Securities Note ISIN NO Securities Note. 5.40% Schibsted ASA Senior Unsecured Open Bond Issue 2012/2022 NO

Transcription

1 Schibsted ASA, Securities Note ISIN NO Securities Note 5.40% Schibsted ASA Senior Unsecured Open Bond Issue 2012/2022 NO Arranger: Prepared according to Commission Regulation (EC) No 809/ Annex XIII

2 Schibsted ASA, Securities Note ISIN NO Important notice The Securities Note has been prepared in connection with listing of the securities at Oslo Børs. The Prospectus has been reviewed and approved by the Norwegian FSA in accordance with sections 7-7 and 7-8, cf. section 7-3 of the Norwegian Securities Trading Act. The Norwegian FSA has not controlled or approved the accuracy or completeness of the information given in this Prospectus. The approval given by the Norwegian FSA only relates to the Issuer's descriptions pursuant to a pre-defined check list of requirements. The Norwegian FSA has not made any form of control or approval relating to corporate matters described in or otherwise covered by this Prospectus. New information that is significant for the Borrower or its subsidiaries may be disclosed after the Securities Note has been made public, but prior to the expiry of the subscription period. Such information will be published as a supplement to the Securities Note pursuant to Section 7-15 of the Norwegian Securities Trading Act. On no account must the publication or the disclosure of the Securities Note give the impression that the information herein is complete or correct on a given date after the date on the Securities Note, or that the business activities of the Borrower or its subsidiaries may not have been changed. Only the Borrower and the Arranger are entitled to procure information about conditions described in the Securities Note. Information procured by any other person is of no relevance in relation to the Securities Note and cannot be relied on. Unless otherwise stated, the Securities Note is subject to Norwegian law. In the event of any dispute regarding the Securities Note, Norwegian law will apply. In certain jurisdictions, the distribution of the Securities Note may be limited by law, for example in the United States of America or in the United Kingdom. Verification and approval of the Securities Note by Finanstilsynet implies that the Securities Note may be used in any EEA country. No other measures have been taken to obtain authorisation to distribute the Securities Note in any jurisdiction where such action is required. Persons that receive the Securities Note are ordered by the Borrower and the Arrangers to obtain information on and comply with such restrictions. This Securities Note is not an offer to sell or a request to buy bonds. The content of the Securities Note does not constitute legal, financial or tax advice and bond owners should seek legal, financial and/or tax advice. Contact the Borrower to receive copies of the Securities Note. This Securities Note should be read together with the Registration Document dated The documents together constitute a prospectus. 2

3 Schibsted ASA, Securities Note ISIN NO Table of contents 1. Risk factors Person responsible Information concerning the securities Definitions Additional information Appendix:

4 Schibsted ASA, Securities Note ISIN NO Risk factors The Issuer believes that the factors described below represent the principal market risks inherent in investing in the Loan. Risks related to the market generally All investments in interest bearing securities have risk associated with such investment. The risk is related to the general volatility in the market for such securities, varying liquidity in a single bond issue as well as company specific risk factors. There are three main risk factors that sums up the investors total risk exposure when investing in interest bearing securities: liquidity risk, interest rate risk and market risk (both in general and issuer specific). The price of a single bond issue will fluctuate in accordance with the interest rate and credit markets in general, the market view of the credit risk of that particular bond issue, and the liquidity of this bond issue in the market. In spite of an underlying positive development in the Issuers business activities, the price of a bond may fall independent of this fact. The Bonds have been established at a fixed rate, and consequently the coupon does not vary with changes in interest rate levels. Investment in bond loans bearing interest at a fixed rate involves the risk that subsequent changes in market interest rates may adversely affect the value of the Loan. No market-maker agreement is entered into in relation to this bond issue, and the liquidity of bonds will at all times depend on the market participants view of the credit quality of the Issuer as well as established and available credit lines. Factors which are material for the purpose of assessing the market risks associated with the Bonds The Bonds may not be a suitable investment for all investors. Each potential investor in the Bonds must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should: (i) have sufficient knowledge and experience to make a meaningful evaluation of the Bonds, the merits and risks of investing in the Bonds and the information contained or incorporated by reference in this Securities Note and/or Registration Document or any applicable supplement; (ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Bonds and the impact the Bonds will have on its overall investment portfolio; (iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the Bonds, including where the currency for principal or interest payments is different from the potential investor s currency; (iv) understand thoroughly the terms of the Bonds and be familiar with the behaviour of the financial markets; and (v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks. 4

5 Schibsted ASA, Securities Note ISIN NO Person responsible Schibsted ASA confirms that, having taken all reasonable care to ensure that such is the case, the information contained in the prospectus is, to the best of their knowledge, in accordance with the facts and contains no omission likely to affect its import Schibsted ASA 5

