Mediahuis Home of great media brands Mediahuis believes unconditionally in independent journalism and strong and relevant media that make a positive contribution to people and society.

Mediahuis is an open-minded organisation with a curious outlook on the world. It’s a company where people and brands can maintain their identity while having the opportunity to grow. Mediahuis was founded in 2013 by Mediahuis is ambitious and creates bringing together the media assets an environment in which innovation of two long established Belgian publishers, Corelio and Concentra. and the search for continuous Since, it has rapidly grown through improvement is encouraged. acquisitions and has become an important media player also in the Netherlands. For 2018, an annual In a transforming world, Mediahuis turnover of approx. € 800 million is continues to build a portfolio of expected and the company employs diversified media properties. more than 3,200 employees. Mediahuis believes that a focus on Today, Mediahuis publishes 14 daily quality journalism and innovation news titles which have a combined in the digital world, in combination paid circulation (print and online) of with strict operational and about 1,400,000 copies per day. Its financial discipline, will ensure the combined online reach is sustainability of the group for the 3,2 million unique users per day. benefit of all its stakeholders.

2 3 In the spring of 2018 Karel Verhoeven, Text: Karel Verhoeven | Editor-in-chief De Standaard editor-in-chief of De Standaard, interviewed Image: Ivan Put Gert Ysebaert, CEO of Mediahuis. During the interview Ysebaert expressed his vision on a number of changes in the media and the position of Mediahuis in this evolution. “Journalism has become more interesting than ever”

Until five years ago, Gert Ysebaert was publisher Mediahuis is not the kind of company that According to that logic we must continue of De Standaard and Het Nieuwsblad, two brings in a crew of its own managers in the to grow… newspapers published by the leading Flemish organisations it acquires. Doesn’t that lead to Gert Ysebaert: “Yes. But not necessarily media group Corelio. When late 2013 Mediahuis very different companies? geographically. We must grow where it makes was founded, Ysebaert became CEO. Gert Ysebaert: “We have tripled our revenues sense and where we can be complementary. and staff over a period of five years. We have And that’s what is so great about the Telegraaf Mediahuis has significantly grown in the past quite an intense period behind us. Actually Media Groep. We now have the most years. Is it positive or negative that mostly the Mediahuis is a series of acquired companies. qualitative and most popular news brand in the same people are leading Mediahuis as five years Now the time has come to turn this into a Netherlands. This makes us more complete as ago? group. We are making good progress. We a media player.” Gert Ysebaert: “We’ve become a kind of strive for the same things. Recently we brought common history. We started Mediahuis with people throughout the company together What connects those two brands? a group of people who committed themselves in discussion groups about the Mediahuis Gert Ysebaert: “The journalistic professionalism to a new story. I want to stay loyal to that values. Those were important days for me. and journalistic heart. Independence, reliability. commitment. Our company has grown and we Beautiful days as well. You can tell how we There’s a set of principles we follow. We have have grown with it. The only way we were able all speak the same language. We keep it open an important role to play in our society. But we to expand that quickly through acquisitions, and transparent, and that works. I love that do not have some kind of ideological project. is because we have such experienced people. critical honesty.” There is not just one view of the world.” This same group of people drive our innovation. It’s not because you’ve been in the profession What was the real driving force behind the De Telegraaf and NRC do not apply the same or the company for ten or thirty years that you acquisition of the largest Dutch newspaper, kind of journalism. can’t re-invent yourself or continue to learn and De Telegraaf? Gert Ysebaert: “It is a different kind of evolve. Of course we also need to attract new Gert Ysebaert: “When doing business, you look journalism because they target different blood. That is happening, mainly through the for opportunities. In Belgium we saw the many audiences. But they do share the fundamental acquisition of the companies we took over in opportunities that were created when joining values which a journalist represents. Every the Netherlands.” forces. In the Netherlands we already had NRC news brand means a lot for the community it and Media Groep Limburg (now Mediahuis serves. De Telegraaf represents all the Dutch, “Every news brand Limburg, Ed.), but that still didn’t made us a speaks up for them, and defends them against Dutch media player. Missing that historical domestic politics or external influences. That means a lot for the opportunity was not an option. Could we have trend can also be found in society nowadays. community it serves” survived as a company without Telegraaf Media But it stays within the democratic and Groep? Probably. But now we are marked as a journalistic values. I actually think it is good that Gert Ysebaert solid Belgian-Dutch media company.” we have such diverse media as a publishing

