The agenda outlines a board meeting for Schibsted discussing the company's strategic direction and various business areas. The meeting will include opening remarks from the Chairman, a presentation by the CEO on strategic direction, and presentations from the heads of Schibsted Classified Media, various classifieds sites, Media Houses Scandinavia, and the CFO. There will also be Q&A sessions throughout. The dinner following the meeting will take place at the Andaz Hotel.

1. London 28 February 2012

2. 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

3. 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
To get back, 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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1

4. 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.
To get back, 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).
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2

5. Shaping the Media of
Tomorrow. Today
Rolv Erik Ryssdal,
CEO

6. 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 sell
or 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 that
the opinions contained herein are fair and reasonable, however no representation or warranty, express or
implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy
or completeness of the information or opinions contained in this document and no liability is accepted for any
such information or opinions.
To get back,
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 and
projections 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 to
risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such
information and statements. Several factors could cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or achievements that may be
expressed 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 this
presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any
implication that the information contained herein is correct as of any time subsequent to the date hereof or
that 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 information
included in this presentation.
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2

7. Global leader in Online
1
classifieds
Strong cash flow from Media
2
To get back,
Houses
Seizing the Scandinavian online
3
opportunity
SIFICED’ via
icking off the
3

8. The Schibsted fundament
Building on two solid cornerstones
To get back,
Online Classifieds Media Houses
14.4 billion in revenue 25 countries 7,200 employees
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icking off the
4

9. Well-managed digital transition
Online growth
Online share
14,4
15,2 %
Revenue
To get back,
8,0
8,3 %
EBITDA
2001
2001 2011
2007 2001 2011
5

10. Well-managed digital transition
International expansion
 Gradually built a strong
European position over the past
10 years
To get back,
 Selective approach in large
growth markets in Asia
Pacific and Latin America
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6

11. Shaping the Media of Tomorrow.
Today.
People with values
 We have integrity
 We are innovative
To get back,
 We are a team
 We are here to win
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7

12. A global leader in
Online classifieds
8

13. Ambitious target in a major market:
Global #1 in Online Classifieds
 Portfolio with strong
inherent growth profile
 Upsides in optimization Targeted M&A
To get back, and ―best practice‖ sharing Greenfield Investments
 Investing in growth both Maturing of investment stage sites
organically and through “Best practice” sharing
greenfield investments Optimizing of
established operations
and targeted M&A
Base Camp
 Value creation is the
ultimate measure
9

14. Online classifieds
The winners take it all
EBITDA margin Players that are much larger than #2
100% reap higher margins
50–70%
To get back,
30–50%
5–30%
Sources:
0% EBITDA margin 2010: Company
reports and presentations
1x 3—5x 8—10x
Size vs #2: Pageviews(AdPlanner),
Size versus second player active objects where applicable,
SIFICED’ via company presentations.
icking off the
10

15. Online Classifieds
Portfolio structure
3 years
5 years
Return
To get back,
Profitability
Time
Two new sites in
profitable Established
Investment
phase as of Q1 2012
Start-up Traction Established
SIFICED’ via Operations in investment phase Operations in established phase
icking off the
11

16. Online Classifieds
Economies of scale key to global
success
Joint concept and product development
Marketing of the sites
To get back,
Site roll-out planning
Price optimization
Establishing new verticals
Enhancing return - reducing risk
12

17. Online Classifieds
Investing in the race to become #1
 The window of opportunity
is still open to create
leading sites
 Strategic approach, built
To get back, on broad set of criteria
 Market size, growth and
wealth
 Online penetration and
growth
 Competition and market risk
 Evaluating greenfield
opportunities as well as
targeted M&A
13

18. Online Classifieds targets:
Solid growth and high margins
Online Classifieds ex. Hitta
 Current portfolio set for 4 000 80 %
15%-20% annual growth 3 500 70 %
rate 3 000 60 %
 Growth upside from new 2 500
46 %
50 %
44 %
investments and
NOK mill
To get back,
2 000 38 % 40 %
acquisitions
1 500 30 %
 Annual investment level of 32 % 33 % 31 %
1 000 20 %
~NOK 500 million -
gradually lower drag on 500 10 %
overall margin - 0%
2009 2010 2011
Revenue
EBITDA Margin inc. New ventures
EBITDA Margin Established Phase
14

19. Media Houses
Scandinavia
15

20. Media Houses
Strong regional market leader
Subscription based Single Copy
Norway: #1 #1
Sweden: #2 #1
To get back,
Leading brands - quality journalism
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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16

21. Media Houses
Strategic direction and actions
Single Copy newspapers
• Product development and focus on quality journalism
• Optimize price and circulation
To get back, • Adjust cost base
• Develop online positions – including user paid products
Subscription newspapers
• Product development and focus on quality journalism
• Maintain stable circulation revenues
• Consolidate and improve operational efficiency
• Convert loyal subscriber base to digital products
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17

22. Media Houses
Well positioned in growing
online market
 Strong positions in both the 500
Advertising trends
Print
print and online domains 400
 Print advertising is cyclical and
NOK million
300
in structural decline 200
 Scandinavia stands out, as 100
To get back,
print holds up better despite 0
world highs in online and 2005 2006 2007 2008 2009 2010
VG Print Global Daily Press (Indexed)
mobile penetration
500
 Internet advertising grows 400
Online
sharply in Scandinavia as well
as globally 300
NOK million
 Remarkably resilient to 200
economic uncertainties 100
 Several drivers continuing to 0
support the growth trend 2005 2006 2007 2008 2009 2010
VG Online Global Internet (Indexed)
Source: IRM Media, Schibsted 18

