schibsted 2012

London 28 February 2012

Agenda

Time Subject Speaker

Start End

12:00 - 12:30 Light lunch

12:30 - 12:40 Opening remarks Ole Jacob Sunde, Chairman of the Board

12:40 - 13:10 Shaping the media of tomorrow. Today. Strategic Direction Rolv Erik Ryssdal, CEO

13:10 - 13:20 Q&A

13:20 - 13:50 Schibsted Classified Media - Creating Winners Terje Seljeseth, CEO Schibsted Classified Media

13:50 - 14:10 Finn.no - Further growth for an Established market leader Christian Printzell Halvorsen, CEO Finn.no

14:10 - 14:30 Leboncoin.fr - Number 1 in French Online Classifieds Olivier Aizac, CEO Leboncoin.fr

14:30 - 14:45 Q&A

14:45 - 15:15 Break

15:15 - 15:45 Media Houses Scandinavia Didrik Munch, CEO Schibsted Norge

15:45 - 16:00 Q&A

15:45 - 16:10 Leveraging our digital assets to create additional value Sverre Munck, EVP Strategy & International

16:00 - 16:05 Q&A

16:05 - 16:30 Finance Trond Berger, CFO

16:30 - 17:00 Q&A + Wrap up Rolv Erik Ryssdal, CEO

18:30 - 21:30 Dinner at the Andaz Hotel

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Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the

Rolv Erik Ryssdal, CEO

Rolv Erik Ryssdal became CEO of Schibsted on 1 June 2009. He joined the Schibsted Group in 1991 and has held

several management positions including CEO of Aftonbladet (1999-2005), CEO of VG (2005-2008) and CEO of

Schibsted Classified Media, the holding company for our international online classifieds operations (2008-2009).

Rolv Erik Ryssdal holds an MA in Business and Economics from the BI Norwegian School of Management and an

MA in Business and Administration from INSEAD, France.

Trond Berger, CFO

Trond Berger was appointed Executive Vice President of Schibsted ASA in 1999 and is in charge of the following

business areas: Finance, Treasury, Investor Relations, Mergers and Acquisitions and IT. Previous positions

include: Investment Director with Stormbull (1998), Executive Vice President (CFO) of Nycomed ASA and

Executive Vice President, Strategy and Business Development at Nycomed Amersham (1997-98), and partner at

Arthur Andersen (1981-92). Berger is Board Chair of Schibsted Trykk AS and Schibsted Eiendom. He is also a

board member of several Schibsted subsidiaries. Berger is a State-Authorized Public Accountant (1984), holds an

MA in Economics from the BI Norwegian School of Management and is a graduate of the Norwegian Armed

Forces’ Officer Candidate School (1977).

Sverre Munck, Executive Vice President Strategy & International

Sverre Munck joined Schibsted as Executive Vice President in 1994. In 2006 he became responsible for

International Operations, and since 2009 he has been responsible for the business areas International Editorial and

Classifieds Spain. He joined Schibsted as Chief Financial Officer (CFO) in 1994 and became Executive Vice

President, Multimedia in 1998. In January 2002 he became CEO of 20 Min Holding AG and since October 2009 he

has also held the position of CEO at Infojobs.net. Previous positions include: Director of Loki AS from 1987-94, a

consultant with McKinsey & Co from 1984-1987, and Senior Consultant at the Norwegian Ministry of Finance’s

planning department in 1984. He is Board Chair of 20 Minutes France SAS, 20 Minuten AG (Switzerland),

Multiprensa Holding SL and Infojobs SA and Vice Chair of 20 Minutes France SAS. Munck holds a PhD in

Economics from Stanford University (1983, NAVF scholarship), an MA from Stanford University (1978) and a BA

from Yale University (1976).

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Terje Seljeseth, CEO Schibsted Classified Media

In October 2009, Terje Seljeseth took up the position as CEO of Schibsted Classified Media (SCM), the holding

company for Schibsted’s international online classifieds operations. At the same time, he became a member of

Schibsted’s Group Management Team. Seljeseth was hired as IT Director of Aftenposten in 1998 and was

assigned the task of starting FINN.no AS, where he was CEO until 2009. Terje Seljeseth has a background in IT

and studied at Datahøgskolen and the University of Oslo.

Trond Berger, CEO Schibsted Norge

Didrik Munch is appointed CEO of the new entity Schibsted Norge AS and has been a member of Schibsted’s

Group Management Team since August 2009. Munch was CEO of Bergens Tidende from 1997 before joining

Media Norge as CEO in 2008. Munch is Board Chair of Bergens Tidende AS, Aftenposten AS, Stavanger Aftenblad

AS, Fædrelandsvennen AS and FINN.no AS. Previous positions include Division Director of the business market at

DnB and a police lawyer. Munch is a graduate of the Norwegian Police University College and has an MA in Law

from the University of Bergen.

Christian Printzell Halvorsen, CEO Finn.no

Christian Printzell Halvorsen became the CEO of FINN in October 2009. He joined FINN in 2007 as Vice President

of Strategy and Product Development. Before joining Schibsted, he worked as a management consultant for

McKinsey & Company focusing on strategic technology issues in media and financial institutions. Christian Printzell

Halvorsen holds and MSc in Computer Science from Norwegian University of Technology and Science in

Trondheim, Norway.