6 Schibsted ASA, Securities Note ISIN NO Information concerning the securities ISIN code: NO The Loan/ The Bonds/The Issue: Borrower/Issuer: Security Type: 5.40% Schibsted ASA Senior Unsecured Open Bond Issue 2012/2022 Schibsted ASA Bond issue with fixed rate. Maximum Amount: NOK Outstanding Amount: NOK Denomination Each Bond: NOK each and among themselves pari passu ranking. Securities Form: The Bonds are electronically registered in book-entry form with the Securities Depository. Disbursement//Issue Date: 13 December Interest Accrual Date: Interest Bearing To: Disbursement/Issue Date. Maturity Date. Maturity Date: 13 December 2022 Interest Rate: 5.40% Interest Payment Date: 13 December each year Day Count Fraction - Coupon: 30/360 The number of days in the calculation period in respect of which payment is being made divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve 30-days months (unless (i) the last day of the calculation period is the 31st day of a month but the first day of the calculation period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (ii) the last day of the calculation period is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month)). Business Day Convention: Issue Price: Yield: Business Day: No Adjustment. No adjustment will be made, notwithstanding the period end date occurs on a day that is not a Business Day, and if such date is not a Business Day, payments of interest will be made on the first following day that is a Business Day (No Adjustments of Business Day). 100 % (par value). 5.40% effective annual rate to maturity at a price of Any day on which Norwegian commercial banks are open for general business, and when Norwegian banks can 6

7 Schibsted ASA, Securities Note ISIN NO settle foreign currency transactions, being any day on which the Norwegian Central Bank s Settlement System is open. Maturity: The Bonds shall mature in full on the Maturity Date, and shall be repaid at par (100%) by the Issuer. Change of control: Redemption: Status of the Bonds and security: Negative pledge: See Bond Agreement section Matured interest and matured principal will be credited each Bondholder directly from the Securities Registry. Claims for interest and principal shall be limited in time pursuant the Norwegian Act relating to the Limitation Period Claims of May no 18, p.t. 3 years for interest rates and 10 years for principal. The Bonds shall be senior debt of the Issuer. The Bonds shall rank at least pari passu with all other obligations of the Issuer (save for such claims which are preferred by bankruptcy, insolvency, liquidation or other similar laws of general application) and shall rank ahead of subordinated debt. The Bonds are unsecured. The Issuer shall not, and shall procure that no member of the Group shall, without the prior written consent of the Loan Trustee (on behalf of the Bondholders) create or incur, or allow to exist over any of its present or future assets or revenues, any mortgage, pledge, lien or any other encumbrance other than Permitted Encumbrance defined as follows: a) Any encumbrance existing on the date hereof provided that the principal amount secured is not increased; b) Any encumbrance arising solely by operation of law and not arising as a result of any default or omission on the part of the Issuer or any member of the Group and securing obligations of not more than thirty (30) days maturity, unless being contested in good faith; c) Any encumbrances in the ordinary course of business including cash pool schemes, and retention of title arrangements in the ordinary course of trading; d) Any encumbrance existing over any company or asset acquired after the date hereof; provided that; (i) Such encumbrance having been created or granted by the relevant company prior to (and not concurrently with) becoming a member of the Group; (ii) There is no increase in the principal amount or change in the nature of, the indebtedness thereby secured (iii) There is no transfer of the benefit of such encumbrance to any other person other than a person who takes a corresponding transfer of the indebtedness secured thereby; and (iv) Subject that any encumbrances 7

8 Schibsted ASA, Securities Note ISIN NO according to (1) or (3) shall be released not later than 12 months after such company has become a member of the Group; e) Any encumbrance entered into in connection with ordinary treasury activities in connection with entering into hedging arrangements or in respect of exchange requirements. f) Encumbrance which secures recourse Project Debt; g) Any encumbrances created or granted by any of the Group s printing plants in connection with financial indebtedness incurred in the form of loans or finance lease relating to the printing activity at the time of signing; and h) Any encumbrance not covered by paragraphs (a), (b), (c), (d), (e), (f) and (g) above, provided that the aggregate amount of indebtedness secured by all encumbrances under this paragraph (h) does not, at any time, exceed NOK 200,000,000. i) Any encumbrance consented to in writing by the Loan Trustee (or by simple majority at the bondholders meeting). Covenants: See Bond Agreement section 13. Events of Default: See Bond Agreement section 15. Purpose: Approvals: The net proceeds of the Bonds shall be employed for the general financing of the Issuer. The Bonds were issued in accordance with the Borrower s Board approval 6 December Listing: Bond Agreement: An application for listing will be sent Oslo Børs as soon as possible after the Prospectus has been approved by Finanstilsynet. The Bond Agreement has been entered into between the Borrower and the Trustee. The Bond Agreement regulates the Bondholder s rights and obligations in relations with the issue. The Trustee enters into this agreement on behalf of the Bondholders and is granted authority to act on behalf of the Bondholders to the extent provided for in the Bond Agreement. When bonds are subscribed / purchased, the Bondholder has accepted the Bond Agreement and is bound by the terms of the Bond Agreement. Information regarding bondholders meeting and the Bondholder s right to vote are described in the Bond Agreement clause 16. Information regarding the role of the Trustee, see Bond Agreement clause 17. The Bond Agreement is attached to this Securities Note. Documentation: Registration Document, Securities Note, Bond 8

