Agenda

Vision International Newspapers in TV format Organic growth Finance Outlook

1 SCHIBSTED’S VISION Schibsted’s vision from 1995

Schibsted's vision is to be a leading Scandinavian media company by being the preferred content supplier to consumers and advertisers, irrespective of their choice of media. SPEED OF CHANGE INCREASING – TECHNOLOGY EXAMPLES

Introduction of new technology in USA

120

100 Telephone 80 Cable TV 60 Million Radio users 40

20

0 Internet (World Wide TV Web) 1995 2000 1965 2005 1970 1975 1985 1935 1945 1980 1950 1955 1990 1930 1940 1960 1925 1920

Source: Morgan Stanley, The Internet Advertising Report Schibsted’s new competitive situation will make it more difficult to ”rest on the laurels” 7 % ANNUAL NOMINAL ORGANIC GROWTH IS NOT AN UNREALISTIC AMBITION

Newspapers are threatened Several new growth opportunities SYNTHESIS

Columns Ambitions Foundations 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is

10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 4 A diverse media A group that fosters 3 A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based group which democracy and group whose core A listed company conveys important, diversity through resources are giving competitive useful and integrity and editorial strong brands and financial returns entertaining content. independence. highly qualified based on a sound employees. balance sheet. Schibsted is 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is Gyro Gearloose Petter Smart Uppfinnar-Jocke 5. Schibsted will become Europe`s most innovative media group…

• Innovation will be based on the established market positions and know-how in the consumer market. Newspapers are becoming multimedia houses Online traffic will be used to create new market positions. • We will focus on exporting new products and ideas from Scandinavia to the continent. • We will continue the use of quality as a competitive advantage to create future growth. • By innovation, we mean: Market-driven product development (not R&D). Focus will be on continuous improvement and development, and less on "big bangs". Starting point is our brands and know-how. 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is 6. Schibsted will become a leading group in Europe in understanding changes in media usage …

• Both consumers and advertisers are changing their media habits faster and more radically than earlier.

• The impact of new media habits on traditional media is just as important as on electronic media.

• This requires top skills in three main areas, among others: User behaviour on the Internet and mobiles Market-driven editorial product development Advanced media sales 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is ENCOURAGE RISKTAKING AND REMOVE FEAR OF FAILURE

No “Only through failure can precious failure, experience be learned. But be no sure to always learn from your learning mistakes. Failure by itself is not necessarily failure.” – Sochiro Honda, cofounder

“At Disney, we also feel that the only Safe to way to succeed creatively is to fail. A fail company like ours must create an atmosphere in which people feel safe to fail.” – Michael Eisner, CEO ”Failing is good as long as it doesnštbecomea habit”

- Michael Eisner CEO of Disney 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation and risk traditional and embracing strong local management new media. continuous entrepreneur- improvement. ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is 10 Synthesis 5 6 7 8 9 Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in Europe with founded on media usage talent, leaders, culture regard to long- strong brands. and applying employees and hallmarked by term financial this knowledge creative efficient returns and Pilarer in developing organisations cooperation risk traditional and embracing and strong management new media. continuous local improvement. entrepreneur- ship. Schibsted will become Schibsted will 1 2 3 4 A diverse media A group that fosters A knowledge-based A listed company group which democracy and group whose core giving competitive conveys important, diversity through resources are financial returns useful and integrity and editorial strong brands and based on a sound entertaining content. independence. highly qualified balance sheet. employees. Schibsted is “Schibsted will be the most attractive media group in Europe through people who dare, who challenge and who create!” ”Shaping the media of tomorrow. Today!” MAIN ACTIVITIES: IMPLEMENTATION OF VISION

• Continue extensive communication

• European Best Practice; • create thorough understanding and engagement for necessary improvements EUROPEAN BEST PRACTICE

• WHO IS NO. 1? EXTENSIVE AND • HOW GOOD ARE WE? PRACTICAL WORK • HOW CAN WE BECOME THE BEST? THE VISION WORK WILL FOCUS ON MANY THEMES; THE FIRST FOUR PRIORITIES ARE:

1th half-year 2006 2nd half-year 2006 • Corporate • Innovation governance • Sales • Finance and risk •Market management • Organisation • Corporate development • Constant operations improvement*

* Pilot study starting now MAIN ACTIVITIES: IMPLEMENTATION OF VISION

• Continue extensive communication

• European Best Practice; • create wide understanding and engagement for necessary improvements

• Strategy work; • Prioritizing with stronger consistency • Better understanding of changes in media usage and technology • What is the core of our competition advantage? STRATEGY WORK: MAJOR THEMES

Online news Norway

Future scenarios Mobile media landscape Sweden

Search/classifieds International

TV Agenda

Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook Growth in Swedish total ad market Y-o-y growth, percent

14,0% 12,0% 12,0% 10,0% 8,0% 7,0% 6,0% 6,0% 5,1% 4,0% 2,0% 0,4% 0,0% -2,0% -4,0% -4,0% -6,0% -6,0% -8,0%

03 04 05 2000 2001 2002 20 20 20 2006

Growth in January of +15,2% - internet not included

Source: IRM Expected growth in 2006 Y-o-y growth in Swedish ad market, percent

25,0% 23,0%

20,0%

15,0% 10,0% 10,0% 7,0% 5,0% 5,0% 5,0%

0,0%

rs V Mail T rnet ape ct e Inte e p ir D Newspapers Fre

Source: IRM Dec2005 Online brands in Sweden Top 20 Swedish sites Week 10, million unique visitors

1. .se 3,6 2. MSN.se 3,5 3. Blocket.se 2,1 4. Eniro.se (yellow pages) 1,7 5. Expressen.se 1,6

6. Lunarstorm.se 1,5 Schibsted has 7. Hitta.se 1,1 37% of top 20 8. Passagen.se 1,1 traffic 9. SvT.se 1,1 10. Spray.se 0,9 ………. 16. N24.se 0,6 ………… 19. di,se 0,4 20. SvD.se 0,4

Source. Kiaindex – Insight XE and SiteCensus Aftonbladet Cross links is the key Google etc

N24.se Blocket.se SvD.se

1’

1’

Leta.se

Tasteline.com Jobb24 Circulation, Aftonbladet and Expressen Why: Competition from free papers and the net

