Quarterly results Q1 2011

Rolv Erik Ryssdal, CEO Trond Berger, CFO Terje Seljeseth, CEO Schibsted Classified Media 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. Deactivate by clicking off the Q1 2011 2 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Q1 2011 highlights . Continued profit improvement and top line growth in Q1 . EBITDA NOK 447 million (418 in Q1 2010). Revenue growth 7% . Strong quarter for Online operations. . Online classifieds revenue growth of 28%. Good online growth in Media houses . Additional new ventures in Schibsted Classified Media To get back, approaching break even . Increased investments in new Online classifieds positions by NOK 32 million Y/Y, building platform for further growth and value creation . Scandinavian advertising markets continue to improve . Advertising revenues in Media houses increased 8% . Media Norge merger approved . Challenging circulation volume for single copy sold newspapers . Improved market positions on mobile and web

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2. Deactivate by clicking off the Q1 2011 4 Q1 2011 highlights

Underlying Revenue Change EBITDA margin Q1 2011 y/y* Q1 11 Q1 10 Group 3 496 7 % 13 % 13 %

To get back, Media Houses Scandinavia 2 436 2 % 10 % 11 % Media Houses International 242 7 % -2 % -3 % Online Classifieds 830 28 % 31 % 30 %

Turn off ’CLASSIFICED’ via *) Growth adjusted for acquisitions, divestments and currency fluctuations

2. Deactivate by clicking off the Q1 2011 5 Revenue split Q1 2011 Total revenue MNOK 3,496

Media Houses Online online classifieds 11 % To get back, 24 % Media Houses Media offline Houses advertising other 28 % 7 % Media Houses Media single copy Houses 18 % subscription 13 %

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2. Deactivate by clicking off the Q1 2011 6 Continued EBITDA growth in Q1

600

92 (32) 500 46 (30) (23) 447 418 (13) (11) 400 Increased investment in 300 Blocket roll outs To get back,

200 Million NOK Million 100

0

VG

Other

2010

Online Online

other

Finn

Online Online

classifieds

EBITDA Q1 Q1 EBITDA

Established

SCH Sverige SCH

Investments

Media Houses Media

classifieds New New classifieds Media Norge ex ex Norge Media

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2. Deactivate by clicking off the Q1 2011 7 Q1 2011 operations

Online classifieds Media Houses

Finn.no (owned by Media Norge Media Norge)

To get back, Schibsted Classified VG Media

Hitta (owned by Schibsted Sverige Schibsted Sverige)

International

Key figures Q1 2011: Revenue: MNOK 830 MNOK 2,678 Other/eliminations: Revenue MNOK -12 EBITDA: MNOK 261 MNOK 244 EBITDA MNOK -58

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2. Deactivate by clicking off the Q1 2011 8 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Media Houses Improvement for morning newspapers, challenging volume development for tabloids

+3%* 3000 30 %

2500 25 %

2000 20 %

1500 15 % MNOK 1000 10 %

500 5 %

0 0 %

-500 -5 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2009 2010 2011 Revenue EBITDA margin

*) Underlying growth, adjusted for currency effects, acquired/divested operations. Note: 2009 and 2010 figures are from Business Areas Media Houses Scandinavia/International.

Q1 2011 10 Media Houses Scandinavia Improved markets and firm cost control in Media Norge

. Q1 advertising revenues in Media Norge media houses Media Norge media houses increased 9% 1200 30 % 1000 25 % . Recruitment +10% 800 20 % . Real estate +8% 600 15 % 400 10 % MNOK 13% . Circulation revenues increased 1% as a result of 200 5 % To get back, price increases. Circulation volume declined 2% 0 0 % Q1 10 Q1 11

. EBITDA NOK 150 million (NOK 104 million) Revenues EBITDA margin . Strong performance for online newspapers contribute to the improvement

. Collaboration projects continue to enhance efficiency.

. launched iPad edition in Q1. Will be introduced as a paid for product in Q2

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2. Deactivate by clicking off the Q1 2011 11 Media Houses Scandinavia Broad improvement in Media Norge media houses

Aftenposten group Fædrelandsvennen

600 30 % 300 30 % 180 30 % 120 30 % 6% 500 25 % 250 +8% 25 % 150 +9% 25 % 100 +4% 25 % 400 20 % 200 20 % 120 20 % 80 20 % To get back, 13 % 13 % 14 % 300 15 % 150 13 % 15 % 90 15 % 60 15 % 200 7 % 10 % 100 10 % 60 10 % 40 10 % 4 % 3 % 3 % 100 5 % 50 5 % 30 5 % 20 5 % 0 0 % 0 0 % 0 0 % 0 0 % Q1 10 Q1 11 Q1 10 Q1 11 Q1 10 Q1 11 Q1 10 Q1 11

Revenue EBITDA margin Revenue EBITDA margin Revenue EBITDA margin Revenue EBITDA margin

EBITDA figures excluding associated companies. Printing activities were carved out of the Media Houses as of Q1 2011. 2010 Turn off ’CLASSIFICED’ via figures are calculated for comparison purpose.

