Cost reductions in Aftenposten, Published 30/11/2001 09:59:37

Details regarding cost reduction activities announced in 3rd quarter of 2001

The Board of Directors of Aftenposten today has approved a cost cutting program of NOK 200 million over the next two years as part of the productivity and profitability program announced by Schibsted. The program involves staff reductions of 130 – 150 man-years.

Aftenposten offers an early retirement plan to all those 60 years of age and above within the end of 2001, as well as “golden handshakes” with up to 12 months of salary. However, if staff reductions are not ensured by these voluntary initiatives and regular resignations, lay-offs will be necessary.

We expect the approved actions to give a positive effect of approx. NOK 100 million in 2002, on top of the already implemented actions of NOK 50 million. Both programs were announced in connection with the 3rd quarter results. This involves allocations in the order of NOK 50 – 80 million that will be charged in the 4th quarter of 2001.

Estimates for the operating result, based on present expectations concerning the advertisement market for 2002 for Aftenposten Group incl. Avis1, amounts to approx. NOK 50 – 100 million after the cost reductions with NOK 150 million effect on the above mentioned result is implemented.

Contact persons:

Trond Berger, CFO, Schibsted ASA

Olav Mugaas, CEO, Aftenposten

Oslo, 29 November 2001

Catharina Thorenfeldt

VP Investor Relations & Group Treasurer