusted for currency fluctuations

STEADY, HIGH GROWTH AND HIGH MARGINS CAPTURING REAL ESTATE MARKET SHARES

• Continued progress in real estate
• 90% of P3 bundle customers signed direct contract with Leboncoin by March 2016
• Solid growth for car vertical driven by price optimization and volume
• Positive development for display advertising
• Newly launched updated site drive further mobile conversion
• 59% of visits from mobile devices in March 2016
• Seasonally low marketing spend in Q1

CONTINUED GOOD GROWTH IN SPAIN – MARGINS AFFECTED BY MARKETING INVESTMENTS

• 18% revenue growth in Q1 Y/Y
• Good revenue growth across all verticals and generalist driven by volume and price
• Good development for display ads
• Significant marketing investments particularly in the new Vibbo brand. All other cost are reduced Y/Y

MIXED VOLUME DEVELOPMENT, BETTER PRODUCT MIX AND NEW PRODUCTS SUPPORT GROWTH

• Positive development in volume and revenues for cars
• Decreased job volume due to oil and gas industry slowdown. Revenue effect mitigated by price optimizations
• Soft development in display advertising

SOLID GROWTH IN PROFESSIONAL REVENUES

• • Good revenue growth from by new verticals and professional auto
• Low marketing spend and headcount savings in the quarter supports EBITDA margin
• New product launches and good traffic growth for mobile apps
• Increased uncertainty around the acquisition of Hemnet.
  • Schibsted expects a discussion with the Swedish Competition Authority regarding potential commercially viable remedies.

ACCELERATING RATE OF MONETIZATION IN OTHER DEVELOPED OPERATIONS

Other developed operations Revenues (EUR million)

• Accelerated growth in Other developed operations
• Good growth momentum in Italy, Austria and Ireland
• Double-digit and improving margins in Austria and Ireland
• Continued investments to enhance the market position in

Austria and Malaysia.

Hungary and Colombia. Proportionate share of Joint Ventures in

STRONG KPI GROWTH IN BRAZIL – MONETIZATION RAMPING UP

• Clear traffic leadership in online classifieds; 50% growth in visits Y/Y – despite significant reduction in marketing
• Traffic volume second only to Leboncoin in the Schibsted portfolio*
• Clear market leader in car volumes, strong runner up in real estate
• Launching monetization
• Listing fees in cars and real estate
• Premium features
• Advertising

CONTINUED TARGETED INVESTMENT IN THE NATIVE APP SHPOCK

• Native app Shpock expands the online classifieds segment
• Young demography
• Easy and fast ad insertion
• Different way of navigation
• Investing in targeted markets resulting in good growth
• Gaining market share in Germany and UK; strong start in Italy
• Launches in Norway and Sweden to develop new segments

OUR USERS ARE ENVIRONMENTAL HEROES

■ The Second Hand Effect – a sustainability project across Europe

■ Schibsted has calculated the environmental benefit from secondhand trade

■ Five marketplaces, 46 million users

MEDIA HOUSES

VG AND AFTONBLADET CAPITALIZING ON OUTSTANDING REACH IN ONLINE NEWS

Total reach	51%	45%
	Million daily	unique visitors
	1.3	2.4
	0.4	0.5
	0.9	0.9
*	0.4	0.6
Paying digital subscribers	78'	231'

• Good growth in digital subscribers. Aftonbladet has 231,000 and VG 78,000 subscribers
• Continued solid revenue growth for web-tv.
• 13% local currency growth in digital revenues in Sweden; unchanged in Norway

VG+Aftonbladet

*) Readers; source TNS and Orvesto

GOOD TRACTION FOR DIGITAL SUBSCRIPTIONS – TOTAL NUMBER OF SUBSCRIBERS INCREASED SUBSCRIPTION NEWSPAPERS NORWAY

INCREASE IN NUMBER OF SUBSCRIBERS, SIGNIFICANT DECLINE IN ADVERTISING SUBSCRIPTION NEWSPAPERS NORWAY

• Stable circulation revenues
• Advertising still soft
• Print advertising revenues -26%
• Online advertising revenues -12%
• Operating expenses reduced by 7%
• Further cost measures being implemented