Olivier Aizac, CEO Leboncoin.fr

Olivier Aizac (37) joined Schibsted in April 2006 to participate to the launch of leboncoin.fr. He has been General

Manager of leboncoin.fr since then. Graduated from ESSEC, French School of Management, he has been working

in the Internet industry for 12 years (Vivendi Universal, Hersant Media).

2

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

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

4

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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

5

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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

7

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

10

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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

11

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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

12

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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 2011

NO

K m

illRevenue

EBITDA Margin inc. New ventures

EBITDA Margin Established Phase

14

Media Houses Scandinavia

15

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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

16

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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

17

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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

19

Seizing theScandinavian Online Opportunity

20

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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

24

Summing Up

25

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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.

26

Schibsted Classified Media

Creating WinnersTerje Seljeseth, CEO Schibsted Classified Media

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Ambitious 3-5 year target:

Global #1 in Online Classifieds

2

Optimizing of

established operations

Base Camp

Greenfield Investments

Targeted M&A

Maturing of investment

stage sites

“Best practice”

sharing

Online Classifieds

3

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Not only migration

-

50

100

150

200

250

300

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Aftenposten FINN.no

Revenues from car classifieds

4

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-

50

100

150

200

250

300

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Aftenposten FINN.no

Not only migrationbut also finding new revenues

Revenue FINN TorgetRevenues from car classifieds

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011

5

Mobile is also a migration we will handle

0 %

5 %

10 %

15 %

20 %

25 %

30 %

-

2 000 000

4 000 000

6 000 000

8 000 000

10 000 000

12 000 000

14 000 000

16 000 000

18 000 000

2010 v

28

2010 v

30

2010 v

32

2010 v

34

2010 v

36

2010 v

38

2010 v

40

2010 v

42

2010 v

44

2010 v

46

2010 v

48

2010 v

50

2010 v

52

2011 v

02

2011 v

04

2011 v

06

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24

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26

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28

2011 v

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2011 v

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2011 v

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2012 v

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06

Web Mobile Mobile % of Total

Visits per Week, Blocket.se

Source: KIAindex.se6

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0

500

1000

1500

2000

2500

3000

3500

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

MN

OK

History of growth

Revenue MNOK

8

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Already a strong position

Doubleclick Ad Planner January 2012

0

5

10

15

20

25

30

Naspers Classifieds

Ebay Classifieds

Schibsted Craigslist.org

Bil

lio

n p

ag

e v

iew

s/m

on

th

9

Traction EstablishedLaunch Startup

Our “creating winners” pipeline

10

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11

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World class organization

• Autonumeus local

companies

• Systematic best

practice sharing

• Systematic strategy

implementation

12

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Low cost High cost Medium cost Profit

13

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TractionLaunch Startup

Portfolio management

Established

14

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The growth continues

TractionLaunch Startup Established

15

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CustoJusto and Jofogas are ready to move up to the Traction Phase

-

20 000 000

40 000 000

60 000 000

80 000 000

100 000 000

120 000 000

mar.

09

mai.09

jul.09

sep.0

9

nov.0

9

jan.1

0

mar.

10

mai.10

jul.10

sep.1

0

nov.1

0

jan.1

1

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11

mai.11

jul.11

sep.1

1

nov.1

1

jan.1

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Custojusto.pt Olx.pt

Coisas.com Miau.pt

-

50 000 000

100 000 000

150 000 000

200 000 000

250 000 000

Jofogas.hu Vatera.hu

Aprod.hu Expressz.hu

Page Views, Google Ad Planner16

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0

50 000 000

100 000 000

150 000 000

200 000 000

250 000 000

300 000 000

jun.0

9

aug.0

9

okt.09

des.0

9

feb.1

0

apr.

10

jun.1

0

aug.1

0

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des.1

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apr.

11

jun.1

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aug.1

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okt.11

des.1

1

Willhaben.at eBay.atBazar.at Kijiji.at

Subito and Willhaben are ready to move up to the Established Phase

0

200 000 000

400 000 000

600 000 000

800 000 000

1 000 000 000

1 200 000 000

jan.0

9

mar.

09

mai.09

jul.09

sep.0

9

nov.0

9

jan.1

0

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10

mai.10

jul.10

sep.1

0

nov.1

0

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11

mai.11

jul.11

sep.1

1

nov.1

1

jan.1

2

Subito.it Bakeca.it eBay.it Kijiji.it

Page Views, Google Ad Planner17

Experience has taught us to know when

we are about to hit a home run

18

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Huge upside if we succeed

2011 Revenues per

Internet User*

Internet Universe * per country,

Millions

*) Google AdPlanner Audience January 2012

EUR 32

EUR 10

EUR 1,3

3,1

4,5

4,5

5

6

6

7

8

8

8

8

8

16

19

31

31

37

49

79

Ireland

Norway

Finland

Portugal

Austria

Hungary

Chile

Romania

Sweden

Belgium

Switzerland

Philippines

Malaysia

Indonesia

Mexico

Spain

Italy

France

Brazil

19

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Summary

Launch team in Stockholm analyze the markets, launch test platforms and conducts planned experiments

Systematic evaluation of strategies for sites in the four stages of development based on earlier successes and failures

Continuous evaluation of portfolio ensures optimal use of investments

Specialized support teams in Oslo, Barcelona, Madrid and Singapore

Strong autonomous local sites with systematic best practice sharing between countries

20

FINN.noFurther growth for an established market leader

Christian Printzell Halvorsen CEO FINN.no

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Key takeaways

FINN is strengthening an already strong position

Future growth will come from optimization of existing marketplaces, development of new marketplaces and mobile expansion

Building a high-performance innovation culture to attract talent and sustain future growth

2

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FINN has an impressive positionin the everyday life of Norwegians

Brand awareness: 96% aided / 82% unaided

2,5-3,1 million unique visitors per week. Norway’s 2nd-3rd largest website.