525 000

475 000

425 000

375 000

325 000

275 000 feb-06 feb-05 feb-04 feb-03 feb-02 feb-01 feb-00 nov-05 nov-04 nov-03 nov-02 nov-01 nov-00 maj-05 aug-05 maj-04 aug-04 maj-03 aug-03 maj-02 aug-02 maj-01 aug-01 maj-00 aug-00

Aftonbladet per day Expressen/GT/KvP per day

February: -17,700 vs. previous year (-4%) Offline and online readership .se Daily readership, thousands

Only online version Both Only paper version 3000

2500

2000

1500

1000

500

0 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3

1999 2000 2001 2002 2003 2004 2005

Source: Orvesto Aftonbladet.se has more visits than the largest Swedish news sites put together .se Unique visits, week 9 2006

16,903,803 16,697,290 814,877 1,083,137 1,217,506

1,971,588

1,297,835

1,825,549 2,909,111

5,577,687

Source: Kiaindex - Insight XE and SiteCensus, 2005 w9, Dagens Nyheter, 2006 w9 Update Aftonbladet group

• Print ads - continued growth from high level • Circulation - down 4% in February • Cost increase due to new initiatives • Internet ads - very strong growth • Web-TV - more than 500,000 visitors per week • Hitta.se - according to plan, now steady over 1 million visitors per week • Teleadress - further restructuring will be necessary, staff reduction • TV - concession for digital terrestrial TV-channel (Big City TV) • Blocket - continued growth, no real threat from competitors at this point Financials classified ads

As of 31 Dec (NOK million) 2005 2004 Advertising revenues 172 131 Other revenues 6 5 Total operating revenues 178 136 Total operating expenses (105) (90) Operating profit (EBITA) 73 46 Financials 1999 – 2005 NOK million

Revenue 135 Operating profit 110

85

60 22% 13% 3% 35 -16% -65% -15% 10 6%

-15

-40 1999 2000 2001 2002 2003 2004 2005 Update Group

• Highest circulation increase in Sweden in 2005 • Increased market share in principal market Stockholm Q1: • Print ads - strong growth and continued increase in market share • Circulation – up 7% in February - 12 consecutive months of increase • Launch of updated Sunday supplements • Internet ads - 350% increase • Launch of Jobb24 - new site for classified job ads - cooperation between SvD, N24 and Aftonbladet Svenska Dagbladet, circulation growth Y-o-y increase in circulation per month in 2005, percent

10 % 10 % 9 % 8 % 8 % 8 % 7 % 6 % 6 % 5 % 5 % 5 % 4 %

0 % 0 % r r g p v eb a p ay jul o ec eb F M A M Jun Au Se N D Jan F

Source: TS n24.se - New business news site

• n24.se - new business news site - was launched on 4 October 2005 • Cooperation between Aftonbladet and Svenska Dagbladet • Separate organization with 13 own business journalists • Strong results in ad sales • Cost base of approx. 24 million SEK yearly • Positive result contribution expected in 2006 Strong position after few weeks of operation

• Utilizing strong position of aftonbladet.se and svd.se to build internet traffic • Traffic has grown unexpectedly fast – n24.se has had more unique visitors than di.se for several consequtive weeks

Unique weekly visitors Thousands di.se n24.se 600

500

400

300

200

100

0 40 41 42 43 44 45 46 47 48 49 50 51 52 1 2 3 4 5 6 7 8 9 10 Week Source: Kiaindex - Insight XE and SiteCensus Leading Market Position in the Nordic Region

Acquired companies: -Mgage -Picofun UK 2% -Mobilehits Spain 2% US 2% -Emode iTouch (For-side) Baltic States 5% -Cellus Danmark 10% -SMS AS -Schibsted Mobile -Boomi Monstermob Finland 15% (London Stock Exchange) Norway 43% Jamba Sweden 19%

123 Multimedia (Euronext Paris)

Market share in Sweden, Norway and Denmark Buongiorno (Borsa Italiana) between 30-35% Substantial profit improvement

• Revenues of approx. SEK 125 million in Q4 – SEK 408 million in 2005

• Operating profit (EBITDA) of SEK 14.8 million in Q4 – 30% increase over Q3

• The objective of the Board of Directors is to obtain an EBITDA of at least SEK 55 million (proforma SEK 46 million) in 2006 – more than half is expected in H2 due to seasonalities

Update Q1:

• Profit objective remains the same Slow start 2006

• Development turned around from 2004 – revenues grew 27% to SEK 946 million in 2005

• Improved operating profit (EBITA) in 2005 - SEK 25 million (SEK 16 million)

• The Nordic production market is growing – increased competition among TV channels lead to increased demand

Update Q1:

• Slightly disappointing start 2006

• Strong backlog in Sweden – less in Norway and Denmark On track again

• 2005 a year of change – cinemas in Sweden sold and Scandinavian video distribution agreement with Warner terminated

• Operating profit (EBITA) in 2005 of SEK -17 million (SEK 18 million)

Update Q1:

• 2006 started according to plan

• Expected to contribute with reasonable profit in 2006

• Negotiating to buy remaining 50% from the Sandrew foundation – repositioning and stronger focus on rights management

• Danish and Finnish cinemas to be sold in 2006

• Scandinavian cinema distribution agreement with Warner extended to 31 March 2008 Agenda

Vision Sweden Hitta.se Norway International Newspapers in TV format Organic growth Finance Outlook

Operating margin, Eniro Sverige

50%

40%

30%

20%

10%

0% 1998 1999 2000 2001 2002 2003 2004 This is hitta.se

1. Fixed line phone numbers and addresses to all companies in Sweden. 2. All companies are listed for free in at least one business (search word) and possible to find by searching with that word. 3. Info pages to all companies, with possibility for companies to purchase more space and info. 4. Fixed line number, mobile phone number and address to all private citizens in Sweden that have publicly listed numbers. 5. Maps of Sweden, with pictures of all building entrances in central Stockholm, Göteborg och Malmö (unique feature) 6. Four products: priority listing, graphic ad, info page, text link 7. Easy-of-use Marketing

