Capital Markets Day 11Berlin, December 9, 2011

CAPITAL MARKETS DAY 2011 “Consistency in a world gone mad”

Berlin, December 9, 2011 Axel-Springer-Str. 65, 10888 Berlin Room “Ernst Cramer”, 19th Floor

Agenda

1 Keynote (Dr Mathias Döpfner, Chairman & CEO)

2 Financials (Lothar Lanz, CFO & COO)

3 WELT Group – Growing reach and successful digital expansion (Jan Bayer, Managing Director WELT Group, designated Board Member as of 01/2012)

4 iKiosk – The heart of Axel Springer’s paid content strategy (Georg Konjovic, Director Premium Content)

5 Magazines – Successful against all odds (Dr Andreas Wiele, Board Member, Bild Group & Magazines)

6 Expanding our business internationally (Ralph Büchi, President Axel Springer International, designated Board Member as of 01/2012)

7 SeLoger – The leading French real estate online marketplace (Roland Tripard, CEO SeLoger)

8 Digital Media: Deliver top line, deliver bottom line (Dr Jens Müffelmann, Head of Electronic Media)

9 CASE I: Idealo – Compare online, buy online (Martin Sinner, Managing Director Idealo)

10 CASE II: KaufDA – Research online, buy offline (Christian Gaiser, CEO & Founder kaufDA)

11 Summary and outlook (Dr Mathias Döpfner, Chairman & CEO)

Disclaimer

The following presentations, which have been issued by Axel Springer Aktiengesellschaft (the "Company"), comprise the written materials/slides for the Capital Markets Day of the company, held on December 9, 2011.

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

These presentations contain forward looking statements which involve risks and uncertainties. The forward looking statements speak only as of the date of these presentations and include the Company’s beliefs and expectations and the assumptions underlying them, which may or may not prove to be correct. These statements are based on plans, estimates and projections as they are currently available to the management of the Company. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in these presentations.

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

These presentations do not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. 1 Keynote: Consistency in a world gone mad Capital Markets Day - Berlin, December 9, 2011

Dr Mathias Döpfner, Chairman & CEO

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

www.axelspringer.com/cmd2011 2 Financials Capital Markets Day - Berlin, December 9, 2011

Lothar Lanz, CFO & COO

Axel Springer has had a strong financial performance over the last few years

Revenues (in €m)

2,894 2,864 2,777 2,634 2,729 2,612 +11.7% 2,321 2,452 2,437 2,402 2,318 2,075

1) 1) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M/10 9M/11 Print Digital EBITDA (in €m)

511 446 470 486 386 433 414 434 334 279 18.0% 17.3% 18.3% 18.2% 19.3% 226 17.8% 17.6% 18.6% 191 11.7% 12.8% 6.7% 8.1%

1) 1) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M/10 9M/11

EBITDA EBITDA margin 1) According to HGB

2 Dec. 9, 2011 Financials 9M/2011 – digital advertising revenues higher than German print advertising revenues

Advertising revenues (in €m) Advertising revenues in % of group revenues

+€335m

600 -€32m 556 500 26% 24% 497 486 23% 465 400 388 20% 300 19%

200 221 12%

100

0 9M/09 9M/10 9M/11 9M/09 9M/10 9M/11

Newspapers & magazines Digital Newspapers & magazines Digital

3 Dec. 9, 2011 Financials

Operating segments show strong margins, international and digital growing

(in €m) Newspapers Magazines Print Digital National National International Media

9M/11 9M/10 yoy 9M/11 9M/10 yoy 9M/11 9M/10 yoy 9M/11 9M/10 yoy Revenues 854.1 874.3 -2.3% 353.1 354.4 -0.4% 350.0 268.5 +30.4% 677.7 504.3 +34.4%

Circulation 464.5 463.0 +0.3% 240.4 241.5 -0.4% 204.1 162.5 +25.5% - - -

Advertising 369.8 389.5 -5.0% 95.0 96.4 -1.5% 124.2 91.7 +35.4% 556.2 388.3 +43.2%

Other 19.8 21.8 -9.2% 17.7 16.5 +7.3% 21.7 14.2 +52.6% 121.5 116.0 +4.7%

EBITDA 203.6 230.3 -11.6% 82.1 78.6 +4.4% 56.8 34.8 +63.2% 111.9 56.1 +99.6%

EBITDA 23.8% 26.3% 23.2% 22.2% 16.2% 13.0% 16.5% 11.1% margin

4 Dec. 9, 2011 Financials Cost increase driven by organic revenue growth and acquisition effects

(in €m) 9M/11 yoy Q3/11 yoy ƒ Total costs up by €155.1m, mainly due to consolidation effects and in Personnel 622.4 +7.5% 212.9 +12.0% line with organic revenue Purchased goods 763.2 +12.3% 259.9 +8.0% and services development Other operating 562.5 +5.3% 190.8 +8.5% ƒ Total costs ex consolidation effects +5.5% mainly due to organic Total Costs 1,948.0 +8.6% 663.5 +9.4% revenue growth of digital media and increased paper and marketing costs

5 Dec. 9, 2011 Financials

Personnel costs in line with underlying business development

Costs (in €m)

ƒ Trends behind organic increase of 3.6% yoy +7.5% 622 579 ƒ Print: flat +3.6% ƒ Digital: increase due to organic build-up of business

9M/10 9M/11

Consolidation effects and special items Personnel costs (adj.)

6 Dec. 9, 2011 Financials Purchased goods and services costs stable outside growing digital business

Costs (in €m)

+12.3% ƒ Trends behind organic increase 763 of 5.9% yoy 680 ƒ Print: flat despite higher

+5.9% paper costs ƒ Increase in digital, mainly due to performance based marketing 9M/10 9M/11

Consolidation and FX effects Purchased goods and services costs (adj.)