9 Schibsted ASA, Securities Note ISIN NO Agreement. Availability of the Documentation: and Norsk Tillitsmann ASA Trustee: Listing Agent: Arrangers: Norsk Tillitsmann ASA, P.O. Box 1470 Vika, 0116 Oslo, Norway. Norsk Tillitsmann ASA, P.O. Box 1470 Vika, 0116 Oslo, Norway. Nordea Markets, P.O. Box 1166 Sentrum, 0107 Oslo, Norway. Paying Agent: Securities Depository: Market-Making: Legislation under which the Securities have been created: Fees and Expenses: Total expenses: DnB Bank ASA, Verdipapirservice, 0021 Oslo, Norway Verdipapirregisteret ( VPS ), Postboks 4, 0051 OSLO There is no market-making agreement entered into in connection with the Loan. Norwegian law. See Bond Agreement section14 The Issuer is responsible for withholding any withholding tax imposed by applicable law. Total expenses related to the admission to trading for ISIN NO and ISIN NO is approximately NOK ,-. 9

10 Schibsted ASA, Securities Note ISIN NO Definitions Encumbrance: Group: Project Dept: means any encumbrance, mortgage, pledge, lien, charge (whether fixed or floating), assignment by way of security, finance lease, sale and repurchase or sale and leaseback arrangement, sale of receivables on a recourse basis or security interest or any other agreement or arrangement having the effect of conferring security means the Issuer and the Subsidiaries, and a Group Company means the Issuer or any of the Subsidiaries means, at any time, any indebtedness of any subsidiary incurred under any loan guarantee obligation entered into in respect of any loan, credit or similar financial facility granted to it in connection with the financing of any assets to be acquired by such subsidiary after the date of this Agreement and where the terms pursuant to which such financial facility has been granted to stipulate the payment of the indebtedness of such Subsidiary arising there under (including, without limitation, any indebtedness arising as a result of a breach thereof) is to be made from the revenues arising out of the assets acquired with recourse to such revenues and/or assets, but without any recourse whatsoever to any other assets or revenues of such subsidiary or any other member of the Group Subsidiary: means an entity over which another entity or person has a determining influence due to (i) direct and indirect ownership of shares or other ownership interests, and/or (ii) agreement, understanding or other arrangement. An entity shall always be considered to be the subsidiary of another entity or person if such entity or person has such number of shares or ownership interests so as to represent the majority of the votes in the entity, or has the right to vote in or vote out a majority of the directors in the entity. 10

11 Schibsted ASA, Securities Note ISIN NO Additional information The involved persons in Schibsted ASA have no interest, nor conflicting interests that is material to the Issue. Schibsted ASA has mandated Nordea Markets as Arranger for the issuance of the Loan. The Arranger has acted as advisor to Schibsted ASA in relation to the pricing of the Loan. Prospective investors should also read the detailed information set out in the Registration Document and reach their own views prior to making any investment decision. Statement from the Listing Agent: Norsk Tillitsmann ASA, acting as Listing Agent, has assisted the Issuer in preparing this Securities Note. The Listing Agent has not verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and the Listing Agent expressively disclaims any legal or financial liability as to the accuracy or completeness of the information contained in this Securities Note or any other information supplied in connection with bonds issued by the Issuer or their distribution. The statements made in this paragraph are without prejudice to the responsibility of the Issuer. Each person receiving this Securities Note acknowledges that such person has not relied on the Listing Agent nor on any person affiliated with it in connection with its investigation of the accuracy of such information or its investment decision. 11

12 Schibsted ASA, Securities Note ISIN NO Appendix: Bond Agreement 12

13 ISIN NO BOND AGREEMENT between Schibsted ASA (Issuer) and Norsk Tillitsmann ASA (Bond Trustee) on behalfof the Bondholders in the bond issue 5.40% Schibsted ASA Senior Unsecured Open Bond Issue 2012/2022

14 Norsk Tillitsmann ASA TABLE OF CONTENTS Conditions Precedent 7 Representations and Warranties 8 Status of the Bonds and security 9 Interest 10 Maturity of the Bonds and Redemption 11 Payments 12 Issuer's acquisition of Bonds 13 Covenants 14 Fees and expenses 15 Events of Default Interpretation The Bonds Listing Registration in a Securities Register Purchase and transfer of Bonds Bondholders' meeting The Bond Trustee Miscellaneous

15 This agreement has been entered into on 10 December 2012 between (1) Schibsted ASA (a company incorporated in Norway with Company No ) as issuer (the "Issuer"), and (2) Norsk Tillitsmann ASA (a company incorporated in Norway with Company No ) as bond trustee (the "Bond Trustee"). 1 Interpretation 1.1 Definitions In this Bond Agreement the following terms shall have the following meanings (certain terms relevant for Clauses 13 and 18.2 and other Clauses may be defined in the relevant Clause): "Account Manager" means a Bondholder's account manager in the Securities Register. "Attachment" means any attachments to this Bond Agreement. "Bond Agreement" means this bond agreement, including any Attachments to which it refers, and any subsequent amendments and additions agreed between the Parties. "Bond Issue" means the bond issue constituted by the Bonds. "Bondholder" means a holder of Bond(s), as registered in the Securities Register, from time to time. "Bondholders' Meeting" means a meeting of Bondholders, as set forth in Clause 16. "Bonds" means the securities issued by the Issuer pursuant to this Bond Agreement, representing the Bondholders' underlying claim on the Issuer. "Business Day" means any day on which Norwegian commercial banks are open for general business, and when Norwegian banks can settle foreign currency transactions, being any day on which the Norwegian Central Bank's Settlement System is open. "Business Day Convention that no adjustment will be made, notwithstanding the period end date occurs on a day that is not a Business Day, and if such date is not a Business Day, payments of interest will be made on the first following day that is a Business Day (No Adjustments of Business Day). "Change of Control Event" means if any person and group of persons acting in concert gains control of more than forty percent (40%) of the Issuers share capital where: 3