23. Media Houses Outlook
Continued high cash generation
Media House – EBITDA and Capex
 Well positioned, highly 1 600
cash generative and fully 1 400
invested in traditional 1 200
1 384
1 313
media 1 114 1 094
1 000
To get back,  Expecting flat to slightly 800
NOK million
declining revenue 600
 Multi-lever approach to 400
manage decline in print 200
 Online growth set to -
continue (200) (270)
(219)
 Seeking to maintain strong (400)
2010 2011
cash flow
EBITDA CAPEX EBITDA - CAPEX
19

24. Seizing the
Scandinavian Online
Opportunity
20

25. New Online Opportunities
Building high-margin businesses
To get back,
Online
Growth
Media Houses Media Online Classifieds
LEVERAGING OUR STRONG MARKET POSITIONS
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21

26. New Online Marketplaces
Initial focus on Personal Finance
To get back,
22

27. New Online Marketplaces
Efficient Traffic Fund Models
To get back,
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icking off the
23

28. Payment Solutions
New lever of online traffic footprint
 Single sign on and payment
model for all Schibsted sites in
Scandinavia
 Online classifieds, market
To get back,
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

29. Summing Up
25

30. Strategic direction
Key takeaways
Online
Growth
To get back,
Online Classifieds Media Media Houses
Continued profitable Seizing the digital Focus on cash flow
growth growth opportunity
Manage structural
in core markets
Targeting global challenges in print
leadership
Building digital revenue
models
Shaping the media of tomorrow. Today.
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icking off the
26

32. 28

33. Schibsted Classified Media
Creating Winners
Terje Seljeseth,
CEO Schibsted Classified Media

34. Ambitious 3-5 year target:
Global #1 in Online Classifieds
Targeted M&A
Optimizing of
To get back, established operations
Maturing of investment
stage sites
“Best practice”
sharing
Greenfield Investments
Base Camp
2

35. Online Classifieds
3

36. Not only migration
Revenues from car classifieds
300
Aftenposten FINN.no
250
200
To get back,
150
100
50
-
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
4

37. Not only migration
but also finding new revenues
Revenues from car classifieds Revenue FINN Torget
300 300
Aftenposten FINN.no
250 250
200 200
To get back,
150 150
100 100
50 50
- 0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2006 2007 2008 2009 2010 2011
5

38. -
10 000 000
12 000 000
14 000 000
16 000 000
18 000 000
2 000 000
4 000 000
6 000 000
8 000 000
2010 v28
2010 v30
2010 v32
2010 v34
2010 v36
2010 v38
2010 v40
2010 v42
2010 v44
2010 v46
2010 v48
2010 v50
2010 v52
Visits per Week, Blocket.se
2011 v02
Web
2011 v04
2011 v06
2011 v08
2011 v10
2011 v12
Mobile
2011 v14
2011 v16
2011 v18
2011 v20
2011 v22
2011 v24
2011 v26
2011 v28
2011 v30
Mobile % of Total
2011 v32
2011 v34
2011 v36
2011 v38
2011 v40
2011 v42
2011 v44
2011 v46
2011 v48
2011 v50
2011 v52
2012 v02
2012 v04
2012 v06
0%
5%
10 %
15 %
20 %
25 %
30 %
Mobile is also a migration we will handle
6
Source: KIAindex.se

39. 7

40. History of growth
3500
3000
2500
2000
MNOK
To get back,
1500
1000
500
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Revenue MNOK
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icking off the
8

41. Already a strong position
30
25
Billion page views/month
20
To get back,
15
10
5
0
Naspers Ebay Schibsted Craigslist.org
Classifieds Classifieds
SIFICED’ via Doubleclick Ad Planner January 2012
icking off the
9

42. Our “creating winners” pipeline
Launch Startup Traction Established
10

43. To get back,
Launch Startup Traction Established
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icking off the
11

44. World class organization
To get back,
• Autonumeus local • Systematic best • Systematic strategy
companies practice sharing implementation
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12

45. Low cost High cost Medium cost Profit
To get back,
Launch Startup Traction Established
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icking off the
13

46. Portfolio management
To get back,
Launch Startup Traction Established
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icking off the
14

47. The growth continues
To get back,
Launch Startup Traction Established
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icking off the
15

48. CustoJusto and Jofogas are ready to
move up to the Traction Phase
Custojusto.pt Olx.pt Jofogas.hu Vatera.hu
Coisas.com Miau.pt Aprod.hu Expressz.hu
120 000 000 250 000 000
100 000 000
200 000 000
To get back,
80 000 000
150 000 000
60 000 000
100 000 000
40 000 000
20 000 000 50 000 000
- -
mar.09
mar.10
mar.11
mai.09
sep.09
mai.10
sep.10
mai.11
sep.11
jan.10
jan.11
jan.12
jul.09
jul.10
jul.11
nov.09
nov.10
nov.11
Page Views, Google Ad Planner
16

49. Subito and Willhaben are ready to move
up to the Established Phase
Willhaben.at eBay.at
Subito.it Bakeca.it eBay.it Kijiji.it Bazar.at Kijiji.at
1 200 000 000
300 000 000
1 000 000 000
250 000 000
To get back,
800 000 000
200 000 000
600 000 000
150 000 000
400 000 000
100 000 000
200 000 000
50 000 000
0
0
mar.09
mar.10
mar.11
mai.09
sep.09
mai.10
sep.10
mai.11
sep.11
jan.09
jul.09
jan.10
jul.10
jan.11
jul.11
jan.12
nov.09
nov.10
nov.11
jun.09
apr.10
jun.10
apr.11
jun.11
okt.09
okt.10
okt.11
feb.10
feb.11
des.09
des.10
des.11
aug.09
aug.10
aug.11
Page Views, Google Ad Planner
17