7 Dec. 9, 2011 Financials

9M/11 – increase of paper costs slightly below expectations

Costs (in €m) Costs (in €m)

256 242 2101)

1672) 179

+7.2% yoy

Quantity Price Paper costs 2008 2009 2010 Paper costs 9M/10 9M/11

2) Pro forma paper costs including CEE JV. 1) Including paper costs for H2/10 of CEE JV.

8 Dec. 9, 2011 Financials Adjusted eps at €2.31 (in €m)

9M/11 9M/10 H1/10 Net income 233.2 257.61) Non recurring-effects2) 1.5 -35.2

Effects of purchase price allocations 35.4 24.5

Taxes attributable to these effects -10.5 -5.9 Adjusted net income 259.5 241.0

Thereof attributable to non-controlling interests 32.2 16.6

Adjusted net income attributable 227.4 224.4 to shareholders of Axel Springer AG

Weighted average number of shares outstanding (in m)3) 98.5 98.5 Adjusted eps (in €) 2.31 2.28

1) Net income 2010 includes positive tax effect of 23.5€m 2) Previous year: Non-recurring effects and other non-operating effects. 3) Based on weighted average number of shares outstanding in 2011.

9 Dec. 9, 2011 Financials

Free cash flow/net financial position

Free cash flow (in €m) Net financial debt / liquidity1) (in €m)

79.6 260.7 09/30/11 204.9 12/31/10

9M/2010 9M/2011 -446.4

Credit line of €1.5bn secured until 2012, €1bn thereof extended until 2013

1) Excl. pension liabilities (12/31/10: -€389m; 09/30/11: -€351m) and treasury shares (12/31/10: 0.6m shares; 09/30/11: 0.3m shares)

10 Dec. 9, 2011 Financials Strong cash flow generation and high dividend payments

Free cash flow (ltm1) in €m) Dividend payments (in €m)

400 2) 356 355 350 336 0.40 0.48 0.57 1.17 1.33 1.47 1.47 1.60 Dividend 299 (€/share) 300 287 payments 157

243246 250 233231 131131 220 122 209 199 206 200 107 177175

150

100 52 45 37 50

0 2003 2004 2005 20062007 2008 2009 2010 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11

1) Last twelve months 2) Based on new number of shares after 3-for-1 share split in June 2011

11 Dec. 9, 2011 Financials

EBITDA contribution – upward trend from Print International and Digital Media

EBITDA (in €m)

Newspapers National Magazines National Print International Digital Media

28% 27% 25% 24% 23% 20% 21% 16% 17% 16% 15% -margin EBITDA 13% 11% 12% 1) 9% 7% 4% 7% 6% 3%

20072008 2009 2010 9M/11 20072008 2009 2010 9M/11 20072008 2009 2010 9M/11 20072008 2009 2010 9M/11

364 349 296 244 204

101 112 89 82 86 74 61 55 57 43 28 1) 11 12 14 21

20072008 2009 2010 9M/11 20072008 2009 2010 9M/11 20072008 2009 2010 9M/11 20072008 2009 2010 9M/11

1) Excluding dividend payment from P7S1 (€23m)

12 Dec. 9, 2011 Financials Financial highlights

ƒ Solid performance in core print business Revenues ƒ Dynamic growth in Digital Media ƒ Organic growth of 5.3%

ƒ EBITDA margin increase to 19.3% in 9M/11 Margins ƒ German print business with margins >20% / international print and digital business >15%

Capital ƒ Solid capital structure – credit line secured until 2012/13 structure ƒ Sufficient headroom for investments

Payout to ƒ Sustainable dividend policy over the last years shareholders

13 Dec. 9, 2011 Financials 3 WELT Group – Growing reach and successful digital expansion Capital Markets Day – Berlin, December 9, 2011

Jan Bayer, Managing Director WELT Group

Agenda

1 WELT Group Who we are

2 How we are positioned

3 What we have planned

2 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion Innovation is in our DNA

3 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

WELT Group successfully established as a multi-media brand…

Mobile devices

4 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion …with two strong brand cores

5 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

Continuous innovation leadership

First national daily First national daily WELT AKTUELL Rollout of WELT am newspaper in compact newspaper with an launched for Lufthansa SONNTAG KOMPAKT – format integrated newsroom Germany‘s first compact PRINT format Sunday paper

1995 2004 2006 2009 2010 2011

First national daily Launch of the First national daily DIE WELT / WELT am newspaper on the iPhone application newspaper on the SONNTAG launched on internet iPad the eReader / Kindle DIGITAL

6 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion Agenda

1 Who we are

2 WELT Group How we are positioned

3 What we have planned

7 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

No. 1 cross-media reach among quality newspaper peers

Cross-media net reach (in m)

(print und online)

Note: iPad usage not included in figures Source: VA 2011-I; basis: readers per issue, users per week

8 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion DIE WELT / WELT KOMPAKT – narrowing the gap with high growth

Reach (in m)

Growth 1.6 (2010 to 2011)

1.4 +11%

1.2

1.0 +0%

0.8 +19%

0.6

0.0 2009 2010 2011

Note: Population expansion in 2010 Source: ma Tageszeitungen, readers per issue

99 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

DIE WELT / WELT KOMPAKT – strong reach, attractive readership

Strong position in northern Germany

Fastest growing national daily newspaper (+19% yoy)

Youngest readership for the first time (average age of 45.3)

Largest proportion of readers aged 14-29 (21% of total readership)

Strongest growth in metropolitan areas (+24% yoy)

