Vend Marketplaces ASA — Investor Presentation 2021

Mar 11, 2021

Capital Markets Day

Nordic digital front-runner driving growth

11 March 2021

Disclaimer Capital Markets Day 2021

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 Q4 2020 report.

Today's speakers Capital Markets Day 2021

Ole Jacob Sunde Board Chair

Kristin Skogen Lund CEO

Christian Printzell Halvorsen EVP Nordic Marketplaces

Siv Juvik Tveitnes EVP News Media

Raoul Grünthal EVP Next

Dan Ouchterlony SVP Financial Services

Ragnar Kårhus CFO

Agenda Capital Markets Day 2021

Opening remarks

Capital Markets Day 2021 Ole Jacob Sunde, Board Chair

Schibsted

Capital Markets Day 2021 Kristin Skogen Lund, CEO

Focusing on further value creation in Adevinta as financial owner with strong capabilities and knowledge

Driven by purpose and more than the sum of its parts

Foundation

Foundation

Uniquely positioned in the Nordics Foundation

Foundation

The Schibsted foundation consists of a set of resources and services that create shared strength

Portfolio of brands & businesses

Portfolio of brands & businesses

Growth will be driven along four strategic priorities

Strengthening Nordic Marketplaces by expanding & consolidating our Nordic positions, leveraging current positions and transforming to Next Gen 1.

Strengthening our digital news positions, with focus on subscriptions, capable of delivering top line growth and healthy margins 2.

• Pursuing new opportunities building on Schibsted's existing positions, through 3.
  • · Drive the subscription economy
  • · Enable the e-commerce value-chain

• Leveraging Schibsted's growth acceleration capabilities to launch new businesses and extend positions, through 4.
  • · Continue to invest in Financial Services, as well as integrating Fintech in our business
  • · Continue to do venture investments

Purpose

Purpose

A shared purpose provides direction and inspiration

Nordic Marketplaces

Capital Markets Day 2021 Christian Printzell Halvorsen, EVP

Our history: Transforming Nordic, regional newspapers to global leaders in online classifieds

We're proud of contributing to a sustainable society by helping people make smarter choices

20

Nordic Marketplaces is a significant online classifieds player globally with world-class monetization levels

Revenues (2019, USDm)

* USD/year; ** Assumes closing of the eCG transaction, including Schibsted's acquisition of eBay Denmark (DBA and

Bilbasen). Closing is expected in Q2 2021, subject to regulatory approvals. 21

We operate in digitally savvy and highly attractive markets with 27 million inhabitants

5.5m population #16 GDP per capita #6 Digital savviness FINLAND +

Digital savviness is based on The World Economic Forum's Networked Readiness Index (NRI); * Assumes closing of the eCG transaction, including Schibsted's acquisition of eBay Denmark (DBA and Bilbasen). Closing is expected in Q2 2021, subject to regulatory approvals. 22

With strong positions in each market, we are a Nordic Marketplaces powerhouse

			+	+
Generalist
Motor
Jobs				N/A
Real estate		N/A		N/A
Revenue per capita (NOK)	358	101	75	N/A
Visits per capita	225	93	87	N/A
Brand awareness (unaided)	96%	72%	82% + 60%	N/A

Assumes closing of the eCG transaction, including Schibsted's acquisition of eBay Denmark (DBA and Bilbasen). Closing is expected in Q2 2021, subject to regulatory approvals. 23

Our value creation levers

Leverage current positions

Organic and inorganic consolidation and growth opportunities in Finland and Denmark

Verticals in Finland are fragmented and underdeveloped Expand & Consolidate – Finland +

Expand & Consolidate – Finland +

Oikotie and Tori have a strong foundation to expand and win in the market

We will leverage Schibsted's deep industry knowledge to unlock the Real estate market...

...and utilize Tori's reach to accelerate growth at Oikotie

Denmark is an attractive market with strong positions for Schibsted Expand & Consolidate – Denmark +

eBay Classifieds Denmark

Revenues (USDm), EBITDA margin* (%)

Advertising Generalist Motor

EBITDA margin 30%*

* Estimate including central services previously not accounted for in the country's P&L, estimated to USD 9-10 million per year

Clear leader in Motor and Generalist

Strengthening synergy opportunities in the Nordics

Assumes closing of the eCG transaction, including Schibsted's acquisition of eBay Denmark (DBA and Bilbasen). Closing is expected in Q2 2021, subject to regulatory approvals. 27

Our value creation levers

Solid headroom for growth in key verticals by strengthening our core offerings

High quality revenue mix and strong financial performance in Nordic Marketplaces during COVID-19

