Vend Marketplaces ASA

Quarterly Report • Nov 4, 2016

Financials and analytical info as of Q3 2016

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment operating revenues
• 1. Operating segment EBITDA
• 1. Media House Norway P&L
• 1. Media House Sweden P&L
• 1. Online Classifieds Proforma P&L
• 1. Circulation volume Media Houses

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IR jcs@schibsted.no Mobile: +47 415 08 733 www.schibsted.com/ir

Changes in the restated Financials and analytical info as of Q1 2016:

As announced 19 February 2016, Schibsted Media Group will adjust the reporting structure as of the report for Q1 2016.

The main change is that the previous Online classifieds segment now is split in three separate segments. Additionally, Schibsted will going forward report pro -forma figures for the Online classifieds operations including the proportional share of revenues and EBITDA from associates (including joint ventures). In the pro -forma figures for the Developed phase, a split of revenues and EBITDA for France, Norway, Sweden, Spain and International operations is given, as before. Also, the Investment phase operations are shown separately, as before.

This spreadsheet is amended in order to reflect the new reporting format.

NOK million
1 quarter 2013 restated	2 quarter 2013 restated	3 quarter 2013 restated	4 quarter 2013 restated	1 quarter 2014	2 quarter 2014	3 quarter 2014	4 quarter 2014	1 quarter 2015	2 quarter 2015	3 quarter 2015	4 quarter 2015	1 quarter 2016	2 quarter 2016	2016	3 quarter CONDENSED CONSOLIDATED INCOME STATEMENT SCHIBSTED MEDIA GROUP	2016	Year to date Year to date Full year 2015	2015	Full year 2014	Full year 2013 restated	Full year 2013 reported
452 564 2,081 490 3,587	445 577 2,330 518 3,870	433 619 2,026 503 3,581	440 568 2,284 540 3,832	479 541 2,170 520 3,710	448 553 2,338 495 3,834	463 589 1,995 510 3,557	474 538 2,287 575 3,874	478 495 2,176 545 3,694	456 525 2,366 456 3,803	477 526 2,169 501 3,673	490 504 2,430 523 3,947	506 485 2,377 515 3,883	529 481 2,559 545 4,114		528 Subscription revenues 470 Casual sales revenues 2,301 Advertising revenues 499 Other revenues 3,798 Operating revenues	1,563 1,436 7,237 1,559 11,795	1,411 1,546 6,711 1,502	1,901 2,050 9,141 2,025 11,170 15,117 14,975 14,870 15,232	1,864 2,221 8,790 2,100	1,770 2,328 8,721 2,051	1,787 2,335 9,017 2,093
