1Capital Markets Day Berlin, December 10, 2014

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1 Capital Markets Day Berlin, December 10,

2 WI-FI Access CMD2014 Login 2014-ASse

3 CAPITAL MARKETS DAY 2014 New growth initiatives Berlin, December 10, 2014 Axel-Springer-Str. 65, Berlin Room Ernst Cramer, 19 th Floor AGENDA 1 Keynote Dr Mathias Döpfner, Chairman & CEO 2 Financials Dr Julian Deutz, CFO 3 Introduction Classified Ad Models Dr Andreas Wiele, President Marketing and Classified Ad Models 4 StepStone A continuous success story Ralf Baumann, CEO StepStone 5 SeLoger Reinforced fundamentals for lasting leadership Roland Tripard, CEO SeLoger 6 Introduction Marketing Models Dr Andreas Wiele, President Marketing and Classified Ad Models 7 finanzen.net From startup to Germany s largest finance portal Peter Schille and Jens Ohr, Founders & Managing Directors finanzen.net 8 zanox New data battlegrounds shaping performance Mark Walters, CEO zanox 9 kaufda Creating a global category Christian Gaiser, Founder & CEO kaufda 10 MyLittleParis Successfully monetizing a committed audience Fany Pechiodat, Founder & CEO MyLittleParis 11 BILD and WELT Two successful paid content strategies Donata Hopfen, Publishing Director BILD Group, Dr Stephanie Caspar, Publishing Director WELT Group 12 Axel Springer Plug and Play Plugging into the startup scene Jörg Rheinboldt, CEO Axel Springer Plug and Play 13 Summary and Outlook Dr Mathias Döpfner, Chairman & CEO

4 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 10, Whilst all reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions and expectations contained herein are fair and reasonable, no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in these presentations or of any oral information provided in connection therewith, and no liability, responsibility or obligation is accepted for any such information or opinions. These presentations contain forward looking statements which involve risks and uncertainties. The forward looking statements speak only as of the date of these presentations and include the Company s beliefs and expectations and the assumptions underlying them, which may or may not prove to be correct. These statements are based on plans, estimates and projections as they are currently available to the management of the Company. The actual performance and results of the business of the Company could differ materially from the performance and results discussed in these presentations. The Company undertakes no obligation to update or revise any forward looking statements or other information contained herein whether as a result of new information, future events or otherwise. These presentations do not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto.

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6 Keynote Capital Markets Day Berlin, December 10, 2014 Dr Mathias Döpfner, Chairman & CEO You can access the webcast of Mathias Döpfner s speech on our website 2 Dec. 10, 2014 Keynote

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8 Financials Capital Markets Day Berlin, December 10, 2014 Dr Julian Deutz, CFO 2014: Digital transformation accelerated 1 Classifieds transaction transformational step for Axel Springer 2 Group financials reflect successful digitization 3 Active portfolio management 4 Continuous cost management and attractive financing further improved 2 Dec. 10, 2014 Financials

9 1 Major transformational steps for Axel Springer 1 Acquisition of classifieds stake from General Atlantic (GA) Full exposure to classifieds earnings potential 2 GA to become Axel Springer group investor Shows conviction in value creation potential of Axel Springer 3 Axel Springer plans to change legal form from SE to KGaA Enables mid- and long-term growth while securing influence of family holding 3 Dec. 10, 2014 Financials 1 Partnership with GA has increased the pace of acquisitions since 2012 April 2012 April 2012 today Total investment of ~ 800m since April Dec. 10, 2014 Financials

10 1 Significant margin expansion driven by organic growth and acquisitions Revenues (in m) EBITDA (in m) 16% 29% 40% 41% 40% 45% EBITDA margins CAGR: >55% % 357 CAGR: >100% % M/13 9M/ M/13 9M/14 Note: consolidated figures for Axel Springer Digital Classifieds 5 Dec. 10, 2014 Financials 1 Additional transparency shows high margins for jobs and real estate Jobs EBITDA share in m 9M/14 9M/13 yoy Revenues % 52% Real estate EBITDA share General/Other EBITDA share 6% 43% EBITDA % Margin 46.3% 39.5% 6.8pp in m 9M/14 9M/13 yoy Revenues % EBITDA % Margin 48.6% 45.6% 3.0pp in m 9M/14 9M/13 yoy Revenues >100% EBITDA >100% Margin 28.6% 14.5% 14.2pp 6 Dec. 10, 2014 Financials

11 1 GA to become Axel Springer group shareholder Today Axel Springer Post transaction Axel Springer Paid Models Marketing Models Classified Ad Models Paid Models GA share ~8.6% 1) Marketing Models Classified Ad Models GA share 30% 1) Based on Axel Springer share price as of December 5, 2014 and valuation of first 15% tranche. 7 Dec. 10, 2014 Financials 1 Deal structure 15% Cash payment ( 446m) Current GA stake in Axel Springer Digital Classifieds (ASDC) 30% December % Issuance of Axel Springer shares (Appraisal report IDW S1) Valuation of ASDC of 3.95bn (100%, cash/debt free) EV/EBITDA multiple x-15x Closed December 8, 2014 Call option for Axel Springer (AS) against shares in AS SE AGM to approve authorized capital Support of family holding secured 8 Dec. 10, 2014 Financials