50. Experience has taught us to know when
we are about to hit a home run
18

51. Huge upside if we succeed
2011 Revenues per Internet Universe * per country,
Internet User* Millions
Brazil 79
France 49
EUR 32 Italy 37
Spain 31
To get back, Mexico 31
Indonesia 19
Malaysia 16
Philippines 8
EUR 10 Switzerland 8
Belgium 8
Sweden 8
Romania 8
Chile 7
Hungary 6
EUR 1,3 Austria 6
Portugal 5
Finland 4,5
Norway 4,5
Ireland 3,1
19
*) Google AdPlanner Audience January 2012

52. 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
To get back,
 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

54. FINN.no
Further growth for an
established market leader
Christian Printzell Halvorsen
CEO FINN.no

55. Key takeaways
 FINN is strengthening an already strong position
 Future growth will come from optimization of
To get back, existing marketplaces, development of new
marketplaces and mobile expansion
 Building a high-performance innovation culture to
attract talent and sustain future growth
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2

56. FINN has an impressive position
in the everyday life of Norwegians
 Brand awareness: 96% aided / 82% unaided
2011
 2,5-3,1 million unique visitors per week.
Norway’s 2nd-3rd largest website.
To get back,
 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% of
GDP
SIFICED’ via
icking off the
3

57. Strong positions in all verticals
Vertical Position Market share
Jobs #1 ~75% of advertised positions1
Real estate #1 ~100% of homes for sale2
To get back,
Cars #1 ~90% of used cars sold3
General merchandise #1 65-85% of online traffic4
Travel #2 2-50% of bookings / ads5
Services / craftsmen #1-2 ~40% of online job quote requests6
Display advertising #1 20-25% of online revenues7
SIFICED’ via
Note: Revised market share calculations. Not comparable to previously
icking off the communicated numbers.
Source: 1) NAV, 2) SSB/NEF, 3) Statens vegvesen, 4) 4
TNS/Alexa/internal estimates, 5-6) internal analysis, 7) INMA

58. Steady growth and strong, stable
margins
FINN revenues, MNOK
EBITDA margin, % +24%
1.200 46 46 48 50
45 45
43 41 42
1.000 39
36 40
800
30
600 1.135
17 948 20
400 738
691
173 576
200 100 133 398 10
43 63 267
0
0
-200
-16
- 10
-400
-600 - 20
2000 2001 2002 2003 2004 2005 2006 2007 2008* 2009* 2010 2011
* Excluding Sesam 5

59. In Norway, FINN’s position is
comparable to Google’s online
dominance in the US
ESTIMATE
FINN financials 2011 Google financials 2011
per capita, USD (US only*) per capita, USD
Revenues 40 57
EBITDA 19 18
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%).
6

60. Growth in all verticals in 2011
FINN revenues, MNOK 2009
2010
2011
299
265
Growth drivers:
220 219 230
To get back,
216 Continued volume growth
196
167 159 Price optimization
116 110 New and improved
94 86 products
72 63
31 38
Jobs Cars Real General Travel Services
Estate* merch.
Established verticals Newer verticals
SIFICED’ via
icking off the * Excluding one-off revenues from sales of
vacation rentals in 2010 (7 MNOK) 7

61. Future growth areas
1 Optimize existing marketplaces
2 Establish new marketplaces
To get back,
3 Mobile / multichannel
4 ”The marketplace graph”
World class processes:
5 Innovation and Sales
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icking off the
8

62. 1 Optimize existing marketplaces
Examples
• Price increases / decreases on C2C ads
Conservative
• Enhanced contract structures
price optimization
• Price differentiation and upsell products
To get back,
• Property projects / new homes
Subverticals • Commercial properties
• Aftermarket service for cars, boat, MC
• Personalization
Product
• Targeted advertising
upgrades
• Social elements
• Decision support
• Mobile
SIFICED’ via
icking off the
9

63. To get back,
SIFICED’ via
icking off the
10

64. After 1 year, FINN is tied for the lead in
2 the services for craftsmen market
ESTIMATE
Marketshare, % of job quote requests
70 %
60 %
50 %
To get back,
40 % Mittanbud
FINN oppdrag
30 % Anbudstorget
Gulesider
20 %
10 %
0%
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
Underlying market growth January 2012 20-25% YoY
SIFICED’ via
icking off the Note: Excluding real estate and car services from
MittAnbud 11

65. 12

66. Penger.no shows a promising start.
2 Car insurance to be launched Q2 2012
Weekly unique visitors
30000
25000
20000
15000
10000
5000
0
40 41 42 43 44 45 46 47 48 49 50 51 52 1 2 3 4 5 6
Week
13

