Company Presentation January 2019 Disclaimer

Company presentation January 2019 Disclaimer

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 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.

2 Company presentation Axel Springer at a glance

Investment highlights Revenues by segment1 Adj. EBITDA by segment1,2 ▪ 81%1 of adj. EBITDA from digital 2% activities 13% 11% ▪ Classifieds with further double- 38% Classifieds Media 28% 61% digit top-line growth and high News Media margins 47% Marketing Media ▪ Stable adj. EBITDA for News Services / Holding Media expected 2017-2019 Financials

▪ Focus on classifieds and content 2017 Outlook 2018 (reported) Outlook 2018 (organic3) ▪ Strong underlying FCF and Revenues in €m 3,562.7 Low to mid single-digit % growth Low to mid single-digit % growth positive effect from real estate EBITDA (adj.) in €m 645.8 Low double-digit % growth Mid to high single-digit % growth transactions EBITDA margin (adj.) 18.1% ▪ High dividend yield and payout EPS (adj.) in € 2.60 Mid single-digit % growth4 High single-digit % growth5 ratio (2017: 77%) DPS (FY 2017) in € 2.00

1) Based on 9M/18 figures. 2) Negative EBITDA S/H allocated proportionally to operative segments. 3) Adj. for effects from IFRS 16, consolidation and FX effects. 4) Previously: Low to mid single-digit % growth. 5) Previously: Mid to high single-digit % growth.

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

Revenues adj. EBITDA

69% digital 81% digital

4 Company presentation Looking back – strong execution on key messages

1 More disclosure on classifieds 2 Stable adj. EBITDA in News Media ▪ Strong organic revenue growth of 10.8% in 9M/18, ▪ Mid-term guidance given: adj. EBITDA to be stable in driven especially by jobs a range between €225m and €245m for 2017-20191 ▪ Positive response to new single-asset disclosure and ▪ News Media adj. EBITDA 2017: €218.8m dedicated CMDs in London and New York in June´17 ▪ Reorganization of German publishing units ▪ Increased disclosure and better visibility as basis for ✓ ✓ re-evaluation of assets (especially of jobs classifieds)

3 Strict M&A discipline in content 4 Leading digital publisher ▪ Guidance given: No loss-making content acquisitions ▪ Focus on classifieds and content before existing digital content businesses have ▪ Active portfolio management: proven profitability – focus on organic development - Acquisition of Logic-Immo in France going forward - Acquisition of minority stakes in Purplebricks in UK ▪ Insider Inc.: organic revenue CAGR 2015-17 of 38% and Homeday in Germany ✓ - Acquisition of Universum (employer branding) ✓ ▪ Break-even for Insider Inc. on track for H2/18 - Sale of aufeminin; early sale of Doğan stake

1) Includes changes from the adoption of IFRS 16 and corresponds to previous range of €205m - €225m.

5 Company presentation 9M/18 adj. group EBITDA up 14.4%, organic increase of 6.7%

in €m 9M/18 yoy org.1 Q3/18 yoy org.1 1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA. Revenues 2,326.0 4.7% 3.6% 765.1 2.3% 2.0% Advertising 1,569.1 8.7% 6.7% 510.3 7.1% 6.0% Circulation 449.0 -7.2% -5.6% 154.3 -8.6% -7.1% Other 307.8 4.4% 3.5% 100.4 -1.9% -1.2% adj. EBITDA 541.4 14.4% 6.7% 186.9 19.7% 12.8% Margin 23.3% 2.0pp 24.4% 3.6pp Comments ▪ Organic revenue increase of 3.6% and adj. EBITDA up by 6.7% organically ▪ Consolidation effects mainly from Logic-Immo, Universum and affilinet, deconsolidation of aufeminin

6 Company presentation Classifieds Media: adj. EBITDA up 20.9% in Q3/18

1 1 1) Adjusted for consolidation and FX effects, as well in €m 9M/18 yoy org. Q3/18 yoy org. as IFRS 16 effects for adj. EBITDA. Revenues 890.2 19.4% 10.8% 305.0 19.9% 9.8% Advertising 860.6 17.5% 11.1% 292.8 17.0% 10.1% Other 29.6 >100 % -11.6% 12.2 >100 % -10.0% adj. EBITDA 353.5 15.0% 8.0% 130.2 20.9% 13.7% Margin 39.7% -1.6pp 42.7% 0.3pp Comments ▪ Revenue increase driven by strong organic growth (+10.8%) as well as consolidation effects ▪ Adj. EBITDA increase of 15.0% due to organic increase of 8.0% as well as effects from IFRS 16 and consolidation effects ▪ Margin up slightly in Q3 yoy, 9M/18 margin down due to investments

7 Classifieds Media Jobs classifieds with 16.4% organic growth in 9M/18 and lower margin due to investments

Jobs in €m 9M/18 yoy org.1 Q3/18 yoy org.1 Revenues 431.6 20.2% 16.4% 153.6 18.8% 13.6% 34% adj. EBITDA2 165.7 13.2% 6.6% 67.2 19.8% 13.8% Margin 38.4% -2.4pp 43.7% 0.4pp

Comments ▪ Strong organic growth of 16.4% in 9M/18, mainly driven by Continental Europe (+22.3% organic) ▪ Organic growth of 13.6% in Q3/18 due to a tough prior year comp ▪ Margin down 2.4pp due to planned investments for future growth in 9M/18, slightly up in Q3/18 – margin expected to be significantly up yoy in Q4/18

1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA of Classifieds Media subsegments does not equal Classifieds Media segment adj. EBITDA which includes costs of €8.2m in 9M/18 and €6.8m in 9M/17 (thereof business development, M&A and other), not allocated to the three subsegments.

