London December 12 2018

CAPITAL MARKETS CMDDAY LONDON DECEMBER 12 2018

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CAPITAL MARKETS DAY 2018

London, December 12, 2018

AGENDA

I. Keynote Mathias Döpfner, Chairman & CEO

II. Financials Julian Deutz, CFO

III. StepStone Ralf Baumann, CEO / Thorsten Otte, CFO

IV. Classifieds Media Andreas Wiele, President Classifieds Media

V. SeLoger Bertrand Gstalder, CEO

VI. Immowelt Ulrich Gros, CFO

VII. Purplebricks Michael Bruce, Founder & CEO

VIII. Homeday Steffen Wicker, CEO

IX. News Media Jan Bayer, President News Media

X. Insider Inc. Henry Blodget, CEO & Editorial Director

XI. Closing Remarks Mathias Döpfner, Chairman & CEO Disclaimer

The following presentations, which have been issued by Axel Springer SE (the "Company"), comprise the written materials/slides for the Capital Markets Day of the Company, held on December 12, 2018. 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 these presentations or of any oral information provided in connection therewith, and no liability, responsibility or obligation is accepted for any such information or opinions. These presentations contain forward looking statements which involve risks and uncertainties. The forward looking statements speak only as of the date of these presentations and include the Company’s beliefs and expectations and the assumptions underlying them, which may or may not prove to be correct. These statements are based on plans, estimates and projections as they are currently available to the management of the Company. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in these presentations. The Company undertakes no obligation to update or revise any forward looking statements or other information contained herein whether as a result of new information, future events or otherwise. These presentations do 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 securities in any jurisdiction, nor shall they or any part of them nor the fact of their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. ĉ Capital Markets Day 2018

Mathias Döpfner Chairman & CEO

You can access the webcast of Mathias Döpfner‘s speech on our website

www.axelspringer.com/investors Ċ Financials

Julian Deutz CFO

Looking back – strong execution on our key messages

1 More disclosure on classifieds

2 Stable adj. EBITDA in News Media (2017-2019)

Strict M&A discipline in content and reaching 3 profitability at Business Insider

4 Leading digital publisher – focus on classifieds and content

2 81% of adj. EBITDA from digital activities – digital revenues with organic growth of 9.1% in 9M/18

Revenues Adj. EBITDA

69% 81% digital digital

9M/18 overall in line with expectations – group guidance increased for adjusted eps

Adj. EBITDA €541.4m (+14.4% reported, +6.7% organically)

Revenues €2,326.0m (+4.7% reported, +3.6% organically)

Adj. eps €2.08 (+5.0% reported, +6.7% organically)

FY/18 guidance confirmed for group revenues / adj. EBITDA and increased for adj. eps to mid single-digit % growth

4 In 9M/18, digital classifieds contributed 61% to adj. Group EBITDA

Long-term adj. Group EBITDA development driven by classifieds Classifieds contribute 61% to adj. Group EBITDA

EBITDA1 in m € +15% 646 595 559 541 499 507 473 448 454 392 413 355 354 305 308

218 164 134 65 17

2010 2011 2012 2013 2014 2015 2016 2017 9M/20179M/17 9M/20189M/18 57% 58% 61% AS Group AS Classifieds

X% Share of Group EBITDA (negative EBITDA S/H allocated proportionally to operative segments.) 1) excl. discontinued-operations.

Jobs classifieds continue to outperform other verticals: 16.4% organic growth in 9M/18

Jobs Real Estate General/Other

18% 46% 37%

EBITDA EBITDA EBITDA share3 share3 share3

In m € 9M/18 yoy 9M/18 yoy 9M/18 yoy Revenues 431.6 20.2% 278.2 29.1% 180.4 5.8%

Organic growth1 16.4% 6.3% 4.4%

Adj. EBITDA2 165.7 13.2% 132.6 20.9% 63.4 8.6% Margin 38.4% -2.4pp 47.7% -3.2pp 35.1% 0.9pp

1) Adjusted for consolidation and FX effects. 2) Segment EBITDA, adjusted includes non-allocated costs of €8.2m in 9M/18 and €6.8m in 9M/17. 3) Of total classifieds subsegments EBITDA contributions.

6 Net financial debt higher because of IFRS 16 – FCF in line with expectations

Net financial debt of €996.6m1 in March 2017 (leverage 1.6x2) Net financial debt of €1,317.4m1 in September 2018 (leverage 1.8x2)

Free cash flow (FCF) in m € Attractive Financing 280 269 Average interest rate at 0.8% p.a. as of September 2018 226 221 €704.5m Schuldschein €1,500m Revolving Credit Facility (maturity 2023+1+1), with lower margin negotiated in May Recent implementation of an up to €750m Commercial Paper program to tap further attractive capital market 3 financing; currently €270m issued

Positive effects on cash flow going forward

9M/179M/18 9M/17 9M/18 Net inflow of ~€165m until 2020 from headquarter real estate transactions FCF

FCF excl. effects from headquarter real estate transactions 1) Excl. pension liabilities. 2) Bloomberg consensus for EBITDA 2018. Includes leasing liabilities of €359.6m (PY: €0.3m). 3) As of November 27th 2018.

Investments of ~€200m in early-stage portfolio since 2012

The strategic reasons for corporate early-stage investments

I Gain market insights and know-how III Create early M&A access points

II Learn about potential disruptors IV Financial upside

Selected Cases

8 Investment highlights

81% of adj. EBITDA from digital activities (9M/18)

Classifieds with further double-digit top-line growth and high margins

Stable adj. EBITDA for News Media expected 2017-2019

Focus on classifieds and content

Strong underlying FCF and positive effect from real estate transactions

High dividend yield and payout ratio (2017: 77%)

9 ċ Ralf Baumann, CEO Thorsten Otte, CFO

Today’s agenda

1 Company snapshot 3

2 Operating and financial performance 6

3 Growth performance driver 2018 29

4 Investment Highlights 47

2 Today’s agenda

1 Company snapshot 3

2 Operating and financial performance 6

3 Growth performance driver 2018 29

4 Investment Highlights 47

Leading player in Europe’s largest and fast growing markets

Global 3,100+ 150k+ 600k+ 65m+ 95%+ business employees customers jobs per month visits per month rev from #1 positions

StepStone Group Portfolio¹

StepStone Continental StepStone UK Saongroup Data & Insights ~86% of total EBITDA² ~7%² ~5%² ~2%²

DACH BENELUX France Spain & United Kingdom Ireland Central America Africa Worldwide StepStone StepStone StepStone Portugal Totaljobs Group Irishjobs & The Caribbean Pnet Universum meinestadt ictjob.be IciFormation Turijobs Jobsite Group Jobs.ie Caribbeanjobs Career- YCG Jobs.lu NIJobs Tecoloco Junction Candidate myjob.mu Manager 1 Figures based on 9M/18 ² EBITDA % excluding overhead costs

4 Continued double-digit organic growth expected for 2018

StepStone Group Revenue (in m €)

496

410

+29%

17% ~17% organic growth

200520062007 2008 20092010 2011 2012 2013 2014 2015 2016 2017 ¹ 2018

1 Including meinestadt.de which was allocated to Jobs from General/Other in 2018

Today’s agenda

1 Company snapshot 3

2 Operating and financial performance 6

3 Growth performance driver 2018 29

4 Investment Highlights 47

6 StepStone Group: Continued strong EBITDA growth

Revenue (m €) Comments +21% +14% +20% 496 Continued strong growth and high EBITDA 410 432 361 359 Organic revenue growth 9M/18: 16.4% after 17.6% and 17.0% in 2016 and 2017 2017: Acquisitions of Iciformation and Turijobs