12 1 Financial impact Full ownership of classifieds earnings going forward Transaction eps accretive Net debt 2014 envisaged at ~ 950m / leverage of ~1.9x 1) New legal form enables mid- and long-term growth 1) Based on Bloomberg consensus of 513.5m 9 Dec. 10, 2014 Financials 2 Revenue and EBITDA development reflects successful digitization Revenues Advertising Revenues EBITDA 48% 26% 30% 86% 78% 96% 52% 74% 70% 14% 22% 4% M/ M/ M/14 Other (incl. Services / Holding) Digital 9M/2014 figures on the basis of continuing operations only. 10 Dec. 10, 2014 Financials

13 2 Classified Ad Models with margin increase Axel Springer segment overview (in m) Paid Marketing Classified Services / Models Models Ad Models Holding in m 9M/14 yoy 9M/14 yoy 9M/14 yoy 9M/14 yoy Revenues 1, % % % % EBITDA % % % Margin 15.1% -1.6pp 13.6% -1.3pp 44.9% +4.7pp EBITDA ex. Restr./LC % % % Margin 18.2% -2.5pp 15.4% 0.0pp 44.9% +4.7pp 11 Dec. 10, 2014 Financials 2 Net income of 903m significantly up yoy due to print disposals Net income in m Continuing operations Net income Net income Adjusted net income 9M/13 9M/ eps 1.47 adjusted eps 12 Dec. 10, 2014 Financials

14 3 Major divestments in 2014 active portfolio management Sale of German regional newspapers, TV program guides and women s magazines to FUNKE Mediengruppe finalized 04/2014 Asset valuation of 920m Sale of Ringier Axel Springer Media AG s activities in Czech Republic finalized 04/2014 Asset valuation of 170m 11/2014: Integration of the Hungarian portfolio into Ringier Axel Springer Media AG Investment quadrupled: Attractive sale of iproperty for 74m results in profit of 55m in 07/ Dec. 10, 2014 Financials 4 Continuous cost management ensures efficiency Additional measures identified in 2014 Reduction of staff in printing plants faster than expected Restructuring of call center operations Concentration of IT operations teams in Berlin Merger of pre-press operations (BILD and WELT) Top down saving targets set for all central service units Implementation of Shared Services Center for HR functions Cost savings of > 120m envisaged until 2016 (compared to cost base 2011) 14 Dec. 10, 2014 Financials

15 4 Comfortable financial situation with headroom for investments and dividend Financial situation Future cash inflows > 550m Attractive financing further optimized Net financial debt 1) of ~ 950m and leverage of ~1.9x envisaged by year-end Strong free cash flow generation (2013: 246m) 241m vendor loan to FUNKE Media Group 62.5m of vendor loan to Madsack remaining 259m sale of stake in Do an TV New legal form enables further mid- and long-term growth Sufficient headroom for investments in digitization and high dividend (payout of 178m for 2013) 1) Excl. pension liabilities 15 Dec. 10, 2014 Financials

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17 3 Zimmer mit Haus im Grünen, Moderne Altbauwohnung, 75 m², gesucht! 2 gesucht! Ich, 43, wohnung, 75 m², gesucht! 2 Wohnung Mitbewohner Moderne Altbau- Wohnung Finesse, niedrige von privat! Keine Energiekosten Courtage! 030 Beste Lage! Zi.,Kü,Bad. Ab w, suche Mitbewohner, m, der mir Chiffre 0815 sofort! Beste Lage! Zi.,Kü,Bad. Ab dank Solaranlage, Chiffre 0815 sofort! ca 83m² Wfl., im Haushalt hilft Zimmer mit Moderne Altbauwohnung, 75 m², Haus im Grünen, Mitbewohner Finesse, niedrige 3 Zimmer mit 650 Miete + NK Finesse, niedrige Mitbewohner oder mietähnliche Energiekosten gesucht! Ich, 43, Beste Lage! von privat! Keine gesucht! Ich, 43, Energiekosten Kaufraten, Bezug dank Solaranlage, w, suche Mitbewohner, m, der mir Mitbewohner, m, ca 83m² Wfl., Chiffre 0815 Courtage! 030 w, suche dank Solaranlage, sofort ca 83m² Wfl., Miete + NK im Haushalt hilft der mir im 650 Miete + NK Mitbewohner Mitbewohner Wohnung oder mietähnliche Haushalt hilft oder mietähnliche Haus im Grünen, gesucht! Ich, 43, gesucht! Ich, 43, gesucht! 2 Kaufraten, Bezug Kaufraten, Bezug von privat! Keine w, suche Mitbewohner, m, der mir wohner, m, der mir von privat! Keine w, suche Mitbe- Haus im Grünen, Zi.,Kü,Bad. Ab sofort sofort Courtage! 030 sofort! im Haushalt hilft. im Haushalt hilft. Courtage! 030 Moderne Altbauwohnung, 75 m², gesucht! 2 gesucht! Ich, 43, Wohnung jetzt Mitbewohner 3 Zimmer mit Haus im Grünen, Haus im Grünen, Finesse, niedrige von privat! Keine von privat! Keine Moderne Altbauwohnung, 75 m², Beste Lage! Zi.,Kü,Bad. Ab w, suche Mitbewohner, m, der mir Energiekosten Courtage! 030 Courtage! 030 Chiffre 0815 sofort! dank Solaranlage, Beste Lage! im Haushalt hilft. Moderne Altbauwohnung, 75 m², 650 Miete + NK Moderne Altbau- ca 83m² Wfl., Chiffre Zimmer mit Mitbewohner Mitbewohner Finesse, niedrige gesucht! Ich, 43, gesucht! Ich, 43, Beste Lage! oder mietähnliche wohnung, 75 m², Energiekosten w, suche 3 Zimmer mit w, suche Chiffre 0815 Kaufraten, Bezug Beste Lage! dank Solaranlage, Mitbewohner, m, Finesse, niedrige Mitbewohner, m, sofort Chiffre 0815 ca 83m² Wfl., der mir im Energiekosten der mir im Mitbewohner 650 Miete + NK Haushalt hilft. dank Solaranlage, Haushalt hilft. gesucht! Ich, 43, Moderne Altbauwohnung, 75 m², Kaufraten, Bezug 650 Miete + NK von privat! Keine oder mietähnliche ca 83m² Wfl., Haus im Grünen, Wohnung Haus im Grünen, w, suche gesucht! 2 von privat! Keine Mitbewohner, m, Beste Lage! sofort oder mietähnliche Courtage! 030 Zi.,Kü,Bad. Ab Courtage! 030 der mir im Chiffre Kaufraten, Bezug sofort! Haushalt hilft sofort Introduction Classified Ad Models Capital Markets Day Berlin, December 10, 2014 Dr Andreas Wiele, President Marketing and Classified Ad Models Axel Springer s transformation to digital along core areas of expertise Paid Models Marketing Models Classified Ad Models 2 Dec. 10, 2014 Introduction Classified Ad Models