2. Deactivate by clicking off the Q1 2011 12 Merger with Media Norge . Merger finalized and effective as of 12 May 2011 . Improving the opportunity for cooperation across the Schibsted group . Values Media Norge at NOK 7,25 bn. including cash. Main assets: 1. Media Houses Aftenposten, Bergens Tidende, Stavanger Aftenblad, and Fædrelandsvennen – each clear leaders in their respective markets, and with potential for further operational To get back, improvements 2. 50.01% of Finn.no – fast growing clear market leader in Online classifieds in . Close to half of the value linked to online activities . Increasing Schibsted’s exposure to Finn.no from 83% to 90% . Settlement for the merger 1/3 cash and 2/3 shares in Schibsted ASA . One shareholder, representing 0.2% of the shares in Media Norge, has filed a law suit contesting that the merger is invalid . Schibsted’s legal advisors consider the claim to be without legal basis

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2. Deactivate by clicking off the Q1 2011 13 Media Houses Scandinavia Circulation decline for print newspapers in Schibsted Sverige media house* 1000 50 % . Schibsted Sverige Q1 EBITDA SEK 57 million 800 40 % (78 million) 600 30 % . Reduced single copy circulation volume puts

MSEK 400 6% 20 % pressure on circulation revenues 200 10 % . 19% online growth*. Strong growth and To get back, 0 0 % Q1 10 Q1 11 profit development for online growth portfolio

Revenues EBITDA margin (Schibsted Tillväxtmedier)

Svenska Dagbladet group . Q1 EBITDA SEK 23 million (SEK 22 million) 300 60 % 250 50 % . Print advertising revenue increased 3% 200 40 % 150 30 % . Investor Relations advertising segment has been

MSEK 100 8% 20 % substantially reduced due to regulatory change 50 10 % 0 0 % . Circulation revenues increased 2% in Q1, Q1 10 Q1 11 helped by price increases Revenues EBITDA margin Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the Q1 2011 14 *) Excluding Hitta.se, which is reported as part of the Business Area Online classified Media Houses Scandinavia Circulation volume decline hampers Print 500 50 % . Q1 EBITDA SEK 27 million (SEK 42 million) 400 40 % . Advertising revenue increased by 2%

300 30 % MSEK 200 20 % . Circulation revenues declined due to 12% volume 6% 100 10 % decline and scale down of low margin supplements. Revenue decline of 10% excluding supplements To get back, 0 0 % Q1 10 Q1 11 . Cost reduced by 8% because of lower volumes and Revenues EBITDA margin reduced marketing investments

Online 120 60 % . Revenue reduced by 2% in Q1. Affected negatively 100 50 % with 4 million of one off adjustment of revenue 80 40 % . Q1 EBITDA SEK 8 million (SEK 21 million) 60 30 % MSEK 40 8% 20 % . 8% EBITDA margin (20%) in Q1. Increased activity 20 10 % level and development cost result in margin pressure 0 0 % Q1 10 Q1 11 . iPad version of the daily newspaper launched in April 2011 Turn off ’CLASSIFICED’ via Revenues EBITDA margin

2. Deactivate by clicking off the Q1 2011 15 Media Houses Scandinavia Challenging circulation, advertising decline in VG Print . Circulation revenues decreased by 6% in Q1 Y/Y as 500 50 % a consequence of continued circulation decline 400 40 % 300 30 % . Circulation volume decline of 12% on weekdays 200 12% 20 % MNOK . Print advertising revenues decreased 9% after 100 10 % volume decline and price pressure To get back, 0 0 % Q1 10 Q1 11 . Negative Easter effect of around NOK 2 million

Revenues EBITDA margin . EBITDA NOK 45 million (NOK 66 million)

VG.no . 3% growth in revenues, excluding Nettby, that was 80 50 % closed down in December 2010

60 40 % . Advertising revenues increased by 9%, whereas 22% 30 % other revenues declined 40 20 % MNOK . EBITDA NOK 14 million (NOK 20 million). EBITDA 20 10 % margin 22% (28%) 0 0 % Q1 10 Q1 11 . Strong traffic growth for digital products, particularly smart phone version Turn off ’CLASSIFICED’ via Revenues EBITDA margin

2. Deactivate by clicking off the Q1 2011 16 Media Houses Scandinavia Single copy sold newspapers – The Q1 2011 facts

. Reduced circulation revenue due to Print volume decline: 10-12% volume decline 2011 2010 Change . Operating expenses on print EBITDA 35 63 -28 reduced To get back, - print 27 42 -15 . Increased operating expenses - online 8 21 -13 online due to more cost allocated to online and product development

. Reduced circulation revenue due to Print volume decline: 12% volume decline 2011 2010 Change . Operating expenses reduced on print EBITDA 56 86 -30 . Increased operating expenses online - print 45 66 -21 due to product development and - online 8 17 -9 periodisation of bonuses Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the Q1 2011 17 Media Houses Scandinavia Single copy sold newspapers – Actions 1. Efforts to slow down the circulation volume decline . Adapt and improve the products . Optimize the cover price structure, price increases will be considered

To get back, 2. Adjust the cost base to the revenue development. . Optimization of the organization . Optimization of printing, distribution and business terms

3. Efforts to further increase the digital revenues . Monetizing the rapid growing mobile traffic . Experiment with user paid tablet versions

Turn off ’CLASSIFICED’ via . Further increase sales efficiency for web versions

2. Deactivate by clicking off the Q1 2011 18 Media Houses International Good growth in France and Baltics. Still challenging in Spain 20 40 % Baltics . Good advertising growth in Estonia, partly helped 15 30 % by elections 10 9% 20 % 5 10 % . Particularly good growth for Kanal 2 0 0 % . Firm cost control and margin improvement Q1 10 Q1 11 Revenue EBITDA margin

. Tough competition in the free newspaper market 15 45 % To get back, France* met by increased distribution for 20 Minutes 10 30 % 5 15 % . 12% revenue growth, but flat margin development -7% due to increased coverage 0 0 % -5 -15 % . Continued good growth in traffic and revenue for Q1 10 Q1 11 online activities Revenue EBITDA margin

Spain . Continued harsh market environment in Spain 9 90 % 6 60 % . Revenues declined 11% 3 30 % . Flat cost development result in margin decrease 0 -26% 0 % -3 -30 % . Good development for online activities Q1 10 Q1 11 Turn off ’CLASSIFICED’ via Revenue EBITDA margin *) Chart illustrates 100% of the company. Schibsted owns 50% 2. Deactivate by clicking off the Q1 2011 19 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Online classifieds Continued strong growth and margin improvement +28%* 900 90 % 800 80 % 700 70 % 600 60 % 500 50 %