20152016 2017¹ 9M/17 9M/18 2018: Re-allocation of meinestadt to StepStone 2018: Acquisition of Universum EBITDA (m €)

Margin EBITDA

44% 43% 41% 41% 38%

203 157 176 146 166

20152016 2017¹ 9M/17 9M/18

1 Meinestadt revenue 2017: €22.7m, EBITDA 2017: €5.8m

StepStone Group: Full year organic growth expected on prior year level

Group revenue and organic growth (m €) Q3/17 with strongest growth rate due to additional revenues in €m in % +17% +~17% on top of annual contracts 350 25 22% 2018 revenues split more 300 evenly across the quarters due 19% 20 to larger annual contracts 17% 250 16% 16% 14% H1/18 EBITDA decreased due 14% 15 200 to investments in brand and 154 candidate delivery 150 135 143 123 131 10 108 111 100 67 5 54 55 47 52 50 42 46

0 0 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18

Organic revenue growth Revenue EBITDA Note: meinestadt.de included from Q1/18 following re-allocation to Jobs (from General/Other).

8 Continental Europe: Continued strong organic growth

Financial development (m €)1

Revenue EBITDA

+24% +27% +22% +26% +33% 58% 58% 59% 54% 56% +23% 51% +27% StepStone +27% Continental 343 299 257 243 186 202 299 151 154 159 257 226 117 137 92 137 159 202

20142015 20162017 9M/17 9M/18 20142015 20162017 9M/17 9M/18

1 All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, Organic growth EBITDA Margin non-licensed product development costs are not recorded in subgroups

Continental Europe: Increasing customer numbers and high retention rates

Operational KPI

Customer number (k)¹ Customer Retention Rate (%, based on invoiced sales)² StepStoneLTM figures are Continental pro forma including meinestadt.de, Turijobs and iciformation

CAGR +8% 97 98 98 +11% 96 97.2 90.1 StepStone 71.7 64.4 Continental 57.7 86 88 87 88 88

2015 2016 2017 LTM LTM 20152016 2017 LTM LTM Sept-17 Sept-18 Sept-18 Sept-18

1 Customer count based on active contracts in a year except StepStone Germany, meinestadt.de and TJG where end customer (listing owners) are counted. 1st time inclusion: iciformation (Q3/17), meinestadt.de and Turijobs (both Q1/18). Large customers Overall Retention ² All subgroups reported based on pro forma development.

10 Continental Europe: #1 positions in candidate delivery in most core markets

Candidate Delivery¹

Germany Belgium Austria

StepStone DE 14.9 StepStone BE 13.3 derStandard 19.7

Stellenanzeigen 5.9 Indeed 7.8 Karriere.at 17.4 LinkedIn 5.5 StepStone AT 16.3 StepStone Regiojobs 7.6 Monster 4.9 Continental Jobat 6.9 kurier.at 13.1 Jobware 3.9 LinkedIn 5.7 Monster 6.6 Indeed 3.7 Vacature 4.1 Indeed 3.9 Meinestadt 3.5 Monster 3.5 LinkedIn 1.7 Xing 3.0

1 Average # of applications per job ad. Source: TNS, figures are corrected for outliers

StepStone UK: Upside potential from ‘The Partnership’

Financial development (m €) 1

Revenue EBITDA +6% +7% +3% 29% +8% 24% 20% +67% -8% 13% 15% 0% 13% +5% StepStone 38 UK 130 119 118 88 92 24 78 19 16 13 12

20142015 2016 2017 9M/17 9M/18 20142015 20162017 9M/17 9M/18 Totaljobs acquired early 2012, Jobsite late 2014 Introduction of ‘The Partnership’ in 2018 creates upside potential from a more attractive offer to customers and also from synergy effects on the cost side² ¹ All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-licensed product development costs are not recorded in operational subgroups Organic growth EBITDA Margin ² E.g. integrated platforms and overhead functions

12 StepStone UK – ‘The Partnership’: From separate companies, brands and cultures to one unified organisation

StepStone UK – ‘The Partnership’: From separate companies, brands and cultures to one unified organisation

Market facing effects One company, one platform, one sales force More compelling business proposition One CV-database Best-in-class candidate delivery

Internal effects Efficient traffic sourcing Cost efficiencies Improved IT development effectiveness

Resulting in Improved retention and share of wallet Accelerated new business Wider market coverage

14 StepStone UK: High values in relevant KPIs

Operational KPI

Customer number (k)¹ Customer Retention Rate StepStone Continental (%, based on invoiced sales)² CAGR +3% 95 95 93 93 43.8 41.8 41.3 41.0

36.9 82 80% StepStone 80 81 80 UK

2015 2016 2017 LTM LTM 20152016 2017 LTM LTM Sept-17 Sept-18 Sept-18 Sept-18 2016: Changed business focus of Jobsite after acquisition, removed low value contracts ‘The Partnership’ with negative technical impact on LTM Sept-18 due to deduplication of contracts

1 Customer count based on active contracts in a year. Large customers Overall Retention ² All subgroups reported based on pro forma development.

StepStone UK: Best in class in Candidate Delivery

Candidate Delivery¹ “The Partnership” effects

Before “The Partnership” (Q1/18) Oct. 2017 Oct. 2018

TotalJobs 23.1 KPI Jobsite Totaljobs Partnership²

Indeed 17.0 # Applications / month 1.5m 3.8m 6.3m

Jobsite 14.7 Conversion rate (appl./ visit) 0.22 0.25 0.26 StepStone UK Reed 11.6 CV database 3.8m 11.8m 18.3m

CV Library 10.7 LinkedIn³: ~25m

Monster 4.2 CV-Library³: ~13m

LinkedIn 2.8 Reed³: ~11m

¹ Average # of applications per job ad. Source: TNS, figures are corrected for outliers ² Incl. StepStone UK verticals ³ Linkedin: number of registered users per Oct 2018 (source: Statista); CV-Library and Reed numbers as stated on respective websites per Nov 2018

16 Saongroup: Strong organic growth rates

Financial development (m €) 1

Revenue EBITDA +10% +9% +11% +15% +11% +14% 37% 34% 34% +30% +7% 33% 30% 30%

Saongroup 38 34 30 28 30 12 23 10 10 10 8 9

2014 20152016 2017 9M/17 9M/18 20142015 2016 2017 9M/17 9M/18

Saongroup acquired in late 2013, CareerJunction (South Africa) in 2015 Growth in almost all countries around the world

¹ All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, Organic growth EBITDA Margin non-licensed product development costs are not recorded in operational subgroups

Saongroup: Stable customer numbers and improving customer retention

Operational KPI

Customer number (k)1,2 Customer Retention Rate StepStone Continental (%, based on invoiced sales)3

CAGR 0% +5% 14.7 14.7 14.6 88 86 88 82 14.1 Saongroup 13.2 72 73 74 75 75%

2015 2016 2017 LTM LTM 2015 2016 2017 LTM LTM Sept-17 Sept-18 Sept-18 Sept-18

¹ Customer count based on active contracts in a year. ² Restated figures. Tecoloco companies now included in complete history. Figures subject to adjusted counting methodology. Large customers Overall Retention ³ All subgroups reported based on pro forma development.

