Annual Report 2009

Opinions in the Age of New Media

The Tinius Trust

 The Tinius Trust was established by Tinius Nagell-Erichsen in a deed
of gift on 8. May 1996 and has a basic capital of NOK 42,862,184. Nagell-Erichsen
transferred the only voting share in Blommenholm Industrier AS to the Trust on
5.May 2006. Blommenholm Industrier owns 27.0 per cent of the shares in Schibsted
ASA and is the company’s largest shareholder. The Tinius Trust thus manages the
largest block of shares in the Schibsted Group.
Amendments to Schibsted ASA’s Articles of Association require a three quarters
majority, and according to the Articles of Association no shareholder can own or vote
for more than 30 per cent of the shares. Schibsted ASA’s Articles of Association also
ensure that important decisions made by the Group’s subsidiaries require the
support of three quarters of the votes cast at the General Meeting of Schibsted ASA.
As long as the Trust owns more than 25.0 per cent of the shares outstanding, these
provisions give the Trust considerable influence over the ownership of Schibsted.
Nagell-Erichsen stated that he wanted to use this influence to ensure that Schibsted
remains a media group characterised by free, independent editorial staffs, credibility and
quality and with long-term, healthy financial developments. This is also stipulated in
the Trust’s Articles of Association.