CMDCAPITALMARKETSDAY

LONDONDECEMBER 122018

Name: Berkeley WiFi [No password required]

CAPITAL MARKETS DAY 2018

London, December 12, 2018

AGENDA I. Keynote

Mathias Döpfner, Chairman & CEO

II. Financials Julian Deutz, CFO

III. StepStone

Ralf Baumann, CEO / Thorsten Otte, CFO

IV. Classifieds Media Andreas Wiele, President Classifieds Media

V. SeLoger Bertrand Gstalder, CEO

VI. Immowelt

Ulrich Gros, CFO

VII. Purplebricks Michael Bruce, Founder & CEO

VIII. Homeday

Steffen Wicker, CEO

IX. News Media Jan Bayer, President News Media

X. Insider Inc. Henry Blodget, CEO & Editorial Director

XI. Closing Remarks Mathias Döpfner, Chairman & CEO

Disclaimer

The following presentations, which have been issued by Axel Springer SE (the "Company"), comprise the written materials/slides for the Capital Markets Day of the Company, held on December 12, 2018.

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 securities in any jurisdiction, nor shall they or any part of them nor the fact of their distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.

Mathias DöpfnerChairman & CEO

Capital Markets Day 2018

You can access the webcast of Mathias Döpfner‘s speechon our website

www.axelspringer.com/investors

1

Julian DeutzCFO

Financials

Looking back – strong execution on our key messages

2

More disclosure on classifieds1

Leading digital publisher – focus on classifieds and content

Stable adj. EBITDA in News Media (2017-2019)

Strict M&A discipline in content and reachingprofitability at Business Insider

2

3

4

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

Revenues Adj. EBITDA

3

digital69%

digital81%

9M/18 overall in line with expectations – group guidance increased foradjusted eps

4

Adj. EBITDA €541.4m (+14.4% reported, +6.7% organically)

Revenues€2,326.0m (+4.7% reported, +3.6% organically)

Adj. eps €2.08 (+5.0% reported, +6.7% organically)

FY/18 guidance confirmed for group revenues / adj. EBITDA and increased for adj. eps to mid single-digit % growth

In 9M/18, digital classifieds contributed 61% to adj. Group EBITDA

1) excl. discontinued-operations.

5

392448

499454

507559

595646

1765

134164

218

305355

413

2010 2011 2012 2013 2014 2015 2016 2017

473

541

308354

9M/2017 9M/2018

EBITDA1 in m €

57% 58% 61%

+15%

Long-term adj. Group EBITDA development driven by classifieds Classifieds contribute 61% to adj. Group EBITDA

AS GroupAS ClassifiedsShare of Group EBITDA (negative EBITDA S/H allocated proportionally to operative segments.)X%

9M/17 9M/18

18%

Jobs classifieds continue to outperform other verticals:16.4% organic growth in 9M/18

6

46% 37%18%

EBITDAshare3

EBITDAshare3

EBITDAshare3

Revenues

Organic growth1

Adj. EBITDA2

Margin

In m €

431.6

165.7

38.4%

9M/18

20.2%

16.4%

13.2%

-2.4pp

yoy

278.2

132.6

47.7%

9M/18

29.1%

20.9%

-3.2pp

yoy

6.3%

180.4

63.4

35.1%

9M/18

5.8%

8.6%

0.9pp

yoy

4.4%

1) Adjusted for consolidation and FX effects.2) Segment EBITDA, adjusted includes non-allocated costs of €8.2m in 9M/18 and €6.8m in 9M/17.3) Of total classifieds subsegments EBITDA contributions.

Jobs Real Estate General/Other

7

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

226

269

221

280

Free cash flow (FCF) in m € Attractive Financing

9M/17 9M/179M/18 9M/18

Average interest rate at 0.8% p.a. as of September 2018€704.5m Schuldschein€1,500m Revolving Credit Facility (maturity2023+1+1), with lower margin negotiated in MayRecent implementation of an up to €750m Commercial Paper program to tap further attractive capital market financing; currently3 €270m issued

1) Excl. pension liabilities. 2) Bloomberg consensus for EBITDA 2018. Includes leasing liabilities of €359.6m (PY: €0.3m). 3) As of November 27th 2018.

Net financial debt of €996.6m1 in March 2017 (leverage 1.6x2)

FCF FCF excl. effects from headquarter real estate transactions

Net financial debt of €1,317.4m1 in September 2018 (leverage 1.8x2)

Positive effects on cash flow going forwardNet inflow of ~€165m until 2020 from headquarter real estate transactions

Investments of ~€200m in early-stage portfolio since 2012

8

Selected Cases

Gain market insights and know-how

Learn about potential disruptors

Create early M&A access points

Financial upside

The strategic reasons for corporate early-stage investments

I

II

III

IV

Investment highlights

9

81% of adj. EBITDA from digital activities (9M/18)

High dividend yield and payout ratio (2017: 77%)

Focus on classifieds and content

Strong underlying FCF and positive effect from real estate transactions

Classifieds with further double-digit top-line growth and high margins

Stable adj. EBITDA for News Media expected 2017-2019

Ralf Baumann, CEO Thorsten Otte, CFO

2

Today’s agenda

Company snapshot 3

Operating and financial performance 6

Growth performance driver 2018 29

Investment Highlights 47

1

2

3

4

3

Today’s agenda

Company snapshot 3

Operating and financial performance 6

Growth performance driver 2018 29

Investment Highlights 47

1

2

3

4

4

Leading player in Europe’s largest and fast growing markets

StepStone Group Portfolio¹

Globalbusiness

95%+rev from #1 positions

3,100+employees

150k+customers

600k+jobs per month

65m+visits per month

DACHStepStonemeinestadtYCG

BENELUXStepStoneictjob.beJobs.lu

AfricaPnetCareer-Junctionmyjob.mu

FranceStepStoneIciFormation

Central America & The Caribbean

CaribbeanjobsTecoloco

IrelandIrishjobsJobs.ieNIJobsCandidate Manager

Spain & Portugal

Turijobs

StepStone Continental~86% of total EBITDA²

United KingdomTotaljobs GroupJobsite Group

StepStone UK~7%²

Saongroup~5%²

WorldwideUniversum

Data & Insights~2%²

1 Figures based on 9M/18² EBITDA % excluding overhead costs

5

Continued double-digit organic growth expected for 2018

410

496

2010 201820122005 20112007 20082006 2009 2013 2014 2015 2016 2017 ¹

+29%

17% ~17% organic growth

StepStone Group Revenue (in m €)

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

6

Today’s agenda

Company snapshot 3

Operating and financial performance 6

Growth performance driver 2018 29

Investment Highlights 47

1

2

3

4

7

StepStone Group: Continued strong EBITDA growth

Revenue (m €) Comments

361 410496

359432

2015 9M/172016 2017¹ 9M/18

+14%+21%

+20%

146 166

44% 43% 41% 41% 38%

2016

203

2015 2017¹

157

9M/17 9M/18

176

Margin EBITDA

EBITDA (m €)

Continued strong growth and high EBITDAOrganic revenue growth 9M/18: 16.4% after 17.6% and 17.0% in 2016 and 20172017: Acquisitions of Iciformation and Turijobs2018: Re-allocation of meinestadt to StepStone2018: Acquisition of Universum

1 Meinestadt revenue 2017: €22.7m, EBITDA 2017: €5.8m

8

StepStone Group: Full year organic growth expected on prior year level

108 111123 131 135 143 154

42 46 54 55 47 5267

0

5

10

15

20

25

0

50

100

150

200

250

300

350

in %

Q1/17

in €m

16%14%

Q2/17 Q3/17

22%

16%

Q4/17

19%

Q1/18

17%

Q2/18

14%

Q3/18 Q4/18

Group revenue and organic growth (m €)Q3/17 with strongest growth rate due to additional revenues on top of annual contracts

2018 revenues split more evenly across the quarters due to larger annual contracts

H1/18 EBITDA decreased due to investments in brand and candidate delivery

EBITDAOrganic revenue growth Revenue

+17% +~17%

Note: meinestadt.de included from Q1/18 following re-allocation to Jobs (from General/Other).