4 5 “Our shareholders have committed for the long term”

Gert Ysebaert

company. Our mission is to foster a diversity Does the absence of an online revenue generating to inform people, to inspire them, to give They don’t have such a powerful medium that is crucial for society.” model for the popular news brands makes you them the chance to belong to a community, themselves.” nervous? to enable them to form an opinion. We are Do we do our job well enough as professional Gert Ysebaert: “I am convinced we will find a working on a model whereby you become a The family shareholders were close to their media? On many fronts we keep the machine digital payment model. We succeeded for De member of a news brand that informs you newspapers, but within a large group such as running with journalism-as-usual. That is Standaard and NRC, and I see it succeeding for through all possible platforms. That provides Mediahuis, they tend to have a more remote adequate, but not compelling. our regional titles as well. Het Belang Van Limburg us with fantastic opportunities. We can now position. Does that lead to tighter financial Gert Ysebaert: “A lot of our media could will always remain relevant for the Limburg do video just as well. De Standaard produces requirements? definitely do much better. But I am optimistic region, and people will therefore be willing to pay video that is not television, but offers a similar Gert Ysebaert: “Our shareholders have because we are turning the tide. For a long for it online as well. We have to expand that to experience and quality. We can inform through committed for the long term. That is crucial. We time we committed to the largest possible Antwerp, Dutch Limburg and North-Holland for audio as voice control systems break through. are not a listed company that is driven only by reach. We did that by combining news and the other regional titles. Our biggest challenge lies Journalism has become more interesting than the short term. Above all we must be healthy entertainment. People pick up their phone with the large popular news brands such as Het ever.” and profitable. Look what happened in recent and also want to be entertained. Competing Nieuwsblad and De Telegraaf. Their traditional years: companies that are not profitable enough with some big players, we went very far readers are ageing. We are able to reach young Will we all become aggregators like Blendle? and therefore not secure enough, are no longer with the popular news brands. But reach is people for free, but how do we get them to pay? All the editorial teams and services merged, in control of their own future. We need to remain no longer a yardstick to make a difference, Do we have enough time to turn the tide? That is a producing ‘content’ for ‘platforms’? the masters of our own destiny. I consider that not even commercially. All our titles pursue task for our whole organisation. Are we sure it will Gert Ysebaert: “Blendle is a great model. But it as my mission.” added value journalism. People are willing work? No. Do we believe it’s possible? Yes.” is indeed an aggregator. They bring news from to pay for that difference. Today, NRC and other titles. For Mediahuis, the entry point must De Standaard lead the way . But the shift is Do you believe it is still possible with printed and will remain the news brand. As a reader happening very fast on all our news sites. newspapers, or are you convinced that websites you need to commit to something. We compete Of course, we are mass media and we will become the dominant medium? with Facebook or Youtube through our brands, have the ambition to reach all the Flemish Gert Ysebaert: “For the first time in years I believe our local roots, speaking with our customers, and Dutch people. But we need to evolve it will no longer be with printed papers. I agree both readers and advertisers. In the meantime towards a digital model where readers pay that it is a drastic statement. All media experience print remains a beacon of trust and reliability. for journalism.” the fact that users no longer consume media in a Print is no longer our future, but it remains an linear way. The desire for a ready-to-go product incredible journalistic medium. Print enables us which you consume once a day evaporates. They to tell stories, provide insights, set the agenda, grew up with the Facebook timeline. We are losing debate. When Facebook or Google want to the possibility of bundling our services. But you spread messages with great authority, they buy do not necessarily need a printed newspaper advertising space in the printed newspapers.