8 Classifieds Media Real Estate classifieds with further good development in Q3/18

Real Estate in €m 9M/18 yoy org.1 Q3/18 yoy org.1 Revenues 278.2 29.1% 6.3% 94.4 30.8% 6.4% adj. EBITDA2 132.6 20.9% 12.8% 46.8 24.1% 16.1% Margin 47.7% -3.2pp 49.5% -2.7pp

Comments ▪ Reported revenue growth of 29.1% driven by consolidation effects from Logic-Immo (organic revenue increase 6.3%) in 9M/18 ▪ Re-acceleration of organic revenue growth at SeLoger to high single-digit in Q3/18 ▪ Adj. EBITDA up 20.9% (+12.8% organically), decline of reported margin due to integration of Logic- Immo (4ppts margin increase excl. Logid-Immo), continued strong margin improvement at Immowelt

9 Classifieds Media General/Other with better margin in Q3/18

General/Other in €m 9M/18 yoy org.1 Q3/18 yoy org.1 Revenues 180.4 5.8% 4.4% 57.0 7.8% 5.0% adj. EBITDA2 63.4 8.6% 4.0% 18.9 14.1% 5.9% Margin 35.1% 0.9pp 33.1% 1.8pp

Comments ▪ Revenue increase of 5.8% (4.4% organic growth) in 9M/18 ▪ @Leisure with improved revenue development following slow start to the year, Yad2 with continued negative impact from changes in the regulatory environment for real estate ▪ Adj. EBITDA up 8.6% (+4.0% organically) in 9M/18

10 Classifieds Media News Media revenues only slightly below prior year

in €m 9M/18 yoy org.1 Q3/18 yoy org.1 1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA. Revenues 1,089.6 -0.5% -0.1% 357.6 -3.3% -2.9% thereof digital 401.5 12.7% 12.1% 135.4 13.2% 11.3% digital share of revenues 36.8% 37.9% Advertising 480.6 4.0% 3.2% 150.2 1.9% 1.3% Circulation 449.4 -7.1% -5.5% 154.3 -8.6% -7.1% Other 159.6 6.9% 6.9% 53.0 -1.0% -1.0% adj. EBITDA 165.1 0.0% -8.8% 51.6 -4.8% -13.4% Margin 15.1% 0.1pp 14.4% -0.2pp

Comments ▪ Revenues down slightly by 0.5%, only minor effects from consolidation and FX ▪ 36.8% of revenues from digital activities ▪ National revenues with tough prior year comps in Q3/18 advertising, international revenue growth driven by continued strong growth of Insider Inc. ▪ Adj. EBITDA reported on prior year level, driven mainly by effects from IFRS 16 (organically down 8.8%)

11 News Media Overview News Media National and International

News Media National News Media International in €m 9M/18 yoy org.1 Q3/18 yoy org.1 9M/18 yoy org.1 Q3/18 yoy org.1 Revenues 781.8 -3.4% -4.2% 257.4 -6.7% -7.5% 307.8 7.6% 11.6% 100.2 6.4% 11.4% thereof digital 204.6 11.2% 7.8% 69.1 10.4% 6.5% 196.8 14.4% 16.7% 66.3 16.3% 16.5% digital share of revenues 26.2% 26.8% 63.9% 66.2% Advertising 307.2 -1.4% -3.6% 92.8 -5.4% -7.8% 173.4 15.1% 17.5% 57.3 16.4% 20.0% Circulation 359.9 -6.8% -6.8% 126.0 -8.1% -8.1% 89.4 -8.3% -0.3% 28.3 -11.1% -2.7% Other 114.6 2.8% 3.3% 38.5 -5.1% -5.1% 45.0 18.8% 17.4% 14.5 11.6% 11.8% adj. EBITDA 115.9 -10.8% -17.4% 35.0 -15.6% -22.5% 49.2 39.8% 23.9% 16.7 30.3% 18.0% Margin 14.8% -1.2pp 13.6% -1.4pp 16.0% 3.7pp 16.6% 3.1pp

1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.

12 News Media Marketing Media development impacted by organic EBITDA decline in Performance Marketing

1) 1 1 Adjusted for consolidation and FX effects, as well as in €m 9M/18 yoy org. Q3/18 yoy org. IFRS 16 effects for adj. EBITDA. Revenues 306.8 -8.9% 1.3% 89.0 -19.0% 0.8% Advertising 227.9 -8.3% -0.8% 67.4 -14.5% 1.1% Other 78.9 -10.7% 8.0% 21.6 -30.3% -0.1% adj. EBITDA 62.7 11.4% 8.9% 16.0 0.6% 6.9% Margin 20.4% 3.7pp 18.0% 3.5pp Comments ▪ Revenues down yoy due to deconsolidation of aufeminin. Organic revenues up 1.3% in 9M/18 yoy: Reach- based marketing slightly below 9M/17 (-0.8%) due to US exit of Bonial in Q4/17, Performance Marketing with organic increase of 4.8% ▪ Adj. EBITDA up 11.4% (+8.9% organically). Reach Based Marketing adj. EBITDA with strong organic increase of 22.4% due to US exit of Bonial, Performance Marketing with significant decline of 20.2% due to lower incoming orders, negative FX effects especially from the US business and higher integration costs due to the affilinet merger

13 Marketing Media Overview Marketing Media Subsegments

Reach Based Marketing Performance Marketing in €m 9M/18 yoy org.1 Q3/18 yoy org.1 9M/18 yoy org.1 Q3/18 yoy org.1 Revenues 176.3 -22.2% -0.8% 46.7 -36.5% -1.4% 130.5 18.3% 4.8% 42.3 16.4% 3.6% Advertising 150.6 -19.7% -2.7% 42.6 -27.9% -0.3% 77.3 26.7% 4.0% 24.8 25.6% 4.1% Other 25.7 -34.2% 13.5% 4.1 -71.7% -13.4% 53.2 7.9% 5.7% 17.5 5.5% 3.1% adj. EBITDA2 46.3 6.2% 22.4% 11.3 -7.8% 28.6% 22.6 17.4% -20.2% 6.7 13.9% -29.4% Margin 26.2% 7.0pp 24.3% 7.6pp 17.3% -0.1pp 15.7% -0.3pp

1) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA. 2) Total adj. EBITDA includes costs of €6.2in 9M/18 and €6.6m in 9M/17 (thereof business development, M&A and other), not allocated to the two pillars.

14 Marketing Media Adjusted eps with strong increase in Q3/18

in €m 9M/18 9M/17 Q3/18 Q3/17 adj. EBITDA 541.4 473.4 186.9 156.1 yoy change 14.4% 19.7% Depreciation / amortization (excl. PPA) -153.5 -100.0 -52.4 -34.1 adj. EBIT 387.9 373.4 134.5 122.0 Financial result -14.8 -7.7 -5.3 -6.0 Taxes -116.4 -121.2 -41.7 -41.1 adj. net income 256.7 244.4 87.4 74.9 thereof attributable to non-controlling interests 32.4 30.7 9.4 10.6 adj. eps1 2.08 1.98 0.72 0.60 yoy change (reported / organic) 5.0% / 6.7% 21.5% / 24.4% Non-recurring effects 53.6 -31.3 -6.0 -14.1 Depreciation / amortization, and impairments of PPA -76.3 -73.8 -29.2 -21.2 Taxes attributable to these effects 13.4 24.1 9.6 6.8 Net income 247.4 163.4 61.9 46.4 1) Based on weighted average number of shares outstanding in 9M/18: 107.9m (9M/17: 107.9m).