18 Classified Ad Models: the magic of the market place model Market places for life s biggest decisions with high emotional and financial impact Attractive business models Find the right job: Your financial basis Total spending of Germans in 2013: Strong positions for leading players Find your favorite home: Your emotional basis Find the car of your dreams 250bn 64bn High margins Sustainable business Enjoy your holidays 85bn International scalability Source: Statistisches Bundesamt, Deutsche Bundesbank 3 Dec. 10, 2014 Introduction Classified Ad Models Today Axel Springer is present in all these segments #2/ #3 real estate portal in Germany #1 online job board in Germany 2010 #1 car specialist portal in India 2011 #1 real estate specialist in France 2012 #1 regional portal in Germany G #1 generalist online job board in UK #1 real estate specialist in Belgium #1 job board for hotel & catering in DACH #1 job boards in 13 countries #1 classifieds portal in Israel #1 generalist job board in UK together with Totaljobs G 9 acquisitions in the last 2.5 years Total investment ~850m #1 car specialist in France #1 vacation rental portals in Germany, Belgium, the Netherlands 1) 1) The completion of the transaction is subject to the approval of the relevant antitrust authorities 4 Dec. 10, 2014 Introduction Classified Ad Models

19 We have a clear strategy of organic growth and growth by acquisition 1 We focus on the biggest markets: Jobs, real estate, cars and travel 2 We focus on assets with leading positions 3 We focus on the best consumer experience 4 We strive to be the most effective and efficient marketing-tool for our professional clients 5 We are paranoid: How can we disrupt our own business model? 5 Dec. 10, 2014 Introduction Classified Ad Models Classified Ad Models: an impressive growth story Revenue (in m) EBITDA (in m) 16% 29% 40% 41% 40% 45% EBITDA margins CAGR: >55% % 357 CAGR: >100% % M/13 9M/ M/13 9M/14 Note: consolidated figures for Axel Springer Digital Classifieds 6 Dec. 10, 2014 Introduction Classified Ad Models

20 realized through strong organic growth and growth by acquisition EBITDA increase: organic / by acquisition 50% 50% EBITDA organic EBITDA through acquisition (year of acquisition / full year effect) ) 1) First nine months 2014 extrapolated. Note: schematic illustration; excl. allocation of holding costs 7 Dec. 10, 2014 Introduction Classified Ad Models Yad2 and LaCentrale leaders in highly attractive digital markets #1 generalist classifieds portal in Israel #1 specialist car classifieds portal in France Listings Nov 14, (k) Visits Oct 14 1), (m) Listings Oct 14, (k) Visits Oct 14 1), (m) x3.1 x10.4 x1.5 x ) 1) Without mobile traffic; 2) Management estimates for visits on listings, total visits include 1.1 visits on content Source: Mediametrie/Nielsen, similarweb, internal controlling 8 Dec. 10, 2014 Introduction Classified Ad Models

21 @Leisure anchor-investment in the promising travel segment Attractive business with two complementary activities Attractive market with two main growth drivers 1. Potential professionalization of the market Holiday homes Europe (in m) Business model Number of objects Focus on exclusive intermediation of holiday rentals Aggregation of holiday rentals ~20,000 ~500,000 Commission 25-35% ~10% Not for holiday rent 10.0 (42%) Not actively marketed 8.1 (34%) 1.9 (8%) 4.0 (17%) Marketed professionally Marketed by owner 2. Offline to Online Shift Online booking revenue holiday homes Europe (in bn) Position #1 in #1 in ~6 +18% p.a. ~9 Note: The completion of the transaction is subject to the approval of the relevant antitrust authorities E 9 Dec. 10, 2014 Introduction Classified Ad Models Strategic priorities Expand on and further monetize leading positions 2 Continue growth by acquisition in all segments 3 Grow presence in travel segment 10 Dec. 10, 2014 Introduction Classified Ad Models