6 7 A YOUNG COMPANY 1933 Het Belang van Limburg WITH DEEP created

ROOTS Frans Theelen merges the weekly magazines into a daily newspaper: Het Belang van Limburg. The newspaper enjoys steady growth and actively participates in Limburg’s general emancipation and economic development. 1879 1893

Het Algemeen Belang der Provincie First edition of De Telegraaf Limburg launched De Telegraaf was founded by Sir Henry On 6 December 1879, Nicolaas Theelen in Tindal and Gerard Adriaan Heineken Tongeren publishes the first issue of the local who bought an old printing house in weekly newspaper Het Algemeen Belang der Amsterdam in March 1892. On 1 January Provincie Limburg. 1893, the first issue appeared.

1656 1891 1914 1927 Mediahuis was founded as a Opregte Haarlemsche Courant De Standaard founded First edition of joint venture of Corelio and First edition of Het Nieuwsblad Concentra, two companies The ‘Opregte Haarlemsche Courant’, Gazet van The first attempts to publish a catholic, with a rich history in the founded in 1656 is the world’s oldest Antwerpen Flemish daily in Brussels date from Het Nieuwsblad is launched in 1927 as a daily continually published newspaper. Now 1914. Because of the First World War, the newspaper with a more popular voice than Flemish and Belgian press renamed ‘Haarlems Dagblad’, it became On 3 November first edition of De Standaard is finally De Standaard. It is an instant success. sector. Since Mediahuis was part of Mediahuis in 2017 through the 1891, Jan-Baptist published on 4 December 1918. established in January 2014, acquisition of Telegraaf Media Groep. Napolitaan Van Os the group has taken major publishes the first edition of Gazet van steps into the Dutch market. Antwerpen.

8 9 A YOUNG COMPANY WITH DEEP ROOTS

2013 2017

1996 Corelio and Concentra Mediahuis gains Regionale Uitgeversgroep join forces multimedia strength founded Corelio and Concentra decide to join forces A number of companies and participations, in Mass Transit Media (Metro) and De Vijver After the merger of Concentra and De Vlijt, the and establish Mediahuis. The news brands of which originally remained within the Corelio Media (with the TV channels VIER, VIJF and Regionale Uitgeversgroep is founded in 1996. With both publishers, their classifieds and online and Concentra structure, are transferred ZES and the production house Woestijnvis). its flagships, Het Belang van Limburg and Gazet van activities are given a place in the new media to Mediahuis. This applies to Media Groep As a result of these steps, Mediahuis Antwerpen, the company focuses on its regional company. Limburg (MGL), radio station Nostalgie, strengthens its position in the Netherlands and strength. In 2003, the name Regionale Uitgeversgroep regional TV stations ATV, TV Limburg, TV Oost in the audiovisual market in Belgium. is changed to Concentra Media. and ROB TV, Printing Partners and the shares

1976 2015 2018 De Vlaamse Mediahuis begins New radio Uitgeversmaatschappij Mediahuis partnership broadcaster takes over with WPK NRJ begins Like many other companies, De Standaard NRC Media group cannot escape the consequences of Mediahuis enters into a strategic In the autumn of 2018, the decade’s economic crisis. On 26 June Mediahuis takes over co-operation with Wayne Mediahuis and De Vijver 1976, André Leysen, with a number of NRC Media Holding, Parker Kent (WPK), one of the Media announce the Flemish entrepreneurs, creates De Vlaamse publisher of the NRC fastest-growing digital media start of a new Flemish Uitgeversmaatschappij (the Flemish Publishing 2006 Handelsblad evening companies in the Netherlands, radio station: NRJ. Company, VUM), saving De Standaard, paper, the morning which specialises in developing Het Nieuwsblad and De Gentenaar from Birth of Corelio paper nrc.next, nrc.nl and publishing online media bankruptcy. and various webshops Mediahuis acquires brands such as Culy, Manners In June 2006, the board of and apps. With this Telegraaf Media Groep and Femme. Later in 2017, WPK directors of VUM decides to acquisition, Mediahuis opens a branch in Antwerp, operate under a new name: gains a strong foothold After long negotiations, Mediahuis takes over the Dutch from where Flemish editions of Corelio. in the Netherlands. Telegraaf Media Groep (TMG). With this transaction and a number of successful online the entry of VP Exploitatie as a third shareholder, Mediahuis magazines of WPK are set up. confirms its position as a leading multimedia group in the Netherlands and Belgium. .

