Roadshow Presentation March 16 th, Dr Mathias Döpfner, Chairman & CEO Lothar Lanz, CFO & COO

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1 Roadshow Presentation March 16 th, 2011 Dr Mathias Döpfner, Chairman & CEO Lothar Lanz, CFO & COO

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 Axel Springer has started transforming its business over the past 6 years to create a leading European integrated multimedia company Axel Springer in 2004 Axel Springer in 2010 Our Vision Digital 2% Digital 24% 1) Europe s leading integrated multimedia company Print 98% Print 76% 50% digital 50% print Strong brands 1) Pro forma for acquisitions Digital activities represent 24% 1) of revenues and 16% of EBITDA in

4 Our strategy focuses on our core competencies 1 Leadership in Germany Strengthen and expand leading market position Strong brands drive high media reach and advertising revenues Core Competencies 2 International expansion 3 Digital transformation Replicating the German model internationally JV with Ringier in CEE Existing brands extended online Business model enhanced in digital world 4

5 1 Germany represents a unique newspaper market Key themes in German market National newspaper circulation revenues (07-10 CAGR) Strong circulation revenues in Germany Higher proportion of total revenues than in other countries More resilient than in the UK and the US Potential for regular cover price increases Higher share of younger readers No free sheets Strong position of BILD with 80% 1) market share Newspapers with higher share of advertising spend than TV as opposed to US 2) 0.9% 0,9% 0.6% 0,6% -2.0% -2,0% -5.3% -5,3% 3) Axel Springer 4) Germany 4) UK 4) US (reach in m) 12.5 Wetten, dass? BILD 8.9 BILD reach vs TV shows 5) 2.4 Les Restos du Coeur 8.9 L Equipe 3.7 Navy CIS WSJ The X Factor 13.7 The Sun 1) Including Berlin newsstand newspaper B.Z.; market share based on paid circulation of newsstand newspapers 2) Source: ZenithOptimedia December ) Source: company information 4) Source: PwC Global Entertainment and Media Outlook, , 2009 projected, forecast 5) UK: TV reach for The X Factor RESULTS , BARB (BroadcastersAudience Research Board); average reach of Sun between Apr.09 to Mar. 10 NRS (National Readership Survey), USA: USA Reader Brand Research; MRI Spring 2010, Nielsen Television - TV Ratings for Primetime : Season-to-Date, France: Daily newspapers: EPIQ-Studie 2009/2010, TV: Viewers 4J.+ Mediametrie 2009 Mediamat annuel; Germany: Average for Wetten, dass? 2010 ( ), Viewers age 14+, AGF/GFK-TV Panel, ma 2011 Pressemedien I (German speaking population) 5 5

6 1 Axel Springer is Germany s leading print marketer and publisher Market share by circulation 1) Market share by adspend 3) 19% With 19% market share, Axel Springer reaches 53% of the German population 2) 17% 7% 7% 9% 7% 5% 4% 4% 5% 4% 3% 3% Axel Springer Bauer WAZ SWMH Burda Holtzbrinck G+J Axel Springer G+J Burda WAZ Bauer DuMont Newspapers Magazines Newspapers Magazines 1) Source: Company estimates based on IVW FY10, paid circulation; weighted market share taking into account different title frequencies 2) Source: ma 2011 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, 2010 Jan.-Dec., 100% owned subsidiaries and Jahr Top Special Verlag 6

7 1 Axel Springer is Germany s leading print publisher Core Axel Springer brands Axel Springer market share 1) Newsstand papers No. 1 80% National Sunday newspapers No. 1 85% National quality papers No. 3 17% Regional subscription papers 2) No. 1 93% No. 1 34% Magazines No. 3 13% 1) Based on paid circulation IVW FY ) Figures based on regional markets accordingly (Hamburg: no regional newspapers besides AS titles, Berlin: N 2-Berliner Zeitung, N 3-Tagesspiegel) 7 7

2 Axel Springer: A strong platform for international

countries Digital Hungary Czech Republic Poland

Goal: Further growth and digitization in CEE Russia

portfolios and market positions in each country

business models (partly without physical presence)

