Deutsche Bank dbaccess European TMT Conference London, September 3, Dr Julian Deutz, CFO Claudia Thomé, Co-Head of Investor Relations

(1)

Deutsche Bank

dbAccess European TMT Conference

London, September 3, 2014

Dr Julian Deutz, CFO

(2)

This document, which has been issued by Axel Springer SE (the "Company"), comprises the written materials/slides for a presentation of the management.

Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions and expectations contained herein are fair and reasonable no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions.

This document contains forward looking statements which involves risks and uncertainties. These forward looking statements speak only as of the date of this document and are based on numerous assumptions which may or may not prove to be correct. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in this document.

The Company undertakes no obligation to publicly update or revise any forward looking statements or other information contained herein whether as a result of new information, future events or otherwise.

This document does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.

(3)

Our corporate mission

The leading

(4)

Axel Springer’s transformation to digital along

core areas of expertise

 Portfolio of market-leading media brands in Germany and

international markets

 Digital revenue share 20%

 Portfolio of reach- and

performance-based marketing models

 Portfolio of classified ad models with focus on real estate, jobs and cars

Paid Models

Marketing Models

Classified Ad Models

3 Zimmer mit Finesse, niedrige Energiekosten dank Solaranlage, ca 83m² Wfl., 650€ Miete + NK oder mietähnliche Kaufraten, Bezug sofort. 030 2591 123 456 Wohnung gesucht! 2 Zi.,Kü,Bad. Ab sofort! Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 Mitbewohner gesucht! Ich, 43, w, suche Mitbewohner, m, der mir im Haushalt hilft. Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567

Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567 3 Zimmer mit Finesse, niedrige Energiekosten dank Solaranlage, ca 83m² Wfl., 650€ Miete + NK oder mietähnliche Kaufraten, Bezug sofort. 030 2591 123 456 Wohnung jetzt gesucht! 2 Zi.,Kü,Bad. Ab sofort! 123456 Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 Mitbewohner gesucht! Ich, 43, w, suche Mitbewohner, m, der mir im Haushalt hilft. Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 Mitbewohner gesucht! Ich, 43, w, suche Mitbe-wohner, m, der mir im Haushalt hilft

Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567 3 Zimmer mit Finesse, niedrige Energiekosten dank Solaranlage, ca 83m² Wfl., 650€ Miete + NK oder mietähnliche Kaufraten, Bezug sofort. 030 2591 123 456. Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 Wohnung gesucht! 2 Zi.,Kü,Bad. Ab sofort! Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 Mitbewohner gesucht! Ich, 43, w, suche Mitbe-wohner, m, der mir im Haushalt hilft.

Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567 3 Zimmer mit Finesse, niedrige Energiekosten dank Solaranlage, ca 83m² Wfl., 650€ Miete + NK oder mietähnliche Kaufraten, Bezug sofort. 030 2591 123 456. Mitbewohner gesucht! Ich, 43, w, suche Mitbe-wohner, m, der mir im Haushalt hilft.

Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567

Mitbewohner gesucht! Ich, 43, w, suche Mitbe-wohner, m, der mir im Haushalt hilft.

Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567 Mitbewohner gesucht! Ich, 43, w, suche Mitbewohner, m, der mir im Haushalt hilft. Wohnung gesucht! 2 Zi.,Kü,Bad. Ab sofort! Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 Mitbewohner gesucht! Ich, 43, w, suche Mitbewohner, m, der mir im Haushalt hilft Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567 Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 3 Zimmer mit Finesse, niedrige Energiekosten dank Solaranlage, ca 83m² Wfl., 650€ Miete + NK oder mietähnliche Kaufraten, Bezug sofort. 030 2591 123 456. Wohnung gesucht! 2 Zi.,Kü,Bad. Ab sofort! 3 Zimmer mit Finesse, niedrige Energiekosten dank Solaranlage, ca 83m² Wfl., 650€ Miete + NK oder mietähnliche Kaufraten, Bezug sofort. 030 2591 123 456 Mitbewohner gesucht! Ich, 43, w, suche Mitbe-wohner, m, der mir im Haushalt hilft. Moderne Altbau-wohnung, 75 m², Beste Lage! Chiffre 0815 098765 Haus im Grünen, von privat! Keine Courtage! 030 2591 1234567

