NORDIC MARKETPLACES

NORDICMARKETPLACES

Unrivalled Nordic Marketplaces leadership positions

22

Revenue Position Traffic Sustainability

2,843NOKm1

#1in Norway and

Sweden

193mmonthly visits2

Boosts circular

economy saving

1.45m tonns CO2

emissions3

Value propositionMatching buyers and sellers, employers and employees

1) 2018

2) Datawarehouse of each entity

3) Schibsted Second Hand effect 2017

Anders Skoe

1,267NOKm1

EBITDA

No

rdic

Mar

ketp

lace

s

Unrivalled Nordic Marketplaces leadership positions through Finn, Blocket and Tori

Continue to capture adjacent markets with transaction triggered services

Impressive financial track record with robust growth, high margins and

strong cash conversion

Leveraging on Schibsted’s platform capabilities, such as traffic, data and consumer

insight

Nordic Marketplaces highlights

23

Nordic

Marketplaces

Unrivalled Nordic Marketplaces leadership positions in each

of its markets…

24

Traffic RevenueListings

Leadership positions

1

Traffic RevenueListings Traffic RevenueListings

1 1 1 11

1 1

2 22

2 1

Source: Company data

Nordic

Marketplaces

Generalist goods

Cars

Jobs

Real estate

Leadership positions

Strong financial performance

25

Nordic Marketplaces revenue and EBITDA margin, NOKm

43 63 100 135267

445654

9091 097 1 192

1 470

1 7301 944

2 205 2 260 2 3332 488

2 7022 843

(16%)

17%

39% 36% 38% 42% 42%48% 49% 47% 51% 51%

49% 48% 46% 46% 45% 42% 45%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Revenue EBITDA

Source: Company data. Based on combined revenues and EBITDA for Finn, Blocket and Tori

Nordic

Marketplaces

Finn is one of Norway’s strongest brands across all industries

Established in 2000

#1Unrivalled market leader in

all verticals

EUR 37.2Revenue per internet capita

201Visits per capita per year1

6mUnique visitors per week2

ü

ü

ü

ü

ü

ü

261) Adobe – via FINN datawarehouse

2) FINN datawarehouse

3) Brand Tracker FINN, aided

Nordic

Marketplaces

Revenue growth driven by verticals

27

656

798

945 377

414

457255

214

200

155

203

225

2016 2017 2018

Professional Private Advertising Other

Jobs33%

Real estate22%

Motor21%

Travel and other8%

Generalist goods

4%

Advertising12%

Diversified revenue base (2018)

High and predictable cash conversion1

still a growth company – even 19 years after inception

94% 94% 94%

2016 2017 2018

12% revenue CAGR

1,826

1,628

1,451

NOKm

1) Defined as EBITDA less maintenance capex

2) Other revenue includes: Personal Finance vertical, revenue from external daughter companies, cost of sales for other MediaHouses in Schibsted, invoicing for employees working for SPT, and more.

Source: Company data

Nordic

Marketplaces

4 2204 386

4 689

3 800

4 000

4 200

4 400

4 600

4 800

2016 2017 2018

333417

522

0

100

200

300

400

500

600

2016 2017 2018

Jobs vertical

28

Revenue1 Indexed trend in ARPU3# of employers/recruiters2

Jobmatch – reach passive candidates Subscription to effect packages Packaging of up-sale products

Market opportunities

100121

144

0

50

100

150

200

2016 2017 2018

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

NOKm

Nordic

Marketplaces

PREMIUMPLUSS+30% +60%

236297

354

0

100

200

300

400

2016 2017 2018

2 658 2 601 2 787

0

500

1 000

1 500

2 000

2 500

3 000

2016 2017 2018

Real estate vertical

29

Revenue1 # of agents2 Indexed trend in ARPU3

Developers/New buildings Property rental Adjacent services

Market opportunities

100140

162

0

50

100

150

200

2016 2017 2018

NOKm

Nordic

Marketplaces

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

277 309 329

0

50

100

150

200

250

300

350

2016 2017 2018

3 229 3 301 3 372

0

1 000

2 000

3 000

4 000

2016 2017 2018

Motor vertical

30

Revenue1 Indexed trend in ARPU3# of car dealers2

Digital purchase contract Insurance Blink for Motor

Market opportunities

100118 128

0

20

40

60

80

100

120

140

2016 2017 2018

NOKm

Nordic

Marketplaces

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

109120 123

50

70

90

110

130

2016 2017 2018

89 81102

0

20

40

60

80

100

120

2016 2017 2018

Travel vertical

31

Revenue1 Indexed trend in ARPU3# of agents2

City packages Last minute travels Blocket Resor

Market opportunities

100119

96

0

20

40

60

80

100

120

140

2016 2017 2018

NOKm

Nordic

Marketplaces

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

Blocket is a strong #1 in generalist goods, motor and jobs

Acquired by Schibsted in 2003

#1Clear market leader in

generalist goods and motor

EUR 11.7Revenue per internet capita

101Visits per capita per year1

5mUnique visitors per week2

321) Extasol – Blocket data warehouse

2) Extasol – Blocket data warehouse

Nordic

Marketplaces

Revenue growth driven by verticals

33

438 479 470

290284 252

249 224186

13 15

17

2016 2017 2018

Professional Private Advertising Other

Motor46%

Generalist goods21%

Jobs10%

Real estate1%

Advertising22%

Diversified revenue base (2018)

High and predictable cash conversion1

revenue turnaround underway

95% 95% 93%

2016 2017 2018

925

1,002989

NOKm

1) Defined as EBITDA less maintenance capex

2) Other revenue include: Licenscost use of Blocket platform, invoicing for employees working for other Schibsted companies, and more