8 2 Axel Springer: A strong platform for international expansion Ringier Axel Springer Media Individual countries Digital Hungary Czech Republic Poland Switzerland Spain France Slovakia Serbia Combining reach of No. 1 tabloid positions in all five JV countries 1) Goal: Further growth and digitization in CEE Russia India Country-by-country approach Strong media portfolios and market positions in each country International roll-out of successful digital business models (partly without physical presence) Making use of network effects and economies of scale 1) Approval from the Hungarian merger control authority in Q1/11 expected 8

9 2 Successful start of the East European Joint Venture Ringier Axel Springer Media #1 Active in Poland, Czech Republic and Hungary * Active in Czech Republic, Hungary *, Slovakia and Serbia #1 Poland >100 print titles and 70 online offerings 5 market leading tabloids, reaching 8.6 million readers 50:50 JV; fully consolidated by Axel Springer 06/2010: Foundation Results exceeded expectations in all JV countries 12/2010: Acquisition of AZET.SK, the leading Slovak web portal Czech Republic Slovakia Hungary * Serbia #1 #1 #1 * Approval by Hungary s anti-trust authorities is expected in the summer of

10 3 Digital strategy along core competencies Core Competencies A Content portals Audience B Classifieds / Marketplaces Advertisers C Performance marketing Cross-synergies between core competencies increase revenues and profitability 10

11 A BILD example of our successful transition to digital channels News 1) Site visits (in m) 150m 100m 50m Jan 08 Jun 08 Nov 08 Apr 09 Sep 09 Feb 10 Jul 10 Dez 10 2) 2) 2) Sport Automotive Computer Site visits (in m) Site visits (in m) Site visits (in m) ) /sport Kicker Online Sport1.de Auto Motor und Sport Auto News Chip.de Pcwelt.de 1) Source: IVW, Dez ) Source: IVW, Jan Dez 2010 (monthly average) 3) Axel Springer s sport sites include: sportbild.de, Bild.de/Sport and Transfermarkt; Source: IVW (Transfermarkt), Webtrekk (sportbild, Bild.de/Sport) 11

12 A aufeminin: Revenue growth by 41% in 2010, clear market leader Development of aufeminin.com s revenues and margins (in m) 38% FY 2008 Operating margin Revenues France 30% 32% FY % FY 2010 Revenues International Strong international presence (UV in m) France: #1 aufeminin LeJournal de F. Germany: #1 gofeminin Brigitte Italy: #1 alfemminile PianetaDonna Spain: #1 enfemenino Terra Mujer Belgium: #1 2.7 aufeminin Femistyle 0.9 UK: #2 sofeminine ivillage Source: FR: Médiametrie // NetRatings Dec DE: AGOF internet facts 2010-III IT: Nielsen Dec ES: Nielsen NetView Dec BE: cim.be Dec UK: comscore Dec

13 A Premium content initiative: Successful on different channels Smartphones Tablets News Portals ikiosk Over 400,000 BILD apps sold* WELT HD: #1 newspaper app HA and BM: Traffic up by over 50% PDF editions of 19 titles available online and for the ipad Over 500,000 sales and 800,000 downloads* Market launch of Android apps Bundled equipment and subscriptions *Status: Press information December 8, 2010 Perspectives for 2011 Metered Models Central platform for all epaper and print titles by subscription and e- sales 13

14 A Growth of mobile internet devices drives demand for content Distribution in Germany in million CAGR Mobile Internet access Smartphones % 16.0% Tablet PC ereader % 90.0% Source: PwC, Global Entertainment and Media Outlook ; PwC, E-Books in Germany, Sept. 2010; JOM, June

15 B Axel Springer holds 74.2% of market leading French real estate portal SeLoger.com Key facts No. 1 real estate classifieds portal in France More than 1.1m offers September 2010: acquisition of 12.4% from founders March 1, 2011: result after first offer period Acquisition of additional 61.8% Purchase price: approx. 470m Financials in m * Revenues EBITDA Average time on site in minutes Clear market leadership Logic-immo.com Explorimmo Refleximmo A Vendre A Louer Acheter-Louer.fr Unique Visitors in m * Company information SeLoger.com Source: Médiamétrie/NetRatings January 2011) 15