Print TV sponsoring Out doors

Banner ads Radio Unique web browsers per week, InSight XE, SiteCensus

2 000 000

1 800 000

1 600 000

1 400 000

1 200 000

1 000 000

800 000

600 000 63% 400 000

200 000 20% 0 1 3 5 7 9 1 3 5 7 9 37 39 41 43 45 47 49 51 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 11 hitta.se eniro.se (total) Estimated price difference: –20% compared to eniro.se

Sorry to disappoint you, but we don’t communicate…

… how big our sales force is. This is the single most important signal to Eniro for them to realize how strong we are becoming. … the growth rate of our sales force. But we are growing fast, trust me. … growth rate of sales volume. Again, trust me, we are growing fast. Aftonbladet wants its money back! … average order value. During this first phase, order value are lower than normal because of learning curve effects, but they are increasing. We started selling August 15th last year. Agenda

Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook

1 Some general trends in Scandinavian media

• Increased pressure on tabloid newspaper circulation Consumers • Continued strong growth in internet usage • Internet may be as great a threat to TV as to newspapers

2 TV is hit harder than the newspapers

Young people are switching from TV to Broadband is an important trigger the net Percentage of online users indicating Percentage of online users aged 15 to 24 decrease in TV viewing indicating decrease in use, Sweden

TV 41

Newspapers 19

3

Source: JupiterResearch Increased differentiation of media usage

• Focus on background and analysis Newspapers • Edited news summary

• Continuous production – always updated Online • On demand – consumers can access the content when it suits them

Moving • Demand for video outside TV prime time in the evening leads to pictures increased use of video online

• Easily accessible media channel for immediate updates Mobile

4 Some general trends in Scandinavian media

• Increased pressure on tabloid newspaper circulation Consumers • Continued strong growth in internet usage • Internet may be as great a threat to TV as to newspapers

• Continued strong growth in online advertising Advertisers • Online advertising is becoming more sophisticated – move from simple banner advertising to PPC and page view based pricing

5 Time spent vs. share of brand advertising in Norway

TV Share of brand advertising spend Newspapers Percent 41,7 Internet 39,4 38,5 38,8 35,7 36,1 35,1 36,5 34,1 35,0

6,0 1,5 2,3 3,2 4,1

2001 2002 2003 2004 2005

6 Note: MIO is estimated to cover 90% of brand advertising in the Norwegian market Source: SSB, MIO Brand advertising paper vs. online Revenues in brand advertising in Norway 2005, million NOK

2 102

354

Daily press Internet

7 Note: MIO is estimated to cover 90% of brand advertising in the Norwegian market Source: MIO Development of online advertising

Traditional Pay per click Pay per banner ads (PPC) transaction • Advertising will be a variable • Advertisers pay per • Advertisers pay per cost for click generated transaction advertisers generated • Considerable share of advertising on FINN Travel

Advertisers Time limited pay per advertising • Schibsted will be pageview able to capitalize • Advertisers pay to • Advertisers pay to on entire traffic have banner ad show their ad on volume for a certain time a given number of period page views

8 Some general trends in Scandinavian media

• Increased pressure on tabloid newspaper circulation Consumers • Continued strong growth in internet usage • Internet may be as great a threat to TV as to newspapers

• Continued strong growth in online advertising Advertisers • Online advertising is becoming more sophisticated – move from simple banner advertising to PPC and page view based pricing

• Orkla Media Industry dynamics

9 Continued circulation decline

• Continued circulation decline – average daily circulation reduced by 30,000 copies

10 Readership on- and offline Daily readers, thousands

1,847 1,877

1,655 1,692 1,571 1,522 Only online 1,481 491 540 279 358 1,403 1,391 222 9 1,393 35 123 179 70 13 46 79 143 185 213 259 306 375 410 Both

1371 1323 1242 1215 1158 1136 1118 1028 981 927 Only offline

96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 2005

11

Source: Gallup – 96/97 represents Forbruker & Media 02/97 Circulation development for VG Yearly average circulation on weekdays, thousand copies

450 400 350 300 250 200 150 100 50 0

7 1 5 7 1 3 8 9 9 9 985 9 9 9 9 00 005 1 1 1989 1 1993 1 1 1999 2 200 2

12

Source: MBL Continued circulation decline

• Continued circulation decline – average daily circulation reduced by 30,000 copies

• Q1 ad revenues in the newspaper reduced by more than 10% y-on-y • Increase in discounts led to lower ad revenues even if volume increased • Measures taken to reduce fixed costs by approx. NOK 20 million in 2006

• VG management has initiated a dialogue with the unions representatives to address and develop necessary actions – ambitions for the program will be communicated in relation with the Q1 results

13 No dark skies

• Experiments to capitalize on traffic with new pricing models for brand advertising

14 Good price development NOK thousands

Front page top banner ad Price per 24h 160

140

120

100

80

60

40

20

0 2003 2004 2005 2006

15 No dark skies

• Experiments to capitalize on traffic with new pricing models for brand advertising

• Y-o-y growth in advertising revenues of 75% in 2005 – strong growth continues in 2006

• Stronger focus on Web-TV in 2006 – good acceptance in the market

• Increased importance of user generated content

• Continued user growth

• Contributes with significant part of result for VG in Q1 2006

16 Financials 1998 – 2005 NOK millions

125 Revenue Operating profit 100

75

42% 50

29% 25 12% -110% -120% -65% -93% -15% 0

-25 1998 1999 2000 2001 2002 2003 2004 2005

17 Growth online – softer development on paper

• Stable circulation development for the morning edition

• Mixed picture on the advertising side – overall advertising revenues in the newspaper on level with Q1 2005

• Continued growth in recruitment

• Real estate and brand advertising slower than expected

• Volume decline in ad supplements due to higher prices • Growth in recruitment ads driven by higher average price per ad and larger ads

• Increased cost base due to new product initiatives

• Continued revenue growth and strong position for .no

18 Launch of N24.no

• N24.no – new business news site – will be launched on April 18th

• Owned 60% by Aftenposten and 40% by VG

• The short term goal is to become the largest and most frequently updated business news site in Norway

• The long term ambition is to become the largest player within business news in Norway

• 15 FTEs in early stage

• Operating loss of less than NOK 10 million expected in 2006 – break even in 2007

