Vend Marketplaces ASA — Investor Presentation 2018

May 3, 2018

Q1 2018

CEO Rolv Erik Ryssdal, CFO Trond Berger, CEO Schibsted Marketplaces Sondre Gravir 3 May 2018

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.

• Marketplaces
• Publishing
• Growth
• Finance
• Summary

3

Q1 2018 – Continuing to grow profits while reducing investments

• Marketplaces: Revenues continue to increase

• Revenues up 14%* (17% in NOK); EBITDA margin up 6%-points to 30%
• Driving monetization by broadening product portfolio and footprint in verticals
• France, Spain, Norway and Brazil all showing strong developments in Q1
• Reducing investment phase losses
• Publishing: Continued digital growth
• Growing digital subscriptions revenue with 26% in Q1; digital advertising revenues +7%
• Total revenue +3%, EBITDA margin 6% managing the structural change, as expected

• Schibsted Growth: Continues to expand

• Revenues up 21% to NOK 456m. EBITDA margin increased to 22%
• Personal finance portal Lendo increased revenues by 46% with 44% EBITDA margin

*) Including proportionate share of JVs, adjusted for currency and negative IFRS 15 impact.

Marketplaces

5

We maintain our 15-20% annual growth target

Focus on cash flow and profitability improvement

Pro forma, including contribution from joint ventures and associates as if we had consolidated the companies proportionately

Focus on improved cash flow and profitability

Strengthening verticals in existing markets

MARKETPLACES Q1 UPDATE BY ASSET

Continued growth in revenues and traffic in France

France¹

• • Consistent high revenue growth rate for verticals
  • Price optimization supported by product enhancements
  • Ramping up in jobs
  • Good start of integration with A Vendre A Louer
• 15-20% revenue growth in the Motor and Real estate verticals, jobs grew more than 100%
• Solid traffic growth of 10% Y/Y supported by marketing push and new mobile features on apps

1) Including Leboncoin, MB Diffusion, Avendre A Louer and Kudoz 2) Comparable figures excluding effect from IFRS 15

Strong growth in Norway, driven by volumes and new products

^*) Comparable figures excluding effect from IFRS 15.

• Volume increase and price optimization in jobs and real estate
• Low activity during Easter affects Q1 negatively
• Continued good performance by "Blink" targeted distribution of real estate and jobs classifieds
• Limited cost increase, as Q1 17 was high on marketing and personnel
• Improved revenue trend in April

Solid growth in jobs and cars in Spain

Spain

Revenues (NOK million) and EBITDA margin

• Good performance in jobs and cars in Q1
• Improved trends in real estate visits +31% in Q1 Y/Y and increased revenue growth
• Reduced marketing spend Y/Y

Revenue decline and marketing push in cars

• Revenue decline in private cars driven by early Easter and cold weather
• Revenue increase in professional cars driven by premium features
• Accelerated product development
• Blocket continues to deliver supremely on leads to car dealers
• Blocket car traffic 10x competitor
• Soft development in display advertising
• Improved revenue trend in April

*) Comparable figures excluding effect from IFRS 15.

Strong development in emerging markets and reduced investments in Shpock in Q1 and onwards

• Targeting FY 2018 investment phase losses of EUR 40-50 million
• Reduced from EUR 78 million in 2017
• Strong revenue growth in Brazil, limited cost increase
• Shpock investments reduced
• Chile, Finland, Hungary, Belarus and Morocco close to break even
• Continued investments in Mexico

Investment phase EBITDA

(EUR million including our proportionate share of JVs)

Continued positive development for Shpock – on track to volume leadership in the UK

Continued good volume growth in the UK New listings per month

▪ Adding new advertising solutions

• Optimizing private seller products
• Evolving product for verticals
• Developing features to fit needs of private and professional sellers
• Rolling out professional seller tools starting with general merchandise
• Launching more features and market activities within cars

We are well positioned for further growth through focus on attractive and defendable verticals

We have built leadership positions in attractive markets with potential for increased value market share

Source: Mediametrie, Geminus, Similarweb, Comscore – competitive positions based on traffic. Spain: SCM Spain aggregated position

Marketplaces

Runway for growth – low monetization for market leading sites outside Scandinavia

Large headroom in revenue / internet capita

Marketplaces

The Schibsted Strategy of converting traffic leadership into revenue growth continues…

Value capturing

Marketplaces

…while being refined to focus on verticals and large value drivers

Deepen vertical roots Converge platforms Refine focus

• Providing valuable tools for dealers and agents
• Build barriers to entry for new players