10 11 NEWS BRANDS BELGIUM

HET NIEUWSBLAD / DE GENTENAAR Het Nieuwsblad follows current events from near and DE STANDAARD PAID CIRCULATION (PRINT + DIGITAL): far, not just the hard facts of politics and economics, PAID CIRCULATION (PRINT + DIGITAL): De Standaard delivers what it promises - outstanding  100.102 COPIES/DAY but also the human stories behind these events. This  225.217 COPIES/DAY journalism. As the tagline “Expect the Unexpected” makes Het Nieuwsblad a unique, very accessible and

suggests, it goes above and beyond. De Standaard TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): easy-to-read newspaper. Known for his national and TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): brings you powerful stories, illuminating viewpoints 671.710 READERS/DAY regional sports coverage, Het Nieuwsblad is a valuable 1.483.200 READERS/DAY and stunning images. It is the largest quality newspaper source of information, and a committed newspaper in Belgium. that dares to take positions on issues.

12 13 FREE SHEETS

HET BELANG VAN LIMBURG GAZET VAN ANTWERPEN METRO Het Belang van Limburg wants to unite people in Gazet van Antwerpen is the largest newspaper Metro is distributed for free in train and metro stations, Limburg. Whether it’s social, political or economic in Flanders’ largest city, Antwerp. Gazet van schools and many companies. Metro is an essential issues, Het Belang van Limburg keeps its finger on Antwerpen aims to be the most important source read for young and urban readers and delivers a large the pulse. of local information while still covering national quantity of news and entertainment on a daily basis. and international news. In recent years, Gazet van Antwerpen has also strongly developed its digital PAID CIRCULATION (PRINT + DIGITAL): CIRCULATION (PRINT): focus, with increasing numbers of digital readers.  90.126 COPIES/DAY  203.423 COPIES/DAY

PAID CIRCULATION (PRINT + DIGITAL): TOTAL BRAND REACH (NEWSPAPER + NEWS SITE):  83.456 COPIES/DAY TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): 479.350 READERS/DAY 714.340 READERS/DAY

TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): 554.920 READERS/DAY

14 15 NEWS BRANDS THE NETHERLANDS

NRC HANDELSBLAD / NRC NEXT PAID CIRCULATION (PRINT): DE TELEGRAAF PAID CIRCULATION (PRINT): NRC Handelsblad and NRC Next focus on the decision  157.618 COPIES/DAY De Telegraaf delivers stories and features in the fields  353.009 COPIES/DAY makers of today and tomorrow, delivering the very of news, sports, finance and entertainment, both in best in journalism by a large group of passionate and PAID CIRCULATION (DIGITAL): words and images. De Telegraaf informs and brings PAID CIRCULATION ( DIGITAL): committed journalists. On paper and in digital media,  102.687 COPIES/DAY people together, making it one of the major news  51.771 COPIES/DAY NRC focuses on innovation, developing online initiatives brands in the Netherlands. and providing creative and effective communication TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): solutions for its business partners. 674.300 READERS/DAY 2.327.000 READERS/DAY

16 17 FREE SHEETS

De grootste krant van Amsterdam!

DE LIMBURGER NOORDHOLLANDS DAGBLAD METRO De Limburger is the most widely read regional As a regional newspaper, Noordhollands Dagblad Similar to its Belgian edition, Metro is distributed newspaper in the Netherlands. It’s about being proud keeps the reader informed of news and events in freely within the public transport network. It reaches of the Dutch Limburg region, but also being critical the region. Noordhollands Dagblad contains varying and engages its target group via the newspaper, when necessary. De Limburger brings regional and themes such as sports, health and culture. Haarlems on metronieuws.nl, via the Metro app and social local Limburg news, as well as foreign news, sports, Dagblad, IJmuider Courant, Leidsch Dagblad and media channels. economy, culture, lifestyle and entertainment. With its De Gooi- en Eemlander complete the group’s strong newspaper, website and apps, De Limburger makes a regional presence. world of difference for its loyal readers, every day. PAID CIRCULATION (PRINT):  267.158 COPIES/DAY  PAID CIRCULATION (PRINT):  PAID CIRCULATION (PRINT): 117.182 COPIES/DAY 92.147 COPIES/DAY TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): 910.100 READERS/DAY PAID CIRCULATION (DIGITAL): PAID CIRCULATION (DIGITAL):  5.934 COPIES/DAY  6.799 COPIES/DAY

TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): TOTAL BRAND REACH (NEWSPAPER + NEWS SITE): 416.500 READERS/DAY 364.700 READERS/DAY

18 19 CLASSIFIEDS & THE NETHERLANDS E-COMMERCE

BELGIUM

GASPEDAAL.NL On GasPedaal.nl you will find the largest and most up-to-date used car listings in the Netherlands. Thanks to its smart search engine, 1,900 dealerships and 21 car sites are compared, enriched and made easy to find on a daily basis through desktop, mobile, newsletter or app.

ONLINE REACH  1.000.000 VISITORS/MONTH

JOBAT Jobat.be is the number one recruitment platform in Belgium. Employees find the job of their ZIMMO dreams, employers find the perfect Zimmo is the real estate website with the biggest range of properties candidate. Jobat.be has been the leading for sale and rental, apartments, land and garages in the country. innovative platform for online recruitment for GROUPDEAL.NL LIMBURGVAC.NL Zimmo doesn’t just rely on its network of real estate professionals, but many years, with jobs, career tips and company GroupDeal has been THE provider of daily deals since 2010. The large, At LimburgVac, the supply and demand of the Limburg labour market also searches more than 3,000 websites every day for the most recent information. Jobseekers can also create their own varied and above all fast-rotating offer of daily deals ensures that visitors come together. The regional job site of Mediahuis Limburg has become property offers. In addition, Zimmo enriches each ad with additional data profile, upload their CV and post a video introduction keep coming back. With more than 1.4 million visitors on a monthly basis, the place to go for both employees who want to boost their career, and such as neighbourhood information, market comparisons and the exact online. Jobat.be offers multi-media solutions to match a GroupDeal is one of the top daily deal websites in the Netherlands and companies looking for the ideal new employee. LimburgVac works with a plot boundaries. job offer with the best candidates. Belgium. unique placement formula that guarantees a successful match.

ONLINE REACH ONLINE REACH ONLINE REACH ONLINE REACH  876.745 VISITORS/MONTH  808.064 VISITORS/MONTH  1.800.000 VISITORS/MONTH  200.000 VISITORS/MONTH

Other classifieds and e-commerce brands: Other classifieds and e-commerce brands:

20 21 ONLINE WAYNE RADIO AND VERTICALS PARKER TELEVISION KENT BELGIUM

THE BULLETIN The Bulletin has been the leading media partner for the international community in Belgium since 1962. While the magazine is printed four times a year, its strong online presence - including social media - delivers daily news and features.

GEZONDHEID.BE Gezondheid.be, together with its French-speaking counterpart As a content marketing agency, Wayne Parker Kent PassionSanté.be, is the largest and most prominent health website is the largest online publisher in the Netherlands, in Belgium. With qualitative and comprehensive information, with a wide range of online magazines. Every Gezondheid.be provides up-to-date answers to questions about month, the WPK online brands reach more than health and a healthy lifestyle in the broadest sense of the word. eight million readers. The WPK editors fill the internet with awesomeness: must-read articles, MADE IN eye-catching video productions and other forms Made in is an important news and information platform for of high-quality content. The diversity in the Wayne entrepreneurs, CEO’s and executives in the Flemish region. Made Parker Kent portfolio provides a broad millions- in brings them the most recent economic news through the online strong audience with online magazines such as medium they prefer. Manners, Femme, Culy and NSMBL.

