Schibsted acquires selected assets of Trader Classified Media

Trond Berger CFO

Sverre Munck EVP Schibsted International

Didier Breton COO Trader Classified Media

Kjell Aamot CEO

2

Schibsted acquires selected assets of Trader Classified Media

• Acquisition of selected assets in Spain (incl. Latin America), France, Italy and Switzerland for EUR 580 million

• Leading positions within on- and offline classifieds – particularly in Spain, France and Italy

• Attractive online position in Spain – strong brands acquired

• Schibsted has leading edge competence within classifieds online

• Acquired assets provide solid platform for further growth – development of new media concepts in core markets

• Consistent with Schibsted’s strategy to become a leading player within classifieds in Europe

3

Transaction summary

• Schibsted acquires Trader Western European assets• Spain (including Infojobs and Latin America), Italy, Switzerland and France

• Purchase price of EUR 580 million on a debt-free, cash-free basis

• All cash transaction funded by debt at Schibsted level

• Transaction closing conditional upon approval from Spanish competition authorities and Trader shareholder vote

• Closing expected around mid-July

• There is a strong financial rationale for the acquisition

• Increases Schibsted revenue and EBITDA growth

• Positive financial impact: EPS accretive over time, positive impact on margins

• Pro forma net debt / EBITDA of 3.5x LTM based on Q1

Note: Overview over assets acquired at page 25 in the appendix

4

Trader Western European assets are attractive to Schibsted

• Main presence in Spain, France and Italy – smaller operations in Switzerland and Latin America

• Classifieds within vehicle, real estate, recruitment and general merchandise on print and internet

• 209 publications and 27 websites – 5.5 million unique visitors per month¹

• Operating revenues of EUR 186 million and operating profit (EBITDA) of EUR 40 million in 2005

• Y-on-y revenue growth of 10% of which 9% organic growth in Q1 2006

• Over 2,200 employees by year-end 2005

• Strong brands and strong positions in emerging online market space

• Business in transition from offline to online

• Free niche products on print less vulnerable to online migration

• Profitable and well-run companies

• Large sales forces and established advertiser relations

Key Facts

Ourview

¹ As of March, 2006 Source: Nielsen Netrating

5

Schibsted has leading edge competence within classifieds

• Strong position both offline and online in Norway

• Successfully migrated from offline to online

• Maintained cash flows offline within key segments

• Acquired and successfully managed online players in Sweden

• Launched online classifieds in Spain, France and Austria with success

• Strong products both within verticals (vehicle, real estate, recruitment) and general merchandise

• Experienced in both business-to-consumer and consumer-to-consumer

• Experience and organisation in place for transferring our Scandinavian competence abroad

6

Schibsted’s online classifieds

• #1 in Norway - clear leader in recruitment, real estate, vehicles and general merchandise

• Revenues of NOK 267 million and operating profit (EBITA) of NOK 114 million in 2005

• Blocket - #1 in general merchandise in Sweden – BytBil leading within vehicles

• Revenues of NOK 178 million and operating profit (EBITA) of NOK 73 million in 2005

• #2 in general merchandise in Spain

• Started in March 2005 – strong development in unique visitors

• General merchandise in France

• Started in April 2006 - development according to plan

• General merchandise, recruitment, cars and real estate in Austria

• Started in January 2006 - development according to plan

7

16,7715,92

2,96 2,33

Norway Sweden France Spain

Online household penetration in continental Europe is behind the Nordic region (%)…

..online advertising is still to take off (online advertising per capita in EUR)

Timing is now

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

• Leading online positions to be taken in key markets – print assets of Trader Western Europe a good starting point

Source: Jupiter Research, IRMNote: Online advertising is per capita (2004)

