Vend Marketplaces ASA

Quarterly Report • May 7, 2014

Quarterly results Q1 2014

Rolv Erik Ryssdal, CEO Trond Berger, CFO 7 May 2014

Q1 2014 Highlights

Online Classifieds

• Steady underlying revenue growth of 14% (incl Spain). Stable, high margins for established operations
• Main sites in Norway, Sweden and France continue to develop well
• Milanuncios acquisition in Spain expected to be closed in Q2
• Positioning Leboncoin.fr to capture the real estate potential in France
• Investments in New ventures NOK 141 million (224 million). In addition investments in JVs (not affecting EBITDA) of NOK 186 million
• Focus on mobile product innovation

Media Houses

• Mixed development in Media Houses
• Stable revenues and firm margins for VG and Aftonbladet with their strong online positions
• Accelerated print advertising decline for subscription newspapers, while continuing online growth
• Further development of digital products and subscription models combined with cost measures
• Content revenues larger than ad revenues for Schibsted Norge
• Steady growth and margin improvement for personal finance services

Q1 highlights

Continued online growth, stable margins before investments in New ventures

NOKm	Q1 2013	Q1 2014	NOKm
			4000			24%
Operating revenues	3,587	3,710
Gross operating profit (EBITDA)	297	410
EBITDA ex. Investment phase	521	551	3000	15%	15%	18%
EBITDA margin	8 %	11 %
EBITDA margin ex. Investment phase	15 %	15 %	2000	3587	3710	12%
EBITDA Online classifieds ex Investment phase	391	454
EBITDA Online classifieds, Investment phase	-224	-141	1000			6%
EBITDA Media houses	199	175
			0	Q1 13	Q1 14	0%

• EBITDA ex Investment phase increased with 6%
• Underlying revenue growth 2%
• Online classifieds joint ventures and associated companies, not affecting EBITDA, NOK -186 million (-16 million)

EBITDA margin ex. Investment phase

Revenues

EBITDA margin

Amendments of reporting structure

Changes related to establishment of new Online classifieds JVs

• With effect from 1 January 2014, changes to IFRS requires accounting for investments in joint ventures to change from proportionate consolidation to the equity method
• P&L is restated according to this for 2013
• Joint ventures and associated companies are not part of EBITDA, but included in EBIT
• Detailed background figures on Schibsted Classified Media still show figures with a proportionate consolidation for joint ventures

Media house changes as of Q1 2014

• Discontinuing separate EBITDA-reporting on print and online media
• Online/offline split will be maintained on revenues
• Details on D&A and EBITA will be discontinued. Focus on EBITDA
• Schibsted Sweden is reorganized, and reporting will be amended correspondingly
• "Publishing" established as a new unit
  • 1. Aftonbladet including some units that has been taken over from Tillväxtmedier (Klart.se, Minimedia, and certain other)
  • 1. SvD

Q1 highlights

Continued progress in digitalization

Online classifieds 31 % Media Houses online 23 % Media Houses Offline Advertising 16 % Media Houses subscription 11 % Media Houses single copy 14 % Other Revenues Q1 2014 Percentage EBITDA* ex New Ventures Q1 2014 Percentage EBITDA* Q1 2014 Percentage Online share 54% (45%) *) EBITDA excluding HQ and Other operations Online Classifieds 64 % Media Houses 36 % Online Classifieds 72 % Media Houses 28 %

Online classifieds

14% growth (19% ex Spain), stable margins for Established operations Online classifieds

Steady growth in revenues

Revenue and volume growth in all verticals except jobs

• Positive Easter effect in 2014
• Freemium strategy to boost traffic and volumes for private miscellaneous to be gradually implemented, starting in Q2
• Lendo Norway taken over by Finn as of Q1, reinforcing the personal finance strategy (reduces the EBITDA margin with 2%-points)

*) Underlying growth, adjusted for acquisitions and divestments.