16 C Online Performance Marketing Axel Springer shapes European market leader Highlights Acquisition of continental European market leader zanox in /10: Expanding market leadership to the UK by add-on acquisitions of digital window and buy.at Resilient business maintaining organic growth during the crisis Peers outperformed achieving market share gains Acquired 08/ /

brochures KaufDA High reach of diverse channels

Unique Visitors in m 2,5 2,0 1,5 2,1 1,0 0,5 on

Jun 10 Aug 10 Okt 10 Dez 10 KaufDA.de Discounto.

17 C Axel Springer acquires 74.9% of German market leader in online ad brochures KaufDA High reach of diverse channels Reach market leading position >400,000 Downloads Unique Visitors in m 2,5 2,0 1,5 2,1 1,0 0,5 on 1 out of 4 ipads 0,0 Okt 09 Dez 09 Feb 10 Apr 10 Jun 10 Aug 10 Okt 10 Dez 10 KaufDA.de Discounto.de Marktjagd.de Allesnebenan.de MeinProspekt.de Website Mobile Source: comscore 17

18 Investment criteria Strategic fit Proven and profitable business models Great management Reasonable valuation Added value through Axel Springer network 18

19 We have a strong track record of acquiring digital assets and fostering their growth Investments ( m): (07A-10A) PF EBITDA multiple: Acquisition multiple: 22x 300 8x Ø 11x 3x Content portals Classifieds/ marketplaces Performance marketing Total Key assets acquired Revenues CAGR: (07-10A) EBITDA CAGR: (07-10A) 33% 10% 16% 17% 21% 16% 17% 18% 19

20 Financial performance

21 Strong financial performance and EBITDA on all-time high in 2010 Revenues in m EBITDA in m 2,864 2,777 2,894 2,321 2,402 2,392 2,376 2,578 2,729 2, % % % % 17.3% 18.2% 18.2% 17.8% 12.8% 17.6% 1) 1) ) 1) Digital revenues Print revenues EBITDA EBITDA margin 1) According to HGB 21

22 Strong margin improvement in operating segments (in m) Newspapers National Magazines National Print International Digital Media yoy yoy yoy yoy Revenues 1, , % % % % Circulation % % % Advertising % % % % Other % % % % EBITDA % % >100% % EBITDA margin 24.8% 20.1% 20.8% 10.6% 15.3% 3.9% 12.1% 9.2% 22

23 Strong cash flow generation and high dividend payments Free cash flow (ltm 1), in m) Dividend payments (in m) Dividend payments ( /share) ) Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 1) Last twelve months 2) Dividend proposal 23

24 Looking ahead

25 Outlook 2011 Group Revenues EBITDA Single digit increase yoy Slight increase yoy Revenue categories Circulation Advertising Other > 2010 > 2010 > 2010 Segments Newspapers National Magazines National Print International Digital Media Services/ Holding Revenues ~ 2010 < 2010 > 2010 > 2010 ~ 2010 EBITDA < 2010 < 2010 > 2010 > 2010 > 2010 Mid-term EBITDA Margin targets 25% 20% 15% 20% - 25

26 Key investment highlights No. 1 publisher in Germany, leading market positions across Europe CEE JV creates the leading platform for growth in the region Proven digitization strategy: Already 24% 1) of revenues digital Additional monetization through paid content Growth potential in mobile Added value through cross-media benefits across the portfolio Strong profitability, healthy balance sheet, and high dividend 1) Pro forma for acquisitions 26

27 Backup - Financials FY 2010

28 Axel Springer with EBITDA on all time high in m Revenues Circulation Advertising Other EBITDA Margin , , , % , , , % yoy +10.8% -0.2% +21.6% +12.8% +53.0% +4.9pp Revenues up 10.8% yoy, adjusted for consolidation effects +3.5% Circulation revenues stable Advertising growth driven by digital media and the CEE JV EBITDA on all-time high and EBITDA margin up from 12.8% to 17.6% 28