15 Company presentation Net financial debt higher because of IFRS 16 – FCF in line with expectations

1 2 Net financial debt of €1,317.4m in September 2018 (leverage 1.8x )

Free cash flow (FCF) in €m Impact of leasing liabilities on net financial debt ▪ Net financial debt includes leasing liabilities of €359.6m (PY: €0.3m), thereof 280.3 268.5 €153.6m due to lease of Axel-Springer-Passage and high-rise headquarter in Berlin since January 1, 2018 226.3 220.9 ▪ Net financial debt less effects from leasing liabilities €957.8m

Positive effects on cash flow going forward ▪ Net positive cash inflow of ~€165m until 2020 from sale of new Berlin building (purchase price of €425m and tax payments of ~€30m expected in Q4/19 and capex and sale related costs of ~€230m in 2018-2020) 9M/17 9M/18 9M/17 9M/18

FCF FCF excl. effects from headquarter real estate transactions

1) Excl. pension liabilities. 2) Based on Bloomberg consensus for adj. EBITDA 2018.

16 Company presentation 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

17 Company presentation Group guidance 2018 confirmed and increased for adjusted eps

Reported Organic (adjusted for effects from the adoption of IFRS 16 as well as consolidation and FX effects)

Revenues Low to mid single-digit % growth1 Low to mid single-digit % growth1

Group adj. EBITDA Low double-digit % growth Mid to high single-digit % growth

Increased to: adj. eps Mid single-digit % growth2 High single-digit % growth3

1) Revenue outlook based on 2017 revenues restated for negative effect of IFRS 15 adoption. 2) Previously: Low to mid single-digit % growth. 3) Previously: mid to high single-digit % growth.

18 Company presentation Segment outlook 2018: Guidance downgrade for Marketing Media Reported Organic (adjusted for effects from the adoption of IFRS 16 as well as consolidation and FX effects)

Classifieds Revenues Double-digit % growth Low double-digit % growth Media adj. EBITDA Double-digit % growth High single-digit to low double-digit % growth

News Revenues Low to mid single-digit % decline Low single-digit % decline Media adj. EBITDA Mid single-digit % growth Low to mid single-digit % decline Decreased to: Marketing Revenues1 Low double-digit % decline2 Roughly on prior year level3 Media adj. EBITDA Mid to high single-digit % decline4 Low to mid single-digit % decline5

Services/ Revenues Mid single-digit % decline Mid single-digit % decline Holding adj. EBITDA Low to mid single-digit % growth6 Low to mid single-digit % growth6 1) Revenue outlook based on 2017 revenues restated for negative effect of IFRS 15 adoption. 2) Previously: High single-digit % decline. 3) Previously: High single-digit % growth. 4) Previously: High single-digit % growth. 5) Previously: Low double digit % growth. 6) Improvement/smaller negative EBITDA.

19 Company presentation Classifieds Media Classifieds Media: leading digital classifieds operator

Overview Classifieds Media Jobs Real Estate Cars ▪ #1/2 in France ▪ Leading digital classifieds ▪ #1 in Germany, Belgium ▪ #1 in France operator Generalist ▪ #1 in Israel ▪ Portfolio of market leading ▪ #1 in UK ▪ #2 in Germany classifieds: 76%1 of revenues Vacation Rental ▪ #1 in Netherlands & from #1 market positions ▪ #1 in Ireland, South Africa ▪ #1 in Belgium Belgium ▪ Digital classifieds clear beneficiary of structural shift Financials from offline to online 2017 Outlook 2018 (reported) Outlook 2018 (organic2) Revenues in €m 1,007.7 Double-digit % growth Low double-digit % growth ▪ Strong market positions High single-digit to EBITDA (adj.) in €m 413.2 Double-digit % growth yielding high margins low double-digit % growth EBITDA margin (adj.) 41.0%

1) Based on FY/17 figures. 2) Adj. for effects from IFRS 16, consolidation and FX effects.

21 Classifieds Media In 9M/18, digital classifieds contributed 61% to adj. Group EBITDA Long-term adj. Group EBITDA development driven by classifieds 1 Adj. EBITDA in €m 646 +15% 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 Axel Springer Group 57% 58% 61% Axel Springer Classifieds X% Share of Group EBITDA (negative EBITDA S/H allocated proportionally to operative segments) 1) excl. discontinued operations.

22 Classifieds Media Classifieds with strong organic growth and high underlying margins

Revenues EBITDA margin, adj. Organic growth yoy 2015 2016 2017 9M/2018 Margin 2015 2016 2017 9M/2018

Jobs +21.2% +17.6% +17.0% +16.4% Jobs 43.7% 42.9% 41.7% 38.4%

Real Estate +4.8% +6.3% +10.8% +6.3% Real Estate 46.4% 44.9% 50.4% 47.7%

General/Other +4.0% +9.7% +6.3% +4.4% General/Other 30.7% 32.7% 32.0% 35.1%

Total classifieds +12.9% +12.5% +12.7% +10.8% Total classifieds 40.5% 40.3% 41.0% 39.7%

23 Classifieds Media Minority investments in hybrid agent models

▪ Clear market leader in the UK in the new segment of ▪ 50/50 holding company with UK market leader transactional digital real estate platforms, also active in Purplebricks Australia, the USA and Canada ▪ Acquisition of 22% stake in Homeday in October 2018 ▪ April 2018: Purchase of 11.5 percent in Purplebricks (on top of 4% owned by Axel Springer already) through capital increase and purchase of secondary ▪ Commission based business model shares from existing holders; purchase price amounts to a total of GBP 125m, corresponding to a price per ▪ Potential from additional revenue pool share of GBP 3.60 ▪ Participation in innovative business model in German ▪ July 2018: Increase to 12.5 percent paying GBP 3.07 real estate market per each additional secondary share (total of GBP 9m) ▪ Listed on the London stock exchange since Dec. 2015 ▪ Board seat for Axel Springer

