Vend Marketplaces ASA — Investor Presentation 2018

Feb 8, 2018

Q4 2017

8 February 2018 CEO Rolv Erik Ryssdal & EVP CFO Trond Berger

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.

Highlights Q4 2017

• Online classifieds: Continued revenue growth and EBITDA improvement
• Positive development in verticals in Developed phase, including France, Norway and Spain
• Investment phase losses reduced
• Publishing: Continued digital product development and strong editorial achievements
• Stable EBITDA supported by digital growth and cost focus
• Schibsted Growth: Continued expansion
• Personal finance portal Lendo (Sweden) increased revenues with 41%

ONLINE CLASSIFIEDS

5

Continued growth in revenues and traffic in France

• High revenue growth rate for verticals
• Performance dashboards for verticals well received
• Positive results from monetization efforts in jobs, starting to impact total revenue growth
• Solid traffic growth of 8% Y/Y supported by marketing push and new mobile features on apps

*) Including MB Diffusion from 31 October 2016

Online classifieds

7

Strong growth in Norway, driven by volumes and new products

Norway

Revenues (NOK million) and EBITDA margin

• Volume increase and price optimization in key verticals jobs, cars and real estate
• Continued good performance by "Blink" targeted distribution of real estate and jobs classifieds
• Strong growth in Personal finance (Lendo)
• Cost increase related to marketing

Q4 2017

Solid growth in jobs and cars in Spain

• Good performance in jobs and cars in Q4
• Strong competition in real estate and generalist focus on product development
• Total growth supported by acquisition of Habitaclia
• Q4 EBITDA margins helped by low marketing spend in the quarter

*) Including Habitaclia from January 2017

Soft quarter in Sweden

• Total revenue growth in online classifieds +8%
• Revenue increase in professional cars driven by premium features
• New tools for car dealers well received in the market
• Continued good growth in jobs
• Soft development in display advertising
• Weak development for Servicefinder

+ Lägg till fordon	Ny e Dina fordon Idd Statistik	i Din anläggning anastockhol v
Sammanställning Annonsstatistik Bytbil
	O Statistiken inkluderar ännu inte data från mobilsajten m.blocket.se eller appen för Android. Kommer inom kortl
Sammanställning Beta
Anläggning Period ¢ 7 dagar	30 dagar	blocket
Annonsvisningar och konverteringar	3 okt. 2017 - 1 nov. 2017	(jämfört med 3 sep. 2017 - 2 okt. 2017)
Annonsvisningar	Epost/SMS	Klick på tel.nr
43 298 14.9% (41 267 föregående period)	$+76.9%$ 69 (39 föregående period)	$83 + 40.7%$ (59 föregående period)
Rlocket 40 667 (38 258) Bytbil.com 2 631 (3 009)	Blocket 61(31) Bytbil.com 8(8)	Blocket 74(54) Bytbil.com 9(5)

*) Revenue growth excluding Servicefinder was 4%. EBITDA margin ex Servicefinder was 54% (57% in Q4 16).

Continued revenue growth in Italy and Austria, limited cost increase

Other Developed markets

Revenues and EBITDA-margin (EUR million)

*Reported growth for Q4 is 2% and is negatively affected by non-organic effects, mainly sale of Mudah in Malaysia. Adjusted for this, the underlying growth in Q3 was 12% YOY. Hungary

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

Continued high growth in Investment phase revenues – reduced investments

*) Note that for JV's there is an effect in Q3 of increased ownership of OLX Brazil from 25% to 50%, both on revenues and EBITDA. There is also an effect of increased ownership in

Chile and divestment of certain assets

• Continued strong revenue growth
• OLX Brazil on track, break even in Q4 – before investments in real estate portal Storia Imoveis
• Significant marketing investments in Shpock
• Strong growth in user metrics
• Several markets approaching break even in 2018

Online classifieds

Strong revenue growth and reduced losses based on market leadership in Brazil

OLX clear market leader in cars

• Solid double digit Y/Y revenue growth in Q4

• Growth driven by increased monetization in verticals and display advertising
• OLX was break even in Q4 excluding investments in real estate site Storia Imoveis

Q4 2017

Source ad volumes: Autobiz, December 2017

Online classifieds

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

• 50+ million downloads so far
• 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

