Operating Profit Growth 39.2 %

Home , Aftenposten, Stavanger Aftenblad, Verdens Gang

FULLFULL YEARYEAR 19961996

Kjell Aamot Chief Executive Officer

Sverre Munck Anita Roarsen Chief Financial Officer Group Controller

1 FULL YEAR 1996 SCHIBSTEDSCHIBSTED ASAASA

PRINT MEDIA TV/FILM MULTIMEDIA

NEWSPAPERS TV/Film Production Scandinavia Online AS (65 %) Aftenposten AS Broadcast Hugin AS (34 %) Verdens Gang AS Rights Aftonbladet Hierta AB TV/Film Technical Schibsted Trykk AS Avisretur AS (51%)

AS Adresseavisen (32%) AS Stavanger Aftenblad (31%) F¾drelandsvennen AS (25%) Bergens Tidende AS (23%) Harstad Tidende AS (15%) AS Asker og B¾rums Budstikke (10%)

PUBLISHING Chr. Schibsteds Forlag

Revenues*: 4.667 mill Revenues*: 787 mill Revenues*: 134,2 mill No of employees*: 2.687 No of employees*: 363 No of employees*: 155

* Pro-rata consolidation of associated companies SchibstedSchibsted ÐÐ HeadlinesHeadlines

¥ Revenue growth 35.1 %

¥ Operating profit growth 39.2 %

¥ Net profit growth 16 %

¥ Net profit 4. Quarter influenced by sale of Schibsted Nett

3 FULL YEAR 1996 EstimatesEstimates vsvs RealizedRealized

NOK MILL Avg. estimate* Realized

Revenues 4.354 4.524 Operating expenses 3.809 3.955 Operating profit 545 569 Pre-tax profit 577 579 Taxes 164 178 Net profit 413 401

EPS 5,96 5,79

*Source: TD-Finans

4 FULL YEAR 1996 ProfitProfit && LossLoss AccountAccount

NOK MILL 4.Qu. 95 4.Qu. 96 1996 1995 876.2 1,425.1 Revenues 4,524.3 3,347.8 782.8 1,201.3 Operating expenses 3,955.0 2,938.8 93.4 223.8 Operating profit 569.3 409.0 6.9 1.8 Group financial items 12.5 30.4 18.1 (11.6) Associated companies 1.5 59.5 25.0 (9.8) Net financial items 14.0 89.9 0.4 (1.9) Minority interests (4.1) (0.6) 118.8 212.1 Pre-tax profit 579.2 498.3 46.2 75.2 Taxes 178.0 152.5 72.6 136.9 NET PROFIT 401.2 345.8

5 FULL YEAR 1996 BalanceBalance SheetSheet

NOK MILL 31.12.1996 31.12.1995 Total current assets 1,013.3 893.1 Total fixed assets 2,942.5 1,793.6

TOTAL ASSETS 3,955.8 2,686.7

Total current liabilities 1,121.8 855.0 Total long-term debt: Interest-bearing 561.7 13.5 Non interest-bearing 316.8 216.1 Minority interests 65.4 2.2 Total equity 1,890.1 1,599.9

TOTAL LIABILITIES AND SHAREHOLDERS« EQUITY 3,955.8 2,686.7

6 FULL YEAR 1996 InvestmentsInvestments

NOK MILL 1600 4 % 25 % 17 % 1400 30 %

1200

1000

800

14 % 25 % 600 79 % 6 % 400 Aftonbladet Multimedia 200 Printing Plant TVFilm Metronome Print Media 0 1992 1993 1994 1995 1996 Shares & other holdings Other investments, incl. maintenance inv.