18 Saongroup: Best in class in Candidate Delivery

Candidate Delivery¹

Ireland South Africa3

Jobs.ie 22.3 Pnet 153.9

Irishjobs.ie 17.5 CJ 65.5

Indeed 17.1 Indeed 48.7 Saongroup

NIJobs 9.52 Careers24 33.7

LinkedIn 8.7 LinkedIn 13.4

Facebook 4.1

1 Average # of applications per job ad. Source: TNS, figures are corrected for outliers ² NIJobs is the leading player in Northern Ireland 3 Results of competitors may be unstable across the surveys due to low sample sizes

Data & Insights

20 Data & Insights: StepStone broadens its business, moving into content to deliver relevant data & insights for employers

Data & Insights: In line with strategy Setup of new business segment ‘Data & Insights’. A dedicated management team oversees activities in Leverage data for employers and candidates in new segment within StepStone’s organisation accordance with StepStone’s strategy Rationale for moving into content: Availability of data Availability of technology to process data AI to further support usage / processing of data Customer relationships to sell data & insights

StepStone’s existing E-Recruitment organisation ‘untouched’, however capitalizing on our customer relationships

Sweden based Universum Group added in May 2018

Data & Insights: Sweden based Universum is first asset within ‘Data & Insights’

#1 in global branding advisory

Comprehensive and worldwide Employer Branding solutions Universum conducts surveys, publishes employer rankings and sells analytics & consultancy services

1988: Foundation 58 markets 11 offices 150+ employees ~€30m revenues¹ covered

¹ 2017 revenues

22 Market environment

Google for Jobs is integrated in Google’s general search result page

AdWords

Google for Jobs results

Blue link results

24 Participation in Google for Jobs is decided individually, market by market

United Kingdom (G4J live since July 2018): StepStone UK is fully integrated with Google for Jobs

Fragmented market situation – all major competitors (except Indeed) are integrated StepStone UK participates for now, but invests in parallel in unique content and branding Measurable effects so far: Net gains in applications from Google SEO traffic (organic blue links plus Google for Jobs)

South Africa (G4J live since March 2018): Pnet and Careerjunction do not participate

StepStone assets are in a leading position and own a large share of unique content (jobs) There is no benefit to provide content to Google for free No negative effects so far for Pnet and CareerJunction

Spain (G4J live since June 2018): Turijobs does not participate

Turijobs is a leading niche player in hospitality with a high brand recognition and unique content No negative effects so far for Turijobs

UK: Being best within Google for Jobs

Visibility within Google for Jobs¹

TotalJobs Reed LinkedIn Glassdoor CV-Library

No. of keywords in top 20 Visibility Score ¹ Source: 10k keywords tracked via Rankranger.com G4J scraper; approx. 500 “what” combined with 20 “where” keywords – e.g. “warehouse jobs Birmingham”, 09/18

26 South Africa: Google for Jobs’ traffic remains relatively flat after initial growth

Total incoming traffic to Google for Jobs in South Africa:¹

G4J traffic remains relatively flat after million initial growth. Job inventory is visits characterised by a high share of agencies 1.2 So far no significant impact on PNet and 1.0 CareerJunction

0.8 Among relevant jobboards, only the #3 in 0.6 the market, careers24, participates

0.4

0.2

0.0 03/1804/18 05/18 06/18 07/1808/18 09/18 10/18

Google for Jobs (South Africa only) ¹ Source: SimilarWeb, data is propriety of StepStone

In the USA, Google for Jobs’ launched in June 2017

Total incoming traffic in the US: G4J vs. Indeed¹

million visits In the USA all major job sites participate in Google for Jobs, except the clear market 220 leading jobboard Indeed 200 180 Indeed’s traffic was only affected after 160 launch and remained stable 140 120 100 80 60 40 20 0 06/17 10/17 01/1806/18 10/18

Google for Jobs (USA only) Indeed (USA only) ¹ Source: SimilarWeb, data is propriety of StepStone

28 Today’s agenda

1 Company snapshot 3

2 Operating and financial performance 6

3 Growth performance driver 2018 29

4 Investment Highlights 47

Growth performance in 2018 driven by…

Additional sales headcount (new business focus) Sales Improved sales efficiency via technology and tooling

Significant increase of traffic spend Traffic acquisition Performance based user acquisition (programmatic)

Increased brand awareness Branding Being first choice of candidates

Investments in core product and technology Product Improved conversion & more user generated content

30 Growth cases in Austria and France progress

Austria: From #4 in 2014 to clear #2² France: #6 at start of growth initiatives - First payoff from investments²

Invoiced sales Invoiced sales 30.9% >20% ~40%

7.6% 0.6%

20122013 20142015 2016 2017 2018 2012 2013 20142015 2016 2017 2018

pre investment enhanced (ongoing) investments pre investment enhanced invests

+26% Candidate delivery YoY, +130% increase in +98% Candidate delivery YoY, +25% increase in sales efficiency¹ sales efficiency¹

Investments in sales (headcount, tooling) and marketing Investments in same areas as in Austria: Focus on (traffic acquisition & branding) sales and traffic

1 E.g. Call activities in telesales ² Market positions in terms of revenue, source: Company reports and management estimates

Sales

32 Increased sales headcount and improved efficiency

Customer acquisition Exemplary Sales Professional journey

Target long tail of the market to gain market share

Smart and predictive lead generation Hire 1-3 months: Onboarding Customer retention 4-6 months: Small targets & first deals Hyper-care for key customers 6-9 months: Being profitable Increased frequency of sales activities +9 months: Contributing to StepStone growth Customer development Closer, more intense customer approach (field & inside sales)

Growing support and analytics for sales force

Additional sales headcount¹ Improved sales efficiency via tech and tooling

¹ Attrition of existing sales heads to be decreased through improved training, compensation and benefit packages; Improvement in HR and branding to attract new talent

Traffic

34 Number of vacant positions in Germany reached record in 2017 (1.2m)

Development of vacant positions (k)

+10% 1,200 +10% 1,100 +7% +7% 1,000 +9% -1% -5% 900 800 700 600 500 400 2010 2011 2012 2013 2014 2015 2016 2017

Total vacant positions To be filled urgently Annual average Source: IAB; Statistisches Bundesamt

Demand for talent increases while job related traffic (supply) flattens

Shortage of skilled talent Web search for keyword ‘jobs’ in DE

51%

45% 41% % of 40% 40% 0.9% 38% respondents that 75 +6.8% 0.0% 36% 34% 34% 35% 35% stated to lack +6.6% 31% finding talent 30% 31%

0 2006200720082009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018

Source: StepStone, Manpower, Google Trends

36 Committed to customer focus: More listings require StepStone to acquire even more candidates in a flat market

Web search for keyword ‘jobs’ in DE Candidate Delivery (CD)

Contradicting trends show 0.9% shortage of candidates 75 +6.8% 0.0% +6.6% 16.62 17.19 14.92

50 -10% +13% 2.48 2.52 2.24

0 2013 2014 2015 2016 2017 2018 Mar 2016 Mar 2017 Mar 2018

Relative CD vs next competitor Candidate Delivery Sources: TNS; Google trends

StepStone has a diversified traffic mix

StepStone traffic sources (exemplary, FY17)

Strategic traffic network SEA Partner StepStone has in total ~450 traffic partners Other Paid Top partners include well known brands such as JobAgent Bild, Handelsblatt, T-Online, Kimeta, Gehalt.de SEO and Experteer Direct Organic Other Organic (~40%) Paid The network is characterised by portals that (~60%) provide a large / national reach. StepStone’s network is by far the largest in the market