24 Classifieds Media The underlying markets of our assets show attractive dynamics Total online and offline marketing spend, 2012-2016 (in €m) Jobs Germany UK +2% +2% 1,091 1,170 906 991 50% 36% 21% 71% 64% 79% 29% 50% 2012 2016 2012 2016 Real Estate France Germany Belgium

+1% +4% +3% 781 799 488 571 83 92 35% 31% 33% 48% 48% 44% 52% 65% 52% 69% 56% 67% 2012 2016 2012 2016 2012 2016

Source: OC&C (05/2017) CAGR Offline Mkt Spend Online Mkt Spend

25 Classifieds Media The future of our markets: shift towards online and constant growth continues Total Marketing Spend by Channel, 2016-2020F (in €m) Jobs Germany UK

1,447 991 1,031 1,170 15% 37% 21% 50% +12% 63% +3% 85% 50% 79% 2016 2020F 2016 2020F

Real Estate France Germany Belgium

799 903 571 723 92 102 23% 27% 35% 6% 28% 31% 9% 33% 5% 65% 72% 69% 77% 67% 73% 2016 2020F 2016 2020F 2016 2020F

Source: OC&C (05/2017) CAGR Offline Mkt Spend Online Mkt Spend

26 Classifieds Media StepStone: High organic revenue growth

Operational update 9M/18 Financials in €m 9M/18 9M/174) yoy organic5) ▪ Swedish employer branding specialist Universum 2) acquired in Q2/18 Revenues 431.6 359.2 20.2% 16.4% Continental 299.3 243.1 23.1% 22.3% ▪ Start of ‘The Partnership’ (Totaljobs & Jobsite) UK 92.4 88.1 4.9% 6.3% with joint offer in Q2/18 SAON Group 30.3 28.3 7.2% 9.5% ▪ Candidate delivery ahead of competition in nearly EBITDA3) 165.7 146.4 13.2% 6.6% all areas Continental 153.8 136.8 12.4% 9.2% ▪ Main market Continental Europe continues to be UK 11.7 13.0 -9.7% -25.8% growth driver with increasing customer number SAON Group 9.2 9.5 -3.9% -5.6% (+8%) and high retention rate at 88%1) Margin 38.4% 40.7% -2.4pp

1) Both figures per LTM Sept-18. 2) Minor revenues recorded centrally and attributable to few operational entities Continental 51.4% 56.3% -4.9pp (mainly Universum) are not presented since those are not recorded in operational subgroups. 3) Combined adj. EBITDA of subgroups does not equal sub-segment as central costs (mainly non-licensed product development costs) UK 12.7% 14.8% -2.0pp and a few entities (mainly Universum) are not recorded in operational subgroups. 4) Including meinestadt.de which was allocated to Jobs from General/Other in 2018 5) Adjusted for consolidation and FX effects, as well as IFRS 16 effects SAON Group 30.2% 33.7% -3.5pp for adj. EBITDA.

27 StepStone Group: Full year organic growth expected on prior year level Group revenue and organic growth (€m)

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

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).

28 Continued double-digit organic growth expected for 2018 StepStone Group Revenue (in €m)

496 410

+29%

17% ~17% organic growth

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ¹ 2018

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

29 Goal to become a comprehensive E-Recruiting company Career guidance Orientation

Search jobs Career development Browse jobs / be found

Hire / Sign contract JOB SEEKER JOURNEY Research employer

Interview Research salary

Follow-up Check cultural fit Applications Application

Job seeker journey

30 Companies are charged for listings and access to candidate profiles

Job Listings Direct Search Employer Branding Highly scalable with low Effective process to fill highly specific Targeted branding products to total cost per hire for positions, but high cost per hire and help employers stand out among recruiter difficult to scale for recruiter our candidates

Revenue share

88% 6% 6% 2008

88% (98% / 61%) 10% (1% / 34%) 2% (1% / 5%)

2017 2017 (GER/UK)

31 StepStone Continental: Continued strong organic growth Financial development by subgroup¹ (in €m)

Revenue EBITDA

+22% +24% 58% 58% 59% +33% 54% 56% +27% 51% +26% +23% +27% StepStone Continental +27%

159 202 257 343 243 299 92 117 151 186 137 154

2014 2015 2016 20172 9M/17 9M/18 2014 2015 2016 20172 9M/17 9M/18

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, Universum (among others) is not allocated to one of the operational subgroups. 2) Including meinestadt.de which was allocated to Jobs from General/Other in 2018. Organic growth EBITDA Margin

32 StepStone Continental: #1 positions in candidate delivery in most core markets

Candidate Delivery¹ - StepStone Continental

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 Regiojobs 7.6 StepStone AT 16.3 Monster 4.9 Jobat 6.9 kurier.at 13.1 Jobware 3.9 Linkedin 5.7 Monster 6.6 Indeed 3.7 Indeed Meinestadt 3.5 Vacature 4.1 3.9

Xing 3.0 Monster 3.5 Linkedin 1.7

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

33 StepStone Continental: Increasing customer numbers and high retention rates Customer number (k)1 Customer Retention Rate (%)2

StepStoneLTM figures are proContinental forma including StepStone Continental meinestadt.de, Turijobs and iciformation

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

2015 2016 2017 LTM LTM 2015 2016 2017 LTM Sept-17Sept-18 Sept-18 Large customers Overall Retention

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: Ictjob (Q3/17), meinestadt.de and Turijobs (both Q1/18). 2) All subgroups reported based on pro forma development; based on invoiced sales.

34 StepStone UK: Upside potential from ‘The Partnership’ Financial development by subgroup¹ (in €m)

Revenue EBITDA

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

2014 2015 2016 2017 9M/17 9M/18 2014 2015 2016 2017 9M/17 9M/18

▪ Totaljobs acquired early 2012, Jobsite late 2014 ▪ Introduction of ‘The Partnership’ creates upside potential from more attractive offer to customers and also from synergy effects on the cost side (e.g., integrated platforms and overhead functions)

35 ‘The Partnership’: From separate companies, brands and cultures to one unified organization Market facing effects ▪ One company, one platform, one sales force Oct. 2017 Oct. 2018 ▪ More compelling business proposition KPI Jobsite Totaljobs Partnership1 ▪ One CV-database # Applications / 1.5m 3.8m 6.3m ▪ Best-in-class candidate delivery month Conversion rate Internal effects 0.22 0.25 0.26 (appl./ visit) ▪ Efficient traffic sourcing ▪ Cost efficiencies CV database 3.8m 11.8m 18.3m ▪ Improved IT development effectiveness LinkedIn2: ~25m

Resulting in CV- ~13m Library2: ▪ Improved retention and share of wallet 1) Incl. StepStone UK verticals. ▪ Accelerated new business 2) Linkedin: number of registered users per Oct 2018 (source: Statista); CV- Reed2: ~11m Library and Reed numbers as stated ▪ Wider market coverage on respective websites per Nov 2018.

