M. M. Warburg & CO Warburg Highlights Hamburg, June 6, Lothar Lanz, CFO & COO Daniel Fard-Yazdani, Co-Head of IR

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1 M. M. Warburg & CO Warburg Highlights Hamburg, June 6, 2013 Lothar Lanz, CFO & COO Daniel Fard-Yazdani, Co-Head of IR

2 Disclaimer This document, which has been issued by Axel Springer Aktiengesellschaft (the "Company"), comprises the written materials/slides for a presentation of the management. 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 this document and no liability is accepted for any such information or opinions. This document contains forward looking statements which involves risks and uncertainties. These forward looking statements speak only as of the date of this document and are based on numerous assumptions which may or may not prove to be correct. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in this document. The Company undertakes no obligation to publicly update or revise any forward looking statements or other information contained herein whether as a result of new information, future events or otherwise. This document does 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. 2

3 Strong financial performance and high profitability Revenues in m EBITDA in m 3,185 3,310 2,864 2,777 2,321 2,402 2,392 2,376 2,578 2,729 2,612 2, % 17.3% 18.3% 18.2% 17.8% 17.6% 18.6% 19.0% 12.5% 12.8% 4.9% 7.8% 1) 1) 1) 1) Digital revenues Print revenues EBITDA EBITDA margin 1) According to HGB (German Commercial Code) 3

4 Axel Springer transformation from print to digital Advertising revenues in m Advertising revenues in % of group revenues % 28% 22% % 19% 16% 0 Q Q Q Q Q Q German Newspapers & Magazines Digital German Newspapers & Magazines Digital 4

5 Strong free cash flow, stable dividend Free cash flow in m Dividend volume in m Dividend ( /share) Q1/12 Q1/

6 Digital margin increasing, high margins in print EBITDA in m Digital Media Newspapers National Magazines National Print International EBITDA margin 6% 9% 12% 16% 21% 20% 27% 20% 25% 24% 23% 20% 21% 22% 21% 20% 16% 11% 7% 4% 15% 16% 15% 10% Q1/ Q1/ Q1/ Q1/ Q1/ Q1/ Q1/ Q1/13 6

7 Our corporate mission 7

8 Digital strategy along core competencies Core Competencies Content portals Audience Advertisers Performance marketing Classifieds Cross-synergies between core competencies increase revenues and profitability 8

9 Growth and profitability in Digital Media driven by classifieds and content In m Total* Content portals & other digital media Performance marketing Axel Springer Digital Classifieds Q1/13 Q1/12 yoy Q1/13 Q1/12 yoy Q1/13 Q1/12 yoy Q1/13 Q1/12 yoy Revenues % % % % EBITDA % % % % Margin 19.7% 17.8% 19.0% 19.1% 4.4% 5.1% 41.1% 43.5% * Total EBITDA includes costs of 2.7m in Q1/13 and 3.7m in Q1/12 (thereof business development, M&A and other), not allocated to the three pillars 9

10 BILD a unique media brand print and online Print, daily reach in million 1) Online, reach in million unique visitors 2) bild.de spiegel.de ma 08/I ma 09/I ma 10/I ma 11/I ma 12/I Circulation revenues: CAGR (08-12): -1.6% Advertising revenues: CAGR (08-12): -1.5% ma 13/I 1 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 Advertising revenues: CAGR (08-12): 20.3% BILD vs. TV Bild.de vs. Peers 2) NAVY CIS Wetten, dass..? Call The Midwife BILD WSJ The Sun 1) Source: ma Pressemedien, Note: change in population parameter after ma 2010 I 2) Source: comscore (Germany) unique visitors in million per month (ᴓ Jan.-March 2013) 10

BILD and WELT with top-selling apps in 2012 Top 10

Productivity Photo & Video Games BILD and DIE WELT are

11 BILD and WELT with top-selling apps in 2012 Top 10 Revenue Ranking (German itunes store) News News Productivity Games Games Games Games Productivity Photo & Video Games BILD and DIE WELT are the highest ranked apps by revenue 2012 Source: German itunes store ipad App Ranking ( DAS BESTE AUS 2012 ), Dec

12 Rollout of digital paid content strategy iphone apps ipad apps Android apps Subscription model for WELT s browser-based offerings Paid models on regional portals ikiosk launch Kindle Fire and Surface apps Freemium model BILD+ for browser-based offerings of BILD 12

13 Digital growth initiative with further cross-media synergies continues Transaction structure Acquisitions show growth strategy Totaljobs Group (04/12) 70% 30% UK market s #1 in revenues and reach Axel Springer Digital Classifieds allesklar.com / meinestadt.de (08/12) Unique regional content & classifieds portal Immoweb.be (11/12) #1 real estate portal in Belgium 13