Source: Adobe Analytics; Other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media

38 For IT and Engineering StepStone already takes highest click share on Google Paid Ads

Google Clickshare for paid

Global Clickshare IT A third of clicks following all job related searches @Google lead to StepStone For IT job related searches almost half of 46 % clicks following Google searches for keywords all clicks lead to StepStone related to IT jobs Google searches related to engineering jobs result in a click for StepStone in 68% Engineering 33% of cases

SEA % 68 clicks following Google Relates to / searches for keywords clicks following Google searches for related to engineering optimises all job related keywords jobs SEA traffic

Source: Google data Q3/18, comparison for top-5 competitors for paid clicks

Increased traffic spend secures best-in-class candidate delivery for all listing categories

StepStone traffic sources (exemplary, FY17)

SEA Traffic acquisition Partner Other Paid Measures include: JobAgent Significant increase of traffic spend SEO Direct Organic Performance based user acquisition (programmatic) Other Organic (~40%) Paid (~60%) Measures directly effect: Complete paid traffic Parts of organic traffic incl. JobAgents

Keeping Candidate Delivery on superior level will be key focus

Source: Adobe Analytics; Other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media

40 Branding

Branding campaigns in Germany in H1/18 with significant positive impact on unaided brand awareness

Development of unaided brand awareness

Representative sample Representative sample, looking for job

+8 40 +8 51 50 (+40%) 37 (+29%)

28 36

28 20 22 21 13 13

StepStone Indeed Monster StepStone Indeed Monster

Dec 17 Apr-18 Source: TNS

42 Branding measures have positive effect on entire traffic mix

StepStone traffic sources (exemplary, FY17)

SEA Partner Branding Other Paid JobAgent SEO Leads to: Direct Organic Increased brand awareness Other Organic (~40%) Paid (~60%) Measures directly effect: Complete organic traffic to a significant extent Complete paid traffic to a less significant extent

Source: Adobe Analytics; Other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media

Product

44 Products enrich the entire job seeker journey and improve performance

CAREER COACH SKYLIGHT SEARCH & RECOMMEND GOOD&CO STEPCOM WHITE CLOUD STEPWEB LEARNING HUB Career guidance Orientation CAREER COACH Search jobs Career development Browse jobs / be found

Hire / Sign SEARCH & RECOMMEND contract JOB SEEKER JOURNEY Research SKYLIGHT employer JOBMAGNET

Interview Research Follow-up Check salary Initiatives that cover entire journey / Applications cultural fit support other products: Application

ONOTEXT SKYLIGHT MOBILE PRACTICES SALARY PLANNER GROUP MARKETING WORKRAY GOOD&CO DATA WIZARD ATSi GOOD&CO

Group product initiatives advanced and strongly contribute to the business

1 Enriching job seeker journey and improving entire performance

SEED SCALE INDUSTRIALISE

CAREER COACH GOODCO SEARCH & RECOMMEND ATSi Candidate coaching services Culture fit (StepMatch) Matching technology Application to ATS¹

LEARNING HUB SKYLIGHT MOBILE PRACTICES JOBMAGNET Training offering Company reviews Native apps & practices Mobile aggregator 2 WHITE CLOUD WORKRAY STEPCOM DATA WIZARD Partner email program Application tracker Marketing automation Big data platform Supporting traffic acquisition and

SALARY PLANNER GROUP MARKETING STEPWEB reducing costs per application Multi-dimensions prediction Online marketing excellence Social profiles

ONTOTEXT Job market insights Traffic mix

Developed to next stage New initiative since since CMD 2017 CMD 2017 ¹ ATS = Applicant tracking system

46 Today’s agenda

1 Company snapshot 3

2 Operating and financial performance 6

3 Growth performance driver 2018 29

4 Investment Highlights 47

Investment highlights

European powerhouse with a track record of double digit organic growth and high EBITDA

Leading player in Europe`s largest and fast growing markets, where most revenue/EBITDA is generated

Strong customer retention rates of up to 98% for large companies across the group

Best in class candidate delivery that is up to 2.5 times higher than 2nd best player

Significant growth potential

Clear and proven execution of growth cases in existing countries

48 Č Growth beyond listings

Andreas Wiele President Classifieds Media

Our classifieds have been constantly growing and surpassed 1 billion € in revenues for the first time last year

Classifieds revenue and adj. EBITDA (m€) 2011 – 9M/18

+19% ~6x +15% ~5x 1,008 890 880 745 753

512 403 413 355 354 330 305 308 223 218 134 164 65

2011 2012 2013 2014 2015 2016 2017 9M/17 9M/18

Revenue Adj. EBITDA

2 Our non-job classifieds have been a major driver of this success

Non-job classifieds revenue and adj. EBITDA (m€) 2011 – 9M/18

+19% ~8x +17% ~5x 512 386 459 469 392 196 256 168 204 219 156 157 186 109 107 64 85 26

2011 2012 20132014 2015 2016 2017 9M/17 9M/18

Revenue Adj. EBITDA Notes: 2017 figures excluding meinestadt.de which was allocated to Jobs from General/Other in 2018

Introducing the AVIV group: Our goal - to capture the full potential of the next period of growth

Frame joint long-term strategy and support execution Group From classifieds to transactional marketplaces COO (Early-stage) investments into value chain extension Steer strategic group projects Joint business initiatives (e.g. seller leads) Initiatives to “grow together” in group

Decrease time to market Reuse newly built components to test ideas Group Share AI algorithms GTO Share product & technical designs

Management Board Management Increase efficiency Align IT platforms 1 Mutualize training, consulting and IT investments

1 Among others; minority investments.

4 Classifieds are growing beyond listings

From listing specialists… …to multi touchpoint businesses

Property development Transaction decision & preparation

Listings

Supply Demand Classified Property life-time Marketplaces services Transaction

After-transaction services

Our strategy strives to add value for consumers and agents alike

Our three priorities

Property development Transaction decision & preparation Providing the agent with additional core 1 services

Listings

2 Satisfying even more consumer needs Property life-time with our hybrid agent models services Transaction

Capturing adjacent markets with 3 After-transaction services transaction-triggered services

6 1 We provide the agent with additional core services Seller leads

New added focus: Supply Historical focus: Demand

Finding sellers Finding buyers

Agent tasks Seller Agent Portal

Seller leads Valuation tools Livestream visit 360° visualization Buyer lead scoring enhancement Technological Technological

1 We help the agent with his key challenge: to find sellers Seller leads

Seller concerns Portal process Qualified leads

What is my property really worth?

Quali- fication Property estimation Lead What is the Opt-In best price I can get?

Where do I find a trustworthy agent?

8 2 We satisfy even more consumer needs with our hybrid models Hybrid models

Ownership Trustpilot Score2

26%1 9.2/10 (1k ratings) 12.5% 9.4/10 (56k ratings) 9.3/10 (4k ratings) 9.5/10 (1k ratings)

Potential seller pool

Brand/ Sourcing the Instruction Qualification Pitch Call center Viewings Sale Marketing seller to sell

Physical touchpoint

Platform Hybrid model Hybrid

1 In partnership with Purplebricks 2 as of November 2018

3 We capture adjacent markets with transaction-triggered services Adja- cencies

Example Example Finance and mortgages Rental contracts/Utilities

Pre-qualified leads distributed to Includes partner blockchain- secured inspection

10 Our three priorities allow us to tap into large markets beyond listings

Total addressable adjacent markets Our three priorities ~2 bn€

Providing the agent with additional core 1 Agent commission Mortgage services pool ~1.63 bn€1 ~6 bn€ Home insurance Marketing spending ~160 m€2 ~650 m€ 2 Satisfying even more consumer needs Moving with our hybrid agent models ~250 m€3

Online Classifieds Capturing adjacent markets with ~350 m€ 1 2 3 3 transaction-triggered services Seller Hybrid Adja- leads models cencies

1,2 1% of total market; 3 5% of total market; Sources: OC&C; McKinsey. Notes: Marketing spending includes spending of agents, property developers and private sellers in online and offline channels. Figures apply to German Real Estate market.