Strong volumes in real estate, slowdown with market in jobs

Volumes of jobs declined along with the market

High activity in the real estate market

Online classifieds – Large established

Good growth, supported by improved market

• Good growth in revenues and EBITDA in Q1
• Volume improvements in the car vertical
• Strategic exclusivity agreements with four real estate agents in place
• Integration of job portal StepStone according to plan (affects EBITDA margin negatively with 2%-points)
• New iPhone app launched

*) Underlying growth, adjusted for acquisitions and divestments.

New real estate section on Blocket – exclusivity with four agents

Online classifieds – Large established

Continued growth with a broad range of growth drivers

France

• Continued good growth driven by display advertising, premium placements and professional listing fees
• New ads per day +8%
• Continued improvement of the strong positions in the professional car market
• Real estate sale agreement terminates at year end

Significant potential in real estate

• Total market around 23,000 agents
• 668,000 objects sold in 2013*, of which 70% through agents and 30% C2C
• Online real estate market estimated to be around EUR 250 million per year**
• Standalone strategy to be implemented as Spir agreement expires end 2014

*) Source: FNAIM

Source: Mediametrie **) Source: xerfi precepta 2011/Leboncoin

Transition and product improvements for Spanish sites Online classifieds – Other established

• Focus on traffic user experience and traffic growth
• Development of the sites on track
• Revenue decline in Q1, as planned
• Closing of the Milanuncios acquisition expected in Q2 2014

Increased investments in new markets yield significant growth Online classifieds – Investment phase

• Investment spending of NOK 141 million in New ventures (224 million)
• In addition NOK 186 million (16 million) of investments in JVs and associated companies (not part of EBITDA)
• Developing leading market positions
• Continued good growth in inflow of new ads per day
• +199% for Bomnegocio (Brazil)
• Good growth in several markets
• +154% Yapo (Chile)
• +52% Tori (Finland)
• +61% Berniaga (Indonesia)

Daily new ads, investment phase companies

Note: the graph include figures for (alphabetical order): Ayosdito, Berniaga, Bikhir, Bomnegocio, Custojusto, Jofogas, Kapaza, Kufar, Segundamano.mx, Tocmai, Tori, Tutti and Yapo.

Good growth for Bomnegocio and key competitor in Brazil

Total pages viewed (million)

Total minutes (million)

Media houses

World class digital media houses

Single copy papers: Steady online growth, investments in new digital products

Online advertising share 70% (62%) Main digital growth drivers are mobile and web TV

Strong mobile traffic growth – record high reach for Aftonbladet World class digital media houses

Example Aftonbladet

Mixed development for subscription newspapers World class digital media houses – subscription newspapers

• Online advertising revenues +20% Y/Y
• Print advertising revenues -17% (positive Easter effect in Q1 2014)
• Increased circulation revenues print/digital bundles well received
• Total cost reduced by 1%

Stabilizing circulation volume and revenues driven by digital products World class digital media houses – subscription newspapers

Total circulation revenues +7% Y/Y Circulation volume including digital and bundled subscriptions +1%

World class digital media houses

Solid progress for Schibsted Growth

• Underlying revenue growth of 12% for Schibsted Growth in Sweden
• Excluding Hitta, the growth was 27%
• Increased revenues and operational improvements resulted in margin expansion
• Strong growth for personal finance and coupon business Let's Deal
• Invested in French price comparison site Monsieur Drive

Schibsted Growth (Sweden)

Single sign in and payment services

SPiD reaches 2.8 million registered users in Norway and Sweden

50% of the Norwegian population over 16 years has a SPiD account

• A key tool to increase share of logged in users
• Same login for Finn, VG, Aftenposten, Aftonbladet and most other Schibsted products
• Key building stone for advanced data analytics and targeted advertising
• Enabler for peer-to-peer payment services on online classifieds sites
• Roll out in Blocket.se to come later this year