(5)

55% 23%

36%

-14%

Axel Springer at a Glance

 Germany’s leading publisher with unique media brands

 Successful transformation with 65% of EBITDA from digital activities

 Organic growth supported by active M&A with strong track record

 Strong balance sheet and cashflow

 High dividend yield

Highlights

2013 Outlook 2014

Revenues 2,801.4 Up single-digit % EBITDA 454.3 Up low double-digit % EBITDA-margin 16.2%

EPS (adj.) 1.81 Up low double-digit %

DPS 1.80

Current Financials

Revenues by segment (%)

EBITDA by segment (%)

51% 27% 16% 6% Paid Models Marketing Models Services / Holding Classified Ad Models

(6)

Active portfolio management accelerates

shift to digital

Revenues

Advertising Revenues

EBITDA

H1/14

51%

49%

2008

14%

86%

4%

35%

H1/14

65%

2008

96%

H1/2014 figures on the basis of continuing operations only. Digital

Other (incl. Services / Holding)

27%

2008

22%

78%

73%

H1/14

(7)

Closing of FUNKE transaction and sale of Czech

activities at end of April 2014



Asset valuation of €920m



After contractual adjustments (mainly

transfer of net liabilities) purchase price at

closing of €875m



Cash payment of €634m by Funke at

closing



Expected tax payment of ~ €260m

payable in several installments during

second half of 2014



Vendor loan of €241m (repayment in year

5/6 after closing)



Company valuation of €170m

(50:50 Axel

Springer/Ringier)



After contractual adjustment (mainly net

asset value) purchase price at closing of

€183m



Transaction mostly tax-free

Sale of regional newspapers

and magazines to FUNKE

Ringier Axel Springer Media

sale of Czech activities

(8)

Paid Models segment at a Glance

 Focus on market-leading media brands with clear path to

digitization

 National paid models dominated by unique asset BILD

 WELT group complemented by leading news TV channel N24

 Pioneering paid content in Germany with encouraging first results

 Strong presence in Eastern Europe (JV with Ringier) and Switzerland

Highlights

2013 Outlook 2014

Revenues 1,521.5 Up single-digit %

EBITDA 250.1 Up low to mid single-digit % EBITDA-margin 16.4%

Current Financials

 BILD group

 WELT group/N24

 Ringier Axel Springer Media (Central Eastern Europe)

 Switzerland

 France, Russia, Spain

National

International

(9)

BILD – a unique media brand print and online

11.6 12.5 12.1 12.8 12.2 11.3 10 11 12 13 ma

09/I 09/IIma 10/Ima 10/IIma 11/Ima 11/IIma 12/Ima 12/IIma 13/Ima 13/IIma 14/Ima 14/IIma Highlights Paid Models

Online,

reach in million unique users

2)

Bild.de vs. Peers

2)

Print,

daily reach in million

1)

BILD vs. TV

16.4 10.5 11.4 9.3 6 8 10 12 14 16 2010-01 2011-02 2012-03 2013-04 2014-05

bild.de spiegel.de focus.de welt.de

16.4 12.0 10.1 _9.3 7.6 5.2 4.9 9.6 8.9 11.3 5.5 20.0 3.2 Big Bang Theory Tatort Britain’s Got Talent

(10)

BILD reaches more than 220k digital subscribers

Highlights Paid Models

*)_{New reporting introduced June 2014 by IVW (IVW certifies and audits the circulations of major publications and online offerings in Germany).}



Freemium model



Introduced 06/2013



Price range:

€4.99 – €14.99 per month



German soccer league highlight clips as

additional option (€2.99 per month)



Metered model



Introduced 12/2012



Price range:

€4.49 – €14.99 per month



German soccer league highlight clips as

additional option (€2.99 per month)

