Vend Marketplaces ASA — Investor Presentation 2017

May 12, 2017

Q1 2017

CEO Rolv Erik Ryssdal and CFO Trond Berger 12 May 2017

Q1 2017 HIGHLIGHTS

• Increasing exposure to fast growing OLX Brazil to 50% and Yapo Chile to 100%. Creating strong cluster of Online classifieds leading positions in 5 LatAm markets
• Continued solid revenue and EBITDA growth in Online classifieds Developed operations
• High investments in Investment phase sites in Q1 driven by stronger Shpock push. Resulting in record high reach- and engagement numbers
• Improved EBITDA in Publishing operations driven by digital growth and cost focus
• Continued expansion for Schibsted Growth personal finance portal Lendo increased revenues with 35%

AGENDA

• Media Houses
• Growth
• Finance
• Summary

Increased ownership to 50% in OLX Brazil

• Increased ownership in market leader OLX Brazil
• Taking over Telenor's 25%
• 50/50 JV with Naspers going forward
• Full control of market leader Yapo in Chile
• Taking over Telenor's 50%
• Strengthened foothold in LatAm
• Market leading sites in 5 markets, covering population of 400 million
• Exits Mudah in Malaysia, Cho Tot in Vietnam and OneKyat in Myanmar
• USD 400 million cash payment to Telenor

OLX.com.br – star performer, pushing monetization in a vast market

Q1 2017 5

Strong position in verticals – monetization ramping up

1) Source: Autobiz, April 17 2) Source: Comscore

• Volume leader private and pro
• 7x closest competitor¹ total car ads
• 1.4x closest competitor¹ for pro
• Successfully introduced pro monetization in 2016

Strong challenger in real estate

• 1 in traffic²

• Clear leader in private volumes¹
• Challenger in professional content*
• Successfully introduced pro monetization in 2016
• Separate real estate vertical launched in 2017 – Storia Imoveis

Chile: leading generalist with strong vertical positions in traffic and content

• Daily reach close to 5% of population
• Clear leader in generalist
• 44% top of mind brand awareness, compared to 22% for Mercadolibre¹
• Traffic and volume leader in cars
• Traffic leader in real estate
• Volume leader in jobs
• Strong revenue growth driven by pro monetization in cars and real estate

Q1 2017

Streamlining emerging markets portfolio, focus on LatAm

Strong cluster of leading positions in LatAm

• Exit from Malaysia, Vietnam and Myanmar
• Selected minority positions in Asia remain in JVs with Telenor, Naspers and SPH

ONLINE CLASSIFIEDS

Balanced portfolio with revenue and EBITDA growth across all units

Online classifieds

Continued growth, margin affected by advertising phasing and increased sales force

France*

• Steady, high growth from verticals
• +18% Y/Y in real estate
• +16% Y/Y in motor (underlying)
• Positive results from monetization efforts in jobs – revenues gradually ramping up
• Total growth partly supported by acquisition of MB Diffusion
• Marketing cost increased significantly Y/Y due to phasing between the quarters
• Headcount increased in Q1 mainly in sales and customer support related to verticals and display

*) Including MB Diffusion from 31 October 2016

Online classifieds

Mixed development in Spain – accelerated growth in jobs and cars

Spain*

Revenues (EUR million) and EBITDA margin

• Good performance in jobs and auto
• Strong competition in real estate focus on product development and market share
• Total growth partly supported by acquisition of Habitaclia
• Headcount increase in Q1 related to sales, product & tech

Strong growth in Norway, driven by volumes and new products

Q1 2017

• Volume increase in key verticals jobs, cars and real estate
• Strong growth in personal finance
• Easter effect positive compared to Q1 2016
• Significant marketing push in Q1 to fuel traffic growth for Finn and Shpock*
• Continued traffic growth. +14% number of visits in Q1 Y/Y

Stable underlying development in Sweden

• Continued good growth in jobs
• Revenue increase in professional cars driven by premium features
• Soft development in display advertising and private classifieds
• Limited cost increase, helped by reduced marketing spend
• Weak development for Servicefinder, as a result of lower number of customers Y/Y

^*) Growth excluding Servicefinder was 3%. EBITDA margin ex Servicefinder was 54%

Continued high revenue growth rate in Italy and Austria, limited cost increase

Other Developed markets

-5 0 5 10 15 20 25 Q1 15 Q1 16 Q1 17 Revenues EBITDA

Revenues and EBITDA (EUR million)