67. Mobile opportunities and risks.
3 >50% of visits from new
channels by 2015
ESTIMATE
Growth projection FINN.no Desktop and Mobile channels
90 000 000
Today = 17%
80 000 000
To get back, 70 000 000
User sessions / month
60 000 000
50 000 000
40 000 000
Mobile
30 000 000 Desktop
20 000 000
10 000 000
0
01.09.2011
01.06.2008
01.09.2008
01.12.2008
01.03.2009
01.06.2009
01.09.2009
01.12.2009
01.03.2010
01.06.2010
01.09.2010
01.12.2010
01.03.2011
01.06.2011
01.12.2011
01.03.2012
01.06.2012
01.09.2012
01.12.2012
01.03.2013
01.06.2013
01.09.2013
01.12.2013
01.03.2014
01.06.2014
01.09.2014
01.12.2014
SIFICED’ via
icking off the Assumptions: 3G+ penetration 2014E: 95%, Smartphone penetration
2014E: 75% (based on Morgan Stanley Research) 14

68. Mobile innovation is priority #1.
3 Several products in pipeline
15

69. ”The marketplace graph”:
4 Verticals tied together by user data
Volksvagen
Passat
“The mapping of everybody, all goods
and services, and how they interact in
the marketplace”
Has testdriven
USA july 2012
2 adults
To get back,
+ 2 children Searching for
Works at
John FINN.no
Owns
Sells
Owns
Rating: 3/5
The ”classifieds
graph” that we know
today Toyota Yaris
Eckersbergs 2007-mod
Canon 7D
gate 31,
Oslo
SIFICED’ via
icking off the
16

70. Building a strong innovation
5 culture to sustain future growth
FINN way of innovation FINNopp innovation tool FINN labs
To get back,
FINNovation hackathon FINN sandbox FINN awards
SIFICED’ via
icking off the
17

71. Awarded ”best place to work” in Norway.
5
Focus on performance culture to attract talent
To get back,
GPTW?
SIFICED’ via
icking off the
18

72. Key takeaways
 FINN is strengthening an already strong position
 Future growth will come from optimization of
To get back, existing marketplaces, development of new
marketplaces and mobile expansion
 Building a high-performance innovation culture to
attract talent and sustain future growth
SIFICED’ via
icking off the
19

73. 20

74. Leboncoin.fr
Number 1 in French
online classifieds
Olivier Aizac,
CEO Leboncoin.fr

75. Leboncoin.fr : what is this ?
To get back,
SIFICED’ via
icking off the
2

76. What is Leboncoin.fr?
 A free generalist 39,5 % reach in French
classifieds website internet population
To get back,
More than 18 million ads
 Blocket.se French little online
sister launched in April
2006 6 billion page views per
month
 The #1 online player #1 position in Cars, Real
Estate and Goods
3

77. Leboncoin.fr is the biggest market
place in France
Page Views per Month, Google Ad Planner
7 000 000 000
Leboncoin.fr eBay.fr
6 000 000 000
5 000 000 000
To get back,
4 000 000 000
3 000 000 000
2 000 000 000
1 000 000 000
0
okt.09
okt.10
okt.11
feb.09
mar.09
feb.10
mar.10
feb.11
mar.11
apr.09
mai.09
sep.09
des.09
apr.10
mai.10
sep.10
des.10
apr.11
mai.11
sep.11
des.11
jun.09
jul.09
aug.09
jan.10
jun.10
jul.10
aug.10
jan.11
jun.11
jul.11
aug.11
jan.12
nov.09
nov.10
nov.11
SIFICED’ via
icking off the
4

78. The clear #1 player in cars
Number of cars in the database – Autobiz, Dec 2011
900 000 812 981
800 000
700 000
600 000
500 000
400 000
To get back,
271 768
300 000
200 000
102 217 98 155 97 993 93 003 89 163 87 658
100 000 66 900 57 823 38 887 25 170
- AutoScout24
Autoreflex
announcesjaunes
ParuVendu
Leboncoin*
OuestFrance
automobile
Topannonces
Argus
Le Centrale-Caradisiac
321auto
ebay PA
SIFICED’ via
icking off the
5

79. +404% +223% +67% +39% +26%
Steady growth over 6 years
UIP / day – monthly average
4 000 000
3 469 000
3 500 000
3 000 000 2 756 000
To get back,
CAGR
2 500 000 116%
1 979 000
2 000 000
1 500 000
1 188 000
1 000 000
500 000 368 000
73 000
0
12/2006 12/2007 12/2008 12/2009 12/2010 12/2011
SIFICED’ via
icking off the
6

80. Leboncoin.fr is in the top 5
websites in France
Google DoubleClick Adplanner – January 2012
facebook.com 39 000 000 000
orange.fr 10 000 000 000
live.com 6 400 000 000
To get back,
leboncoin.fr 6 400 000 000
youtube.com 3 600 000 000
sfr.fr 1 700 000 000
msn.com 1 300 000 000
yahoo.com 1 300 000 000
free.fr 1 200 000 000
pole-emploi.fr 1 100 000 000
SIFICED’ via
icking off the
7

81. One of Schibsted’s most important
growth drivers
100 100 %
76% 80
61 %
70 %
80 %
revenue
Million EUR
To get back, 60 60 %
47 %
growth Y/Y in 40 40 %
2011
20 20 %
0 0%
2009 2010 2011
Revenue EBITDA margin
8

82. Most recognised brand for online
classifieds in France
Top of Mind Unaided Aided
Leboncoin.fr 40,0 % 59,2 % 85,8 %
Ebay 21,4 % 45,0 % 83,4 %
Priceminister 1,6 % 8,4 % 64,0 %
Paruvendu 2,2 % 7,0 % 78,2 %
Topannonces 3,6 % 51,2 %
Vivastreet 0,4 % 4,4 % 29,2 %
Annoncesjaunes 0,0 % 29,6 %
Logicimmo 0,2 % 0,2 % 25,2 %
Olx
Segloger 5,4 % 32,8 %
9