Through its magazine portfolio, Wayne Parker Radio Kent generates insights that form the basis for many brand strategies and campaigns. NOSTALGIE NRJ THE NETHERLANDS Nostalgie is THE essential music channel for adults, both in Flanders The Flemish NRJ radio station is part of the largest international radio and French-speaking Belgium. You will hear music from the 1970s, network NRJ, active in more than 15 countries including Sweden, 80s and 90s, all day long, supplemented by contemporary classics. Germany, France and Russia. NRJ Flanders has its own creative direction, DUMPERT Every summer, Nostalgie lets its listeners experience the classics and targets an audience of active listeners (target group aged 14-44). The With 150 million videos viewed monthly, Dumpert is the largest up close, thanks to the Nostalgie Beach Festival in Middelkerke. station focuses on popular music and can be listened to on FM, online and video destination in the Netherlands. Visitors actively contribute by In French-speaking Belgium, Nostalgie is the market leader with a market via cable TV. ‘dumping’ a stream of videos and pictures. Every movie, picture or share of 15%. sound has the potential to go viral.

WIJLIMBURG WijLimburg is the leading news and information platform for Regional television Dutch Limburg businesses. If you want to stay informed of the latest headlines and developments in the Limburg economy, With the TV channels ATV, TVL, TV OOST and ROB TV, Mediahuis you’ll follow WijLimburg’s website and read its popular morning is the biggest player on the Flemish regional television market. newsletter.

22 23 PRINTING PARTNERS

Two leading printing companies are part of the The quality of the coldset printing works in both Mediahuis group: Coldset Printing Partners in Paal- companies is of the highest standards. The printing is Beringen (Belgium) and Rotatiedrukkerij Voorburgwal in handled with the utmost care and is realized in modern Amsterdam (The Netherlands). production environments that meet the highest quality requirements and this in as short a lead time as possible. Coldset Printing Partners was founded in 2010 as a joint venture of the Belgian coldset printing activities of Corelio Coldset Printing Partners and Rotatiedrukkerij and Concentra. Today, CPP is Belgium largest newspaper Voorburgwal invest in the latest technology, such as the printing company. Since 2017, Coldset Printing Partners waterless printing process which was implemented in has been a 100% subsidiary of Mediahuis. Paal-Beringen in July 2018.

Rotatiedrukkerij Voorburgwal has always been part of Like the entire printing industry, both printing companies Telegraaf Media Groep. Since 2016, the company is fully must constantly evolve. In addition to delivering FLANDERS based in Amsterdam. exceptional quality printing, a thorough care for human and planet has become a top priority. A justified concern, which must safeguard the future of current and future CLASSICS generations.

Flanders Classics was founded in 2009 and marked the start for a thorough professionalisation of cycling in Flanders. The purpose was not to organise more races, but rather achieving more co-operation between the various organisers.

In 2018, Flanders Classics is the third largest player on the international cycling stage behind Tour organiser ASO and Giro owner RCS.

Mediahuis has a 50% interest in Flanders Classics. This makes us literally part of the cycling race, the second most popular sport in Flanders.