471 200 076 visits on FINN or 96 visits per Norwegian

3 988 618 days spent on FINN or 18.5 hrs per Norwegian

4,1 million ads with a total value of NOK 541 billion or 22% ofGDP

3

2011

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Strong positions in all verticals

Jobs #1 ~75%

Real estate #1 ~100%

Cars #1 ~90%

General merchandise #1 65-85%

Travel #2 2-50%

Services / craftsmen #1-2 ~40%

Display advertising #1 20-25%

Vertical Position Market share

of advertised positions1

of homes for sale2

of used cars sold3

of online traffic4

of bookings / ads5

of online job quote requests6

of online revenues7

Note: Revised market share calculations. Not comparable to previously

communicated numbers.

Source: 1) NAV, 2) SSB/NEF, 3) Statens vegvesen, 4)

TNS/Alexa/internal estimates, 5-6) internal analysis, 7) INMA

4

Steady growth and strong, stable margins

1731331006343

4845

424646

4145

43

3639

- 20

- 10

0

10

20

30

40

50

400

200

0

1.200

1.000

800

600

-200

-400

1.135948

691

20062005

+24%

2004200320022001

17

2000

-16

2010

576

2009*

398

2008*

267

2007-600

2011

738

FINN revenues, MNOK

EBITDA margin, %

* Excluding Sesam 5

In Norway, FINN’s position is comparable to Google’s online dominance in the US

6

19

40

EBITDA

Revenues

18

57

FINN financials 2011

per capita, USD

Google financials 2011

(US only*) per capita, USD

Note: Comparable results for Google (globally) in 2011 were 37,9 billion USD in revenues and 11,7 billion

USD in income from operations. Assumed same distribution of revenues and income from US (47%).

ESTIMATE

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Growth in all verticals in 2011

6372

159

196

167

31

8694

216219220

38

110116

230

265

299

Cars Real

Estate*

Jobs General

merch.

Travel Services

2011

2009

2010

FINN revenues, MNOK

Established verticals Newer verticals

* Excluding one-off revenues from sales of

vacation rentals in 2010 (7 MNOK)

Growth drivers:

Continued volume growth

Price optimization

New and improved

products

7

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Future growth areas

Optimize existing marketplaces

Establish new marketplaces

Mobile / multichannel

”The marketplace graph”

World class processes:Innovation and Sales

1

2

3

4

5

8

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Optimize existing marketplaces

9

1

Examples

Conservative

price optimization

• Price increases / decreases on C2C ads

• Enhanced contract structures

• Price differentiation and upsell products

Subverticals

• Property projects / new homes

• Commercial properties

• Aftermarket service for cars, boat, MC

Product

upgrades

• Personalization

• Targeted advertising

• Social elements

• Decision support

• Mobile

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10

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After 1 year, FINN is tied for the lead in the services for craftsmen market2

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

jan.11 feb.11 mar.11 apr.11 mai.11 jun.11 jul.11 aug.11 sep.11 okt.11 nov.11 des.11 jan.12

Mittanbud

FINN oppdrag

Anbudstorget

Gulesider

Marketshare, % of job quote requests

ESTIMATE

Underlying market growth January 2012 20-25% YoY

Note: Excluding real estate and car services from

MittAnbud 11

Penger.no shows a promising start. Car insurance to be launched Q2 2012

0

5000

10000

15000

20000

25000

30000

40 41 42 43 44 45 46 47 48 49 50 51 52 1 2 3 4 5 6

Week

Weekly unique visitors

2

13

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Mobile opportunities and risks. >50% of visits from new channels by 2015

Assumptions: 3G+ penetration 2014E: 95%, Smartphone penetration

2014E: 75% (based on Morgan Stanley Research)

0

10 000 000

20 000 000

30 000 000

40 000 000

50 000 000

60 000 000

70 000 000

80 000 000

90 000 000

01.0

6.2

008

01.0

9.2

008

01.1

2.2

008

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009

01.0

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009

01.0

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009

01.1

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009

01.0

3.2

010

01.0

6.2

010

01.0

9.2

010

01.1

2.2

010

01.0

3.2

011

01.0

6.2

011

01.0

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011

01.1

2.2

011

01.0

3.2

012

01.0

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012

01.0

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01.1

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013

01.0

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014

01.0

6.2

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014

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2.2

014

User

sessio

ns

/ m

on

th

Growth projection FINN.no Desktop and Mobile channels

Mobile

Desktop

Today

= 1

7%

ESTIMATE

3

14

Mobile innovation is priority #1. Several products in pipeline3

15

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”The marketplace graph”: Verticals tied together by user data

16

John

Canon 7D

Sells

“The mapping of everybody, all goods

and services, and how they interact in

the marketplace”

FINN.no

Eckersbergs

gate 31,

Oslo

Toyota Yaris

2007-mod

USA july 2012

2 adults

+ 2 children

Volksvagen

Passat

Has testdriven

Searching for

OwnsRating: 3/5

Works at

Owns

The ”classifieds

graph” that we know

today

4

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Building a strong innovationculture to sustain future growth

FINN way of innovation FINNopp innovation tool FINN labs

FINNovation hackathon FINN sandbox FINN awards

5

17

http://www.finnopp.no/

http://labs.finn.no/

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18

Awarded ”best place to work” in Norway.Focus on performance culture to attract talent

GPTW?