223k

July 2014

13 months after start

54k

July 2014

20 months after start

(11)

Marketing Models segment at a Glance

 #1 positions in all major marketing business models

 Reach based marketing with strong organic growth and margins > 35%

 zanox group European market leader in performance marketing

 Performance marketing with structurally low margin (~5%)

 Investments for further growth affect 2014 EBITDA

Highlights

2013 Outlook 2014

Revenues 716.5 Up low double-digit %

EBITDA 103.4 stable EBITDA-margin 14.4%

Current Financials

 Idealo  aufeminin  kaufDA/Bonial (Main activities)  zanox group  Digital Window  eprofessional

Reach Based Marketing

Performance Marketing

(12)

Idealo: Germany’s #1 price comparison platform

Highlights Marketing Models

All figures incl. acquisitions.



Founded in 2000



Break-even in 2003



Acquisition by Axel Springer in 2006

(#5 market position)



Marketing via print and online reach of Axel

Springer helps to achieve #1 market position



Today ~150m offers by >37,000 shops on

idealo.de, >700 employees (FTE)



Largest digital EBITDA contributor outside

Classifieds segment

Company Overview / History

Continuous success since acquisition

2006 2013

10x

2006 2013

10x

Revenues EBITDA

(13)

aufeminin.com: From a French website to the

world’s leading digital publisher for women

Strong growth and

successful internationalization



The leading women’s network



130m unique users worldwide,

105m in Europe



Axel Springer invested since August 2007

(stake 82.3%)



Active in 15 countries



Bolt-on acquisitions to accelerate growth



2008: onmeda.de in Germany



2011: netmums.com in UK



2013: MyLittleParis in France

Company profile

2006

2013

13.4 8%

92%

60.1 56%

44%

France International Revenues in €m

(14)

kaufDA: Going fast track international

Highlights Marketing Models

 80% of brochure view already coming from

mobile:

Growth driven by mobile

 2008: Start in Germany, quickly achieved

market leading position

 Research online – buy offline

 Making use of location-based offerings,

also adding push alert functions

 2014: Bolt-on acquisition of MeinProspekt

 2011: France

 2012: Russia, Spain, Brasil

 2013: USA

US market size for brochures (>15bn USD) exceeds European market

Business model

Internationalization

Mobile Total Cost per Click

Brochure views Germany and France

Jan 11 Dec 11 Dec 12 Dec 13

(15)

Classified Ad Models segment at a Glance

 Portfolio of market leading classified ad models

 Digital classifieds clear

beneficiary of structural shift from print to online

 Strong market positions yielding high margins

 JV (70:30) with General Atlantic (private equity) since April 2012 to accelerate M&A with additional firepower

 Eight acquisitions with total investment of almost €800m since start of JV

Highlights

2013 Outlook 2014

Revenues 402.6 Significant increase EBITDA 163.8 Significant increase EBITDA-margin 40.7%

Current Financials

Real Estate  #1 in France  #1 in Belgium  #2/3 in Germany Jobs  #1 in Germany  #1 in UK  #1 in Ireland, South Africa Cars  #1 in France Local  #1 in Germany Generalist  #1 in Israel

Classified Ad Models

(16)

StepStone: Lead over competitors is widening

1) _{Source: TNS 2012, n=746; poll period: April-June 2012; survey of 80,288 job offerors which have inserted job advertisements during this period;} TNS 2013, n=4,169

Highlights Classified Ad Models

15.6 6.0 5.1 3.3 2.2 13.6 7.1 6.7 3.0 1.8 StepStone Competitor Competitor Competitor Competitor

Applications per job ad

in Germany; 2012 & 2013

1) 2013 2012 x 2.6 x 1.9 x 3.1 x 2.0 x 4.7 x 4.6 x 7.1 x 7.5



#1 job portal in Germany, UK and Belgium



High growth driven by operational excellence

and market share gains



Revenue growth and scalability of business

resulting in strong margin improvement



Several bolt-on acquisitions enabling

know-how transfer and best practice exchange



Relevance of direct search in Germany

limited

(17)