MNOK 400 40 % 300 30 % 200 20 % 100 10 % 0 0 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2009 2010 2011

Revenue EBITDA margin EBITDA margin ex SCM New Ventures

*) Underlying growth, adjusted for currency effects, acquired/divested operations. Q1 2011 21 Online classifieds Strong growth and high margins maintained in Finn.no

. EBITDA of NOK 131 million in Q1* (NOK 88 mill) Finn.no . Q1 EBITDA margin 47% (42%) 300 60 % 250 50 % . Operating revenues NOK 277 million, 200 40 % 47% a growth of 31%, helped by volume and price, as 150 30 % well as new revenue models 100 20 % To get back, MNOK . Recruitment 45% 50 10 % 0 0 % . Real estate 14% Q1 10 Q1 11

. Car 32% Revenues EBITDA margin . Finn Torget (generalist) 25% . Finn Reise (travel) 46% . Increased market share in brand/display advertising, which comprises around ¼ of Finn.no revenues

Turn off ’CLASSIFICED’ via *) EBITDA excluding associated companies

2. Deactivate by clicking off the Q1 2011 22 Online classifieds Stable growth rate and high margins in Blocket/Bytbil

. EBITDA of SEK 90 million in Q1 (SEK 84 mill) Blocket/Bytbil 200 100 % . Q1 operating margin 56% (59%) 150 80 % 60 % . Operating revenues SEK 161 million, a growth of 100 14% driven by volume, price adjustments and new 56% 40 % MSEK 50 20 % To get back, products 0 0 % . Good development for new e-commerce platform Q1 10 Q1 11 launched in Q3 2010 Revenues EBITDA margin

Turn off ’CLASSIFICED’ via Source for traffic data: KIA Index

2. Deactivate by clicking off the Q1 2011 23 Online classifieds Strong growth and margin development in Spain and France . EBITDA EUR 14.5 million in Q1 (EUR 10.0 mill) SCM International* 40 80 % . EBITDA margin 39% vs 37%** 30 60 % . 29% growth in revenues compared to Q1 2010 on To get back, a comparable base 20 40 %

MEUR 39% 10 20 % . Spain: Continued good trend 0 0 % . Growth both for Anuntis (car, real estate and Q1 10 Q1 11 generalist) and for InfoJobs (recruitment) Revenues EBITDA margin . Increased marketing spend in Anuntis

. Leboncoin.fr: Strong growth and high margins

*) SCM International operations include Spain, Latin-America and France. Chart illustrates development for the current portfolio, i.e. including 100% of Leboncon.fr and excluding Car&Boat Media. **) 2010 margin of 37% refers to the continued operations: Spain/LatAm, and 100% of Leboncoin.fr, but not Car&Boat Media. Turn off ’CLASSIFICED’ via Note: Source for traffic figures is Google AdPlanner

2. Deactivate by clicking off the Q1 2011 24 Leboncoin.fr a top three online site in France Top 10 Sites, France Page Views, March . Continued strong growth and facebook.com 40 000 000 000 high margins in Q1 2011 leboncoin.fr 6 000 000 000 . Revenues increased 81% Y/Y orange.fr 5 900 000 000 To get back, . 6 billion page views in March 2011, a growth of 59% youtube.com 3 600 000 000 . The second largest online live.com 2 000 000 000 site in France by page views yahoo.com 1 400 000 000 (Google not measured) free.fr 880 000 000

msn.com 720 000 000

pagesjaunes.fr 310 000 000

commentcamarche.net 160 000 000

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2. Deactivate by clicking off the Q1 2011 25 Online classifieds Established European footprint combined with growth opportunities

Highly profitable #1 positions

All verticals Norway

Cars + general Sweden

Cars + general France

Jobs

General Spain Real estate

Cars

Operations in Established phase Operations in Investment phase

Q1 2011 26 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Income statement Schibsted Group – headlines for Q1 2011

. Revenues NOK 3.5 billion (3.3 billion) . Total revenue underlying +7% Y/Y . Advertising revenue Online classifieds and Media Houses +14% To get back, . Operating profit (EBITDA) NOK 447 million (NOK 418 million) . Includes NOK 32 million in increased investment in Online classifieds roll outs . Net financials NOK -29 million (NOK -27 million) . Net income NOK 194 million (NOK 171 million)

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2. Deactivate by clicking off the Q1 2011 28 Income statement Schibsted Group

(NOK million) Q1 2011 Q1 2010 2010 2009 Operating revenues 3,496 3,258 13,768 12,745 Operating expenses (3,055) (2,845) (11,605) (11,184) Income from associated companies 6 5 36 (67) Gross operating profit (EBITDA ) 447 418 2,199 1,494 Depreciation and amortization (137) (152) (588) (662) Reduced due to divestments Gross operating profit after depreciation and To get back, amortisation (previously EBITA) 310 266 1,611 832 Impairment loss (4) (18) (110) (161) Other revenues and expenses 12 30 1,909 (236) Linked to scale Operating profit (loss) 318 278 3,410 435 down and Net financial items (29) (27) (11) (156) divestments

Profit (loss) before taxes 289 251 3,399 279 Taxes (95) (80) (468) (94)

Net income (loss) 194 171 2,931 185

EPS (NOK) 1.53 1.45 27.04 4.74 EPS - adjusted (NOK) 1.41 1.41 9.72 4.42

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2. Deactivate by clicking off the Q1 2011 29 Continued cyclical recovery, but not yet back to peak levels Print advertising – Schibsted’s Scandinavian newspapers 1 200

1 000

To get back, 800

600 Million NOK Million 400

200

- 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

Q1 Q2 Q3 Q4 Turn off ’CLASSIFICED’ via Print advertising revenues for Aftenposten, Bergens Tidende, Stavanger Aftenblad, Fædrelandsvennen, , and Aftonbladet.