5

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Key takeaways

FINN is strengthening an already strong position

Future growth will come from optimization of existing marketplaces, development of new marketplaces and mobile expansion

Building a high-performance innovation culture to attract talent and sustain future growth

19

Leboncoin.fr

Number 1 in French online classifiedsOlivier Aizac, CEO Leboncoin.fr

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Leboncoin.fr : what is this ?

2

To get back,

What is Leboncoin.fr?

A free generalistclassifieds website

Blocket.se French littlesister launched in April 2006

The #1 online player

3

39,5 % reach in French

internet population

More than 18 million ads

online

6 billion page views per

month

#1 position in Cars, Real

Estate and Goods

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Leboncoin.fr is the biggest market place in France

4

Page Views per Month, Google Ad Planner

0

1 000 000 000

2 000 000 000

3 000 000 000

4 000 000 000

5 000 000 000

6 000 000 000

7 000 000 000fe

b.0

9

mar.

09

apr.

09

mai.09

jun.0

9

jul.09

aug.0

9

sep.0

9

okt.09

nov.0

9

des.0

9

jan.1

0

feb.1

0

mar.

10

apr.

10

mai.10

jun.1

0

jul.10

aug.1

0

sep.1

0

okt.10

nov.1

0

des.1

0

jan.1

1

feb.1

1

mar.

11

apr.

11

mai.11

jun.1

1

jul.11

aug.1

1

sep.1

1

okt.11

nov.1

1

des.1

1

jan.1

2

Leboncoin.fr eBay.fr

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The clear #1 player in cars

812 981

271 768

102 217 98 155 97 993 93 003 89 163 87 658 66 900 57 823 38 887 25 170

-

100 000

200 000

300 000

400 000

500 000

600 000

700 000

800 000

900 000

Le

bo

nco

in*

Le

Ce

ntr

ale

-Ca

rad

isia

c

Au

tore

fle

x

Au

toS

co

ut2

4

an

no

un

ce

sja

un

es

Arg

us

Paru

Vendu

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1a

uto

eb

ay P

A

Ou

estF

ran

ce

au

tom

ob

ile

To

pa

nn

once

s

5

Number of cars in the database – Autobiz, Dec 2011

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73 000

368 000

1 188 000

1 979 000

2 756 000

3 469 000

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

3 000 000

3 500 000

4 000 000

12/2006 12/2007 12/2008 12/2009 12/2010 12/2011

CAGR

116%

6

Steady growth over 6 years

+404% +39%+67%+223% +26%

UIP / day – monthly average

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39 000 000 000

10 000 000 000

6 400 000 000

6 400 000 000

3 600 000 000

1 700 000 000

1 300 000 000

1 300 000 000

1 200 000 000

1 100 000 000

facebook.com

orange.fr

live.com

leboncoin.fr

youtube.com

sfr.fr

msn.com

yahoo.com

free.fr

pole-emploi.fr

7

Leboncoin.fr is in the top 5 websites in FranceGoogle DoubleClick Adplanner – January 2012

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One of Schibsted’s most important growth drivers

47 %

61 %

70 %

0 %

20 %

40 %

60 %

80 %

100 %

0

20

40

60

80

100

2009 2010 2011

Revenue EBITDA margin

76% revenue

growth Y/Y in

2011 Mill

ion E

UR

8

Most recognised brand for online classifieds in France

Top of Mind Unaided Aided

40,0 %

21,4 %

1,6 %

2,2 %

0,4 %

0,2 %

5,4 %

Leboncoin.fr

Ebay

Priceminister

Paruvendu

Topannonces

Vivastreet

Annoncesjaunes

Logicimmo

Olx

Segloger

59,2 %

45,0 %

8,4 %

7,0 %

3,6 %

4,4 %

0,0 %

0,2 %

85,8 %

83,4 %

64,0 %

78,2 %

51,2 %

29,2 %

29,6 %

25,2 %

32,8 %

9

High media awareness : More than 2000 press clippings in 2011

10

http://fleurto.files.wordpress.com/2010/04/00749994-photo-le-nouvel-observateur.jpg

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11

The 2nd most searched word on google.fr

How did we gethere?

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A true child of the Schibsted roll out strategy

Launched in April 2006

French little sister of

Blocket.se

50/50 Joint Venture

Between Schibsted and Spir

Communication

Schibsted acquired Spir’s

shares in November 2010

Valuing the company at EUR

400 million (100% basis)

13

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Why do 14 million French spendtheir spare time on leboncoin?

12 years of experience

A millennium in Internet

history

Easy

Immediate result in a single

click

Proximity

Search is done by region on

a map, everybody knows

where he lives

Simple

Placing an ad only takes a

few minutes. No subscription,

few criteria, no payment

Quality

Ads are checked and

validated before going live.

