Vend Marketplaces ASA — Investor Presentation 2019

Jul 16, 2019

CEO Kristin Skogen Lund & CFO Trond Berger 16 July 2019

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.

Alternative performance measures (APM) used in this presentation are described and presented in the section Definitions and reconciliations in the quarterly report.

Continued good development for key strategic areas

Digital subscription revenue in News Media

+22%

Solid progress for parts of Next:

• Prisjakt +10%
• Distribution +14%; home delivery increase triple digit YTD
• Good growth in Lendo Sweden, positive start in Denmark
• High activity in venture investments

Revenue growth adjusted for currency fluctuations. Verticals = Cars, real estate, jobs

Nordic Marketplaces: Targeting 8-12% revenue growth medium to long term

Q2 2019

+11% growth for verticals, despite tough comparables in Q2 2018

Revenue growth adjusted for currency fluctuations. Verticals = Cars, real estate, jobs The effect of IFRS 16 on EBITDA in Nordic Marketplaces was NOK 13 million in Q2 2019.

Blocket.se confirms growth trend Finn and Blocket move towards transaction based model

Handling challenges in Lendo Norway and within digital advertising

Continued fall in display advertising for Aftonbladet - Change in regulation in gaming advertising - Ongoing work to restructure advertising mix

Strong decline in Lendo Norway

- Using weak market to capture market share - Market expected to benefit from regulations over time

Lendo with significant growth potential

Lendo growth opportunities

Significant potential to expand the Lendo platform geographically: Launched in Denmark, Poland and Austria this year

Use the strong brand to capture a bigger part of the financial services customer journey

Broaden the segment scope: Lendo for business launched in Sweden

Regulatory changes in Norway likely to be beneficial for the over time. Similar measures already in place in Sweden

• More comprehensive credit checks and stress tests of new borrowers
• Maximum duration on new loans implemented, which implies smaller loan volumes
• New debt register, which banks need to consult
• Short term effect negative for the market and for Lendo
  • Banks are revisiting their business and compliance processes
  • Significantly reduced lending amounts in many banks in Q2 some have stopped lending all together
• Responsible market good for the long term viability of the industry and long term growth prospects

Strong balance sheet and capital discipline

*) NIBD = Net interest bearing debt (figures for Schibsted ex. Adevinta)

Digital revenue growth of 2%; EBITDA margin 17% (16%)

	Nordic Marketplaces	News Media	Next: Growth & Financial Services	59% ownership
Revenues:	813m	1,911m	755m	EUR 185m
Revenue growth:	12%	-1%	+7%	+15%
	+6%	-2%	+4%	+13%
EBITDA:	390m	229m	57m	EUR 50m
EBITDA change	321m	150m	69m	EUR 50m
Y/Y (ex IFRS):	+8% (+5%)	+34% (+7%)	-51% (-60%)	+20% (+12%)
EBITDA-margin:	45%	8%	9%	28%
	48%	12%	7%	27%

Figures in NOK million. Total digital revenue growth and EBITDA margin in headline are for Schibsted ex. Adevinta. IFRS 16 had a positive EBITDA effect on Schibsted ex. Adevinta of NOK 85 million in Q2 2019. Excluding this, EBITDA margin would have been 15% in Q2. All segment growth rates are currency adjusted except Adevinta. All margins are reported margins, including IFRS 16 effect. Adevinta figures in EUR million, as reported by Adevinta, proportional view including JVs and Associates. Adevinta ownership at reporting date.

Q2 2019

NORDIC MARKETPLACES

NORDIC MARKETPLACES

Growth curbed by Easter effect of 3-4%; solid margin development

Norway

Revenues (NOK million) and EBITDA margin

The effect of IFRS 16 on EBITDA in Marketplaces Norway was NOK 9 million in Q2 2019.