16 Norsk Tlltltsmann ASA (a) acting in concert means acting together pursuant to an agreement of understanding (whether formal or informal); and (b) control means having the power to direct the management and polices of an entity, whether through the ownership of voting capital, by contract or otherwise. "Costs" means all costs, expenses, disbursements, payments, charges, losses, demands, claims, liabilities, penalties, fines, damages, judgments, orders, sanctions, fees (including travel expenses, VAT, court fees and legal fees) and any other outgoings of whatever nature. "Delisting" means ifthe Issuer ceases to be a publicly listed company on the Oslo Exchange (or any other reputable exchange). "Encumbrance" means any encumbrance, mortgage, pledge, lien, charge (whether fixed or floating), assignment by way of security, finance lease, sale and repurchase or sale and leaseback arrangement, sale ofreceivables on a recourse basis or security interest or any other agreement or arrangement having the effect of conferring security. "Event of Default" means the occurrence of an event or circumstance specified in Clause "Exchange" means securities exchange or other reputable marketplace for securities, on which the Bonds are listed, or where the Issuer has applied for listing of the Bonds. "Finance Documents" means (i) this Bond Agreement, (ii) the agreement between the Bond Trustee and the Issuer referred to in Clause 14.2, and (Hi) anyother document (whether creating a security interest or not) which is executed at any time by the Issuer or any other party in relation to any amount payable under this Bond Agreement. "Financial Indebtedness" means any indebtedness incurred in respect of: (a) moneys borrowed, including acceptance credit; (b) any bond, note, debenture, loan stock or other similar instrument; (c) the amount of any liability in respect of any lease, hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease; (d) receivables sold or discounted (other than any receivables sold on a nonrecourse basis); (e) any sale and lease-back transaction, or similar transaction which is treated as indebtedness under GAAP; Cf) the acquisition cost of any asset to the extent payable after its acquisition or possession by the party liable where the deferred payment is arranged primarily as a method of raising finance or financing the acquisition of that asset; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price, including without limitation currency or interest rate swaps, caps or collar transactions (and, when 4

17 calculating the value of the transaction, only the mark -to-market value shall be taken into account); (h) any amounts raised under any other transactions having the commercial effect of a borrowing or raising of money, whether recorded in the balance sheet or not (including any forward sale of purchase agreement); (i) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institutions; and G) (without double counting) any guarantee, indemnity or similar assurance against financialloss of any person in respect of any of the items referred to inca) through (i) above. "Financial Statements" means the audited unconsolidated and consolidated annual accounts and financial statements of the Issuer for any financial year, drawn up according to GAAP, such accounts to include a profit and loss account, balance sheet, cash flow statement and report from the Board of Directors. "GAAP" means the generally accepted accounting practice and principles in the country in which the Issuer is incorporated including, if applicable, the International Financial Reporting Standards (IFRS) and guidelines and interpretations issued by the International Accounting Standards Board (or any predecessor and successor thereof), in force from time to time. "Group" means the Issuer and the Subsidiaries, and a "Group Company" means the Issuer or any ofthe Subsidiaries. "Group" Accounts" means the unconsolidated and consolidated quarterly accounts and financial statements of the Issuer for any such period, drawn up according to GAAP. "Interest Payment Date" means 13 December each year and the Maturity Date. Any adjustment will be made according to the Business Day Convention. "ISIN" means International Securities Identification Numbering system - the identification number of the Bonds. "Issue Date" means 13 December "Issuer's Bonds" means Bonds owned by the Issuer, any party or parties who has decisive influence over the Issuer, or any party or parties over whom the Issuer has decisive influence. "Manager" means the manager for the Bond Issue. "Material Adverse Effect" means a material adverse effect on: Ca)the business, financial condition or operations of the Issuer and/or the Group taken as a whole, (b) the Issuer's ability to perform and comply with its obligations under this Bond Agreement; or (c) the validity or enforceability of this Bond Agreement. 5