7 FULL YEAR 1996 FinancialFinancial RatiosRatios

1996 19951994 1993 1992

Net operating margin %* 13.4 13.8 15.3 13.2 8.3 Gross margin % 12.8 14.9 15.2 15.5 8.8 Interest bearing debt % 14.2 0.5 4.0 4.3 4.9 Equity ratio % 49.4 59.5 56.0 50.6 46.5

EPS (NOK) 5.79 4.99 4.56 4.55 2.47 CFPS (NOK) 9.50 8.01 7.47 6.71 5.23 Dividend 1.50 1.30 1.15 1.00 0.80

*Before royalty charge Aftenposten EPS and CFPS for 1992 and 93 are adjusted for split 5:1

8 FULL YEAR 1996 OperatingOperating ProfitProfit Consolidated Companies

NOK MILL 1996 1995 Print Media: 501.8 422.7 of which: ¥ Aftenposten - Consolidated 306.6 220.0 ¥ Verdens Gang AS og Avisretur AS 202.5 201.4 ¥ Aftonbladet - Consolidated (1.7) ¥ Other 2.8 1.3 ¥ Depreciation goodwill (8.4) TV / Film (13.9) (45.0) of which: ¥ TV Pluss AS (18.3) (52.8) ¥ Norsk FilmDistribusjon AS 1.7 3.8 ¥ Metronome Film & Television AB 14.9 14.0 ¥ Other 5.9 4.5 ¥ Depreciation goodwill (18.3) (14.5) Multimedia 2.5 (17.3) of which: ¥ Schibsted Nett oper. loss (84.1) (15.7) ¥ Schibsted Nett sale 91.5 ¥ Depreciation goodwill (4.9) (1.6) Group Companies 78.9 48.6 Operating Profit - Consolidated 569.3 409.0

9 FULL YEAR 1996 AssociatedAssociated CompaniesCompanies (Schibsted«s share between 20 Ð 50 %)

NOK MILL 1996 1995

Regional newspapers 42.9 27.4

TV/Film companies (31.4) 31.3

Other (10.0) 0.8

TOTAL 1.5 59.5

10 FULL YEAR 1996 SchibstedSchibsted ÐÐ HeadlinesHeadlines PrintPrint MediaMedia

¥ Purchase of controlling interest in Aftonbladet

¥ Aftonbladet develops into Scandinavia«s largest newspaper

¥ Advertisement growth for all newspapers

¥ Circulation growth for Aftenposten and regional newspapers

¥ Continued circulation decline for VG

¥ Further development of publishing business

¥ Record sales of the book ÒGift med GroÓ

11 FULL YEAR 1996 PrintPrint BusinessBusiness AreaArea

NOK MILL

1996 1995 Change

Revenues 4,079.3 2,976.7 + 1,102.6

Operating expenses 3,577.5 2,554.0 + 1,023.5

Operating profit 501.8 422.7 +79.1

Associated companies 33.5 28.2 + 5.3 (Schibsted«s share)

12 FULL YEAR 1996 CirculationCirculation DevelopmentDevelopment 1996 vs 1995

Circulation Change Revenues Change (NOK MILL)

Aftenposten morning edition 283 915 + 1 897 Aftenposten evening edition 188 635 + 2 632 552.4 + 3.5 % Aftenposten Sunday 223 501 + 5 117

Verdens Gang weekdays 356 861 - 14 377 Verdens Gang Sunday 279 571 + 209 995.2 - 3.6 %

Aftonbladet weekdays 381 200 + 19 200 Aftonbladet Sunday 484 400 + 11 000 1 074.8 + 9.3 %

13 FULL YEAR 1996 CirculationCirculation DevelopmentDevelopment -- TabloidTabloid MarketMarket 1978 - 1996

700

600

500 n n n n e e e e s s s s u u u u t t t t 400

i i ii

g g g g a a a a l l ll 300 p p p p p p p p O O O O 200 Circulation in tousand Circulation

100

0 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 7 7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 7 7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 9 9 Year • r V G D a g b lll a d e t A f t o n b lll a d e t E x p r e s s e n

14 FULL YEAR 1996 CirculationCirculation DevelopmentDevelopment Swedish Tabloid Market

480 000 460 000 440 000 420 000 400 000 380 000 360 000 340 000 320 000 300 000 jul-96 jul-95 jan-97 jan-96 jan-95 des-96 sep-96 okt-96 jun-96 des-95 feb-96 jun-95 sep-95 okt-95 feb-95 apr-96 apr-95 aug-96 aug-95 nov-96 mai-96 nov-95 mai-95 mar-96 mar-95 Aftonbladet Expressen

15 FULL YEAR 1996 AdvertisementAdvertisement DevelopmentDevelopment 1996 vs 1995

Volume Change Revenues Change (column meters) (NOK MILL)