Source: ma 2011 Tageszeitungen

Quelle: Zahlen Vertrieb, Katharina Koch, August 2011 10 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion DIE WELT / WELT KOMPAKT – circulation revenue increase per year despite structural circulation decline

Circulation (in thousands) Circulation revenues (indexed, 2005 = 100)

-1.4% +3.1% 120 CAGR 254.8 251.3 115

110

105

100

0 Q3/10 Q3/11 2005 2006 2007 2008 2009 2010

11 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

WELT am SONNTAG – lead clearly extended

Reach (in m)

Growth 1.3 (2010 to 2011)

+16% 1.2

1.1

1.0

-6% 0.0 2009 2010 2011 (ma II) (ma II) (ma II)

Note: Population expansion in 2010 Source: ma Presse, readers per issue

1212 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion Market leader WELT am SONNTAG

Market leader among the quality Sunday newspapers

Market leader with 1.2 million readers

Lead on competition further extended (+16% increase in reach on last year)

Highest proportion of female readers (36%)

Highest proportion of employed readers (65%)

Source: ma 2011 Presse II

Quelle: Zahlen Vertrieb, Katharina Koch, August 2011 13 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

WELT am SONNTAG with circulation and revenue increase

Circulation (in thousands) Circulation revenues (indexed, 2005 = 100)

+3.3% +3.8% 125 CAGR 415.0 401.6 120

115

110

105

100

0 Q3/10 Q3/11 2005 2006 2007 2008 2009 2010

14 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion WELT Group – leading in four out of five primary advertising categories

Advertising revenue split by industry for DIE WELT/ WELT am SONNTAG

Gross advertising revenue WELT Group Top 5 industries1) (in %) Market position2) of WELT Group Others 27% Tourism 20% No. 1

Automobile 16% No. 1

Top 5 Services 15% 73% No. 1 industries1) Luxury3) 13% No. 1

Finance 9% No. 2 9M 2011

1) Top industries in terms of gross revenue 2) Basis gross revenue, market position of DW/ WamS compared to FAZ/ FAS and SZ 3) Not a Nielsen-industry (includes luxury clients from various industries, primarily textiles and personal care) Source: Nielsen

15 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

WELT ONLINE – we are already ahead of the relevant print competition

Unique visitors (in m)

10.23

6.52

4.75

3.43

2.10 2.02

1.00 0.71

Source: comScore Media Trend October 2011

16 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion %WELT HD – most successful “newspaper for the iPad”

First newspaper app on the iPad in Germany

Most downloaded newspaper app on the iPad

App of the year 2010 in the iTunes store

17 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

WELT HD – highly attractive user base

Age Monthly household income

41% 46%

25% 16% 16% 18% 20% 10% 7% 2%

<19 20 - 29 30 - 3940 - 49 50 - 59 >60 No <€3,000 €3,000- >€4,000 declaration €4,000

Gender Occupation

10% 8% 20% Owner/Executive Manager 31% Other employees Freelancer, others Male 41% 90% Female

Source: User-Survey WELT HD, July 2011

18 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion WELT HD – people read about 33 minutes a day and primarily at home

Daily reading time Primary usage (in %)

10%17% At home 52 25%25%

13% At work 17 19%

20% While travelling 16 19%

In restaurant / bar / cafe 13 up to 19 min 20 - 29 min Average reading time: 30 - 39 min Others 2 40 - 59 min 33 minutes >1 hour

Source: User-Survey WELT HD (September 2010, July 2011)

19 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

WELT HD among the leading newspaper apps in the revenue ranking (app store)

Source: iTunes app store (December 5, 2011)

20 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion Agenda

1 Who we are

2 How we are positioned

3 WELT Group What we have planned

21 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion

Outlook WELT Group

1ƒ Foster our position as an innovator in Germany’s media market

2ƒ Strengthen our brands in attractive advertising and reader markets

3ƒ Investment in digital media and active expansion of paid content models on relevant digital platforms

4ƒ Maintain tight cost discipline in our editorial and commercial departments

22 Dec. 9, 2011 WELT Group – Growing reach and successful digital expansion 4 iKiosk – The heart of Axel Springer's paid content strategy Capital Markets Day - Berlin, December 9, 2011

Georg Konjovic, Director Premium Content

Paradigm shift – Monetization of digital content works

Smartphone apps Tablet apps Websites

ƒ More than 30 ƒ More than 20 tablet apps ƒ Selected content smartphone apps with journalistic available via paid with journalistic background subscriptions on background ƒ All paid regional websites ƒ All paid ƒ Free for print subscribers Total digital sales per issue: 134,140 / Total digital customers: 189,066 1)

1) Sum of iPad, iPhone, ePaper, Online-Subscriptions, Android; (excl. activated print subscribers), July 31, 2011 Sources: iTunes Connect, Android Market, company data,

2 Dec. 9, 2011 iKiosk – The heart of Axel Springer‘s paid content strategy 2 Customer research confirms the tablet‘s ideal positioning for publishers

The tablet is an indispensable and constant companion for 78% of 1 the users 62% of the users have more fun reading newspaper and magazine 2 content on the tablet 52% of the users read more newspaper and magazine content than 3 without a tablet Tablet users are a very attractive target group: 76% say their 4 economic situation is „very good“ or „good“ The tablet is the perfect advertising medium: 43% of the users tip on 5 adverts The tablet is perfect for premium content! Tablet users spend about 6 100 Euro per year for apps

Source: Axel Springer Media Impact iPad Panel, May 2011; 2.284 respondents during recruiting; 705 respondents in panel

