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Joint Reasoned Statement of the Executive Board and the Supervisory Board

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Joint Reasoned Statement of the Executive Board and the Supervisory Board – Non-Binding English Translation – Mandatory Publication pursuant to Sec. 27 (3) in conjunction with Sec. 14 (3) sentence 1 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) Joint Reasoned Statement of the Executive Board and the Supervisory Board of Axel Springer SE Axel-Springer-Straße 65 10888 Berlin pursuant to Sec. 27 (1) WpÜG on the voluntary public takeover offer of Traviata II S.à r.l. 2, rue Edward Steichen 2540 Luxembourg Grand Duchy of Luxembourg to the shareholders of Axel Springer SE of 11 July 2019 Shares of Axel Springer SE: ISIN: DE0005501357 (listed) ISIN: DE0005754238 (non-listed) Tendered Shares of Axel Springer SE ISIN: DE000A2YPGA9 (listed) ISIN: DE000A2YPGD3 (non-listed) TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS ...................................................................................................................... 2 DEFINITIONS ...................................................................................................................................... 5 I. GENERAL INFORMATION ABOUT THIS STATEMENT .............................................. 7 1. Legal and factual bases ............................................................................................................ 7 2. Statement by the competent works council ............................................................................ 8 3. Publication of this Statement and possible amendments to the Offer ................................. 9 4. Independent responsibility of Axel Springer Shareholders .................................................. 9 5. Information for Axel Springer Shareholders whose place of residence, seat or habitual abode is in the USA ................................................................................................................. 11 II. GENERAL INFORMATION ABOUT AXEL SPRINGER AND THE BIDDER ........... 11 1. Axel Springer SE .................................................................................................................... 11 1.1 Legal bases .................................................................................................................. 11 1.2 Members of the Executive Board and of the Supervisory Board ................................ 13 1.3 Capital and shareholder structure ................................................................................ 13 1.4 Persons acting jointly with Axel Springer ................................................................... 15 1.5 Structure and business of the Axel Springer Group .................................................... 15 1.6 Business development and selected financial information .......................................... 18 1.7 Axel Springer's strategy ............................................................................................... 22 2. Bidder ...................................................................................................................................... 23 2.1 Bidder's legal bases ...................................................................................................... 23 2.2 Bidder's shareholder structure ..................................................................................... 24 3. The participation of the Bidder and of persons acting jointly with the Bidder in Axel Springer, information about securities transactions ........................................................... 26 3.1 Persons acting jointly with the Bidder ......................................................................... 26 3.2 The participation of the Bidder and of persons acting jointly with the Bidder in Axel Springer ............................................................................................................... 26 3.3 Information about securities transactions .................................................................... 26 4. Possible parallel acquisitions ................................................................................................. 27 III. INFORMATION ABOUT THE OFFER ............................................................................. 27 1. Execution of the Offer ............................................................................................................ 27 2. Publication of the decision to make the Offer ...................................................................... 27 3. Review by BaFin and publication of the Offer Document .................................................. 27 4. Acceptance of the Offer outside the Federal Republic of Germany .................................. 28 2 TABLE OF CONTENTS 5. Background of the Offer and involvement of the Executive Board and the Supervisory Board ....................................................................................................................................... 28 5.1 Investor Agreement ..................................................................................................... 31 5.2 Shareholders' Agreement ............................................................................................. 35 5.3 Statement on the Offer of the Bidder ........................................................................... 38 6. State of control with respect to Axel Springer after consummation of the Offer ............. 39 7. Main details of the Offer ........................................................................................................ 40 7.1 Offer Price ................................................................................................................... 40 7.2 Acceptance Period, extension of the Acceptance Period and Additional Acceptance Period ........................................................................................................................... 41 7.3 Handling of the Offer via Traviata B.V. ...................................................................... 42 7.4 Rights of withdrawal ................................................................................................... 42 7.5 Offer Conditions .......................................................................................................... 42 7.6 Waiver of Offer Conditions ......................................................................................... 44 7.7 Trading tendered Axel Springer Shares ....................................................................... 45 7.8 Holders of Axel Springer ADRs .................................................................................. 45 7.9 Applicable law ............................................................................................................. 46 7.10 Publications ................................................................................................................. 46 8. Financing of the Offer ............................................................................................................ 46 9. Authority of the Offer Document .......................................................................................... 47 IV. TYPE AND AMOUNT OF THE CONSIDERATION OFFERED ................................... 48 1. Type and amount of the consideration ................................................................................. 48 2. Statement on the lowest price determined by statute .......................................................... 48 3. Assessment of the fairness of the consideration offered ...................................................... 49 3.1 Fairness Opinions ........................................................................................................ 49 3.2 Comparison with historical share prices ...................................................................... 53 3.3 Valuation by financial analysts .................................................................................... 54 3.4 Consideration of the Axel Springer Group's development potential ........................... 56 3.5 Overall assessment of the fairness of the consideration .............................................. 56 V. OBJECTIVES AND INTENTIONS OF THE BIDDER, TRAVIATA B.V. AND THE BIDDER PARENT COMPANIES AND PROSPECTIVE CONSEQUENCES FOR AXEL SPRINGER ................................................................................................................. 59 1. Objectives and intentions as set out in the Investor Agreement ........................................ 59 2. Objectives and intentions as set out in the Offer Document ............................................... 60 2.1 Future business activities, future use of assets and future obligations of Axel Springer ....................................................................................................................... 60 2.2 Seat of the Company and location of key parts of the Company................................. 62 2.3 Members of the Executive Board and the Supervisory Board of Axel Springer ......... 62 2.4 Structural measures ...................................................................................................... 63 2.5 Intentions with regard to the business activities of the Bidder and the Bidder Parent Companies ................................................................................................................... 63 3. Evaluation of the objectives of the Bidder and of the expected consequences .................. 64 3 TABLE OF CONTENTS 3.1 Future business activities, future
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