9

Continental Europe: Continued strong organic growth

257202159137

226 299159

202257

343

243299

20152014 2016 9M/182017 9M/17

+23%

+27%

+33%

+27%

+24%+27%

+26%

+22%

92 117151

186137 154

58% 58% 59%54%

20152014 2016 9M/182017 9M/17

51%56%

Organic growth EBITDA Margin

Revenue EBITDA

StepStone Continental

1 All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-licensed product development costs are not recorded in subgroups

Financial development (m €)1

10

Continental Europe: Increasing customer numbers and high retention rates

StepStone Continental

57.764.4

71.7

90.197.2

2015 2016 2017 LTMSept-17

LTMSept-18

CAGR+11%

+8%

LTM figures are pro forma including meinestadt.de, Turijobs and iciformation

86 88 87 88

96 97 98 98

2015 LTM Sept-18

2016

88

2017 LTMSept-18

Operational KPI

StepStone Continental

1 Customer count based on active contracts in a year except StepStone Germany, meinestadt.de and TJG where endcustomer (listing owners) are counted. 1st time inclusion: iciformation (Q3/17), meinestadt.de and Turijobs (both Q1/18).

² All subgroups reported based on pro forma development.

Customer number (k)¹ Customer Retention Rate (%, based on invoiced sales)²

Large customers Overall Retention

11

Continental Europe: #1 positions in candidate delivery in most core markets

Germany

Candidate Delivery¹

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

Belgium Austria

StepStone Continental

3.0

3.5

3.7

3.9

4.9

5.5

5.9

14.9

Xing

Meinestadt

Indeed

Jobware

Monster

LinkedIn

Stellenanzeigen

StepStone DE

3.5

4.1

5.7

6.9

7.6

7.8

13.3

Monster

Vacature

LinkedIn

Jobat

Regiojobs

Indeed

StepStone BE

1.7

3.9

6.6

13.1

16.3

17.4

19.7

LinkedIn

Indeed

Monster

kurier.at

StepStone AT

Karriere.at

derStandard

12

StepStone UK: Upside potential from ‘The Partnership’

78

130 119 11888 92

2014 9M/172015 2016 2017 9M/18

+5%

+67%0%

-8%

19

38

2416 13 12

24%29%

20%

13%

20172014 9M/172015 2016 9M/18

13%15%

Totaljobs acquired early 2012, Jobsite late 2014Introduction of ‘The Partnership’ in 2018 creates upside potential from a more attractive offer to customers and also from synergy effects on the cost side²

+7%+3%+8%

+6%

Financial development (m €) 1

StepStoneUK

Organic growth EBITDA

Revenue EBITDA

Margin¹ All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-licensed product development costs are not recorded in operational subgroups

² E.g. integrated platforms and overhead functions

13

StepStone UK – ‘The Partnership’: From separate companies, brands and cultures to one unified organisation

14

StepStone UK – ‘The Partnership’: From separate companies, brands and cultures to one unified organisation

Market facing effectsOne company, one platform, one sales forceMore compelling business propositionOne CV-databaseBest-in-class candidate delivery

Internal effectsEfficient traffic sourcingCost efficienciesImproved IT development effectiveness

Resulting inImproved retention and share of walletAccelerated new businessWider market coverage

15

StepStone UK: High values in relevant KPIs

StepStone Continental

41.3

36.9

43.8

41.841.0

2015 2016 2017 LTMSept-17

LTMSept-18

CAGR+3%

80 82 81 80

95 95 93 93

80%

LTMSept-18

2015 LTM Sept-18

2016 2017

Operational KPI

StepStoneUK

1 Customer count based on active contracts in a year.² All subgroups reported based on pro forma development.

Large customers

Customer number (k)¹ Customer Retention Rate (%, based on invoiced sales)²

2016: Changed business focus of Jobsite after acquisition, removed low value contracts‘The Partnership’ with negative technical impact on LTM Sept-18 due to deduplication of contracts

Overall Retention

16

StepStone UK: Best in class in Candidate Delivery

KPI Jobsite Totaljobs Partnership²

# Applications / month 1.5m 3.8m 6.3m

Conversion rate (appl./ visit) 0.22 0.25 0.26

CV database 3.8m 11.8m 18.3m

LinkedIn³: ~25m

CV-Library³: ~13m

Reed³: ~11m

Oct. 2017 Oct. 2018

Candidate Delivery¹ “The Partnership” effects

¹ Average # of applications per job ad. Source: TNS, figures are corrected for outliers ² Incl. StepStone UK verticals³ Linkedin: number of registered users per Oct 2018 (source: Statista); CV-Library and Reed numbers as stated on respective websites per Nov 2018

Reed

CV Library

TotalJobs

LinkedIn

Indeed

Jobsite

Monster

23.1

17.0

14.7

11.6

10.7

4.2

2.8

StepStoneUK

Before “The Partnership” (Q1/18)

17

Saongroup: Strong organic growth rates

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

2330

34 3828 30

9M/1820162014 2015 9M/172017

+30%

+11%+14%

+7%

810 10

1210 9

37%34%

30%33%

201620152014 2017 9M/17 9M/18

30%34%

+11%+15%

+10% +9%

Financial development (m €) 1

¹ All subgroups adjusted to current company structure, minor revenue recorded centrally is not presented, non-licensed product development costs are not recorded in operational subgroups

Saongroup

Revenue EBITDA

EBITDA MarginOrganic growth

18

Saongroup: Stable customer numbers and improving customer retention

StepStone Continental

13.2

14.1

14.6 14.7 14.7

2015 2016 2017 LTMSept-17

LTMSept-18

CAGR+5%

0%

72 73 74 75

8288 86 88

LTM Sept-18

LTMSept-18

2015 2016 2017

75%

Operational KPI

Saongroup

¹ Customer count based on active contracts in a year. ² Restated figures. Tecoloco companies now included in complete history. Figures subject to adjusted counting methodology. ³ All subgroups reported based on pro forma development.