19 Migration of classified advertising – Real estate Number of ads, thousands, 12-month rolling average

100

90

80

70

60

50

40

30

20

10

0 2001 2002 2003 2004 2005

20 Migration of classified advertising – Recruitment Number of ads, thousands, 12-month rolling average

60

50

40

30

20

10

0 2001 2002 2003 2004 2005

21 Price development – recruitment and real estate advertising Price per ad, rolling 12 months average, index Q1 1998=100

180

160 Real estate Recruitment 140

120

100 Tabloid version and price increase 80

60

40

20

0

1 2 0 998 00 003 004 22 1 1999 2000 2 20 2 2 2005 “Launch and learn”

Vision Development

Experience and knowledge (learning loops)

Development of: •Cost • Organisation • Product • Technology

Time

23 FINN is a Great Place to Work

• Management is competent at leading the company - 95% (88%) • There are good and unique personnel offerings – 84% (78%) • Everybody has an opportunity for extra reward – 87% (77%) • I feel important at work – 95% (86%) • Coworkers care for each others – 97% (83%) • Promotion goes to those that deserve it the most – 80% (67%) • FINN is a fun place to work – 92% (85%) • All in all FINN is a great place to work – 95% (89%)

FINN rewarded number 3 out of 50 Norwegian companies

24 Note: Great Place to Work is an international survey on work environment. In Norway 9,000 employees in 50 companies have responded. Top 100 in Europe 2005 in () FINN has a very strong market position

Market share* Bundling with newspaper

51% Limited Recruitment

90% Limited Real estate

80% Limited Cars

25 *Estimated share of total number of items available for sale in 2005 Financials 2000 – 2005 NOK millions

275 Revenues 250 Operating profit 225 200 43% 175 150 40% 125 33% 100 24% 75 50 -10% -42% 25 0 -25 2000 2001 2002 2003 2004 2005 26 Brand advertising on FINN Share of revenues in brand advertising in 2005, percent

Share of revenue growth 04-05 1% 43% 73%

Brand advertising made up 23% of total revenues in 2005

46

17 1 Recruitment Cars Real estate

27 Launch of FINN Travel in February

• Offers search among different travel related services in Norway and abroad • Demand for a complete market place within the travel segment – no players have managed to establish a strong footprint • Several initiatives exist but no winners have emerged • Internationally, travel search services are growing, e.g. Yahoo, Kayak (AOL) • Diversified revenue base consisting of performance based advertising, traditional classified ads, listings and brand advertising • FINN Travel has been well received in the market

28 Growth opportunities

• Brand advertising contributed to 35% of FINN’s revenue growth in 2005 – expected further growth in brand advertising of almost 90% in 2006

• Recruitment had the most significant growth in number of ads in 2005 – volume in recruitment expected to grow in 2006

• New verticals like FINN Travel and miscellaneous ads on Torget provide potential for revenue growth

• FINN owns 40% share in Møteplassen – dating service to be integrated more closely with FINN

29 Why Schibsted goes for search

• Online ad market is growing fast – search and directories make up an increasing share of total market

• In the short term directories will contribute with most of the revenues – represent a substantial market where Schibsted has no prior position

• In the longer term search words and pay per click will be important

• International giants dominate the search market and may expand into other online services

• Among Schibsted’s competitive advantages are knowledge of local market, valuable content and strong online positions

• First version of Sesam.no launched 1 November

30 Search open up for new customer groups

Price of ad/ Size of advertiser

Current online offer Search online offer

Accumulated number of ads/ Number of advertisers

31 Online advertising forecasts – search is expected to be important Online advertising in Europe, EUR billions

6,6 0,2 CAGR: 0,8 5,6 42% 0,2 0,7

4,1 0,1 2,9 0,6 2,4

E-mail 2,3 1,6 0,1 Classifieds 0,4

Paid search 0,7 2,7 2,3 1,8 Display 1,1

2004 2005 2006E 2007E 32

Source: Jupiter Research Composition of the product

• Yellow pages Directories • White pages • Maps

Structured • Pictures information • News search • Lexica Norwegian Sesam web

Unstructured • Norwegian web index information

International • Platefood - Best of Web web

33 Dynamic GUI and search result

Rules and knowledge

Fast Search PPC

Unstructured Web News Images Directory content Structured News Map content B2B Best of web Classified international Lexica

34 Schibsted’s competitive advantages

• Frequently updated news and web search

• Exploiting Schibsted content

• Free access to 20% of Mediearkivet – archive of all newspaper articles in Norway since 1985 – rest will be obtained against a fee • News feed from Retriever news agency • Exclusive deals with distribution and content owners • Scanpix images • Site Search, tailor made for partners • Knowledge of local market and local language

• Strong online position helps building internet traffic – Sesam integrated on Schibsted’s main internet sites

• Access to cheap marketing through own channels

• No print position to defend in directories

35 Relevant web

36 37 Future development

• Continued improved quality of Norwegian web search • Rich media search • Music and video search • Search in user generated content • Personal storage combined with search • Integrated services • Own PPC platform

38 Part of search

39 Most advanced Mobile Search – Q2 06

Will be added to Telenor Mobil’s wap portals (500,000 monthly users)

40 Status and priorities going forward

• Sesam had 231,600 unique users in week 11 – an increase of 34% from the first official measurement in week 1

• Internettkatalogen had 96,800 unique users in week 11

• Increasing user loyalty

• Continuous monitoring of user behaviour and preferences

• Continuous product development to adapt the service to user’s needs

• News search is the most frequently used part of the service – very good feed back is obtained

• Stronger focus on directories going forward

41

Source: TNS Gallup Agenda

Vision Sweden Norway International Newspapers on TV Organic growth Finance Outlook Agenda

Vision Sweden Norway International Overview Country by country presence Outlook international expansion Newspapers on TV Organic growth Finance Outlook Overview of Schibsted International

• Total revenues of EUR 99 million in 2005 • EBITA of EUR 1 million in 2005 • Number of employees is 1,191

• Spain 20 Minutes – free newspaper Compraventa.com – classified ads service

• France 20 Minutes – free newspaper

• Austria Willhaben.at – online classified ads service

• Estonia Eesti Meedia – media house Kanal 2 – leading commercial TV channel

• Lithuania ZLG – publishing house

• Russia Moi rayon – free newspaper Agenda International

Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary Schibsted in Estonia, Overview