• 10% revenue growth in classifieds revenue, display advertising returned to growth
• Growth driven by volume and ARPU improvement in all three key verticals
• Continued good traffic growth, +11% Y/Y in Q2

Revenue growth continues in Sweden

Sweden Revenues (NOK million) and EBITDA margin 50 0 100 200 150 300 250 47% (46%) Q2 19 55% Q2 17 53% Q2 18 2%¹ Revenues EBITDA margin (EBITDA margin excl. IFRS 16)

• Turnaround of Blocket shows good results; underlying revenue growth 2% in local currency¹
• 6% growth in professional car revenues
• 6% revenue growth in jobs
• 6% revenue growth in display advertising
• Qasa for real estate rental starting to contribute to the growth

1) Revenue growth in local currency, adjusted for termination of licence revenue from Adevinta and "Mäklarprodukt transferred to News Media The effect of IFRS 16 on EBITDA in Marketplaces Sweden was NOK 3 million in Q2 2019

Photo: Ian Langson / EPA

NEWS MEDIA

Photo: Frank Augstein / TT Nyhetsbyrån

Photo: Geir Olsen / NTB scanpix

Photo: Christian Hartmann / X90079

Driving digital growth in News Media through quality journalism and product innovation

• Continue to deliver agenda-setting journalism in all brands
• Optimizing subscription products
  • Increasing value and product experience for every subscriber
  • ARPU improvement in all brands
• Driving traffic and user engagement
  • Both Aftonbladet and VG continue to strengthen its positions, reaching more than 50% of the Swedish and Norwegian population every day
  • Automated and personalized front page driving engagement and subscription conversion
• Strengthening the advertising business
  • "Reach" a new product for campaign measuring in Norway
  • Continued focus on being available on all buying platforms
• Tight cost control

Strong growth in digital subscription revenues and margin improvement

News Media

Revenue growth is adjusted for currency fluctuations

Q2 2019 The effect of IFRS 16 on EBITDA in News Media was NOK 46 million in Q2 2019 News Media

VG delivers good digital growth and stable margins

VG

Revenues and EBITDA-margin (NOK million)

The effect of IFRS 16 on EBITDA in VG was NOK 4 million in Q2 2019

Strong growth in digital subscription revenues Number of digital subscribers to VG+

Q2 2019 15

Aftonbladet delivers healthy growth in digital subscription revenues. Margin heavily affected by new regulations in gaming industry

Aftonbladet

Revenues and EBITDA-margin (NOK million)

Volume number of digital subscribers to Aftonbladet PLUS

Revenue growth in local currency (SEK).

Q2 2019 16 The effect of IFRS 16 on EBITDA in Aftonbladet was NOK 4 million in Q2 2019

News Media

Growing subscription numbers and ARPU coupled with tight cost control result in increased margins

Subscription based newspapers Revenues (NOK million) and EBITDA margin

Strong growth in digital subscription revenue (Number of pure digital subscribers)

+13%

ARPU

+19%

Revenue growth is adjusted for currency fluctuations

Q2 2019 17 The effect of IFRS 16 on EBITDA in Subscription Newspapers was NOK 8 million in Q2 2019

News Media

NEXT: GROWTH & FINANCIAL SERVICES

Lendo – continued growth in Sweden; market contraction in Norway due to regulatory changes

Currency adjusted revenue growth

Lendo

• Good performance in Sweden; +10% in a stable and mature regulatory environment
• Larger than anticipated slowdown in the Norwegian market as banks reduce lending during transition to new regulation framework
  • Recovery of the Norwegian market will still take some time
• Lendo Finland still underperforming measures taken to improve operational KPIs and long term development
• Geographical expansion affected EBITDA negatively with NOK 32 million in Q2, as planned
  • Denmark shows early positive signs of traction and high customer satisfaction

Q2 2019

Financial services

Continued revenue growth in Prisjakt

Prisjakt Group

Revenues (NOK million) and EBITDA-margin

• Strong growth supported by growth in online retail
• Margin decline due to low marketing spend in Q2 2018

Strong growth in innovative distribution operations

• Leveraging the traditional newspaper distribution network – reaching 90% of Norwegian households every morning*
• Continued strong growth for new distribution solutions fuelled by ecommerce expansion. (Note that high-season is H2 accounting for 60- 70% of annual volume)
• Distribution "New business" have revenues of approx. NOK 200 million last 12 months, growing 100%+ YTD
• Increased volumes also in legacy business

*) Through Schibsted and partner's operations

Strong growth in distribution of parcels through Schibsted's network

Adevinta Q2: 13% revenue growth and improved EBITDA margin

• France and Spain showing strong revenue development in Q2
• High growth rates for verticals, weak development for display advertising
• Increased EBITDA margin; reduced investment phase spending
• Full report and presentation of Adevinta available on www.adevinta.com; released 15 July 2019