This is the optimal time to expand into Europe

0 %

20 %

40 %

60 %

80 %

100 %

2005 2006 2007 2008 2009 2010 2011

Sweden

Norway

France

Spain

8

Revenue distribution of acquired assets

Spain

Latin America

France

2005 figures, 100% = EUR 186 million

Italy and

Switzerland

Offline ads

Circulation

Online

• Main presence in Spain and France

• Schibsted has strong knowledge of media markets in Spain and France

• Less dependent on circulation revenues

• Online part of revenues significant

9

Strong sales and EBITDA growth for acquired assets – especially online

Print Online

Online: +63.5%

Total: +17.3%

CAGR 2003–2005

Online: +70.3%

Total: +14.4%

Sales

EBITDA

Figures in EUR million

Note: Includes acquisitions over time, InfoJobs acquired in 2004

Print: +10.0%

Print: -2.7%

10

Specialised print assets less vulnerable to online migration

• Trader Western European print assets have strong positions within niche segments

• Internet puts pressure on circulation – dependent on internet maturity

• Generalist titles most vulnerable – pure marketplace function

• Niche titles more stable – more valued as entertainment

Low cover price/free circulation

More advertising – including brand

Colour, photos – also for upsale

Increasingly niche titles

11

Key brands and products acquired

Spain Latin America France Italy & Switzerland

Generalist

Vehicles

Real estate

Recruitment

Other

12

Schibsted becomes leading player within classifieds in Spain and France

• Leading in vehicles offline - #2 online

• Paid ads and paid circulation for paper edition

• Both C2C and B2C

• #1 in boats offline and online

• Paid ads and paid/free circulation

• Mostly B2C

• General merchandise both offline and online

• Free ads and paid circulation

• Mostly C2C

France

Spain

• Clear market leader within recruitment online

• #1 general merchandise online

• Over 700,000 unique visitors in March 2006

• #1 general merchandise on print

• Free ads and paid circulation

• Mostly C2C

Source: Trader Information, Nielsen Netrating

13

• “Top of Mind” career site for job seekers and advertisers in Spain

• 1.2 million unique visitors in April 2006

• The 4th most visited commercial online recruitment property in Europe in March 2006

• Operating revenues of EUR 12.6 million in 2005 and operating profit (EBITDA) of EUR 4.7 million in 2005 – EBITDA margin of 37.5%

• Y-on-y revenue growth of 142% and y-on-y growth in EBITDA of 227% in 2005

• Among most popular search words on Google Spain

• 160,000 employment offers, 62,000 employers offering jobs and 3.1 million CVs¹

• 60% stake acquired by Trader in 2004 – call option on the remainder capped at EUR 25 million

Source: Company Information, Nielsen Netrating, ComScore¹ As of June 2nd, 2006

- leading recruitment site in Spain

14

Resulting strong online position in Spain

Online reach (1)

France Italy SpainTrader sites 6 % 3 % 12 %InfoJobs n.a. 3 % 10 %Combined (2) 6 % 5 % 19 %

Schibsted classifieds 1 % - 5 %

Combined (2) 7 % 5 % 21 %

(1) Nielsen Netrating, March 2006. Home panel for Spain, Home & Work for France and Italy.

(2) Unduplicated monthly reach and unique visitors

Online reach classifieds playersSPAIN (1)

Type Reach

eBay Spain Auction 20 %InfoJobs Jobs 10 %Segundamano General 6 %Compra Venta General 5 %Infoempleo Jobs 4 %Loquo.com General 4 %Coches.net Motor 3 %Laboris.net Jobs 3 %Mundoanuncio General 2 %idealista.com Real Estate 2 %Fotocasa.es Real Estate 2 %Habitamos General 1 %autoscout24.es Auto 1 %Atrea inmobiliaria Real Estate 1 %monster.es Jobs 1 %expocasa.com Real Estate 1 %

Percentage reach of unique visitors online monthly

15

Schibsted strengthened after the acquisition

• Leading pan-European player within classifieds - strong positions in Spain and France

• Operations in 18 countries

• Approx. 7,500 employees – over 5,000 outside Norway

• Pro forma combined revenues in 2005 of NOK 11.3 billion and EBITDA of NOK 1.4 billion

• Increased revenue growth (pro forma 2005)

• Online share of revenues increases from 8.7% to 10.4% (pro forma 2005)

• Online share of EBITDA increases from 18% to 23% (pro forma 2005)