18 "Material Subsidiary" means: a) each Subsidiary, whose assets have an aggregate book value of which exceeds five per cent. (5%) of the consolidated book value of the assets of the Group andlor whose aggregate revenues exceed five per cent. (5%) of the consolidated revenues ofthe Group; and b) where the aggregate book value of the assets and the aggregate revenues of the Issuer and the Material Subsidiaries (determined in accordance with a) above) amount to less than eighty per cent. (80%) of the total consolidated book value of the assets and the consolidated revenues of the Issuer, such additional Subsidiary (an "Additional Subsidiary") as the Issuer shall designate to ensure that the aggregate booie value of the assets and the aggregate revenues of the Issuer, the Material Subsidiaries and the Additional Subsidiaries shall amount to at least eighty per cent. (80%) of the total consolidated book value of the assets and the consolidated revenues of the Group provided always that the aggregate book value of assets and the aggregate revenues of such Additional Subsidiary shall be greater than that of any other subsidiary which is not already a Material Subsidiary (detennined in accordance with a) above), an Additional Subsidiary or the Issuer, in each case determined by reference to the latest audited consolidated financial statements of the Issuer and the latest financial statements of the relevant subsidiary. "Maturity Date" means 13 December 2022 or an earlier maturity date as provided for in this Bond Agreement. Any further adjustment may be made according to the Business Day Convention. "NOK" means Norwegian kroner, being the lawful currency of Norway. "Outstanding Bonds" means the aggregate value of the total number of Bonds not redeemed or otherwise discharged. "Party" means a party to this Bond Agreement (including its successors and permitted transferees). "Paying Agent" means any legal entity as appointed by the Issuer and approved by the Bond Trustee who acts as paying agent on behalf of the Issuer with respect to the Bonds. "Payment "Quarter Date" means a date for payment of principal or interest. Date" means each 13 March, 13 June, 13 September and 13 December. "Quarterly Financial Reports" means the unaudited unconsolidated and consolidated management accounts of the Issuer as of each Quarter Date, such accounts to include a profit and loss account, balance sheet, cash flow statement and management commentary. 6

19 "Securities Register Act" means the Norwegian Act relating to Registration of Financial Instruments of 5 July 2002 No. 64. "Securities Register" means the securities register in which the Bond Issue is registered. "Subsidiary" means an entity over which another entity or person has a determining influence due to (i) direct and indirect ownership of shares or other ownership interests, andlor (ii) agreement, understanding or other arrangement. An entity shall always be considered to be the subsidiary of another entity or person if such entity or person has such number of shares or ownership interests so as to represent the majority of the votes in the entity, orhas the right to vote in or vote out a majority of the directors in the entity. "Tap Issue" means subsequent issues after Issue Date up to the maximum amount described in Clause "Taxes" means all present and future taxes, levies, imposts, duties, charges, fees, deductions and withholdings, and any restrictions and or conditions resulting in a charge together with interest thereon and penalties in respect thereof and "Tax" and "Taxation" shall be construed accordingly. "US Securities Act" means the U.S. Securities Act of 1933, as amended. "Voting Bonds" means the Outstanding Bonds less the Issuer's Bonds. 1.2 Construction In this Bond Agreement, unless the context otherwise requires: (a) headings are for ease ofreference only; (b) words denoting the singular number shall include the plural and vice versa; (c) references to Clauses are references to the Clauses of this Bond Agreement; (d) references to a time is a reference to Oslo time unless otherwise stated herein; (e) references to a provision of law is a reference to that provision as it may be amended or re-enacted, and to any regulations made by the appropriate authority pursuant to such law, including any determinations, rulings, judgments and other binding decisions relating to such provision or regulation; (f) references to "control" means the power to appoint a majority of the board of directors of the Issuer or to direct the management and policies of an entity, whether through the ownership ofvoting capital, by contract or otherwise; and (h) references to a "person" shall include any individual, firm, partnership, joint venture, company, corporation, trust, fund, body corporate, unincorporated body of persons, or any state or any agency of a state or association (whether or not having separate legal personality). 2 The Bonds 2.1 Binding nature of the Bond Agreement 7

20 2.1.1 The Bondholders are, through their subscription, purchase or other transfer of Bonds bound by the terms of the Bond Agreement and other Finance Documents, as authority to the Bond Trustee to finalize and execute the Bond Agreement on the Bondholders behalf is set out in the subscription documents, term sheet, sales documents or in any other way, and while all Bond transfers are subject to the terms of this Bond Agreement and all Bond transferees are, intaking transfer of Bonds, deemed to have accepted the terms of the Bond Agreement and the other Finance Documents and will automatically become parties to the Bond Agreement upon completed transfer having been registered, without any further action required to be taken or formalities to be complied with, see also Clause The Bond Agreement is available to anyone and may be obtained from the Bond Trustee or the Issuer. The Issuer shall ensure that the Bond Agreement is available to the general public throughout the entire term of the Bonds. 2.2 The Bonds The Issuer has resolved to issue a series of Bonds in the total aggregate amount of NOK 750,000,000 (Norwegian kroner sevenhundred fifty million). The Bond Issue may comprise one or more tranches issued on different issue dates. The first tranche will be in the amount of NOK 250,000,000 (Norwegian kroner twohundredfifty million). The Bonds will be in denominations of NOK 1,000,000 each and rank pari passu between themselves. The Bond Issue will be described as 5.40 % Schibsted ASA Senior Unsecured Open Bond Issue 2012/2022". The International Securities Identification Number (ISIN) of the Bond Issue will be NO The tenor of the Bonds is from and including the Issue Date to the Maturity Date The Bond Issue is a Tap Issue, under which subsequent issues may take place after Issue Date up to the maximum amount described in Clause 2.2.1, running from the Issue Date and to be closed no later than 5 Business Days prior to the Maturity Date. All Tap Issues will be subject to identical terms in all respects. The rights and obligations of all parties to the Bond Agreement also apply for later Tap Issues. The Bond Trustee will on the issuing of additional Tap Issues make an addendum to the Bond Agreement regulating the conditions for such Tap Issue. 2.3 Purpose and utilization The net proceeds of the Bonds shall be employed for the general financing of the Issuer. 8