Customer number (k)1,2 Customer Retention Rate (%, based on invoiced sales)3

Large customers Overall Retention

19

Saongroup: Best in class in Candidate Delivery

Ireland South Africa3

Candidate Delivery¹

1 Average # of applications per job ad. Source: TNS, figures are corrected for outliers² NIJobs is the leading player in Northern Ireland 3 Results of competitors may be unstable across the surveys due to low sample sizes

Jobs.ie

Irishjobs.ie

Indeed

17.5

NIJobs

LinkedIn

Facebook

22.3

17.1

9.52

8.7

4.1

Pnet 153.9

CJ 65.5

Indeed

Careers24

48.7

LinkedIn 13.4

33.7

Saongroup

20

Data & Insights

21

Data & Insights: StepStone broadens its business, moving into content to deliver relevant data & insights for employers

Data & Insights: In line with strategy

Leverage data for employers and candidates in accordance with StepStone’s strategy

Setup of new business segment ‘Data & Insights’. A dedicated management team oversees activities in new segment within StepStone’s organisation

Rationale for moving into content:Availability of data Availability of technology to process dataAI to further support usage / processing of dataCustomer relationships to sell data & insights

StepStone’s existing E-Recruitment organisation ‘untouched’, however capitalizing on our customer relationships

Sweden based Universum Group added in May 2018

22

Data & Insights: Sweden based Universum is first asset within ‘Data & Insights’

58 markets covered

150+ employees ~€30m revenues¹1988: Foundation 11 offices

#1 in global branding advisory

Comprehensive and worldwide Employer Branding solutionsUniversum conducts surveys, publishes employer rankings and sells analytics & consultancy services

¹ 2017 revenues

23

Market environment

24

Google for Jobs is integrated in Google’s general search result page

AdWords

Google for Jobs results

Blue linkresults

25

Participation in Google for Jobs is decided individually, market by market

United Kingdom (G4J live since July 2018): StepStone UK is fully integrated with Google for Jobs

Fragmented market situation – all major competitors (except Indeed) are integratedStepStone UK participates for now, but invests in parallel in unique content and brandingMeasurable effects so far: Net gains in applications from Google SEO traffic (organic blue links plus Google for Jobs)

South Africa (G4J live since March 2018): Pnet and Careerjunction do not participate

StepStone assets are in a leading position and own a large share of unique content (jobs)There is no benefit to provide content to Google for free No negative effects so far for Pnet and CareerJunction

Spain (G4J live since June 2018): Turijobs does not participate

Turijobs is a leading niche player in hospitality with a high brand recognition and unique contentNo negative effects so far for Turijobs

26

UK: Being best within Google for Jobs

TotalJobs Reed CV-LibraryLinkedIn Glassdoor

Visibility within Google for Jobs¹

No. of keywords in top 20 Visibility Score¹ Source: 10k keywords tracked via Rankranger.com G4J scraper; approx. 500 “what” combined with 20 “where” keywords – e.g. “warehouse jobs Birmingham”, 09/18

27

South Africa: Google for Jobs’ traffic remains relatively flat after initial growth

0.0

0.2

0.4

0.6

1.2

0.8

1.0

04/18 06/18 09/18

millionvisits

08/1803/18 05/18 07/18 10/18

¹ Source: SimilarWeb, data is propriety of StepStone

G4J traffic remains relatively flat after initial growth. Job inventory is characterised by a high share of agencies

So far no significant impact on PNet and CareerJunction

Among relevant jobboards, only the #3 in the market, careers24, participates

Total incoming traffic to Google for Jobs in South Africa:¹

Google for Jobs (South Africa only)

28

In the USA, Google for Jobs’ launched in June 2017

140

100120

80

0204060

160180200220

06/1806/17 10/17 01/18 10/18

Total incoming traffic in the US: G4J vs. Indeed¹

Google for Jobs (USA only) Indeed (USA only)¹ Source: SimilarWeb, data is propriety of StepStone

In the USA all major job sites participate in Google for Jobs, except the clear market leading jobboard Indeed

Indeed’s traffic was only affected after launch and remained stable

millionvisits

29

Today’s agenda

Company snapshot 3

Operating and financial performance 6

Growth performance driver 2018 29

Investment Highlights 47

1

2

3

4

30

Growth performance in 2018 driven by…

Product

SalesAdditional sales headcount (new business focus)Improved sales efficiency via technology and tooling

Investments in core product and technologyImproved conversion & more user generated content

Traffic acquisition

Branding

Significant increase of traffic spendPerformance based user acquisition (programmatic)

Increased brand awarenessBeing first choice of candidates

31

Growth cases in Austria and France progress

+26% Candidate delivery YoY, +130% increase in sales efficiency¹

+98% Candidate delivery YoY, +25% increase in sales efficiency¹

Investments in sales (headcount, tooling) and marketing (traffic acquisition & branding)

Investments in same areas as in Austria: Focus on sales and traffic

pre investment enhanced invests

20152012 2013 2014 2016 2017 2018

7.6%

~40%Invoiced sales

20152012 20162013 2014 20182017

0.6%

30.9% >20%Invoiced sales

Austria: From #4 in 2014 to clear #2² France: #6 at start of growth initiatives -First payoff from investments²

1 E.g. Call activities in telesales² Market positions in terms of revenue, source: Company reports and management estimates

pre investment enhanced (ongoing) investments

32

Sales

33

Increased sales headcount and improved efficiency

Additional sales headcount¹Improved sales efficiency via tech and tooling

Customer retention

Customer development

Target long tail of the market to gain market share

Smart and predictive lead generation

Hyper-care for key customers

Increased frequency of sales activities

Closer, more intense customer approach (field & inside sales)

Growing support and analytics for sales force

Hire

1-3 months: Onboarding

4-6 months: Small targets & first deals

6-9 months: Being profitable

+9 months: Contributing to StepStone growth

Exemplary Sales Professional journey

¹ Attrition of existing sales heads to be decreased through improved training, compensation and benefit packages; Improvement in HR and branding to attract new talent

Customer acquisition

34

Traffic

-1% -5%

35

Number of vacant positions in Germany reached record in 2017 (1.2m)

1,100

900

400

1,000

500

800

700

600

1,200

2012 2013 201720162015201420112010

+9%+7%

+7%+10%

+10%

Source: IAB; Statistisches Bundesamt

Development of vacant positions (k)

Total vacant positions To be filled urgently Annual average

0.9%

2018201720162013 2014 2015

40%

31%

36

40% 41%

30% 31%34% 34% 35% 35% 36%

38%

45%

2006 20102007 20112009 2012 20152008 2013 2014 2016 2017 2018

% of respondents that stated to lack finding talent

0

25

50

75+6.6%

+6.8% 0.0%

Demand for talent increases while job related traffic (supply) flattens

Source: StepStone, Manpower, Google Trends

Shortage of skilled talent Web search for keyword ‘jobs’ in DE

51%

Sources: TNS; Google trends

37

Committed to customer focus: More listings require StepStone to acquire even more candidates in a flat market

0.9%

2018201720162013 2014 20150

25

50

75+6.6%

+6.8% 0.0%

Web search for keyword ‘jobs’ in DE

16.62

Mar 2016 Mar 2017

17.19

14.92

Mar 2018

2.482.24

2.52-10% +13%

Contradicting trends show shortage of candidates

Candidate Delivery (CD)

Candidate DeliveryRelative CD vs next competitor

SEAPartnerOther PaidJobAgentSEODirectOther Organic Paid

(~60%)

Organic (~40%)

38

StepStone has a diversified traffic mix

Strategic traffic network

StepStone has in total ~450 traffic partners

Top partners include well known brands such as Bild, Handelsblatt, T-Online, Kimeta, Gehalt.de and Experteer

The network is characterised by portals that provide a large / national reach. StepStone’s network is by far the largest in the market

StepStone traffic sources (exemplary, FY17)

Source: Adobe Analytics; Other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media

39

For IT and Engineering StepStone already takes highest click share on Google Paid Ads

A third of clicks following all job related searches @Google lead to StepStone

For IT job related searches almost half of all clicks lead to StepStone

Google searches related to engineering jobs result in a click for StepStone in 68% of cases

SEARelates to / optimises SEA traffic

46%

Global Clickshare IT

68%

Engineering

clicks following Google searches forall job related keywords

clicks following Google searches for keywordsrelated to engineeringjobs

clicks following Google searches for keywordsrelated to IT jobs

33%

Google Clickshare for paid

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

40

Increased traffic spend secures best-in-class candidate delivery for all listing categories