Adevinta including proportionate share of JVs Revenues and EBITDA margin (EUR millions)

Schibsted will continue to be a supportive long-term owner of Adevinta

• Schibsted ASA will continue to be an active, significant long-term owner of Adevinta the global leading online classifieds company
• Schibsted will exercise its ownership through representation on Adevinta's Board of Directors
• Adevinta will be well equipped to play an active role in any structural development of the marketplace Industry
• Schibsted as a majority owner will support a simplified governance structure without ownership or voting limitations and an amalgamation into one share class by 2019 year end, subject to EGM approval
• Proceeds from sale of Adevinta shares leads to a strong balance sheet in Schibsted
• Measures to optimize the capital structure will be continuously considered

FINANCE

ü

Finance

Schibsted excl. Adevinta

EBITDA change Q2 18 – Q2 19 (NOK million)

Schibsted excl. Adevinta

Q2 income statement Schibsted ex. Adevinta

(NOK million)	Second	quarter
Income statement	2018	2019
Operating revenues	3 191	3 216	NOK 85 million in positive IFRS 16 effect
Operating expenses	(2 673)	(2 659)	on operating expenses and EBITDA
Operating profit (loss) EBITDA	518	557
	-	-	NOK -72 million in IFRS 16 effect on
Depreciation and amortisation	(116)	(208)	depreciation
Share (loss) of profit of associates and JV	5	(18)	Losses mainly related to Financial
Impairment loss	(41)	(0)	Services ventures portfolio
Other income and expenses	(1)	(38)	Mostly related to the Adevinta spin-off
Operating profit (loss) EBIT	366	293
financial Net items	16	(27)	NOK -13 million in IFRS 16 effect on net
(loss) Profit before tax	382	266	financial items
Taxes	(124)	(86)
Net profit/loss	259	180

Schibsted excl. Adevinta

• The underlying tax rate, excluding Adevinta, is 24.7%.
• The reported tax rate is 34% in the second quarter of 2019
• Generally, Schibsted reports a tax rate exceeding the applicable nominal tax rates primarily as an effect of losses for which no deferred tax asset is recognized

	First half
	year 2019
Reported profit (loss) before taxes	424
Share of profit (loss) of joint ventures and associates	37
Other losses for which no deferred tax benefit is recognised	127
Adjusted tax base	588
Taxes	145
Underlying tax rate	24.7%

Financial targets and policies

Finance

Schibsted excl. Adevinta

Ragnar Kårhus new CFO as of 1 September 2019

Ragnar Kårhus New CFO from 1 September 2019 Previously CEO of Telenor Broadcast

CFO Trond Berger will exercise his early retirement option from Schibsted on 1 September 2019.

Berger will stay close to Schibsted also after this, working part time with Group projects

Jann-Boje Meinecke New Head of IR from 1 November 2019. Currently VP Corporate FP&A (Financial Planning & Analysis) in Schibsted ASA

Head of IR Jo Christian Steigedal will leave Schibsted during Q4 2019 to become partner in Corporate Communications.

IRO Espen Risholm will leave Schibsted during Q4 2019 to become Head of IR in Ice Group ASA.

Key takeaways Q2 2019: Good financial and strategic progress

• 11% growth in online classifieds verticals
• 22% growth in digital circulation revenues and margin improvement in News Media
• Solid progress for parts of Next, including Lendo Sweden and early signals from Lendo Denmark, Prisjakt and "new Distribution"
• Lendo Norway hampered by adaption to new regulations
• Digital advertising in Aftonbladet is weak due to exposure to gaming
• The Board has resolved to initiate a share buyback program

APPENDICES

Spreadsheet containing detailed Q2 2019 and historical and analytical information can be downloaded from www.schibsted.com/ir

Finance

Schibsted excl. Adevinta

Key operations

Nordic Marketplaces News Media

Year to	date	(NOK million)	Second quarter		YoY
2018	2019	Marketplaces Norway	2019	2018	Δ %
911	1 021 ,	Operating revenues	540	503	% 7
-504	-527	Operating expenses	-269	-268	1 %
407	493	EBITDA	271	235	15 %
45 %	48 %	EBITDA margin	50 %	47 %