SCHIBSTED GROWTH PORTFOLIO WITH GOOD POSITIONS IN FAST GROWING SEGMENTS

• Portfolio of strong online brands in Sweden and selected other markets
• Continued good growth and margin enhancement for personal finance
• Strong growth for price comparison after investments in market positions
• Stabilization of Hitta.se

BROAD-BASED GROWTH AND MARGIN IMPROVEMENT FOR SCHIBSTED GROWTH

PRODUCT & TECHNOLOGY

Q1 2016

INVESTMENTS IN PRODUCT & TECHNOLOGY

Recap from Schibsted's Q4 2015 presentation:

PRODUCT AND TECH INVESTMENTS HELPS HIGH PACE OF INNOVATION IN ONLINE CLASSIFIEDS AND MEDIA HOUSES (1)

Examples launched in the market

PRODUCT AND TECH INVESTMENTS HELPS HIGH PACE OF INNOVATION IN ONLINE CLASSIFIEDS AND MEDIA HOUSES (2)

Examples launched in the market

INNOVATIONS IN ONLINE CLASSIFIEDS, ADVERTISING AND ECO SYSTEMS IN PIPELINE FOR 2016 AND BEYOND

In the pipeline

Online classifieds innovation

• Global online classifieds platform speed up innovation and rollouts
• Improved messaging products places the classifeds site closer to the transaction
• Next generation classifieds model will improve user experience and extract more revenues from the market

Advertising and eco systems innovation

• Improved in-house ad targeting capabilities: gender, age, interest, intent
• Personalization of news services increase relevance and strengthen loyalty
• Increased transparency and user involvement gradual development of privacy dashboard

FINANCE

Q1 INCOME STATEMENT SCHIBSTED GROUP

(NOK million)	Q1 2016	Q1 2015
Operating revenues	3,883	3,694
Operating expenses	3,462	3,318
Gross operating profit (EBITDA) ex Investment phase	635	508
Gross operating profit (EBITDA)	421	376	NOK 450 million gain from
Depreciation and amortization	(123)	(118)	establishment of Naspers JVs.
Share of profit (loss) of JVs and associates	(43)	354
Impairment loss	-	(6)
Other income and expenses	(24)	267
Operating profit (loss)	231	873
Net financial items	(12)	(27)	Gain on sale of Aspiro and online
Profit (loss) before taxes	219	846	classifieds operations in Romania of NOK 287 million.
Taxes	(144)	(112)
Profit (loss)	75	734
EPS (NOK)	0.24	3.08
EPS - adjusted (NOK)	0.29	2.10

EBITDA DEVELOPMENT IN Q1

EXCLUDING INVESTMENT PHASE

CONTINUED ORGANIC INVESTMENTS – STEADY GROWTH IN USER METRICS

Investment phase spend

• Main driver for investment spend is Mexico and Shpock. Significant potential for value creation
• Reduced investments in Brazil, Chile and early stage European markets

DIGITAL INVESTMENTS IN 2016

Online classifieds Investment phase

• Continue to follow strategy to establish #1 positions in markets
• Continued high investments in Shpock.
• Total investments (consolidated+JVs) of EUR 80-100 million

New online product and technology development

• Around NOK 250-300 million included in EBITDA, compared to NOK 150 million in 2015 (unchanged since Q4 2015 report)

KEY FINANCIAL FIGURES

NOK NOK million

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q1 16

CAPEX Net interest bearing debt

Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

Earnings per share - adjusted Net cash flow from operating activities

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

UNDERLYING TAX RATE OF AROUND 31%

• 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 associated companies being reported net of tax
• Unrecognised tax benefits from tax losses in Online classifieds Investment phase operations
• Non-deductible expenses or non-taxable gains

	Q1 2016
Reported profit (loss) before taxes	219
Share of profit (loss) of joint ventures and associated companies	43
Other losses for which no deferred tax benefit is recognised*	230
Non-deductible expenses and non-taxable gains	(24)
"Adjusted" tax base	468
Taxes	144
Adjusted effective tax rate (144/468)	31%

*) Mainly online classifieds Investment phase that are not in JVs or associated companies.