Traffic acquisition

Measures include:Significant increase of traffic spendPerformance based user acquisition (programmatic)

Measures directly effect:Complete paid trafficParts of organic traffic incl. JobAgents

Keeping Candidate Delivery on superior level will be key focus

SEAPartnerOther PaidJobAgentSEODirectOther Organic

Source: Adobe Analytics; Other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media

Paid (~60%)

Organic (~40%)

StepStone traffic sources (exemplary, FY17)

41

Branding

42

Branding campaigns in Germany in H1/18 with significant positive impact on unaided brand awareness

20

13

37

28

13

40

StepStone Indeed Monster

+8(+40%)

2822

51

36

21

50

StepStone Indeed Monster

+8(+29%)

Dec 17 Apr-18

Representative sample Representative sample, looking for job

Development of unaided brand awareness

Source: TNS

43

Branding measures have positive effect on entire traffic mix

Branding

Leads to:Increased brand awareness

Measures directly effect:Complete organic traffic to a significant extentComplete paid traffic to a less significant extent

SEAPartnerOther PaidJobAgentSEODirectOther Organic

Source: Adobe Analytics; Other Paid includes Banner and Retargeting; Other Organic includes Mailings, Newsletter, Referrers and Social Media

StepStone traffic sources (exemplary, FY17)

Paid (~60%)

Organic (~40%)

44

Product

45

Products enrich the entire job seeker journey and improve performance

SEARCH & RECOMMENDSKYLIGHTJOBMAGNET

SEARCH & RECOMMENDSTEPCOMWHITE CLOUDSTEPWEB

CAREER COACHSKYLIGHTGOOD&CO

SKYLIGHTSALARY PLANNERGOOD&COWORKRAY

ATSiGOOD&CO

LEARNING HUBCAREER COACH

Initiatives that cover entire journey / support other products:

ONOTEXTMOBILE PRACTICESGROUP MARKETINGDATA WIZARD

Career guidance

Search jobs

Browse jobs / be found

Research employer

Research salary

Application

Interview

Hire / Sign contract

Career development

Orientation

Check cultural fit

Follow-up Applications

JOB SEEKER JOURNEY

46

Group product initiatives advanced and strongly contribute to the business

Enriching job seeker journey and improving entire performance

Supporting traffic acquisition and reducing costs per application

1

2

Traffic mix

Developed to next stage since CMD 2017

New initiative since CMD 2017

SEARCH & RECOMMEND (StepMatch) Matching technology

MOBILE PRACTICESNative apps & practices

STEPCOMMarketing automation

GROUP MARKETINGOnline marketing excellence

INDUSTRIALISE

GOODCOCulture fit

SKYLIGHTCompany reviews

WORKRAYApplication tracker

SCALE

STEPWEBSocial profiles

CAREER COACHCandidate coaching services

LEARNING HUBTraining offering

SEED

DATA WIZARDBig data platform

WHITE CLOUDPartner email program

ATSiApplication to ATS¹

SALARY PLANNERMulti-dimensions prediction

JOBMAGNETMobile aggregator

ONTOTEXTJob market insights

¹ ATS = Applicant tracking system

47

Today’s agenda

Company snapshot 3

Operating and financial performance 6

Growth performance driver 2018 29

Investment Highlights 47

1

2

3

4

48

Investment highlights

European powerhouse with a track record of double digit organic growth and high EBITDA

Leading player in Europe`s largest and fast growing markets, where most revenue/EBITDA is generated

Strong customer retention rates of up to 98% for large companies across the group

Best in class candidate delivery that is up to 2.5 times higher than 2nd best player

Significant growth potential

Clear and proven execution of growth cases in existing countries

1

Andreas WielePresident Classifieds Media

Growth beyondlistings

Our classifieds have been constantly growing and surpassed 1 billion € in revenues for the first time last year

2

223330

403512

753880

65134 164

218305 355 413

20122011 20142013 20172015 2016

1,008

745

890

308 354

9M/189M/17

+19%

+15%

Classifieds revenue and adj. EBITDA (m€) 2011 – 9M/18

Adj. EBITDARevenue

~5x

~6x

Our non-job classifieds have been a major driver of this success

3

109156

204256

392469 512

26 64 85 107157 186 219

2011 2012 2013 20162014 2015 2017

386 459

168 196

9M/17 9M/18

+19%

+17%

Non-job classifieds revenue and adj. EBITDA (m€) 2011 – 9M/18

Notes: 2017 figures excluding meinestadt.de which was allocated to Jobs from General/Other in 2018Adj. EBITDARevenue

~5x~8x

4

Introducing the AVIV group: Our goal - to capture the full potential of thenext period of growth

Group GTO

Group COO

Man

agem

ent B

oard

1

Decrease time to marketReuse newly built components to test ideas Share AI algorithms Share product & technical designs

Increase efficiencyAlign IT platforms Mutualize training, consulting and IT investments

Frame joint long-term strategy and support execution

From classifieds to transactional marketplaces(Early-stage) investments into value chain extension

Steer strategic group projectsJoint business initiatives (e.g. seller leads)Initiatives to “grow together” in group

1 Among others; minority investments.

Classifieds are growing beyond listings

5

Supply Demand Classified

MarketplacesProperty life-time

services

Transaction decision & preparation

After-transaction services

Transaction

Property development

Listings

From listing specialists… …to multi touchpoint businesses

Our strategy strives to add value for consumers and agents alike

6

Property life-time services

Transaction decision & preparation

After-transaction services

Transaction

Property development

Listings

Providing the agent with additional core services1

Satisfying even more consumer needs with our hybrid agent models2

Capturing adjacent markets with transaction-triggered services3

Our three priorities

7

We provide the agent with additional core services

PortalSeller

Tech

nolo

gica

l en

hanc

emen

t

Finding buyers

Seller leads Valuation tools Livestream visit Buyer lead scoring360° visualization

Finding sellers

AgentAge

nt ta

sks

Historical focus: DemandNew added focus: Supply

Seller leads

1

Where do I find a trustworthyagent?

8

Property estimation

Opt-In

Quali-fication

What is myproperty reallyworth?

What is thebest price I can get?

Seller concerns Portal process Qualified leads

Lead

We help the agent with his key challenge: to find sellersSeller leads

1

Ownership Trustpilot Score2

26%1 9.2/10 (1k ratings)

12.5% 9.4/10 (56k ratings)9.3/10 (4k ratings)9.5/10 (1k ratings)

9

Physical touchpoint

Platform

Hyb

rid m

odel

Potential seller pool

Sourcing the seller Call center SaleInstruction

to sell ViewingsQualification PitchBrand/ Marketing

1 In partnership with Purplebricks 2 as of November 2018

We satisfy even more consumer needs with our hybrid modelsHybrid models

2

10

ExampleFinance and mortgages

ExampleRental contracts/Utilities

Includesblockchain-

securedinspection

Pre-qualifiedleads

distributed topartner

We capture adjacent markets with transaction-triggered servicesAdja-

cencies

3

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

11

Mortgage~1.63 bn€1

Moving~250 m€3

Home insurance~160 m€2

Seller leads

1Hybridmodels

2Adja-

cencies

3

Providing the agent with additional core services1

Satisfying even more consumer needs with our hybrid agent models2

Capturing adjacent markets with transaction-triggered services3

Our three priorities

Online Classifieds~350 m€

Marketing spending~650 m€

Agent commission pool

~6 bn€

Total addressable adjacent markets~2 bn€

1,2 1% of total market; 3 5% of total market; Sources: OC&C; McKinsey. Notes: Marketing spending includes spending of agents, property developers and private sellers in online and offline channels. Figures apply to German Real Estate market.

