External auditor

The external auditor is elected by the General Meeting. The Audit Committee will present a recommendation on the appointment of an external auditor to the Board of Directors. Appointments of external auditors must be approved by the Annual General Meeting.

As a general rule, all companies in the Schibsted Group will use the same external audit firm. Exceptions can be approved by the Group CFO.

Pursuant to the instructions, the Audit Committee is responsible for ensuring that Schibsted is subject to an independent and effective external audit.

Yearly, the Audit Committee will evaluate the following conditions relating to the external auditors:

• Independence of the audit firm

• Quality of the audit services

• Estimated fees

The Audit Committee will present a proposal to the Board of Directors with respect to approval of the external auditor’s remuneration.

The external auditor is present at all Audit Committee meetings. The external auditor will annually meet with the Audit Committee without Schibsted’s management being present.

The external auditor must not under any circumstances perform advisory tasks or other services if this could have an impact on or raise doubt regarding the auditor’s independence. The Schibsted Group has prepared guidelines concerning the relationship with external auditors.