The effect of IFRS 16 on EBITDA for Marketplaces Norway in Q2 2019 is NOK 9 million

Year to	date	(NOK million)	Second quarter		YoY
2018	2019	Marketplaces Sweden	2019	2018	Δ %
465	463	Operating revenues	245	244	0 %
-235	-247	Operating expenses	-129	-116	12 %
230	216	EBITDA	115	128	-10 %
49 %	47 %	EBITDA margin	47 %	53 %

The effect of IFRS 16 on EBITDA for Marketplaces Sweden in Q2 2019 is NOK 3 million

Year to date		(NOK million)		Second quarter
2018	2019	VG	2019	2018	Δ %
902	898	Operating revenues	468	459	2 %
490	519	- of which online revenues	276	255	8 %
413	379	- of which print revenues	192	204	-6 %
-740	-751	Operating expenses	-379	-377	1 %
162	146	EBITDA	89	82	8 %
18 %	16 %	EBITDA margin	19 %	18 %

The effect of IFRS 16 on EBITDA for VG in Q2 2019 is NOK 4 million

Year to date		(NOK million)		Second quarter
2018	2019	Aftonbladet	2019	2018	Δ %
848	746	Operating revenues	367	434	-15 %
443	403	- of which online revenues	193	228	-15 %
405	342	- of which print revenues	174	206	-16 %
-760	-682	Operating expenses	-340	-381	-11 %
88	64	EBITDA	27	53	-48 %
10 %	9 %	EBITDA margin	7 %	12 %

The effect of IFRS 16 on EBITDA for Aftonbladet in Q2 2019 is NOK 4 million

Year to date		(NOK million)	Second quarter		YoY
2018	2019	Subscription Newspapers	2019	2018	Δ %
1,745	1,754	Operating revenues	892	886	1 %
448	507	- of which online revenues	270	230	17 %
1,297	1,246	- of which print revenues	622	656	-5 %
-1,654	-1,605	Operating expenses	-793	-825	-4 %
91	148	EBITDA	99	61	62 %
5 %	8 %	EBITDA margin	11 %	7 %

The effect of IFRS 16 on EBITDA for Subscription Newspapers in Q2 2019 is NOK 8 million

Key operations

Schibsted excl. Adevinta

Financial Services Growth

Year date to		(NOK million)	Second	quarter
2018	2019	Lendo Group	2019	2018	Δ %
423	434	Operating revenues	205	208	-1 %
-244	-357	Operating expenses	-179	-124	45 %
179	77	EBITDA	26	84	-69 %
	-54	- of which expansion phase	-32
42 %	16 %	EBITDA margin	13 %	41 %

The effect of IFRS 16 on EBITDA for Lendo Group in Q2 2019 is NOK 1 million

Year date to			Second quarter (NOK million)			YoY
	2018	2019	Lendo established	2019	2018	Δ %
	423	429	Operating revenues	201	208	-3 %
	-244	-298	Operating expenses	-143	-124	15 %
	179	131	EBITDA	59	84	-30 %
	42 %	29 %	EBITDA margin	29 %	41 %

The effect of IFRS 16 on EBITDA for Lendo established in Q2 2019 is NOK 1 million

Year date to		(NOK million)	Second	quarter
2018	2019	Distribution	2019	2018	Δ %
520	586	Operating revenues	294	257	14 %
-524	-573	Operating expenses	-285	-262	9 %
-4	13	EBITDA	8	-5	-257 %
-1 %	2 %	EBITDA margin	3 %	-2 %

The effect of IFRS 16 on EBITDA for Distribution in Q2 2019 is NOK 4 million

Year date to		(NOK million)	Second	quarter	YoY
2018	2019	Prisjakt	2019	2018	Δ %
132	145	Operating revenues	72	66	9 %
-94	-107	Operating expenses	-54	-42	28 %
38	38	EBITDA	19	24	-22 %
29 %	26 %	EBITDA margin	26 %	37 %

The effect of IFRS 16 on EBITDA for Prisjakt in Q2 2019 is NOK 1 million

Schibsted excl. Adevinta

EBITDA, operating cash flow and CAPEX (ex. Adevinta)