3 Dec. 9, 2011 iKiosk – The heart of Axel Springer‘s paid content strategy

Axel Springer brands dominate the German app store

Ranking by revenue: iPad apps – category news

1 2 BILD HD 3 4 DIE WELT 5 6 IKIOSKiKIOSK 7 8 9

Source: appannie.com, daily ranks (each 1st day of month)

iKiosk – The heart of Axel Springer‘s paid content strategy 44 Dec. 9, 2011 iKiosk – The heart of Axel Springer‘s paid content strategy 55 Dec. 9, 2011

iKiosk – what happened so far

ƒ There is a huge demand for digital print replicas within certain target groups ƒ First newsstand on iPad in Germany ƒ Clear product focus ƒ Digital newspapers and magazines (plain pdf replica) ƒ No eBooks, videos, etc. ƒ Currently 24 Axel Springer titles on sale ƒ Brand subscription: print-subscribers have free access to most newspapers ƒ App sales via Apple in-app purchase / website sales via own billing ƒ iPad app is preferred product channel by readers ƒ App downloads since launch: >100,000

iKiosk – The heart of Axel Springer‘s paid content strategy 66 Dec. 9, 2011 iKiosk – distribution via tablet and web

iPad app Website Launched in May 2010 Launched in Dec 2010

iKiosk – The heart of Axel Springer‘s paid content strategy 77 Dec. 9, 2011

iKiosk – The heart of Axel Springer‘s paid content strategy 88 Dec. 9, 2011 The new iKiosk – our core brand for the distribution of digital press products

ƒ Relaunch December 12, 2011 ƒ New product design and branding ƒ Teaser areas for push promotion ƒ Bestseller ranking ƒ Auto-renewal subscriptions ƒ Single copy sales ƒ Archive and improved offline- usability ƒ Bookmarking and sharing ƒ In-app search

iKiosk – The heart of Axel Springer‘s paid content strategy 99 Dec. 9, 2011

iKiosk – now open to other publishers

ƒ Comprehensive Axel Springer portfolio Germany + Switzerland (>60 titles) ƒ Cooperation with other publishers, more than 40 new titles, e.g. ƒ Die Zeit ƒ Handelsblatt ƒ Wirtschaftswoche ƒ Süddeutsche Zeitung ƒ taz ƒ Rheinische Post ƒ Der Tagesspiegel ƒ Abendzeitung München

iKiosk – The heart of Axel Springer‘s paid content strategy 1010 Dec. 9, 2011 iKiosk – live demo

iKiosk – The heart of Axel Springer‘s paid content strategy 1111 Dec. 9, 2011

iKiosk – outlook 2012

ƒ Android tablet app ƒ Further internationalization ƒ Further growth of portfolio through cooperation with other publishers ƒ Focus on sales via iKiosk website Æ Synchronization from web to app ƒ Print products sold via iKiosk (web)

iKiosk – The heart of Axel Springer‘s paid content strategy 1212 Dec. 9, 2011 5 Magazines – Successful against all odds Capital Markets Day - Berlin, December 9, 2011

Dr Andreas Wiele, Board Member, Bild Group & Magazines

“Print is dead.”

Dr. Egon Spengler from the 1984 film Ghostbusters

2 Dec. 9, 2011 Magazines – Successful against all odds He was almost right regarding the decrease in advertising revenues …

Net in €bn 17.8 17.3 German 18 16.8 advertising 16.3 15.9 16.0 15.7 market 16 15.3 15.0 15.2 14.5 13.6 13.7 14 12.8 12.9 12

10 2001 2015 8 market share: market share: 20.8% 6 12.5%

4 3.2 2.9 2.7 2.7 2.8 2.8 2.7 2.7 2.3 2.3 2.3 2.3 2.3 2.3 2.2 Consumer market share 2 magazines 2015 vs. 2001 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -8.3ppts Projection

Source: PWC German Entertainment and Media Outlook, (2005) + (2011)

3 Dec. 9, 2011 Magazines – Successful against all odds

… and also for the decrease in paid circulation

Index 120

+7ppts vs. 2001 110 107 Despite a growth in number of titles …

100 -12ppts vs. 2001

90 88 …total paid circulation decreased …

-18ppts vs. 2001 80 82 …aswellasaverage paid circulation per 70 magazine! 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

No. of magazines Total paid circulation Ø Total paid circulation per magazine

Source: IVW, index-base-year 2001, Germany

4 Dec. 9, 2011 Magazines – Successful against all odds But for our magazines, we prove him wrong!

5 Dec. 9, 2011 Magazines – Successful against all odds

The corporate strategy of Axel Springer AG is the starting point

Market leadership Internationali- Digitization of in the German- zation of core core business language core business business

6 Dec. 9, 2011 Magazines – Successful against all odds Within our magazines business we have set five clear priorities

1. Focus on five core segments 2. Focus on three main brands 3. Achieve growth in the core segments and brands 4. Increase market share in core segments 5. Realize efficiency gains in all areas

Foundation: editorial excellence

7 Dec. 9, 2011 Magazines – Successful against all odds

1. Focus on five core segments – In the last ten years we have operated with a widespread portfolio…

TV guides Women‘s

Computer Automotive

Youth Financial

Men‘s Sport

8 Dec. 9, 2011 Magazines – Successful against all odds …which was reduced significantly

sold sold stopped sold 2007 2004 2004 2011

TV guides Women‘s

Computer Automotive

sold 2009 stopped 2001 Youth Financial

Men‘s Sport

stopped stopped 2009 2008 sold 2009 sold 2010

sold 2008

9 Dec. 9, 2011 Magazines – Successful against all odds

1. Today we focus on five segments…

Women‘s Automotive

Computer TV guides

Sports

10 Dec. 9, 2011 Magazines – Successful against all odds 2. … and three core brands

1 weekly 1 biweekly 1 quarterly

Magazines 77 editions editions 4 weekly XXL 1 biweekly Kabel Deutschland 6 monthly Österreich