• Revenues +12%, cost +1% in Q1 Y/Y
• Continued high growth rate in Italy and Austria, driven by verticals and display advertising
• Growth decelerating in Ireland

Online classifieds

Strong growth in investment phase revenues – increased investments in Shpock

• Continued strong revenue growth
• OLX Brazil on track, aim to reach positive EBITDA during 2017
• Significant marketing investments in Shpock
• Strong growth in user metrics across all countries
• Y/Y increase in investment mainly due roll out in core markets Norway, Sweden and Italy

Strong growth for Shpock – highly efficient market place for miscellaneous goods

Q1 2017 17

MEDIA HOUSES

Tight cost control and digital development in Scandinavian publishing operations

Publishing operations Scandinavia Revenues and EBITDA (NOK million)

Figures include Media House Norway and Media House Sweden excluding Schibsted Growth.

Publishing

Important editorial achievements in our newspapers

VG awarded the Norwegian SKUP Award 2017 5 diplomas to Schibsted media

Editorial achievement among key objectives for the publishing units

Strong quarter in VG – revenue increase and tight cost control

• 27 percent growth in digital subscribers Y/Y
• 28% growth in digital advertising
• Mobile and web-tv leading drivers
• Strong performance in content advertising
• Strong growth in web tv advertising
• Operating expenses -7%

Successful strategy to build new business areas and increase competence through Schibsted Growth investments

Selected examples

Schibsted Growth

Accelerated momentum in Schibsted Growth

Schibsted Growth (Sweden)

Revenues (SEK million) and EBITDA margin Revenue split and growth rates (Sweden)

Lendo – a successful entry to fast growing consumer finance market

Lendo (Sweden) (full year numbers) Revenues (SEK million)

• Empowering consumers through transparency and simplicity
• Effective customer acquisition for lenders
• Scalable into additional markets
• So far launched in Norway (part of Finn.no) and in Finland
• Commission based business model

Schibsted Growth

FINANCE

Q1 Income statement Schibsted Group

(NOK million)	Q1 2017	Q1 2016
Operating revenues	4,000	3,883
Operating expenses	(3,566)	(3,462)
Gross operating profit (EBITDA) ex Investment phase	669	635
Gross operating profit (EBITDA)	434	421
Depreciation and amortization	(145)	(123)
Share of profit (loss) of JVs and associates	(58)	(43)
Impairment loss	-	-
Other income and expenses	(3)	(24)
Operating profit (loss)	228	231
Net financial items	(12)	(12)
Profit (loss) before taxes	216	219
Taxes	(174)	(144)
Profit (loss)	43	75
EPS (NOK)	0.13	0.24
EPS - adjusted (NOK)	0.15	0.29

EBITDA improvement in all operating segments

EBITDA ex Investment phase

Solid revenue growth across the Online classifieds portfolio

+17%¹ Revenues and EBITDA margin for Online classifieds Million NOK, Pro forma, including proportionate share of JVs and associates 1,313 1,636 1,861 22% 25% 23% 39% 42% 40% - 500 1,000 1,500 2,000 Q1 15 Q1 16 Q1 17 Revenues EBITDA margin EBITDA margin Developed phase

	Developed markets in Q1		External revenues, growth in local currency
	Revenue growth Y/Y	Revenue (mNOK)	EBITDA margin
E C N A R F	4 20%	553	61%
Y A W R O N	20%	452	38%
N E D E W S	2 3%	2 223	2 54%
N AI P S	5 20%	288	15%
Other developed markets3	12%	194	8%

1) Adjusted for currency fluctuations

2) Ex Servicefinder 3) Italy, Austria, Ireland, Colombia, Hungary (car vertical) and Malaysia

Reduced investments, good revenue growth expected going forward

15-20 percent Online classifieds revenue growth next 3-5 years target maintained; strong operational leverage inherent in business model.

Online classifieds Investment phase

• High investments in Q1 2017 as a result of strong push in roll-out of Shpock early in the year – well received in the market
• Full year investments are expected to go down compared to 2016, and the investments are expected to go down sequentially quarter by quarter in 2017.