SeLoger revenue growth driven by strong

ARPU development

Monthly ARPU depending on regions (EUR)

554 506 468 464 422 406 373 338 302 265 240 396 368 351 324 291 271 221 193 151 129 455 419 393 376 339 321 301 271 247 213 197 600 400 500 300 200 100 2011 2010 2009 2008 2012 2013 2004 2003 2007 256 2006 2005 Total IDF Province

Note: ARPU figures include revenues from Seloger.com, excludes verticals, as of December of each year

Highlights Classified Ad Models



#1 specialist real estate portal in France



Penetration rate with real estate agents

>80%



Excellent competitive position and

beneficiary from print to online shift



Continued revenue growth driven by

strong ARPU development over the last

ten years



Market conditions in French real estate

slightly improving in 2014 after difficult

2012/2013

(18)

Three acquisitions in 2014 broadening the

footprint in classifieds



#1 portal for real estate,

cars and generalist

classi-fieds in Israel

Deal terms



Acquisition of 100%



Company valuation of

~€170m (cash/debt free)



Transaction signed and

closed in May 2014



Add-on acquisition to

complement #1 UK job

portal Totaljobs

Deal terms



Acquisition of 100%



Company valuation of

€110m (cash/debt free)



Signed in May 2014,

closing envisaged in Q4/14



#1 specialist portal in

French car segment

Deal terms



Acquisition of 51%, options

for remaining shares



Company valuation of

~€142m (cash/debt free)



Signed June, closed in July

2014

(19)

Investment quadrupled: Attractive sale of

iProperty for €74m results in profit of €55m

Company

Description



_{Leading online real estate portals in Malaysia, Hong Kong,}

Indonesia, Singapore and Macau

Financials



_{FY 2013: €13.1m revenues and €1.4m EBITDA}

Investment

History



_{Mainly between 2011 and 2012, SeLoger acquired stake of 17.2%}

with a total investment of €19.1m



Strong share price development

Divestment

_

_{Sale to REA group for €74.3m results in pre-tax profit of €55.1m in}

July 2014 (expected tax payment of €2.2m)

(20)

Active M&A to support organic growth



M&A with strong track record of price

discipline and outstanding industry expertise



Proven history of retaining successful

founders/ management



Industry-leading CEOs within Axel Springer

adding value to M&A process



Company transformation supported by

digital acquisitions (total of €~2.6bn) and

divestments (total of €~2.4bn) since 2006

1)

M&A guidelines Price-disciplined digital majority acquisitions

Reasonable multiple at

acquisition date further

significantly lowered by

positive companies’

development



12×

EBITDA-Multiple

at acquisition date



7×

EBITDA-Multiple

2013 1)_{EV before purchase price adjustments, taxes etc.}

(21)

Comfortable financial situation with significant

headroom

 Low leverage of 0.2x

 Strong free cash flow generation (2013: €246m)

 Sufficient headroom for investments in

digitization and high dividend (payout of €178m for 2013)

Balance sheet and cash flow usage

 Credit line: Volume of €900m, maturity in 2017, initial margin below 50 bps

 Promissory note2)_{: Volume of €500m, maturity}

in 2016/2018, favorable fixed interest rates for 64% of the volume

Attractive financing in place

 €241m vendor loan to FUNKE Media Group

 €62.5m of vendor loan to Madsack remaining

 €259 sale of stake in Doğan TV

Net financial debt (-)/cash (+)

1)

_{in €m}

Future cash inflows >€550m

-91.0

-471.3

-104.4

1)_{Excl. pension liabilities (06/30/14: €309m, 12/31/13: €288m).} 2)_{Schuldscheindarlehen.}

(22)

Priorities 2014 - 2015

Establishing

paid models

as industry standard

Expanding European

market leadership in classifieds

on a global scale

Continue value creating

M&A activities

Successful integration of

WELT and N24

Further successful

restructuring

of central departments

1.