Schibsted excl. Adevinta

Cash flow Schibsted ex Adevinta

(NOK million)	Second quarter
Cash flow	2019
Profit (loss) before taxes	266
Depreciation amortisation and impairment losses ,	209
Net effect pension liabilities	5
Share of loss (profit) of joint and associates of dividends received ventures net ,	46
Taxes paid	(140)
Sales losses (gains) and other non-cash losses (gains) non-current assets	1
Change in working capital and provisions	(81)
Net cash flow from operating activities	306
Development and purchase of intangible and plant and equipment assets property , ,	(102)
Acquisition of subsidiaries of cash acquired net ,	(2)
Proceeds from sale of intangible and plant and equipment assets property , ,	2
Proceeds from sale of subsidiaries of cash sold net ,	-
Net sale of (investment in) other shares	(53)
Net change in other investments	14
Net cash flow from investing activities	(141)
Net cash flow from financing activities	571 3 ,
Net increase (decrease) in cash and cash equivalents	735 3 ,

Consolidated figures

Q2 income statement Schibsted Group

(NOK million)	Second	quarter
Income statement	2018	2019
Operating revenues	4 602 ,	4 798 ,
Operating expenses	(3 707) ,	(3 738) ,	NOK 119 million in IFRS 16 effect on operating expenses and EBITDA
profit (loss) Gross operating EBITDA -	895	1 060 ,
Depreciation and amortisation	(175)	(308)	NOK -102 million in IFRS 16 effect on depreciation
Share of profit (loss) of joint and associates ventures	30	(55)	Mainly related to OLX Brazil (incl. negative one-off)
Impairment loss	(125)	0	and Financial Services ventures portfolio
Other income and expenses	(2)	(95)
Operating profit (loss)	623	603	Mostly related to the Adevinta spin-off
Net Financial Items	(30)	(35)
(loss) Profit before taxes	593	568	NOK -17 million in IFRS 16 effect on net financial items
Taxes	(277)	(214)
Profit (loss)	315	353
EPS basic (NOK) -	1 24	1 14
EPS basic adjusted (NOK) -	1 76	1 40

Improved EBITDA in Q2 – consolidated figures

EBITDA change Q2 18-Q2 19 (NOK million)

Finance

Consolidated figures

EBITDA, operating cash flow and CAPEX

Finance

Consolidated figures

40

Q2 2019

Consolidated figures

Cash flow Schibsted Group

(NOK million)	Second quarter
Cash flow	2018	2019
(loss) Profit before taxes	593	568
Depreciation amortisation and impairment losses ,	300	308
Net effect pension liabilities	4	15
Share of loss (profit) of joint and associates of dividends ventures net ,	received (5)	83
Taxes paid	(217)	(296)
Sales losses (gains) and other non-cash losses non-current assets	(gains) 0	1
Change in working capital and provisions	(123)	(191)
flow from Net cash operating activities	550	488
Net cash flow from investing activities	(212)	(376)
Net cash flow from financing activities	(451)	3 739 ,
Effects of exchange changes cash and cash equivalents rate on	(5)	0
(decrease) Net increase in cash and cash equivalents	(118)	3 850 ,
Cash and cash equivalents of period at start	1 805 ,	727
Cash and cash equivalents end of period at	1 688 ,	578 4 ,

Consolidated figures

Underlying tax rate stable below 30%

■ The underlying tax rate is stable, slightly below 30%.

■ The reported tax rate is 38% in the second quarter of 2019, compared to 47% in the same period in 2018.

■ Generally, Schibsted reports a tax rate exceeding the applicable nominal tax rates primarily as an effect of losses for which no deferred tax asset is recognized. That effect has declined in the second quarter of 2019 compared to the second quarter of 2018.