2. Deactivate by clicking off the Q1 2011 30 Key financial figures Earnings per share Cash flow from operations per share NOK NOK 20 12 16,72 16 10 8,99 8,04 12 8

8 6,87 6 4,24 4,45 4,20 3,57 4,12 4 4 3,2 1,46 1,45 1,99 1,53 0,62 2,43 2,40 0 2 To get back, -0,71 -4 0 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111

Note: CAPEX Net interest bearing debt NIBD/EBITDA CAPEX (million NOK) and CAPEX/Sales (%) Net interest bearing debt (NOK) and according to Ratio of Net interest bearing debt/LTM EBITDA bank definition. 250 6000 4852 5000 200 176 4149 4000 150 128 3102 118 109 3000 2554 96 2389 88 100 84 1820 1990 65 71 5 2000 1501 4 4 3,9 3,7 1337 3 3 2,4 50 2 2 2 2 1000 1,7 1,4 0,7 0,6 0,8 0,9

0 0 Turn off ’CLASSIFICED’ via Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111

2. Deactivate by clicking off the Q1 2011 31 Strong balance sheet, free float increased

. NIBD/EBITDA 0.9 at end of Q1 Debt maturity profile 3 500

. Total liquidity reserve of NOK 3.9 3 000 billion 2 500 To get back, . Effect of Media Norge transaction 2 000

in Q2 2011: NOK Mill. 1 500 . NOK 345 million in cash payment 1 000 . Number of treasury shares will be 500 reduced with approx 4 million. Free float increased from 70% to 74% - < 1 yr < 2 < 3 < 4 < 5 > 5 yrs yrs yrs yrs yrs Other interest-bearing debt Bonds and CP's Drawn bankfacilities Undrawn bankfacilities Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the Q1 2011 32 Increased dividend proposed

5,00 4,78 . Dividend proposed at NOK per share 4,50 NOK 3.00 per share 3,99 4,00 . 100% increase since 3,50 3,39 3,00 To get back, 3,00 last year 2,59 2,50 2,39 . Equals NOK 324 2,00 1,59 1,59 1,59 1,50 million based on total 1,50 1,39 1,39 number of shares 1,00 0,50

0,00

issued 0,00

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* *) Proposed by the Board of Directors Dividend pr. share adjusted for effect of rights issue in 2009 Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the Q1 2011 33 Tight cost control in Media Houses, increased marketing within online

Main increase in SCM and Finn.no 3100 3055 Head count increase in 142 Online operations. 3000 Reductions in print 61 To get back, 2900 47 (34) 2845 (6)

2800 Higher paper prices, but lower volume

2700

Currency

Personnell

Divestments

expenses

Raw materials Raw

Marketing & other & Marketing Operating cost Q1 11 Q1 cost Operating Turn off ’CLASSIFICED’ via 10 Q1 cost Operating

2. Deactivate by clicking off the Q1 2011 34 Continued efforts to streamline operations and reduce cost . NOK 1.7 billion profitability programme was delivered by Q4 2010 . Efforts to streamline operations and reduce expenses

To get back, continues in 2011 . Continuous Improvement projects (Lean) across the Group . Shared service centres are established in Norway and Sweden . All Norwegian printing operations gathered in a dedicated company . Tight control of headcount development – one of the most important cost drivers

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2. Deactivate by clicking off the Q1 2011 35 Main comments related to EBITDA development as of Q1 2011

. As of Q1 2011 focus in presentations and comments will be put on EBITDA . A better measure for underlying performance and cash

To get back, flow . The most common measure for comparing valuation multiples and performance between companies in the media industry . EBITDA for operating units are available for historical reference . Overview of future development for acquisition related amortizations is available at schibsted.com/ir Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the Q1 2011 36 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Schibsted Classified Media - today’s topics

. Why do we believe so strongly in online classifieds?

To get back, . How do we look at our portfolio of assets?

. How is it going?

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2. Deactivate by clicking off the Q1 2011 38 Online classifieds has a great audience potential…

Top 10 Sites, Norway Top 10 Sites, Sweden Top 10 Sites, France Unique Users, March Unique Users, March Unique Users, March

facebook.com 3 500 000 facebook.com 6 100 000 facebook.com 34 000 000

vg.no 2 800 000 youtube.com 5 600 000 youtube.com 28 000 000

finn.no 2 600 000 live.com 5 100 000 live.com 28 000 000

To get back, live.com 2 400 000 aftonbladet.se 4 600 000 orange.fr 21 000 000

gulesider.no 2 000 000 blocket.se 4 200 000 leboncoin.fr 20 000 000

nrk.no 2 000 000 msn.com 4 200 000 msn.com 19 000 000

dagbladet.no 1 900 000 hitta.se 3 800 000 free.fr 19 000 000

msn.com 1 900 000 eniro.se 3 500 000 yahoo.com 16 000 000

startsiden.no 1 600 000 swedbank.se 3 200 000 commentcamarche.net 16 000 000 aftenposten.no 1 500 000 blogspot.com 3 100 000 pagesjaunes.fr 16 000 000

Turn off ’CLASSIFICED’ via Source all figures: Doubleclick Ad Planner, March 2011 Google.com/adplanner – List by audience