Continued good online performance, increased investments in New ventures

	Revenues Q1 2014	Underlying change y/y*	Online share of revenues	EBITDA margin Q1 14	Q1 13
Schibsted Media Group	3 710	2 %	54 %	11 %	8 %
Online Classifieds	1 151	14 %	100 %	27 %	18 %
*) 19 % growth ex Spain
Online Classifieds ex Investment phase	1 123	13 %	100 %	40 %	42 %
- Finn.no	376	10 %	100 %	41 %	44 %
- Blocket.se/Bytbil.se	209	13 %	100 %	51 %	47 %
- Leboncoin.fr	299	26 %	100 %	68 %	70 %
Schibsted Norge media house	1 542	-2 %	21 %	7 %	10 %
Schibsted Sverige media house	952	-1 %	48 %	9 %	6 %

Q1 2014

25

*) Growth adjusted for acquisitions, divestments and currency fluctuations

EBITDA development in Q1

Income statement Schibsted Group

			Full year
(NOK million)	Q1 2014	Q1 2013*	2013*
Operating revenues	3 710	3 587	14 870	NOK 83 million decreased
Operating expenses	(3 300)	(3 290)	(13 093)	investment Y/Y in online classifieds
Gross operating profit (EBITDA)	410	297	1 777	New ventures.
Depreciation and amortization	(114)	(117)	(476)
Share of profit (loss) of JVs and associates	(202)	(26)	(123)	JVs (mainly online
Impairment loss	(9)	-	(150)	classifieds New
Other income and expenses	45	(7)	647	ventures) reported with the equity
Operating profit (loss)	130	147	1 675	method as of Q1 2014. 2013 figures
Net financial items	(29)	(40)	(185)	restated.
Profit (loss) before taxes	101	107	1 490
Taxes	(125)	(46)	(453)	High tax rate mainly
Profit (loss)	(24)	61	1 037	as losses in Online classifieds start up
				phase are not tax deductible.
EPS (NOK)	-0,32	0,50	9,43
EPS - adjusted (NOK)	-0,69	0,55	3,90
*) Restated figures

Stable, strong financial position. New bonds issued at favorable terms Financials

• Net Interest Bearing Debt NOK 1.8 billion
• NIBD/EBITDA* at 0.8x end of Q1
• New bond issuance of NOK 600 million in April 2014
• 3 month NIBOR +110bp
• 7 years maturity
• Maintaining a diversified debt portfolio
• High CAPEX in Q1 as a result of preparations for co-location in Oslo

Debt maturity profile

*) NIBD/EBITDA according to bank definition.

Q1 2014 28

Key financial figures

CAPEX (NOK million) and CAPEX/Sales (%) Net interest bearing debt (NOK) and

Earnings per share Cash flow from operating activities/share

Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114

CAPEX Net interest bearing debt

Note: NIBD/EBITDA according to bank definition.

1662 1834 ^{1528 1437} 1858 2111 2585 1131 1771 0,8 0,9 0,7 0,7 1,0 1,1 1,5 0,6 0,8 0 1000 2000 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114

Dividend of NOK 3.50 proposed

Dividend policy (summary)

Schibsted targets a pay-out ratio over time in the range of 25% to 40% of cash flow

• Depending on:
• Macroeconomic outlook
• Investment requirements
• NOK 3.50 (unchanged) dividend proposed for 2013
• In the high end of the target range
• A balanced dividend level in a period of investment in online classifieds growth and digital transition
• Equals NOK 376 million based on total number of shares outstanding

*) Proposed by the Board of Directors Historic dividend per share adjusted for effect of rights issue in 2009

Amendments of reporting structure Financials

Changes related to establishment of new Online classifieds JVs

• With effect from 1 January 2014, changes to IFRS requires accounting for investments in joint ventures to change from proportionate consolidation to the equity method
• P&L is restated according to this for 2013
• Joint ventures and associated companies are not part of EBITDA, but included in EBIT
• Details on Schibsted Classified Media still show figures with a proportionate consolidation for joint ventures

Media house changes as of Q1 2014

• Discontinuing separate EBITDA-reporting on print and online media
• Online/offline split will be maintained on revenues
• Details on D&A and EBITA will be discontinued. Focus on EBITDA
• Schibsted Sweden is reorganized, and reporting will be amended correspondingly
• "Publishing" established as a new unit
  • 1. Aftonbladet including some units that has been taken over from Tillväxtmedier (Klart.se, Minimedia, and certain other)
  • 1. SvD

JVs reported with the equity method reduces revenues

Negative effect on revenues

Positive impact on EBITDA

Negative effect on net profit

restated

2013 Change reported 2013 restated

Significant change, as the revaluation of 701 Search in connection with the share sale to Telenor (one off) is reversed in the restated figures.