12

Investment highlights

Strong continued growth: 19% revenue growth and 15% adj. EBITDA growth 9M/17-9M/18

Next stage beyond listings: Classifieds evolve into multi-touchpoint businesses

Organizational development: Creation of AVIV group in 2018

Our three priorities: Seller leads, hybrid agents, adjacenciesSeller leads: Rolled out in France in 2018, to be launched in Belgium nextHybrid agents: Investments in Purplebricks and Homeday 2018Adjacencies: Groundwork laid for future growth

Bertrand GstalderCEO

1

Investment highlights

2

French real estate market is the largest in continental Europe

SeLoger will close another strong year reconfirming its leading position

Success is fueled by high performance on demand- and supply-side

Successful merger with Logic-Immo initiated in 2018…

…increased market penetration thanks to different regional strengths

Strategic initiatives to offer innovative products such as seller leads

Source: OC&C1) Comprising rent as well as sales transactions

Transaction Value1

France is the largest real estate market in continental Europe

In €bn, 2016 In €m, 2016

Marketing Spend Online ClassifiedsIn €m, 2016

257

167 799

571287

347

+54%440€m

+54%880€m

Germany France Germany France Germany France

+54%

French real estate market withhigh activity (55% more salestransactions, 6% higher sales prices than Germany)

Consequently, transaction valueand marketing spend surpass that of Germany

Yet – online classifieds spending only slightly higher –suggesting structural headroom

+40%

+21%

3

The real estate market in France is still buoyant and online classifieds are expected to continue to grow

4

~950k transactions in resale in 2017

Low loan rates: 1.52% favorizing high demand

1) Sales of individual houses and apartments sold by the unit, excluding any professional premises, whole multi-apartmentbuildings and ancillary premises (cellars, parking spaces, fractions of common condo property, etc.) sold separately.Source: OC&C, Conseil Général de l’Environnement et du Développement.

Structural tailwind in French realestate market supports…

LTM cumulated existing home sales transactions in k, 02/2012 – 08/2018, France1

…growth in all online channels beyond classifieds

In €m

799

22%14%20%

2012

781

17%

27%

21%

CAGR+3%CAGR

+1%

2020F

47%

25%

9%19%

2016

903

Online

Offline

750

Aug 18

1,000

500Feb 12 Other Offline Advertising

Print AdvertisingOther Online AdvertisingOnline Classifieds

35% 43%

-8%+1%

CAGR(16-20F)

+5%+6%

Illustrated by key metrics in resale

Source: SeLoger1) excl. effects of Poliris business, deconsolidated in 2016.2) 9M/17 figures excl. Logic-Immo.

Constant roll-out of new products has been valued by customers

SeLoger will close another strong year reconfirming its leading position

Average monthly ARPA made with professional customers, in €

Historical revenue and EBITDA performance

Revenues and EBITDA in €m1, 2

2011 2012 2013 2014 2015 2016

8091 98 106

116128

140

104

159

4353 58 62 71 76 82

6176

+9%+9%

CAGR 2011-2017

676

594424 456 496 549615

382 406 440 483 544

SeLoger excl. verticalsSeLoger incl. verticals

CAGR+10%

5

2017

632

724

EBITDARevenues

2011 2012 2013 2014 2015 2016 20179M/18

400

800

0

660

762

628

719

9M/17

+5%

+6%

9M/189M/17

Commercial success was fueled by a superb brand recognition…

6

Source: Brand awareness study - Ipsos

89%

24%

75%

15% 14%

56%

11%

Source: Brand awareness study – Ipsos ; % brand awareness of users with real estate project

SeLoger and Logic-Immo specialist brands… … with high potential in rural areas

68%

…which contributed to a strong uplift in traffic and leads across all ourverticals

Resale market sustained by rental leads, while sales leads confirm market lowdecrease

High performances on Luxury and New buildings thanks to dynamic demand and performing rebuild of sites and applicationend 2017

7

+9%

+19%

+32%

+10%

LeadsTraffic

+2%

+44%

+33%

+13%

Source: internal analytics / end of October

% traffic & leads growth YTD

8

Sources: Autobiz

Also on the professional listings side, SeLoger maintained its strongposition

995

1,276

766720

543523

972

private listings

+2%972

Average of monthly listings 9M/18 in k

SuccessfulLogic-Immo integration started

9

We started the Logic-Immo integration and are forming the French Real Estate Group

10

Shared offices for Paris teams

Full integration of outsourced HR/Finance/Legaloperations by the end of 2018

Add-on offers started mid September to preparefull mixed offer by mid 2019

Mixed organizations in preparation

Common CRM and ERPs in 2019 to supportorganizations

Progressive IT mutualization

The merger helps us to close gaps in previously underserved areas

11

# Visits

SeLoger – Traffic SeLoger + Logic-Immo - Traffic

Low

High

The French Real Estate Group is the only 100% specialist

LeBonCoin& AVAL

SeLoger& Logic-Immo

PAP Bien’Ici Figaro Immo

13.5 8.3 3.5 3.0 1.2

50m cumulated targeted visits100% specialist in real estateUnique high performing galaxy of specializedsites on New buildings, Luxury & Commercial

Players Traffic

Source: Mediametrie millions unique visitors – Sept 2018; internal analysis.

French Real

EstateGroup

12

13

840k

840k

# of resale pro listings / January 2018 - pre-merger

150k

50k

Estimated # of incrementallistings with Aval / Logic-Immoaquisition

900k

1,000k

Sources: Autobiz / internal analysis

The incremental listing potential from Logic-Immo puts us first for professional listings in France

+900 customerswith an add-on

+50k listings on SeLoger orLogic-Immo

14

We are commercially tapping the potential through our DUO offer

+Add-on enables agentsto extend their listingspublication to the othersite

Preparing the new„Full Duo“ offerin 2019

Strategic initiatives

Enhancing the pro experience

15

“Seller lead” strategic initiative has already demonstrated high performance at SeLoger

900 SL Customers

Launched at SeLoger in January 2018, visibility and lead generation product

Dedicated organization as anew market

Logic-Immo seller product on pre-saleto be launched in January 2019

SeLoger will extend to premium qualifiedleads and luxury market by 2019

AVIV Group strategic initiative withsynergies among assets: shared priceestimate engine with Immoweb,based on AI

16

Launcvisibili

Dedicnew m

Logicto be l

SeLogleads

AVIV Gsynerestimabased

SeLoger for pros

17

Pro mobile App Property watch Live visit

Strategic initiatives

Enhancing the private user experience

18

SeLoger dedicated data organization provides innovative products tosupport growth

Listings recommendation

conversion

4.8% vs 2.8%(standard listings)

10.5% vs 3.5%(alerts)

AI based listingsrecommendation engine

More streams to come

- User personalization

- ROI monitoring forcustomers

- RE local intelligence

- Search optimization

- Listing qualification

19

SeLoger developed new powerful market prices intelligence features

20

Price heatmaps and local intelligence

New AI based price estimate

Smart Lifemap Search

21

Commute time X 2 addresses Draw my search

Favorites shared board

22

Ulrich GrosCFO

Immowelt – Investment highlights

2

EBITDA margin increased to ~40%%

High customer satisfaction

Mid to high single-digit revenue growth

Strong consumer demand

High innovation rate

Further potential for ARPU growth

Revenue growth of 7% from 9M/17 to 9M/18

Immowelt – 2018 will be another successful yearStrong profitability increase expected