• AS Postimees • Postimees – morning newspaper with highest circulation – 60,000 sold copies and readership of 239,000 • Postimees launched in Russian • www.postimees.ee – 140,000 unique visitors per week • AS SL Õhtuleht L.T. • SL Õhtuleht – tabloid newspaper with highest circulation – 58,000 sold copies and readership of 256,000 • AS Ajakirjade Kirjastus • Kroonika – magazine with highest circulation – 38,000 sold copies and readership of 157,000 • AS Kanal 2 • Kanal 2 – second largest TV channel Financials Estonia Eesti Meedia & Kanal2, Revenues and operating profit, EEK million

Revenues Operating profit 800

700

600 700 594 500 564 506 400 396 429 368 381 300

200 47,6 43,9 76,9 100 24,6 -50,4 -22,0 0 -74,3 -73,2

-100 1998 1999 2000 2001 2002 2003 2004 2005

EBIT-margin -18,8% -19,9% -13,2% -5,1% 4,9% 8,4% 7,4% 11,0% Growth, y-o-y -7,0% 4,0% 13,0% 18,0% 11,0% 5,0% 17,8%

*1 EUR = 15,65 EEK Note: 2004 and 2005 IFRS, 1998-2003 NGAAP Schibsted in Lithuania, Overview ŽLG

• UAB purnalu Leidybos Grupe • pmones – weekly magazine with highest circulation – 95,000 sold copies • Laima – magazine with highest advertising revenues • UAB Ekstra pinios • L.T. –tabloid newspaper with circulation of 20,000 Financials Lithuania ŽLG Figures represent 100% of ZLG Group, Schibsted ownership is 66,7%

As of Dec 31 (EUR million) 2005 2004 Operating revenues 3,7 1,3 Operating expenses 3,4 1,4 EBIT A 0,3 (0,1) Update Spain

• 20 Minutes has become the most read general newspaper in Spain with approx. 2,3 million daily readers • Competition in the Spanish market has increased – fourth free sheet ADN launched 1 March • In a competitive market 20 Minutes maintains revenue growth - growth of 13% in Q4 and 19% in 2005 • Launch in 8 new cities during 2005 - circulation increased from 660,000 copies to 1,100,000 copies during 2005 • Cost increase due to circulation increase and new initiatives • Calle20 – monthly free magazine launched in November with good acceptance in the market

• Increased focus on online operations • Over 190,000 ads on Compraventa.com – approx. #2 Spanish classified ads site #1 general newspaper in Spain – approx. 2.3 million daily readers Thousands

Readership development Readership in Madrid

2500

Abc 310

2000 Marca 406

1500 El Mundo 467

El País 751 1000

Que 787

500 Metro 809

0 20 Minutos 1 019 t1 t2 t3 t1 t2 t3 t1 t2 t3 t1 t2 t3 t1 t2 t3 01 01 01 02 02 02 03 03 03 04 04 04 05 05 05

El Pais El Mundo ABC 20 Minutos Metro Que!

Source: AIMC EGM 3 2005 Number of ads in database - main Spanish classified ads services

600 000

500 000

400 000 Loquo Compraventa 300 000 Intoko Segunda Mano 200 000

100 000 Merger between Intoko and Loquo - Jul-05 Oct-05 Jan-06 Jun-05 Apr-05 Dec-05 Sep-05 Mar-05 Nov-05 Aug-05 May-05

Source: Company web sites Strong development in traffic for Compraventa.com Unique visitors per month, thousands

700

600

500

400

300

200

100

0 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06

Segundamano.es CompraVenta.com Loquo.com

Source: Nielsen Netview Financials Spain Figures represent 100% of 20 Minutes Spain and 100% of Compraventa.com - Schibsted ownership is 80% of 20 Minutes Spain and 80% of Compraventa.com

As of Dec 31 (EUR million) 2005 2004 Operating revenues 31,7 26,7 Operating expenses 31,9 21,9 EBIT A ( 0,2) 4,8

As of Dec 31 (EUR million) 2005 2004 Operating revenues 0 0 Operating expenses 1,3 0 EBITA (1,3) 0

Note: Figures are reported exclusive of barter Update France

• 20 Minutes is for the first time included in official French readership statistics • The second largest general newspaper • The largest general newspaper among readers aged 15-34 • Among the most loyal readers • Solid revenue growth – 23% in Q4 and 45% in 2005 • Competition in the French market may increase during 2006 • Launch in Nantes and Strasbourg during 2005 - circulation increased to 800,000 copies • Increased focus on online operations in 2006

Source: EPIQ March 2006; Etude de la Presse Informatique Quotidienne 20 Minutes is the clear leader in the target group in France Readership in March 2006, thousand readers

Readership in target group – Overall readership 15 to 34 year olds

1 899 1 006

1 885 676

1 771 590

1 330 564

1 225 255

Note: Figures do not include Strasbourg and Nantes Source: EPIQ March 2006; Etude de la Presse Informatique Quotidienne Financials France Figures represent 50% of 20 Minutes in France, Schibsted ownership is 50%

As of Dec 31 (EUR million) 2005 2004 Operating revenues (50 %) 15,8 10,9 Operating costs (50 %) 20,1 17,1 EBITA (4,3) (6,2)

Note: Figures are reported exclusive of barter Agenda International

Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary Rationale international expansion

• Growth potential for Schibsted larger internationally than in Norway and Sweden • Schibsted has strong online positions and unique experience in development of online concepts • Schibsted has strong positions and unique experience in free newspapers • How can Schibsted internationalize further? • Schibsted’s potential internationalization initiatives • Possible entry strategies • Geographical areas of interest Schibsted’s potential internationalization initiatives Examples • 20 Minutes Print • 20 Minutes Week • Calle20 Editorial content driven • N24 Online • Consumer sites • News aggregators • Communities International • Multichannel Classified ads • Single channel online • B2C • C2C Advertising content driven Search and • Yellow pages directories • White pages online • Web search Schibsted’s potential internationalization initiatives

Editorial Content Advertising Content Driven Products Driven Products

Print ClassifOnlineieds fromThe mobileThe mobile ClassifClassified ied Search and editorial papereditorial to the net phone asphone a as a ads moveads online directories products products new medianew media online channel channel Possible entry strategies