24 25 KEESING MEDIA Thanks to a number of transactions, Evolution of balance sheet the company almost doubled in size structure 2017 compared to 2016, measured in annual GROUP turnover. These transactions caused the balance sheet structure of Mediahuis to evolve very results The Dutch newspaper De Limburger, the strongly. Keesing Media Group, in which Mediahuis holds audiovisual participations, newspaper In this way, total assets of 401 million 30%, is the largest publisher of puzzle magazines printers and a few smaller brands and euros at the end of 2016 grew to 929 in Europe. The company offers a wide range of activities owned by Corelio and Concentra million euros at the end of 2017. puzzle magazines in many languages and countries have become part of Mediahuis since 31 including the Netherlands, France, Belgium, May. This was the last and logical step in The intangible fixed assets grew with Denmark, Germany, Spain, Italy, Sweden, Norway, the integration process that had started in the addition of strong brands such as De Hungary and the United Kingdom. In addition to 2013. Telegraaf, Noordhollands Dagblad and publishing its own puzzle books and apps, Keesing De Limburger. The tangible fixed assets works closely with other publishers to provide them The successful completion of the public increased by the contribution of printing with creative and fun content. bid on the listed Dutch media group sites and office buildings in Amsterdam, TMG immediately became the largest Paal-Beringen and Groot-Bijgaarden. A Keesing’s portfolio consists of multiple major transaction. After an intensive trajectory of deferred tax asset of 22 million euros was puzzle brands. Recently the company took an REVENUE (in € MIO.) almost 12 months, Mediahuis became the included as per the end of 2017 due to interest in the American brainapps developer controlling shareholder of TMG at the end significant losses carried forward at TMG. Elevate Labs. 900 of June. Mediahuis bought out the other large TMG shareholders in the autumn. The item assets held for sale comprises ® 797 DENKSPORT 800 As from January 2018 Mediahuis owns the participation in De Vijver Media and a Denksport is the oldest puzzle brand of Keesing in 99.4% of the TMG shares. The share was part of the real estate in the Netherlands. The Netherlands and Flanders. 700 delisted from Euronext Amsterdam and the 642 procedure to squeeze out the remaining The group’s working capital increased ® SPORT CÉRÉBRAL 600 shareholders was started. in line with the growth of the portfolio of Among puzzlers in France, Sport Cérébral is known brands and activities. as the brand to play. 500 These steps were taken without impacting 433 the group’s financial solidity. In this way, In 2017, the net financial debt rose from 76 ® 431 MEGASTAR 400 the Dutch family group VP Exploitatie, million euros to 111 million euros, while the Megastar puzzle magazines are made for puzzlers the historic reference shareholder of group’s equity grew from 53 million euros in France, Spain, Italy and Germany. 300 287 TMG, contributed its TMG shares to the to 282 million euros. Mediahuis capital and Mediahuis sold two ® TANKESPORT 200 non-core assets from the TMG portfolio: The group was financed by its four main In Denmark, Norway and Sweden the puzzle banks: expensive financing constructions magazines from Tankesport are sold for all ages 100 • Keesing Media Groep, 100% of which were replaced by a clearly structured and difficulty levels. was owned by TMG, 70% of which was financing package at competitive terms 0 sold to Ergon Capital. and conditions. • The minority stake in Talpa Radio, the Reported Reported Reported Reported Forecast largest radio group in the Netherlands, 2014 2015 2016 2017 2018 was sold to the principal shareholder.

26 27 CONSOLIDATED STATEMENT OF PROFIT OR LOSS (IN € MIO.) 2017 2016 2015 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IN € MIO.) 30/12/2017 31/12/2016 31/12/2015 1/01/2015 Revenue 641,54 430,56 433,18 Non-current assets 705,87 334,02 341,67 201,60 Intangible assets 532,16 323,13 330,51 195,37 Operating cost Tangible assets 85,50 8,05 8,38 3,68 Cost of goods sold and raw materials (56,13) (15,68) (19,82) Equity accounted investments 45,78 0,33 0,26 1,10 Other investments 15,22 0,60 0,27 0,68 Cost of services and expenses (317,94) (246,98) (251,59) Other non-current assets 0,30 0,09 0,14 0,11 Pay-roll cost (188,94) (107,87) (105,94) Receivables 5,01 1,35 1,58 0,13 Other operational costs (2,14) (0,40) (1,40) Deferred tax assets 21,90 0,48 0,52 0,54 (565,14) (370,93) (378,74) Current assets 191,08 66,85 72,67 49,23 REBITDA 76,40 59,62 54,44 Inventories 4,24 0,00 0,00 0,00 Trade receivables 79,45 45,98 47,76 43,91 Non recurring cost (15,89) (2,40) (1,25) Current tax receivable 7,79 0,00 0,00 0,00 Cash and cash equivalents 84,33 15,07 16,45 4,35 EBITDA 60,51 57,23 53,19 Other current assets 15,27 5,80 8,46 0,97 Depreciation, amortization and impairments (38,57) (22,89) (24,73) Assets held for sale 32,29 0,00 0,36 0,00 Operating profit 21,94 34,33 28,46 TOTAL ASSETS 929,24 400,88 414,70 250,83 Investment income 0,23 0,33 (0,23) Equity attributable to the owners of the company 281,70 52,54 35,24 21,06 Interest and other finance income 0,19 0,07 0,12 Non controlling interest 15,21 Interest and other finance expense (9,95) (7,26) (7,84) Share in the profit of equity accounted investments 0,37 0,07 (0,01) Non-current liabilities 335,13 168,32 192,17 96,44 Provisions 41,18 7,12 6,85 8,47 Profit before income tax - continued operations 12,78 27,54 20,51 Subordinated loans 52,88 45,55 45,55 45,55 Other loans and borrowings 167,61 66,09 89,40 13,37 Income tax expense 2,41 (9,42) (7,44) Derivative financial instruments 0,41 0,29 0,21 Profit - continued operations 15,19 18,12 13,06 Deferred tax liabilities 73,06 49,27 50,16 29,05 Current liabilities 297,19 180,01 187,30 133,33 Result discontinued operations 1,00 0,00 0,00 Loans and borrowings 27,81 25,22 33,49 19,94 PROFIT FOR THE PERIOD 16,19 18,12 13,06 Derivative financial instruments 0,03 0,06 0,04 0,00 Trade payables 65,80 49,54 48,25 38,21 Attributable to : Deferred revenue 100,81 60,51 66,35 42,84 The owners of the company 14,95 18,12 13,06 Current tax liability 14,64 11,28 7,81 0,06 Non-controlling interests 1,24 0,00 0,00 Accrued pay-roll expenses 48,49 20,15 19,48 21,49 Other current liabilities 28,59 11,74 10,15 4,06 Provisions 11,02 1,52 1,72 6,73