(230) (1,349) (1,711) -	(241) (1,360) (1,707) -	(201) (1,216) (1,701) -	(178) (1,389) (1,810) -	(172) (1,427) (1,701) -	(179) (1,405) (1,676) -	(167) (1,255) (1,631) -	(178) (1,477) (1,766) -	(161) (1,487) (1,670) -	(144) (1,460) (1,557) -	(129) (1,372) (1,616) -	(141) (1,565) (1,799) -	(129) (1,562) (1,771) -	(129) (1,568) (1,780) -	-	(118) Raw materials and finished goods (1,396) Personnel expenses (1,712) Other operating expenses Share of profit (loss) of joint ventures and associates	(376) (4,526) (5,263) -	(434) (4,319) (4,843) -	(575) (5,884) (6,642) -	(696) (5,564) (6,774) -	(850) (5,314) (6,929) -	(871) (5,474) (7,228) 13
297	562	463	455	410	574	504	453	376	642	556	442	421	637		572 Gross operating profit (loss)	1,630	1,574	2,016	1,941	1,777	1,672
(117) (26) - (7)	(119) (11) (2) 8	(121) (30) - (225)	(119) (56) (148) 871	(114) (202) (9) 45	(112) (216) - (30)	(123) (252) (1) 88	(118) (171) (121) (95)	(118) 354 (6) 267	(119) (107) (3) 97	(129) (124) (14) 794	(132) (71) (465) (79)	(123) (43) - (24)	(132) (40) (39) (69)		(127) Depreciation and amortisation (43) Share of profit (loss) of joint ventures and associates (16) Impairment loss (32) Other income and expenses	(382) (126) (55) (125)	(366) 123 (23) 1,158	(498) 52 (488) 1,079	(467) (841) (131) 8	(476) (123) (150) 647	(490) - (150) 1,169
147 (40)	438 (63)	87 (54)	1,003 (28)	130 (29)	216 (26)	216 (17)	(52) (56)	873 (27)	510 (70)	1,083 (118)	(305) 20	231 (12)	357 2		354 Operating profit (loss) 38 Net Financial Items	942 28	2,466 (215)	2,161 (195)	510 (128)	1,675 (185)	2,201 (186)
107	375	33	975	101	190	199	(108)	846	440	965	(285)	219	359		392 Profit (loss) before taxes	970	2,251	1,966	382	1,490	2,015
(46) 61	(171) 204	(111) (78)	(125) 850	(125) (24)	(162) 28	(139) 60	(83) (191)	(112) 734	(172) 268	(153) 812	(138) (423)	(144) 75	(166) 193		(195) Taxes 197 Profit (loss)	(505) 465	(437) 1,814	(575) 1,391	(509) (127)	(453) 1,037	(453) 1,562
53	8 19 185	- (78)	(1) 851	11 (35)	22	14 6 46	6 (197)	71 663	29 239	15 797	13 (436)	21 54	38 155		Profit (loss) attributable to: 23 Non-controlling interests 174 Owners of the parent	82 383	115 1,699	128 1,263	53 (180)	26 1,011	26 1,536
0.25 0.25 0.27 0.27	0.86 0.86 0.83 0.83	(0.36) (0.36) 0.63 0.63	3.97 3.97 0.22 0.22	(0.16) (0.16) (0.34) (0.34)	0.03 0.03 0.13 0.13	0.21 0.21 (0.27) (0.27)	(0.92) (0.92) (0.25) (0.25)	3.08 3.08 2.10 2.10	1.11 1.11 0.62 0.62	3.68 3.67 0.06 0.06	(1.93) (1.92) 0.41 0.41	0.24 0.24 0.29 0.29	0.69 0.69 1.04 1.04		Earnings per share (NOK) 0.77 Basic 0.77 Diluted 0.93 Basic - adjusted 0.93 Diluted - adjusted	1.70 1.69 2.26 2.26	7.88 7.88 2.77 2.77	5.79 5.78 3.17 3.16	(0.84) (0.84) (0.73) (0.73)	4.72 4.71 1.95 1.95	7.16 7.16 1.95 1.95