Continued product development

Selected examples

REUSING TOOLS AND COMPONENTS ACROSS MARKETS WHERE POSSIBLE

MEDIA HOUSES

Strong journalist achievements – supported by innovations in product & tech

Fædrelandsvennen: "The girl on the bridge" (3 February 2018)

Aftenposten: "The Norwegian Internet abusers" (2 February 2018)

Publishing

Digital development and tight cost control in Scandinavian publishing operations

Publishing operations Scandinavia

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

Publishing

Strong quarter in tabloid newspapers – revenue increase and tight cost control

• Total revenue growth 1% in Q4. Online revenues +14% YOY
• Continued good digital growth in VG, some margin contraction due to print decline
• Margin improvement in Aftonbladet as a result of cost reductions

Publishing

Continued growth for digital subscribers in morning newspapers

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

Svenska Dagbladet Norwegian Subscription Papers

Optimizing traditional digital news – and rolling out new concepts

SCHIBSTED GROWTH

Accelerated growth in Schibsted Growth

Schibsted Growth (Sweden)*

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

Lendo – strong growth in a fast developing consumer finance market

Lendo

Revenues (NOK million) and total EBITDA-margin

Note: Lendo Norway and Finland are reported as part of Online classifieds in Schibsted's financial reporting.

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

••○○ N Telenor ক 16.52 A Lendo AB	* 72
Lendo *	Kundtjänst OLogg
Jämför bankernas räntor - lån upp till 500 000 kr
Lånebelopp:	Lånetid:
225 000 kr	10 ar
Samla lån och krediter
UNGEFÄRLIG KOSTNAD 2 555 kr/mån
Personnummer Mobiltelefon
Civilstånd Arbete
ii Antal barn A Boende
$\bigcup$ Jag har en medsökande
Ansök nu - kostnadsfritt!

Increasing efforts by Schibsted and industry organizations to influence regulatory framework – focus on level playing field

• Taxation of the digital economy
• EU-initiative
• Norwegian initiative in Parliament
• GDPR and ePrivacy
• Media politics
• Plurality in Norway
• The role of Public broadcasting
• VAT in Sweden

Good development in all operating segments

Operating revenues

EBITDA ex Investment phase

Q4 income statement Schibsted Group

		Fourth quarter	Full year
(NOK million)	2017	2016	2017	2016
Operating revenues	4,455	4,059	16,943	15,854
Operating expenses	(3,760)	(3,558)	(14,337)	(13,723)
Gross operating profit (EBITDA) ex Investment phase	845	682	3,297	2,904
Gross operating profit (EBITDA)	695	501	2,606	2,131
Depreciation and amortization	(175)	(147)	(634)	(529)
Share of profit (loss) of JVs and associates	(29)	(45)	(113)	(171)
Impairment loss	(38)	(25)	(49)	(80)
Other income and expenses	28	11	1,505	(114)
Operating profit (loss)	479	295	3,315	1,237
Net financial items	(66)	(7)	(171)	21
Profit (loss) before taxes	414	288	3,144	1,258
Taxes	(207)	(194)	(958)	(699)
Profit (loss)	207	94	2,186	559
EPS - Basic (NOK)	0.85	0.36	9.36	2.05
EPS - Basic adjusted (NOK)	0.88	0.44	3.43	2.70

EBITDA development in Q4

Solid revenue growth across the Online classifieds portfolio

	Developed markets in Q4		External revenues, growth in local currency
	Revenue growth Y/Y	Revenue (mNOK)	EBITDA margin
E C N A R F	20%	669	55%
Y A W R O N	18%	459	37%
N E D E W S	0%2	247	52%
N AI P S	27%	352	30%

2) Ex Servicefinder the growth in Sweden in Q4 is 4%

1) Adjusted for currency fluctuations

Balanced portfolio with revenue and EBITDA growth

Reduced investments, good revenue growth expected going forward

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

Online classifieds investment phase: Further reduction in losses in 2018

Media Houses

Some margin contraction to be expected with a continued weak print ads trend

Finance

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

Financial position strengthened through NOK 2.5 bn equity raise in Q4

• NIBD/EBITDA 1.0 end at Q4 (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 (…)

New Adjusted reporting structure effective from Q1 2018 reflecting new organizational model

Comparable historical data will be provided in due time (mid March)

Finance

35

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
• Non-deductible expenses or non-taxable gains