Nordic Marketplaces revenues, EBITDA margin (NOKm)

75% 14% 11% Classifieds Advertising Other

Revenue mix Nordic Marketplaces 2020

Classifieds revenues split by vertical 2020

Entering adjacent revenue pools as we move towards transactions

Total addressable market Motor, Norway (NOK)

We continue to invest in our core offering to strengthen our position by increasing customer value and ARPA

Leverage current positions

...as well as user value creating increased user engagement

Polygon search Notifications Search and recommendation Renewed Tori Motor

marketplace

Leverage current positions – Norway

Continued strengthening of position with strong traffic growth during 2020

Marketplaces Norway revenues (NOKm)

• ➔ Moving into to the transaction
• ➔ Creating new value and opportunities in core verticals through product development
• ➔ Expanding to new marketplaces concepts

Leverage current positions – Norway

Creating more value for our customers resulting in higher ARPA

Strong development in Motor professionals Leverage current positions – Sweden

Marketplaces Sweden revenues (SEKm)

Motor vertical revenues 2018–2020 (SEKm)

• ➔ Moving into the transaction in key verticals
• ➔ Price and packaging in Jobs and Motor
• ➔ Digitizing the dealer proposition

Solid ARPA improvement in Motor and Jobs verticals Leverage current positions – Sweden

Priority to win verticals and participate in further consolidation Leverage current positions – Finland +

Marketplaces Finland revenues* (NOKm) * Oikotie included from mid-July 2020 32% 17% 26% 15% Jobs Generalist 7% Real estate 3% Motor Advertising Other 100 2018 92 2019 2020 217 Advertising Other Classifieds Focus to grow Real estate, Motor and Generalist 37

• ➔ Become #1 in Real estate
• ➔ Expand in Motor vertical with new product offering
• ➔ Renewal of platforms to support the path to Next Gen Marketplace
• ➔ Further acquisitions

Our value creation levers

Significant opportunities to transform key verticals to transactional marketplaces, strengthening positions and capturing higher take rates

Significant opportunity in strengthening positions and capturing higher take rates with transactional models... Transform to Next Gen

Annual gross merchandise value vs. ads volume (Nordic Marketplaces total in 2020)

Current take rate ~0.2% Take rate for transactional models 6% (Nettbil) Current take rate ~0.7% Take rate transactional models 4-7% (Shpock, Leboncoin, Blocket)

...while solving user needs and expanding into ownership phase Transform to Next Gen

Transaction journey Completed transaction journeys (FINN)

Expanding in the user journey requires development of new capabilities, tailored to each vertical Transform to Next Gen

Increased demand for convenience stretches the definition of marketplaces...

...requiring development of seamlessly integrated, vertical specific new capabilities

Verified user profile

Ratings

Smart ad insertion

Insurance

eContract

Secure payment

Car pricing tool

Fast-sale Shipment options

Targeting 8-12% revenue growth mid- to long-term

Strong track record and positions in highly attractive markets

Leverage current position Solid headroom for growth in key verticals by strengthening our core offerings

Expand & Consolidate Organic and inorganic consolidation and growth opportunities in Finland and Denmark

Transform to Next Gen Significant opportunities to transform key verticals to transactional marketplaces, strengthening positions and capturing higher take rates

News Media

Capital Markets Day 2021 Siv Juvik Tveitnes, EVP

Growing world-class digital brands, accelerated by COVID-19

Norway and Sweden have high internet penetration, high trust in media, and high willingness to pay for news

#1 positions in both Norway and Sweden Well positioned to compete in the battle for attention and revenues

Primary News Destinations High reach and direct traffic:

~43m daily page views on VG, 51% daily reach in Norway and 90 % direct traffic

~40m daily page views on Aftonbladet, 50% daily reach in Sweden and 70% direct traffic

Premium subscription position High engagement:

~55% of digital subscribers visits every day

Niches Bringing added value to core brands:

Despite a challenging advertising market, digital revenues are showing healthy growth

Balanced revenue streams

Main revenue streams (%)*

35%

2018

2019

2020

40%

43%

43% 39% 22% 21% Subscriptions Casual Sales Advertising

20%

37%

Maintaining stable margins during the digital transformation Revenues (NOKm), EBITDA margin (%)

* Excluding Other revenues 47

** EBITDA margin including IFRS 16 effect estimate

News Media's strategy is focused on continued growth in digital revenues and long-term profitability