83. High media awareness : More than
2000 press clippings in 2011
10

84. The 2nd most searched word on
google.fr
To get back,
SIFICED’ via
icking off the
11

85. How did we get
here?

86. A true child of the Schibsted
roll out strategy
 Launched in April 2006
 French little sister of
Blocket.se
 50/50 Joint Venture
To get back,
 Between Schibsted and Spir
Communication
 Schibsted acquired Spir’s
shares in November 2010
 Valuing the company at EUR
400 million (100% basis)
13

87. Why do 14 million French spend
their spare time on leboncoin?
 12 years of experience  Simple
 A millennium in Internet  Placing an ad only takes a
history few minutes. No subscription,
 Easy few criteria, no payment
To get back,  Immediate result in a single  Quality
click  Ads are checked and
 Proximity validated before going live.
No duplicate ads, no Nigerian
 Search is done by region on
letters, no forbidden content.
a map, everybody knows
where he lives  Visibility
 Navigation is more window
shopping than search
14

88. A long-term business model
 A real focus on user experience
 Online classifieds is a
competitive market
 Agile and pragmatic business
models
To get back,
 Adapt to the competition and
environment
 Technical competence and
autonomy
 The site is constantly tuned to
market needs
 Entrepreneurial spirit

89. From a start-up to full-service
company
 Focus on product teams
over the first years 12/2012
 Build up local sales 145
To get back,
team and F&A 12/2011
88
 In-source national sales 12/2010
team and strengthen all
departments
41heads

90. Focus on diversifying revenues
Local
advertising
Insertion
Partnerships
fees
To get back,
B2C National
services advertising
B2B services
SIFICED’ via
Business is growing through many revenues lines
icking off the

91. Mobile – a fast rolling train
 iPhone app launched in
December 2011
 Already 1,3 million
downloads
To get back,  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

93. Media Houses
Scandinavia
Didrik Munch,
CEO Schibsted Norge

94. POSITIONS
What we do ACTIONS
PLANS
PROFITABILITY TRANSFORMATION
IN PRINT TO DIGITAL
To get back,
SIFICED’ via
icking off the
2

95. POSITIONS
Market leaders in Scandinavia ACTIONS
PLANS
Local presence Number one positions
in the most affluent cities in browser, mobile, print
 No. 1 single copy paper  No. 1 in web TV
NORWAY
1
 No. 1 site by traffic  No. 1 mobile site
Bergen Oslo
1
Stavanger  No. 1 subscription paper
Kristansand  4 strong positions in 4 major cities
SWEDEN
 No. 1 single copy paper  No. 1 in web TV 1
Stockholm  No. 1 site by traffic  No. 1 mobile site
 Stockholm’s quality subscription paper 2
 Top high-end online destination
3

96. POSITIONS
Not in Anglo-American decline ACTIONS
PLANS
Scandinavian economies … but maintain continuously high
are well connected… print newspaper readership and advertising revenues
Circulation (volume) Advertising (revenue)
Mobile subs (1)
SUBSCRIPTION
pr capita -10% -11%
SCHIBSTED
PAPERS
Scandinavia 1.5 1,00 1,00
0,90 0,89
UK 1.3
To get back,
(3)
US 1.0 Peak Current Peak Current
level level level level
Broadband (2)
penetration Circulation (volume) Advertising (revenue)
-28% -53%
US AVERAGE
Scandinavia 89%
1,00 1,00
0,72
UK 56% 0,47
US 53% Peak Current Peak Current (4)
level level level level
SIFICED’ via
icking off the Sources: (1) Morgan Stanley (2010), Wired (2011); (2) ITU (2011);
(3) Schibsted historical and current figures;
(4) Huber Research Partners (2012)
4

97. POSITIONS
Cooperation and tightening ACTIONS
creates leaner media houses PLANS
Loose coordination, Tight cooperation and Focused media houses
redundant functions centralized support units with light backbones
To get back,
MEDIA HOUSES IN 2008, MEDIA HOUSES NOW, ROOM TO IMPROVE
PRIOR TO MERGERS AFTER TRIMMING GOING FORWARD
SIFICED’ via
icking off the
5

98. Operationally focused –
POSITIONS
ACTIONS
emphasizing improvement PLANS
WILL DO
 Offshore digital development
DOING in Poland
 Increased outsourcing
 Pooling resources in online
DONE development  Centralization of support
To get back, functions
 Sales cooperation in Norway
 Centralized IT infrastructure  Bigger units to water down
and applications  Common system platforms overhead
 Centralized finance, payroll,  Cost-programme in Norway  Improved sales cooperation
accounting and Sweden between subscription and
 Co-located in Stockholm  Common circulation back- single copy sales newspapers
office functions 
 Common call centre and digital Reduce exposure to legacy
development  Common digital back-office infrastructure
 Shared content among regional  Profitability program in  Shedding non-core activities
media houses printing plants  Co-locating in Oslo
 Common management groups
 Printing plants spun off in
separate profit centre
6

99. POSITIONS
A smart approach ACTIONS
to content sharing PLANS
Local for local All for one
 Most content  Aftenposten’s
purely local exclusive
coverage of
 Written for and Wikileaks’ US
by residents Embassy
Cables
To get back,
 BT road deaths  22 July terror
special feature attack
 BT workout site  Earthquake in
Japan
 Stavanger Food
vertical  Financial
turmoil
SIFICED’ via
One for all All for all
icking off the
7