• EBITDA-margin increases from 11.4% to 12.7% (pro forma 2005)

• Expected positive effect on EPS, operating margins and revenue growth going forward

16

Geographical revenue distribution

Norway

International

Sweden

2005 figures, percent

International

NorwaySweden

Pre acquisition

100% = NOK 9 832 million

Post acquisition

100% = NOK 11 287 million

Exchange rate: EUR 1 = NOK 7.80

17

EBITDA margins increase after the acquisition

Offline

Online

2005 figures, percent

Schibsted Acquired assets Pro forma combined

Total

18

Pro forma combined Income Statement

Schibsted Pro forma Schibsted Pro formaGroup Combined Group Combined

(NOK million) 1.1-31.3.06 1.1-31.3.06 1.1-31.12.05 1.1-31.12.05Operating revenues 2 557 2 941 9 832 11 287 Operating expenses (2 339) (2 644) (8 709) (9 852) Operating profit (EBITDA) 218 297 1 123 1 435 Depreciation (89) (113) (344) (445) Income from associated companies 38 37 198 195 Operating profit (EBITA) 167 221 977 1 185 Other revenues and expenses 111 111 184 184 Operating profit (EBIT) 278 331 1 161 1 369 Net financial items (16) (60) 16 (154) Profit before taxes 262 272 1 177 1 215 Taxes (74) (79) (230) (249) Net income 188 193 947 966 EPS (NOK) 2,58 2,52 12,91 12,83

19

Capital structure and intangible assets

The acquisition will be financed through a new loan facility from DnB NOR and Nordea

Note: EUR 1 = NOK 7.80. EBITDA including income from associated companies.

The excess of the purchase price above the net assets acquired is allocated to goodwill and other intangible assets.

(EUR million) 31.3.2006Purchase price 580Net liabilities assumed (101) Net intangibles assets 681

31.3.06 31.3.06(NOK million) Schibsted Pro formaNet interest bearing liabilities 1 093 5 656Net interest bearing liabilities / EBITDA 0,8 3,5 EBITDA LTM 1 293 1 611Equity share 39,6 % 22,7 %

20

Pro forma combined Balance Sheet

Schibsted Pro formaGroup Combined

(NOK million) 31.3.2006 31.3.2006Non-current assets 5 637 11 247 Current assets 2 346 2 679 Total assets 7 983 13 926

Equity 3 165 3 166

Non-current liabilities 2 116 7 604 Current liabilities 2 702 3 156 Total equity and liabilities 7 983 13 926

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Key focus going forward

• Key focus to become leading player online

• Maintain cash flows from offline business while transferring positions online

• Synergies with 20 Minutes operations mainly related to cooperation within classifieds online

• Cooperation and joint further development in Spain and France

• Brand development and marketing• Technical platform and product development

• Cooperation between Schibsted International Classified & Search and local management

• Strong local management crucial to build long term positions

22

Effect on Schibsted’s strategy

• The acquisition will lead to reduced spending on organic growth

• Classifieds international make up approx. 30% of estimated spending on organic growth – few new projects after acquisition

• Maintained estimate of NOK 300-400 million in negative EBITDA from organic growth in 2006

• Lower costs to organic growth in 2007

• General business development in Scandinavia will not be affected by acquisition

• Focus on editorial products as strong as ever – acquired assets a platform for new editorial concepts

23

Schibsted acquires selected assets of Trader Classified Media

• Acquisition of selected assets in Spain (incl. Latin America), France, Italy and Switzerland for EUR 580 million

• Leading positions within on- and offline classifieds – particularly in Spain, France and Italy

• Attractive online position in Spain – strong brands acquired

• Schibsted has leading edge competence within classifieds online

• Acquired assets provide solid platform for further growth – development of new media concepts in core markets

• Consistent with Schibsted’s strategy to become a leading player within classifieds in Europe

24

Appendices

• Details on Trader Western Europe

• Overview acquired assets• Income statement and balance sheet Q1 2006 and 2005 • Overview – market presence• Key assets on print and online