1. Stand alone operations 2. JVs

Successful Schibsted System sales initiatives

4. Acquisitions 3. Technology and knowledge export Geographical areas of interest Likelihood High Low

Stand alone JV Acquisition

20 Minutes presence

Rest of Europe

Rest of the world Agenda International

Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary Editorial Content Driven Products - status Q1 2006

• Small acquisition of free weekly newspaper in Russia • Repositioning of tabloid LT in Lithuania • New launches of 20 Minutes • Ambitions for 20minutes.es and 20minutes.fr • New editorial verticals Small acquisition of Russian free sheet

• From 2004 to 2005 the total Russian media ad spending increased by 28% - from USD 3.9 billion to USD 5.0 billion • Acquisition of majority in Regional Independent Newspapers (RIN) • Operates the free sheet Moi rayon – Saint Petersburg’s second largest newspaper with circulation of 361,000 and readership of 606,000 • Total revenues of approx. USD 1.1 million in 2005 - net loss of USD 282,000 (unaudited) • Total investment of USD 2.8 million for 66.6% of the company through share issue and share purchase • The Moi rayon concept will be taken to Moscow in Q3 2006 - plans to expand to other urban areas at a later stage Repositioning of tabloid LT in Lithuania ŽLG

• New brand • New design • New journalism 20 Minutes online

• In Scandinavia Schibsted has transformed strong offline positions and strong brands into leading online positions • 20 Minutes is established as a strong offline brand - number one tool for updates and orientation in the young urban target group in France and Spain • 20 Minutes will increase focus and resources within online development • Relaunch of 20minutes.es during spring 2006 • Relaunch of 20minutes.fr during autumn 2006 • Common technical platform being established • Online products to be developed locally - in tight cooperation with other Schibsted companies with online experience • Citizen journalism and other interactivity opportunities to be introduced • Will offer advertisers additional opportunities to communicate with the young urban target group New launches of 20 Minutes

• German launch on hold • Evaluation of 1-2 smaller countries for launch of 20 Minutes • Weekly / thematic editions of 20 Minutes being considered Advertising Content Driven Products - status Q1 2006

• Launch of C2C classified ads service Willhaben.at in Austria in January 2006 - cooperation with local media house Styria • Launch of multicategory classified ads service Willhaben.at in Q2 2006 • Launch of classified ads service in Croatia and Slovenia under evaluation together with Styria • Launch of classified ads service in France in April 2006 • Consulting, technology sales and export of knowledge within classified ads services • 2-3 new countries being considered Overall status Advertising Content Driven Products as per 1.1.2006 Consulting clients in Europe: 4 countries Consulting clients outside of Europe: 4 countries

Technology, Adex and consulting

Technology, and consulting Technology, Adex and consulting

Technology, Consulting, JV

Stand alone Technology, JV Consulting, JV Launch of Willhaben.at

• Launch of Willhaben.at in January 2006 – already over 15,600 ads in the database • Export of the FINN concept – similar product • C2C – includes miscellaneous ads • B2C – recruitment, real estate and cars to be launched during Q2 • Technology provided by FINN Tech • 50/50 JV with local media house Styria • The same concept also being considered for launch in Croatia and Slovenia

Agenda International

Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary Summary International

• Growth potential largest internationally • Export of Editorial and Advertising Content Driven Products – examples: • Free newspaper concepts 2-3 launches in 2006 • Online editorial concepts • Classified ads services 2-3 launches in 2006 • Search and directories • JV with local partner is the preferred entry strategy, acquisitions and stand alone operations may be seen • Small acquisition of free sheet in Russia, launch of classified ads service in France and possible launch in Croatia and Slovenia in 2006, increased efforts to build 20 Minutes brand online in Spain WHY DOES

Schibsted presentation Paris March 24th Espen Egil Hansen Managing editor VG Multimedia Norway “If you wonder what media of the future will look like, you can start by studying VG TV and then think about the possibilities in their concept.”

From an Internal report from Norway's largest TV and radio station NRK • The new players are backed by text based media • The ability to produce and publish content independent of time.

From an Internal report from Norway's largest TV and radio station NRK WITHIN timeline OUTSIDE timeline

ACTIVE PASSIVE

THEY decide when and what I decide when I should watch and what I will watch VISION: will deliver moving pictures WHEN news happens

will be available when it is convenient for the user I decide when will set a new standard for how video news and what I will are published, presented and watch consumed FROM ANALOG TO DIGITAL: VG: One of the best selling newspapers in the world.

VG Nett: Largest internet site in Norway.

VG Mobil. Largest mobile internet site. FROM ANALOG TO DIGITAL: 1027 950

1 027 000 daily readers 724

586

455

382

307

193

97 44 17

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Q4 05 FROM ANALOG TO DIGITAL: 121

Revenue/operating result:

121/52 million NOK 66

48 52 36

22

19

6

-5 2001 2002 2003 2004 2005 -20 FROM ANALOG TO DIGITAL:

• Largest daytime medium

•86% of traffic through frontpage

• Operating results 2005: 52 mill NOK

• Profit margin 2005: 43% Any potential for VG TV? 16 %

14 % INTERNET TV 12 % Time spent 35% 66% POTENTIAL!10 % 8 % Advertising 11% 89% 6 % 4 %

2 %

POTENTIAL! % VG.no's of using readers VG TV 0 % jul.05 jun.05 jan.06 feb.06 apr.05 okt.05 nov.05 mai.05 aug.05 sep.05 des.05 mar.05 POTENTIAL! POTENTIAL!

Internet

TV

06:00 09:00 12:00 15:00 18:00 21:00 24:00 Any potential for VG TV?

Mira shows her 387.903 moves views N N U U N M M U B B M E ER B R ER 1 1 1

Week 3 - 2006 How we do it Building expectation It happens right now! Why wait for the evening news? Want some more information?

101 articled about Toska 780 articles, illustrations and videos about NOKAS The return of DumDum Boys

NEWSPAPER

MOBILE The return of DumDum Boys

LIVE CHAT The return of DumDum Boys

READER BLOG READER INVOLVMENT • 8000 bloggers in five months • 32 000 articles • 260 000 comments • 26 000 pictures • …and one baby! HOUSE BUILDING IN PAKISTAN

ANY POLAR BEARS TODAY? COPACABANA NEWS Even the prime minister blogs along 2200 and the Tsunami

SMS beats the wire MMS beats the photo agencies

Readers become our reporters READERS VG …and some times we make it really, really simple!