Source: Company data

Nordic

Marketplaces

426 449 420

0

100

200

300

400

500

2016 2017 2018

5 152 5 124 5 080

0

1000

2000

3000

4000

5000

6000

2016 2017 2018

Motor vertical

34

Revenue1 Indexed trend in ARPU3# of car dealers2

Strengthen position within new cars segmentEntering the transactionNew effect-based pricing model

Market opportunities

100 109 106

0

20

40

60

80

100

120

2016 2017 2018

NOKm

Nordic

Marketplaces

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

219 205 186

0

50

100

150

200

250

2016 2017 2018

3 154 2 931 2 760

0

500

1000

1500

2000

2500

3000

3500

2016 2017 2018

100 95 99

0

20

40

60

80

100

120

2016 2017 2018

Generalist goods vertical

35

Revenue1 # of listers2 Indexed trend in ARPU3

Experiment with pricing for private users Improve pro monetization Blocketpaketet

Market opportunities

NOKm

Nordic

Marketplaces

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

61

88 95

0

20

40

60

80

100

2016 2017 2018

913 1 043 1 152

0

200

400

600

800

1000

1200

1400

2016 2017 2018

100127 123

0

20

40

60

80

100

120

140

2016 2017 2018

Jobs vertical

36

Revenue1 # of recruiters/employers2 Indexed trend in ARPU3

Blocket EducationPremium products and optimized portfolio Market consolidation

Market opportunities

NOKm

Nordic

Marketplaces

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

22 21 21

0

4

8

12

16

20

24

28

2016 2017 2018

1 524 1 521 1 479

2016 2017 2018

100 99 98

0

20

40

60

80

100

120

2016 2017 2018

Real estate vertical

37

Revenue1 Indexed trend in ARPU3# of agents2

Developers/New buildingsProperty rental Holiday houses and rentals

Market opportunities

NOKm

Nordic

Marketplaces

1) Classifieds revenue only, not including advertising revenue

2) Professionals

3) Average revenue per user, professional users only

Qasa - Very attractive unit economics and strong synergies

38

Nordic

Marketplaces

…to convert users to new model

• Qasa is a fully digital real estate rental platform,

matching tenants and landlords

• Offering a secure digital service with focus on

simplicity and efficiency

• Collaboration with Blocket since 2017

• Enabling Blocket to take a big leap towards the

sub-letting market

Collaboration

starts

Monthly sign value1

Customer

Lifetime Value

Ads

(Real estate rental)

€12 €450

220 000 2 000

Marketplaces Nordics

A fully digital real estate rental platform

Finding suitable tenants Trust in renting process Guaranteed payments

Significant potential…

1) Leading indicator for revenue calculated: Number of Monthly signed contract times LTV of contracts

Schibsted has built Tori into a solid platform for further

potential initiatives

Established by Schibsted in 2009

EUR 630m GMV (the value of goods

sold through Tori in 2018)

335Items sold per hour

4.1Monthly visits per capita1

1.2mUnique visitors per week1

ü

ü

ü

ü

ü

391) Statistics Finland

Nordic

Marketplaces

48

71

92

0

100

2016 2017 2018

Revenue growth driven by verticals

40

Classifieds24%

Other2%

Advertising73%

#1 position in generalist goods vertical– strong growth in revenue

NOKm

38% Revenue CAGR

Source: Company data

Nordic

Marketplaces

• Target adjacent services (e.g.

insurance, purchase contract, payment

solutions, car tire shops)

Significant ramp-up potential

41

Selected growth opportunities

• Expand position in the Finnish real

estate market, especially in rentals

where marketplaces are immature and

without a clear leader

• Launch Schibsted-concepts proven in

Norway or Sweden and selectively

pursue partnerships and M&A to

establish new or strengthen existing

positions

Nordic

Marketplaces

42

Impressive financial track record for Nordic Marketplaces

2 488

2 7022 843

45% 42%45%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

500

1 000

1 500

2 000

2 500

3 000

2016 2017 2018

Revenue EBITDA margin

Strong revenue growth with stellar margins Capital light business model with high cash conversion1

NOKm

1) Defined as EBITDA less maintenance capex

Source: Company data

95% 95% 93%

2% 2%

3%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2016 2017 2018

34%

39%

44%

49%

54%

59%

64%

69%

Cash conversion Capex as % of revenue

Nordic

Marketplaces

43

Multiple vectors of growth within Nordic Marketplaces

Monetisation

• Pricing model

• Advertising

• Traffic generations

• Premium features

• Cross-selling

• Partnerships

Product development

• Rating features

• Payment solutions

• Messaging &

Notifications

• Simplified transaction

experiences

1 2

M&A

• Selective Nordic M&A

43

New ventures

• Vertical white spotting

across geographies

e.g. rental market

Sweden, new

buildings Norway,

travel in Sweden

• Education

Nordic

Marketplaces

Nordic Marketplaces highlights

44

Nordic

Marketplaces

Unrivalled Nordic Marketplaces leadership positions through Finn, Blocket and Tori

Continue to capture adjacent markets with transaction triggered services

Impressive financial track record with robust growth, high margins and

strong cash conversion

Leveraging on Schibsted’s platform capabilities, such as traffic, data and consumer

insight

Blink (Targeted ads) – exemplifying Schibsted’s digital front-

runner capabilities and collaboration across digital positions

45

TRAFFIC AND DATA

Intentional data from Finn promoting tailored properties on VG

Nordic

Marketplaces

Traffic

Fund

Average +20%-30%

increase in

# of new visitors

Real estate agents

retention on site,

~5 times per object

Property seller retention,

~10 times

✓

✓

✓

✓

✓

✓✓

✓✓

✓✓

NORDIC MARKETPLACES

Q&A