- Spain- France- Italy and Switzerland- Latin America

25

Assets acquired

• Spain and Latin America: 84% stake in Anuntis Segundamano Holdings – Assets of Anuntis Segundamano Holdings include

• Spanish operations (including Segundamano)• 60% stake in Infojobs (including EUR 25 million call-option for the remaining 40%)• Operations in Latin America: Argentina, Brazil, Columbia, Mexico, Venezuela

• France: 100% ownership in Trader Classified Media France

• La Centrale and Les Annonces du Bateau• 50% joint-venture with Multimedia Communication MMC (J’Annonce)

• Italy & Switzerland: 100% stake in Editoriale Secondamano and Trader Classified Media Switzerland

26

Income statement and Balance Sheet Trader Western Europe

31.3 31.12(EUR million) 2006 2005Non-current assets 432 433 Current assets 43 45 Total assets 475 478

Equity 198 197

Non-current liabilities 219 223 Current liabilities 58 58 Total equity and liabilities 475 478

1.1-31.3 1.1 - 31.12(EUR million) 2006 2005Operating revenues 49,2 186,5 Operating expenses (39,1) (146,5) Operating profit (EBITDA) 10,1 40,0 Depreciation and amortisation (2,2) (9,3) Operating profit (EBITA) 7,9 30,7

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Trader Western Europe has leading classified operations in several countries

Spain51%

Latin America1

9%

Italy &Switzerland

18%

France22%

Spain

Revenue EUR 82.8mEBITDA EUR 17.7mPublications 149Websites 7

Spain

Revenue EUR 82.8mEBITDA EUR 17.7mPublications 149Websites 7

Infojobs

Revenue EUR12.6mEBITDA EUR 4.7mWebsites 1

Infojobs

Revenue EUR12.6mEBITDA EUR 4.7mWebsites 1

France

Revenue EUR 40.4mEBITDA EUR 10.7mPublications 5Websites 3

France

Revenue EUR 40.4mEBITDA EUR 10.7mPublications 5Websites 3

Switzerland

Revenue EUR 2.0mEBITDA EUR 0.4mPublications 3Websites 1

Switzerland

Revenue EUR 2.0mEBITDA EUR 0.4mPublications 3Websites 1

Italy

Revenue EUR 32.0mEBITDA EUR 3.6mPublications 32Websites 4

Italy

Revenue EUR 32.0mEBITDA EUR 3.6mPublications 32Websites 4

Latin America¹

Revenue EUR 16.7mEBITDA EUR 2.8mPublications 20Websites 11

Latin America¹

Revenue EUR 16.7mEBITDA EUR 2.8mPublications 20Websites 112005A revenue: Online vs. Print (EUR 186 million)

Print ex circulation60%

Circulation18%

Note: Financials for FY 2005

1. Includes operations in Argentina, Brazil, Colombia, Venezuela and Mexico

2005A revenue by geography (EUR 186 million)

Online22%

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Print publications in Spain

Source: Trader information

Trader information as of 2005

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Online classifieds landscape – Spain

Site Category UVs (000) Rank Pviews (000) Rank AdseBay Spain Auction 2 405 1 242 809 1 475 202InfoJobs Jobs 1 259 2 95 972 2 58 893Segundamano General 719 3 35 470 6 522 810Compra Venta General 643 4 55 032 3 186 538Infoempleo J obs 528 5 9 337 9 22 662Loquo.com General 429 6 23 167 4 184 065Coches.net Auto 367 7 17 043 5 91 410Laboris.net J obs 306 8 5 409 10 20 962Mundoanuncio General 286 9 2 632 12 n.a.idealista.com Real Estate 241 10 14 642 7 82 744Fotocasa.es Real Estate 235 11 14 598 8 194 747habitamos.com General 176 12 2 615 13 91 469autoscout24.es Auto 159 13 4 252 11 n.a.Atrea inmobiliaria Real Estate 154 14 971 14 65 000monster.es J obs 138 15 n.a. 15 6 511expocasa.com Real Estate 101 16 n.a. 15 63 997Source: Nielsen Home Panel March 2006; Schibsted analysis

