SHAPING THE MEDIA OF TOMORROW. TODAY CATHARINA THORENFELDT, GROUP TREASURER

IG seminar SEB, 1 September 2016

■Introduction

■Online classifieds

■Media houses

■Investments in Product and Tech

■Finance

AGENDA

2

SCHIBSTED HAS A LONG HISTORY OF INNOVATIVE DIGITAL GROWTH

Schibsted is the innovation-driven, consumer-centric media company which entered the emerging online classified space 15+ years ago, well before competitors, and

established itself to become the global market leader

1839 2000 2015 175

YEARS

1860 Aftenposten

is founded

1995 Schibsted Nett

founded

Schibsted Listed on

Oslo Stock

Exchange

1992

1996 Tinius Trust

established

Tinius Nagell-Erichsen, the great-grandson

of founder Christian Schibsted, established

the Tinius Trust as the main shareholder in

Schibsted (26.1%).

2000 Finn.no

launched

2008 Schibsted

Classified Media

Founded

2009 Schibsted

Growth

Established

2013 2014

1839 Schibsted

Publishing House

established

Christian Schibsted

with Family

1966 Schibsted

acquires

Verdens Gang

1996

Schibsted

acquires

Aftonbladet

2003 Schibsted

acquires

Blocket

2005 2006 2007 2009 2010 2013 2014

VARIOUS INVESTMENTS BY SCHIBSTED GROWTH

2006-

INTERNATIONAL EXPANSION OF ONLINE CLASSIFIEDS

2006 Schibsted

acquires majority

in Spanish online

classifieds

Anuntis and jobs

site Infojobs

JV with

Telenor

established

Schibsted

acquires

Milanuncious,

Avito in Morocco,

establishes a JV

with Naspers

2015 Schibsted

acquires Naspers

operations in

Hungary and sells

Romanian

operations

3

4

STEADY COURSE, FOLLOWING CLEAR STRATEGY

IDENTITY / DATA

A global leader in

online classifieds

Seizing the digital growth opportunity in

core markets

Building world class

digital media houses

ONLINE CLASSIFIEDS NEW ONLINE SERVICES MEDIA HOUSES

REVENUE AND EBITDA DEVELOPMENT

5

*2013 not restated

ONLINE CLASSIFIEDS

6

7

SCHIBSTED IS A EUR 633 MILLION

ONLINE CLASSIFIEDS BUSINESS… Schibsted is a leading player within Online classifieds

(Revenues 2015, selected peers; Mill EUR 2015)

Note: The list might not be exhaustive

Exchange rates applied as of 24 February 2016

Note: Scout24 based on annualizing Q3 2015

reported revenue; Consensus estimates applied for

companies which have not yet published reported

figures. Naspers numbers based on company

disclosure for 1H 2015, which has been annualized.

Source for Craigslist revenues: AIM Group

Classifieds Intelligence Report December 2015

136

146

226

259

346

358

385

420

593

594

614

617

633

638

649

753

0 100 200 300 400 500 600 700 800

Naspers Classifieds

Zoopla

Carsales.com

Rightmove

Craigslist

AutoTrader UK

Scout24

REA

MercadoLibre

Zillow

Monster

Seek Ltd

Schibsted Online classifieds

Ebay classifieds

58.com

Axel Springer Classifieds

…WITH LEADING POSITIONS IN 20 COUNTRIES

■6,800 Employees

■15bn Revenue (NOK)

■26 Countries

■#1 in General Classifieds in 20

markets

■Reaching >200m people

worldwide

8

A BALANCED ONLINE CLASSIFIEDS PORTFOLIO

WITH ASSETS IN DIFFERENT MATURITY STAGES Examples of sites

-indicative

Mo

ne

tisatio

n

Return Adjacent

models

Operations in investment phase Operations in established phase Investment

Build monetization

Invest in brand

Build traffic and inventory

9

10

LARGE REVENUES TO BE CAPTURED BY EXPANDING

INTO AND FURTHER DEVELOP VERTICALS Market Position Overall traffic

rank in the

country2

Internet users (million)4

France 1 1 1 4 57.9

Norway 1 1 1 1 33 4.6

Sweden 1 1 2 1-2 4 8.5

Spain 1 1 1 1 4 36.0

Italy 1 1 6 39.5

Austria 1 1-2 1 7 6.5

Ireland 1 1-2 3 3.7

Finland 1 1-2 5 4.8

Hungary 1 1 65 7.5

Gen

eral

Car

s

Rea

l est

.

Job

s

2) Page views, source Comscore 3) TNS Gallup and KIA Index.