Sky

Sky Satelliten

Unitymedia

11 Dec. 9, 2011 Magazines – Successful against all odds

3. Achieved growth in core segments with strong titles …

1st example: TV Digital

Reach (in m) 4.5

4.0 4.0 3.6

3.5 3.4 3.1 3.1 ƒ 3.0 The most successful 2.7 magazine launch of the past 2.5 2.4 10 years in Germany 2.2 2.0 2.0 1.8 1.8 1.8 ƒ 1.5 Title with the biggest growth

1.2 in reach in Germany 1.0 ma II ma I ma II ma I ma II ma I ma II ma I ma II ma I ma II ma I ma II 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011

12 Dec. 9, 2011 Magazines – Successful against all odds 3. … and within core brands by diversification

2nd example: AUTO BILD

International 34 countries Internationalization

Market position No. 1 No. 1 No. 1 No. 1 reach 2011* Launch 1996 2001 2002 2007 National

Generalist Segmentation *Source: ma 2011 Pressemedien II

13 Dec. 9, 2011 Magazines – Successful against all odds

4. Thanks to our editorial excellence we gained/ maintained market share in our core segments…

Market share paid circulation (in %)

55 + 3.6ppts vs. 2005 50.1% 50 Automotive, computer and sports magazines

45 + 2.2ppts vs. 2005

40 37.5% Women´s magazines 35 30.5% TV guides 30 +0.1ppts vs. 2005

25 2005 2006 2007 2008 2009 2010 2011

Source: IVW, subsegments

14 Dec. 9, 2011 Magazines – Successful against all odds … and have reached market leadership in all main segments

TV guides Women´s magazines Automotive, computer and sports magazines

Weekly Weekly Automotive high CP mid CP low CP general interest general interest off-roadsports cars classic cars monthly No. 1 No. 1 No. 1 No. 2 No. 5 No. 2 No. 7 No. 1 No. 1 No. 1 No. 1

Biweekly Sports Computer

high CP general interest games audio/video/photo No. 1 No. 1 No. 1 No. 1 No. 1 12 x No. 1

Source: ma 2011 Pressemedien II, CP = Copyprice

15 Dec. 9, 2011 Magazines – Successful against all odds

5. Realized efficiency gains in our business structure

Editorial departments: merger of > 15 editorial departments  into five centers of excellence -27%

 Freelance fees: standardized contracts, multiple use of content -39%

 Paper cost reductions: economies of scale and paper price negotiations -27%

Production costs reductions: e.g. same title sizes, scale effects  through bundle productions -34%

Promotion costs: e.g. increase of barter deals instead of cash-out  promotions -13%

All cost saving figures for 2007 to 2010

16 Dec. 9, 2011 Magazines – Successful against all odds Print content and brands serve as platform for digital growth

Market leadership Internationali- Digitization of in the German- zation of core core business language core business business

17 Dec. 9, 2011 Magazines – Successful against all odds

– from print to digital market leader

+207% 2.5 2.5 auto-motor-sport.de 1.9 2.0 autobild.de (AGOF, in m) in (AGOF, 1.5 1.1 1.1 0.9 1.0 1.0 0.8 0.8 CAGR 0.4 0.5 0.2 0.2 0.3 Unique user Unique 0.0 25% 2006 2007 2008 2009 2010 2011 +111% 8.0 7.0 auto-motor-sport.de 6.0 5.6 (IVW in m) in (IVW 5.1 autobild.de 4.3 3.8 3.7 4.0 3.3 2.9 2.5 CAGR 2.0 1.6 1.7 1.8 16% 0.0 Ø Visits per month per Visits Ø 2006 2007 2008 2009 2010 2011

18 Dec. 9, 2011 Magazines – Successful against all odds – from zero to “almost hero”

0.8

14 1.9 12.4 11.6 12 PC-Welt.de 10 9.0 computerbild.de 8 (AGOF, in m) in (AGOF, 6.7 7.1 chip.de 6 5.2 4.2 Absolut growth 4 3.2 3.4 3.1 3.4 3.0 vs. chip.de 1.9 2.3 2.2 2 1.7 1.3 0.0 Unique user Unique 0 2.4x 2006 2007 2008 2009 2010 2011

6.2

12.4 PC-Welt.de 60.0 56.0 49.8 computerbild.de 47.0 chip.de (IVW in m) in (IVW 40.0 34.3 31.9 Absolut growth vs. chip.de 22.3 21.9 20.0 16.1 14.5 10.9 11.5 10.5 7.8 8.7 8.9 9.6 2.0x 0.0 2.2 0.0 Ø Visits per month per Visits Ø 2006 2007 2008 2009 2010 2011

19 Dec. 9, 2011 Magazines – Successful against all odds

Next step – "Print without paper" Our magazines go „app" with paid content

AUTO BILD iPad app COMPUTER BILD TV Digital iPad app SPIELE iPad app Price per issue: €1.59 Price per issue: €2.99 Price per issue: €0.99

20 Dec. 9, 2011 Magazines – Successful against all odds Almost stable revenues and record margins – Do you call that a dead business?