2020 has strengthened News Media's positions and underlying growth drivers

One common tech stack ensures scale and speed in product development

Strengthening premium ad position – Schibsted Group

The combined reach of Schibsted's products is unique in an advertising setting

*** CAGR display advertising excl. search and social media, source: IRM 51

Strengthening premium ad position – Schibsted Group

3 million daily logged-in users give us rich first party data and the ability to create more targeted advertising

Reach product

Unique "first-in-line" guaranteeing 1 million Norwegians or 2 million Swedes within 24 hours

Advertiser first on all digital

Targeting product

Users provide data and insights for both users and advertisers to benefit from

Only one advertiser daily Logged-in users matched with advertiser's own CRM list

surfaces of the Schibsted brands Communication with customers who already have a positive and active relationship with your brand

100% GDPR-friendly

Contextual product

Keyword matching, contextual product

Words advertisers want to use are linked to our editorial articles

Creates a natural relevance between ad and article, increasing attention

Provides opportunity to identify and meet target groups without use of data

Substantial subscription growth

Recurring digital subscription revenues have seen tremendous growth

Access to data will enable growth both in core offerings and in building new subscription offerings

Examples

Substantial subscription growth

Investing in quality content will be key to fuel further growth in the subscription economy

56

Driving digital growth News Media summary

Credible, trusted editorial brands with strong positions in Norway and Sweden

Unique reach and access to 1st party data fueling growth within both digital advertising and digital subscriptions

Scalable technology that ensures speed in product development

Solid cost control combined with willingness to invest to grow sustainable digital business

Next

Capital Markets Day 2021 Raoul Grünthal, EVP

Growth through the pandemic

Driving growth and value for customers and users, keeping innovation prevalent in Schibsted's DNA

Our role in the digital ecosystem

Exciting venture portfolio: investment themes within megatrends Venture investments

62

Schibsted Distribution has established sales companies that feed parcels into the media distribution network

Distribution & E-commerce

Helthjem has increased parcel volumes by 135% in 2020, doubling market share to ~11%

Distribution & E-commerce

C2C is Helthjem's fastest growing segment; fueling FINN and the circular economy

C2C parcels distributed per year * (thousand)

What consumers say they use the service for percent of respondents (N=2,303)

Morgenlevering has experienced explosive growth with its unique offering of breakfast products and gifts

Morgenlevering revenues (NOKm)

Prisjakt: From consumer price comparison to "go-to" destination Schibsted Next

Current premium position in the post-purchase review phase Schibsted Next

A strategy adapted to new, growing product segments Schibsted Next

Manually indexed data Editorial content AI indexing of data

Realizing growth potential Next summary

Creating value through synergies, entrepreneurship and intrapreneurship

A unique venture investment strategy, due to the Schibsted foundation

Strengthening our position within distribution and the circular economy

Strong growth potential within several phases of the e-commerce customer journey

Financial Services

Capital Markets Day 2021 Dan Ouchterlony, SVP

Building an exciting fintech portfolio over the last 10+ years Financial Services

Lendo

Lendo solves important issues for its customers with technology and data

13:59 Lendo Privatian >	lendo se - Private Jämför företagslån upp till 2 000 000 kr Flera långivare = Kostnadsfritt	RING	MENT
Lånesumma: 500 000 kr
50 000 Lånetid:			2 000 000 +
	Påbörja ansökan → (Ansökan är inte bindande)
Våra samarbetspartners
Bank 1 Bank 2		Bank 3

Unsecured personal loans is a favorable underlying market Lendo

Lendo outgrows the market, producing solid margins Lendo

Lendo Group: Revenues, EBITDA margin (NOKm, %)

* Finansinspektionen; installed base average until 01 August 2020 ** Finanstilsynet; installed base average until 30 Sep 2020 75

Strong competitive moat for market leaders Lendo

Sustainability is a priority for Lendo's business Lendo

Empowering customers to make smart and conscious financial decisions

Empowering banks to get access to the right customers

Working with regulators, partners and NGOs to prevent over indebtedness

Growth opportunities through international expansion… Lendo

• Northern Europe already highly digital, with strong migration towards digital brokers - and emerging winners among these players
• Attractive growth opportunities in other parts of Europe and the world
  • Solid underlying market, with increasing choice for consumers from digital lenders
  • Quick digitization of lenders and customers
  • Emerging digital infrastructures (e.g. e-ID, credit data) enabling future growth
  • Only few markets have yet been consolidated
• Lendo will continue to expand, bringing a successful, proven service to ripening markets

…and new product verticals Lendo

Consumer loans Debt insurance Small business loans Secured car loans Credit cards Other Ample opportunities to move into new verticals... ...and ability to bring new verticals to profitability Lendo for Business EBITDA 2019 2020 Revenues