• Strengthen the service for the "demand side"

• Building tomorrow's classifieds services

• Utilizing global scale on selected components

• Exit from non-core geographies

• Targeting M&A/consolidation
• Innovating products with "big sites first approach"

Continued product development

Selected examples

REUSING TOOLS AND COMPONENTS ACROSS MARKETS WHERE POSSIBLE

In France we see 15-20 percent annual growth potential medium term

We have grown revenues with 20% annually… (million EUR, 12m rolling)

… and plan to increase market shares in cars, real estate and jobs verticals…

(2017 Online classifieds market, size million EUR*)

… over the next 2-4 years

• Strengthen product portfolio in verticals
• Increase penetration among car dealers and real estate agents
• Optimize price structures
• Facilitate transactions
• Leverage traffic to increase market share in display advertising
• Explore adjacent businesses

Creating opportunities in the New Construction market through consolidation

In Spain we see solid growth potential medium term

Growth acceleration (million EUR, 12 month rolling)

Product development support strong traffic trends in real estate and cars (Growth in monthly visits, Q1 2018 YOY)

In Brazil, we have built strong market positions in generalist and verticals

• 7 million daily active users

• 80% of traffic is mobile

• 1 by traffic in Online classifieds

• Top of mind brand in general classifieds
• 15th largest online site in Brazil

Brazil is at an early stage of monetization with significant potential to grow revenues with high margins

Publishing

Continued digital growth, managing print decline

Publishing operations Scandinavia

Revenues and EBITDA-margin (NOK million)

Continued digital growth and solid margins in VG and Aftonbladet

VG and Aftonbladet

Revenues and EBITDA-margin (NOK million)

Strong growth in digital subscriptions in VG Subscripbers to VG+

Continued growth for digital subscribers in morning newspapers

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

*) "Complete" + weekend only

Strong journalistic achievements

"Five feet below" – a story of a woman trapped in an avalanche, and the desperate struggle to rescue her from the snow

VG won the International prize and two diplomas at the 2018 SKUP awards "Five feet below" – Bergens Tidende

"The white rage" won the International prize at the 2018 SKUP awards. "Child protection billions" and "The neglected bridges" won diplomas

SCHIBSTED GROWTH

A strong portfolio of digital services

Schibsted Growth*

Revenues (NOK million) and EBITDA margin A strong portfolio of digital services

*) All figures are excluding Hitta.se (divested end of July 2017)

Lendo – strong growth in a fast developing consumer finance market

Lendo

Revenues (NOK million) and EBITDA-margin

• Effective customer acquisition for lenders
• Fully digital process 1 loan application reaching 25 banks
• Scalable into additional markets
• So far launched in Norway and in Finland

••○○ N Telenor হ
	16.52	* 72
	A Lendo AB
Lendo *	Kundtjänst OLogg
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Lånebelopp:	Lånetid:
225 000 kr	10 ar
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Personnummer	Mobiltelefon
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We plan to reduce investments, while growing revenue well going forward

15-20 percent Online classifieds revenue growth next 3-5 years target maintained; focus on cash flow and profitability improvement in 2018 and beyond

Online classifieds investment phase: Losses reduced to EUR 40-50 million in 2018 (from 78 million in 2017)

Media Houses With a continued weak print ads trend, some margin contraction is to be expected in 2018

HQ/Other EBITDA losses unchanged or slightly reduced compared to 2017

CAPEX Unchanged or slightly reduced compared to 2017

Finance

Q1 income statement Schibsted Group

	First quarter
(NOK million)	Q1 2017	Q1 2018
Operating revenues	4,000	4,357
Operating expenses	(3,566)	(3,746)
Gross operating profit (EBITDA) ex Investment phase	662	754
Gross operating profit (EBITDA)	434	610
Depreciation and amortization	(145)	(172)
Share of profit (loss) of JVs and associates	(58)	(6)
Impairment loss	-	(5)
Other income and expenses	(3)	(10)
Operating profit (loss)	228	417
Net financial items	(12)	(28)
Profit (loss) before taxes	216	389
Taxes	(174)	(220)
Profit (loss)	43	169
EPS (NOK)	0.13	0.67
EPS - adjusted (NOK)	0.15	0.72