On 8 May 2015, the Annual General Meeting of Schibsted ASA approved a split of the Company's shares and establishing of a new class of B-shares. Average number of shares outstanding is adjusted retrospectively as if shares issued in share split were outstanding also in previous periods presented to give comparable information on Earnings per share.

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016
STATEMENT OF FINANCIAL POSITION	reported	reported	reported	reported	restated	restated	restated	restated
Intangible assets	9,301	9,646	10,056	10,337	9,221	9,561	9,958	10,212	10,240	10,366	10,074	11,906	11,493	11,855	14,511	14,292	14,054	13,920	13,470
Investment property and property, plant and equipment	1,819	1,795	1,659	1,507	1,812	1,788	1,651	1,499	1,564	1,608	1,373	1,287	1,239	1,196	1,168	1,137	1,116	1,069	1,043
Investments in joint ventures and associates	507	469	478	1,074	625	610	578	654	557	548	502	547	1,251	1,199	969	929	942	964	978
Other non-current assets	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462	425	315	346	463
Non-current assets	11,949	12,261	12,496	13,215	12,000	12,329	12,541	12,684	12,573	12,717	12,222	14,276	14,498	14,708	17,110	16,783	16,427	16,299	15,954
Trade receivables and other current assets	2,939	2,954	2,776	2,676	2,800	2,806	2,666	2,565	2,710	2,781	2,761	2,853	2,911	2,898	3,061	2,942	2,972	2,779	2,804
Current financial assets	64	53		- 28	64	53	-	-	-		- -	-	-	-	-	-	-	-	-
Cash and cash equivalents	596	1,140	561	1,240	541	1,066	473	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388
Assets held for sale		- -	76		-	-	- 76	-	-		- -	-	-	-	-	-	-	-	-
Current assets	3,599	4,147	3,413	3,944	3,405	3,925	3,215	3,767	3,017	3,239	3,592	3,598	3,196	3,367	5,915	4,833	4,596	4,190	4,192
Total assets	15,548	16,408	15,909	17,159	15,405	16,254	15,756	16,451	15,590	15,956	15,814	17,874	17,694	18,075	23,025	21,616	21,023	20,489	20,146
Equity attributable to owners of the parent	6,075	6,248	6,085	7,850	6,075	6,248	6,085	7,325	7,179	6,897	6,419	6,560	7,012	6,930	11,195	10,776	10,676	10,276	9,878
Non-controlling interests	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297	314	332	322	287
Equity	6,356	6,500	6,346	8,111	6,356	6,500	6,346	7,586	7,444	7,084	6,615	6,790	7,253	7,066	11,492	11,090	11,008	10,598	10,165
Non-current interest-bearing borrowings	1,941	2,712	2,574	1,971	1,941	2,712	2,561	1,971	1,941	2,551	2,495	2,132	1,908	2,334	3,012	2,365	1,856	1,838	1,822
Other non-current liabilities	2,038	2,030	2,509	2,313	2,032	2,024	2,500	2,263	2,109	2,076	2,515	3,641	2,944	2,886	2,817	2,743	2,500	2,493	2,793
Non-current liabilities	3,979	4,742	5,083	4,284	3,973	4,736	5,061	4,234	4,050	4,627	5,010	5,773	4,852	5,220	5,829	5,108	4,356	4,331	4,615
Current interest-bearing borrowings	577	592	549	428	577	592	549	346	137	90	13	696	844	1,162	719	318	557	541	540
Other current liabilities Liabilities held for sale	4,636	4,574 - -	3,780 151	4,336	4,499 -	4,426 -	3,649 - 151	4,285 -	3,959 -	4,155	4,176 - -	4,615 -	4,745 -	4,627 -	4,985 -	5,100 -	5,102 -	5,019 -	4,826
Current liabilities	5,213	5,166	4,480	4,764	5,076	5,018	4,349	4,631	4,096	4,245	4,189	5,311	5,589	5,789	5,704	5,418	5,659	5,560	5,366
Total equity and liabilities	15,548	16,408	15,909	17,159	15,405	16,254	15,756	16,451	15,590	15,956	15,814	17,874	17,694	18,075	23,025	21,616	21,023	20,489	20,146

Schibsted has as of 1 January 2014 implemented IFRS

11 Joint Arrangements. The standard is applied

retrospectively and comparable figures for 2013 are

restated in the columns "restated" above.

The reported figures for 2013 are presented in the

columns "reported" above. The restatements are described in the 1st Quarter 2014 Report.