“If you wonder what media of the future will look like, you can start by studying VG TV and then think about the possibilities in their concept.” “If you wonder what media of the future will look like, you can start by studying VG TV and then think about the possibilities in their concept.” “IfE-mail: you [email protected] wonder how mediaBlogg: www.vgb.no/3 of the future will lookSms: +47 like, 90985006 you can start byNews? studying Send to [email protected] VG TV andSMS/MMS: then 2200 thinktel: 22000000 about the possibilities that lays in their concept.” Agenda

Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook

1 Schibsted’s main challenge

Schibsted ASA Growth (NOK million) 2004 2005 04-05 Operating revenues 9 690 9 832 1,5 % EBITA excl. new projects 940 1 140 21,3 %

Share price 20 March 190,00 EV/EBITA 05 13,8

Online activities Grow th Traditional media Grow th (NOK million) 2004 2005 04-05 (NOK million) 2004 2005 04-05 Operating revenues 568 857 50,9 % Operating revenues 9 122 8 975 -1,6 % EBITA excl. new projects 159 332 108,8 % EBITA excl. new projects 781 808 3,5 %

EBITA margin 28 % 39 % EBITA margin 9 % 9 %

Challenge to balance running a mature business vs. focusing on high growth online operations

2 Focus on organic growth

• Schibsted is in an expansion phase following several years of consolidation • There are few attractive acquisition targets in the niches where Schibsted sees the largest potential • Through sustained focus on online activities since the .com heydays, the group has developed valuable unique skills within new media

Schibsted has chosen to focus on organic growth to capitalize on the group’s competitive advantages

3 Two axis of expansion

• Use current market position to launch new products New

k is R • Incremental product development on • Launch of successful Scandinavian

Products existing products concepts in new markets Existing

Current New Geographic markets

4 Areas of focus

• Exploit traffic potential on Scandinavian media sites to enter the Online search directories market and directories • Building position in the increasingly important online search market

Online • Exploit knowledge of classified markets and services to export classifieds FINN and Blocket concepts to markets/segments that still has not international been “taken”

• Launch of new products to strengthen current online portfolio in Other online existing markets – i.e. n24, web-TV and IPTV projects

• Export of successful concepts to new markets – relaunch of Offline projects tabloid newspaper in Lithuania, freesheet in Russia

5 New projects by area of investment Share of spending in 2006, percent

Offline projects 15

Online search and Other online 15 45 projects directories

25

International online classifieds

6 Project selection criteria

• Marketing power Local market presence • Access to knowledge of local market • Possibilities to generate traffic

• Internet/broadband penetration Market dynamics • Use of internet products • Advertising market in general and online

• No clear market leader in attractive niches Competitive • Price levels in attractive niches situation • Strength and competence of local players

7 The timing is now…

• Continental Europe is lagging Scandinavia in broadband penetration – development patterns are expected to follow the Scandinavian

• All leading positions have not yet been taken – attractive niche positions are still open to challengers

• Online advertising is still in an early stage – important lessons learned could be transferred

8 Fewer households are online in Southern Europe Online household penetration, 2005

77 74 70

60 53 49 46 43 41

Spain Italy France Austria Germany UK Denmark Norway Sweden

9

Source: Jupiter Research Online advertising has not yet taken off in Southern Europe Online advertising revenues per capita, EUR, 2004

16,77 15,92

2,96 2,33

Norway Sweden France Spain

10

Source: IRM …and we believe Schibsted has the right skills

• Experience from some on the most advanced online markets in the world • Schibsted has demonstrated entrepreneurial skills and stamina in developing online services in Scandinavia • Several years of online experience have generated a unique and valuable competence base • Product development • Knowledge of user behavior and user friendliness – translated into traffic generation

11 Development of Schisted’s online services Operating revenues Operating profit (EBITA)

857

CAGR 99-05: 48% 568

352

237 195 190 185 159 80 51

-4 -50 -87 -171 1999 2000 2001 2002 2003 2004 2005

12 Risk profile – criteria

Risk level

Local market presence Low Medium High • Marketing power • Market knowledge • Traffic generation

Market dynamics • Internet/broadband penetration • Use of internet products • Advertising market – general/online

Competitive situation • No clear market leader in attractive niches • Price levels in attractive niches • Strength and competence of local players

Hurdle rate 5-10 10-20 20+ Percent

13 Risk profile – examples

Risk level

Low Medium High

New markets

Combined with price increase

Hurdle rate 5-10 10-20 20+ Percent

14 Free media goes through three phases

Distribution audience Revenues

Phase 1 Optimize circulation

Phase 2 Phase 3 Readership growth Revenue growth

Time

15 New projects

Projects Key success factors

• Identify segments 1. Build traffic • Obtain critical mass

• Establish leading 2. Document position in targeted traffic segment

• Increase/introduce 3. Capitalize on pricing users

16 Costs relating to new initiatives in 2005 Million NOK

4-9 6 7 21

31

160-165 38

53

Sesam New projects Hitta.se Projects based Web-TV n24 Other Total 2005 in Aftenposten on 20 Minutter Aftonbladet projects and FINN and Blocket

17 Accumulated costs relating to new initiatives1) in 2006 NOK million

400

350

300

250

200

150

100

50

0 Q1 Q2 Q3 Q4

18 1) Including costs relating to planned new initiatives – additional initiatives could be defined during the year. Approx. 85 % of total costs are related to online activities. Costs by type Share of total costs in 2006, percent SESAM EXAMPLE

Administrative 5

Technology Sales and and product 25 35 marketing

35 Personnel

19 Revenue and operating profit – new projects NOK million ROUGH ESTIMATE

2000

1500 Revenues

1000

500 Operating profit (EBITA) 0

-500

-1000 2005 2006 2007 2008 2009 2010

20 New project portfolio

Project portfolio • Sesam Norway • Sesam Sweden 45 % • Hitta • Compraventa.com • Project portfolio diversified • Online classifieds – Slovenia across geographies and niches • Online classifieds – Croatia 25 % • Willhaben.at • Individual projects could be • Marcheconclu.fr closed down without impact on others • n24.se • n24.no 15 % • Total risk is limited • Web- and IPTV • L.T. 15 % • Moy Rajon • DTT licence in Sweden • Other