3.

2.

4.

5.

(23)

Our corporate mission

The leading

(24)

(25)

Still high profitability in 2013 despite

investments in digitization

EBITDA

in €m

Revenues

in €m

2,081 2,324 2,576 2,737 2,801 1,352 1,437 2,647 1,618 H1/2013 1,642 2013 3,216 2010 2,925 2009 3,374 2012 3,340 2011 H1/2014 H1/2014 295 266 (18.5%) H1/2013 304 241 (17.8%) 2013 571 454 (16.2%) 2012 628 499 (18.2%) 2011 593 448 (17.4%) 2010 511 392 (16.9%) 2009 334 263 (12.6%) Continuing operations Discontinued operations

(26)

Margin profile segments: Classified Ad Models

with strong margin increase

EBITDA

in €m

EBITDA

margin in %

Marketing Models Classified Ad Models

18 22 21 22 21 20 18 ₁₆ ₁₆ ₁₆ ₁₅ 17 9 16 35 40 41 45 14 20 19 19 16 18 18 16 16 15 14 15 9 16 29 40 41 45 Paid Models EBITDA margin ex LC/RC EBITDA margin EBITDA 280 336 345 314 155 58 73 90 103 110 62 4 17 79 134 164 101 220 328 313 ₃₀₂ 250 133 58 73 90 98 103 55 4 17 65 134 164 101 2013 2012 2011 2010 2009 353

EBITDA ex restructuring / launch costs

H1/14 2009 2010 2011 2012 2013 H1/14 2009 2010 2011 2012 2013 H1/14 2013 2012 2011 2010 2009 H1/14 2009 2010 2011 2012 2013 H1/14 2009 2010 2011 2012 2013 H1/14

(27)

Stable free cash flow in H1/14, increase expected

for second half of the year

0.40 0.48 0.57 1.17 1.33 1.47 1.47 Dividend (€/share) 1.70 1.60 0.22 1.70 178 168 168 157 131 131 122 107 52 45 37 22 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1.80 82.4 81.6 H1/14 H1/13

(28)

H1/14 positively impacted by acquisitions in

digital, organic growth and print disposals

Revenues up 6.2%, EBITDA of €266m up 10.6% yoy

1. Net income of €816m due to print disposals (PY: €156m)

3. Digital activities 65.2% of group EBITDA and 51.4% of revenues

2.

6.

4. Classifieds with improved organic growth and 3 major acquisitions

7. Sale of minority stake in iProperty for €74m (effective Q3/14)

5. Digital subscriber numbers continue to grow

(29)



Revenues up 6.2% yoy, adjusted for

consolidation effects +3.3%



Digital media driving growth in

advertising revenues and

over-compensating decline in print



Restructuring expenses up in H1/14,

expected to be significantly down

yoy in H2/14



EBITDA up 10.6% yoy, adjusted for

consolidation effects +4.1%

EBITDA and revenues up in line with

expectations

in €m H1/14 yoy Q2/14 yoy

Revenues

1,436.8 6.2% 744.4 8.0% Circulation _364.7 _-4.4% _182.6 _-4.6% Advertising _855.3 _8.8% _449.1 _11.1% Other _216.7 _17.5% _112.7 _20.5%

EBITDA

266.1 10.6% 147.8 8.2% Margin _18.5% _+0.7pp _19.9% _+0.0pp Restructuring Exp. _21.0 _4.9 _12.1 _1.8 Launch Costs _15.3 _-0.3 _6.7 _-1.0

EBITDA

ex. Restr./LC 302.4 11.0% 166.6 7.7%

(30)

Cost development in line with revenues



Total costs up by 5.9% due to

organic growth in digital and

consolidation effects



Adjusted for consolidation effects,

total costs up by 3.4%



Increase in personnel costs driven

by build-up in digital

in €m H1/14 yoy Q2/14 yoy

Personnel _463.6 _8.1% _238.6 _11.0%

Purchased goods and

services 461.6 5.3% 234.4 7.1%

Other operating _337.9 _4.0% _181.6 _4.9%

(31)