Facebook and Google not in the surveys, but estimated to have

higher traffic. 4) Source: IDC. 5) Source: Alexa

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 14 15

11

HISTORY OF VALUE CREATION TROUGH ORGANIC

INVESTMENTS, M&A AND PARTNERSHIPS

Note: Columns represent Schibsted Online Classifieds revenues. Circles represent cornerstone acquisitions / JVs

*) Offer to acquire Hemnet.se pending clearance by competition authorities.

*

Merger

Acquisition

Acquisition

Acquisition

Increased stake

Continued execution of strategy Key M&A transactions announced in 2015:

15-20% Online classifieds revenue

growth target medium to long term *

Leading positions in major markets; balanced portfolio

Ample financial capacity

World class Online classifieds

competence

Investing in tech for next

generation services

12

WELL POSITIONED TO EXECUTE ON ONLINE CLASSIFIEDS GROWTH STRATEGY

13

MEDIA HOUSES

14

BUILDING WORLD-CLASS DIGITAL MEDIA HOUSES!

15

TURNING CHALLENGES INTO POSSIBILITIES

LEADING THE DIGITAL TRANSFORMATION IN MEDIA

Reader Involvement Mobile and Tablet Digital Subscription Web TV

16

17

GOOD GROWTH IN ONLINE ADVERTISING AND DIGITAL SUBSCRIPTIONS VG+Aftonbladet

*) Readers; source TNS and Orvesto

VG AND AFTONBLADET

■ Good growth in digital

subscribers. Aftonbladet

Plus has 280,000 and VG+

85,000 subscribers

■ Continued solid revenue

growth for web-tv.

■ 14% growth in digital

revenues in Sweden (local

currency); 4% growth in

Norway in 1H 2016. New,

targeted ad products well

received

15% 13% 14%

0%

10%

20%

30%

40%

50%

60%

0

500

1000

1500

2000

1H 14 1H 15 1H 16

Mill

ion

NO

K

Online revenues Offline revenues

EBITDA margin

335 000

340 000

345 000

350 000

355 000

360 000

1 3 5 7 9 11 13 15 17 19 21 23 25

STRONG GROWTH FOR DIGITAL SUBSCRIPTIONS

18

2016

2015

+4% Y/Y

SUBSCRIPTION NEWSPAPERS NORWAY

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

1 6 111621263136414651 3 8 131823

2015 2016

Week number

Number of digital subscribers

Week number

Total number of subscribers

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SCHIBSTED GROWTH PORTFOLIO WITH GOOD POSITIONS IN FAST GROWING SEGMENTS

■ Portfolio of strong online brands in Sweden and selected other markets

■ Continued good growth and margin enhancement for personal finance

■ Strong growth for price comparison after investments in market positions

■ Stabilization of Hitta.se

INVESTMENTS IN PRODUCT & TECH

THE COMPETITIVE LANDSCAPE IS CHANGING

21

22

WE ARE ENTERING THE ERA OF IDENTIFIED WEB

23

BUILDING LOGGED-IN ECOSYSTEMS

MARKET PLACES | MEDIA PLATFORMS | SMART SERVICES

LOGGED IN | USER DATA

BETTER PRODUCTS | BETTER USER EXPERIENCE

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INVESTMENTS IN TECH – BUILDING GLOBAL PLATFORMS BASED ON IDENTITY

Marketplace platform Media platform Advertising platform

Providing top class products, improve innovation and reduce time to market

FINANCE

26

■ Diversified debt structure both by

maturity and sources

■ Total undrawn bank facilities of EUR

425 million

■ Net Interest Bearing Debt

NOK 968 million

■ NIBD/EBITDA* at 0.5x end of Q2

(target range of 1-2x)

■ Shadow rating BBB

STABLE, STRONG FINANCIAL POSITION

Debt maturity profile

*) NIBD/EBITDA according to bank definition.

0

500

1 000

1 500

2 000

2 500

3 000

3 500

< 1 yr < 2yrs

< 3yrs

< 4yrs

< 5yrs

> 5yrs

Other interest-bearing debt Bonds FRNs and CPs

Drawn bankfacilities Undrawn bankfacilities

NO

K m

illio

n

■As a growth company financial flexibility is important

■Shareholders with different focus - high dividend payments versus focus on further growth/increased share price

■Growth companies often do not pay dividend

■Our dividend policy is to pay a stable to increasing dividend over time

■Dividend of NOK 1.75 per share for 2015 (totally NOK 395 million)

DIVIDEND POLICY

27

NEW B-SHARE PROVIDES STABLE, LONG-TERM OWNERSHIP AND ENABLES FURTHER GROWTH

28

■ The Tinius Trust owns 26,1 % of

Schibsted Media Group.

■ The share split allow the Tinius Trust

to remain in control and at the same

time access new capital for growth.

■ Keeps financial flexibility and

strength.

Oslo børs, 1. juni 2015

THE FUTURE IS NOW

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