21 Agenda

Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook

22 Balance sheet

As of Dec 31 (NOK million) 2005 2004 Non-current assets 5 667 5 303 Current assets 2 268 2 112 Total assets 7 935 7 415

Equity 3 221 2 431

Non-current liabilities 1 969 2 489 Current liabilities 2 745 2 495

Total equity and liabilitites 7 935 7 415

23 Balance sheet NOK million

As of Dec 31 As of 31 Dec (NOK million) (NOK million) 20052005 2004 2004

Non-current assets Deferred taxes 5 667 5 311303 331 Current assets Intangible assets 2 268 21,406 112 1,273 Investment property 198 201 Total assets Property, plant and equipment 7 935 71,931 415 2,013 Investment in associated companies 1,584 1,202 Long-term investments 137 165 Equity Other non-current assets 3 221 2 100431 118 Total fixed assets 5,667 5,303 Non-current liabilities 1 969 2 489 Current liabilities 2 745 2 495

Total equity and liabilitites 7 935 7 415

24 Financial capacity NOK million

• Schibsted has additional loan capacity of approx. 1 123 NOK 3.5 billion given the covenants of the loan facility

• Alma Media process 4 492 demonstrated 2 530 strong financing capacity and 3 369 flexibility

839

Current NIBD at 3.0x NIBD at 4.0x NIBD EBITDA1) EBITDA2)

25 Note: Calculations based on EBITDA 2005 (NOK 1,123 million) 1) Financial covenants of syndicated loan facility allows NIBD/EBITDA of 3.0x 2) Financial covenants of syndicated loan facility allows NIBD/EBITDA of 4.0x for four quarters Cash Flow / Investments

As of Dec 31 Q4 04 Q4 05 (NOK million) 2005 2004 285 182 Cash flow from operations 1 255 1 044 403 320 EBITDA 1 321 1 316

84 151 Operational investments 363 215 420 169 Shares and other holdings 693 1 130 504 320 Total investments 1 056 1 345

Interest bearing debt 1 571 1 831 Net interest bearing debt 839 1 242

26 Cash flow

(NOK million) 2005 2004 Profit (loss) before taxes 1 177 476 Income from associated companies (194) (84) Dividends received from associated companies 157 60 Taxes paid (232) (135) Sales losses / (gains) fixed assets (371) (58) Depreciation, amortisation and w rite-dow ns intangible and tangible fixed assets 352 739 Write-dow ns financial fixed assets 1 5 Change in w orking capital 94 83 Cash flow from operating activities 984 1 086

Cash flow from investing activities (190) (1 265)

Net cash flow before financing 794 (179)

27 Shareholder policy

• Maximize shareholder return through long-term growth in share price and dividend

• The Board of Directors will seek to obtain a pricing that to the best possible extent reflects the long-term profit generating capabilities of the group

• Schibsted’s capital structure should be sufficiently robust to maintain the financial flexibility required by the group’s growth ambitions

• A stable dividend increase combined with a potential share buyback is regarded as appropriate measures to adjust the capital structure

• A stable dividend payout ratio over time that should be 25-40% of the cash flow per share

• Share buybacks should be carried out over a period of time in the market to adjust the capital structure in line with overall financial targets

28 Dividend and share buybacks

• The Board proposes dividend of NOK 4.25 per share:

• An increase of 31% over the 2004 dividend (NOK 3.25 per share) • 23% of the cash flow per share • 33% of earnings per share (EPS)

• Share buyback will be considered in order to adjust capital structure

• Schibsted intends to continue the current practice with share buybacks in the market over a period of time

• Share buybacks allows the group to maintain its financial flexibility in a growth phase

29 Dividend development 1994-2005 NOK per share

Dividend policy

• Steadily increasing dividend following 4,25 increased profits • Both dividend level and repurchase of shares will be seen in relation to strategic alternatives 3,25 3,00

CAGR 94-05: 13%

2,00 2,00 2,00 1,75 1,75 1,75 1,50 1,30 1,15

1994 1995 1996 1997 1998 1999 2000 2001 2002 20032003 2005

30 Effect of share buyback

ChangeReduksjon in equity i egenkapital ratio and og netøkning debt gjeld following ved tilbakekjøp share av aksjer buybacks

45 1 200

40 1 000 35

30 800

25 600 20 Gjeld i mill. Gjeld

Egenkapital % 15 400

10 Change net in debt

Equity ratio (percent) 200 5

0 - 1,0 % 2,0 % 3,0 % 4,0 % 5,0 % 6,0 % 7,0 % ShareTilbakekjøp buyback (percent)i %

EgenkapitalEquity GjeldDebt

31 Agenda

Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook

1 Outlook (1/2) • Continued strong development for the online operations

• Strong development for Hitta.se

• Circulation challenges and weak advertising revenues for VG in Q1 2006

• Average daily circulation reduced by approx. 30,000 copies

• Advertising revenues reduced by approx. 10% y-o-y in Q1 • Mixed picture on the advertising side for Aftenposten – overall ad revenues in the paper on level with Q1 last year

• Growth in recruitment, weaker in real estate and brand advertising • Positive ad development in Aftonbladet and weak circulation development – decline of 4% in February

• Positive outlook in both advertising and circulation for Svenska Dagbladet

• Circulation increased by 7% y-o-y in February 2 Outlook (2/2)

• Slightly disappointing start of 2006 for Metronome Film & Television • Cost increase and good revenue growth for 20 Minutes Spain – decline in operating profit in Q1 2006 – expected break even for 2006 as a whole • Slow start of the year for 20 Minutes France – good revenue growth and first month of profitability in March – slight operating loss expected in 2006 including online initiatives • Continued focus on expansion through organic growth – planned projects amount to investments of NOK 300-400 million that will be charged to the P&L in 2006 • Of this search and directories services will contribute negatively with an operating loss (EBITA) of approx. NOK 150 million in 2006 • German launch of 20 Minutes on hold

• Increased efforts to build 20 Minutes brand online in Spain

• Increased internationalization of successful Scandinavian concepts

• Possible launch of Willhaben.at in Croatia and Slovenia evaluated together with local media house Styria 3 LG