	FY 2017
Reported profit (loss) before taxes	3,144
Share of profit (loss) of joint ventures and associates	113
Other losses for which no deferred tax benefit is recognised*	1,000
Gain on sale of subsidiaries, joint ventures and associates	-1,023
Impairment losses (goodwill and associates)	3
"Adjusted" tax base	3,237
Taxes	958
Adjusted effective tax rate	29.6%

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

HIGHLIGHTS

Highlights Q4 2017

• Online classifieds: Continued revenue growth and EBITDA improvement
• Positive development in verticals in Developed phase, including France, Norway and Spain
• Investment phase losses reduced
• Publishing: Continued digital product development and strong editorial achievements
• Stable EBITDA supported by digital growth and cost focus
• Schibsted Growth: Continued expansion
• Personal finance portal Lendo increased revenues with 41%

APPENDICES

Spreadsheet containing detailed Q4 2017 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Q4 2017

Key operations – Online classifieds

Fourth quarter			Full year
2016	2017	Norway Dev. phase (MNOK)	2017	2016
390	459	Operating revenues	1,869	1,587
141	170	EBITDA	768	670
36 %	37 %	EBITDA margin	41 %	42 %
Fourth quarter			Full year
2016	2017	Sweden Dev. phase (MSEK)	2017	2016
252	252	Operating revenues	1,048	1,040
131	131	EBITDA	561	587
52 %	52 %	EBITDA margin	54 %	56 %
Fourth quarter			Full year
2016	2017	France (MEUR)	2017	2016
58.2	69.6	Operating revenues	257.4	214.0
35.0	38.1	EBITDA	152.5	129.2
60 %	55 %	EBITDA margin	59 %	60 %
Fourth quarter			Full year
2016	2017	Spain (MEUR)	2017	2016
28.7	36.6	Operating revenues	137.7	110.7
4.7	11.0	EBITDA	34.4	23.7

Key operations – Media Houses

Fourth quarter			Full year
2016	2017	Verdens Gang (MNOK)	2017	2016
449	447	Operating revenues	1,746 1,700
251	207	of which offline		882 1,017
198	240	of which online	863	683
85	76	EBITDA	339	272
19 %	17 %	EBITDA margin	19 %	16 %

Fourth quarter		Subscription		Full year
2016	2017	newspapers (MNOK)	2017	2016
746	648	Operating revenues	2,522 2,848
568	478	of which offline	1,890 2,233
178	170	of which online	631	615
71	40	EBITDA	185	161
10 %	6 %	EBITDA margin	7 %	6 %

Norway Sweden

Fourth quarter			Full year
2016	2017	Aftonbladet (MSEK)	2017	2016
505	486	Operating revenues	1,861 1,933
248	226	of which offline		959 1,045
257	260	of which online	902	888
66	91	EBITDA	255	236
13 %	19 %	EBITDA margin	14 %	12 %

	Fourth quarter		Full year
2016	2017	SvD (MSEK)	2017	2016
260	245	Operating revenues	915	951
23	29	EBITDA	78	74
9 %	12 %	EBITDA margin	9 %	8 %

Fourth quarter		Schibsted Growth	Full year
2016	2017	(MSEK)	2017	2016
322	320	Operating revenues	1,297 1,150
75	85	EBITDA	326	279
23 %	26 %	EBITDA margin	25 %	24 %

Fourth quarter		Schibsted Growth ex. Hitta		Full year
2016	2017	(MSEK)	2017	2016
254	320	Operating revenues	1,147	893
57	85	EBITDA	295	210
22 %	26 %	EBITDA margin	26 %	24 %

Cash flow

	Full year
(NOK million)	2017	2016
Profit (loss) before taxes	3,144	1,258
Depreciation, amortisation and impairment losses	685	609
Net effect pension liabilities	(91)	(65)
Share of loss (profit) of joint ventures and associates, net of dividends received	134	199
Taxes paid	(828)	(577)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(1,697)	(137)
Net cash flow from operating activities before change in working capital	1,347	1,287
Change in working capital and provisions	(57)	219
Net cash flow from operating activities	1,290	1,506
Net cash flow from investing activities	(4,546)	(1,248)
Net cash flow before financing activities	(3,256)	258
Net cash flow from financing activities	3,558	(877)
Effect of exchange rate changes on cash and cash equivalents	55	(4)
Net increase (decrease) in cash and cash equivalents	357	(623)
Cash and cash equivalents at start of period	1,268	1,891
Cash and cash equivalents at end of period	1,626	1,268

The working capital development in 2016 was very positive, driven by measures implemented to improve cash flow and temporary effects partially reversing in 2017.