Revenues from JVs 2013 reported 2013 restated

The main effect is from 20 Minutes France

Share of profit in JVs and associated companies are reported below the EBITDA, included in EBIT

reported

High reported tax rate. Underlying rate of around 29% Financials

Schibsted reports a high tax rate mainly as losses in Online classifieds start up phase are not tax deductible

Reported profit (loss) before taxes	101
- Share of profit (loss) of joint ventures and associated companies	-202
- Other losses for which no deferred tax benefit is recognized*	-160
- Gain on remeasurement of previously held equity interest in business combinations achieved in stages	37
"Adjusted" tax base	426
Taxes	125
Adjusted effective tax rate (125/426)	29 %

*) Mainly online classifieds New ventures that are not in JVs.

Outlook

Outlook

Online Classifieds

• Continued growth potential in the established sites
• Continued relatively high investments in New ventures to be expected going forward. Focus on core markets and expansion in selected new geographies
• Finn.no turn free for certain private categories to boost user engagement. 2014 negative revenue effect NOK 40 million expected
• Positioning Leboncoin.fr to capture the real estate potential in France
• Digital transition program progressing as planned
• Online growth and cost reduction set to partly mitigate effects of print revenue declines
• Softer macro in Norway expected to put pressure on print advertising – particularly recruitment
• Overall expectation for some margin contraction in media houses during the print-to-digital transition period going forward

Media Houses

Spreadsheet containing detailed Q1 2014 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Schibsted ASA basic data

Ticker	Oslo Stock Exchange: SCH Reuters: SBST.OL Bloomberg: SCH NO
Number of shares (2 May 2014)	108,003,615
Treasury shares (2 May 2014)	611,851
Number of shares outstanding	107,391,764
Free float*	73%
Share price (2 May 2014)	NOK 338.20
Market cap (2 May 2014)	NOK 36.5 bn., EUR 4.4 bn., USD 6.1 bn., GBP 3.6 bn.
Average daily trading volume LTM	242,000 shares

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS.

Shareholder register

Data as of 31 March 2014
Rank Name	Holding	Share
1 Blommenholm Industrier AS	28,188,589	26.1 %
2 Folketrygdfondet	7,486,976	6.9 %
3 NWT Media AS	4,292,239	4.0 %
4 State Street Bank And Trust Co.*	4,000,000	3.7 %
5 JP Morgan Clearing Corp. *	3,302,000	3.1 %
6 The Northern Trust Company Ltd. *	2,672,320	2.5 %
7 Goldman Sachs & Co Equity Segregation *	2,542,180	2.4 %
8 The Bank Of New York Mellon *	2,139,745	2.0 %	Data as of 2 April 2014
9 Morgan Stanley & Co LLC *	1,980,200	1.8 %	% of foreign shareholders**	56.7 %
10 Clearstream Banking S.A. *	1,902,283	1.8 %	Number of shareholders	4,581
11 UBS AG, London Branch *	1,889,134	1.7 %	Number of shares	108,003,615
12 J.P. Morgan Chase Bank N.A. London *	1,858,202	1.7 %	Shares ow ned by Schibsted	655,075
13 Credit Suisse Securities (Usa) LLC *	1,760,994	1.6 %
14 J.P. Morgan Chase Bank N.A. London *	1,221,669	1.1 %	Largest countries of ownership
15 Montague Place Custody Services *	1,154,447	1.1 %	Norw ay**	43.3 %
16 State Street Bank & Trust Company *	1,138,128	1.1 %	USA	27.0 %
17 The Northern Trust Co. *	1,107,493	1.0 %	United Kingdom	14.0 %
18 The Northern Trust Co. *	1,079,586	1.0 %	Sw eden**	5.9 %
19 Deutsche Bank AG *	1,078,051	1.0 %	Luxembourg	2.7 %
20 Svenska Handelsbanken AB *	955,577	0.9 %	Australia	1.9 %
Source: VPS
*) Nominee accounts
**) NWT Media AS is counted for as a Sw edish shareholder.