Paid Models with slight revenue and EBITDA

growth and stable underlying development



Share of digital revenues in segment

almost 20%



Business development significantly

better in Paid Models National

compared to International



Circulation revenue decline adjusted

for consolidation effects only -1.2% in

H1/14, due to copy price increases

and paid content revenues



Positive effect from world cup for

advertising in Q2/14



EBITDA up 6.1%, adjusted for

restructuring costs and launch costs

up 1.7%

in €m H1/14 yoy Q2/14 yoy

Revenues

760.2 2.8% 406.4 5.3%

thereof digital (reported) 140.6 44.4% 81.1 51.8% thereof digital (pro forma) 154.5 9.0% 82.5 6.6%

Circulation _364.7 _-4.4% _182.7 _-4.6% Advertising _329.4 _5.0% _185.4 _8.9% Other _66.1 _48.9% _38.3 _56.6%

EBITDA

132.7 6.1% 75.4 6.0% Margin _17.5% _+0.5pp _18.6% _+0.1pp Restructuring Exp. _13.3 _+0.1 _6.6 _-1.5 Launch Costs _8.5 _-5.2 _3.3 _-3.4

EBITDA

ex. Restr./LC 154.6 1.7% 85.3 -0.7%

(32)

Organic growth continues to drive Marketing

Models



Majority of advertising revenue

increase driven by organic growth



Other revenues adjusted for

consolidation effects up 5.7% in

H1/14



EBITDA up despite significant

increase in launch costs

* Total EBITDA includes costs of €2.2m in H1/2014 and €1.8m in H1/2013 (thereof business development, M&A and other), not allocated to the two pillars.

in €m H1/14 yoy Q2/14 yoy

Revenues

370.8 9.5% 182.0 8.9%

Revenues (pro forma) 370.8 7.9% 182.0 7.1%

Advertising _307.3 _7.5% _151.4 _7.0% Other _63.5 _20.6% _30.6 _19.1%

EBITDA*

55.3 3.8% 28.9 -1.8% Margin _14.9% _-0.8pp _15.9% _-1.7pp Launch Costs _6.6 _+4.8 _3.3 _+2.3

EBITDA

ex. LC 61.9 12.3% 32.2 5.8% Margin _16.7% _+0.4pp _17.7% _-0.5pp

(33)

Classified Ad Models with improved organic

growth



Revenues up 15.0% yoy, ex

consolidation effects 7.4%



Organic growth in Q2/14 (9.4%)

slightly up on Q1/14 (7.0%)



EBITDA up due to increased

revenues and significant margin

expansion

in €m H1/14 yoy Q2/14 yoy

Revenues

226.6 15.0% 115.4 18.2%

Revenues (pro forma) 235.2 8.2% 119.0 9.4%

Advertising _218.6 _17.1% _112.4 _21.6%

Other _8.0 _-23.2% _3.1 _-41.5%

EBITDA

101.0 24.6% 52.7 29.3%

(34)

Net income of €816m significantly up yoy due to

print disposals

1)_{Based on weighted average number of shares outstanding in H1/2014: 98.9m.}

in €m H1/14 H1/13 Q2/14 Q2/13

Net income

815.9 155.6 734.7 83.3

Net income discontinued operations 674.4 42.3 658.8 23.4

eps discontinued operations (in €)1) 6.44 0.39 6.30 0.22

Net income continuing operations

141.6 113.3

76.0

60.0

Non-recurring effects -15.4 -12.1 -5.4 6.5

Effects of purchase price allocations 32.4 29.5 17.5 14.7

Taxes attributable to these effects -20.4 -8.5 -11.6 -5.4

Adjusted net income

138.2 122.3

76.5

75.8

Thereof attributable to non-controlling interests 27.2 23.3 16.7 13.4 Adjusted net income attributable to shareholders of Axel Springer SE

111.0 98.9

59.8

62.4

in €

(35)