Positive contribution from Brazil, negative from Asia and Polaris Media

EBITDA development in Q1 2018

Finance

IFRS 15 and IFRS 16 impact

IFRS 15 – New revenue recognition standard

• Implemented in Schibsted as of Q1 2018
• Negative effect on revenue and EBITDA of around NOK 22 million in Q1 2018
• Certain classifieds revenues being recognized over a longer period than previously
• The effect in Q2 to Q4 is expected to be less significant than in Q1
• No impact in Publishing nor Growth

IFRS 16 – New financial reporting standard for leasing

• IFRS 16 for leases will be implemented Q1 2019
• Current lease expenses indicate that this will have a positive impact of EBITDA in the magnitude of NOK 500 million

Key financial figures

NOK NOK million

CAPEX Net interest bearing debt

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

Ambitions for market consolidation and bolt-on acquisitions

• NIBD/EBITDA 0.9 end of Q1 (target range 1x-2x)
• Balance sheet strengthened by equity raise in November 17
• Solid base to participate in consolidation and conduct on bolt-on acquisitions within online classifieds
• Balanced portfolio of long-term debt and available credit facilities

Debt maturity profile

Dividend of NOK 1.75 proposed

• 32% of cash flow from operating activities
• A balanced dividend level in a period of digital investment
• Equals NOK 417 million based on total number of shares outstanding

Dividend policy (extract)

(…) place emphasis on paying a stable to increasing dividend amount over time (…)

Underlying tax rate stable 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 and product & tech development
• Non-deductible expenses or non-taxable gains

	Q1 2018
Reported profit (loss) before taxes	389
Share of profit (loss) of joint ventures and associates	6
Other losses for which no deferred tax benefit is recognised	360
Gain on sale of subsidiaries, joint ventures and associates	-
Impairment losses (goodwill and associates)	-
"Adjusted" tax base	755
Taxes	220
Adjusted effective tax rate	29.2%

Q1 2018 – Continuing to grow profits while reducing investments

• Online Classifieds: Revenues continue to increase

• Revenues up 14%* (17% in NOK); EBITDA margin up 6%-points to 30%
• Driving monetization by broadening product portfolio and footprint in verticals
• France, Spain, Norway and Brazil all showing strong developments in Q1
• Reducing investment phase losses
• Publishing: Continued digital growth
• Growing digital subscriptions revenue with 26% in Q1; digital advertising revenues +7%
• Total revenue +3%, EBITDA margin 6% managing the structural change, as expected

• Schibsted Growth: Continues to expand

• Revenues up 21% to NOK 456m. EBITDA margin increased to 22%
• Personal finance portal Lendo increased revenues by 46% with 44% EBITDA margin

APPENDICES

Spreadsheet containing detailed Q1 2018 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Q1 2018

Key operations – Marketplaces

(NOK million)	First quarter	Full year
Norway developed phase	2018	2017	yoy %	2017
Operating revenues	408	392	4 %	1,628
Operating expenses	236	238	-1 %	940
EBITDA	172	154	12 %	688
EBITDA-margin	42 %	39 %		42 %

(EUR million)	First quarter	Full year
France developed phase	2018	2017	yoy %	2017
Operating revenues	73.0	61.8	18 %	259.8
Operating expenses	32.2	24.3	33 %	107.3
EBITDA	40.9	37.5	9 %	152.5
EBITDA-margin	56 %	61 %		59 %

(EUR million)	First quarter	Full year
Spain developed phase	2018	2017	yoy %	2017
Operating revenues	38	32	18 %	138
Operating expenses	28	27	4 %	103
EBITDA	9	5	98 %	35
EBITDA-margin	25 %	15 %		25 %

(SEK million)	First quarter		Full year
Sweden developed phase	2018	2017	yoy %	2017
Operating revenues	229	242	-6 %	1,035
Operating expenses	124	111	11 %	458
EBITDA	105	131	-20 %	577
EBITDA-margin	46 %	54 %		56 %

Key operations – Publishing and Growth

Publishing Growth

(NOK million)	First quarter	Full year
VG (Verdens Gang)	2018	2017	yoy %	2017
Operating revenues	443	431	3 %	1,746
- online	235	205	15 %	863
- offline	208	226	-8 %	882
Operating expenses	363	343	6 %	1,407
EBITDA	80	88	-10 %	339
EBITDA-margin	18 %	21 %		19 %

(NOK million)	First quarter	Full year
Aftonbladet	2018	2017	yoy %	2017
Operating revenues	415	419	-1 %	1,830
- online	215	190	14 %	887
- offline	199	230	-13 %	943
Operating expenses	379	387	-2 %	1,568
EBITDA	35	32	9 %	262
EBITDA-margin	9 %	8 %		14 %