Product and technology development

• EBITDA loss of the HQ/Other segment, which includes Product & Tech, estimated to increase slightly in 2017 compared to 2016 (unchanged guidance)
• Targeting increased efficiency and reduced spend on product & tech in 2018 (unchanged guidance)

CAPEX expected to increase with around NOK 100 million in 2017 compared to 2016 (unchanged guidance)

Finance

Key financial figures

NOK NOK million

CAPEX Net interest bearing debt

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 30%

• 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 Q1 2017
Reported profit (loss) before taxes	216
Share of profit (loss) of joint ventures and associates	58
Other losses for which no deferred tax benefit is recognised*	298
Gain on sale of subsidiaries, joint ventures and associates	-
Impairment losses (goodwill and associates)	-
"Adjusted" tax base	572
Taxes	174
Adjusted effective tax rate (174/572)	30.4%

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

Telenor asset swap implies net payment of USD 400 million to Telenor

• Debt financing
• Available funding
• NIBD/EBITDA would have increased to 2.3 (end Q1 2017) if transaction was in place
• Gearing level well within capacity and financial covenants
• Aim to reduce leverage to communicated target range 1x-2x

Q1 2017 HIGHLIGHTS

• Increasing exposure to fast growing OLX Brazil to 50% and Yapo Chile to 100%. Creating strong cluster of Online classifieds leading positions in 5 LatAm markets
• Continued solid revenue and EBITDA growth in Online classifieds Developed operations
• High investments in Investment phase sites in Q1 driven by stronger Shpock push. Resulting in record high reach- and engagement numbers
• Improved EBITDA in Publishing operations driven by digital growth and cost focus
• Continued expansion for Schibsted Growth personal finance portal Lendo increased revenues with 35%

APPENDICES

Spreadsheet containing detailed Q1 2017 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Q1 2017

Key operations – Online classifieds

		First quarter	Year
Norway Dev. phase (MNOK)	2017	2016	2016
Operating revenues	452	378	1,587
EBITDA	173	149	670
EBITDA margin	38 %	39 %	42 %

		First quarter
Sweden Dev. phase (MSEK)	2017	2016	2016
Operating revenues	248	247	1,040
EBITDA	126	132	587
EBITDA margin	51 %	53 %	56 %

	First quarter	Year 2016
France (MEUR)	2017
Operating revenues	61.6	51.1	214.0
EBITDA	37.5	35.1	129.2
EBITDA margin	61 %	69 %	60 %

	First quarter	Year
Spain (MEUR)	2017	2016
Operating revenues	32.0	26.8	110.7
EBITDA	4.8	3.9	23.7
EBITDA margin	15 %	15 %	21 %

Key operations – Media Houses

		First quarter
Verdens Gang (MNOK)	2017	2016	2016
Operating revenues	431	428	1,700
of which offline	226	266	1,017
of which online	205	162	683
EBITDA	88	57	272
EBITDA margin	21 %	13 %	16 %

Subscription		First quarter
newspapers (MNOK)	2017	2016	2016
Operating revenues	634	702	2,848
of which offline	481	563	2,233
of which online	153	139	615
EBITDA	32	4	161
EBITDA margin	5 %	1 %	6 %

Norway Sweden

	First quarter
Aftonbladet (MSEK)	2017	2016	2016
Operating revenues	436	462	1,933
of which offline	239	260	1,045
of which online	197	202	888
EBITDA	31	44	236
EBITDA margin	7 %	10 %	12 %

	First quarter	Year
SvD (MSEK)	2017	2016	2016
Operating revenues	225	233	951
EBITDA	11	17	74
EBITDA margin	5 %	7 %	8 %

Schibsted Growth	First quarter	Year
(MSEK)	2017	2016	2016
Operating revenues	317	263	1,150
EBITDA	66	52	279
EBITDA margin	21 %	20 %	24 %

Revenue and EBITDA split Q1 2017

Revenue split EBITDA* ex Investment phase split Online classifieds 46 % Media Houses offline* 31 % Media houses online 23 % Online classifieds 75 % Media houses 25 %

*) Media Houses offline include HQ, Other and eliminations *) EBITDA excluding HQ and Other operations

Cash flow

		First quarter
(NOK million)	2017	2016
Profit (loss) before taxes	216	219
Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	-
Depreciation, amortisation and impairment losses	145	123
Share of profit of joint ventures and associates, net of dividends received	58	43
Taxes paid	(178)	(179)
Sales losses (gains) non-current assets	-	(24)
Change in working capital	(81)	(14)
Net cash flow from operating activities	159	168
Net cash flow from investing activities	(675)	(166)
Net cash flow before financing activities	(516)	2
Net cash flow from financing activities	(6)	(251)
Effects of exchange rate changes on cash and cash equivalents	4	(18)
Net increase (decrease) in cash and cash equivalents	(518)	(267)
Cash and cash equivalents at start of period	1 268	1 891
Cash and cash equivalents at end of period	751	1 624