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23 StepStone A Continuous Success Story Ralf Baumann CEO StepStone 10 th December Agenda Company Update Market Dynamics Update on Recent Acquisitions Company Outlook 2

24 StepStone: A Continuous Success Story A portfolio of leading brands 3 20 countries 95%+ of revenue from #1 positions 1,500 employees 60,000 customers 500,000 Listings p.m. 44,000,000 Visits p.m. Source: Internal measurement StepStone countries & brands Germany UK Belgium Ireland South Africa Austria France Northern Ireland Luxembourg Central America Caribbean Mauritius StepStone: A Continuous Success Story Long-term growth above most market peers esourcing Companies: Revenue Growth (in local/reported currency) Revenue CAGR % 30% 25% 20% 15% 10% 5% 0% -5% -10% 0 Xing (DE) Viadeo (FR) Jobstreet (MY) Naukri.com (IN) Brasil Online (BR) OCC (MX) Zhaopin Online (CN) DICE JobsDB (HK) Jobindex (DK) Seek (AU) Europe Int l APAC US+Americas 50 51Job (CN) 100 StepStone Monster Worldwide 400 LinkedIn 450 Revenue Index (average revenue 2013 in = 100) 4 Note: Xing, Viadeo and LinkedIn incl. recruitment solutions only, Seek (AU) includes Seek Domestic (i.e. esourcing in Australia); Xing ; JobsDB , Zhaopin, Brasil Online, OCC Source: Company reports

25 StepStone: A Continuous Success Story StepStone has always offered a complete esourcing product suite Listings Low total cost per hire for recruiter Candidate needs to find and convince the company Highly effective for large majority of vacancies Employer Branding Targeted employer branding products to shape the employer brand among our users Direct Search High total cost per hire for recruiter Company needs to find and convince the candidate Effective on highly specific positions Highly scalable 1 to many communication Difficult to scale Targeted communication Difficult to scale 1 to 1 communication 5 StepStone: A Continuous Success Story Continued growth above most market peers esourcing Companies: Revenue Growth 2013-H1/2014-H1 (in local/reported currency) Revenue Growth 2013/2014 H1 70% 60% 50% 40% 30% 20% 10% 0% -10% 0 Jobindex (DK) OCC (MX) Xing (DE) Jobstreet (MY) Zhaopin Online (CN) Naukri.com (IN) JobsDB (HK) Brasil Online (BR) 50 DICE 51Job (CN) Seek (AU) 100 Europe Int l StepStone Monster Worldwide 400 APAC US+Americas LinkedIn Revenue Index (average revenue 2013 in = 100) Note: Xing and LinkedIn include recruitment solutions only (i.e. excl. subscriptions and general advertising ), Seek (AU) includes Seek Domestic revenues (i.e. esourcing in Australia) Source: Company reports

26 StepStone: A Continuous Success Story Recap 2014: A continued success story Double digit revenue growth across almost all geographies Continued candidate delivery investments strengthen positions Sales reorganisation and staff scale-up accelerate Totaljobs Group growth Successful integration of Saongroup and YOURCAREERGROUP without interrupting local operations Significantly optimised portfolio Acquisition of Jobsite strengthens #1 position in UK Desinvestment of Sweden and Denmark Strengthened tech capabilities Acquisition of new capabilities through investment in Swan More than 25% of all employees work in product development 7 StepStone: A Continuous Success Story StepStone is standing out among similar jobboards Applications per Job Ad in Germany Competitor 7.1 x x x 3.2 Competitor 6.7 x x x 3.5 Competitor 3.0 x x x 3.6 Competitor 1.8 x x x 5.1 Source: TNS Infratest 8

27 StepStone: A Continuous Success Story Candidate suppliers may shift but the ratio between direct search and Listings does not change fundamentally Germany Listings have always accounted for ca. 95% of the German esourcing No shift from Listings to Direct Search observable Leader StepStone grows through Euro-crisis while competitors lose share U.S. Direct search has always accounted for ca. 35% of the US esourcing No shift from Listings to Direct search observable LinkedIn is increasingly targeting listings, e.g. announcement to crawl listings Revenue key players Revenue key players CAGR +7% CAGR +9% CAGR +7% CAGR+3% StepStone Monster LinkedIn Monster H2e (LTM) H2 (LTM) 9 Note: LinkedIn revenue includes recruitment solutions revenue only, 2007 revenue includes global revenue, Monster.de extrapolated to 2014-H2 assuming Monster International / West Europe growth rates Source: Company reports, StepStone management estimates StepStone: A Continuous Success Story Listings remain the preferred route to hire in our geographies; external direct search is declining Jobboard revenue vs. number of direct search assignments (Index, 2007 = 100) Germany UK 500 Direct search assignments 500 Direct search assignments 450 Revenue StepStone.de 450 Online Recruitment Classifieds Revenue % ca. 50,000 hires placed 150 through external head hunters -21% 100-9% Source: AESC; BDU; WARC % %