2. Deactivate by clicking off the Q1 2011 39 …and a superior ability to create page views!

Top 10 Sites, Norway Top 10 Sites, Sweden Top 10 Sites, France Page Views, March Page Views, March Page Views, March

facebook.com 3 700 000 000 facebook.com 7 200 000 000 facebook.com 40 000 000 000

finn.no 890 000 000 blocket.se 1 100 000 000 leboncoin.fr 6 000 000 000

live.com 170 000 000 youtube.com 960 000 000 orange.fr 5 900 000 000

To get back, vg.no 160 000 000 swedbank.se 550 000 000 youtube.com 3 600 000 000

startsiden.no 120 000 000 live.com 490 000 000 live.com 2 000 000 000

dagbladet.no 110 000 000 aftonbladet.se 280 000 000 yahoo.com 1 400 000 000

nrk.no 81 000 000 msn.com 210 000 000 free.fr 880 000 000

msn.com 81 000 000 eniro.se 67 000 000 msn.com 720 000 000 aftenposten.no 50 000 000 hitta.se 61 000 000 pagesjaunes.fr 310 000 000

gulesider.no 34 000 000 blogspot.com 61 000 000 commentcamarche.net 160 000 000

Turn off ’CLASSIFICED’ via Source all figures: Doubleclick Ad Planner, March 2011 Google.com/adplanner – List by audience

2. Deactivate by clicking off the Q1 2011 40 Very attractive economics in online classifieds – but you need to become #1!

EBITDA margin High margins for players that are 100% much larger than #2

50–70%

To get back,

30–50%

5–30%

Sources: Margin: Company reports and presentations Size vs 0% #2:Pageviews(AdPlanner), 1x 3—5x 8—10x active objects where applicable, company Size versus second player presentations. EBITDA 2010 Turn off ’CLASSIFICED’ via except AutoTrader 2008

2. Deactivate by clicking off the Q1 2011 41 The Blocket Concept life stages

StartupPhase Traction Phase Established Phase (Baby) (Teenager) (Adult) All babies start off the same, they They start having ambitions, Market leaders aiming for world play around, grow fast and cost a establish their own identity and class and earning money to support lot of money! want to become self-sustaining the family Our assets - what is their “job”?

Asset phase Main focus Assets (not exhaustive)

Established phase • Create/maintain value • Blocket leadership based on • Infojobs Spain sustained volume leadership • Anuntis Spain • Leboncoin

To get back, Investment phase • Gain clear volume • Subito.it Stage 2 leadership • Willhaben.at (Traction phase) • Mudah.my • Kapaza.be • Infojobs.it /com.br

Investment phase • Grow strongly and establish • Tori.fi Stage 1 a clear path to leadership • Tutti.ch (Startup phase) • CustoJusto.pt • Jofogas.hu • Ayosdito.ph • Berniaga.com Turn off ’CLASSIFICED’ via • Dinkos.com.au

2. Deactivate by clicking off the Q1 2011 43 StartupPhase Traction Phase Established Phase (Baby) (Teenager) (Adult) All babies start off the same, they They start having ambitions, Market leaders aiming for world play around, grow fast and cost a establish their own identity and class and earning money to support lot of money! want to become self-sustaining the family Established phased assets: Doing their job very well!

Sweden International* 200 100 % 40 100 %

35 80 % 150 75 % 30 To get back, MEUR 25 60 % 20 MSEK 100 57% 50 % 15 40 % 39% 50 25 % 10 20 % 5

0 0 % 0 0 % Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

Revenues EBITA margin Revenues EBITDA margin

*) SCM International operations include Spain, Latin-America and France. Chart illustrates development for the current portfolio, i.e. including 100% of Turn off ’CLASSIFICED’ via Leboncon.fr and excluding Car&Boat Media.

2. Deactivate by clicking off the Q1 2011 45 StartupPhase Traction Phase Established Phase (Baby) (Teenager) (Adult) All babies start off the same, they They start having ambitions, Market leaders aiming for world play around, grow fast and cost a establish their own identity and class and earning money to lot of money! want to become self-sustaining support the family willhaben catching up with ebay.at

Page Views / Month, Doubleclick Ad Planner

willhaben ebay.at 400 000 000

350 000 000 To get back, 300 000 000

250 000 000

200 000 000

150 000 000

100 000 000

50 000 000

-

1001 1102 0903 0904 0905 0906 0907 0908 0909 0910 0911 0912 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1101 1103

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2. Deactivate by clicking off the Q1 2011 47 Subito catching up with ebay.it

Page Views / Month, Doubleclick Ad Planner Subito eBay.it 1 200 000 000

To get back, 1 000 000 000

800 000 000

600 000 000

400 000 000

200 000 000

-

1012 0901 0902 0903 0904 0905 0906 0907 0908 0909 0910 0911 0912 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1101 1102 1103

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2. Deactivate by clicking off the Q1 2011 48 CustoJusto catching up with OLX.pt

Page Views / Month, Doubleclick Ad Planner CustoJusto OLX.pt 100 000 000

90 000 000

To get back, 80 000 000 70 000 000

60 000 000

50 000 000

40 000 000

30 000 000

20 000 000

10 000 000

-

0903 1005 0904 0905 0906 0907 0908 0909 0910 0911 0912 1001 1002 1003 1004 1006 1007 1008 1009 1010 1011 1012 1101 1102 1103

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2. Deactivate by clicking off the Q1 2011 49 StartupPhase Traction Phase Established Phase (Baby) (Teenager) (Adult) All babies start off the same, they They start having ambitions, Market leaders aiming for world play around, grow fast and cost a establish their own identity and class and earning money to support lot of money! want to become self-sustaining the family A network of sites and hubs – sharing best practice, creating value

To get back,

Worldwide network of experts We have systematically established competence sharing programs within our group Also sharing knowledge between companies in different stages of development