No duplicate ads, no Nigerian

letters, no forbidden content.

Visibility

Navigation is more window

shopping than search

14

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A long-term business model

A real focus on user experience

Online classifieds is a

competitive market

Agile and pragmatic business

models

Adapt to the competition and

environment

Technical competence and

autonomy

The site is constantly tuned to

market needs

Entrepreneurial spirit

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From a start-up to full-service company

Focus on product teams

over the first years

Build up local sales

team and F&A

In-source national sales

team and strengthen all

departments41heads

12/2010

12/2011

88

12/2012

145

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Focus on diversifying revenues

Local advertising

Insertion fees

National advertising

B2B services

B2C services

Partnerships

Business is growing through many revenues lines

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Mobile – a fast rolling train

iPhone app launched in

December 2011

Already 1,3 million

downloads

Developments on Android

is next step

Clear direction to improve

user experience and

simplicity of use

Clear target:

Get same position on

mobile as on the web

Media Houses ScandinaviaDidrik Munch, CEO Schibsted Norge

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What we do

PROFITABILITY TRANSFORMATION

POSITIONS

ACTIONS

PLANS

IN PRINT TO DIGITAL

2

3

Market leaders in Scandinavia

1

No. 1 single copy paper

No. 1 site by traffic

No. 1 in web TV

No. 1 mobile site

2 Stockholm’s quality subscription paper

Top high-end online destination

Local presencein the most affluent cities

1

1 No. 1 subscription paper

4 strong positions in 4 major cities

Oslo

Kristansand

Stockholm

Bergen

Stavanger

Number one positionsin browser, mobile, print

SW

ED

EN

NO

RW

AY

POSITIONS

ACTIONS

PLANS

No. 1 single copy paper

No. 1 site by traffic

No. 1 in web TV

No. 1 mobile site

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SC

HIB

ST

ED

SU

BS

CR

IPT

ION

PA

PE

RS

US

AV

ER

AG

E

Circulation (volume) Advertising (revenue)

Circulation (volume) Advertising (revenue)

Scandinavian economies

are well connected…

… but maintain continuously high

print newspaper readership and advertising revenues

UK

53%

56%

Scandinavia 89%

Broadband

penetration

US

Mobile subs

pr capita

US 1.0

UK 1.3

Scandinavia 1.5

4

POSITIONS

ACTIONS

PLANS

-28%

Current

level

0,72

Peak

level

1,00

Peak

level

0,47

1,00

-53%

Current

level

-10%

Current

level

0,901,00

Peak

level

-11%

Current

level

0,89

Peak

level

1,00

Not in Anglo-American decline

Sources: (1) Morgan Stanley (2010), Wired (2011); (2) ITU (2011);

(3) Schibsted historical and current figures;

(4) Huber Research Partners (2012)

(1)

(2)

(3)

(4)

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Cooperation and tighteningcreates leaner media houses

Loose coordination,

redundant functions

Tight cooperation and

centralized support units

MEDIA HOUSES IN 2008,

PRIOR TO MERGERS

MEDIA HOUSES NOW,

AFTER TRIMMING

ROOM TO IMPROVE

GOING FORWARD

Focused media houses

with light backbones

5

POSITIONS

ACTIONS

PLANS

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Operationally focused –emphasizing improvement

6

DONE

DOING

WILL DO

Centralized IT infrastructure

and applications

Centralized finance, payroll,

accounting

Co-located in Stockholm

Common call centre and digital

development

Shared content among regional

media houses

Common management groups

Printing plants spun off in

separate profit centre

Pooling resources in online

development

Sales cooperation in Norway

Common system platforms

Cost-programme in Norway

and Sweden

Common circulation back-

office functions

Common digital back-office

Profitability program in

printing plants

Offshore digital development

in Poland

Increased outsourcing

Centralization of support

functions

Bigger units to water down

overhead

Improved sales cooperation

between subscription and

single copy sales newspapers

Reduce exposure to legacy

infrastructure

Shedding non-core activities

Co-locating in Oslo

POSITIONS

ACTIONS

PLANS

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22 July terror

attack

Earthquake in

Japan

Financial

turmoil

Aftenposten’s

exclusive

coverage of

Wikileaks’ US

Embassy

Cables

BT road deaths

special feature

BT workout site

Stavanger Food

vertical

Most content

purely local

Written for and

by residents

A smart approach to content sharing

Local for local All for one

One for all All for all

7

POSITIONS

ACTIONS

PLANS

http://www.bt.no/nyheter/lokalt/dodenpaaveiene/ungdommene/

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EBITDA for online and print news, subscription papers in Norway

8

Print News 2009 including printing plants – spun off in 2010

New price structure shifted NOK 70 million from printing to newspapers in 2011. Print News includes corporate overhead in Norway