36 StepStone UK: High values in relevant KPIs

Candidate delivery1 Customer number (k)2 Customer Retention Rate (%)4

‘The Partnership’ with negative technical impact on 95% 95% 93% 93% TotalJobs 23.1 LTM Sept-18 due to deduplication of contacts.

Indeed 17.0 CAGR +3% Jobsite 14.7 43.8 -2% 41.8 41.3 41.0 Reed 11.6 82% StepStone 80% 81% 80% CV Library 3 UK 10.7 36.9 Monster 4.2

Linkedin 2.8 2015 2016 2017 LTM LTM 2015 2016 2017 LTM TotalJobs and Jobsite with Sept-17Sept-18 Sept-18 combined potential of 37.8 Large customers Overall Retention 1) Average # of applications per job ad. Source: TNS, figures are corrected 3) Changed business focus of Jobsite after acquisition, removed low value contracts. 4) Retention rates LTM September 2018 temporarily for outliers. 2) Customer count based on active contracts in a year. affected by launch of ‘The Partnership‘ which caused phasing of contract renewals from customers of both TotalJobs and Jobsite who decided to renew after expiry of both former contracts; all subgroups reported based on pro forma development; based on invoiced sales.

37 SAON Group: Strong organic growth rates

Financial development by subgroup¹ (in €m)

Revenue EBITDA 40% 14 34% 30% 33% 34% 37% 30% +9% 30% +10% 12 +11% +15% 10 20% +11% 8 SAON +14% Group +30% +7% 8 10 10 12 10 9 10% 34 119 6 23 30 34 30 38 28 30 4 0% 2014 2015 2016 2017 9M/17 9M/18 2014 2015 2016 2017 9M/17 9M/18

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

38 SAON Group: Best in class in candidate delivery

Candidate Delivery¹ - SAON Group

Ireland South Africa3

Jobs.ie 22.3 Pnet 153.9

CJ 65.5 Irishjobs 17.5 Indeed 48.7 Indeed 17.1 Careers24 33.7 2 NIJobs 9.5 Linkedin 13.4

Linkedin 8.7

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.

39 SAON Group: Stable customer numbers and improving customer retention Customer number (k)1,2 Customer Retention Rate (%)3

StepStone Continental StepStone Continental

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

2015 2016 2017 LTM LTM 2015 2016 2017 LTM Sept-17Sept-18 Sept-18 Large customers Overall Retention 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. 3) All subgroups reported based on pro forma development; based on invoiced sales.

40 Growth cases in Austria and France progress

Austria: From #4 in 2014 to clear #21 France: #6 at start of growth initiatives - First payoff from investments1

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

7.6% 0.6%

2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 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 efficiency2 sales efficiency2

Investments in sales (headcount, tooling) and marketing Investments in same areas as in Austria: Focus on (traffic acquisition & branding) sales and traffic 1) Market positions in terms of revenue. 2) E.g. call activities in telesales. Source: Company reports and management estimates.

41 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.

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

43 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.

44 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 % clicks following 46 Google searches for all clicks lead to StepStone keywords 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 Relates to / Google searches for clicks following Google searches keywords related to optimises for all job related keywords engineering jobs SEA traffic

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

45 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

46 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

1 ▪ Align IT platforms ▪ Mutualize training, consulting and IT investments

1) Among others; minority investments.

47 Classifieds Media Our three priorities allow us to tap into large markets beyond listings

Total addressable adjacent Our three priorities markets ~2 bn€ Providing the agent with additional core Agent commission Mortgage 1 1 services pool ~1.63 bn€ ~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 (05/2017), McKinsey. Notes: Marketing spending includes spending of agents, property developers and private sellers in online and offline channels. Figures apply to German RE market.

48 Classifieds Media SeLoger margin decline due to consolidation of Logic-Immo

Operational update 9M/18 Financials ▪ Closing of Logic-Immo acquisition in Q1/18

▪ Joint product offering of SeLoger and in €m 9M/18 9M/17 yoy org.3) Logic-Immo started in September 2018 Revenues 158.8 104.3 52.2% 5.2% ▪ SeLoger ARPA (incl. verticals) increases by EBITDA 76.4 61.2 24.8% 9.3% 6% yoy to €762 in 9M/18 Margin 48.1% 58.7% -10.6pp ▪ # of professional listings1) on Seloger.com: 995k (Logic-Immo: 720k, pre deduplication) ▪ Unique users2) of seloger.com up 5% to 5.8m, unique user of logic-immo.com +3% to 2.9m 1) Source: autobiz; monthly listings, 9M/18 average. 2) Source: Médiametrie 9M/18 vs 9M/17. 3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.

49 Real estate market in France is still buoyant and online classifieds are expected to continue to grow

Structural tailwind in French real estate market supports… …growth in all online channels beyond classifieds

LTM cumulated existing home sales transactions in k, 02/2012 – In €m CAGR 10/2018, France1 CAGR +3% CAGR +1% 903 (16-20F) 1,000 781 799 19% +1% 21% 20% 9% -8% Offline 14% 27% 25% +6% 750 22% +5% 17% Online 47% 35% 43%

500 2012 2016 2020F Feb 12 Oct 18

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. Other Offline Advertising Other Online Advertising Source: OC&C (05/2017), Conseil Général de l’Environnement et du Développement. Print Advertising Online Classifieds

50 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 CAGR CAGR 2011-2017 +6% +10% 800 +9% 719 762 159 676 724 +9% 615 140 549 128 496 660 116 424 456 632 628 98 106 104 594 +5% 91 400 544 80 76 82 76 440 483 62 71 406 53 58 61 382 43

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

SeLoger excl. verticals 1) Revenues EBITDA excl. effects of Poliris business, deconsolidated in 2016. SeLoger incl. verticals

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

Average of monthly listings 9M/18 in k1

1,276

995 +2%

720 766 523 543

Source: autobiz. private listings

52 The merger helps SeLoger and Logic-Immo to close gaps in previously underserved areas SeLoger – Traffic SeLoger + Logic-Immo – Traffic

# Visits High

Low

53 Incremental listing potential from Logic-Immo results in leading position for pro listings in France

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

840k ≈ 50k ≈ 900k

840k ≈ 150k ≈ 1,000k

Sources: Autobiz / internal analysis.