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2. Deactivate by clicking off the Q1 2011 51 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Outlook . Scandinavia: Continued firm advertising markets for Media Houses, and good growth for online classifieds expected. . International: Continued strong growth for online classifieds expected . Continued weak trend expected for single copy sold newspapers. More To get back, stable circulation expected for subscription based newspapers . Increasing contribution to revenues and profits from Schibsted Tillväxtmedier online services in Sweden . Online classifieds operations in Italy, Austria expected to reach break even in Q4 2011 or Q1 2012 . Targeted investments in new positions for Schibsted Classified Media will continue. Good development in existing sites, and investment in 2011 will be in the previously communicated range of NOK 300-400 million. Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the Q1 2011 53 54 Q1 2011 Appendices

Spreadsheet containing detailed Q1 2011 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

Q1 2011 55 Schibsted ASA basic data

Ticker Oslo Stock Exchange: SCH Reuters: SBST.OL Bloomberg: SCH NO

Number of shares (31 March 2011) 108,003,615 Treasury shares (31 March 2011) 4,082,837 Number of shares outstanding 103,920,778

Free float* 70 % Share price (31 March 2011) NOK 162.30 Market cap (31 March 2011) NOK 19.6 bn., EUR 2.2 bn., USD 3.2 bn., GBP 1.9 bn.

Average daily trading volume LTM 306,300 shares

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS.

Q1 2011 56 Top 20 shareholders

Rank Name Holding Share 1 Blommenholm Industrier AS 28,188,589 26.1 % 2 Folketrygdfondet 8,010,212 7.4 % 3 JPMorgan Chase Bank * 7,038,490 6.5 % 4 Schibsted ASA 3,943,337 3.7 % 5 Bank Of New York Mellon * 3,745,428 3.5 % 6 NWT Media As 2,962,619 2.7 % 7 State Street Bank And Trust Co. * 2,021,259 1.9 % 8 Orkla ASA 1,900,000 1.8 % 9 JPMorgan Chase Bank * 1,285,043 1.2 % % of foreign shareholders 44.4 % 10 Vital Forsikring ASA 1,277,352 1.2 % Number of shareholders 4,857 11 Clearstream Banking S.A. * 1,268,780 1.2 % Number of shares 108,003,615 12 Goldman Sachs Int. - Equity - * 1,248,631 1.2 % Shares ow ned by Schibsted 4,230,440 13 State Street Bank and Trust Co. * 1,107,909 1.0 % 14 Skandinaviska Enskilda Banken * 1,086,385 1.0 % Largest countries of ownership 15 Citibank N.A. (London Branch) * 1,047,047 1.0 % Norw ay 55.6 % 16 State Street Bank and Trust Co. * 900,021 0.8 % United Kingdom 14.4 % 17 JPMorgan Chase Bank * 868,937 0.8 % USA 12.3 % 18 SHB Institutional Sales Stockholm 841,000 0.8 % Luxembourg 4.6 % 19 BNP Paribas Secs Services Paris * 835,515 0.8 % Sw eden 3.1 % 20 SHB Stockholm Clients Account * 825,809 0.8 % France 2.7 % Source: VPS

*) Nominee accounts Data as of 31 March 2011. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

Q1 2011 57 Shareholder analysis

Rank Fund Manager Shares % at % at 14/04/11 12/01/11 1 Blommenholm Industrier AS 28,188,589 26.10 26.10 2 Folketrygdfondet 8,010,212 7.42 8.03 3 Fidelity Investments 7,982,193 7.39 5.23 4 Tw eedy Brow ne 5,393,419 4.99 4.99 5 Taube Hodson Stonex Partners 5,190,468 4.81 4.93 6 Schibsted ASA 4,082,837 3.78 3.79 7 Handelsbanken Asset Management 3,220,828 2.98 2.96 8 NWT Media ASA 2,962,619 2.74 2.74 9 BlackRock 1,943,656 1.80 1.52 10 Orkla ASA 1,900,000 1.76 1.76 11 Nordea Fonder (Finland) 1,657,605 1.53 1.70 12 Nordea Asset Management 1,558,317 1.44 1.37 13 Sw edbank Robur 1,405,119 1.30 1.06 14 State Street (C) 1,337,274 1.24 1.11 Source: RD: IR and VPS, through the 15 Adelphi Capital 1,283,691 1.19 1.20 Nominee ID service. Data as of 12 16 Vital Forsikring ASA 1,279,297 1.18 1.16 January 2011. 17 People's Bank of China 1,217,611 1.13 1.13 The shareholder ID data is provided by RD: IR and VPS, through the Nominee ID service. The data is obtained through the analysis of 18 TT International Investment Management 1,075,041 1.00 1.17 beneficial ownership and fund manager information provided in 19 DnB NOR Asset Management 1,074,519 0.99 1.14 replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made 20 Amundi Asset Management 1,006,204 0.93 0.45 to verify all data, neither RD:IR nor VPS can guarantee the accuracy of the analysis. 21 Rational Asset Management 933,000 0.86 0.86 22 National Australia (C) 887,233 0.82 0.82 Updated information at: 23 KLP 819,195 0.76 0.78 www.schibsted.com/en/ir/Share/Shareholders/ 24 Storebrand Investments 784,763 0.73 0.86 25 Nordea Fonder (Sw eden) 774,451 0.72 0.83

Q1 2011 58 Circulation development - YTD

Circulation Change Change Circulation Change Per Q1 2011 2010-2011 revenue 2010-2011 Media Norge w eekdays 418 599 (9 091) (2,1)% 330 a) 0,9 % Media Norge Sunday 289 833 (5 388) (1,8)% }

Verdens Gang weekdays 207 620 (29 546) (12,5)% 268 a) (6,3)% Sunday 202 133 (7 239) (3,5)% }