21 3 Listing 3.1 The Issuer shall apply for listing of the Bonds on Oslo Børs. 3.2 lfthe Bonds are listed, the Issuer shall ensure that the Bonds remain listed until they have been discharged in full. 4 Registration in a Securities Register 4.1 The Bond Issue and the Bonds shall prior to disbursement be registered in the Securities Register according to the Securities Register Act and the conditions of the Securities Register. 4.2 The Issuer shall promptly arrange for notification to the Securities Register of any changes in the terms and conditions ofthis Bond Agreement. The Bond Trustee shall receive a copy of the notification. 4.3 The Issuer is responsible for the implementation of correct registration in the Securities Register. The registration may be executed by an agent for the Issuer provided that the agent is qualified according to relevant regulations. 4.4 The Bonds have not been registered under the US Securities Act, and the Issuer is under no obligation to arrange for registration of the Bonds under the US Securities Act. 5 Purchase and transfer of Bonds 5.1 Eligible purchasers The Bonds are not offered to and may not be subscribed by investors located in the United States except for "Qualified Institutional Buyers" (QIBs) within the meaning of Rule 144A under the US Securities Act. In addition to the subscription agreement each initial purchaser will be required to execute, each US investor that wishes to purchase Bonds, will be required to execute and deliver to the Issuer a certification in a form determined by the Issuer, stating, among other things, that the purchaser is a QIB. 5.2 Transfer restrictions Subject to the restrictions set forth in this Clause 5.2 and any other restrictions that may be imposed on Bondholders by locallaws to which a Bondholder may be subject (due e.g. to its nationality, its residency, its registered address, its place(s) for doing business), the Bonds are freely transferable and may be pledged Bondholders located in the United States are not permitted to transfer the Bond except Ca)subject to an effective registration statement under the US Securities Act, (b) to a person that the Bondholder reasonably believes is a QIB within the meaning 9

22 ofrule 144A that is purchasing for its own account, or the account of another QIB, to whom notice is given that the resale, pledge or other transfer may be made in reliance on Rule 144A, (c) outside the United States in accordance with Regulation S under the US Securities Act, and (d) pursuant to an exemption from registration under the US Securities Act provided by Rule 144 there under (if available). 6 Conditions Precedent 6.1 Disbursement of the net proceeds of the Bonds to the Issuer will be subject to the Bond Trustee having received the following documents, inform and substance satisfactory to it, at least two Business Days prior to the Issue Date: (a) (b) (c) (d) Ce) this Bond Agreement duly executed by all parties thereto; certified copies of all necessary corporate resolutions to issue the Bonds and execute the Finance Documents; a power of attorney from the Issuer to relevant individuals for their execution of the relevant Finance Documents, or extracts from the relevant register or similar documentation evidencing the individuals authorized to sign on behalf of the Issuer; certified copies of (i) the Certificate of Incorporation or other similar official document for the Issuer, evidencing that it is validly existing and (li) Articles of Association of the Issuer; the latest Financial Statements and Quarterly Financial Report; Cf) confmuation that the requirements set forth in Chapter 7 of the Norwegian Securities Trading Act (implementing the EU prospectus directive (2003/71 EC) corrcerning prospectuses have been fulfilled; (g) (h) (i) to the extent necessary, any public authorisations required for the Bond Issue; confirmation from the Paying Agent that the Bonds have been registered in the Securities Register; written confirmation in accordance with Clause 7.3 (if required); G) the agreement set forth in Clause 14.2, dulyexecuted; (k) documentation on the granting of authority to the Bond Trustee as set out in Clause 2.1 and copies of any written documentation made public by the Issuer or the Manager in connection with the Bond Issue; (1) any statements or legal opinions reasonably required by the Bond Trustee; 10