100. POSITIONS
Committed to profitability ACTIONS
- and to offset inflation and wage growth PLANS
EBITDA for online and print news, subscription papers in Norway
ONLINE NEWS PRINT NEWS PRINTING PLANTS
50 500 500
MAINTAIN 483
To get back, 400 400
18 410
0
-18 300 300
233
-55
200 200 MAINTAIN
-50
100 100
70
-97 81 67
-100 0 0
2008 2009 2010 2011 >> 2008 2009 2010 2011 >> 2008 2009 2010 2011 >>
0 0 0
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
SIFICED’ via
icking off the
8

101. POSITIONS
Improvements keep cash flow, ACTIONS
transformation assures future PLANS
 Cost adaptation
Profitability in print
To get back,  Price hikes
 Mobile growth
Growth in digital  Online commercialization
 Emerging user payment
SIFICED’ via
icking off the
9

102. POSITIONS
We have levers to pull to ACTIONS
respond to structural challenges PLANS
Ongoing cost program in Norway despite advertising
Taken out 420 FTEs and NOK 500m from Norwegian
growth and margin expansion:
subscription papers since merger in 2008
We stay ahead
COST AND PERSONNEL DISCIPLINE FTE REDUCTIONS IN NORWAY IN CURRENT
MATERIALIZES IN REDUCED FTE LEVELS PROGRAM
2 200 ~1.720
To get back,
-420
2 100
2 000
~120
1 900
1 800
~1.600
0
2004 2006 2008 2010 2012 2011 YE Program Program end
in Norway
Example: Media Norge FTEs 2004-12 Example: Media Norge FTEs 2011-14
SIFICED’ via
icking off the
10

103. POSITIONS
Pricing is an upside ACTIONS
– partly offset circulation decline for years PLANS
MON-THURSDAY FRI-SUNDAY
To get back, COMPETITION 16.3 kr 20 kr
+25%
SCHIBSTED 13 kr +54% 20 kr
Example: Single copy papers,
Norway. Average prices weekdays
SIFICED’ via
and weekends
icking off the
11

104. POSITIONS
Offshore development teams – ACTIONS
critical mass and cost efficiency PLANS
Cost effiency in offshore units Facing recruitment constraints on top talent
”Home” development team Currently setting up development unit in
HOME
1 : 1 Krakow, Poland to leverage top university
environment and emerging tech cluster
developer cost
To get back,
Typical effect of
offshoring
Cost reduction scenario
1 : 0,5
OFFSHORE
developer cost
Potency scenario
2 : 1
developer cost
12

105. POSITIONS
We are able to transfer print and ACTIONS
browser positions to mobile PLANS
Strong mobile user growth Revenues following suit
VG ahead of the pack last twelve months
5 000
Weekly page views Monthly revenues
18,0
4 000
NOK Thousands
3 000
12,0
Million
2 000
6,0
1 000
0,0
0
48 52 4 8 12 16 20 24 28 32 36 40 44 48 52 4
jan.10 jan.11 jan.12
VG mobile, PIs vs competitors VG mobile, revenues per month
13

106. POSITIONS
Real effect to advertisers ACTIONS
is key to monetizing mobile PLANS
Tirsdag morgen
Monday morning Tuesday morning
14

107. POSITIONS
Emerging user payment ACTIONS
Aftonbladet Plus 134.200 subs. PLANS
15

108. POSITIONS
We will defend our positions ACTIONS
and safeguard profitability, PLANS
whilst growing on new platforms
Brands and
products that
grow in mobile
To get back,
and user payment
Willingness
and ability to
sustain
profitability
Strong
1 positions for
the long run
SIFICED’ via
icking off the
16

109. POSITIONS
Key takeaway: ACTIONS
We’re committed PLANS
To get back,
DISCIPLINE COMMITTED TO TRANSFERRING
ON THE COST SIDE SUSTAIN CASH FLOWS 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
SIFICED’ via
icking off the
17

111. Leveraging our digital
assets to create
additional value
Sverre Munck,
Executive Vice President

112. 2 ways of building additional value:
 Schibsted Growth Media –
leveraging our digital traffic to
launch new services
back,
 Schibsted Payment – leveraging our
customer base to increase ARPU
2

113. Schibsted Growth Media – leveraging
our digital traffic to launch new services
To get back,
SIFICED’ via
icking off the
3

114. Strategic development
• Going from print news/classifieds, to online news/classifieds, to a broader
online position
To get back,
SIFICED’ via
icking off the
4

115. Strategic objectives
✓ Use our national presence and traffic to secure
future opportunities in the online space.
To get back, ✓ Maximize the use of our network of sites to
drive overall traffic and profit growth.
✓ Mature local concepts into international
success stories
SIFICED’ via
icking off the
5

116. Every week
To get back,
SIFICED’ via
Source: Orvesto Internet, net reach Schibsted Sweden 2010
Aftonbladet, Blocket, Hitta.se, Prisjakt, SvD,, Tasteline, E24, TV.NU
icking off the
6

117. To get back,
SIFICED’ via
icking off the
7

118. Traffic vs ARPU
• Companies with large audiences often have very low ARPU-
levels.
• Companies with high ARPU-levels struggle to build enough
audience.
To get back,
SIFICED’ via
icking off the
8

119. Our Online Traffic Fund Model
An incentivised model to turn TRAFFIC into VALUE
To get back,
SIFICED’ via
icking off the
9