Aftonbladet weekdays 320 b) (14,0)% Aftonbladet Sunday

Svenska Dagbladet w eekdays 189 800 (9 900) (5,0)% 127 b) 2,4 % Svenska Dagbladet Sunday 194 100 (9 600) (4,7)% }

a) Figures in NOK million b) Figures in SEK million

Q1 2011 59 Advertising – Print editions

Volume 1) Change Revenues Change Per Q1 2011 2010-2011 (NOK million) 2010-2011

Media Norge 32 184 11,3 % 524 10,8 %

Verdens Gang 2 674 (5,8) % 87 (13,9) %

Aftonbladet 2) 3 857 (14,3) % 91 2,2 %

Svenska Dagbladet 2) 5 824 (4,0) % 128 3,2 %

1) Column meters 2) SEK million

Q1 2011 60 Advertising revenues Media Norge 2008 2009 2010 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Offline advertising revenues 648 696 519 574 481 489 393 503 471 543 428 550 524 Aftenposten 350 380 251 293 250 248 198 256 237 279 216 277 271 Bergens Tidende 133 152 105 124 103 105 88 112 106 116 94 123 115 Stavanger Aftenblad 116 111 110 106 85 86 68 89 85 97 78 100 91 Fædrelandsvennen 50 52 54 52 43 49 39 46 44 51 40 50 47

Real estate 109 134 83 69 70 89 66 69 67 94 71 63 71 Aftenposten 76 92 54 46 47 59 43 46 46 66 48 40 49 Bergens Tidende 17 19 13 10 9 11 9 10 8 10 8 9 8 Stavanger Aftenblad 9 13 8 8 8 10 6 7 7 10 8 8 7 Fædrelandsvennen 7 9 9 5 5 9 7 6 6 8 7 6 7

Recruitment 178 173 108 111 104 85 70 86 105 103 79 101 115 Aftenposten 100 97 62 63 60 48 38 48 57 56 45 54 63 Bergens Tidende 29 30 17 17 16 15 12 15 19 18 14 20 22 Stavanger Aftenblad 38 36 23 24 21 18 15 18 23 22 15 21 23 Fædrelandsvennen 11 11 7 7 6 5 4 5 6 7 5 6 7

Online advertising 37 44 35 33 33 36 34 44 44 46 38 46 51 Aftenposten 18 25 17 14 18 21 18 24 22 24 20 20 22 Bergens Tidende 10 9 9 9 8 8 8 10 13 11 10 13 13 Stavanger Aftenblad 6 7 6 7 4 5 5 6 6 7 5 9 11 Fædrelandsvennen 3 3 3 3 3 3 3 4 3 4 3 4 5

Q1 2011 61 Advertising revenue split Aftenposten print newspaper

Aftenposten AS Figures in NOK million Q1 07 Q2 07 Q3 07 Q4 07 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111

Total classified 228 233 193 193 208 215 141 135 137 128 106 121 129 147 117 123 143 Recruitment 113 106 79 93 100 97 62 63 60 48 38 48 57 56 45 54 63 Real estate 80 103 87 71 76 92 54 46 47 59 43 46 46 66 48 40 49 Other classified 35 24 27 30 32 26 26 26 29 22 24 26 26 24 25 29 31

Brand 78 85 61 74 68 81 50 67 44 49 40 48 46 53 37 61 57

Retail 74 75 65 96 72 84 59 95 68 73 52 86 61 75 61 91 69

Unspes. market 0 2 1 0 1 1 0 -5 1 -2 -1 -1

Y/Y change:

Total classified 15 % 19 % 22 % 10 % -9 % -8 % -27 % -30 % -34 % -40 % -25 % -11 % -6 % 15 % 10 % 2 % 11 % Recruitment 21 % 16 % 12 % 2 % -12 % -9 % -22 % -32 % -40 % -51 % -38 % -24 % -5 % 18 % 17 % 12 % 11 % Real estate 10 % 26 % 39 % 20 % -5 % -11 % -38 % -35 % -38 % -36 % -19 % 1 % -3 % 12 % 10 % -14 % 7 % Other classified 9 % 5 % 8 % 15 % -9 % 8 % -4 % -11 % -8 % -17 % -6 % -2 % -11 % 13 % 0 % 12 % 19 %

Brand 7 % 13 % 17 % -3 % -12 % -5 % -17 % -9 % -36 % -40 % -21 % -29 % 4 % 9 % -9 % 27 % 25 %

Retail 9 % 4 % 10 % 10 % -2 % 12 % -9 % -1 % -6 % -13 % -11 % -9 % -10 % 2 % 16 % 5 % 13 %

Q1 2011 62 Key financial figures

Per Q1 Per Q4 2011 2010 2010 2009 Operating profit (EBITDA) (NOK million) 447 418 2 199 1 494

Operating margins (%): Operating margin (EBITDA) 12.8 12.8 16.0 11.7 Operating margin before ass. companies 8.7 8.0 11.4 7.0 Operating margin (EBITA) 8.9 8.2 11.7 6.5

EPS (NOK) 1.53 1.45 27.04 4.74 Cash flow from operations (NOK million) 250 251 2 039 1 610 Cash flow from operations per share (NOK) 2.40 2.43 19.73 19.34 Net income attr. to major interests 159 149 2 794 395 Average number of shares (1 000) 104,000 103,303 103,338 83,256

Q1 2011 63 Capital structure

Per Q1 Per Q4 2011 2010 2010 2009 Investments (NOK million): Operational investments (capex) 118 71 427 390 Shares and other holdings 20 3 1 880 196

Interest bearing debt (NOK million) 2 657 3 018 2 478 3 809 Net interest bearing debt (NOK million) 1 990 2 389 1 820 2 554

Interest bearing debt ratio (%) 15.9 21.2 15.0 25.0 Equity ratio(%) 1) 42.8 37.4 42.4 34.7

1) Treasury shares are offset against equity

Q1 2011 64 Market leading newspapers in Norway and Sweden Schibsted owns six of top ten Schibsted owns two of top seven paid newspapers in Norway newspapers in Sweden