3

Revenue (m €) EBITDA (m €, % of revenue)

EBITDA margin reaching 40% this year

98111

2016 2017

82 88

9M/17 9M/18

+13%

+7%

Margin target reached one year earlier than guided in 2017

>40%

20%

19

37

2016 2017 2018F

20% 34% ~40%

+93%

ARPU with strong growth over the last quartersIncreased value creation for agents drives growth

4

Note: 1) ARPU = Average Revenue Per User: monthly revenues, divided by the number of agents (Immowelt Group DUO and non-DUO agents in Germany with a term contract); 2) “DUO x” contract allows the simultaneous listing of x properties during the contract time (x slots); currently all customers with a DUO 1 or DUO 2 contract are being migrated on DUO contracts with at least 5 slots

ARPU (€/month)

258 268 279 291 300 306 314 320 338

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

Q3/18 shows first effects of DUO 1-2 migration2

763

294

Contract migration and price increases drive ARPU1 growth …ARPU (€/month)

…but still below main competitor

+16%+13%

9.111.9 13.8 14.8 15.5 15.4 15.1 15.3 14.9 15.0 15.7

2.0

2.93.6

4.5 5.0 5.8 6.2 6.2 6.5 5.7 4.111.07.6

5.1 3.5 2.0 1.2 0.7 0.5 0.3 0.2 0.2

22.1 22.3 22.6 22.8 22.6 22.4 22.0 22.0 21.7 21.0 19.9

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

German customer base developmentMigration to DUO contracts completed – Focus on customers with higher volumes

5

Single/Double DEDUO 5 DUO 1-2

DUO 51 customer base with high ARPU achieved significant growth since March 2016 Number of agents in Germany2 (in thousands)

Note: 1) DUO: 1 contract, 2 portals / Single: 1 contract, 1 portal / Double: 2 contracts, 2 portals / GER only; the “DUO x” contract allows the simultaneous listing of x properties during the contract time (x slots), DUO 5 refers to any DUO contract with at least 5 slots; 2) Real estate professionals with a term contract (term usually 12 months).

Core agents value us: 86% recommend our product

Customer satisfaction and net promoter score (NPS)Partnership and packages model is valued by our customers

6

“Would you recommend immowelt.de/immonet.de?”

Comments

Long-term study „Maklerstudie“ confirms sustainably high customer satisfaction

Supported by high NPS value above 24 in 20184

despite price increases and DUO 1-2 migration

Immowelt will continue its customer-centric model Allows to offer more tailored solutions

Agents can pick and choose à la carteCustomized product, not just one-fits-all bundle

Offers fair and transparent pricingNo share of commissionHigh cost certainty

Positions Immowelt as reliable partnerHigh customer satisfaction Attractive, valuable no. 2 in the market

Yes

86% 88% 86%

2016 2017 20181 2 3

Note: 1) Maklerstudie 2016 (Gapfish), June 2016 (n=668); 2) Maklerstudie 2017 (Forsa), March/April 2017 (n=753); 3) Maklerstudie 2018 (Forsa), April/May 2018 (n=1,004); 4) NPS can be used to evaluate loyalty of customers, it can vary between -100 (“detractors” only) and +100 (“promoters” only), with scores > 0 deemed “good”, and 50 “excellent”, April - October 2018 (n=4.000); Sources: Immowelt, Forsa, Gapfish.

Decline due to increasingly overall stagnating offer

ListingsThe German listings market is contracting

7

Comments

Listings in Germany have been under pressure over the past years

Decrease driven by an overall stagnating offer in the German housing market

In order to mitigate the decline in listings Immowelt actively takes counteractions:

Increasing product and price differentiation to activate further potential listingsIndividual and temporary flat-options for agents based on their DUO contracts

Listings in German housing market1 (average per month in thousands)

0

50

100

150

200

250

300

0

50

100

150

200

250

300

9M/17 9M/18

-5%

Note: 1) Houses, apartments for sale and rent in Germany; Direct comparison with IS24 only partly possible due do different package models; Source: IW management estimate and internal data collection.

-11%

Immowelt shows very stable brand awareness1…

Strong brand awarenessImmowelt maintains its brand position in Germany

8

…due to omni-channel ad campaigns

87% 86% 88%

28%33% 33%

Apr-16 Apr-17 Oct-18

AidedUnaided 3600 Campaign

Corporate Publishing

Newspaper

Audio

Display OOH

Moving image

Mobile

Social media

Note: 1) Aided and unaided brand awareness for Immowelt.de (Apr-16/Apr-17/Oct-18); Sources: Immowelt, Innofact AG.

Traffic growth continuesModerate traffic growth in total visits for leading real estate portals

9

63%68% 70%

2016 2017 9M/2018

Visits (millions/month) Mobile share

Note: 1) Avg. monthly visits/sessions in the respective period, Source: Scout24 annual report 2017, half year report 2018.

Overall increase in visits1 and migration to IW… … most coming from mobile devices

42 44 44

26

81

2017

26

79

H1/17

28

81

H1/18

10

Innovations for usersNew features to increase user experience and customer loyalty

„Nice new building near the park …“

Simplified listing by recording features; makes typing obsolete and work routines much easier

„Hi Google, I am looking for an apartment“

The chatbot asks about wishes regarding the property and location and shows search results

Property inquiries by video

Face-to-face and genuine contact; first impression before the appointment

Property viewing via app-based live-streaming

Includes a chat for participants to raise questions that can be answered by the agent

Chatbot

Voice assistant

Video contact requests

Immo-Live

Tenants: better search for faster results

Agents: sharpening profiles and showing strengths

“Branchen Profi”

Seller lead generation at various touchpoints

Indirect monetization via Homeday (cooperation)

Agent Recommendation

Immo-LiveEffortless property viewing via app-based live streaming

11

Step 1

Get preparedLog in and choose an active listing

Step 2

Create an eventSet date and time for broadcasting the viewing

Step 3

Invite attendeesNotify interested parties via e-mail to join the viewing

Start streamClick once and start broadcasting

Easyset-up

Instantstart

REC

Show the flatPresent the property like a normal viewing

Present

Dave:Does that room have sun in the morning?

Respond to usersAnswer questions raised via chat by the attendees

Answer

Outlook – Growth and profitabilityFocus on performance marketing, revenue growth and profitability

12

Marketing Strategic shift of brand investmentsto performance marketing

Financials Continued strong revenue growth and high margins

Operations Continuous delivery of innovations to both B2B and B2C markets

An estate agentyou can love

Michael Bruce, Founder & CEO

Experiences build brands and create loyalty

2

Our experiences are our loyalty

3

At last Estate Agency is changing forever

4

44%

97%

36%

82%

2%

48%

4%

20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jul '15 May ‘16 Sep ‘16 Feb ‘17 Mar ‘17 Jun ‘17 Sep ‘17 Feb '18 May '18 Sep '18

Prompted awareness

Upward Momentum

Spontaneousawareness

Top Box consideration

Spontaneous awareness and considerationcontinue to increase significantlyEstate Agency is changing forever

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411)

* * ***

5

Top of mind awareness of Purplebricks continues to climb significantly, reaching 28%Estate Agency is changing forever

• Q2a. If you were thinking of selling your home, what companies would you think of contacting first? First mention responses

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411)

1%

5%8%

14%17% 16%

21%19%

23%

28%

5%

9%

2%0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18

Purplebricks

Zoopla

Rightmove

YOPA

* * ***

6

Purplebricks outpaces the competitionon total spontaneous awarenessEstate Agency is changing forever

• Q2a. If you were thinking of selling your home, what companies would you think of contacting first? First mention responses

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411)

2%

10%

17%

25%

30% 29%

37% 36%

40%

48%

14%

22%

7%5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18

PurpleBricks

Zoopla

Rightmove

YOPA

Emoov

* * ***

7

Estate Agency is changing forever

• Q2d. How familiar are you with the following estate agents?