54 SeLoger and Logic-Immo are commercially tapping the potential through 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

55 “Seller lead” strategic initiative has already demonstrated high performance at SeLoger ▪ Launched at SeLoger in January 2018, visibility and lead generation product ▪ Dedicated organization as a new market ▪ Logic-Immo seller product on pre-sale to be launched in January 2019 ▪ SeLoger will extend to premium qualified ≈900 leads and luxury market by 2019 ▪ AVIV Group strategic initiative with SL Customers synergies among assets: shared price estimate engine with Immoweb, based on AI

56 Immowelt: Margin significantly up at 40%

Operational update H1/18 Financials

▪ ARPU increases by 12% yoy to €324 in 9M/18 in €m H1/18 H1/17 yoy org.2) ▪ Focusing on DUO ≥ 5 customers going forward Revenues 58.2 54.3 7.3% 7.3% ▪ Visits1) at 43.3m (+/-0% yoy) EBITDA 23.3 18.3 27.7% 23.7% Margin 40.1% 33.7% 6.4pp ▪ # of residential listings1) at 173k (-11%) yoy

1) Source: company information; monthly visits/listings, 9M average. 2) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA.

57 Positive outlook for online property portals – 9% annual growth in Germany expected until 2020

+3% annual growth in agent ... fuels favourable marketing spend commission pool until 2020 ... for online property portals

Agent commission pool (bn €) Property marketing spend (in €m) +3% CAGR 6.4 +6% 723 16-20F +6% 5.7 0.7 Rental +4% +2% 0.6 571 +10% 4.5 488 0.8 -4% 5.7 Sales 5.1 3.7 407 +9% 287 176

2012 2016 2020F 2012 2016 2020F Sources: Immowelt, OC&C (05/2017; Other offline adv. Print adv. German residential real estate only). CAGR Other online adv. Online portals

58 DUO migration completed and 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 IS24 core agents

22.1 22.3 22.6 22.8 22.6 22.4 22.0 22.0 21.7 21.0 19.9

18.5 17.6 17.4 17.4 17.0 17.0 17.2 17.5

14.8 15.5 15.4 15.1 15.3 14.9 15.0 15.7 11.9 13.8 9.1

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

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).

59 The German listings market is contracting

Decline due to increasingly overall stagnating offer Comments

1 Listings in German housing market (average per month in ▪ Listings in Germany have been under pressure thousands) 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 100 100 agents based on their DUO contracts 50 50 0 0 9M/17 9M/18

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.

60 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 294 effects of DUO 1-2 migration2

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

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.

61 2018 will be another successful year for Immowelt – 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 111 +7% 98 20% 34% ~40% 88 82 +93% >40% 37

20%

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

62 Immoweb with high single-digit revenue growth and strong margin

Operational update H1/18 Financials

1) ▪ ARPA increases by 5% yoy to €540 in 9M/18 in €m H1/18 H1/17 yoy org.3) ▪ # of listings1) up by 6% yoy to 153k Revenues 21.8 20.0 9.2% 8.9% EBITDA 14.1 13.1 8.0% 8.0% ▪ Real visitors2) down by 5% with a monthly Margin 64.8% 65.5% -0.7pp average of 1.5m in 9M/18

1) Source: company information, 9M/18 average. 2) Source: CIM, 9M/18 average. 3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA

63 Solid market growth over the last decade translated into online marketing budgets

Belgian property market is very stable… …and relevant budgets are expected to expand Indexed property sale transactions in Belgium, 2005–2016, 2012 = 100 Property Marketing spend by channel, in €m +3% CAGR CAGR 130 +3% 102 (12-16) (16-20F) 92 83 18% -3% -2% 109 22% 9% 27% Offline 11% 17% 100 102 -7% -2% 17% 16% 14% +6% +4% Online 51% 56% 42% +8% +5% 70 2012 2016 2020F 2006 2008 2010 2012 2014 2016 +11% CAGR 2013-2016 Sales Transactions Index Other Offline Advertising Other Online Advertising Average Sales Price Index Source: Statistics Belgium, OC&C (05/2017). Print Advertising Online Classifieds

64 Immoweb: THE reference for property search

…and when it comes to real estate, 8 out of 10 Belgians “Belgians have a brick in their stomach…” think of Immoweb

Home ownership rate by country in 2016 Unaided awareness questionnaire with 7.2k respondents in 09/2016

+24pp 70% x12.4 78%

58%

46% 6% 2% Germany1 France Belgium Source: OC&C (05/2017), Produpress study, Eurostat 1) Latest available 2014.

65 Immoweb outraces Belgian competition in market reach

Immoweb attracts almost twice as many visitors than …leading to strong and highly engaged traffic on #2 competitor… Immoweb Average of monthly real visitors in 9M/181 Average of monthly audience statistics on Top3 RE portals in 9M/181 15m 153m minutes

9% 20% 10%

22% 1.9x 2.0x 81% 58%

Visits Time spent Source: CIM, Statistics Belgium. 1) Selected players (excl. app traffic).

66 Immoweb: Consistent revenue and EBITDA growth

Successful growth of ARPA over the ...results in strong revenue growth at leading EBITDA margins last years...

