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Shaping the Media ofTomorrow. TodayRolv Erik Ryssdal, CEO

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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 sellor 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 thatthe opinions contained herein are fair and reasonable, however no representation or warranty, express orimplied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracyor completeness of the information or opinions contained in this document and no liability is accepted for anysuch 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 andprojections 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 torisks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of suchinformation and statements. Several factors could cause the actual results, performance or achievements ofthe Company to be materially different from any future results, performance or achievements that may beexpressed 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 thispresentation. Neither the issue nor delivery of this presentation shall under any circumstance create anyimplication that the information contained herein is correct as of any time subsequent to the date hereof orthat 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 informationincluded in this presentation.

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Global leader in Online classifieds

Strong cash flow from Media Houses

Seizing the Scandinavian online opportunity

1

2

3

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14.4 billion in revenue 25 countries 7,200 employees

The Schibsted fundament

Building on two solid cornerstones

Media HousesOnline Classifieds

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Well-managed digital transition

Online growth

Online share

Revenue

EBITDA

2001 2011

8,0

14,4

8,3 %

15,2 %

2001 200720112001

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Gradually built a strong European position over the past 10 years

Selective approach in large growth markets in Asia Pacific and Latin America

Well-managed digital transition

International expansion

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Shaping the Media of Tomorrow.Today.

People with values

We have integrity

We are innovative

We are a team

We are here to win

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A global leader in Online classifieds

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Ambitious target in a major market:

Global #1 in Online Classifieds

Portfolio with strong

inherent growth profile

Upsides in optimization

and ―best practice‖ sharing

Investing in growth both

organically and through

greenfield investments

and targeted M&A

Value creation is the

ultimate measure

Optimizing of

established operations

Base Camp

Greenfield Investments

Targeted M&A

Maturing of investment stage sites

“Best practice” sharing

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Online classifieds

The winners take it all

Sources:

EBITDA margin 2010: Company

reports and presentations

Size vs #2: Pageviews(AdPlanner),

active objects where applicable,

company presentations.

1x 3—5x 8—10x

100%

0%

5–30%

30–50%

50–70%

Size versus second player

EBITDA margin Players that are much larger than #2

reap higher margins

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3 y

ea

rs

5 y

ea

rs

Online Classifieds

Portfolio structureP

rofi

tab

ilit

yIn

vestm

ent

Retu

rn

Start-up Traction Established

Time

Operations in established phaseOperations in investment phase

Two new sites in

profitable Established

phase as of Q1 2012

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Online Classifieds

Economies of scale key to global success

Joint concept and product development

Marketing of the sites

Site roll-out planning

Price optimization

Establishing new verticals

Enhancing return - reducing risk

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Online Classifieds

Investing in the race to become #1

The window of opportunity is still open to create leading sites

Strategic approach, built on broad set of criteria

Market size, growth and wealth

Online penetration and growth

Competition and market risk

Evaluating greenfieldopportunities as well as targeted M&A

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Online Classifieds targets:

Solid growth and high margins

Current portfolio set for 15%-20% annual growth rate

Growth upside from new investments and acquisitions

Annual investment level of ~NOK 500 million -gradually lower drag on overall margin

Online Classifieds ex. Hitta

32 % 33 % 31 %

38 %

44 %46 %

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

-

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

2009 2010 2011N

OK

mill

Revenue

EBITDA Margin inc. New ventures

EBITDA Margin Established Phase

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Media Houses Scandinavia

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Subscription based Single Copy

Norway:

Sweden:

Media Houses

Strong regional market leader

Leading brands - quality journalism

#1

#2 #1

#1

Strong media reach – print and online

Powerful traffic drivers – launch pads for new services

Solid cash flow – fully invested in traditional media

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• Product development and focus on quality journalism

• Optimize price and circulation

• Adjust cost base

• Develop online positions – including user paid products

Single Copy newspapers

• Product development and focus on quality journalism

• Maintain stable circulation revenues

• Consolidate and improve operational efficiency

• Convert loyal subscriber base to digital products

Subscription newspapers

Media Houses

Strategic direction and actions

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Media Houses

Well positioned in growing online market

Strong positions in both the print and online domains

Print advertising is cyclical and in structural decline

Scandinavia stands out, as print holds up better despite world highs in online and mobile penetration

Internet advertising grows sharply in Scandinavia as well as globally

Remarkably resilient to economic uncertainties

Several drivers continuing to support the growth trend

0

100

200

300

400

500

2005 2006 2007 2008 2009 2010

NO

K m

illio

n

Print

VG Print Global Daily Press (Indexed)

0

100

200

300

400

500

2005 2006 2007 2008 2009 2010

NO

K m

illio

n

Online

VG Online Global Internet (Indexed)

Advertising trends

Source: IRM Media, Schibsted 18

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Media Houses Outlook

Continued high cash generation

Well positioned, highly cash generative and fully invested in traditional media

Expecting flat to slightly declining revenue

Multi-lever approach to manage decline in print

Online growth set to continue

Seeking to maintain strong cash flow

Media House – EBITDA and Capex

1 384 1 313

(270)(219)

1 114 1 094

(400)

(200)

-

200

400

600

800

1 000

1 200

1 400

1 600

2010 2011

NO

K m

illio

n

EBITDA CAPEX EBITDA - CAPEX

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Seizing theScandinavian Online Opportunity

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New Online Opportunities

Building high-margin businesses

Media Houses Online Classifieds

Online

Growth

Media

LEVERAGING OUR STRONG MARKET POSITIONS

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New Online Marketplaces

Initial focus on Personal Finance

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New Online Marketplaces

Efficient Traffic Fund Models

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Payment Solutions

New lever of online traffic footprint

Single sign on and payment

model for all Schibsted sites in

Scandinavia

Online classifieds, market

places, online newspapers

Easier payment of digital

content and classifieds items

Opening access to online

classifieds transactions

Relevant volume of NOK 350

billion on Blocket and Finn

Step by step development to

minimize risk

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Summing Up

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Strategic direction

Key takeaways

Media HousesOnline Classifieds

Online

Growth

Media

Focus on cash flow

Manage structural challenges in print

Building digital revenue models

Seizing the digital growth opportunity

in core markets

Continued profitable growth

Targeting globalleadership

Shaping the media of tomorrow. Today.

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