Committed to profitability - and to offset inflation and wage growth

ONLINE NEWS PRINT NEWS PRINTING PLANTS

-97

-55

-18

18

-100

-50

0

50

2008 2009 2010 2011 >>

233

410

483

0

100

200

300

400

500

2008 2009 2010 2011 >>0 0

81

0

70

670

100

200

300

400

500

2008 2009 2010 2011 >>

MAINTAIN

MAINTAIN

POSITIONS

ACTIONS

PLANS

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Cost adaptation

Price hikes

Mobile growth

Online commercialization

Emerging user payment

Improvements keep cash flow, transformation assures future

Profitability in print

Growth in digital

9

POSITIONS

ACTIONS

PLANS

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Taken out 420 FTEs and NOK 500m from Norwegian

subscription papers since merger in 2008

COST AND PERSONNEL DISCIPLINE

MATERIALIZES IN REDUCED FTE LEVELS

-420

2010

0

2006 20122004

1 800

2 200

2 100

2 000

1 900

2008

Ongoing cost program in Norway despite advertising

growth and margin expansion:

We stay ahead

Program end

~1.600

Program

in Norway

~120

2011 YE

~1.720

FTE REDUCTIONS IN NORWAY IN CURRENT

PROGRAM

Example: Media Norge FTEs 2004-12 Example: Media Norge FTEs 2011-14

10

POSITIONS

ACTIONS

PLANS

We have levers to pull to respond to structural challenges

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Pricing is an upside– partly offset circulation decline for years

Example: Single copy papers,

Norway. Average prices weekdays

and weekends

MON-THURSDAY FRI-SUNDAY

COMPETITION 16.3 kr

13 kr

20 kr

20 krSCHIBSTED

+25%

+54%

11

POSITIONS

ACTIONS

PLANS

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Offshore development teams –critical mass and cost efficiency

12

POSITIONS

ACTIONS

PLANS

”Home” development team

1 cost

Typical effect of

offshoring

HO

ME

OF

FS

HO

RE

1 developer

:

Potency scenario

1 cost

2 developer

:

Cost reduction scenario

0,5 cost

1 developer

:

Cost effiency in offshore units Facing recruitment constraints on top talent

Currently setting up development unit in

Krakow, Poland to leverage top university

environment and emerging tech cluster

We are able to transfer print and browser positions to mobile

0,0

6,0

12,0

18,0

48 52 4 8 12 16 20 24 28 32 36 40 44 48 52 4

Millio

n

0

1 000

2 000

3 000

4 000

5 000

jan.10 jan.11 jan.12

NO

K T

ho

usan

ds

Strong mobile user growth

VG ahead of the packRevenues following suit

last twelve months

Weekly page views Monthly revenues

VG mobile, PIs vs competitors VG mobile, revenues per month

13

POSITIONS

ACTIONS

PLANS

Monday morning

Tirsdag morgen

Tuesday morning

Real effect to advertisersis key to monetizing mobile

14

POSITIONS

ACTIONS

PLANS

Emerging user paymentAftonbladet Plus 134.200 subs.

15

POSITIONS

ACTIONS

PLANS

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1Strong

positions for

the long run

Brands and

products that

grow in mobile

and user payment

Willingness

and ability to

sustain

profitability

16

POSITIONS

ACTIONS

PLANS

We will defend our positions and safeguard profitability,whilst growing on new platforms

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Key takeaway:

We’re committed

DISCIPLINE

ON THE COST SIDE

COMMITTED TO

SUSTAIN CASH FLOWS

TRANSFERRING

POSITIONS TO MOBILE

• Maintain cost at current real levels by keeping cost discipline

• Ensure a stable cash flow from traditional channels across the business cycle,

• Transferring our current offline positions to mobile media

17

POSITIONS

ACTIONS

PLANS

Leveraging our digital assets to create additional valueSverre Munck, Executive Vice President

back,

Schibsted Growth Media –leveraging our digital traffic to launch new services

Schibsted Payment – leveraging our customer base to increase ARPU

2 ways of building additional value:

2

To get back,



Schibsted Growth Media – leveraging our digital traffic to launch new services

3

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4

Strategic development

• Going from print news/classifieds, to online news/classifieds, to a broader

online position

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Strategic objectives

✓ Use our national presence and traffic to secure

future opportunities in the online space.

✓ Maximize the use of our network of sites to

drive overall traffic and profit growth.

✓ Mature local concepts into international

success stories

5

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Every week

Source: Orvesto Internet, net reach Schibsted Sweden 2010Aftonbladet, Blocket, Hitta.se, Prisjakt, SvD,, Tasteline, E24, TV.NU

6

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7

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Traffic vs ARPU

8

• Companies with large audiences often have very low ARPU-

levels.

• Companies with high ARPU-levels struggle to build enough

audience.

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Our Online Traffic Fund ModelAn incentivised model to turn TRAFFIC into VALUE

9

Priority Criteria

1 Growth potential, aiming for the # 1 spot.

1 Entrepreneurial culture

1 Schibsted’ s value building potential

Investment Criteria

2 Product focus

2 Revenue/business model

2 Lock-in effects

2 Platform synergies

2 Strategic focus

2 Social Media/Communities

1

0

To get back,



We buy to scale revenues and traffic

We focus on small companies with:

A working product with clear value to the users

A proven revenue model

11

Investment stage:

Start Growth Maturity Stabilization Decline

back,

First acquisition…

Bytbil.com

Acquired in 2002

Car Classifieds

Profitable same year we acquired them

Market leader

12

back,

Second acquisition...

Blocket.se

Acquired in 2003

General classifieds portal

Market leader

International potential

13

back,

Third acquisition...

Hitta.se

Acquired in 2005

Directory services (white & yellow pages)

Strong competitor to telco incumbent Eniro.