Weighted average monthly ARPA from professional customers, in € CAGR in €m +10% CAGR +5% 40 36 +10% 33 31 27 25 26 22 20 20 22 16 14 540 13 460 514 515 350 385 410

2013 2014 2015 2016 2017 9M/17 9M/18 2013 2014 2015 2016 2017 H1/17 H1/18 61% 64% 67% 70% 67% 66% 65%

Revenues EBITDA EBITDA margin

67 Car&Boat Media: Organic growth driven by ARPU increase

Operational update H1/18 Financials

▪ ARPU up by 11% yoy to €451 in 9M/18 in €m H1/18 H1/17 yoy org.3) ▪ # of professional customers1) slightly (-1%) Revenues 31.3 29.5 6.2% 6.2% below prior year at 8.4k EBITDA 15.2 13.7 10.4% 7.2% Margin 48.4% 46.5% 1.8pp ▪ # of professional listings1) down by 1% yoy to 271k ▪ Unique visitors2) up by 19% to 4.5m

1) Source: company information; monthly, 9M/18 average 2) Source: Mediametrie (9M/18 vs 9M/17); limited comparability of 9M/18 figures to prior- year period due to new methodology regarding the measurement of mobile traffic introduced by Mediametrie in 9M/18 3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA

68 LaCentrale works with professionals that have a significant used car activity

Professional listings Listings per professional1

(in k, monthly average 9M/2018) (in k, monthly average 9M/2018)

447 32

-39% +68% 271 19

Sources: Company Information 1) Professional ads divided by # of professionals on platform.

69 Stable traffic and listings development versus next competitor

Total listings Traffic development since Apr. ’15 Listings development since Apr. ’15

(in k, monthly average)1 (Index = 100) (Index = 100)

Traffic 12.0m 4.5m 9M/2018 907

461

298 27 447 271

2015 2016 2017 2018 2015 2016 2017 2018 Private

Professional 1) Listings are based on 9M/18 figures. Sources: Company Information.

70 Carboat Media has benefited from constantly growing monetization

9.000 Monthly customers: 8,280 490

8.000 €463 440 7.000

6.000 390 Avg. ARPU 5.000 growth 7%* 340 4.000

3.000 290 2.000

1.000 240 Jan 2009 Sept 2013 Sept 2018

Monthly customers * CAGR 10/13-09/18. Monthly ARPU (in €) Source: Company Information.

71 Carboat Media developed its EBITDA positively since AS acquisition Revenues & EBITDA (in €m) AS acquisition: July 2014 CAGR CAGR +14% +4% +10% 55.2 59.4 52.1 48.2 48.5 50.5 45.2

31.3 27.0 29.5 24.3 18.7 20.8 20.3 20.9 20.9 13.7 15.2

2011 2012 2013 2014 2015 2016 2017 H1/17 H1/18

Revenues EBITDA

72 Yad2 with headwind from FX and slower organic growth due to difficult real estate market

Operational update1) H1/18 Financials

▪ # of listings: 413.8k (-4% yoy) in 9M/18 2) in €m H1/18 H1/17 yoy org. ▪ Unique visitors down by 13% to 2.4m Revenues 18.9 20.1 -6.0% 1.1% (9M/17: 2.7m) ▪ Visits down by 7% to 11.2m (9M/17: 12.1m)

1) Source: company information; monthly listings/UVs/visits 2) Adjusted for consolidation and FX effects

73 Yad2 is best positioned to further grow its business along three strategic initiatives

1 Israel’s #1 Generalist

#1 #1 #1 Become #1 Real Estate Cars Second Hand in Jobs

1 Organic Growth Comission-based Commercial & business models 2 Getting closer to the transaction luxury real estate New car & Financing, loans, insurance products tire sales 3 Explore adjacent opportunities

74 Strong network effects provide Yad2‘s customers with significant liquidity and reach

Listings Visits (in k, monthly average 9M/18)1 (in m, monthly average 9M/2018)2

2nd Hand Real Estate Cars Jobs

187 143 7.5 76 8 414 11.2 >2x >23x

>9x >25x

Sources: 1) Company Information, 2) Similarweb, desktop & mobile traffic

75 Yad2 revenues impacted by regulatory changes in real estate and negative FX in 2018 Revenue Development

28% 25% 13% 9% 1% Leading revenue stream impacted by regulatory changes 40.0 34.9 Second largest revenue stream. Since 2013 26.9 paid classifieds product for car dealers

18.4 20.1 18.9 Gaining importance since Drushim acquisition in 2015 with goal of becoming clear #1

20141 2015 2016 2017 H1/17 H1/18

Revenues in €m Organic YoY growth

Sources: Company Information, Drushim acquisition closed in Sept. 2015. 1) 2014 represents FY as AS acquisition closed in May.

76 @Leisure with improved performance following slow start to the year

Operational update H1/18 Financials

▪ Full service (Belvilla, Land & Leisure): 3) in €m H1/18 H1/17 yoy org. pro forma booking value1) down in 9M/18 by Revenues 73.2 69.1 6.0% 2.7% 10% yoy to €177m EBITDA 17.1 14.9 14.5% 3.4% ▪ Self service (Traum-Ferienwohnungen): Margin 23.3% 21.6% 1.7pp total listings2) in Europe up in 9M/18 by 10% yoy to 84k ▪ Disposal of casamundo in Q3/18

1) Source: company information 2) Source: company information, 09/17 vs. 09/18 3) Adjusted for consolidation and FX effects, as well as IFRS 16 effects for adj. EBITDA

77 @Leisure focuses on the supply/homeowner side of the market

Homeowner Full-service

>31k Inventory

Aggregator Secondary Guest homes Self-service

>84k Inventory Primary homes

Source: Company information per Q3/18.

78 Companies offer differing service levels, take rate increasing with the service level Full Service Additional services

Key Exchange Full-service and cleaning Pricing management Content management Self- Customer Service Service Calendar Management

Booking, Invoice & Cash Collection

Acquisition of Guests

Acquisition of Homeowners

Self Service Take 2% 15% 30% 50% rate Note: Graph shows simplified competitive landscape. Because of hybrid models, landscape is more complex than depicted.

79 @Leisure with “buy and build” strategy

@Leisure full year revenue and EBITDA (€m) Notes ▪ H1 with higher revenues and EBITDA (margin) due 125 to seasonality (Q1 strongest quarter in vacation rentals) 90 ▪ Outlook: Further investments into post-merger 69 73 integration, data and product offerings in 2018, 55 mid-term return to ~20% EBITDA margin

19 20% 11 15% 14 16% 22% 15 23% 17

2015 2016 2017 H1/17 H1/18 Revenue as reported EBITDA as reported x% EBITDA margin

80 News Media News Media segment at a glance

Overview News Media ▪ Focus on market-leading media brands with clear path to digitization National International ▪ BILD group ▪ Insider Inc. ▪ National News Media dominated by unique asset BILD ▪ eMarketer ▪ WELT group ▪ upday ▪ Presence in English-speaking media (formerly: WELTN24 group) market with Insider Inc. and ▪ Ringier Axel Springer Media eMarketer (Poland, Hungary, Serbia, Slovakia)2

(Main activities) ▪ Ringier Axel Springer Schweiz3 ▪ Innovative mobile news service for Financials Samsung devices (upday) 2017 Outlook 2018 (reported) Outlook 2018 (organic4) ▪ Guidance for stable EBITDA (adj.) Low to mid Revenues in €m 1,509.8 Low single-digit % decline in News Media in a range between single-digit % decline 1 €225m - €245m for 2017-2019 Low to mid EBITDA (adj.) in €m 218.8 Mid single-digit % growth single-digit % decline

1) Including changes from the adoption of IFRS 16 and EBITDA margin (adj.) 14.5% corresponds to previous range of €205m - €225m. 2) Fully consolidated (50% stake). 3) Consolidated at equity. 4) Adj. for effects from IFRS 16, consolidation and FX effects.