Financial key figures

Schibsted Media Group	Full year 2017	Full year 2016
Gross operating profit (EBITDA) (NOK million)	2,606	2,131
Gross operating profit (EBITDA) ex. Investment phase (NOK million)	3,297	2,904
Operating margins (%):
Operating margin (EBITDA)	15	13
Operating margin (EBITDA) ex. Investment phase	20	19
EPS Basic (NOK)	9.36	2.05
Net cash flow from operating activities (NOK million)	1,290	1,506
Cash flow from operating activities per share (NOK)	5.67	6.66
Profit attributable to owners of the parent	2,130	465
Average number of shares outstanding (1 000)	227,529	226,064

Capital structure

	Full year	Full year
Schibsted Media Group	2017	2016
Investments (NOK million):
Operational investments (capex)	865	698
Shares and other holdings	5,268	751
Interest bearing borrowings (NOK million)	4,240	2,342
Net interest bearing debt (NOK million)	2,614	1,074
Interest bearing debt ratio (%)	15	11
Equity ratio(%) 1)	55	52

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 (31 January 2018)	108,003,615	130,684,373
Treasury shares (31 January 2018)	260,469	221,194
Number of shares outstanding	107,743,146	130,463,179
Free float*	74%	78%	*) Total number of
Share price (31 January 2018)	NOK 247.70	NOK 232.50	shares excluding
Average daily trading volume (shares)**	320,000	164,000	treasury shares and shares owned by
Market Cap total (31 January 2018)		NOK 57.1 bn., EUR 6.0 bn., GBP 5.2 bn., USD 7.4 bn.,	Blommenholm 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	23.8%
2 Folketrygdfondet	6,425,619	11,395,610	17,821,229	7.5%
3 Baillie Gifford & Co.	8,037,606	6,949,502	14,987,108	6.3%
4 Adelphi Capital LLP	4,782,533	3,838,008	8,620,541	3.6%
5 NWT Media AS	4,274,300	4,100,000	8,374,300	3.5%
6 DNB Asset Management AS	3,210,993	4,780,816	7,991,809	3.3%
7 Alecta pensionsförsäkring, ömsesidigt	3,464,000	3,633,600	7,097,600	3.0%
8 Fidelity Management & Research Company	3,808,033	2,417,943	6,225,976	2.6%
9 Platinum Investment Management Ltd.	2,797,795	3,402,301	6,200,096	2.6%
10 Luxor Capital Group, L.P.	1,010,695	3,924,965	4,935,660	2.1%
11 Pelham Capital Ltd	0	4,209,851	4,209,851	1.8%
12 The Vanguard Group, Inc.	1,903,506	2,192,916	4,096,422	1.7%
13 Marathon Asset Management LLP	1,999,910	1,956,775	3,956,685	1.7%
14 Ancient Art, L.P.	0	3,724,383	3,724,383	1.6%
15 KLP Forsikring	622,743	2,532,502	3,155,245	1.3%
16 Fidelity International	1,609,763	1,517,080	3,126,843	1.3%
17 Mitsubishi UFJ Trust and Banking Corporation	1,488,900	1,454,585	2,943,485	1.2%
18 Echinus Capital, LLC	2,159,781	771,870	2,931,651	1.2%
19 Nordea Funds Oy	1,290,608	1,613,477	2,904,085	1.2%
20 Storebrand Kapitalforvaltning AS	1,139,034	1,605,118	2,744,152	1.1%

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

Shareholders	SCHA	SCHB
% of foreign shareholders**	57.2 %	57.1 %
Number of shareholders	4,323	4,257
Number of shares	108,003,615	130,684,373
Shares owned by Schibsted	260,469	221,194

Largest country of ownership A+B (VPS)
Norway**	42.9 %
U.S.A.	22.6 %
U.K.	10.9 %
Sweden**	8.8 %
Luxembourg	2.6 %
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 Apotekergata 10, P.O. Box 490 Sentrum, NO-0105 Oslo Tel: +47 23 10 66 00. E-mail: schibsted@schibsted.no