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016
STATEMENT OF CASH FLOWS	restated	restated	restated	restated
Profit (loss) before taxes (continuing operations)	107	482	515	1,490	101	291	490	382	846	1,286	2,251	1,966	219	578	970
- Gain on remeasurement in business combinations achieved in stages and remeasurement
of contingent consideration	-		- (2)	(2)	(37)	(40)	(40)	(91)	-	-	(784)	(778)	-	-	-
+ Depreciation, amortisation and impairment losses	117	238	362	629	123	235	359	598	124	246	389	1,000	123	294	437
+ / - Share of profit of joint ventures and associates, net of dividends received	26	85	125	182	202	445	707	877	(354)	(232)	(108)	(25)	43	102	155
- Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)
Sales losses (gains) non-current assets	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)	(24)	(35)	(80)
Change in working capital	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5	(14)	228	40
Net cash flow from operating activities	(380)	(145)	181	716	(61)	348	765	1,230	(18)	362	690	993	168	801	1,001
Net cash flow from investing activities	(158)	(251)	(478)	471	(446)	(790)	(728)	(1,580)	(289)	(616)	(1,310)	(1,513)	(166)	(487)	(677)
Net cash flow before financing activities	(538)	(396)	(297)	1,187	(507)	(442)	37	(350)	(307)	(254)	(620)	(520)	2	314	324
Net cash flow from financing activities	60	397	(296)	(1,116)	(365)	(305)	(382)	(116)	(117)	20	2,758	1,683	(251)	(771)	(819)
Effect of exchange rate changes on cash and cash equivalents	41	87	112	153	(23)	3	(26)	9	(36)	(42)	(29)	(17)	(18)	(23)	(8)
Net increase (decrease) in cash and cash equivalents	(437)	88	(481)	224	(895)	(744)	(371)	(457)	(460)	(276)	2,109	1,146	(267)	(480)	(503)
Cash and cash equivalents at start of period	978	978	978	978	1,202	1,202	1,202	1,202	745	745	745	745	1,891	1,891	1,891
Cash and cash equivalents at end of period	541	1,066	497	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388

Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 are restated. The restatements are described in the 1st Quarter 2014 Report.

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		3 quarter OPERATING REVENUES		Year to date Year to date	Full year	Full year
2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	SCHIBSTED MEDIA GROUP	2016	2015	2015	2014
3,710	3,834	3,557	3,874	3,694	3,803	3,673	3,947	3,883	4,114		3,798 SCHIBSTED MEDIA GROUP	11,795	11,170	15,117	14,975
377	387	353	329	379	402	372	350	391	448		405 ONLINE CLASSIFIEDS NORWAY	1,244	1,153	1,503	1,446
210	228	208	217	218	254	251	264	257	294		260 ONLINE CLASSIFIEDS SWEDEN	811	723	987	863
570	614	591	682	709	774	808	911	994	1,042		982 ONLINE CLASSIFIEDS INTERNATIONAL	3,018	2,291	3,202	2,457
1,546	1,594	1,480	1,617	1,472	1,458	1,344	1,449	1,330	1,384		1,258 MEDIA HOUSE NORWAY	3,972	4,274	5,723	6,237
952	946	882	979	883	954	952	1,082	1,013	1,089		997 MEDIA HOUSE SWEDEN	3,099	2,789	3,871	3,759
212	224	202	227	194	146	129	91	104	93		92 OTHER/HEADQUARTERS	289	469	560	865
(157)	(159)	(159)	(177)	(161)	(185)	(183)	(200)	(206)	(236)		(196) ELIMINATIONS	(638)	(529)	(729)	(652)

Other/Headquarter includes Møteplassen, 20 Minutes Spain until June 2015, Aspiro until March 2015 and central product

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter		3 quarter GROSS OPERATING PROFIT (LOSS) - EBITDA		Year to date Year to date	Full year	Full year
2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	SCHIBSTED MEDIA GROUP	2016	2015	2015	2014
	410 574	504	453	376	642	556	442	421	637		572 SCHIBSTED MEDIA GROUP	1,630	1,574	2,016	1,941
	155 181	168	133	150	203	172	127	146	200		174 ONLINE CLASSIFIEDS NORWAY	520	525	652	637
	107 119	109	114	101	117	136	153	130	160		146 ONLINE CLASSIFIEDS SWEDEN	436	354	507	449
	55 98	101	89	90	203	143	74	159	177		167 ONLINE CLASSIFIEDS INTERNATIONAL	503	436	510	343
	101 176	125	136	68	119	90	121	45	143		112 MEDIA HOUSE NORWAY	300	277	398	538
	89 89	105	108	74	110	124	114	86	130		153 MEDIA HOUSE SWEDEN	369	308	422	391
	(97) (89)	(104)	(127)	(107)	(110)	(109)	(147)	(145)	(173)		(180) OTHER/HEADQUARTERS	(498)	(326)	(473)	(417)