Aftenposten 52,126 + 8.5 % 1,189.9 + 16.2 % VG 7,419 + 9.1 % 298.7 + 14.8 % Aftonbladet 11,143 + 19.0 % 233.1 + 28.3 %

16 FULL YEAR 1996 AftenpostenAftenposten ASAS Operating Profit

NOK MILL

4.Qu. 95 4.Qu. 96 1996 1995

135.1 140.8 Circulation revenues 552.4 533.7 273.1 316.0 Advertisement revenues 1,189.9 1,023.8 45.5 47.9 Other revenues 184.0 171.9 453.7 504.7 Total revenues 1,926.3 1,729.4 46.3 52.0 Raw materials 201.9 165.5 230.0 217.7 Personnel expenses 808.2 776.9 92.7 106.3 Other operating expenses 485.0 446.3 16.6 16.8 Depreciation 66.5 68.6 13.6 15.1 Royalty 57.8 51.9 399.2 407.9 Total operating expenses 1,619.4 1,509.2 54.5 96.8 Operating profit 306.9 220.2

17 FULL YEAR 1996 VerdensVerdens GangGang ASAS Operating Profit

NOK MILL

4.Qu. 95 4.Qu. 96 1996 1995

253.4 250.5 Circulation revenues 995.2 1.032.6 69.5 77.7 Advertisement revenues 298.7 260.2 0.5 4.1 Other revenues 9.7 5.4 323.4 332.3 Total revenues 1,303.6 1,298.2 31.7 31.1 Raw materials 125.9 113.8 83.3 72.8 Personnel expenses 268.3 282.7 154.6 169.5 Other operating expenses 638.8 632.9 8.9 5.8 Depreciaton 29.2 29.4 9.7 10.0 Royalty 39.1 38.9

288.2 289.2 Total operating expenses 1,101.3 1,097.7 35.2 43.1 Operating profit 202.3 200.5

18 FULL YEAR 1996 AftonbladetAftonbladet -- ConsolidatedConsolidated Operating Profit

NOK MILL

4.Qu. 95 4.Qu. 96 1996 1995

250.4 280.0 Circulation revenues 1,074.8 983.3 58.2 66.0 Advertisement revenues 233.1 181.2 1.5 1.6 Other revenues 4.1 5.2 310.1 347.6 Total revenues 1,312.0 1,169.7 51.1 61.8 Raw materials 226.9 180.4 55.1 71.3 Personnel expenses 220.3 195.6 193.2 220.3 Other operating expenses 808.9 759.2 15.1 10.4 Depreciation 40.0 34.3 314.5 363.8 Total operating expenses 1,296.1 1,169.5

(4.4) (16.2) Operating profit 15.9 0.2

19 FULL YEAR 1996 SchibstedSchibsted ÐÐ HeadlinesHeadlines TV/FILMTV/FILM

¥ Partial sale of laboratory activities

¥ Purchase of 29,3 % of TVNorge

¥ TV+ broadcasting suspended August 30

¥ Acquisition of Metronome in Danmark

¥ Revenue and profit growth at TV2

¥ Negative revenue and profit development at TVNorge

20 FULL YEAR 1996 TVTV // FilmFilm Operating Profit

NOK MILL 4.Qu.95 4.Qu.96 1996 1995

98.4 119.5 Revenues 308.4 347.0

95.4 114.5 Operating expenses 322.3 392.0 of which goodwill depr. 18.3 14.5

3.0 5.0 Operating loss (13.9) (45.0)

8.9 (17.2) Associated companies (31.4) 31.3

21 FULL YEAR 1996 TVTV && FilmFilm BusinessBusiness AreaArea

NOK MILL 1996 1995 Turnover Contr. to Turnover Contr. to Broadcast: pre-tax profit pre-tax profit Subsidiaries 11.6 (10.7) 6.6 (52.8) Ass. companies 1,091.2 (22.1) 789.3 29.9 TV-/Film rights: Subsidiaries 57.4(5.8) 39.8 (8.6) Ass. companies 101.4 2.1 44.3 2.1 Production: Subsidiaries 238.0(2.4) 189.1 0.2 Ass. companies Technical: Subsidiaries 7.3(4.7) 144.0 (1.7) Ass. companies 340.0 (11.4) 28.5 (0.7) Total (after eliminations): Subsidiaries 308.4(23.6) 347.0 (62.9) Ass. companies 1,532.6 (31.4) 862.1 31.3

