Growth opportunities

1
Growth opportunities from paper to electronic
media Trond Berger CFO

• DnB Media Summit 2005

2
Strong Position in Old and New Economy

Strong Brands Content Know-how Marketing
Capacity Strong Cash Flow Execution Skills
Online Platforms

Off-line Positions
New Business Opportunities
Newspapers TV-production Publishing Film Rights
Internet (www) Mobile Internet Broadband
Build on core activities for continuous
development
3
Strategy

• Previous announced strategy to be continued
  financials and market position enables increased
  focus on growth
• Growth through both acquisitions and organic
  growth
• The Groups strong position and competitive
  advantages as a basis
• Acquisitions complementing and strengthening
  already existing positions
• New media and free newspaper engagements
• Financial targets unchanged

4
Strategic repositioning
Elektronic media
2004
Newspapers
1995
Norway Scandinavia Europe
Geographic focus area
5
Four fundamental trends which influence the media
industry
Loss of younger readers and migration from paper
to online
Classifieds from paper to the net
The mobile phone as a new media channel
Search and directories will be important
categories online
Schibsteds strategic response
6
Classifieds migrate to the net regional
newspaper business model is changing
Revenues from classified advertising, NOK million
CAGR -13
CAGR 45
2001
2002
2003
2004
2000
2001
2002
2003
2004
2000
7
Migration of classified advertising Real estate
Number of ads, 12-month rolling average
8
Migration of classified advertising Recruitment
Number of ads, 12-month rolling average
9
Financials 2000 Q1 2005
NOK million
43
40
33
24
-10
-42

As of 31 March 2005
10
Readership on- and offline
Daily readership, thousands
1,754
1,696
1,655
1,571
1,522
1,481
1,403
1,392
1,391
96/97
97/98
98/99
99/00
00/01
01/02
03/04
2004
02/03
Source Gallup 96/97 represents Forbruker
Media 02/97
11
Operating profit (loss) Online newspapers
12
Operations overview
Online newspaper and development of new content
services
Online classified portal for consumers
Online classified portal for second hand car
dealers
Online number information service, direct
marketing and number information
13

• Strong growth and new initiatives
• Operating profit for Aftonbladet Nya Medier of
  SEK 7 million (SEK 2 million)
• Agreements to export Viktklubben to several
  European markets
• Focus on development of new services e.g. IPTV
• Continued strong growth for Blocket
• New record with 1.2 million unique visitors in
  March
• Number of ads increased by 43 y-on-y in Q1
• Hitta.se had 1.1 million unique monthly visitors
  in January
• Aftonbladet will take Metros new service
  Metromarknad to court

14
Internet traffic on media sites
Unique visits, January 2005
58,269,624
53,975,864
2,855,269
4,111,222
4,986,758
5,545,962
5,571,035
12,046,111
18,859,507
Source Red Measure, January 2004
15
Operating profit (loss) Online activities
Includes FINN, Byt Bil, Blocket and Retriever in
addition to the groups online newspapers. The
results are included in the newspaper business
area.
16
Online activities share of Schibsteds operating
profit (EBITA)
Percent
2002
2003
2004
2005
17
A 20 Minutes edition goes through three phases
Distribution audience Revenues
Phase 1 Optimize circulation
Phase 2 Readership growth
Phase 3 Revenue growth
Time
18
Circulation development
2000
2001
2002
2003
2004
Luzern
Lille Lyon Marseille
Toulouse Bordeaux
Valence Alicante
Madrid Barcelone
Bern Basle
Paris
Seville
Zaragoza
Zurich
19
Development of revenues and expenses in
Switzerland (Figures in EUR 1000)
10 000
9 000
Revenues
Expenses
8 000
7 000
6 000
5 000
4 000
3 000
2 000
1 000
0
2000
2001
2002
2003
Q1 2004
Source 20 minutes/Schibsted
20
Attractive margins at start of fifth year
Development of revenues and expenses in
Switzerland (Figures in EUR 1000)
2000
2001
2002
2003
Q1 2004
Source 20 minutes/Schibsted
21
Latest development

• New launches in both markets strategic
  cooperation with Grupo Zeta in Spain
• New launches contributes to an operating loss in
  Q1
• Continued strong revenue growth in both markets
• Spain 36 y-on-y in Q1
• France 69 y-on-y in Q1
• New readership survey shows that 20 Min has 2.023
  million daily readers in Spain
• Gain on sale of 20 Min in Switzerland of NOK 200
  million
• Grupo Zeta, Spains third largest media group,
  has paid EUR 15 million for 20 ownership in Spain

22
Strong position in all markets
Daily readership Thousands
Circulation Thousands
Ranking
1
Switzerland1)
2
Spain
2
France
Total
1) Not owned by Schibsted
23
France 2 overall, but 1 in target group
Readership, May 2005, thousands
Readersship in target group 15 to 34 year olds
Overall readersship
24
Revenue Development
NOK million
25

• Merger of the to companies decided in March
  ongoing integration process
• Schibsted largest shareholder with 44.5 of the
  shares
• Leading provider of mobile services in the
  Scandinavian markets
• Revenues of more than SEK 400 million
• More than 900 000 members in Norway and Sweden
• The companies complete each other both product
  wise and geographically
• Accounting gain of NOK 89 million for Schibsted
• The deal was effective from 22 March

26
Q1 highlights

• Successful integration continued growth
• Proforma consolidated revenues of SEK 102 million
  for the new Aspiro operating profit of SEK 8
  million
• Continued strong sales in Q1
• 2 million ringtones
• 1.1 million pictures and movies
• 600 000 java games
• Introduction of 3G and new advanced phones lead
  to increased demand for mobile content

27
Online search strategic rationale

• Users are moving from print to online
• Revenues are starting to move online
• Google and Yahoo have strong market positions and
  are moving into new areas of business
• Directories
• News
• Mobile content
• Banner ads
• International competitors have established Nordic
  sales force
• Economies of scale for Schibsted possible to
  capitalize on traffic

28
Online advertising forecasts search is expected
to be important
Online advertising in the US, USD billion
Source Jupiterresearch
29
Costs in Q1 relating to new growth initiatives
Percent
100 NOK 20 million
New online projects in Aftenposten and FINN
Search in Sweden and Norway
New projects based on 20 Min and Blocket
Total costs in Q1 relating to new growth
initiatives
30
Financial targets over a business cycle
EBITA-margin 12
EBITDA-margin 16
Return on equity 22
Return on assets 15
Long term target for organic profitable growth 7
Equity ratio 35 (min. 25)
Net interest bearing debt/EBITDA 3
Minimum net cashflow from operations after maintenance capex (before dividend) NOK 400 million