(NOK million)		First quarter	Full year
Subscription based newspapers	2018	2017	yoy %	2017
Operating revenues	859	867	-1 %	3,525
- online	218	200	9 %	840
- offline	640	667	-4 %	2,685
Operating expenses	828	826	0 %	3,272
EBITDA	30	41	-26 %	253
EBITDA-margin	4 %	5 %		7 %

(NOK million)	First quarter		Full year
Lendo Group	2018	2017	yoy %	2017
Operating revenues	215	147	46 %	704
Operating expenses	121	92	31 %	411
EBITDA	95	55	73 %	293
EBITDA-margin	44 %	37 %		42 %

Continued revenue growth in Italy and Ireland, limited cost increase

Other Developed markets

Revenues and EBITDA-margin (NOK million)

• Continued revenue growth in Italy
• Verticals and display advertising drive growth
• Low growth rate in Ireland

Cash flow

	31 March
(NOK million)	2017	2018
Profit (loss) before taxes	216	389
Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	-
Depreciation, amortisation and impairment losses	145	177
Net effect pension liabilities	(87)	(70)
Share of loss (profit) of joint ventures and associates, net of dividends received	58	6
Taxes paid	(178)	(194)
Sales losses (gains) non-current assets and other non-cash losses (gains)	-	(7)
Change in working capital and provisions	6	33
Net cash flow from operating activities	159	335
Net cash flow from investing activities	(675)	(158)
Net cash flow before financing activities	(516)	177
Net cash flow from financing activities	(6)	15
Effect of exchange rate changes on cash and cash equivalents	4	(13)
Net increase (decrease) in cash and cash equivalents	(518)	179
Cash and cash equivalents at start of period	1,268	1,626
Cash and cash equivalents at end of period	751	1,805

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 (25 April 2018)	108,003,615	130,684,373
Treasury shares (25 April 2018)	254,910	111,979
Number of shares outstanding	107,748,705	130,572,394
Free float*	74%	78%
Share price (25 April 2018)	NOK 234.00	NOK 212.00	*) Total number of shares excluding treasury shares
Average daily trading volume (shares)**	249,000	128,000	and shares owned by Blommenholm Industrier AS.
Market Cap total (25 April 2018)		NOK 53.0 bn., EUR 5.5 bn.,
		GBP 4.8 bn., USD 6.7 bn.,	**) Since 1 January 2018

Shareholder analysis

			% of
A-Shares	B-shares	Total	capital
28,188,589	28,598,589	56,787,178	23.8%
6,863,757	10,923,543	17,787,300	7.5%
7,876,785	6,639,626	14,516,411	6.1%
4,953,669	3,775,451	8,729,120	3.7%
4,274,300	4,100,000	8,374,300	3.5%
2,712,147	4,625,653	7,337,800	3.1%
3,464,000	3,633,600	7,097,600	3.0%
1,746,310	4,740,668	6,486,978	2.7%
3,062,141	3,402,301	6,464,442	2.7%
3,815,667	2,148,327	5,963,994	2.5%
2,075,214	2,325,747	4,400,961	1.8%
0	4,209,851	4,209,851	1.8%
0	3,722,562	3,722,562	1.6%
1,894,978	1,809,803	3,704,781	1.6%
1,613,765	1,523,505	3,137,270	1.3%
514,785	2,525,619	3,040,404	1.3%
1,512,750	1,463,733	2,976,483	1.2%
2,159,781	771,870	2,931,651	1.2%
1,215,026	1,690,235	2,905,261	1.2%
9,173	2,781,333	2,790,506	1.2%

Source: Nasdaq OMX. Data as of 17 April 2018.

Shareholders	SCHA	SCHB
% of foreign shareholders**	58.2 %	57.0 %
Number of shareholders	4,435	4,298
Number of shares	108,003,615	130,684,373
Shares owned by Schibsted	254,910	111,979

Largest country of ownership A+B (VPS)
Norway**	42.4 %
U.S.A.	24.3 %
U.K.	9.7 %
Sweden**	8.7 %
Luxembourg	2.7 %
Japan	2.4 %

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

Updated information and VPS register at:

www.schibsted.com/en/ir/Share/Shareholder-new

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.com +47 924 80 248

Schibsted ASA Akersgata 55, P.O. Box 490 Sentrum, NO-0105 Oslo Tel: +47 23 10 66 00. E-mail: schibsted@schibsted.no