29 Continued cost discipline across the group in m Personnel Purchased goods and services Other operating % +7.2% +9.8% Total Costs 2, , % thereof restructuring costs yoy -67.7% Total costs up by 133.9m, ex consolidation effects down by 56.4m Major savings in production, especially paper, shipping and other costs Personnel costs stable; build-up in international and digital businesses compensated by decline in print, especially due to less restructuring 29

30 Newspapers National: EBITDA margin at 24.8% in m Revenues Circulation Advertising Other , , yoy -1.6% -2.4% -0.6% -3.2% Circulation revenues slightly down in line with circulation trend Advertising revenues almost stable in 2010 EBITDA increase mainly due to lower restructuring and paper costs EBITDA Margin % % +21.4% +4.7pp Strong EBITDA margin at 24.8% after 20.1% in

31 Magazines National: EBITDA increased significantly in m Revenues yoy Total revenues down by 6.1%, adjusted for portfolio changes down by 0.2% -6.1% Circulation Advertising % -4.4% Circulation revenues down by 9.2%, adjusted down by 3.4% Other EBITDA Margin % % +40.1% +83.7% +10.2pp Advertising revenues down by 4.4%, adjusted slightly up yoy (+1.2%) Strong EBITDA increase due to operating improvements, continued cost discipline and portfolio changes 31

32 Print International: Improved revenues and strong EBITDA increase in m Revenues % yoy ex cons 1) yoy yoy Revenues growing by 28.6%, ex cons/fx 2) adjusted for consolidation effects +3.5% -2.6% up by 3.5% Circulation Advertising Other EBITDA Margin % % +24.9% +29.5% +76.7% >100% +11.4pp +3.8% +1.8% +15.8% +68.3% -2.0% -4.8% +8.7% +57.8% EBITDA improved considerably, margin up from 3.9% to 15.3% in 2010 EBITDA increase due to the CEE JV consolidation, continued cost savings and operating improvements 1) Excluding consolidation effects. 2) Excluding consolidation and fx effects. 32

33 Digital Media: Strong growth, EBITDA almost doubled in m yoy Revenue growth of 51.3% in 2010 Revenues Advertising Other % +66.0% +14.4% Organic growth of 22.4% in 2010 (based on pro forma revenues of 703.0m in 2010 versus 574.5m in 2009) EBITDA Margin % % +98.7% +2.9pp Pro forma revenues Digital Media at 24.4% of pro forma total revenues (2009: 21.2%) EBITDA almost doubled, margin up from 9.2% to 12.1% 33

34 Adjusted net income increases in 2010 in m Significant non-operating items Gains or losses on the sale of business operations and equity investments Effects of purchase price allocations Impairment losses in noncurrent financial assets Other non-operating effects Taxes attributable to nonoperating effects Adjusted for significant nonoperating items 34

35 Free cash flow/net financial position in m Free cash flow Net financial debt / liquidity 1) /31/09 12/31/ Credit line of 1.5bn secured until 2012, 1bn thereof extended until ) Excl. pension liabilities (12/31/09: - 359m; 12/31/10: - 389m) and treasury shares (12/31/09: 3.2m shares; 12/31/10: 0.2m shares) 35

36 Investor Relations contacts Claudia Thomé Head of Investor Relations Phone: Mobile: Daniel Fard-Yazdani Deputy Head of Investor Relations Phone: Mobile: Axel Springer AG Axel-Springer-Str Berlin / Germany Fax:

LBBW TMT Forum May 17th, Claudia Thomé, Head of IR Daniel Fard-Yazdani, Deputy Head of IR

LBBW TMT Forum May 17th, Claudia Thomé, Head of IR Daniel Fard-Yazdani, Deputy Head of IR LBBW TMT Forum May 17th, 2011 Claudia Thomé, Head of IR Daniel Fard-Yazdani, Deputy Head of IR Disclaimer This document, which has been issued by Axel Springer Aktiengesellschaft (the "Company"), comprises