	First half
	year 2019
Reported profit (loss) before taxes	1,081
Share of profit (loss) of joint ventures and associates	32
Other losses for which no deferred tax benefit is recognised	289
Gain on sale of subsidiaries, joint ventures and associates	-
Impairment losses	-
Adjusted tax base	1,403
Taxes	408
Underlying tax rate	29.1%

Key financial figures - consolidated

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

Consolidated figures

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	108,003,615	130,684,373
Treasury shares (10 July 2019)	256,227	7,535
Number of shares outstanding	107,747,388	130,676,838	*) Total number of shares excluding treasury shares
Free float*	74%	78%	and shares owned by Blommenholm Industrier AS.
Share price (10 July 2019)	NOK 231.50	NOK 215.80	**) Since 1 January 2019
Average daily trading volume (shares)**	266,000	215,000
Market Cap total (10 July 2019)	NOK 53.2 bn., EUR 5.5 bn., GBP 5.0 bn., USD 6.2 bn.,

Shareholder analysis

Rank Name	A-Shares	B-shares	Total	%	Shareholders	SCHA	SCHB
Blommenholm Industrier AS 1	28 188 589 , ,	29 518 589 , ,	57 707 178 , ,	24 2 %	of foreign shareholders %	56 4 %	58 3 %
Folketrygdfondet 2	7 926 190 , ,	10 473 569 , ,	18 399 759 , ,	7 7 %	Number of shareholders	3 992 ,	4 262 ,
Baillie Gifford & Co 3	7 072 860 , ,	5 081 650 , ,	12 154 510 , ,	5 1 %	Number of shares	108 003 615 , ,	130 684 373 , ,
Fidelity Management & Research Company 4	5 784 308 , ,	4 003 612 , ,	9 787 920 , ,	4 1 %	Shares owned by Schibsted	256 227 ,	7 535 ,
Nya Wermlands Tidningen 5	4 274 300 , ,	4 063 000 , ,	8 337 300 , ,	3 5 %
Alecta pensionsförsäkring ömsesidigt 6 ,	421 000 ,	4 744 500 , ,	5 165 500 , ,	2 2 %	Largest of ownership A+B (VPS) country
The Vanguard Group Inc 7 ,	2 069 142 , ,	2 750 996 , ,	4 820 138 , ,	2 0 %	Norway	42 6 %
JPMorgan Chase Bank GTS CL A/C Escrow Account 8	3 992 109 , ,	530 767 ,	4 522 876 , ,	1 9 %	United States	24 5 %
Adelphi Capital LLP 9	1 610 293 , ,	2 670 754 , ,	4 281 047 , ,	1 8 %	United Kingdom	12 9 %
Pelham Capital Ltd 10	0	4 209 851 , ,	4 209 851 , ,	1 8 %	Luxembourg	4 3 %
York Capital Management L P 11	545 950 ,	3 381 283 , ,	3 927 233 , ,	1 6 %	Ireland	4 0 %
AKO Capital LLP 12	2 316 279 , ,	1 480 186 , ,	Not updated 3 796 465 , ,	1 6 %	Sweden	3 3 %
Marathon Asset Management LLP 13	2 058 455 , ,	1 693 168 , ,	3 751 623 , ,	1 6 %
Platinum Investment Management Ltd 14	2 410 990 , ,	1 277 228 , ,	3 688 218 , ,	1 5 %
Luxor Capital Group L P 15 ,	0	3 533 700 , ,	3 533 700 , ,	1 5 %	Updated information and VPS register at: https://schibsted.com/ir/shareholders/
KLP Forsikring 16	548 573 ,	2 582 830 , ,	3 131 403 , ,	1 3 %
Storebrand Kapitalforvaltning AS 17	1 401 554 , ,	1 616 258 , ,	3 017 812 , ,	1 3 %
Mitsubishi UFJ Trust and Banking Corporation 18	1 571 886 , ,	1 325 347 , ,	2 897 233 , ,	1 2 %	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.
BlackRock Institutional Trust Company N A 19 ,	101 507 ,	2 710 125 , ,	2 811 632 , ,	1 2 %
Echinus Partners LP 20	2 006 150 , ,	736 060 ,	2 742 210 , ,	1 2 %

Source: Nasdaq OMX. Data as of 17 June 2019

Shareholders	SCHA	SCHB
% of foreign shareholders	56.4 %	58.3 %
Number of shareholders	3.992
Number of shares	108,003,615	130.684.373
Shares owned by Schibsted	256,227	.535

Largest country of ownership A+B (VPS)
Norway	42.6 %
United States	24.5 %
United Kingdom	12.9 %
Luxembourg	4.3 %
Ireland	4.0 %
Sweden	3.3 %

Updated information and VPS register at: https://schibsted.com/ir/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

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