28 StepStone: A Continuous Success Story Jobboards are more relevant than ever Details Adecco Key Financials ( M, 2013) Revenue: 19,503 EBITDA: 821 Adecco and Manpower complain to the competition authorities after price increases by Jobcloud (Switzerlands leading jobboard) %of revenue Market position Market share UK 10% 1 6% DE 8% 2 9% CH 2% 1 14% Source: Adecco annual report StepStone: A Continuous Success Story Totaljobs Group with improved performance two years after acquisition Continued investment in TJG s candidate delivery (website conversion and online traffic) Optimisation of sales structure and organisation Totaljobs Group EBITDA before and after StepStone ownership +155% TJG ecommerce best practices leveraged on StepStone.de Acquisition of Jobsite provides better coverage for StepStone going forward 2011 Sales Profitability growth growth 2014f 12

29 StepStone: A Continuous Success Story Strengthened position in the UK through the acquisition of Jobsite Add-on acquisition (100%) to complement #1 UK job portal Totaljobs Jobsite Brands / Websites Leading cross-sector jobboard Jobsite Sector specific jobboards for the health care industry (emedcareers) and the finance industry (cityjobs) Founded in 1995, ~170 employees Headquarter in Havant, UK Company valuation of 112m (cash/debt free) Signed in May 2014, closed end of October StepStone: A Continuous Success Story Outlook 2015: A continuing success story Continuation of revenue growth across all geographies Leverage strengthened positions in UK and DE Further performance improvement in all companies through leveraging best practices (e.g. Ireland) Further invest in candidate delivery and product enhancements Further invest in technological capabilities including feasible early-stage investments 14

30 esourcing MythBuster 15 Myth #1 Passive = Good Active = Bad 16

31 Myth #1 Passive = Good Active = Bad Inactive? exploits Opportunities? 17 Myth #1 Passive = Good Active = Bad Inactive? Inact Passive = Good Active = Bad ex Opportu exploits Opportunities? Background/considerations: Active candidates are not necessarily low performers: Reasons to change a job include relocation due to change job of partner, desire to speed-up career development, pay rise, culture issues in a company, redundancy / restructuring programmes, etc. Passive candidates are not necessarily high performers Not every employee who has been with one company for 15+ years is a high performer Real world: Most companies will source from several sources and adapt the sourcing mix according to the specific position/vacancy Fill a vacancy in the fastest way and at the lowest cost Hire the best matching candidate against a specific profile 18

32 Myth #2 Direct Search will be the preferred route to hire 19 Myth #2 Direct Search will be the preferred route to hire The relative importance of direct search is declining # employed individuals 13 vs. 07 # positions searched by external head hunters 13 vs. 07 6% 2% 1% -21% -13% -28% Germany United Kingdom France Source: AESC, Eurostat 20

33 Myth #2 Direct Search will be the preferred route to hire The relative importance of direct search is declining Background/considerations: Direct search cannot fill all vacancies in a local economy For example, in Germany only 50,000 positions are filled through external head hunters p.a. a tiny fraction of millions of vacancies that need to be filled every year Real world: Direct search is the most costly way to hire and used for very hard to fill positions or hidden search only # employed individuals 13 vs. 07 # positions searched by external head hunters 13 vs. 07 6% 2% 1% -21% -13% -28% Germany United Kingdom France Source: AESC, Eurostat 21 Myth #3 esourcing markets are highly cyclical and hence investments in esourcing bear high risks 22

34 Myth #3 esourcing markets are highly cyclical and investments in esourcing bear high risks StepStone sales have grown in every year except for Myth #3 esourcing markets are highly cyclical and hence investments in esourcing bear high risks Background/considerations: Almost all industries / markets are cyclical Cyclicality has accelerated StepStone s growth in the past by driving Consolidation, i.e. weaker players exit Structural shift from print to online Consolidation and structural shifts in other industries StepStone sales have grown in every year except for 2009 Real world: Competitive esourcing companies grow and so is StepStone (always growing, except 2009)

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36 Reinforced fundamentals for lasting leadership Roland Tripard, CEO Capital Markets Day Berlin, December 10 th, 2014 If I were an analyst 2 Are market conditions effectively improving? Does stronger competition slow down SeLoger s growth? Is the «specialist» the right position for long-term leadership?

37 Market rebound froze by the end of Q August 2014: 732 k Source : Commissariat Général au Développement Durable + INSEE Turning down transactions volumes for Resale market (in units sold) New developments (in units sold) New homes (in units sold) Total residential market (in units sold) Source : Commissariat Général au Développement Durable

38 If I were an analyst 5 Are market conditions effectively improving? YES NOT YET NO Does stronger competition slow down SeLoger s growth? Is the «specialist» the right position for long-term leadership? Traffic, leads & users database keep growing fast All below graphs and figures are for seloger.com only (excluding all verticals: selogerneuf, bellesdemeures, agorabiz, webimm ) 6 Opening YTD % yoy Source : Omniture Unit: 000

39 Paving the way for ARPU growth 7 Note: PA ARPU figures include Seloger.com only MEDIA includes SeLoger and verticals. If I were an analyst 8 Are market conditions effectively improving? YES NOT YET NO Does stronger competition slow down SeLoger s growth? NO NOT YET YES Is the «specialist» the right position for long-term leadership?