Other/Headquarter includes Møteplassen, 20 Minutes Spain until June 2015, Aspiro until March 2015 and central product and tech

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		Year to date	Year to date	Full year	Full year
2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	MEDIA HOUSE NORWAY	2016	2015	2015	2014
172	182	165	198	162	152	150	167	162	163		160 Online newspapers - single copy (VG)*	485	464	631	717
124	135	130	151	133	145	128	146	139	159		139 Online newspapers - subscription newspapers	437	406	552	540
32	39	33	46	49	49	51	49	40	42		37 Other online operating revenues/online eliminations	119	149	198	150
328	356	328	395	344	346	329	362	341	364		336 Operating revenues online	1,041	1,019	1,381	1,407
250	256	270	249	239	250	246	246	223	222		211 Circulation revenues - single copy newspapers (VG)	656	735	981	1,025
57	59	47	53	45	39	33	39	31	27		21 Advertising revenues - single copy newspapers (VG)	79	117	156	216
6	6	6	7		7	8 9	6	7		6	6 Other revenues - single copy newspapers (VG)	19	24	30	25
339	319	329	319	329	314	322	316	313	322		316 Circulation revenues - subscription newspapers	951	965	1,281	1,306
358	387	290	349	295	306	229	269	217	229		167 Advertising revenues - subscription newspapers	613	830	1,099	1,384
37	39	36	39	35	35	35	36	33	32		36 Other revenues - subscription newspapers	101	105	141	151
7	9	4	6		5	5 4	5	5		4	3 Eliminations/other revenues (VG)	12	14	19	26
1,054	1,075	982	1,022	955	957	878	917	829	842		760 Print newspapers operating revenues	2,431	2,790	3,707	4,133
164	163	170	200	173	155	137	170	160	178		162 Other/eliminations	500	465	635	697
1,546	1,594	1,480	1,617	1,472	1,458	1,344	1,449	1,330	1,384		1,258 Total operating revenues	3,972	4,274	5,723	6,237
(420)	(429)	(405)	(427)	(405)	(390)	(368)	(382)	(371)	(358)		(335) Online/offline operating expenses - single copy newspapers (VG)*	(1,064)	(1,163)	(1,545)	(1,681)
(813)	(776)	(744)	(795)	(751)	(730)	(692)	(714)	(698)	(686)		(629) Online/offline operating expenses - subscription newspapers	(2,013)	(2,173)	(2,887)	(3,128)
(212)	(213)	(206)	(259)	(248)	(219)	(194)	(232)	(216)	(197)		(183) Other/eliminations	(596)	(661)	(893)	(890)
(1,445)	(1,418)	(1,355)	(1,481)	(1,404)	(1,339)	(1,254)	(1,328)	(1,285)	(1,241)		(1,147) Total operating expenses	(3,673)	(3,997)	(5,325)	(5,699)
72	83	87	86	53	64	74	81	57	64		66 EBITDA single copy newspapers VG (online/offline)*	187	191	272	328
45	104	41	63	41	70	22	53	4	56		30 EBITDA subscription newspapers (online/offline)	90	133	186	253
(16)	(11)	(3)	(13)	(26)	(15)	(6)	(13)	(16)	23		16 EBITDA other/eliminations	23	(47)	(60)	(43)
101	176	125	136	68	119	90	121	45	143		112 Total EBITDA	300	277	398	538
858	880	785	858	792	800	714	767	702	742		658 Total Revenues Subscription Newspapers	2,102	2,306	3,073	3,381
492	512	492	513	458	454	442	463	428	422		401 Total Revenues VG	1,251	1,354	1,817	2,009

* Mittanbud.no is from 1st quarter 2015 no longer part of Online newspaper - VG, it is included in Online Classifieds - Norway.