22 FULL YEAR 1996 TVTV 22 ProfitProfit && LossLoss AccountAccount NOK MILL 1996 1995

Revenues 896.6 784.4 Programme expenses 295.5 240.5 Personnel expenses 176.2 143.1 Other operating expenses 262.9 256.5 Depreciation 39.4 30.1 Total operating expenses 774.0 670.2 Operating profit 122.6 114.2 Net financial items 11.3 (0.9) Taxes 39.6 6.2 Net profit 94.3 107.1

23 FULL YEAR 1996 TVTV 22 universeuniverse Weekly viewership-market share in %

50 NRK 1 40

30 TV 2

10 TV 3 TvN 0 NRK 2

1993 19941995 1996

24 FULL YEAR 1996 SchibstedSchibsted ÐÐ HeadlinesHeadlines MultimediaMultimedia

¥ Fivefold increase in access subscribers from 10.000 to 50.000

¥ Fourfold increase in access revenues from 1. to 4. Quarter

¥ Approx. 160 content partners by year end

¥ Operating loss of NOK 88 mill

¥ Divestment of Schibsted Nett per 31.12.96

¥ Gain of approx. NOK 91 mill from divestment

¥ Scandinavia Online established jointly with Telenor

25 FULL YEAR 1996 MultimediaMultimedia Operating Profit

NOK MILL

1996 1995

Revenues 131,9 13,7 of which: access 29,0 other 11,4 sale of SN 91,5

Operating expenses 129,4 29,4 of which: personnel exp. 35,3 other 89,2 depr. goodwill 4,9

Operating Profit 2,5 (15,7)

26 FULL YEAR 1996 CashCash flowflow CalculationCalculation

NOK MILL 1996 1995

Pre-tax profit 579.2 498.3

+/- Depreciation 191.4 166.9 +/- Net changes in pensions 14.0 39.2 +/- Royalty 36.6 51.9 +/- Share of ass. companies 10.3 (50.3) - Taxes payable (173.6) (151.0)

Cash flow 657.9 555.0 Cash flow per share (NOK) 9.50 8.01

27 FULL YEAR 1996 EnclosuresEnclosures

Enclosure 1: Distribution of Operating Profit - Schibsted - Consolidated 1992 - 1996

Enclosure 2: Advertisement Development

Enclosure 3: Revenues and profits - 4 Quarters rolling

28 FULL YEAR 1996 DistributionDistribution ofof OperatingOperating ProfitProfit Schibsted Ð Consolidated 1992 Ð 1996

NOK MILL 1992 1993 1994 1995 1996

1. Quarter 38.2 56.4 81.6 131.8 119.9 23 % 18 % 20 % 32 % 21 % 2. Quarter 63.3 108.4 139.7 126.5 138.3 36 % 34 % 33 % 31 % 25 % 3. Quarter 22.5 57.6 71.2 57.3 87.2 13 % 18 % 17 % 14 % 15 % 4. Quarter 46.7 95.1 123.5 93.4 223.8* 28 % 30 % 30 % 23 % 39 % FULL YEAR 170.7 317.5 416.0 409.0 569.3

*Of which NOK 91,5 mill from sale of Schibsted Nett

29 FULL YEAR 1996 AdvertisementAdvertisement DevelopmentDevelopment

REGIONAL NEWSPAPERS

Volume Change (columns meters)

Adresseavisen 26,863 11.0 % Stavanger Aftenblad 25,208 7.2 % F¾drelandsvennen 14,114 4.7 % Harstad Tidende 6,110 1.4 % Bergens Tidende 29,114 1.3 %

30 FULL YEAR 1996 RevenuesRevenues andand profitsprofits 44 QuartersQuarters rollingrolling

NOK MILL

4 500 1 100

3 500 900

2 500 700

1 500 500

500 300

-500 100 4 Qu 4 Qu 4 Qu 4 Qu 4 Qu 4 Qu 1991 1992 1993 1994 1995 1996 Operating profit Pre-tax profit Total revenues Total operating expenses

31 FULL YEAR 1996