40 A specialist for better services to purchasers New information portal Improved search Efficient listings 9 Upgraded cross-device integration and better services to sellers 10 SeLoger & key partners federating the industry around a comprehensive and unmatchable barometer for market prices

41 A specialist for better services to the agents 11 Contacts sent to agents are now enhanced with many more «big data» value add services And agents can get automatically for each listing : price competitiveness and performance and better services to their managers 12 Manager can overview its activity and compare it to local market And it is now possible to send listings on-demand to potential buyers by

42 If I were an analyst 13 Are market conditions effectively improving? YES NOT YET NO Does stronger competition slow down SeLoger s growth? NO NOT YET YES Is the «specialist» the right position for long-term leadership? YES NOT YET NO

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44 3 Zimmer mit Haus im Grünen, Moderne Altbauwohnung, 75 m², gesucht! 2 gesucht! Ich, 43, wohnung, 75 m², gesucht! 2 Wohnung Mitbewohner Moderne Altbau- Wohnung Finesse, niedrige von privat! Keine Energiekosten Courtage! 030 Beste Lage! Zi.,Kü,Bad. Ab w, suche Mitbewohner, m, der mir Chiffre 0815 sofort! Beste Lage! Zi.,Kü,Bad. Ab dank Solaranlage, Chiffre 0815 sofort! ca 83m² Wfl., im Haushalt hilft Zimmer mit Moderne Altbauwohnung, 75 m², Haus im Grünen, Mitbewohner Finesse, niedrige 3 Zimmer mit 650 Miete + NK Finesse, niedrige Mitbewohner oder mietähnliche Energiekosten gesucht! Ich, 43, Beste Lage! von privat! Keine gesucht! Ich, 43, Energiekosten Kaufraten, Bezug dank Solaranlage, w, suche Mitbewohner, m, der mir Mitbewohner, m, ca 83m² Wfl., Chiffre 0815 Courtage! 030 w, suche dank Solaranlage, sofort ca 83m² Wfl., Miete + NK im Haushalt hilft der mir im 650 Miete + NK Mitbewohner Mitbewohner Wohnung oder mietähnliche Haushalt hilft oder mietähnliche Haus im Grünen, gesucht! Ich, 43, gesucht! Ich, 43, gesucht! 2 Kaufraten, Bezug Kaufraten, Bezug von privat! Keine w, suche Mitbewohner, m, der mir wohner, m, der mir von privat! Keine w, suche Mitbe- Haus im Grünen, Zi.,Kü,Bad. Ab sofort sofort Courtage! 030 sofort! im Haushalt hilft. im Haushalt hilft. Courtage! 030 Moderne Altbauwohnung, 75 m², gesucht! 2 gesucht! Ich, 43, Wohnung jetzt Mitbewohner 3 Zimmer mit Haus im Grünen, Haus im Grünen, Finesse, niedrige von privat! Keine von privat! Keine Moderne Altbauwohnung, 75 m², Beste Lage! Zi.,Kü,Bad. Ab w, suche Mitbewohner, m, der mir Energiekosten Courtage! 030 Courtage! 030 Chiffre 0815 sofort! dank Solaranlage, Beste Lage! im Haushalt hilft. Moderne Altbauwohnung, 75 m², 650 Miete + NK Moderne Altbau- ca 83m² Wfl., Chiffre Zimmer mit Mitbewohner Mitbewohner Finesse, niedrige gesucht! Ich, 43, gesucht! Ich, 43, Beste Lage! oder mietähnliche wohnung, 75 m², Energiekosten w, suche 3 Zimmer mit w, suche Chiffre 0815 Kaufraten, Bezug Beste Lage! dank Solaranlage, Mitbewohner, m, Finesse, niedrige Mitbewohner, m, sofort Chiffre 0815 ca 83m² Wfl., der mir im Energiekosten der mir im Mitbewohner 650 Miete + NK Haushalt hilft. dank Solaranlage, Haushalt hilft. gesucht! Ich, 43, Moderne Altbauwohnung, 75 m², Kaufraten, Bezug 650 Miete + NK von privat! Keine oder mietähnliche ca 83m² Wfl., Haus im Grünen, Wohnung Haus im Grünen, w, suche gesucht! 2 von privat! Keine Mitbewohner, m, Beste Lage! sofort oder mietähnliche Courtage! 030 Zi.,Kü,Bad. Ab Courtage! 030 der mir im Chiffre Kaufraten, Bezug sofort! Haushalt hilft sofort Introduction Marketing Models Capital Markets Day Berlin, December 10, 2014 Dr Andreas Wiele, President Marketing and Classified Ad Models Axel Springer s transformation to digital along core areas of expertise Paid Models Marketing Models Classified Ad Models 2 Dec. 10, 2014 Introduction Marketing Models

45 Marketing Axel Springer Revenue (in m) EBITDA (in m) 16% 16% 15% 14% 15% 14% EBITDA margins 471 CAGR: 15% % CAGR: 12% % M/13 9M/ M/13 9M/14 3 Dec. 10, 2014 Introduction Marketing Models The addressable market for a print publisher like Axel Springer was limited Addressable advertising market as print publisher Print TV Radio/ Sponsoring/ Others Below the line Promotion Mailings Telemarketing Brand awareness Action Advertising objective 4 Dec. 10, 2014 Introduction Marketing Models