Investment highlights

Strong continued growth: 19% revenue growth and 15% adj. EBITDA growth 9M/17-9M/18

Next stage beyond listings: Classifieds evolve into multi-touchpoint businesses

Organizational development: Creation of AVIV group in 2018

Our three priorities: Seller leads, hybrid agents, adjacencies Seller leads: Rolled out in France in 2018, to be launched in Belgium next Hybrid agents: Investments in Purplebricks and Homeday 2018 Adjacencies: Groundwork laid for future growth

12 č Bertrand Gstalder CEO

Investment highlights

French real estate market is the largest in continental Europe

SeLoger will close another strong year reconfirming its leading position

Success is fueled by high performance on demand- and supply-side

Successful merger with Logic-Immo initiated in 2018…

…increased market penetration thanks to different regional strengths

Strategic initiatives to offer innovative products such as seller leads

2 France is the largest real estate market in continental Europe

Transaction Value1 Marketing Spend Online Classifieds

In €bn, 2016 In €m, 2016 In €m, 2016 French real estate market with +54% +54% high activity (55% more sales §880€m transactions, 6% higher sales +40% +54% prices than Germany) 257 §440€m Consequently, transaction value +21% 799 and marketing spend surpass 167 that of Germany 571 347 287 Yet – online classifieds spending only slightly higher – suggesting structural headroom Germany France Germany France Germany France

Source: OC&C 1) Comprising rent as well as sales transactions

The real estate market in France is still buoyant and online classifieds are expected to continue to grow

Structural tailwind in French real …growth in all online channels Illustrated by key metrics in estate market supports… beyond classifieds resale

LTM cumulated existing home sales transactions In €m CAGR in k, 02/2012 – 08/2018, France1 CAGR +3% CAGR +1% 903 (16-20F) ~950k transactions in resale in 1,000 781 799 19% +1% 2017 21% 20% 9% -8% Offline 14% 27% 25% +6% Low loan rates: 1.52% favorizing 22% +5% 750 17% high demand Online 47% 35% 43%

500 2012 2016 2020F Feb 12 Aug 18 Other Offline Advertising Other Online Advertising Print Advertising Online Classifieds

1) Sales of individual houses and apartments sold by the unit, excluding any professional premises, whole multi-apartment buildings and ancillary premises (cellars, parking spaces, fractions of common condo property, etc.) sold separately. Source: OC&C, Conseil Général de l’Environnement et du Développement.

4 SeLoger will close another strong year reconfirming its leading position

Constant roll-out of new products has been valued Historical revenue and EBITDA performance by customers

Average monthly ARPA made with professional customers, in € Revenues and EBITDA in €m1, 2 CAGR CAGR 2011-2017 +6% +10% 800 +9% 719 762 676 724 159 +9% 615 140 549 128 496 660 116 424 456 632 628 106 104 594 +5% 91 98 400 544 80 82 483 71 76 76 440 62 61 382 406 53 58 43

0 2011 2012 2013 2014 2015 2016 2017 9M/17 9M/18 2011 2012 2013 2014 2015 2016 2017 9M/17 9M/18

Source: SeLoger 1) excl. effects of Poliris business, deconsolidated in 2016. 2) 9M/17 figures excl. Logic-Immo. SeLoger excl. verticals Revenues EBITDA SeLoger incl. verticals

Commercial success was fueled by a superb brand recognition…

SeLoger and Logic-Immo specialist brands… … with high potential in rural areas

89%

75% 68%

56%

24%

15% 14% 11%

Source: Brand awareness study – Ipsos ; % brand awareness of users with real estate project Source: Brand awareness study - Ipsos

6 …which contributed to a strong uplift in traffic and leads across all our verticals

% traffic & leads growth YTD

Traffic Leads +44% Resale market sustained by rental leads, while sales leads confirm market low decrease +32% +33%

High performances on Luxury and New +19% buildings thanks to dynamic demand and performing rebuild of sites and application +13% end 2017 +9% +10%

+2%

Source: internal analytics / end of October

Also on the professional listings side, SeLoger maintained its strong position

Average of monthly listings 9M/18 in k

1,276

995 972 +2% 972 766 720

523 543

private listings Sources: Autobiz

8 Successful Logic-Immo integration started

We started the Logic-Immo integration and are forming the French Real Estate Group

Shared offices for Paris teams

Full integration of outsourced HR/Finance/Legal operations by the end of 2018

Add-on offers started mid September to prepare full mixed offer by mid 2019

Mixed organizations in preparation

Common CRM and ERPs in 2019 to support organizations

Progressive IT mutualization

10 The merger helps us to close gaps in previously underserved areas

SeLoger – Traffic SeLoger + Logic-Immo -Traffic

# Visits High

Low

The French Real Estate Group is the only 100% specialist

Players Traffic

13.5 8.3 3.5 3.0 1.2 LeBonCoin SeLoger PAP Bien’Ici Figaro & AVAL & Logic-Immo Immo

50m cumulated targeted visits French Real 100% specialist in real estate Estate Unique high performing galaxy of specialized Group sites on New buildings, Luxury & Commercial

Source: Mediametrie millions unique visitors – Sept 2018; internal analysis.

12 The incremental listing potential from Logic-Immo puts us first for professional listings in France

# of resale pro listings / Estimated # of incremental January 2018 - pre-merger listings with Aval / Logic-Immo aquisition

840k § 50k § 900k

840k § 150k § 1,000k

Sources: Autobiz / internal analysis

We are commercially tapping the potential through our DUO offer

Add-on enables agents + to extend their listings publication to the other site +900 customers Preparing the new with an add-on „Full Duo“ offer in 2019 +50k listings on SeLoger or Logic-Immo

14 Strategic initiatives

Enhancing the pro experience

“Seller lead” strategic initiative has already demonstrated high performance at SeLoger

LaLaunchedunc at SeLoger in January 2018, visibilivisibility and lead generation product DDedicatededic organization as a newnew m market LoLogic-Immogic seller product on pre-sale ttoo be launchedl in January 2019 SSeLogereLog will extend to premium qualified у900 lleadseads and luxury market by 2019 AVIV GGroup strategic initiative with SL Customers ssynergiesyner among assets: shared price esestimatetima engine with Immoweb, based on AI

16 SeLoger for pros

Pro mobile App Property watch Live visit

Strategic initiatives

Enhancing the private user experience

18 SeLoger dedicated data organization provides innovative products to support growth

AI based listings recommendation engine Listings recommendation More streams to come conversion - User personalization - ROI monitoring for customers 4.8% vs 2.8% - RE local intelligence (standard listings) - Search optimization - Listing qualification 10.5% vs 3.5% (alerts)