23 6.2 The Bond Trustee may, in its reasonable opinion, waive the deadline or requirements for documentation as set forth in Clause Disbursement of the net proceeds of the first tranche of the Bonds is subject to the Bond Trustee' s written notice to the Issuer, the Manager and the Paying Agent that the documents have been controlled and that the required conditions precedent are fulfilled, 6.4 On the Issue Date, subject to receipt of confirmation from the Bond Trustee pursuant to Clause 6.3, the Manager shall make the net proceeds from the first tranche of the Bond Issue available to the Issuer. 6.5 The Issuer may issue Tap Issues provided that (i) the amount of the aggregate of (x) the Outstanding Bonds prior to such Tap Issue and (y) the requested amount for such Tap Issue shall not exceed the maximum issue amount (ii) no Event of Default occurs or would occur as a result of the making of such Tap Issue, (iii) the documents earlier received by the Bond Trustee, c.f. Clause 6.1, are still valid, (iv) the representations and warranties contained in this Bond Agreement being true and correct and repeated by the Issuer, and (v) that such Tap Issue is in compliance with laws and regulations as of the time of such issue. 7 Representations and Warranties 7.1 The Issuer represents and warrants to the Bond Trustee (on behalf of the Bondholders) that: (a) Status The Issuer is a limited liability company, duly incorporated and validly existing under the law of the jurisdiction inwhich it is registered, and has the power to own its assets and carry on its business as it is being conducted. (b) Power and authority The Issuer has the power to enter into and perform, and has taken all necessary corporate action to authorise its entry into, performance and delivery of this Bond Agreement and any other Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. (e) Valid, binding and enforceable obligations This Bond Agreement and any other Finance Document constitute (or will constitute, when executed by the respective parties thereto) legal, valid and binding obligations of such parties, enforceable in accordance with their terms, and (save as provided for therein) no further registration, filing, payment oftax or fees or other formalities are necessary or desirable to render the said documents enforceable against the Issuer and for any Security Interest created, or to be created, by any Security Documents to constitute a valid, perfected and enforceable Security Interest in accordance with the terms and conditions of such Security Document. (d) Non-conflict with other obligations 11

24 The entry into and performance by the Issuer of the Bond Agreement and any other Finance Document to which it is a party and the transactions contemplated thereby do not and will not conflict with (i) any present law or regulation or present judicial or official order; (ii) its articles of association, by-laws or other constitutional documents; or (Hi) any document or agreement which is binding on the Issuer or any of its assets. (e) No Event of Default No Event of Default exists, and no other circumstances exist which constitute or (with the giving of notice, lapse of time, determination of materiality or the fulfilment of any other applicable condition, or any combination of the foregoing) would constitute a default under any document which is binding on the Issuer or any of its assets, and which may have a Material Adverse Effect. (f) Authorizations and consents All authorisations, consents, licenses or approvals of any governmental authorities required for the Issuer in connection with the execution, performance, validity or enforceability ofthis Bond Agreement or any other Finance Document, and the transactions contemplated thereby, have been obtained and are valid and in full force and effect. All authorisations, consents, licenses or approvals of any governmental authorities required for the Issuer to carry on its business as presently conducted and as contemplated by this Bond Agreement, have been obtained and are in full force and effect. (g) Litigation No litigation, arbitration or administrative proceeding of or before any court, arbitral body or agency is pending or, to the best of the Issuer's knowledge, threatened which, if adversely determined, might reasonably be expected to have a Material Adverse Effect. (h) Financial Statements The audited most recently Financial Statements and Quarterly Financial Reports of the Group fairly and accurately represent the assets and liabilities and financial condition as at their respective dates, and have been prepared in accordance with GAAP, consistently applied from one year to another. (i) No undisclosed liabilities As of the date of the Financial Statements, the Issuer had no materialliabilities, direct or indirect, actual or contingent, and there were no material anticipated losses from any unfavourable commitments not disclosed by or reserved against in the Financial Statements or in the notes thereto. (j) No Material Adverse Effect Since the date of the Financial Statements, there has been no change in the business, assets or financial condition of the Issuer that is likely to have a Material Adverse Effect. (le) No misleading information 12

25 Nersk Tillitsmann ASA All documents and information which have been provided to the subscribers or the Bond Trustee in connection with this Bond Issue represent the latest available financial information concerning the Group. (I) Environmental compliance The Issuer and each Group Company is in compliance with any relevant applicable environmentallaw or regulation and no circumstances have occurred which would prevent such compliance in a manner which has or is likely to have a Material Adverse Effect. (m) Intellectual property The Group has undisputed, valid and good title to (a) its patents, trade marks, service marks, designs, business names, copyrights, design rights, inventions, confidential information and other intellectual property rights and interests (whether registered or unregistered), and (b) the benefit of all applications and rights to use such assets. (n) No withholdings The Issuer is not required to make any deduction or withholding from any payment which it may become obliged to make to the Bond Trustee (on behalf of the Bondholders) or the Bondholders under this Bond Agreement. (o) Paripassu ranking The Issuer's payment obligations under this Bond Agreement or any other Finance Document to which it is a party rank at least pari passu with the claims of its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. (P) Encumbrances No Encumbrances exist over any of the present assets of any Group Company in conflict with this Bond Agreement. 7.2 The representations and warranties set out in Clause 7.1 are made on the execution date ofthis Bond Agreement, and shall be deemed to be repeated on the Issue Date. 7.3 The Bond Trustee may prior to disbursement require a written statement from the Issuer confirming compliance with Clause In the event of misrepresentation, the Issuer shall indemnify the Bond Trustee for any economic losses suffered, both prior to the disbursement of the Bonds, and during the term of the Bonds, as a result of its reliance on the representations and warranties provided by such Issuer herein. 8 Status of the Bonds and security 8.1 The Bonds shall be senior debt of the Issuer. The Bonds shall rank at least pari passu with all other obligations of the Issuer (save for such claims which are preferred by bankruptcy, insolvency, liquidation or other similar laws of general application) and shall rank: ahead of subordinated debt. 13