46 With the digitization the addressable market increases Gross ad spending 2013, Germany Addressable advertising market as digital publisher ~ 9 bn EUR ~ 12 bn EUR ~ 8 bn EUR ~ 8 bn EUR ~ 4 bn EUR Print TV Radio/ Sponsoring/ Others Below the line Promotion Mailings Telemarketing Online (excl. search; incl. affiliate) Brand awareness Advertising objective Action Brand awareness & Action Source: Nielsen Media Research, Dialog Marketing Monitor, Zentralverband der deutschen Werbewirtschaft, PWC Media Outlook Source: Nielsen Media Research 5 Dec. 10, 2014 Introduction Marketing Models Today the whole value-chain is covered by our assets Advertising objective Awareness Interest Desire Action Cost per view Cost per click Cost per order 6 Dec. 10, 2014 Introduction Marketing Models

47 Our assets are at different stages of organic growth Product lifecycle stages Strong growth Growth Maturity 7 Dec. 10, 2014 Introduction Marketing Models that we meet with individual strategic measures for further growth Product lifecycle stages Strong growth Growth Maturity Work on leading position Organic internationalization Optimize the business Add-on acquisitions Product investment Improve technical scalability Invest in new growth 8 Dec. 10, 2014 Introduction Marketing Models

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49 finanzen.net From startup to Germany s largest finance portal Jens Ohr & Peter Schille Founders and Managing Directors How we started in 1999 (Local newspaper article 1999) 2

50 The first year 2000: Dotcom Bubble Burst 2000: Axel Springer takes stake in Smarthouse 1999: Founding of Smarthouse GmbH Early 1999 Mid 2000 Late The last 15 years 2013: Launch finanz.ru 2012: Launch finanzen.ch Visits finanzen.net in m 2000: Dotcom Bubble Burst 2000: Axel Springer takes stake in Smarthouse 1999: Founding of Smarthouse GmbH 2008: More than 250 websites for B2B customers More than 100 employees 2010: finanzen.net market leader Germany 2013: Launch finanzen.at 2014: Clear leading position in DACH-region and 40 employees 2001: ABN Amro becomes first B2B customer 2010: Spin-off finanzen.net with 12 employees

51 What is finanzen.net Largest finance portal in DE, CH, AT 2.5m monthly unique users Information for 1.3m stocks, funds, ETFs, bonds, and other products 100 stock exchanges from 50 countries 5 Why our business model works Our users Our advertising customers are above-average wealthy want to invest money used to be directed by advisors and are now mostly self-directed are a high concentration of a desirable user base which is attractive for high-class advertising customers 6

52 Continuous growth Traffic growth* Revenue and EBITDA growth** * Monthly IVW Visits on a quarterly base ** since 2010 (spin-off from Smarthouse) 7 International expansion Online? Target??? 8

53 Being a startup within Axel Springer - looking back 15 years 9

54 8

55 MARK WALTERS - CEO AFFILIATE MARKET EVOLUTION The affiliate marketing sector is still highly competitive Greater client service, guidance and strategic insights More clients looking to expand their trade cross-territory Maturing client base requires more sophisticated tools Emerging markets want to future proof their investment With an uncompromising request for what is market leading Proven UK model merged with zanox market reach One global platform, operation and outlook with local specialist resource 2

56 AFFILIATE PROGRAMME EVOLUTION 3 INCENTIVISED TRAFFIC PERSONALISATION CONTENT LONG-TAIL MULTI- CROSS- CHANNEL GEO-TARGETING OMNI-CHANNEL MOBILE INTERNATIONLISATION PAYMENT MODELS ATTRIBUTION CHANNEL4

57 THE NEW DATA BATTLEGROUNDS GLOBAL INTELLIGENT COMMISSIONS MOBILE DATA MOBILE CUSTOMER QUALITY MULTI BUSINESS INFLUENCE CHANNEL INTELLIGENCE PERSONALISATION INCREMENTAL 5 WHO OWNS THE DATA? NETWORK PUBLISHER ADVERTISER 6

58 THIRD PARTY INTERFACES THE RANGE OF DATA THAT CAN BE USED 7 THE FUTURE CUSTOMER AGE: 28 EMPLOYED IN RELATIONSHIP LIVES NORTH LONDON TRAVELS ON BUSINESS LOVES INTL CITY BREAKS SHOPS FOR GOOD DEALS LIKES BOUTIQUE HOTELS BUSINESS TRIPS ARE TO FRANCE 8

59 9 AFFILIATES DRIVE GLOBAL EXPANSION UK ONLINE SALES FROM INTL MARKETS TO REACH bn bn BY2020 TO MAKE UP 40% OF TOTAL UK ONLINE SALES 28bn 10

60 OF PUBLISHER SALES IN SEPTEMBER ONLY HAD ONE PUBLISHER INTERACTION HOW DO WE REWARD THE REMAINING 17%? 11 1 DAISY CHAIN 2 POST-IMPRESSION TESTS 3 4 ASSIST REPORTING PHASE 1 ASSIST REPORTING PHASE 2 12