120. Investment Criteria
Priority Criteria
1 Growth potential, aiming for the # 1 spot.
1 Entrepreneurial culture
Schibsted’ s value building potential
1
2 Product focus
2 Revenue/business model
2 Lock-in effects
2 Platform synergies
2 Strategic focus
2 Social Media/Communities
1
0

121. Investment stage:
 We buy to scale revenues and traffic
 We focus on small companies with:
 A working product with clear value to the users
To get back,
 A proven revenue model
Start Growth Maturity Stabilization Decline
SIFICED’ via
icking off the
11

122. First acquisition…
 Bytbil.com
 Acquired in 2002
 Car Classifieds
back,
 Profitable same year we
acquired them
 Market leader
12

123. Second acquisition...
 Blocket.se
 Acquired in 2003
 General classifieds
portal
back,
 Market leader
 International potential
13

124. Third acquisition...
 Hitta.se
 Acquired in 2005
 Directory services (white
& yellow pages)
back,
 Strong competitor to
telco incumbent Eniro.
14

125. And today we are …….
To get back,
*
*
SIFICED’ via
* Part of SCM
icking off the
15

126. TvM Revenues and EBITDA incl. Hitta
are already significant
Revenues and EBITDA, Schibsted Tillväxtmedier
[MNOK]
835
CAGR 08-11:
+36%
To get back,
656
511
335
101 117
25
-18
2008 2009 2010 2011
Revenues EBITDA
SIFICED’ via
icking off the
16

127. Exporting the success
To get back,
SIFICED’ via
icking off the
17

128. Schibsted Payment – leveraging
our customer base to increase
ARPU
Media Houses
To get back,
Online Classifieds
SIFICED’ via
icking off the
18

129. User payments represent new
potential for Schibsted:
Media Houses:
 User payments are only about 6% of digital revenues
 Some positive experiences worldwide suggest that
there is willingness to pay
To get back,
 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
SIFICED’ via
icking off the
19

130. User payments represent new
potential for Schibsted:
Online Classifieds
 Currently user payments are limited to paid private ads
(FINN and Blocket), as well as voluntary upsell features
To get back,
 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
SIFICED’ via
icking off the
20

131. Our common login and payment platform:
21

132. SPiD: our iTunes-like login and
payment solution:
Joint login and payment platform for Schibsted
companies
back,
Single Sign On
• User Admin • Campaign mgmt
• Analysis tools • Sales Tools
Payment platform
• Stored payment info • Click&Pay
• Prepaid/gift • Subscriptions
card/voucher • Online classifieds
• Clearing house services
22

133. SPID: managing registration and
payment flow at Aftonbladet Plus
23

134. Enabling the transaction
– making it safer
Pickup sales
To get back,
Remote sales
SIFICED’ via
icking off the
24

135. SPiD roadmap for 2012
 Migrate Aftonbladet to SPiD: Jan 2012
To get back,
 Migrate VG to SPiD: March 2012
 Additional Media House and Classified launches
SIFICED’ via
icking off the
25

136. 2 ways of building additional value:
 Schibsted Growth Media –
leveraging our digital traffic to
launch new services
back,
 Schibsted Payment – leveraging our
customer base to increase ARPU
26

137. The Schibsted Ecosystem
Growth
Media
TvM
OLC MH
SPiD Mobile
27

139. Financials
Trond Berger,
CFO

140. 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
To get back, classifieds 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 Media Houses
 Limited CAPEX at 2-3% of revenues
 Predictable dividend policy
 25%-40% of cashflow
2

141. Online Classifieds
Disciplined expansion
 Ambitious growth targets set out in Revenues and margin
order to capture #1 position 4 000 80 %
 Profitable growth 3 500 CAGR 70 %
16%
 Annual spending of around NOK 3 000 60 %
500 million based on current
To get back, 2 500 50 %
environment
MNOK
2 000 46 % 40 %
 A disciplined approach 44 %
1 500 38 % 30 %
 Stringent investment criteria
 Continuous follow-up on new 1 000 20 %
investments 500 10 %
- 0%
2009 2010 2011
Revenue
EBITDA margin Established phase
3

142. Investment criteria
Approach has paid off
 Organic investment in on-line New venture spend
classifieds since 2005 amounts to 500
NOK 923 million
 Resulting in established market
leader in France 400
To get back,  Leboncoin.fr with ~65-70%
EBITDA-margin 300
MNOK
 Market leaders in:
 Italy 200
 Austria
 Malaysia 100
 Typical time to break even for new
online investments 3-5 years
-
2005 2007 2009 2011
4

143. Investment Criteria -
ROI determined by risk profile
 Becoming #1 in on-line classifieds Risk Considerations
 Measured by value creation
Local Market
 Organic growth Presence
 Online Classifieds
To get back,
 Blocket rollouts
Competitive Market
Situation Dynamics
 Acquisitions
 Bolt-on acquisitions
 Flexibility to be pragmatic
 Stringent investment criteria
Required Rate of
 Required return determined by
Return
risk profile
5

144. Media Houses
Focus on quality products
and cashflow
EBITDA – Media Houses
 Media Houses might face a flat to 1 600
slight decline in revenues
1 400
 Print costs scrutinized
1 200
To get back,
 Online growth
1 000
NOK million
 Focus on maintaining strong cash
800
flow from all business areas
600
 Leverage on existing strong market
positions 400
200
0
2009 2010 2011
Media Houses Scandinavia
Media Houses International
6