14 Ringier Axel Springer Media acquired 75% of leading Polish online portal Onet.pl Market position Transaction details Onet among largest websites in Poland 1) 87% Leading Polish content portal with reach of 67% 70% 69% 67% 61% Purchase Price: 215m for 75%, 25% stake TVN remains (closing Nov./12) Cross-media marketing with Ringier Axel Springer Poland and TVN 1) Reach in % of Internet users in Poland, Jan-Mar 2013, Source: PBI Megapanel Gemius 14

15 Acquisition track record: Price discipline and added value At acquisition date 12 Bought at fair valuation EBITDA-Multiple (pro rata) Using Axel Springer group synergies to achieve market leading positions Retain successful management/ founders Further positive development eps accretive transactions 15

Creating synergies through our network With Axel Springer Financial IT Systems Procurement HR Discounted media campaigns Shared content and traffic Legal, tax, M&A Marketing Corporate services

16 Creating synergies through our network With Axel Springer Financial IT Systems Procurement HR Discounted media campaigns Shared content and traffic Legal, tax, M&A Marketing Corporate services Among the assets Jobs classifieds integration Real-estate classifieds integration Real-estate classifieds integration Real-estate classifieds integration Prospectus integration Performance marketing 16

17 Pushing for market leadership Market position in acquisition year Market position 2012 (DE) 2006: #5 (Europe) 2007: (UK) 2009: (DE) 2009: #2 #3 #2 (DE) 2010: #3 17

18 Broadening the scope for digital activities Acquire Expand Roll out internationally Start up So far Going forward 18

kaufda: going fast track international Business model Internationalization

Research online buy offline (Retailer) Brands Cost per Click Revenues FY

bonial December 2011 Other markets with local partners: Spain: April 2012

19 kaufda: going fast track international Business model Internationalization Substituting traditional print advertising inserts with digital offerings Research online buy offline (Retailer) Brands Cost per Click Revenues FY 2011 FY 2012 Introduction of international brand bonial France: launch of bonial December 2011 Other markets with local partners: Spain: April 2012 Russia: April 2012 Brazil: July 2012 Additional market entries in preparation 19

20 Our priorities for Digital transformation Digital paymodels Corporate culture...to secure the future of journalism 20

21 Outlook 2013: More investments for growth in digital and optimized structures in print Digital Print Double-digit percent revenue increase EBITDA significantly up yoy Launch costs: low to mid double-digit million euro amount Single-digit percent revenue decline EBITDA significantly down yoy Restructuring expenses: mid double-digit million euro amount Group Low single-digit percent revenue increase Single-digit percent EBITDA decline Adjusted eps below prior year 21

22 Financial performance

23 Start into 2013 in line with expectations 1. Digital Media 47 % of Group EBITDA and 40 % of revenues 2. Digital Media EBITDA up by 34 % Group EBITDA at 132.4m slightly below prior year ( 136.5m) Adjusted earnings per share at 0.54 (Q1/12: 0.68) Challenging start into the year in print Restructuring and launch costs slightly up yoy 7. Paid content initiative with promising start 23

24 Revenue and earnings development reflect company transformation in 2013 in m Q1/13 Q1/12 yoy Revenues up 1.8% yoy Revenues Circulation Advertising Other EBITDA Margin % % +1.8% -5.8% +8.8% -3.9% -3.0% -0.8pp Circulation revenues down by 5.8%, partially due to calendar effects Advertising growth driven by digital media EBITDA down by 3.0% due to higher restructuring and launch costs 24

25 Slight cost increase due to build-up in digital in m Personnel Purchased goods and services Other operating Total Costs Q1/ Q1/ yoy +7.8% -1.5% +2.0% +2.6% Total costs up by 17.2m, due to consolidation effects Adjusted for consolidation effects, total costs slightly down yoy (-1.0%) Increase in personnel costs only driven by build-up in digital and higher restructuring expenses 25

26 Digital Media already 47% of group EBITDA In m Q1/13 Q1/12 yoy Revenue growth of 20.9% in Q1/13 Revenues Advertising Other % +27.1% -8.1% Organic growth of 6.6% in Q1/13 (based on pro forma revenues of 318.2m in Q1/13 versus 298.4m in Q1/12) EBITDA Margin % % +33.9% +1.9pp EBITDA up by 33.9%, already contributing 47.4% of group EBITDA EBITDA margin up from 17.8% to 19.7% 26

27 Newspapers National: Difficult start into the year In m Revenues Circulation Advertising Q1/ Q1/ yoy -9.7% -7.8% -12.3% Total revenues down by 9.7 %, partially due to calendar effects Circulation revenues down by 7.8%, in Q1/13 no significant effects from copy price increases Other EBITDA % -23.9% Advertising revenues down by 12.3%, beginning of the year especially weak Margin 19.7% 23.4% -3.7pp EBITDA down due to revenue decrease and higher restructuring expenses (+ 2.2m yoy) 27