Clear value creation levers for Lendo Lendo summary

Growth in the underlying market and migration towards online intermediates

A profitable and sustainable position as the clear #1 in Sweden

Substantial growth opportunities from geographical expansion and new product verticals

Targeted M&A

Rocker aims to be the leading challenger of high street banks by offering the world's best banking app

Driving user growth by developing customer centric financial services in a structurally changing market Proven asset light business model efficiently generating growth Pioneering peer-to-peer payment solutions with strong growth 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 0 100 200 300 400 500 600 700 800 Active customers Rocker Pay volume, indexed

Leveraging synergies from Fintech across Schibsted

Financial Services summary

Developing the fintech portfolio

10+ year track record

NOK 1,35bn revenues¹ 11 current investments >10 licenses with FSA Network of 500+ professionals Continued growth for leading Scandinavian operations Organic expansion into attractive European markets Targeted M&A and investment opportunities Synergies to Schibsted operations

Finance

Capital Markets Day 2021 Ragnar Kårhus, CFO

Well-positioned for further digital growth Finance highlights

Disciplined capital allocation to unlock growth and value

Solid financial position with high flexibility in the longer term

Share buybacks to adjust capital structure over time

Revenue growth target 8-12% for Nordic Marketplaces*

EBITDA margin target of 8-10% for News Media stands firm**

Our businesses have shown resilience in 2020

* Foreign exchange neutral basis and adjusted for acquisition of Oikotie and sale of certain regional and local newspapers

** Including IFRS 16 effect estimate ⁸⁶

Well-positioned for further growth

Sustainable growth

Defining Adopting to EU taxonomy

Measuring

CO2e target aligned with Paris Agreement

Process

Sustainable investments through Next

Disciplined capital allocation to unlock growth and value

• Focus on long-term profitability and value creation in all business areas
• Preserve financial flexibility to execute on strategic opportunities
• M&A activities primarily to strengthen our current market positions – main focus will remain on Nordic Marketplaces
• Financial shareholder in Adevinta material value creation potential, but our shareholding will never stand in the way of value-creating transactions
• Buybacks or extraordinary dividend as suitable ways to adapt capital structure

Main principles Capital allocation beyond organic investments in business areas 2019-2020*

Our ownership position in Adevinta is financial – limited flexibility in the short/medium term

Hard lock-up period 3 months following closing

• But eBay can transfer (non-) voting shares off-market immediately at closing, up until 197m shares

Right-of-way period up to 15 months

• eBay has preferential right to sell shares
• If Schibsted intents to sell during this period, we must notify eBay, in which case eBay may require Schibsted to delay its sale for 90 days
• However, there is a carve out from this, which allows Schibsted to sell up to 3%-points without consent from eBay

Tag along period up to 18 months after right-of-way period

• Each party may participate in selldowns by the other party

Flexibility to pursue strategic opportunities

Well diversified debt maturity profile (NOKm*)

Targeting financial gearing in the range of 1-3x (NIBD/EBITDA according to bank definition)

Maintaining our financial targets

Nordic Marketplaces revenues Targeting annual revenue growth of

8-12% for the segment in the medium- to long-term

Leverage policy Targeting NIBD/EBITDA in the range of 1-3, making it possible to lever up if a particularly attractive investment becomes available

Any over-capitalization to be addressed through (extraordinary) dividend or share buyback

Stable to increasing dividend over time

To conclude

We have delivered on our strategies

• Competent financial owner of Adevinta
• True Nordic player with online classifieds acquisitions in Finland and Denmark*
• Solid operational execution and shareholder value creation

We are uniquely positioned for growth in the Nordics

• Strong brands and capabilities
• Products and services providing value for our users

We are more than the sum of our parts

• Building on a solid foundation, reaching for a shared purpose
• Proven track record of innovation and investments in growth

Nordic Marketplaces revenue mix per country Appendix

Marketplaces Norway (FY 2020)

Marketplaces Finland (Q4 2020)

Marketplaces Sweden (FY 2020)

Marketplaces Denmark* (FY 2019)

* Assumes closing of the eCG transaction, including Schibsted's acquisition of eBay Denmark (DBA and Bilbasen). Closing is

expected in Q2 2021, subject to regulatory approvals. ⁹⁴

Investor contact

Visit Schibsted's website schibsted.com

E-mail: ir@schibsted.com

Jann-Boje Meinecke VP, Head of IR +47 941 00 835

Malin Langtvet IR Officer +47 916 86 710

Schibsted ASA Akersgata 55 / P.O. Box 490 Sentrum NO-0105 Oslo