Data as of 2 April 2014
-------------------------

% of foreign shareholders**	56.7%
Number of shareholders	4.581
Number of shares	108,003,615
Shares ow ned by Schibsted	655.075

Largest countries of ownership
Norw ay**	43.3%
I ISA	27.0%
United Kingdom	14.0 $%$
Sw eden**	5.9%
Luxembourg	27%
Australia

Data as of 31 March 2014. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

Shareholder analysis – top 25 holders Appendices

Rank Fund manager	%	Shares
1 Blommenholm Industrier AS	26.10	28,188,589
2 Luxor Capital Group, L.P.	9.93	10,722,618
3 Folketrygdfondet	6.42	6,928,511
4 Baillie Gifford & Co.	6.26	6,760,851
5 NWT Media As	3.70	4,000,000
6 Alecta pensionsförsäkring, ömsesidigt	3.06	3,302,000
7 Caledonia (Private) Investments Pty Limited	2.89	3,125,819
8 SAFE Investment Company Limited	1.91	2,061,763
9 Capital Research Global Investors	1.76	1,902,283
10 Marathon Asset Management LLP	1.70	1,836,935
11 Taube, Hodson, Stonex Partners, LLP	1.54	1,661,556
12 Cadian Capital Management LP	1.49	1,613,672
13 Tw eedy, Brow ne Company LLC	1.39	1,500,952
14 Nordea Funds Oy	1.02	1,102,445
15 Danske Capital (Norw ay)	1.01	1,094,300
16 Fidelity Worldw ide Investment (UK) Ltd.	1.01	1,093,634
17 Platinum Investment Management Ltd.	0.97	1,047,517
18 The Vanguard Group, Inc.	0.95	1,029,164
19 Adelphi Capital LLP	0.91	986,197
20 Sw edbank Robur AB	0.90	972,900
21 New brook Capital Advisors, L.P.	0.89	956,364
22 Storebrand Kapitalforvaltning AS	0.87	940,434
23 Handelsbanken Asset Management	0.86	932,256
24 DNB Asset Management AS	0.86	930,163
25 KLP Forsikring	0.86	927,104

Source: Nasdaq OMX. Data as of 15 April 2014.

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.

Updated information at:

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

Key financial figures

	Q1 2014	2013	Full year 2013
Gross operating profit (EBITDA) (NOK million)	410	297	1 777
Gross operating profit (EBITDA) ex new ventures (NOK million)	551	521	2 647
Operating margins (%):
Operating margin (EBITDA)	1 1	8	1 2
Operating margin (EBITDA) ex new ventures	1 5	1 5	1 8
EPS (NOK)	(0.32)	0.50	9.43
Net cash flow from operating activities (NOK million)	(61)	(380)	716
Cash flow from operating activities per share (NOK)	(0.57)	(3.54)	6.67
Profit attributable to owners of the parent	(35)	5 3	1 011
Average number of shares (1 000)	107.349	107.157	107.274

Capital structure

	Q1		Full year
	2014	2013	2013
Investments (NOK million):
Operational investments (capex)	171	9 2	520
Shares and other holdings	475	2 2	935
Interest bearing borrowings (NOK million)	2 078	2 518	2 317
Net interest bearing debt (NOK million)	1 771	1 913	1 115
Interest bearing debt ratio (%)	1 3	1 6	1 4
Equity ratio(%) 1)	4 8	4 1	4 6