SeLoger developed new powerful market prices intelligence features

New AI based price estimate

Price heatmaps and local intelligence

20 Smart Lifemap Search

Commute time X 2 addresses Draw my search

Favorites shared board

22 Ď Ulrich Gros CFO

Immowelt – Investment highlights

Mid to high single-digit revenue growth

Further potential for ARPU growth

High customer satisfaction

Strong consumer demand

High innovation rate

% EBITDA margin increased to ~40%

2 Immowelt – 2018 will be another successful year Strong profitability increase expected

Revenue growth of 7% from 9M/17 to 9M/18 EBITDA margin reaching 40% this year

Revenue (m €) EBITDA (m €, % of revenue) Margin target reached one year +13% earlier than guided in 2017 +7% 111 98 20% 34% ~40% 88 82 +93% >40% 37

20%

2016 2017 9M/17 9M/18 2016 2017 2018F

ARPU with strong growth over the last quarters Increased value creation for agents drives growth

Contract migration and price increases drive ARPU1 growth … …but still below main competitor

ARPU (€/month) ARPU (€/month)

+13% +16% 763 338 320 300 306 314 279 291 258 268 Q3/18 shows first effects of 294 DUO 1-2 migration2

Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 2017

Note: 1) ARPU = Average Revenue Per User: monthly revenues, divided by the number of agents (Immowelt Group DUO and non-DUO agents in Germany with a term contract); 2) “DUO x” contract allows the simultaneous listing of x properties during the contract time (x slots); currently all customers with a DUO 1 or DUO 2 contract are being migrated on DUO contracts with at least 5 slots

4 German customer base development Migration to DUO contracts completed – Focus on customers with higher volumes

DUO 51 customer base with high ARPU achieved significant growth since March 2016

Number of agents in Germany2 (in thousands)

DUO 5 DUO 1-2 Single/Double DE

22.1 22.3 22.6 22.8 22.6 22.4 22.0 22.0 21.7 21.0 1.2 19.9 3.5 2.0 0.7 0.5 0.3 0.2 5.1 0.2 7.6 5.0 5.8 6.2 6.2 6.5 5.7 4.1 11.0 4.5 3.6 2.9 2.0 15.5 15.7 13.8 14.8 15.4 15.1 15.3 14.9 15.0 11.9 9.1

Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18

Note: 1) DUO: 1 contract, 2 portals / Single: 1 contract, 1 portal / Double: 2 contracts, 2 portals / GER only; the “DUO x” contract allows the simultaneous listing of x properties during the contract time (x slots), DUO 5 refers to any DUO contract with at least 5 slots; 2) Real estate professionals with a term contract (term usually 12 months).

Customer satisfaction and net promoter score (NPS) Partnership and packages model is valued by our customers

Core agents value us: 86% recommend our product Comments

“Would you recommend immowelt.de/immonet.de?” Long-term study „Maklerstudie“ confirms sustainably high customer satisfaction Supported by high NPS value above 24 in 20184 despite price increases and DUO 1-2 migration 86% 88% 86% Immowelt will continue its customer-centric model Allows to offer more tailored solutions Agents can pick and choose à la carte Customized product, not just one-fits-all bundle Yes Offers fair and transparent pricing No share of commission High cost certainty Positions Immowelt as reliable partner High customer satisfaction 2016123 2017 2018 Attractive, valuable no. 2 in the market

Note: 1) Maklerstudie 2016 (Gapfish), June 2016 (n=668); 2) Maklerstudie 2017 (Forsa), March/April 2017 (n=753); 3) Maklerstudie 2018 (Forsa), April/May 2018 (n=1,004); 4) NPS can be used to evaluate loyalty of customers, it can vary between -100 (“detractors” only) and +100 (“promoters” only), with scores > 0 deemed “good”, and 50 “excellent”, April - October 2018 (n=4.000); Sources: Immowelt, Forsa, Gapfish.

6 Listings The German listings market is contracting

Decline due to increasingly overall stagnating offer Comments

Listings in German housing market1 (average per month in thousands) Listings in Germany have been under pressure over the past years -5% Decrease driven by an overall stagnating offer in 300 300 the German housing market In order to mitigate the decline in listings 250 250 -11% Immowelt actively takes counteractions: 200 200 Increasing product and price differentiation to activate further potential listings 150 150 Individual and temporary flat-options for agents based on their DUO contracts 100 100

50 50

0 0 9M/17 9M/18

Note: 1) Houses, apartments for sale and rent in Germany; Direct comparison with IS24 only partly possible due do different package models; Source: IW management estimate and internal data collection.

Strong brand awareness Immowelt maintains its brand position in Germany

Immowelt shows very stable brand awareness1… …due to omni-channel ad campaigns

Social media 87% 86% 88% Mobile Moving image

Aided 0 Unaided 360 Campaign 33% 33% Display OOH 28%

Audio Corporate Apr-16 Apr-17 Oct-18 Publishing

Newspaper

Note: 1) Aided and unaided brand awareness for Immowelt.de (Apr-16/Apr-17/Oct-18); Sources: Immowelt, Innofact AG.

8 Traffic growth continues Moderate traffic growth in total visits for leading real estate portals

Overall increase in visits1 and migration to IW… … most coming from mobile devices

Visits (millions/month) Mobile share

68% 70% 81 79 81 63%

42 44 44

26 26 28

2017 H1/17 H1/18 2016 2017 9M/2018

Note: 1) Avg. monthly visits/sessions in the respective period, Source: Scout24 annual report 2017, half year report 2018.

Innovations for users New features to increase user experience and customer loyalty

Chatbot Video contact requests

„Hi Google, I am looking for an apartment“ Property inquiries by video The chatbot asks about wishes regarding the Face-to-face and genuine contact; first property and location and shows search results impression before the appointment

Voice assistant Immo-Live

„Nice new building near the park …“ Property viewing via app-based live-streaming Simplified listing by recording features; makes Includes a chat for participants to raise questions typing obsolete and work routines much easier that can be answered by the agent

“Branchen Profi” Agent Recommendation

Tenants: better search for faster results Seller lead generation at various touchpoints Agents: sharpening profiles and showing strengths Indirect monetization via Homeday (cooperation)

10 Immo-Live Effortless property viewing via app-based live streaming

Step 1 Step 2 Step 3

Easy Get prepared Create an event Invite attendees set-up Log in and choose Set date and time Notify interested an active listing for broadcasting parties via e-mail the viewing to join the viewing

REC Present Answer

Instant Start stream Show the flat Respond to users start Click once and Present the Answer questions Dave: Does that room have sun start broadcasting property like a raised via chat by in the morning? normal viewing the attendees

Outlook – Growth and profitability Focus on performance marketing, revenue growth and profitability

Strategic shift of brand investments Marketing to performance marketing

Continuous delivery of innovations to Operations both B2B and B2C markets

Continued strong revenue growth and Financials high margins

12 ď An estate agent you can love

Michael Bruce, Founder & CEO

Experiences build brands and create loyalty

2 Our experiences are our loyalty

At last Estate Agency is changing forever 4 Spontaneous awareness and consideration continue to increase significantly Estate Agency is changing forever

Prompted awareness 100% 97% 90% Upward Momentum 80% 82%

70% Spontaneous awareness 60% Top Box consideration 50% 48% 44% 40% 36% 30%

20% 20%

10% 4% 0% 2% Jul '15 May ‘16 Sep ‘16 Feb ‘17 Mar ‘17 Jun ‘17 Sep ‘17 Feb '18 May '18 Sep '18 ** * * *

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411) 5

Top of mind awareness of Purplebricks continues to climb significantly, reaching 28% Estate Agency is changing forever