Daily readership (‘000) Penetration¹ Daily readership (‘000) Penetration²

22% 15% 884 1 078

To get back, 17% 13% 663 962

431 11% 821 11%

315 8% 544 8%

266 7% 492 7%

Other M:NO* 502 13% Schibsted’s titles

Source: Orvesto 2010:3 – weekdays *) Sum of Bergens Tidende (232), Stavanger Aftenblad (169), Fædrelandsvennen (101) Individual figures for Expressen, GT and Kvällsposten are not published. Schibsted Source: TNS Gallup 2011 Forbruker & Media 11/01 estimate of Expressens readership is around 600,000. Turn off ’CLASSIFICED’ via ¹ Norwegian population of 3,963,000 aged 12 or older ² Swedish population of 7,150,000 aged 15 to 79

2. Deactivate by clicking off the Q1 2011 65 Market leading positions online in Norway and Sweden Million Million Sweden Unique Norway Unique Site visitors Site visitors 1 Aftonbladet 5.5 1 VG Nett 3.7 2 MSN.se 5.5 2 Finn.no 2.7 3 Hotmail 4.9 3 NRK.no 2.5 4 blocket.se 4.7 4 Dagbladet.no 2.3 5 hitta.se 4.0 5 MSN 2.3 6 Eniro.se 2.7 6 Startsiden 2.2 7 Expressen 2.5 7 Gule Sider 1.4 8 Aftonbladet WebbTV 1.9 8 SOL 1.4 To get back, 9 DN.se 1.6 9 Aftenposten.no 1.2 10 hemnet.se 1.4 10 Nettavisen 1.2 11 svt.se 1.3 11 TV2 1.2 12 svd.se 1.2 12 Blogg.no 1.1 13 Tradera 1.1 13 Kvasir 0.9 14 svtplay.se 1.0 14 ABCnyheter 0.9 15 Bloglovin 1.0 15 Klikk.no 0.8 16 di.se 1.0 16 Kjendis.no 0.8 17 mobil.aftonbladet.se 1.0 17 Opplysningen 1881 0.6 18 tv.nu 1.0 18 E24.no 0.6 19 SR.se 0.9 19 DinSide.no 0.5 20 e24.se 0.8 20 NAV 0.5 21 Dayviews.com 0.8 21 Seher.no 0.4 22 prisjakt.nu 0.7 22 Bergens Tidende 0.4 23 Klart.se 0.7 23 Dn.no 0.4 24 SL 0.6 24 Adressa.no 0.4 Turn off ’CLASSIFICED’ via 25 familjeliv.se 0.6 25 Online 0.4

2. Deactivate by clicking off the Schibsted share of top 25 44 % Schibsted share of top 25 28 % Source: TNS Gallup, Kiaindex Q1 2011 66 = Schibsted sites Note: Week 18 of 2011 Daily reach for Media Houses in Sweden – print and online

Aftonbladet 2 522

Expressen, GT, Kvällsposten 1 607 To get back,

DN 1 116

GP 588

Sydsvenskan 361

0 500 1000 1500 2000 2500 3000 Number of daily readers for media house online and print platforms Source: SIFO approved calculation of Orvesto internet, Ovesto day and Orvesto consumer. Turn off ’CLASSIFICED’ via Svenska Dagbladet is not included in the survey.

2. Deactivate by clicking off the Q1 2011 67 Number 1 positions in Spain, France and Italy Market Site Market position

No. 1 recruitment

No. 1 generalist classifieds Spain No. 1 cars

To get back, No. 1/2 real estate

No. 3 news site

No. 3 recruitment

No. 1 general merchandise France No. 5 news site

Source: Google AdPlanner, No. 1 in recruitment Unique Visitors Italy (France/Italy, No. 1 general merchandise cookies) Turn off ’CLASSIFICED’ via

2. Deactivate by clicking off the Q1 2011 68 Historical development

1839 Chr. Schibsted Forlag (publishing house) 2005 Acquisition of Hitta.se founded 2005 Launch of Sesam and acquisition of 1860 Christiania Adresseblad launched in Oslo – Internettkatalogen renamed Aftenposten in 1861 2006 Schibsted International Classifieds & Search – 1966 Takeover of VG launch of Willhaben.at and LeBoncoin.fr

1989 Reorganisation from a private family 2006 Acquisition of selected assets of Trader Classified company to a limited company Media (International Classifieds Acquired)

1992 Listing at the Oslo Stock Exchange with a 2006 Divestment of ownership in TV 2 To get back, growth strategy declaration 2006 Divestment of ownership TV4 1992 First TV and film investments 2007 Media Norge approved by Schibsted’s general 1995 First New Media/Internet investments meeting

1995 First investments in Kanal 2 in Estonia 2009 Rolv Erik Ryssdal new CEO

1996 Acquisition of Aftonbladet 2009 Media Norge established

1998 Acquisition of Svenska Dagbladet 2009 Increased ownership in Finn.no and InfoJobs.net

1998 Investment in Eesti Meedia Group 2009 Non core activities Metronome, Retriever, Basefarm, Teleadress divested 1999 Launch of the free newspaper concept 20 Minutes 2010 Increased ownership in Leboncoin.fr from 50% to 100% 2000 Launch of Finn

Turn off ’CLASSIFICED’ via 2003 Acquisition of Blocket See also: http://www.schibsted.com/en/About-Schibsted/History/

2. Deactivate by clicking off the Q1 2011 69 Investor information

. Visit Schibsted’s homepages . www.schibsted.com/ir . Jo Christian Steigedal, VP Investor Relations [email protected] To get back, Tel: +47 2310 6600

Schibsted ASA Apotekergaten 10, P.O. Box 490 Sentrum, NO-0105 Oslo Tel: +47 23 10 66 00. Fax: +47 23 10 66 01. E-mail: [email protected] www.schibsted.com

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