14

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And today we are …….

*

*

* Part of SCM

15

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TvM Revenues and EBITDA incl. Hittaare already significant

Revenues and EBITDA, Schibsted Tillväxtmedier

[MNOK]

335

511

656

835

-18

25 101 117

2008 2009 2010 2011

Revenues EBITDA

+36%CAGR 08-11:

16

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Exporting the success

17

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18

Media Houses

Online Classifieds

To get back,



Media Houses:

User payments are only about 6% of digital revenues

Some positive experiences worldwide suggest that there is willingness to pay

Propensity to login, provide user data driven by social media

Aftonbladet + is a success, additional trials to take place in 2012

- We will try freemium, metered and bundled models

- PPV does not seem promising

- Convenience, availability is key factor

User payments represent new potential for Schibsted:

19

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Online Classifieds

Currently user payments are limited to paid private ads (FINN and Blocket), as well as voluntary upsell features

The digital payments industry is in rapid transformation (escrow, P2P, mobile completion, NFC, e-wallets, etc)

Increased focus on anti-fraud measures

Potential exists for our classified sites to increase service offerings to private users related to payments –convenience, safety, value-added services

User payments represent new potential for Schibsted:

20

Our common login and payment platform:

21

back,

SPiD: our iTunes-like login and payment solution:

22

Joint login and payment platform for Schibsted

companies

Payment platform• Click&Pay

• Subscriptions

• Online classifieds

services

• Stored payment info

• Prepaid/gift

card/voucher

• Clearing house

Single Sign On

• Campaign mgmt

• Sales Tools• User Admin

• Analysis tools

SPID: managing registration and payment flow at Aftonbladet Plus

23

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Enabling the transaction – making it safer

24

Remote sales

Pickup sales

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Migrate Aftonbladet to SPiD: Jan 2012

Migrate VG to SPiD: March 2012

Additional Media House and Classified launches

SPiD roadmap for 2012

25

back,

Schibsted Growth Media –leveraging our digital traffic to launch new services


2 ways of building additional value:

26

The Schibsted Ecosystem

OLC

Growth

Media

SPiD Mobile

MH

TvM

27

FinancialsTrond Berger,

CFO

To get back,

Financials

Resources to match strategy

Commitment to cost control and profitability

Strong track record in cutting costs

Financial targets reflect disciplined growth strategy

15-20% revenue growth for Online classifieds

Equity ratio: 35%-50%

Net Interest Bearing Debt/EBITDA: 1x-2x

Around NOK 500 million in investment spending in new Online classifieds ventures

Fully financed

Growth initiatives taken on P&L

Limited CAPEX at 2-3% of revenues

Predictable dividend policy

25%-40% of cashflow

Media Houses

Online Classifieds

2

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Online Classifieds

Disciplined expansion

Ambitious growth targets set out in

order to capture #1 position

Profitable growth

Annual spending of around NOK

500 million based on current

environment

A disciplined approach

Stringent investment criteria

Continuous follow-up on new

investments

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 2011M

NO

K

Revenue

EBITDA margin Established phase

CAGR

16%

Revenues and margin

3

To get back,

-

100

200

300

400

500

2005 2007 2009 2011

MN

OK

New venture spend

Investment criteria

Approach has paid off

Organic investment in on-line

classifieds since 2005 amounts to

NOK 923 million

Resulting in established market

leader in France

Leboncoin.fr with ~65-70%

EBITDA-margin

Market leaders in:

Italy

Austria

Malaysia

Typical time to break even for new

online investments 3-5 years

4

To get back,

Investment Criteria -

ROI determined by risk profile

Becoming #1 in on-line classifieds

Measured by value creation

Organic growth

Online Classifieds

Blocket rollouts

Acquisitions

Bolt-on acquisitions

Flexibility to be pragmatic

Stringent investment criteria

Required return determined by risk profile

Local Market

Presence

Market

DynamicsCompetitive

Situation

Required Rate of

Return

Risk Considerations

5

To get back,

Media Houses

Focus on quality productsand cashflow

Media Houses might face a flat to

slight decline in revenues

Print costs scrutinized

Online growth

Focus on maintaining strong cash

flow from all business areas

Leverage on existing strong market

positions

EBITDA – Media Houses

0

200

400

600

800

1 000

1 200

1 400

1 600

2009 2010 2011N

OK

mill

ion

Media Houses Scandinavia

Media Houses International

6

To get back,

426 318

1 286

1 100

-

500

1 000

1 500

2 000

2008 2011

Raw Materials Personnel Other Opex

Media Houses

Track record of cutting costs

Key objective to align costs with

revenues

Successful cost reductions

NOK 1.7 billion program

completed in 2010 with primary

focus on Media Houses in print

media

NOK 190-210 million per year

cost reduction program initiated

in late 2011 and progressing to

plan

Schibsted Norge established,

gathering all Norwegian

operations under one

management

Cost cut 14%

339 332

939 840

0

500

1 000

1 500

2 000

2008 2011

Cost cut 11%

MN

OK

MS

EK

Operating Costs

7

To get back,



8Q4 2011

Good cost control in Media Houses, increased activity in Online

3638

37

Operating

Costs 2010

11 605

Operating

Costs 2011

12 233

Other in

Media

Houses

Raw

materials

Growth

companies

648

Divestments

(131)