Revenues (in €m) EBITDA (in €m)

23% -2.4% CAGR +2.3% yoy 22% pro forma pro forma 21% 16% 13% 11%

588 564 518 486

354 353 101 89 74 79 82 55

2007 2008 2009 2010 9M/10 9M/11 2007 2008 2009 2010 9M/10 9M/11

Consolidation effects Pro forma revenues based on current portfolio EBITDA margin

21 Dec. 9, 2011 Magazines – Successful against all odds 6 Expanding our business internationally Capital Markets Day - Berlin, December 9, 2011

Ralph Büchi, President Axel Springer International

International revenue share has grown rapidly since 2009

2006 2007 2008 2009 2010 9M/2011

Takeover of Russian G+J portfolio

Takeover of Swiss Jean Frey AG and Ringier‘s Swiss TV program guides

33%1) 16%1)

1) International revenues in percent of total revenues

2 Dec. 9, 2011 Expanding our business internationally The corporate goal of 50% digital revenues has almost been reached on an international level

International revenues (in €m)

812.3

757.8

586.8 537.2 547.6

383.2

42.5% 47.3%

29.4% 19.5% 11.7%

2006 2007 2008 2009 2010 9M/2011 International revenues Digital international revenues (estimate for 2007)

3 Dec. 9, 2011 Expanding our business internationally

Focus on three geographical pillars

CEE Western Europe BRIC

France Switzerland UK Spain Brazil Russia India ƒ F: largest women portal; ƒ RU: activities since 2003 Czech Republic Poland Hungary largest real estate portal; with business, computer and nd leading car magazine; 2 general interest magazines largest car classified portal ƒ IN: AUTO BILD since 2008; Slovakia Serbia ƒ CH: market leading in the 2010: Investment in biggest segments of business, car classified portal CarWale ƒ No. 1 mass market general interest and TV newspaper in all JV magazines ƒ BR: affiliate marketing since countries ƒ UK: leading affiliate network 2011 ƒ E: weekly car and computer ƒ Leading publishing house in magazines all JV countries

4 Dec. 9, 2011 Expanding our business internationally Major developments in the past twelve months

CEE Western Europe BRIC

ƒ Post merger integration ƒ Substantial growth ƒ First steps into new through major digital markets ƒ Expansion of core acquisitions activities France: India: ƒ Portfolio optimization UK: Brazil:

Netherlands:

5 Dec. 9, 2011 Expanding our business internationally

CEE Ringier and Axel Springer successfully joined forces in eastern Europe

ƒ Exchange of experiences / best practices between the JV-countries, Germany and Switzerland Post merger ƒ of mass market newspapers and magazine portfolio integration Benchmarking evaluation ƒ Organizational restructuring

ƒ Roll-out of premium content activities Expansion of ƒ International sales deals core ƒ Integration of newsroom concept activities ƒ Online initiative for mass market titles ƒ Portfolio optimization

6 Dec. 9, 2011 Expanding our business internationally CEE The homogenous portfolio of mass market brands in CEE offers new opportunities

Czech Poland Serbia Slovakia Republic Ringier Axel Springer brands Readership (in m) 3.9 1.0 1.0 1.4 UVs (in m) 1.6 0.7 1.1 1.2 “Notebook Rodzinny” (DELL) as first international family product ƒ Media: FAKT; fakt.pl; Newsweek; Show case newsweek.pl; komputerswiat.pl ƒ Period: 4 weeks in April 2011 ƒ 170 points of sale

1) Source: comScore 9M/2011

7 Dec. 9, 2011 Expanding our business internationally

Western Europe Digital roll out along core competencies results in market leading position in France

International brands High reach

Content 39%

Other French Classifieds websites

Axel Springer reaches Marketing more than 16m unique visitors in France

1) Source: Mediametrie//NetRatings September 2011; without overlaps

8 Dec. 9, 2011 Expanding our business internationally Western Europe SeLoger.com – the leading real estate classified portal in France

Investment story SeLoger.com

ƒ 04/2011: PTO and squeeze-out successfully completed ƒ 06/2011: first international acquisition with 9.4% interest in iProperty ƒ 11/2011: SeLoger increases its stake in iProperty to 16.1%

Source: comScore 9M/2011

9 Dec. 9, 2011 Expanding our business internationally

Western Europe AutoReflex enhances our investment in the French car segment

Key Facts AutoReflex.com

ƒ 09/2011: Mondadori and Axel Springer (EMAS) acquire an 83% equity interest in automotive classified portal AutoReflex.com ƒ Enhancing EMAS’ automotive magazine portfolio ƒ Significant potential for synergies with print magazines ƒ KPIs: o No. 2 car portal in France o Listings: more than 120k; mainly from car dealers (B2C) o Traffic: 1.2m unique visitors

Source: comScore 9M/2011

10 Dec. 9, 2011 Expanding our business internationally Western Europe aufeminin.com – clear market leader and accelerated international expansion

Development of aufeminin’s revenues International presence (in €m) ƒ One brand across 11 countries with 40m unique visitors +27% 32.0 ƒ August 2011: acquisition of 100 percent of 27.6 Netmums.com, a leading British parental website 15.4 19.9 11.6 ƒ Netmums acquisition pushes aufeminin.com to market leadership in UK 7.8

16.1 16.6 12.0

9M/2009 9M/2010 9M/2011 Revenues International Revenues France

11 Dec. 9, 2011 Expanding our business internationally

BRIC First steps into new markets

Brazil Russia India

Content

Classifieds 000

Marketing

12 Dec. 9, 2011 Expanding our business internationally BRIC India to become the world’s third largest car market in 2015 World car markets 2015

JV with Market Passenger car sales ITG and Acquisition of controlling position 2015 vs. 2010 launch of stake of market leader #1 China +40% AUTO CarWale BILD #2 USA +30% #3 India +46%

2008 2010 2011 2015

UVs: Building strong local partnership with

Sources: Traffic: Google Analytics, 10/2010-10/2011; Car Markets: CAR-Center Automotive Research, December 2010