STABLE, STRONG FINANCIAL POSITION

• Repayment of short term debt during Q1
• Diversified debt structure both by maturity and sources
• Net Interest Bearing Debt NOK 789 million
• NIBD/EBITDA* at 0.4x end of Q4

*) NIBD/EBITDA according to bank definition.

DIVIDEND OF NOK 1.75 PROPOSED

Dividend policy (summary)

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

• A balanced dividend level in a period of digital investment
• Equals NOK 395 million based on total number of shares outstanding

KEY TAKE-AWAYS

• Continued positive development for online classifieds
• Strong revenue growth and solid margins in France and Spain
• Steady growth and good margins in Scandinavia
• Emerging markets growing well. High growth in traffic and engagement; monetization measures and reduced marketing investments drives EBITDA improvement
• Continued focus to develop vertical positions increased market share in real estate in France
• Challenging markets for media houses. Focus on developing digital products and cost measures
• Product & tech investments result in several new products being launched in Q1 including geographical ad targeting

SAVE THE DATE! SCHIBSTED INVESTOR DAYS 2016 LONDON 27 SEPTEMBER NEW YORK 28 SEPTEMBER

Q1 2016 37

APPENDICES

Spreadsheet containing detailed Q1 2016 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

KEY OPERATIONS – ONLINE CLASSIFIEDS

	Q1	Q1	FY
France (MEUR)	2016	2015	2015
Operating revenues	51.1	42.9	179.7
EBITDA	35.1	29.6	107.3
EBITDA margin	69 %	69 %	60 %
	Q1	Q1	FY
Spain (MEUR)	2016	2015	2015
Operating revenues	26.8	22.8	99.0
EBITDA	3.9	2.2	22.6
EBITDA margin	15 %	10 %	23 %
	Q1	Q1	FY
Norway Dev. phase (MNOK)	2016	2015	2015
Operating revenues	378	373	1,472
EBITDA	149	150	652
EBITDA margin	39 %	40 %	44 %
	Q1	Q1	FY
Sweden Dev. phase (MSEK)	2016	2015	2015
Operating revenues	247	221	958
EBITDA	132	110	530
EBITDA margin	53 %	50 %	55 %

KEY OPERATIONS – MEDIA HOUSES

	Q1	Q1	FY
Verdens Gang (MNOK)	2016	2015	2015
Operating revenues	428	458	1,817
of which offline	266	296	1,186
of which online	162	162	631
EBITDA	57	53	272
EBITDA margin	13 %	12 %	15 %
Subscription	Q1	Q1	FY
newspapers (MNOK)	2016	2015	2015
Operating revenues	702	792	3,073
of which offline	563	659	2,521
of which online	139	133	552
EBITDA	4	41	186
EBITDA margin	1 %	5 %	6 %

Norway Sweden

Q1	Q1	FY
2016	2015	2015
462	455	1,935
260	277	1,152
202	178	783
44	34	233
10 %	7 %	12 %
Q1	Q1	FY
2016	2015	2015
233	228	944
17	12	51
7 %	5 %	5 %
Q1	Q1	FY
2016	2015	2015
263	238	986
52	42	214
20 %	18 %	22 %