26 , I Norsk Tillitsmann ASA B.2 The Bonds are unsecured. 9 Interest 9.1 The Issuer shall pay interest on the face value of the Bonds from, and including, the Issue Date at a fixed rate of 5.40% per cent per annum (the "Fixed Rate"). 9.2 Interest payments shall be made in arrears on the Interest Payment Dates each year, the first Interest Payment Date being 13 December The relevant interest payable amount shall be calculated based on a period from, and including, one Interest Payment Date to, but excluding, the next following applicable Interest Payment Date. 9.4 The day count fraction in respect of the calculation of the payable interest amount shall be "30/360", which means that the number of days in the calculation period in respect of which payment is being made divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve 3D-days months (unless (i) the last day of the calculation period is the 31 st day of a month but the first day of the calculation period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30- day month, or (ii) the last day of the calculation period is the last day of the month of February, in which case the month offebruary shall not be considered to be lengthened to a 30-day month». 9.5 The payable interest amount per Bond for a relevant calculation period shall be calculated as follows: Interest = Face x Fixed x Fixed Rate Amount Value Rate Day Count Fraction 10 Maturity of the Bonds and Redemption 10.1 Maturity The Bonds shall mature in full on the Maturity Date, and shall be repaid at par (100%) by the Issuer Change a/control Upon the occurrence of a Change of Control Event or a Delisting each Bondholder shall have a right of pre-payment (a "Put Option") of its Bonds at a price of 100 % of par plus accrued interest. 14

27 The Put Option must be exercised within two months after the Issuer has given notification to the Bond Trustee and the Bondholders ofa Change ofcontrol Event. Such notification shall be given as soon as possible after a Change of Control Event has taken place. The Put Option may be exercised by the Bondholders by giving written notice of the request to its Account Manager. The Account Manager shall notify the Paying Agent of the pre-payment request. The settlement date of the Put Option shall be fifteen Business Days following the date when the Paying Agent received the repayment request On the settlement date of the Put Option, the Issuer shall pay to each of the Bondholders holding Bonds to be pre-paid, the principal amount of each such Bond (including any premium pursuant to Clause ) and any unpaid interest accrued up to (but not including) the settlement date. 11 Payments 11.1 Payment mechanics The Issuer shall pay all amounts due to the Bondholders under the Bonds and this Bond Agreements by crediting the bank account nominated by each Bondholder in connection with its securities account in the Securities Register Payment shall be considered to have been made once the amount has been credited to the bank which holds the bank account nominated by the Bondholder in question, but ifthe paying bank. and the receiving bank. are the same, payment shall be considered to have been made once the amount has been credited to the bank account nominated by the Bondholder in question, see however Clause Currency Ifthe Bonds are denominated in other currencies than NOK, each Bondholder has to provide the Paying Agent (either directly or through its Account Manager) with specific payment instructions, including foreign exchange bank account details. Depending on the currency exchange settlement agreements between the Bondholders' bank. and the Paying Agent, cash settlement may be delayed, in which case no default interest or other penalty shall accrue for the amount of the Issuer Except as otherwise expressly provided, all amounts payable under tins Bond Agreement and any other Finance Document shall be payable in the same currency as the Bonds are denominated in. If, however, the Bondholder has not given instruction as set out in Clause , within 5 Business Days prior to a Payment Date, the cash settlement will be exchanged into NOK and credited to the NOK bank. account registered with the Bondholders account in the Securities Register Amounts payable in respect of costs, expenses, taxes and other liabilities shall be payable in the currency in which they are incurred. 15

28 11.3 Set-off and counterclaims The Issuer may not apply or perform any counterclaims or set-off against any payment obligations pursuant to this Bond Agreement or any other Finance Document Interest in the event of late payment In the event that payment of interest or principal is not made on the relevant Payment Date, the unpaid amount shall bear interest from the Payment Date at an interest rate equivalent to the interest rate according to Clause 9 plus 5.00 percentage points, The interest charged under this Clause 11.4 shall be added to the defaulted amount on each respective Interest Payment Date relating thereto until the defaulted amount has been repaid in full The unpaid amounts shall bear interest as stated above until payment is made, whether or not the Bonds are declared to be in default pursuant to Clause 15.1 Ca),cf. Clauses Irregular payments In case of irregular payments, the Bond Trustee may instruct the Issuer or Bondholders of other payment mechanisms than described in Clause 11.1 or 11.2 above. The Bond Trustee may also obtain payment information regarding Bondholders' accounts from the Securities Register or Account Managers. 12 Issuer's acquisition of Bonds 12.1 The Issuer has the right to acquire and own Bonds (Issuer's Bonds). The Issuer's Bonds may at the Issuer's discretion be retained by the Issuer, sold or discharged. 13 Covenants 13.1 General The Issuer has undertaken the covenants inthis Clause 13 to the Bond Trustee Con behalf of the Bondholders ), as further stated below. 16