145. Media Houses
Track record of cutting costs
Operating Costs
 Key objective to align costs with 2 000
revenues Cost cut 11%
1 500
 Successful cost reductions
MNOK
1 000 939 840
 NOK 1.7 billion program
500
completed in 2010 with primary 339 332
To get back,
focus on Media Houses in print 0
media 2008 2011
 NOK 190-210 million per year 2 000
cost reduction program initiated Cost cut 14%
1 500
in late 2011 and progressing to 1 286
MSEK
plan 1 000 1 100
 Schibsted Norge established, 500 426
gathering all Norwegian 318
operations under one -
2008 2011
management
Raw Materials Personnel Other Opex
7

146. Good cost control in Media Houses,
increased activity in Online
Operating cost change Y/Y 12 233
MNOK
36
38
To get back, 648
11 605
37 (131)
Operating Currency Divestments Growth Raw Other in Operating
Costs 2010 companies materials Media Costs 2011
Houses
Growth companies include SCM, Finn.no and Schibsted Tillväxtmedier
SIFICED’ via
icking off the
Q4 2011 8

147. Limited capital expenditure
 Schibsted is to a large extent fully EBITDA and Capex
financed 2 500
 Normal maintenance CAPEX
around NOK 400 million 2 000
 Mainly IT systems to streamline 1 500
To get back, operations
1 000
 Majority of new initiatives financed
MNOK
over P&L 500
 Change in 2011 in Anuntis
0
 Investments charged to P&L
rather than being capitalised -500
-1 000
2007 2008 2009 2010 2011
Group EBITDA Capital Expenditure
9

148. Strong cash generation
EBITDA and Capex 2011
 Operational cash flow of
2 000
NOK 1.6 billion in 2011
 This includes NOK 412 million 1 500
1 488
1 313
1 388
spend on new investments in 1 094
Online classifieds 1 000
NOK million
To get back,
 Balanced portfolio and disciplined 500
approach results in stable cashflow
also in demanding years 0
(24)
(100)
 Dividend policy set in relation to (500)
(219)
(412) (436)
operating cash flow
(1 000)
EBITDA CAPEX EBITDA
less CAPEX
Media Houses
Online Classifieds
Online Classifieds New Ventures
10

149. Solid Balance Sheet
 Balance sheet strengthened
2008 2011
through downturn
 Equity up by NOK 1.6 billion
3 699 3 827
exclusive of share issue of NOK 5 560 5 178
1.3 billion in 2009
To get back,  Long term debt reduced by NOK
MNOK
4 499
2.5bn in same period. 7 090
12 692 12 509
 Majority of new investments taken
6 659
directly over P&L thereby not 3 741
adding to balance sheet
 Net interest bearing debt at Assets Debt and Assets Debt and
Equity Equity
NOK 1.64 billion
 0.8x 2011 EBITDA Fixed Assets Current assets
Equity Long-Term Liabilities
Current liabilities
11

150. Balance sheet clean up has been
carried out last two-three years
 Divested non core operations
 TV/film production
 Film/DVD distribution
To get back,  Polaris Media
 Direct mail databases
 Media archives
 Photo agency
 Financial assets and real estate divested
Total proceeds more than NOK 2 bn.
SIFICED’ via
icking off the
12

151. Comfortable financial gearing
 Net interest bearing debt over Net Debt and EBITDA
EBITDA 1x-2x
6 000 6,0
 In a normal situation closer
to 2x than 1x 5 000 5,0
 More flexible than previously as
To get back, online classifieds business is 4 000 4,0
MNOK
less exposed to cyclical swings
3 000 3,0
 In special situations up to 3 X with
a clear plan of reduction to normal
2 000 2,0
range
 Target for equity ratio 35-50% with 1 000 1,0
a minimum ratio of 25%
0 0,0
2007 2008 2009 2010 2011
Net Interest Bearing Debt
NIBD/EBITDA
13

152. Comfortable financing -
Flexible financing structure
 Limited capital expenditure
 Majority of growth initiatives taken over P&L
 Total 2011 CAPEX of NOK 354 million
To get back,
 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

153. New bond issue secures 5 and 7
years financing at favorable rates
 NOK 800 million bond issue Debt maturity profile
3 500
completed in in February
2012 3 000
 NOK 500 million with 2 500
To get back, 5 years maturity,
2 000
NIBOR +215 bp
MNOK
 NOK 300 million with 1 500
7 years maturity, 5.9% 1 000
swapped to floating rate
500
 Schibsted has no official
-
rating, but has obtained a < 1 yr < 2 yrs < 3 yrs < 4 yrs < 5 yrs > 5 yrs
”shadow-rating” of BBB Other interest-bearing debt Bonds and CP's
Drawn bankfacilities Undrawn bankfacilities
New Bonds
(stable) by the issuer banks Maturity profile as of 31 Dec 2011 including bonds issued in February 2012

154. Maintaining dividend capacity
 Schibsted targets a pay-out ratio Dividend payments
that over time will in the range of 7,00 70 %
25% to 40% of cash flow 6,00
6,00 60 %
 Depending on solidity
 Macroeconomic outlook 5,00
50 %
To get back,
 Investment requirements 40 %
4,00
 Schibsted holds approximately 3,50
30 %
3,00
1 million treasury shares 3,00
20 %
 1% of shares
2,00
 AGM has authorized to buy back a 1,50 10 %
total of 10% of shares 1,00
0%
 Buybacks may be considered to 0,00
0,00
-10 %
adjust capital structure 2007 2008 2009 2010 2011 P
Dividend per share (NOK) Payout ratio
16

155. Key takeaways
Profit improvement and revenue growth
in charts are 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