CASH FLOW

	As of Q1
(NOK million)	2016	2015
Profit (loss) before taxes	219	846
Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	-
Depreciation, amortisation and impairment losses	123	124
Share of profit of joint ventures and associates, net of dividends received	43	(354)
Taxes paid	(179)	(213)
Sales losses (gains) non-current assets	(24)	(291)
Change in working capital	(14)	(130)
Net cash flow from operating activities	168	(18)
Net cash flow from investing activities	(166)	(289)
Net cash flow before financing activities	2	(307)
Net cash flow from financing activities	(251)	(117)
Effects of exchange rate changes on cash and cash equivalents	(18)	(36)
Net increase (decrease) in cash and cash equivalents	(267)	(460)
Cash and cash equivalents at start of period	1,891	745
Cash and cash equivalents at end of period	1,624	285

Mainly Capex, financing of online classifieds joint ventures and sale of shares in 20 Minutes France

Mainly debt repayment

KEY FINANCIAL FIGURES

	Per Q1		Full year
Schibsted Media Group	2016	2015	2015
Gross operating profit (EBITDA) (NOK million)	421	376	2,016
Gross operating profit (EBITDA) ex. Investment phase (NOK million)	635	508	2,560
Operating margins (%):
Operating margin (EBITDA)	11	10	13
Operating margin (EBITDA) ex. Investment phase	17	14	17
EPS (NOK)	0.24	3.08	5.79
Net cash flow from operating activities (NOK million)	168	(18)	993
Cash flow from operating activities per share (NOK)	0.74	(0.08)	4.56
Profit attributable to owners of the parent	54	663	1,263
Average number of shares (1 000)	225,970	214,851	218,135

CAPITAL STRUCTURE

	Per Q1		Full year
Schibsted Media Group	2016	2015	2015
Investments (NOK million):
Operational investments (capex)	153	129	460
Shares and other holdings	6 2	568	1,797
Interest bearing borrowings (NOK million)	2,413	2,752	2,683
Net interest bearing debt (NOK million)	789	2,467	792
Interest bearing debt ratio (%)	1 1	1 6	1 2
Equity ratio(%) 1)	5 2	4 1	5 1
1) Treasury shares are offset against equity

CONTINUED GOOD GROWTH OF KPIS IN INVESTMENT PHASE PORTFOLIO

Approved new ads per day Investment phase portfolio +51% Y/Y*

*) The graph include figures for (alphabetical order): Avito.ma, Chotot, Jofogas, Kapaza, Kufar, OLX Brazil, Shpock, Segundamano.mx, Tori.fi and Yapo. Proportionate share of new ads for JVs. Note: Shpock is not included in the data.

BASIC INFORMATION

	A-share	B-share
Ticker Oslo Stock Exchange: Reuters: Bloomberg:	SCHA SBSTA.OL SCHA:NO	SCHB SBSTB.OL SCHB:NO
Number of shares (3 May 2016)	108,003,615	118,803,976
Treasury shares (3 May 2016)	293,011	411,933
Number of shares outstanding	107,710,604	118,392,043
Free float*	74%	76%
Share price (3 May 2016)	NOK 233.70	NOK 228.10
Average daily trading volume (shares)**	262,000	193,000
Market Cap total (3 May 2016)		NOK 52.2 bn., EUR 5.6 bn., USD 6.5 bn., GBP 4.4 bn.