1) Treasury shares are offset against equity

Advertising – Print editions

Per Q1	Volume1) 2014	Change 2013-2014	Revenues (NOK million)	Change 2013-2014
Schibsted Norge, subscription newspapers	24 715	(15) %	331	(18) %
Verdens Gang	2 695	(3) %	57	(21) %
Aftonbladet 2)	2 458	(30) %	59	(14) %
Svenska Dagbladet 2)	5 172	(3) %	93	(10) %
1) Column meters 2) SEK million

Key operations – Online classifieds

	Q1	Q1	FY
Finn.no (MNOK)	2014	2013	2013
Operating revenues	376	332	1,406
EBITDA	155	145	691
EBITDA margin	41 %	44 %	49 %
	Q1	Q1	FY
Blocket.se/Bytbil.se (MSEK)	2014	2013	2013
Operating revenues	223	192	866
EBITDA	114	90	448
EBITDA margin	51 %	47 %	52 %
	Q1	Q1	FY
Leboncoin.fr (MEUR)	2014	2013	2013
Operating revenues	35.8	28.4	124.3
EBITDA	24.5	19.8	83.6
EBITDA margin	68 %	70 %	67 %

Key operations – Media houses

Norway

Sweden

Q1	Q1	FY
2014	2013	2013
492	477	1,951
320	340	1,365
172	137	586
72	73	313
15 %	15 %	16 %
Q1	Q1	FY
2014	2013	2013
858	897	3,571
734	824	3,214
124	73	357
45	77	365
5 %	9 %	10 %
Q1	Q1	FY
2014	2013	2013
486	494	2,051
315	341	1,430
171	153	621
45	57	287
9 %	12 %	14 %
Q1	Q1	FY
2014	2013	2013
242	253	1,033
2	(11)	1
1 %	(4 %)	0 %
Q1	Q1	FY
2014	2013	2013
240	202	857
58	21	131

Historical development

• Chr. Schibsted Forlag (publishing house) founded
• Christiania Adresseblad launched in Oslo renamed Aftenposten in 1861
• Takeover of VG
• Reorganisation from a private family company to a limited company
• Listing at the Oslo Stock Exchange with a growth strategy declaration
• First TV and film investments
• First New Media/Internet investments
• First investments in Kanal 2 in Estonia
• Acquisition of Aftonbladet
• Acquisition of Svenska Dagbladet
• Investment in Eesti Meedia Group
• Launch of the free newspaper concept 20 Minutes
• Launch of Finn
• Acquisition of Blocket
• Acquisition of Hitta.se

• Launch of Sesam and acquisition of Internettkatalogen

• Schibsted International Classifieds & Search launch of Willhaben.at and LeBoncoin.fr

• Acquisition of selected assets of Trader Classified Media (International Classifieds Acquired)
• Divestment of ownership in TV 2
• Divestment of ownership TV4
• Media Norge approved by Schibsted's general meeting
• Rolv Erik Ryssdal new CEO
• Media Norge and Schibsted Sverige established
• Increased ownership in Finn.no and InfoJobs.net
• Non core activities Metronome, Retriever, Basefarm, Teleadress divested
• Increased ownership in Leboncoin.fr from 50% to 100%
• Merger with Media Norge.
• The Blocket-copy Bomnegocio.com launched in Brazil
• Schibsted Norge AS established
• Full ownership in Anuntis Segundamano
• SnT Classifieds established with Telenor as partner

See also:http://www.schibsted.com/en/About-Schibsted/History/

Investor information

• Visit Schibsted's homepages
• www.schibsted.com/ir
• Jo Christian Steigedal, VP Investor Relations jcs@schibsted.no Tel: +47 2310 6600 Mobile: +47 415 08 733

Schibsted ASA Apotekergaten 10, P.O. Box 490 Sentrum, NO-0105 Oslo Tel: +47 23 10 66 00. Fax: +47 23 10 66 01. E-mail: schibsted@schibsted.no www.schibsted.com