Currency

Operating cost change Y/Y

MNOK

Growth companies include SCM, Finn.no and Schibsted Tillväxtmedier

To get back,

Limited capital expenditure

Schibsted is to a large extent fully

financed

Normal maintenance CAPEX

around NOK 400 million

Mainly IT systems to streamline

operations

Majority of new initiatives financed

over P&L

Change in 2011 in Anuntis

Investments charged to P&L

rather than being capitalised

-1 000

-500

0

500

1 000

1 500

2 000

2 500

2007 2008 2009 2010 2011

MN

OK

EBITDA and Capex

Group EBITDA Capital Expenditure

9

To get back,

Strong cash generation

Operational cash flow of

NOK 1.6 billion in 2011

This includes NOK 412 million

spend on new investments in

Online classifieds

Balanced portfolio and disciplined

approach results in stable cashflow

also in demanding years

Dividend policy set in relation to

operating cash flow

EBITDA and Capex 2011

1 313

(219)

1 094

1 488

(100)

1 388

(412)

(24)

(436)

(1 000)

(500)

0

500

1 000

1 500

2 000

EBITDA CAPEX EBITDA less CAPEX

NO

K m

illio

n

Media Houses

Online Classifieds

Online Classifieds New Ventures

10

To get back,

12 692 12 509

3 699 3 827

3 741

6 659

7 090

4 499

5 560 5 178

Assets Debt and Equity

Assets Debt and Equity

Fixed Assets Current assets

Equity Long-Term Liabilities

Current liabilities

Solid Balance Sheet

Balance sheet strengthened

through downturn

Equity up by NOK 1.6 billion

exclusive of share issue of NOK

1.3 billion in 2009

Long term debt reduced by NOK

2.5bn in same period.

Majority of new investments taken

directly over P&L thereby not

adding to balance sheet

Net interest bearing debt at

NOK 1.64 billion

0.8x 2011 EBITDA

2008 2011

MN

OK

11

To get back,



Divested non core operations

TV/film production

Film/DVD distribution

Polaris Media

Direct mail databases

Media archives

Photo agency

Financial assets and real estate divested

Balance sheet clean up has been carried out last two-three years

Total proceeds more than NOK 2 bn.

12

To get back,

0,0

1,0

2,0

3,0

4,0

5,0

6,0

0

1 000

2 000

3 000

4 000

5 000

6 000

2007 2008 2009 2010 2011

Net Interest Bearing Debt

NIBD/EBITDA

Comfortable financial gearing

Net interest bearing debt over

EBITDA 1x-2x

In a normal situation closer

to 2x than 1x

More flexible than previously as

online classifieds business is

less exposed to cyclical swings

In special situations up to 3 X with

a clear plan of reduction to normal

range

Target for equity ratio 35-50% with

a minimum ratio of 25%M

NO

K

Net Debt and EBITDA

13

To get back,

Comfortable financing -

Flexible financing structure

Limited capital expenditure

Majority of growth initiatives taken over P&L

Total 2011 CAPEX of NOK 354 million

Net Interest Bearing Debt of NOK 1.6 billion

Equals 0.8x EBITDA

Secures flexibility to pursue strategic options

To take part in consolidation

To carry out small and medium sized acquisitions

Buy out partners or minorities if opportunities occur

14

To get back,

New bond issue secures 5 and 7 years financing at favorable rates

NOK 800 million bond issue

completed in in February

2012

NOK 500 million with

5 years maturity,

NIBOR +215 bp

NOK 300 million with

7 years maturity, 5.9%

swapped to floating rate

Schibsted has no official

rating, but has obtained a

”shadow-rating” of BBB

(stable) by the issuer banks

-

500

1 000

1 500

2 000

2 500

3 000

3 500

< 1 yr < 2 yrs < 3 yrs < 4 yrs < 5 yrs > 5 yrsM

NO

K

Other interest-bearing debt Bonds and CP'sDrawn bankfacilities Undrawn bankfacilitiesNew Bonds

Maturity profile as of 31 Dec 2011 including bonds issued in February 2012

Debt maturity profile

To get back,

6,00

0,00

1,50

3,00

3,50

-10 %

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

0,00

1,00

2,00

3,00

4,00

5,00

6,00

7,00

2007 2008 2009 2010 2011 P

Dividend per share (NOK) Payout ratio

Maintaining dividend capacity

Schibsted targets a pay-out ratio

that over time will in the range of

25% to 40% of cash flow

Depending on solidity

Macroeconomic outlook

Investment requirements

Schibsted holds approximately

1 million treasury shares

1% of shares

AGM has authorized to buy back a

total of 10% of shares

Buybacks may be considered to

adjust capital structure

Dividend payments

16

All fonts in charts are

Key takeaways

Profit improvement and revenue growth

Balance Sheet

• Flexibility to match growth ambitions

• Equity Ratio of 35% - 50%

• Net Debt / EBITDA : 1 – 2 X

Capital Expenditure

• Near fully financed

• Capex in the range of 2 – 3% of revenues

Dividend Payments

• Predictable dividend policy of 25% - 40% of operating cash flow

17

schibsted 2012

Business

ceo of schibsted

ceo schibsted norge15

ceo rolv erik ryssdal

schibsted subsidiaries

schibsted eiendom

schibsted group

ceo finn

ceo leboncoin