7

Profitability programme with approx NOK 1 billion EBITA effect in 2009 (1)

• Approved by Schibsted Group Board of Directors

• All units have identified and implemented significant revenue and cost measures

• Including previously announced programme of NOK 750 million

• Significant head count reduction

• Headcount reduction of 440 during Q4

• Additional contingency plans – magnitude related to market development

NorwayNOK 535 million

SwedenNOK 190 million

InternationalNOK 150 million

Organic initiativesNOK 120 million

8

Profitability programme with approx NOK 1 billion EBITA effect in 2009 (2)

12014585100

150150

175

45

25

Other Norway

Sweden International Organic projects

Distribution of profitability measures, NOK million

Aftenposten

BT, STA, FVN + Synergies

Finn.no

Aftonbladet

SvD

9

• Aftenposten print and online - cost reductions of NOK 150 million

• Includes effect from new product strategy Aftenposten evening edition – reduced number of publishing days from 5 to 3. Around NOK 10 million in 2009, full year effect NOK 40 million

• Profitability programme already effective in Q4 - operating cost reduced by 2% y/y

• As of 22nd of February advertising print is 37% below 2008

• Other Media Norge operations

• Cost reductions 2009 of NOK 175 million including synergies

• Aftonbladet – ongoing review of the organization with aim of further cost reduction of SEK 50 million in 2009. Full year effect SEK 100 million

• Investment in organic projects to be reduced to NOK 150 million in 2009

Profitability programme with approx NOK 1 billion EBITA effect in 2009 (3)

10

Setup of Schibsted Sverige

• Activities in Aftonbladet Group and Svenska Dagbladet Group to be coordinated under one management

Object

• To strengthen and streamline Schibsted’s strategic implementation

• Increase market impact

• Achieve operational improvements efficiently

• More effective implementation of collaborative efforts

• Considerable potential for future cost savings

• Preparations already in progress. Gradual implementation

• CEO to be appointed shortly