Purplebricks 50%

45% Zoopla 40% Rightmove 35%

30% 28% YOPA

25% 21% 23% 19% 20% 17% 16% 14% 15%

10% 8% 9% 5% 5% 5% 1% 2% 0% Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18 ** * * * • Q2a. If you were thinking of selling your home, what companies would you think of contacting first? First mention responses

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411) 6 Purplebricks outpaces the competition on total spontaneous awareness Estate Agency is changing forever

50% 48% PurpleBricks

45% Zoopla 40% 40% 37% 36% Rightmove 35% 30% 29% YOPA 30% 25% Emoov 25% 22% 20% 17%

15% 14% 10% 10% 7% 5% 2% 5%

0% Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18 ** *** • Q2a. If you were thinking of selling your home, what companies would you think of contacting first? First mention responses

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411) 7

Familiarity continues to rise for Purplebricks

Estate Agency is changing forever

100% Purplebricks 90% 81% Housesimple 80% 77% 70% Tepilo 68% 68% 70% 62% 59% Yopa 60% Emoov 48% 50% easyProperty 40% 34% 40% 32% 30% 31% 21% 26% 20% 21%

10%

0% Jun '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18 ** * * * • Q2d. How familiar are you with the following estate agents?

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411) 8 Purplebricks has higher familiarity than national high street estate agents Estate Agency is changing forever

90% Purplebricks 81% 80% Your Move

70% Connells

60% Mann & Co.

50% Fox & Sons

40% Reeds Rains 30% Haart 21% 20% Foxtons

10% Pearsons

0% Winkworth Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18 ** *** • Q2d. How familiar are you with the following estate agents?

• Base: All respondents (c1,000) * KPI wave (500) NB: Haart, Foxtons and Winkworth were not shown in the Meridian region 9 • ** Benchmark wave, covering London and Meridian only (411)

Consideration is rising with a significant uplift in those claiming they would definitely use PB Purplebricks consideration

14% 19% 24% 31% 35% 35% 34% 38% 40% 43% Top 2 box

I would definitely use them 15% 20% 11% 8% 13% 8% 13% 6% 5% 27% 4% 23% 24% 25% 25% 24% 17% 21% 13% 9% 2% 3% 4% 5% 4% 5% 3% 5% 6% 5% 2% 3% 2% 6% I wouldn’t ever use them 4% 5% 3% 4% 4%

Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18 ** ***

• Q3g. And now for the brand shown below, please use the sliding scale to indicate the extent to which you would consider using them the next time you sell a property. 10 • Base: All respondents (1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411) Revenue history by country

in £m UK Australia US Group 100

0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Market share, online agents

90% eMoov.co.uk

77% 80% 75% 73%73%73%73%74%73% 73%74% 73% 74% 71%71%72%71% 71% 72%71%71% 71% E-Prop Limited 67% 70% 64% 65% 63% 63% 63%63% 61% 62% 58% Hatched.co.uk 60% 56%58% 56%57%58% 55% 54% 52%53% 50% 50% 44% House Network

40% Housesimple Online 30% Estate Agents

20% Purplebricks

10% Tepilo Limited 0%

Yopa Property Ltd

12 Launched regionally in England on 13 April 2014

Achieved UK coverage by June 2015

IPO in December 2015 for £240m

Became No1 estate agent in the UK

Have become the most positively reviewed estate agent anywhere in the world

NPS score better than Amazon and Disney

Launched in Australia have grown quickly to No3 within 12 months

Launched in the US in September 2017

Strategic investment from Axel Springer of £125m

Purchased No1 online agent in Canada for $52m

Strategic investment with Axel Springer in No1 German online agent

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рр đ News Media

Jan Bayer President News Media

We expanded our reach and global significance as a publisher, with more than 300 million people worldwide using our products

Total net reach 2018: >300m monthly UU Total net reach 2013: Axel Springer Digital/Print >85m monthly UU Digital 2018 Axel Springer Digital/Print (including Upday and Print 2018: Business Insider): Print 2013: 53m 290m 69m Digital 2013: 49m

Source: Various national sources for net reach, overlap of print and digital readership estimated based on selected country data

2 We committed to a stable adj. EBITDA 2017-2019 – and we are on track

2017: delivered 2018: on track (€225-245m after IFRS 16 adjustment) 2019: on track

We are successfully pursuing an ambitious digital growth agenda while making the most of a declining print business

Business Insider profitable and a market leader in the U.S. Upday: break-even expected in 2019

Scalable growth in our accelerating digital subscription business Advertising market share growing with superior ad-tech stack

#1 position in German print advertising stable Pricing and cost management with further potential

4 Business Insider has grown into a profitable digital news business and into a market leader in the United States

Revenue development (in USD millions) Traffic comparison (unique visitors, millions)

CAGR 60 >38% 50

40% 49% 53% 30 35% 37% 42% 81 20 56 43 10

2015 2016 2017 2018FC Jul 17 Jul 18 Jul 16 Jan 17 Jan Jan 18 Jan Jan 16 Jan Mar 17 Mar 18 Mar 16 Nov 16 Nov 17 Sep 18 Sep Sep 16 Sep Sep 17 Sep May 17 May 18 May 16 Continued strong revenue growth in 2018 Leading digital brand for business journalism Profitable in 2018 YTD Strengthened market leadership in 2018 Source: Comscore

Upday has become a key player in the news aggregator space and continues to grow

Monthly active users (in millions) Monthly unique users (in millions)

30 Google Apple upday News News 25

15 12.2 2.3 N/A

10 8.2 1.8 10.8

5 7.3 2.1 N/A 0 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18

Source: Comscore October 2018

6 Paid content: Accelerated growth on a scalable basis

IVW subscriptions BILDplus & WELTplus (in thousands) Subscriptions with significant CAGR growth 9.7%

416 447 500 Marketing expenses reduced because of growing content- 2016 2017 2018 driven acquisition Oct Oct Oct

Marketing expenses** Contribution margins* Contribution margin (marginal cost/revenue) is growing, CAGR CAGR business beginning to scale -6% 33% 16% 27% ׽13% ׽ Outlook for 2019 positive 15% 16% 19% In % of Revenue Margin 2016 2017 2018FC 2016 2017 2018FC

* BILDplus & WELTplus business models, excluding BILD Bundesliga (revenues and costs) and adjusted for revenue recognition effects of IFRS15 ** adjusted by merchandising expenses WELTplus

Article-based conversion up 7% every month through better customer understanding and ongoing optimization

Number of sales converted through articles Top performing articles and videos (2017-2018)

Title Section „Psychogramm des News Herne Killers“ Video documentary Average monthly growth rate 6.7% „Fremdgesteuert von Leuten, die ihn mit Sport Drogen vollgepumpt haben“

„Wo Sie mit Ihrem Einkommen in der Business Gesellschaft stehen“

„Clans of Berlin“ News Video documentary

J F M A M J J A S O N D J F M A M J J A S O 17 17 17 17 17 17 17 17 17 17 17 17 18 18 18 18 18 18 18 18 18 18 Note: Figures shown include BILD Web, WELT Web and WELT Apps

8 BILDplus: the world’s largest paid content model in a language other than English, WELTplus #2 in Germany (Q1 2018 view)

Total digital-only subscribers (in thousands)

Non-English publications = German-language publications 450 390 400 350 300 250 250 200 160 150 150 140 150 133 102 100 100 100 84 82 80 100 60 60 55 47 47 42 40 50 33 31 29 22 0