SEK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		Year to date	Year to date	Full year	Full year
2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	MEDIA HOUSE SWEDEN	2016	2015	2015	2014
239	224	232	248	238	240	250	258	263	275		290 Schibsted Growth revenues*	828	728	986	943
77	69	66	64	60	64	63	65	63	64	62	of which Hitta revenues	189	187	252	276
251	252	219	281	255	295	255	339	283	339		294 Schibsted Publishing revenues	916	805	1,144	1,003
171	186	149	193	178	200	176	229	202	230	199	of which Aftonbladet online revenues	631	554	783	699
26	31	27	36	31	41	34	48	43	46	40	of which SvD online revenues	129	106	154	120
(9)	(4)	(12)	(19)	(11)	(10)	(10)	(15)	(12)	(14)		(16) Other online revenues and eliminations	(42)	(31)	(46)	(44)
481	472	439	510	482	525	495	582	534	600		568 Online operating revenues	1,702	1,502	2,084	1,902
255	268	286	252	230	248	248	224	227	225		227 Circulation revenues Aftonbladet	679	726	950	1,061
59	73	57	63	46	56	46	51	32	45		37 Advertising revenues Aftonbladet	114	148	199	252
1	1		2	3	1 -	1	1		1	2	1 Other revenues Aftonbladet		4 2	3	7
107	98	103	105	102	96	103	104	102	99		103 Circulation revenues SvD	304	301	405	413
93	102	71	98	79	91	64	90	73	82		57 Advertising revenues SvD	212	234	324	364
16	15	16	16	16	15	15	15	15	13		18 Other revenues SvD	46	46	61	63
531	557	535	537	474	506	477	485	450	466		443 Newspaper operating revenues	1,359	1,457	1,942	2,160
1	14		9 10		6	7 9	12		9 16		11 Other revenues and eliminations	36	22	34	34
1,013	1,043	983	1,057	962	1,038	981	1,079	993	1,082		1,022 Total operating revenues	3,097	2,981	4,060	4,096
(182)	(182)	(180)	(193)	(196)	(191)	(183)	(202)	(211)	(210)		(203) Schibsted Growth expenses*	(624)	(570)	(772)	(737)
(49)	(46)	(42)	(38)	(44)	(46)	(45)	(44)	(45)	(48)		(45) of which Hitta expenses	(138)	(135)	(179)	(175)
(735)	(740)	(689)	(730)	(687)	(703)	(662)	(738)	(687)	(727)		(660) Schibsted Publishing expenses (print and online)	(2,074)	(2,052)	(2,790)	(2,894)
(441)	(471)	(433)	(437)	(421)	(433)	(408)	(440)	(418)	(437)		(403) of which Aftonbladet expenses	(1,258)	(1,262)	(1,702)	(1,782)
(240)	(234)	(213)	(238)	(216)	(224)	(211)	(242)	(216)	(224)		(200) of which SvD expenses	(640)	(651)	(893)	(925)
(2)	(22)		3 (17)		1 (24)	(8)	(25)	(10)	(16)		(2) Other expenses and eliminations	(28)	(31)	(56)	(38)
(919)	(944)	(866)	(940)	(882)	(918)	(853)	(965)	(908)	(953)		(865) Total operating expenses	(2,726)	(2,653)	(3,618)	(3,669)
57	42	52	55	42	49	67	56	52	65		87 EBITDA Schibsted Growth*	204	158	214	206
28	23	24	26	16	18	18	21	18	16	17	of which EBITDA Hitta	51	52	73	101
47	69	65	88	42	98	70	86	46	78		77 EBITDA Schibsted Publishing	201	210	296	269
45	57	61	74	34	71	63	65	44	65	61	of which EBITDA Aftonbladet	170	168	233	237
2	12		4 17	12	19	5	15	17	16	18	of which EBITDA SvD	51	36	51	35
(10)	(12)	-	(26)	(4)	(27)	(9)	(28)	(13)	(14)		(7) EBITDA Other	(34)	(40)	(68)	(48)
94	99	117	117	80	120	128	114	85	129		157 Total EBITDA	371	328	442	427
0.9423	0.9069	0.8988	0.9264	0.9171	0.9199	0.9693	1.0036	1.0213	1.0048		0.9769 NOK / SEK	1.0010	0.9354	0.9525	0.9186
486	528	494	511	455	504	471	505	462	502		464 Total Revenues Aftonbladet	1,428	1,430	1,935	2,019
242	246	217	255	228	243	216	257	233	240		218 Total Revenues SvD	691	687	944	960

* Servicefinder.se is from 1st quarter 2015 no longer part of Schibsted Growth, it is included in Online Classifieds - Sweden.