28 Magazines National: Only slight revenue decrease In m Revenues Circulation Advertising Other Q1/ Q1/ yoy -2.9% -2.5% -6.4% +6.9% Circulation revenues only slightly down Calendar effect almost without impact on segment revenues Revenue decrease partly compensated by cost discipline EBITDA % Margin 19.5% 21.1% -1.6pp 28

29 Print International: Revenue decrease mostly compensated by cost reduction In m Revenues Circulation Advertising Q1/ Q1/ yoy -8.1% -5.1% -20.7% yoy adjusted 1) -7.4% -4.4% -20.0% Market environment remains challenging, calendar effects with an additional negativ impact in Q1/13 Circulation revenues (adj.) down by only 4.4% yoy Other EBITDA % -16.9% +29.1% -15.8% Advertising revenues (adj.) down by 20.0% yoy, mostly driven by Czech Republic and Slowakia Margin 10.3% 11.4% -1.1pp - Strict cost discipline compensates most of the revenue decline 1) Adjusted for consolidation and foreign exchange effects 29

30 Comfortable financial situation with significant headroom to finance growth Net financial debt 1) in m 12/31/12 04/30/13 Credit line Volume of 900m Maturity in 2017 Initial margin below 50 bps Leverage with sufficient headroom Leverage of ~0.8x as of April 30, 2013 after dividend payment Self-imposed maximum leverage of x EBITDA leaves sufficient headroom Promissory note 2) Volume of 500m Maturity in 2016/2018 Favorable fixed interest rates for 64% of the volume 1) Excl. pension liabilities (12/31/12: - 344m; 03/31/13: - 344m, ) and treasury shares (12/31/12: 0.2m shares; 03/31/13: 0.2m shares) 2) Schuldscheindarlehen 30

31 Adjusted eps down yoy due to higher non-recurring effects In m Net income Non-recurring effects Amortization and impairments from purchase price allocations Taxes attributable to these effects Adjusted net income Thereof attributable to non-controlling interests Adjusted net income attributable to shareholders of Axel Springer AG Weighted average number of shares outstanding (in m) 1) Adjusted eps (in ) Q1/ Q1/ ) Based on weighted average number of shares outstanding in

32 Appendix

33 Increasing transparency in the Digital Media segment: 3 pillars along core competencies Content portals & other digital media* Major Assets Bild + Welt Online aufeminin Onet Azet finanzen.net Idealo Smarthouse Schwartzkopff TV Performance marketing zanox Digital Window M4N eprofessional Axel Springer Digital Classifieds Real Estate Seloger Immonet Immoweb.be Jobs StepStone Totaljobs meinestadt.de * Includes minority interests in radio participations 33

34 GA-Partnership shows significant value step-up in underlying assets Axel Springer investments Purchase prices and investments Sale of StepStone Solutions business unit Utilized tax effects Net investment ~800 m ~110 m ~50 m ~640 m + ~100% General Atlantic deal Enterprise value Embedded loan Equity value 1,250 m 460 m 790 m 34

35 Axel Springer is Germany s leading print marketer and publisher Market share by circulation 1) Market share by adspend 3) 17% With 17% market share, Axel Springer reaches 52% of the German population 2) 16% 7% 7% 5% 4% 4% 3% 9% 7% 5% 5% 4% Axel Springer Bauer WAZ SWMH DuMont Burda Holtzbrinck Newspapers Magazines Axel Springer G+J Burda Bauer WAZ DuMont (excl. WAZ-Mag.) (incl. MVG/Marquard) Newspapers Magazines 1) Source: Company estimates based on IVW I 2013, paid circulation; weighted market share taking into account different title frequencies 2) Source: ma 2013 Pressemedien I; combined reach among German-speaking 14+ year olds of all covered Axel Springer AG newspapers, magazines and 100% owned subsidiaries 3) Source: Nielsen Media Research; gross adspend, excl. classified ads, supplements and media advertising, 2013 Jan.-March., 100% owned subsidiaries 35

36 Investor Relations contacts Christoph Keese Senior Vice President Investor Relations & Public Affairs Phone: Mobile: Claudia Thomé Head of Investor Relations Phone: Mobile: Daniel Fard-Yazdani Co-Head of Investor Relations Phone: Mobile: Axel Springer AG: Axel-Springer-Str. 65, Berlin, Germany, Fax:

Deutsche Bank European TMT Conference London, September 6, Daniel Fard-Yazdani, Co-Head of Investor Relations

Deutsche Bank European TMT Conference London, September 6, 2012 Daniel Fard-Yazdani, Co-Head of Investor Relations Disclaimer This document, which has been issued by Axel Springer Aktiengesellschaft (the