13 Dec. 9, 2011 Expanding our business internationally

14 Dec. 9, 2011 Expanding our business internationally 7 Médias et ServicesDRAFT pour v18-09-06 l䇻Immobilier

SeLoger – The leading French real estate online marketplace

Roland Tripard, CEO SeLoger

Capital Markets Day Berlin, December 9, 2011

Leading French real estate online marketplace

A growth story 8% €94m 8% €83m 5% €73m

79%

€13m

FY consolidated revenues in €m FY 2011 revenues (estimated)

Audience growth Penetration growth

Innovation driven Revenue per customer increase

1 The real estate specialist

Strenghtening our real estate specialist leadership Expanding on all the market niches with additional vertical portals

The reference for real estate online

The portal for property developers

Dedicated to house builders

The second generalist portal of the SeLoger Group and the international showcase for estate agents The luxury property portal

The commercial real estate market place

The portal for holiday lettings professionals

2

A continuous flow of innovations to increase stickyness

ƒ On the B2C side

ƒ Prices heat maps

ƒ Facebook « Murs de Quartiers » Skyscrapper

ƒ SeLoger on every mobile platform

ƒ On the B2B side

ƒ Poliris

ƒ Property valuation software

ƒ « La plateforme publicitaire »

3 Steady growth in audience – 4m unique visitors, +28% yoy

(in thousands) Unique visitors (monthly average) 4 000

3 500

3 000

2 500

2 000

1 500 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11

Source: Nielsen // NetRatings September 2011

4

THE undisputed leader in time spent and audience

Time spent (in minutes)

19

17 Size of bubbles varies with audience share (time spent x audience) 15

13

11

9

7

5

3

1 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000

Unique visitors (monthly average in thousands)

Source: Nielsen // NetRatings September 2011

5 # 1 in mobile traffic

iPhone / iPad app: #1 of its category 1.2+ million downloads* 12m push alerts : 3x vs. 2010

Cumulated downloads

Google Android Downloads increased by 450% in 10 months 2011 vs. 2010 to 140,000*

Windows Phone 7 launched end October 2011

* Cumulated downloads – October 2011 (Sources : iTunes/Android Market / Samsung)

6

Increasing market penetration

A steady increase in penetration rate

100% 90% SeLoger.com penetration rate Jan – Sep 2011 net gain 80% on the French real estate 79% in points of sales

70% market

60% Net gain growth 50% Paris area 574 +9% 40% Provinces 2 646 +20% 30% 17% 20% Total 3 220 +17%

10%

0% 2003 2004 2005 2006 2007 2008 2009 2010

7 Important ARPU increase still ahead of us

The shift from offline to online of estate agents’ marketing expenses is under way

A huge potential for growth is still ahead

Estate agents’ marketing expenses: €1,738 per month (vs. €2,500 end ’06)

Internet expenses : 54% Non Internet expensess : 46% (vs. 20% end ’06) (vs. 80% end ’06)

Source: IPSOS survey – September 2009 *ARPU: Average Revenue Per User

8

A proven strategy delivering long lasting growth in ARPU

ARPU (€ per month) 600 545 524

500 481 450 434 411 400 373 378 374 338 351 348 320 302 301 294 300 265 271 240 247 256 213 221 197 193 200 151 129

100

12/2003 12/2004 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 10/2011

Paris région Provinces National

Change in ARPU calculation as from Dec 2008

9 And a clearcut way forward with acquisitions

Niche players in France

Future leaders in emerging countries

10

Let’s deliver!

11 8 Digital Media: Deliver top line, deliver bottom line Capital Markets Day - Berlin, December 9, 2011

Dr Jens Müffelmann, Head of Electronic Media

Digital Media – top line, bottom line

Revenues (in €m) EBITDA (in €m)

712 678 112 9M/11 9M/11 86 470 378 43 208 21 14 24 1

2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011

2006-2010 based on Annual Reports, 2011 based on 9M/2011 report

22 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line Strong post-acquisition development Top 10 digital acquisitions 2006-2010, based on revenues

Revenues +24% CAGR since acquisition date

EBITDA +56% CAGR since acquisition date

Market +15% CAGR since 2006

Market growth: Weighted market CAGR 2006-2011 based on ZenithOptimedia, PwC and HDE

3 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line

Establishing market leaders

Core competencies Highlighted examples

Content portals

Classifieds / Marketplaces

Marketing

4 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line vs.

Source: AP

Content portals

Finanzen.net – from #4 to #1 within two years

Visits (in m) 18

16

14

12

10

8

6

4

2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2009 2010 2011 Source: IVW

6 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line vs.

Source: AP

Classifieds StepStone climbed #1 position in Germany

Germany: Unique visitors (in m) 3

StepStone is one of the 2.52,5

fastest-growing 2 job boards world-wide 1.51,5 with

84% revenue growth 1

year-on-year 9M/11 0.50,5

0 Oct Nov Dec Jan Feb March Apr May Jun Jul Aug Sept Oct 2010 2011

Source: comScore

8 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line vs.