1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter Year to date Year to date Full year Full year 2016 ONLINE CLASSIFIEDS - PROFORMA 2016 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2015 2015 2014 REVENUES Including contribution from joint ventures and associates as if we had consolidated the companies proportionately 133.9 144.9 133.6 135.3 146.1 160.2 150.3 154.2 163.3 179.8 167.1 Developed phase 510.2 456.6 610.8 44.5 46.5 41.9 37.6 43.3 46.3 39.8 36.2 41.9 - Norway 127.7 129.4 165.6 39.7 46.1 22.6 25.5 23.2 22.8 23.5 27.4 25.3 26.2 26.4 30.4 27.3 - Sweden 84.1 76.2 102.4 94.1 35.8 39.6 36.1 39.2 42.9 46.4 43.2 47.2 51.1 54.2 50.5 - France 155.8 132.5 179.7 150.7 20.9 21.2 20.7 21.9 22.8 24.7 25.2 26.3 26.8 28.0 27.2 - Spain 82.0 72.7 99.0 84.7 10.1 12.1 11.7 13.8 13.6 15.4 16.8 18.3 19.3 21.1 20.2 - Other (formerly "International") 60.6 45.8 64.1 47.7 4.3 5.1 5.5 6.2 6.0 6.9 6.8 7.7 8.6 10.8 11.5 Investment phase 30.9 19.7 27.3 21.2 138.2 150.0 139.1 141.5 152.1 167.1 157.1 161.8 171.9 190.6 178.6 TOTAL REVENUES 541.1 476.3 638.1 EBITDA Including contribution from joint ventures and associates as if we had consolidated the companies proportionately 58.1 66.8 60.5 51.0 57.3 72.8 65.1 59.6 68.2 80.0 73.9 Developed phase 222.1 195.2 254.9 236.4 18.6 22.2 20.2 15.6 17.4 23.6 18.8 13.7 15.6 21.7 19.2 - Norway 56.5 59.8 73.5 76.6 12.9 14.5 13.2 13.3 11.7 13.7 14.9 16.4 14.1 17.7 16.8 - Sweden 48.6 40.3 56.7 53.8 24.0 26.6 23.6 24.7 29.6 28.8 23.7 25.1 27.9 - France 94.2 82.1 107.3 98.9 35.1 31.2 2.9 3.3 5.2 0.5 2.2 6.7 7.3 6.4 3.9 7.3 7.8 - Spain 19.0 16.2 22.6 11.9 (0.2) 0.1 (1.6) (3.0) (3.6) (0.1) 0.5 (1.9) (0.5) 2.1 2.2 - Other (formerly "International") 3.8 (3.2) (5.1) (39.3) (42.3) (39.9) (35.5) (24.3) (23.7) (22.0) (25.6) (25.6) (22.7) (22.4) Investment phase (70.7) (70.0) (95.6) (157.0) 18.8 24.4 20.6 15.6 33.1 49.0 43.2 34.0 42.6 57.3 51.5 TOTAL EBITDA 151.4 125.3 159.3 8.35 8.21 8.27 8.59 8.63 8.55 9.14 9.34 9.53 9.32 9.29 NOK / EUR 9.38 8.78 8.91 NORWAY Developed phase - figures in NOK million* 371 382 346 322 373 396 365 338 378 429 390 Revenues External 1,197 1,134 1,472 1,421 377 387 353 329 379 402 372 350 391 448 405 Revenues including from other segments in Schibsted Media Group 1,244 1,153 1,503 1,446 155 181 168 133 150 203 172 127 149 202 178 EBITDA 529 525 652 637 SWEDEN Developed phase - figures in SEK million 201 231 214 211 221 255 238 244 247 282 259 Revenues External 788 714 958 857 223 252 230 234 238 276 258 264 252 292 265 Revenues including from other segments in Schibsted Media Group 809 772 1,036 114 131 121 123 110 127 141 152 132 164 160 EBITDA 456 378 530 Developed Phase - Split Subsidiaries and Joint Ventures/Associates 57.5 66.5 60.8 50.3 56.9 72.6 64.6 58.7 67.8 78.7 73.3 EBITDA Subsidiaries 219.8 194.1 252.8 0.6 0.3 (0.3) 0.7 0.4 0.2 0.5 0.9 0.4 1.3 0.6 EBITDA Joint Ventures and Associates 2.3 1.1 2.0 Investment Phase - Split Subsidiaries and Joint Ventures/Associates (16.9) (16.1) (14.1) (13.3) (14.6) (12.1) (11.8) (18.8) (21.5) (19.9) (19.7) EBITDA Subsidiaries (61.1) (38.5) (57.3) (60.4) (22.4) (26.2) (25.7) (22.2) (9.7) (11.6) (10.2) (6.8) (4.1) (2.8) (2.7) EBITDA Joint Ventures and Associates (9.6) (31.5) (38.3)	EUR million
									547.7
									170.5
									568.8
									(4.7)
									79.4
									8.35
									939
									489
									235.1
									1.3
									(96.6)