TOTAL LIABILITIES 929,24 400,88 414,70 250,83 Solvency ratio 30,3% 13,1% 8,5% 8,4% Net financial debt (excluding subordinated loans) 111,09 76,24 106,43 28,96 Net financial debt / REBITDA 1,45 1,28 1,96

Figures in millions of euros. Figures in millions of euros. Mediahuis is for the first time drawing up consolidated accounts as per 30 December 2017, subject to the application of IFRS. Mediahuis is for the first time drawing up consolidated accounts as per 30 December 2017, subject to the application of IFRS. The annual accounts are drawn up with an extended financial year running from 1 January 2016 to 30 December 2017, inclusive, and the comparative financial year is 2015. The opening balance and conversion date to IFRS is 1 January 2015. For the sake of readability, the pro forma income statements of 2017 and 2016 are displayed separately. The annual accounts are drawn up with an extended financial year running from 1 January 2016 to 30 December 2017, inclusive, and the comparative financial year is 2015 (31 December 2015).

28 29 Mediahuis Mediahuis Board of Directors Management Committee

Chairman Chief Executive Officer ANTWERP Thomas Leysen Gert Ysebaert PAAL-BERINGEN

Vice-chairman Chief Operating Officer HASSELT Robert Ceuppens Paul Verwilt BRUSSELS

AMSTERDAM Directors Chief Financial Officer Jan Baert Kristiaan De Beukelaer Arian Buurman Bruno de Cartier Patrick Hermans Peter Hinssen Jan Suykens Guus van Puijenbroek Philippe Vandeurzen Philippe Vlerick SITTARD THE NETHERLANDS BELGIUM

1.935 1.365 STAFF MEMBERS STAFF MEMBERS (FTE) (FTE)

MEDIAHUIS NEWSPAPERS MEDIAHUIS NEWSPAPERS 8.270.000 3.558.940 READERS EACH MONTH READERS EACH MONTH 6 OUT OF 10 DUTCH PEOPLE (13+) 7 OUT OF 10 FLEMISH PEOPLE (12+)

MEDIAHUIS NEWS SITES AND APPS MEDIAHUIS NEWS SITES AND APPS 7.068.000 3.138.053 UNIQUE VISITORS EACH MONTH UNIQUE VISITORS EACH MONTH 1 OUT OF 2 DUTCH PEOPLE (13+) 6 OUT OF 10 FLEMISH PEOPLE (12+)

30 31