– Non-Binding English Translation – Mandatory Publication pursuant to Sec. 27 (3) sentence 1 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 Germany pursuant to Sec. 27 (1) WpÜG on the public delisting offer (cash offer) of Traviata B.V. Neue Mainzer Straße 2-4, Maintor Panorama, 12th floor 60311 Frankfurt am Main Germany to the shareholders of Axel Springer SE of 27 February 2020 Shares of Axel Springer SE: ISIN: DE0005501357 (listed) ISIN: DE0005754238 (non-listed) TABLE OF CONTENTS Tendered Shares of Axel Springer SE ISIN: DE000A254W03 (listed) ISIN: DE000A254WZ4 (non-listed) 2 TABLE OF CONTENTS TABLE OF CONTENTS TABLE OF CONTENTS ...................................................................................................................... 3 DEFINITIONS ...................................................................................................................................... 7 I. GENERAL INFORMATION ABOUT THIS STATEMENT .............................................. 9 1. Important note regarding the annual report for the 2019 fiscal year ............................... 10 2. Legal and factual bases .......................................................................................................... 11 3. No statements by the competent works councils .................................................................. 12 4. Publication of this Statement and possible amendments to the Delisting Offer ............... 12 5. Independent responsibility of Axel Springer Shareholders ................................................ 12 6. Information for Axel Springer Shareholders whose place of residence, seat or habitual abode is in the USA ................................................................................................................. 14 II. GENERAL INFORMATION ABOUT AXEL SPRINGER AND THE BIDDER ........... 14 1. Axel Springer SE .................................................................................................................... 14 1.1 Legal bases .................................................................................................................. 14 1.2 Members of the Executive Board and of the Supervisory Board ................................ 15 1.3 Capital structure ........................................................................................................... 15 1.4 Shareholder structure ................................................................................................... 16 1.5 Previous Takeover Offer, Agreement of 12 June 2019, Investor Agreement, Shareholders' Agreement and Pooling Agreement ...................................................... 18 1.6 Persons acting jointly with Axel Springer ................................................................... 22 1.7 Representation and listing of the Axel Springer Shares; listed bonds ......................... 23 1.8 2019 single-entity and consolidated financial statements, 2019 annual report, 2020 Annual Shareholders' Meeting ..................................................................................... 24 1.9 Structure and business of the Axel Springer Group .................................................... 24 1.10 Business development and selected financial information .......................................... 27 1.11 Axel Springer's strategy ............................................................................................... 31 2. Bidder ...................................................................................................................................... 32 2.1 Bidder's legal bases ...................................................................................................... 32 2.2 Bidder's shareholder structure ..................................................................................... 33 2.3 Persons acting jointly with the Bidder ......................................................................... 35 2.4 The participation of the Bidder and of persons acting jointly with the Bidder in Axel Springer ............................................................................................................... 35 2.5 Information about securities transactions executed in the Pre-acquisition Period ...... 35 3. Possible parallel acquisitions ................................................................................................. 36 III. INFORMATION ABOUT THE DELISTING ..................................................................... 36 1. Consideration of a delisting by the Bidder the Bidder and the Company ......................... 36 TABLE OF CONTENTS 2. Delisting Agreement of 23 January 2020 .............................................................................. 38 2.1 The Bidder's Delisting Offer ........................................................................................ 38 2.2 The Company's support of the Delisting ..................................................................... 38 2.3 Confirmations in the reasoned statement ..................................................................... 39 2.4 Consent to the acquisition of Axel Springer Shares .................................................... 39 2.5 Intentions and obligations of the Bidder ...................................................................... 39 2.6 Term of the Delisting Agreement ................................................................................ 39 3. Further handling of the matter by the Executive Board and the Supervisory Board ...... 39 4. Delisting Application and entry into effect of the Delisting, cessation of inclusion in trading on the open market ................................................................................................... 40 IV. INFORMATION ABOUT THE DELISTING OFFER ...................................................... 41 1. Execution of the Delisting Offer ............................................................................................ 41 2. Publication of the decision to make the Delisting Offer ...................................................... 41 3. Review by BaFin and publication of the Offer Document .................................................. 41 4. Main details of the Delisting Offer ........................................................................................ 42 4.1 Offer Price ................................................................................................................... 42 4.2 Acceptance Period, extension of the Acceptance Period ............................................. 42 4.3 Rights of withdrawal ................................................................................................... 43 4.4 No offer conditions ...................................................................................................... 43 4.5 No trading of tendered Axel Springer Shares .............................................................. 43 4.6 Holders of Axel Springer ADRs .................................................................................. 43 4.7 Applicable law ............................................................................................................. 44 4.8 Publications ................................................................................................................. 44 5. Financing of the Delisting Offer ............................................................................................ 44 6. Acceptance of the Delisting Offer outside the Federal Republic of Germany .................. 46 7. Authority of the Offer Document .......................................................................................... 46 V. OBJECTIVES AND INTENTIONS OF THE BIDDER AND THE BIDDER PARENT COMPANIES AND PROSPECTIVE CONSEQUENCES FOR AXEL SPRINGER ...... 46 1. Objectives and intentions as set out in the Offer Document ............................................... 46 1.1 Delisting....................................................................................................................... 47 1.2 Future business activities, future use of assets and future obligations of Axel Springer ....................................................................................................................... 48 1.3 Seat of the Company and location of key parts of the Company................................. 49 1.4 Members of the Executive Board and the Supervisory Board of Axel Springer ......... 50 1.5 Structural measures ...................................................................................................... 50 1.6 Intentions with regard to the business activities of the Bidder and the Bidder Parent Companies ................................................................................................................... 51 4 TABLE OF CONTENTS 2. Evaluation of the objectives of the Bidder and of the expected consequences for Axel Springer ................................................................................................................................... 51 2.1 Delisting....................................................................................................................... 51 2.2 Future business activities, future use of assets and future obligations of Axel Springer