*Mittanbud.no is included in NORWAY from 1st quarter 2015

**Servicefinder.se is included in SWEDEN from 1st quarter 2015

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	Circulation volume YTD
															Aftenposten 221,776 218,994 214,829 214,026 226,612 225,439 222,211 221,658 216,981 214,810 212,055 211,769 209,357 209,248 209,619 Morning edition 196,533 194,266 190,326 190,472 220,267 220,090 217,441 217,460 213,304 211,277 208,382 208,194 204,963 204,669 204,607 Sunday edition
73,798 74,687	73,837 74,343	73,103 73,430	73,736 73,606	75,463 74,032	74,936 73,298	74,136 72,393	73,640 72,470	70,543 69,587	69,478 68,606	68,929 68,007	70,220 71,157	69,162 69,123	68,635 0		Bergens Tidende* 68,445 Weekday edition 0 Sunday edition
59,412	59,176	58,645	59,262	58,289	58,354	58,362	58,544	56,324	55,532	55,286	55,412	54,775	54,929		Stavanger Aftenblad 55,358 Weekday edition
35,117	35,043	35,008	34,845	34,487	34,356	34,321	34,064	33,612	31,960	33,116	32,739	32,241	32,077		Fædrelandsvennen 32,097 Weekday edition
											168,830 166,974 167,425 164,430 141,212 139,881 138,915 138,188 119,760 118,089 115,422 112,716 167,959 166,465 160,570 159,573 148,295 146,073 138,774 136,167 110,639 108,963 102,705 101,317	98,095 87,688	96,486 87,003		VG 95,284 Weekday edition 83,483 Sunday edition
											182,003 182,500 181,700 176,475 152,300 151,800 151,500 146,200 123,223 122,383 122,649 118,900 100,151 196,891 196,300 197,000 191,400 159,600 160,700 161,000 155,600 126,106 129,594 129,273 125,140 100,360 102,366		98,977		Aftonbladet 98,835 Weekday edition 98,346 Sunday edition
166,900 171,400	164,500 169,200	159,600 165,000	159,000 164,400	164,200 169,200	159,400 163,500	156,400 160,900	157,200 161,600	156,300 160,000	153,500 157,200	150,450 154,650	151,600 156,000	154,000 157,500	152,300 155,300		Svenska Dagbladet* 148,500 Weekday edition 151,700 Sunday edition

*The last Sunday edition of Bergens Tidende was published 20 March 2016