• Base: All respondents (c1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411)

21%

34%

48%

59% 62%68% 68% 70%

77%81%

21%

32%

40%

31%26%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18

Purplebricks

Housesimple

Tepilo

Yopa

Emoov

easyProperty

* * ***

8

Familiarity continues to rise for Purplebricks

Purplebricks has higher familiarity than national high street estate agentsEstate Agency is changing forever

• Q2d. How familiar are you with the following estate agents?

• Base: All respondents (c1,000) * KPI wave (500) NB: Haart, Foxtons and Winkworth were not shown in the Meridian region

• ** Benchmark wave, covering London and Meridian only (411)

21%

81%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18

Purplebricks

Your Move

Connells

Mann & Co.

Fox & Sons

ReedsRainsHaart

Foxtons

Pearsons

Winkworth

* * ***9

Consideration is rising with a significant uplift in those claiming they would definitely use PBPurplebricks consideration

• Q3g. And now for the brand shown below, please use the sliding scale to indicate the extent to which you would consider usingthem the next time you sell a property.

• Base: All respondents (1,000) * KPI wave (500) ** Benchmark wave, covering London and Meridian only (411)

9% 13% 17%23% 24% 27%

21% 25% 25% 24%4%5%

6%

8%11% 8%

13%13% 15% 20%

2% 3% 4% 5% 4% 5% 3% 5% 6% 5%2% 3% 4% 2% 5% 6% 3% 4% 4%

Jul '15 May '16 Sep '16 Feb '17 Mar '17 Jun '17 Sep '17 Feb '18 May '18 Sep '18

14% 19% 24% 31% 35% 35% 34% 38% 40% 43% Top 2 box

I would definitely use them

I wouldn’t ever use them

* * ***

10

Revenue history by country

0

10

20

30

40

50

60

70

80

90

100

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

UK Australia US Groupin £m

11

44%

50%52%53%55%56%58%

64%

58%54%

56%57%58%61%

63%65%63%62%63%63%67%

71%71%72%71%73%73%73%73%74%73%

71%

77%75%73%74%72%71%71%73%

71%74%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90% eMoov.co.uk

E-Prop Limited

Hatched.co.uk

House Network

Housesimple OnlineEstate Agents

Purplebricks

Tepilo Limited

Yopa Property Ltd

Market share, online agents

12

Launched regionally in England on 13 April 2014

Achieved UK coverage by June 2015

IPO in December 2015 for £240m

Became No1 estate agent in the UK

Have become the most positively reviewed estate agent anywhere in the world

13

NPS score better than Amazon and Disney

Launched in Australiahave grown quickly to No3 within 12 months

Launched in the US in September 2017

Strategic investment from Axel Springer of £125m

Purchased No1 online agent in Canada for $52m

Strategic investment with Axel Springer in No1 German online agent

14

●

●

●

●

●

●

●

●

●

●

●

x

●

●

●

●●

●

1

Jan BayerPresident News Media

News Media

We expanded our reach and global significance as a publisher, with more than 300 million people worldwide using our products

2

Total net reach 2018:

>300m monthly UU Axel Springer Digital/Print

Source: Various national sources for net reach, overlap of print and digital readership estimated based on selected country data

Total net reach 2013:

>85m monthly UU Axel Springer Digital/Print

Print 2013:69m Digital 2013:

49m

Print 2018:53m

Digital 2018 (including Upday and

Business Insider):

290m

We committed to a stable adj. EBITDA 2017-2019 – and we are on track

2017: delivered

2018: on track (€225-245m after IFRS 16 adjustment)

2019: on track

3

4

We are successfully pursuing an ambitious digital growth agenda while making the most of a declining print business

Business Insider profitable and a market leader in the U.S.Upday: break-even expected in 2019

Scalable growth in our accelerating digital subscription businessAdvertising market share growing with superior ad-tech stack

#1 position in German print advertising stablePricing and cost management with further potential

5

Business Insider has grown into a profitable digital news business and into a market leader in the United States

40% 49% 53% 35% 37% 42%

Revenue development (in USD millions)

4356

81

2015 2016 2017 2018FC

Continued strong revenue growth in 2018

Profitable in 2018 YTD

Leading digital brand for business journalism

Strengthened market leadership in 2018Source: Comscore

CAGR >38%

0

10

20

30

40

50

60

70

80

Jan

16

Mar

16

May

16

Jul 1

6

Sep

16

Nov

16

Jan

17

Mar

17

May

17

Jul 1

7

Sep

17

Nov

17

Jan

18

Mar

18

May

18

Jul 1

8

Sep

18

Traffic comparison (unique visitors, millions)

6

Monthly active users (in millions)

Upday has become a key player in the news aggregator space and continues to grow

12.2 2.3 N/A

8.2 1.8 10.8

7.3 2.1 N/A

updayGoogleNews

Apple News

Source: Comscore October 2018

0

5

10

15

20

25

30

Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18

Monthly unique users (in millions)

Paid content: Accelerated growth on a scalable basis

Subscriptions with significant growth

Marketing expenses reduced because of growing content-driven acquisition

Contribution margin (marginal cost/revenue) is growing, business beginning to scale

Outlook for 2019 positive

7

416 447 500

2018Oct

2017Oct

2016Oct

2018FC2016 2017 2016 2017 2018FC

* BILDplus & WELTplus business models, excluding BILD Bundesliga (revenues and costs) and adjusted for revenue recognition effects of IFRS15** adjusted by merchandising expenses WELTplus

IVW subscriptions BILDplus & WELTplus (in thousands)

Marketing expenses** Contribution margins*

In % ofRevenue

16% 15% 13%16% 19%

27%

Margin

CAGR 9.7%

CAGR -6% CAGR

33%

8

Number of sales converted through articles

J17

F17

M17

A17

M17

J17

J17

A17

S17

O17

N17

D17

J18

F18

M18

A18

M18

J18

J18

A18

S18

O18

Article-based conversion up 7% every month through better customer understanding and ongoing optimization

Top performing articles and videos (2017-2018)

Title Section

„Psychogramm des Herne Killers“ Video documentary

News

„Fremdgesteuert von Leuten, die ihn mit Drogen vollgepumpt haben“

Sport

„Wo Sie mit Ihrem Einkommen in der Gesellschaft stehen“

Business

„Clans of Berlin“ Video documentary

News

Average monthly growth rate 6.7%

Note: Figures shown include BILD Web, WELT Web and WELT Apps

BILDplus: the world’s largest paid content model in a language other than English, WELTplus #2 in Germany (Q1 2018 view)

Source: FIPP CeleraOne

390

250

160 150 150 140 133102 100 100 100 84 82 80 60 60 55 47 47 42 40 33 31 29 22

0

50

100

150

200

250

300

350

400

450

9

= German-language publicationsNon-English publications

Total digital-only subscribers (in thousands)

Media Impact is strengthening its position in digital advertising

Source: OVK

Native advertising revenue more than doubled from last year due to strong brands like BILD

Programmatic revenue up more than 50% due to market-leading bidding technology, reduced dependency on Google