Source: FIPP CeleraOne

Media Impact is strengthening its position in digital advertising

Share in digital advertising (net in %) Analysis

20 Native advertising revenue more than doubled from last year due to strong brands like BILD 15 +2.8 ppts Programmatic revenue up more than 50% due to market-leading bidding technology, reduced 10 dependency on Google Data marketing based on superior technologies 13.8 we are invested in and on a growing global AS 11.0 5 data profile

0 9M 2017 9M 2018

Source: OVK

10 Media Impact is maintaining its strong position in print advertising

Share in print advertising (gross in %) Analysis

30 +0.5 ppts Gross advertising revenues stable for BILD 25 Favourable client structure: Retail clients, BILD’s largest customer base, are effective 20 in BILD 15 “BILD” sells (print and digital): Our brand is 3x 22.9 23.4 more effective triggering a purchase than others 10

0 9M 2017 9M 2018

Source: Nielsen, „Kaufimpuls“-Studie

Price elasticity of demand for our print products remains extremely low

Average effect of BILD copy price increases by 10 Cents, 2011-2018 (churn/revenue split) Analysis

In Cents 2.16

7.84 Each price increase generated revenue €0.90-€1.00 upside: Low price sensitivity overall 2.30 Unique position: With >9m readers, BILD has a 7.70 €0.80-€0.90 strong position in the newsstand segment with a 79.5% market share 1.77 Relatively sound German print market: 8.23 €0.70-€0.80 German readers consume 38 mins. of print 1.68 media per day

8.32 €0.60-€0.70 Additional revenue

2.00 Churn

8.00 €0.50-€0.60

Sources: best for planning 2017 III / readers per issue and IVW Ø I – II 2018, based on paid circulation

12 Last year, we set the stage for next level of organizational effectiveness

Rationale (illustrative) Results so far

Before January 1, 2018 After January 1, 2018 Leadership synergies (with further potential in News Media News Media operational and support functions) Print: Full management attention on cost, circulation and incremental innovation Brand Brand Print Digital Improving POS performance across brands Product focus on needs of print readers Digital: Full management attention on growth, Print Digital Print Digital Brand Brand Brand Brand investment, scale and disruptive innovation Development of one CMS for all publications One customer data platform Same business challenges, Maximum synergies in all duplicate structures functions except brand mgmt.

We have been reducing cost by more than 5% every year across cost categories and will continue to do so

Costs News Media National Print (€ millions) Analysis

1000 SG&A: Reduced personnel costs by €25m (11%) 900 -5.7% CAGR >-5% in print (excluding printing facilities), with further 800 potential 700 600 Direct costs: Optimized logistics and saved 9% 500 Manufacturing costs: Compensated for 400 circulation declines with optimized printing 300 processes, further measures executed in 2018 200 and planned for 2019 100 0 2015 2016 2017 2018 expected

SG&A Direct costs Manufacturing costs Projects

Costs before social plans and special items. Projects include office relocations and implementation of new accounting standards.

Ē Henry Blodget, CEO & Editorial Director

Key Points

Informing and inspiring the digital generation

HQ in New York, audience in 100+ countries, ~500 employees

2018: Strong audience growth, revenue growth, and profitability

Changed company name from “Business Insider, Inc.” to “Insider Inc.”

“Business Insider” remains the #1 US digital business publication

2 Our Product

Media consumption continues to shift to digital

Percentage of US daily media time spent with each medium, by year

Source: eMarketer, 2018

4 The shift is generational — led by millennials and Gen Z

Favorite medium, by age

Source: Ofcom, 2018, UK Adults

Our mission: “To inform and inspire the digital generation”

Smart Helpful Accurate Fast Editorial mantra: “SHAFFFF”… Fair Fearless Fun

6 ...

Many Insider Verticals

Distributed across all digital platforms. Text, video, audio, photos.

We engage our audience wherever they are – on every platform and screen

Platforms Social Audio OTT

8 Exceptional investigative reporting in tech, finance, retail, and more…

Leading business podcasts (audio/radio is also shifting to digital)

“The brands you know, the stories you In-depth interviews with founders, leaders, don’t” athletes, journalists, innovators

1mm+ downloads 2mm+ downloads

“New and noteworthy” on Apple, Sheryl Sandberg, LeBron James, Venus featured on NPR radio and podcasts Williams, Dan Brown

10 The digital generation watches less and less traditional TV

Legacy TV hours per week viewed across U.S. age groups

Note: Annual Nielsen data is based on Q2 per year. Figures represent average viewership. Source: Nielsen data, n=400,000, 2011-2017

“Insider TV” reaches the digital generation across all platforms

Awesome digital shows and stories on every screen

Our videos reached 94MM people total, and 49% of US 18 to 34 year-olds in October

We average over 3B video views per month across all platforms

12 Some of our shows…

The #1 daily Facebook news show

14 15

16 17

18 19

Our Audience

20 On-site audience still growing strongly: 170mm+ monthly unique visitors

Global site audience

Millions of uniques

Source: Google Analytics (October 2018)

“Business Insider” remains the No. 1 US business brand by reach

Total Monthly Digital UVs (000)

Source: ComScore (October 2018)

22 “Business Insider” is the choice of the digital generation

US Business Media Audience By Age Thousands of uniques #1 business brand with millenials

Source: ComScore (September 2018)

“INSIDER” is already the #6 general news brand in the US

Total Monthly Digital UVs (000)

Source: ComScore (October 2018)

24 Our global footprint continues to grow, audience in 100+ countries

Rapid growth of new verticals

MarketsInsider.com and Insider.com audience

Millions of uniques

Markets Insider Insider.com

Source: Google Analytics (October 2018)

26 Our Financials

Strong revenue growth and diversification

CAGR of 38% (2015-17), compared to 30% target since AS acquisition

In M $’s

100

80 Axel Springer Advertising Subscriptions, Licensing & Other Acquisition 60

0 2010 2011 2012 2013 2014 2015 2016 2017 2018 (e)

28 Advertising revenue growth – shift towards programmatic continues

Insider, Inc. advertising revenue mix CAGR of ~22%

Subscription revenue growth

Subscriptions revenue CAGR of ~50%; BI Prime launched in late 2017

30 Licensing and Other revenue growth

Other revenue growing at a CAGR of 85%+

2014 2015 2016 2017 2018 (e)

International revenue also growing rapidly

International Licensing Revenue (only net is booked to P&L)

2013 2014 2015 2016 2017 2018 (e)

32 Financial growth plan

H2/18 EBITDA profitability target achieved

Continued strong revenue growth going forward

Re-invest near-term profits in growth opportunities; subscriptions, commerce, editorial, and original programming

Long-term EBITDA margins of 20%+

Summary

INSIDER: Informing and inspiring the digital generation

Global reach and opportunity

Diversified revenue and distribution

Long-term mission: 1) Become the world‘s most-loved and most influential journalism brand 2) Deliver strong financial performance

34 ē Capital Markets Day 2018

Mathias Döpfner Chairman & CEO

You can access the webcast of Mathias Döpfner‘s speech on our website

www.axelspringer.com/investors

Thank You

for attending our

Capital Markets Day

2018

Investor Relations contacts:

Claudia Thomé Daniel Fard-Yazdani Co-Head of Investor Relations Co-Head of Investor Relations Phone: +49 30 2591 77421 Phone: +49 30 2591 77425 Mobile: +49 160 90445035 Mobile: +49 151 52844459 [email protected] [email protected]

Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422