Assets in pink are Trader Western European assets – asset in blue owned by Schibsted

Source: Nielsen Netratings

30

Infojobs is the clear leader in Spain

More people go to Infojobs…

… and they spend more time on infojob website

60,113

6,999 7,4881,227 1,472

Market share Page views (monthly)

18 min 41 sec

7 min 43 sec 8 min 4 sec

1 min 15 sec2 min 15 sec

4.22

3.18

2.46

1.74 1.29

Time spent per person Number of sessions per person

Source: Trader information

31

Print publications in France

Source: Trader information

Trader information as of 2005

32

Online classifieds landscape – France

Site Category UVs (000) Rank Pviews (000) Rank Ads Rank

eBay France Auction 6 155 1 1 591 113 1 2 249 085 2PriceMinister Mall/Generalist 3 351 2 110 235 2 26 498 924 1Caradisiac Auto 1 168 3 22 638 8 92 096 9Vivastreet Generalist 1 133 4 15 811 9 256 568 7ParuVendu.fr Generalist 874 5 32 283 4 356 428 5Lacentrale.fr Auto 784 6 24 680 5 73 722 11

Monster J obs 743 7 24 484 6 25 839 14seloger.com Real estate 736 8 38 649 3 548 923 4pap.fr Real estate 688 9 23 722 7 36 067 13Topannonces.fr Generalist 481 10 9 553 11 348 682 6Kijiji Generalist 450 11 3 034 15 87 493 10argusauto.com Auto 361 12 4 517 14 n.a. n.a.Entreparticuliers Real estate 347 13 5 347 13 n.a. n.a.aucland.fr Auction 298 14 5 906 12 210 895 8jannonce.fr Generalist 253 15 9 797 10 n.a.

annoncesbateau.com Boats 34 n.a. n.a. n.a. 14 019 n.a.

Le Bon Coin Generalist n.a. n.a. n.a. n.a. 27 269 n.a.Source: Nielsen Home & Work Panel March 2006; Schibsted analysis

Source: Nielsen Netratings

Assets in pink are Trader Western European assets – asset in blue owned by Schibsted

33

Print publications in Italy and Switzerland

Source: Trader information

Trader information as of 2005

34

Online classifieds landscape – Italy

Site Category UVs (000) Rank Pviews (000) Rank AdseBay Italy Auction 6 275 1 1 142 121 1 1 055 802Virgilio Annunci (Vivastreet) Generalist 971 2 6 384 9 n.a.Secondamano Generalist 601 3 13 474 2 n.a.kijiji.it Generalist 561 4 6 757 8 78 084infojobs.it J obs 532 5 12 033 5 26 579monster.it J obs 493 6 13 046 3 16 604casa.it Real estate 379 7 12 369 4 130 000secondamano.it Generalist 375 8 8 766 7 190 656autoscout24.it Motor 303 9 11 738 6 n.a.AnnunciGratuiti.it Generalist 259 10 4 142 11 168 463Automobili.com Motor 228 11 2 948 12 12 934vivastreet.virgilio.it Generalist 220 12 695 13 n.a.portaportese.it Generalist 127 13 4 539 10 n.a.Prendicasa.it Real State 109 14 n.a. 14 90 000Source: Nielsen Home & Work Panel March 2006; Schibsted analysis

Source: Nielsen Netratings

Assets in pink are Trader Western European assets

35

• Managed out of Spain

• Main brands:

• Segundamano in Mexico & Argentina

• Real estate vertical in Colombia

• Car publication in Argentina

Overview Latin America

Source: Trader information, as of March 2006

Mexico4 Publications3 Websites

Mexico4 Publications3 Websites

Colombia9 Publications2 Websites

Colombia9 Publications2 Websites

Argentina3 Publications3 Websites

Argentina3 Publications3 Websites

Venezuela3 Publications1 Websites

Venezuela3 Publications1 Websites

Brazil1 Publications2 Websites

Brazil1 Publications2 Websites

Total20 Publications11 Websites

Total20 Publications11 Websites