(36)

Paid Models National: Revenue growth /

International: Stable EBITDA margin

in €m H1/14 yoy Q2/14 yoy H1/14 yoy Q2/14 yoy

Revenues

567.5 6.7% 304.9 10.5% 192.7 -7.2% 101.5 -7.9%

thereof digital (reported) 91.5 68.7% 54.7 83.6% 49.2 14.0% 26.4 11.7%

thereof digital (pro forma) 105.3 10.2% 56.1 8.1% 49.2 6.5% 26.4 3.6%

Circulation _282.6 _-0.4% _141.5 _-1.1% _82.1 _-16.0% _41.2 _-14.8% Advertising _245.3 _9.3% _138.9 _16.4% _84.1 _-5.9% _46.5 _-8.6% Other _39.6 _66.4% _24.5 _81.0% _26.5 _28.7% _13.8 _26.4%

EBITDA

110.4 9.1% 62.2 12.6% 22.3 -6.5% 13.2 -16.7% Margin _19.4% _+0.4pp _20.4% _+0.4pp _11.6% _+0.1pp _13.0% _-1.4pp Restructuring Exp. _12.6 _+2.4 _5.8 _+0.5 _0.8 _-2.3 _0.8 _-2.0 Launch Costs _8.4 _-5.4 _3.3 _-3.5 _0.2 _+0.1 _0.1 _+0.1

EBITDA

ex. Restr./LC 131.3 5.0% 71.3 5.9% 23.3 -13.9% 14.0 -24.4%

Margin _23.1% _-0.4pp _23.4% _-1.0pp _12.1% _-0.9pp _13.8% _-3.0pp

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Reach Based Marketing with launch costs /

Performance Marketing slightly improved

in €m H1/14 yoy Q2/14 yoy H1/14 yoy Q2/14 yoy

Revenues

132.6 15.8% 67.3 15.9% 238.2 6.3% 114.7 5.1%

Revenues (pro forma) 132.6 11.6% 67.3 11.0% 238.2 6.0% 114.7 4.9%

Advertising _92.4 _10.4% _46.9 _9.5% _215.0 _6.3% _104.5 _5.9% Other _40.3 _30.5% _20.4 _33.8% _23.2 _6.5% _10.2 _-2.3%

EBITDA*

46.6 1.5% 24.3 -7.1% 10.9 18.1% 5.7 34.5% Margin _35.1% _-4.9pp _36.2% _-9.0pp _4.6% _+0.5pp _5.0% _+1.1pp Launch Costs _6.6 _+4.8 _3.3 _+2.3 _0.0 _- _0.0

-EBITDA

ex. LC 53.2 11.5% 27.6 1.6% 10.9 18.1% 5.7 34.5% Margin _40.1% _-1.5pp _41.1% _-5.8pp _4.6% _+0.5pp _5.0% _+1.1pp

Reach Based Marketing Performance Based Marketing

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New segmentation reflects transition to digital

Paid Models National International New spapers

National _Magazines National Print

International

Services / Holding

Content portals & other digital media

Performance Marketing Axel Springer Digital Classifieds Performance Marketing Reach Based Marketing Classified Ad Models

Old

New

Digital Media

Marketing Models Services /

(39)

Overview of assets in new segments

Paid Models

Marketing

_Models

Classified Ad

_Models

Services /

_Holding

National  BILD group  WELT group International  Switzerland  France  Russia  Spain  Ringier Axel Springer Media (Poland incl. Onet, Slovakia incl. Azet, Serbia, Hungary1)₎ Performance Marketing  zanox  Digital Window  eprofessional Reach Based Marketing  Idealo  aufeminin  kaufDA/Bonial  Smarthouse  finanzen.net  Yad2 Real Estate  SeLoger  Immonet  Immoweb Jobs  StepStone  Totaljobs  Saongroup  YourCareerGroup  Jobsite Cars  LaCentrale Local  meinestadt  Printing  Distribution  Axel Springer Media Impact2)  Holding functions

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