82 News Media Global reach: more than 300 million monthly unique users worldwide Total net reach 2018: >300m monthly UU Total net reach 2013: Axel Springer Digital/Print >85m monthly UU Axel Springer Digital/Print Digital 2018 (including Upday and Print 2018 Insider Inc.): 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.

83 News Media Monetizing content in digital: positive development

600.000 Digital subscribers

500.000 85,661 400.000 422,043 +11.9% 300.000 November 2018 52,672 vs. 200.000 200,571 November 2017

100.000

0 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18

Source: IVW.

84 News Media Insider Inc.: Market leader in the US

Revenue development in $m Traffic comparison (unique visitors, m) 80 CAGR 70 2015-17 60 +38% 50 40 +46% 81 40% 56 49% 53% 30 35% 37% 42 43 +30% % 20 10 2015 2016 2017 2018e 0 ▪ Revenue CAGR 2015-17 of 38% Jan May Sep Jan May Sep Jan May Sep ▪ Profitable in 2018 YTD 16 16 16 17 17 17 18 18 18 ▪ Re-invest near-term profits in growth opportunities; ▪ Leading digital brand for business journalism subscriptions, commerce, editorial, original programming ▪ Strengthened market leadership in 2018 ▪ Long-term EBITDA margin of 20%+ Source: Comscore.

85 News Media eMarketer – leading provider of high-quality research and digital market data for companies and institutions

Company profile High customer satisfaction and retention

Renewal Rate (in %) Recapture Rate (in %) by subscription type1 by subscription type1 ▪ Founded in 1996; based in New York City 103.2 ▪ ~1,200 corporate subscribers (2/3 of Fortune 500 and 98.1 91.6 89.1 83.3 2/3 of US top national advertisers) 78.3 73.7 76.3 ▪ ~10,000 citations in worldwide media per month ▪ Highly profitable business model with margins 40%+

2016 2017 2016 2017

Limited Seat Open Access

1) As of December 31, 2017. Source: Company information.

86 News Media upday: Key player in the news aggregator space and continued growth – break-even expected in 2019

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

30 Google Apple upday News News 25

20 12.2 2.3 N/A 15

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.

87 News Media Marketing Media Marketing Media segment at a glance

Overview Marketing Media Reach Based Marketing Performance Marketing ▪ #1 positions in all major marketing business models ▪ Idealo ▪ Awin ▪ Bonial ▪ European market leader Awin in performance marketing ▪ Finanzen.net merged with affilinet

▪ Sale of aufeminin closed as of (Main activities) end of April 2018 Financials 2017 Outlook 2018 (reported) Outlook 2018 (organic1) Revenues in €m 984.5 Low double-digit % decline2,3 Roughly on prior year level2,4 EBITDA (adj.) in €m 95.6 Mid to high single-digit decline5 Low to mid single-digit % decline6 EBITDA margin (adj.) 9.7%

1) Adj. for effects from IFRS 16, consolidation and FX effects. 2) Revenue outlook based 3) Previously: High single-digit % decline. 4) Previously: High single-digit % growth. on 2017 revenues restated for negative effect of ~€500m from IFRS 15 adoption. 5) Previously: High single-digit % growth. 6) Previously: Low double-digit % growth.

89 Marketing Media Sale of aufeminin closed at highly attractive purchase price Transaction history and rationale Deal terms ▪ 2007 ▪ Dec. 12, 2017: Put option agreement signed ▪ Acquisition of majority stake of with Télévision Française S.A. (TF1) for the ▪ One of the first digital investments of Axel Springer 78.43% stake in aufeminin ▪ 2007 to 2016 ▪ Price per aufeminin share of €38.74 ▪ High value added through our network – corresponded to premium of 45.7% Strong growth and international expansion ▪ Additionally supported through add-on ▪ Highly attractive purchase price for Axel acquisitions Springer stake of €286.1m1, corresponding to 15x EV/EBITDA (2017) ▪ 2017 – entering the next growth phase ▪ Sale to TF1 enables next step in aufeminin‘s ▪ Closing of aufeminin sale development as of end of April, 2018

1) Final purchase price of €291.5m includes customary interest rate payments since signing in December 2017.

90 Marketing Media Merger of AWIN and affilinet strengthens competitive position in Europe Two leading The leading European performance marketing network, present in 13 countries with 6,000 advertisers performance marketing networks have joined forces to A leading European performance marketing network, drive future present in 7 countries with 3,500 advertisers growth and innovation

▪ Transaction closed in October 2017, IPO envisaged after period of integration

▪ Holding structure: 80% Axel Springer, 20% United Internet

91 Marketing Media Further information Axel Springer delivers constantly and successfully on ESG issues High transparency regarding ESG issues Overview

▪ Sustainability Report is published every two years Rating / evaluation Last review (available on corporate website) CDP D (from A to D-) 2017

▪ Comprehensive information on corporate governance FTSE4Good 3.8 out of 5 2018 as well as responsibility and sustainability are ISS Environment 3 out of 10 available on corporate website 01/2019 QualityScore (the lower, the better)

▪ Participation in relevant ESG / SRI ratings ISS Governance 3 out of 10 01/2019 QualityScore (the lower, the better)

ISS Social 2 out of 10 01/2019 QualityScore (the lower, the better)

ISS-oekom C+ (from A+ to D-) 2019

MSCI1 A (from AAA to CCC) 2018

Sustainalytics 68 out of 100 2017 1) In 2018 , Axel Springer SE received a rating of A (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment.

93 Company presentation 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

94 Company presentation