Financial key figures

	First quarter		Full year
Schibsted Media Group	2017	2016	2016
Gross operating profit (EBITDA) (NOK million)	434	421	2 131
Gross operating profit (EBITDA) ex. Investment phase (NOK million)	669	635	2 904
Operating margins (%):
Operating margin (EBITDA)	11	11	13
Operating margin (EBITDA) ex. Investment phase	17	17	19
EPS Basic (NOK)	0.13	0.24	2.05
Net cash flow from operating activities (NOK million)	159	168	1 506
Cash flow from operating activities per share (NOK)	0.70	0.74	6.66
Profit attributable to owners of the parent	30	54	465
Average number of shares outstanding (1 000)	226,076	225,970	226,064

Capital structure

2016
698
751
2,342
1,074
1 1
5 2

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 (8 May 2017)	108,003,615	118,803,976
Treasury shares (8 May 2017)	268,484	351,960
Number of shares outstanding	107,735,131	118,452,016
Free float*	74%	76%	*) Total number of
Share price (8 May 2017)	NOK 221.50	NOK 199.50	shares excluding
Average daily trading volume (shares)**	283,000	122,000	treasury shares and shares owned by
Market Cap total (8 May 2017)	Blommenholm NOK 47.6 bn., EUR 5.3 bn. Industrier AS.

**) Since 1 January

2017

Shareholder analysis

				% of
Rank Name	A-Shares	B-shares	Total	capital
1 Blommenholm Industrier AS	28,188,589	28,598,589	56,787,178	25.0%
2 Baillie Gifford & Co.	10,826,111	8,176,668	19,002,779	8.4%
3 Folketrygdfondet	6,511,190	10,630,056	17,141,246	7.6%
4 Adelphi Capital LLP	5,642,342	4,276,334	9,918,676	4.4%
5 NWT Media AS	4,133,300	4,306,000	8,439,300	3.7%
6 Alecta pensionsförsäkring, ömsesidigt	3,300,000	2,982,000	6,282,000	2.8%
7 DNB Asset Management AS	1,837,749	3,582,456	5,420,205	2.4%
8 Luxor Capital Group, L.P.	227,008	4,445,306	4,672,314	2.1%
9 Platinum Investment Management Ltd.	2,362,438	2,122,875	4,485,313	2.0%
10 Marathon Asset Management LLP	1,955,387	2,044,798	4,000,185	1.8%
11 Pelham Capital Ltd	0	3,809,851	3,809,851	1.7%
12 BlackRock Institutional Trust Company, N.A.	1,698,699	2,020,235	3,718,934	1.6%
13 The Vanguard Group, Inc.	1,753,383	1,938,353	3,691,736	1.6%
14 Ancient Art, L.P.	0	3,021,196	3,021,196	1.3%
15 FMR Investment Management (U.K.) Limited	2,723,800	262,847	2,986,647	1.3%
16 KLP Forsikring	821,400	2,056,824	2,878,224	1.3%
17 Mitsubishi UFJ Trust and Banking Corporation	1,530,210	1,309,070	2,839,280	1.3%
18 Nordea Funds Oy	1,663,919	1,127,761	2,791,680	1.2%
19 Storebrand Kapitalforvaltning AS	1,214,663	1,285,321	2,499,984	1.1%
20 Fidelity Worldwide Investment (UK) Ltd.	1,403,864	959,765	2,363,629	1.0%

Source: Nasdaq OMX. Data as of 18 April 2017.

Shareholders	SCHA	SCHB
% of foreign shareholders**	58.0 %	54.5 %
Number of shareholders	4,948	4,558
Number of shares	108,003,615	118,803,976
Shares owned by Schibsted	268,484	351,960

Largest country of ownership A+B (VPS)
Norway**	43.8 %
U.S.A.	22.3 %
U.K.	11.9 %
Sweden**	6.4 %
Ireland	2.6 %
Japan	2.5 %

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

Updated information and VPS register at:

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

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.

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

Espen Risholm IRO espen.risholm@schibsted.no +47 924 80 248

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