Source: AP

Marketing Zanox – extending European market leadership

Growth strategy Outperformance Revenues

9M/2008 9M/2009 9M/2010 9M/2011 New target markets

10 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line Portfolio of market leaders

Classifieds / Content portals Marketing Marketplaces

Finance portal Infotainment portal Real-estate marketplace Affiliate marketing

Car and motor community Women portal Job board Affiliate marketing UK

Soccer community Financial web applications Price comparison Online prospectus/coupons

11 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line

#1 among European media peers Reach based on unique visitors (in m)

#1 Axel Springer AG 59.1

#2 Schibsted 35.5

#3 BBC 34.0

#4 Hubert Burda Media 32.5

#5 ProSiebenSat1 28.6

#6 Groupe Lagardere 27.5

#7 RTL Group 26.3

#8 Gruner+Jahr 20.4

#9 Vivendi 18.8

#10 Holtzbrinck 14.2

Source: comScore Top 100 Properties (September 2011)

1212 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line Objective: 50% digital Revenue split

2004 9M/2011 Vision

Print 2% Print 30% Print 50% Digital Digital1) Digital

1) Pro forma for acquisitions

13 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line

Two case studies

Martin Sinner, Managing Director “Compare online, buy online”

Christian Gaiser, CEO & Founder “Research online, buy offline”

14 Dec. 9, 2011 Digital Media: Deliver top line, deliver bottom line 9 Compare online, buy online Martin Sinner, Managing Director, Idealo Internet GmbH

Capital Markets Day, December 9, 2011, Berlin

1

Idealo is Germany‘s leading online price comparison…

ƒ #1 market position

ƒ Focus on: ƒ Consumer products ƒ Travel ƒ Energy ƒ Financial Services

ƒ >50 million products

ƒ >20,000 merchants in Germany alone

2 Do you fancy stressful Christmas shopping – or do you prefer a relaxed shopping atmosphere in your living room?

Idealo

helps consumers make the

right purchasing decision

in the most convenient way:

“Less queuing. Better prices.”

3 3

Core business model

1 ƒ Partner shop provides product data files ƒ Traffic through Google-SEO, SEM(1) or direct type-ins 4 ƒ User is forwarded to shop website ƒ Shops pays Idealo on basis of Cost per Click or Cost per 2 Order ƒ Idealo combines, structures and enhances product data

3 ƒ Ranking of product according to lowest price

Simplified view; (1) SEO = Search Engine Optimization, SEM = Search Engine Marketing 4 …with special offers in many product categories and countries…

Live Countries

Products - Consumer electronics - White goods - Hobby, gardening etc. Categories - Media Travel - Flights -Hotel Tariff -Energy - Gas/heating - Financial

5

…built on excellent visibility in search engines Top 20 sites in Germany

Source: Sistrix 6 Additional growth – brand extensions and specialized sites as well as… Examples

Categories Specialized sites

7

…apps in Germany and abroad

8 Brand recognition is an increasingly important business driver

Successful media campaign 2009 % as of Computer Bild readers 69% (current reach = 4.3 million)

38% 31% Idealo known Idealo already used

7%

before after crossmedia crossmedia promotion promotion

Sources: Company market research, reach: ma 2011 Pressemedien II 9

Christmas campaign launched in November 2011

10 Increasing market leadership in the German core market Unique audience (in m) 9

8

7

6

5

4

3

2

1

0 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Oct 11

No. 1 by reach Revenue CAGR of 35% since 2006 EBITDA CAGR of 44% since 2006

Source: Nielsen 11

Enjoy your Christmas shopping!

“Less queuing.

Better prices.”

12 12 10 ROBO– ResearchOnline,BuyOffline.

ChristianW.Gaiser,CEO Axel Springer AG Capital Markets Day Dec. 9, 2011

kaufDA– shoppingcenterforlocalpromotions

kaufDA‘s model works like a shopping center: A combination of strong brands benefiting from each other

2 kaufDA – ResearchOnline,Buy Offline.Berlin,Dec.9,2011/©kaufDA ͼJunoInternetGmbH ThekaufDA Navigator–userperspective

The kaufDA Navigator for iPhone, iPad, Android Smartphone/Tablet, Windows Phone 7 and Nokia

3 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH

kaufDAconnectsretailerswithconsumers

3m unique Excellent positioning More than 100 partners 0.6m mobile users/month1) within search engines with >30m gross reach1) users/month2)

1) Source: AGOF 2) Source: company data 4 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH Simple&scalablebusinessmodel

Customers only pay for clicked active consumer interest

kaufDA extends valuable Retailers content online

Cost per Click

5 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH

Morethan 200retail clients inless than two years

6 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH ExactlocalizationonamicroͲlevel

Flagship

SEO/SEM1)

Partner network

Mobile

1) SEO = search engine optimizations; SEM: search engine marketing

7 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH

kaufDA Ticker–userprofiling&targeting

8 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH Massivegrowthinuserretention ticker sign-ups 1.400.000

1.200.000

1.000.000

800.000

600.000

400.000 kaufDA mobile ticker launch

kaufDA ticker (re)launch 200.000

0

9 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH

kaufDAsuccessfullylaunchedbonialinFrance

kaufDA officially launched its subsidary bonial in France on December 1st 2011

Why kaufDA picked France as 1st international market:

• Market size (€2bn)*

• French retailers with high international presence

• Benefit from support by Axel Springer network in France

• High mobile usage in France

* Source: company data

10 kaufDA– ResearchOnline,BuyOffline.Berlin,Dec.9,2011/©kaufDAͼJunoInternetGmbH 11 Summary and outlook Capital Markets Day - Berlin, December 9, 2011

Dr Mathias Döpfner, Chairman & CEO

Outlook 2011 and mid-term margin targets

Group outlook 2011

Revenues High single digit increase yoy Revenue Circulation > 2010 categories Advertising > 2010 EBITDA Low double digit increase yoy Other > 2010

Segment outlook 2011 Newspapers Magazines Print Inter- Services/ Digital Media National National national Holding

Revenues < 2010 < 2010 > 2010 > 2010 ~ 2010

EBITDA < 2010 ~ 2010 > 2010 > 2010 > 2010

Mid term margin targets

EBITDA • 25% • 20% • 15% • 20% - Investor Relations contacts

Thank you for attending the Capital Markets Day 2011!

Claudia Thomé Daniel Fard-Yazdani Head of Investor Relations Deputy 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 AG Axel-Springer-Str. 65 10888 Berlin / Germany Fax: +49 30 2591 77422