Data marketing based on superior technologies we are invested in and on a growing global AS data profile

10

11.013.8

0

5

10

15

20

9M 2017 9M 2018

+2.8 ppts

Share in digital advertising (net in %) Analysis

11

Source: Nielsen, „Kaufimpuls“-Studie

Media Impact is maintaining its strong position in print advertising

22.9 23.4

0

5

10

15

20

25

30

9M 2017 9M 2018

Share in print advertising (gross in %) Analysis

Gross advertising revenues stable for BILD

Favourable client structure: Retail clients, BILD’s largest customer base, are effective in BILD

“BILD” sells (print and digital): Our brand is 3x more effective triggering a purchase than others

+0.5 ppts

Price elasticity of demand for our print products remains extremely low

12

Sources: best for planning 2017 III / readers per issue and IVW Ø I – II 2018, based on paid circulation

1.77

8.23

2.30

7.70

1.68

8.32

2.00

8.00

2.16

7.84

€0.50-€0.60

€0.60-€0.70

€0.70-€0.80

€0.80-€0.90

€0.90-€1.00

ChurnAdditional revenue

Average effect of BILD copy price increases by 10 Cents, 2011-2018 (churn/revenue split) Analysis

Each price increase generated revenue upside: Low price sensitivity overall

Unique position: With >9m readers, BILD has a strong position in the newsstand segment with a 79.5% market share

Relatively sound German print market: German readers consume 38 mins. of print media per day

In Cents

Last year, we set the stage for next level of organizational effectiveness

Rationale (illustrative) Results so far

13

News Media

Brand Brand

Print Digital Print Digital

Same business challenges, duplicate structures

News Media

Print Digital

Brand Brand Brand Brand

Maximum synergies in allfunctions except brand mgmt.

Before January 1, 2018 After January 1, 2018Leadership synergies (with further potential in operational and support functions)Print: Full management attention on cost, circulation and incremental innovation

Improving POS performance across brandsProduct focus on needs of print readers

Digital: Full management attention on growth, investment, scale and disruptive innovation

Development of one CMS for all publicationsOne customer data platform

0100200300400500600700800900

1000

2015 2016 2017 2018 expected

SG&A Direct costs Manufacturing costs Projects

We have been reducing cost by more than 5% every year across cost categories and will continue to do so

Costs before social plans and special items. Projects include office relocations and implementation of new accounting standards.

14

-5.7% CAGR>-5%

Costs News Media National Print (€ millions) Analysis

SG&A: Reduced personnel costs by €25m (11%) in print (excluding printing facilities), with further potential

Direct costs: Optimized logistics and saved 9%

Manufacturing costs: Compensated for circulation declines with optimized printing processes, further measures executed in 2018 and planned for 2019

Henry Blodget, CEO & Editorial Director

1

Key Points

2

Informing and inspiring the digital generation

HQ in New York, audience in 100+ countries, ~500 employees

2018: Strong audience growth, revenue growth, and profitability

Changed company name from “Business Insider, Inc.” to “Insider Inc.”

“Business Insider” remains the #1 US digital business publication

3

Our Product

4

Media consumption continues to shift to digital

Percentage of US daily media time spent with each medium, by year

Source: eMarketer, 2018

5

The shift is generational — led by millennials and Gen Z

Favorite medium, by age

Source: Ofcom, 2018, UK Adults

6

Our mission: “To inform and inspire the digital generation”

Smart HelpfulAccurateFastFairFearlessFun

Editorial mantra: “SHAFFFF”…

7

...

Distributed across all digital platforms.Text, video, audio, photos.

Many Insider Verticals

8

We engage our audience wherever they are – on every platform and screen

Social Audio OTTPlatforms

9

Exceptional investigative reporting in tech, finance, retail, and more…

10

Leading business podcasts (audio/radio is also shifting to digital)

“The brands you know, the stories you don’t”

1mm+ downloads

“New and noteworthy” on Apple, featured on NPR radio and podcasts

In-depth interviews with founders, leaders, athletes, journalists, innovators

2mm+ downloads

Sheryl Sandberg, LeBron James, Venus Williams, Dan Brown

The digital generation watches less and less traditional TV

11

Legacy TV hours per week viewed across U.S. age groups

Note: Annual Nielsen data is based on Q2 per year. Figures represent average viewership.Source: Nielsen data, n=400,000, 2011-2017

Awesome digital shows and stories on every screen Our videos reached 94MM people total, and 49% of US 18 to 34 year-olds in October

We average over 3B video views per month across all platforms

and

12

“Insider TV” reaches the digital generation across all platforms

13

Some of our shows…

14

The #1 dailyFacebook news

show

15

16

17

18

19

20

Our Audience

21

On-site audience still growing strongly: 170mm+ monthly unique visitors

Global site audienceMillions of uniques

Source: Google Analytics (October 2018)

“Business Insider” remains the No. 1 US business brand by reach

Total Monthly Digital UVs (000)

22

Source: ComScore (October 2018)

23

“Business Insider” is the choice of the digital generation

#1business

brand with millenials

US Business Media Audience By AgeThousands of uniques

Source: ComScore (September 2018)

“INSIDER” is already the #6 general news brand in the US

24

Total Monthly Digital UVs (000)

Source: ComScore (October 2018)

Our global footprint continues to grow, audience in 100+ countries

25

26

Rapid growth of new verticals

Millions of uniques

MarketsInsider.com and Insider.com audience

Source: Google Analytics (October 2018)

Markets Insider Insider.com

27

Our Financials

28

Strong revenue growth and diversification

CAGR of 38% (2015-17), compared to 30% target since AS acquisition

0

20

40

60

80

100

2010 2011 2012 2013 2014 2015 2016 2017 2018 (e)

Advertising Subscriptions, Licensing & Other Axel Springer Acquisition

In M $’s

29

Advertising revenue growth – shift towards programmatic continues

Insider, Inc. advertising revenue mix CAGR of ~22%

Subscription revenue growth

30

Subscriptions revenue CAGR of ~50%; BI Prime launched in late 2017

31

Licensing and Other revenue growth

Other revenue growing at a CAGR of 85%+

2014 2015 2016 2017 2018 (e)

International revenue also growing rapidly

32

International Licensing Revenue (only net is booked to P&L)

2013 2014 2015 2016 2017 2018 (e)

Financial growth plan

33

H2/18 EBITDA profitability target achieved

Continued strong revenue growth going forward

Re-invest near-term profits in growth opportunities; subscriptions, commerce, editorial, and original programming

Long-term EBITDA margins of 20%+

Summary

34

INSIDER: Informing and inspiring the digital generation

Global reach and opportunity

Diversified revenue and distribution

Long-term mission: 1) Become the world‘s most-loved and most influential journalism brand2) Deliver strong financial performance

Mathias DöpfnerChairman & CEO

Capital Markets Day 2018

You can access the webcast of Mathias Döpfner‘s speechon our website

www.axelspringer.com/investors

Thank You

for attending our

Capital Markets Day 2018

Investor Relations contacts:

Claudia Thomé Co-Head of Investor Relations

Phone: +49 30 2591 77421 Mobile: +49 160 90445035

claudia.thome@axelspringer.de

Daniel Fard-Yazdani Co-Head of Investor Relations

Phone: +49 30 2591 77425 Mobile: +49 151 52844459

daniel.fard-yazdani@axelspringer.de

Axel Springer SE: Axel-Springer-Str. 65, 10888 Berlin, Germany, Fax: +49 30 2591 77422