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS. **) Since 1 June 2015

SHAREHOLDER REGISTER

As of 11 April 2016

Rank Name	SCHA	SCHB	Total	Share
1 Blommenholm Industrier AS	28,188,589	28,598,589	56,787,178	25.0 %
2 Folketrygdfondet	5,940,415	8,223,080	14,163,495	6.2 %
3 NWT Media AS	4,000,000	4,306,000	8,306,000	3.7 %
4 J.P. Morgan Chase Bank N.A. London*	2,882,283	5,107,283	7,989,566	3.5 %
5 The Northern Trust Company Ltd.*	3,292,000	2,430,000	5,722,000	2.5 %
6 Deutsche Bank AG*	458,642	5,051,634	5,510,276	2.4 %
7 UBS AG, London Branch*	2,899,139	2,505,726	5,404,865	2.4 %
8 State Street Bank and Trust Co.*	2,250,603	2,357,723	4,608,326	2.0 %
9 Goldman Sachs & Co Equity Segregat*	941,852	3,478,193	4,420,045	1.9 %
10 UBS AG, London Branch*	2,133,450	2,191,996	4,325,446	1.9 %
11 Clearstream Banking S.A.*	1,897,296	1,752,976	3,650,272	1.6 %
12 J.P. Morgan Chase Bank N.A. London*	1,760,994	1,760,994	3,521,988	1.6 %
13 Morgan Stanley & Co. International*	1,886,011	1,587,707	3,473,718	1.5 %
14 The Northern Trust Co.*	1,411,196	1,278,023	2,689,219	1.2 %
15 The Bank of New York Mellon*	1,128,137	1,474,429	2,602,566	1.1 %
16 State Street Bank and Trust Co*	960,118	1,554,741	2,514,859	1.1 %
17 State Street Bank & Trust Company*	1,299,311	1,133,568	2,432,879	1.1 %
18 Morgan Stanley & Co. Llc*	930,352	1,480,827	2,411,179	1.1 %
19 Adelphi Investment Funds Public	1,155,964	976,527	2,132,491	0.9 %
20 Baillie Gifford Gl Alpha Pen Fund	989,889	989,889	1,979,778	0.9 %

Shareholders	SCHA	SCHB
% of foreign shareholders**	57.3 %	59.8 %
Number of shareholders	4,828	4,453
Number of shares	108,003,615	118,803,976
Shares ow ned by Schibsted	293,011	469,225

Largest country of ownership A+B
Norw ay**	39.2 %
USA	23.3 %
United Kingdom	18.0 %
Sw eden**	6.3 %
Luxembourg	2.3 %
Japan	2.3 %
**) NWT Media AS is counted as a Sw edish

shareholder.

Source: VPS

*) Nominee accounts

SHAREHOLDERANALYSIS

Rank Name	% of	A Shares	B Shares	Total
	capital			shares
1 Blommenholm Industrier AS	25.04 %	28,188,589	28,598,589	56,787,178
2 Baillie Gifford & Co.	8.48 %	9,293,876	9,880,934	19,174,810
3 Folketrygdfondet	6.27 %	5,940,415	8,223,080	14,163,495
4 Luxor Capital Group, L.P.	4.37 %	2,463,758	7,413,018	9,876,776
5 Adelphi Capital LLP	4.25 %	5,077,856	4,521,314	9,599,170
6 NWT Media AS	3.59 %	4,000,000	4,306,000	8,306,000
7 Capital World Investors	3.53 %	2,882,283	5,107,283	7,989,566
8 Caledonia (Private) Investments Pty Limited	2.80 %	3,311,950	3,025,705	6,337,655
9 Alecta pensionsförsäkring, ömsesidigt	2.53 %	3,292,000	2,430,000	5,722,000
10 Tybourne Capital Management (HK) Limited	2.22 %	2,297,434	2,720,181	5,017,615
11 Marathon Asset Management LLP	1.73 %	1,957,695	1,946,773	3,904,468
12 Pelham Capital Ltd	1.69 %	0	3,809,851	3,809,851
13 BlackRock Institutional Trust Company, N.A.	1.60 %	1,863,548	1,746,495	3,610,043
14 SAFE Investment Company Limited	1.49 %	1,684,086	1,678,780	3,362,866
15 The Vanguard Group, Inc.	1.47 %	1,578,591	1,737,782	3,316,373
16 Sw edbank Robur Fonder AB	1.30 %	1,399,988	1,530,029	2,930,017
17 Platinum Investment Management Ltd.	1.11 %	1,255,736	1,242,155	2,497,891
18 KLP Forsikring	1.10 %	1,004,074	1,475,831	2,479,905
19 Mitsubishi UFJ Trust and Banking Corporation	0.90 %	1,128,172	910,420	2,038,592
20 Eton Park Capital Management, L.P.	0.90 %	1,443,913	586,470	2,030,383

Source: Nasdaq OMX. Data as of 11 April 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/

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