61 A VIEW OF ASSISTS CONVERTED CONVERTED ASSISTS - FIRST ASSISTS - BUT ASSISTS OTHER TOTAL SOLO SALES NON SOLO NOT LAST CLICK NOT LAST CLICK CHANNELS INFLUENCE MOBILE MARCHES ON 35% The growth of tablet and smartphone sales 30% 25% 20% 15% 10% 5% 0% JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

62 15 Publisher A 28/09/ Products 02/10/ /10/2014 Publisher B Publisher B

63 9

64 Creating a global category in ROPO Christian Gaiser, Founder & CEO Axel Springer Capital Markets Day Successful international rollout based on Proven International Playbook International playbook forms the foundation for success in every country Company founded in late 2008 in Berlin, Germany In 9 countries with strong local brands 7x strong local brands, 450mln visits, 310 employees Run by the founders, backed by Axel-Springer December 2014 Page 2

65 Our ROPO model: Drive to store Discover the best deals Set Alerts for Favorites Browse through a rich experience Find your way to the store Simple & Scalable Business Model: CPE = Cost Per Engagement December 2014 Page 3 Creating a leading position in the US As newspaper circulation declines and mobile penetration increases, additional mobile distribution points are a necessity. Launched during Holiday 2013 with 20x retail partners Strong team with background in retail & media sales Over 130 Active Retail Partners and Growing Near 3 Million Year to Date Users Over 20 Thousand Reviewers Ranked App 4+ out of 5 #1 in Leading App Stores and Earned Featured Positions December 2014 Page 4

66 US consumers show strong appetite for our product December 2014 Page 5 Closing the loop: Our model works National Mass Merchant Preliminary Placed Results Connects Mobile to Store Over 24% of people exposed to the client s circular in the Retale app visited a physical store in the subsequent 14 days Represented a lift in store visits of almost 65% when compared to those who did not view client s circular on Retale Attribution Placed Attribution Quantify the impact of mobile ads on in-store visits. Expand measurement beyond the screen to know the true value of your mobile advertising. December 2014 Page 6

67 10

68 Fany Pechiodat, Founder and CEO, My Little Paris 10/12/2014, Berlin SUCCESSFULLY MONETIZING A COMMITTED AUDIENCE 1 A NEW GENERATION OF NEWSLETTERS 2

69 A BREAK WITH USUAL NEWSLETTER S FEATURES short format February st newsletter sent to 50 friends Key success factors - Short format - Hand-made illustrations - Very personal tone - Viralizing ideas biting tone hand-made illustrations 3 A COMMUNITY OF WOMEN acquired through word of mouth exclusively Jan subscribers Feb 2008 First sent to 50 friends 4

70 MY LITTLE PARIS IS A LAUNCH PAD FOR NEW BUSINESS 5 WE NEED MORE THAN CAMPAIGNS, WE NEED STORIES 6

71 A REINVENTION OF ADVERTISING 7 A REINVENTION OF ADVERTISING 8

72 A REINVENTION OF ADVERTISING 9 FROM BOX to physical Box 10

73 FROM BOX to physical Box subscribers A lifestyle & beauty box, full of surprises, goodies and inspiring ideas Price : EUR/month Unlimited subscription model One box each month 11 FROM BOX to physical Box 12

74 MY LITTLE APP Downloads Concept : a daily dose of fun on your mobile downloads acquired by organic growth after 1 year 13 THANK YOU!

75 11

76 BILD and WELT: Two successful Paid Content Strategies Capital Markets Day Berlin, December 10, 2014 Donata Hopfen, Publishing Director BILD Group Paid content is key to Axel Springer s strategy Start of a joint project approach for paid content for Axel Springer brands in 2011/2012 Development of one central paid content engine Overall more than 300 thousand subscribers today 2 Dec. 10, 2014 BILD and WELT: Two successful Paid Content Strategies

77 3 Dec. 10, 2014 BILD: Paid Content Strategy BILD has a clearly defined brand vision BILD is Germany s key medium. BILD gives its readers both what moves them and what provokes them. Always and everywhere. 4 Dec. 10, 2014 BILD: Paid Content Strategy

78 Founded in 1952 BILD today is larger and more versatile than ever all under one brand Dec. 10, 2014 BILD: Paid Content Strategy BILD is leading in news across all channels in Germany #1 Newspaper #1 Digital (Online, Mobile, Apps) Sunday newspaper #1 Total reach: million* *this matches a reach of 54.2%: the BILD brand reaches more than half of the German speaking population (14 years and older) at least once a month Source: MA Presse 2014-II, AGOF digitalfacts 2014-Prototyp; total reach according to Crossmedia-brand reach, best for planning I, German-speaking population 14 years+ 6 Dec. 10, 2014 BILD: Paid Content Strategy

79 Strategic investment in video segment leads to growth in video views and improved ad sales Jan-Oct 2014: 227 million video views Bundesliga bei BILD YouTube Channel Source: ComScore BILD.de (only Online) Jan Oct Dec. 10, 2014 BILD: Paid Content Strategy Social media with growing importance for BILD.de Traffic Facebook referrals to BILD.de Traffic sources of BILD.de 20 10% % 8% 7% 6% 5% 4% 3% 2% 1% 9% 2% 17% 72% 0 Oct. 12 Jan. 13 Apr. 13 Juli 13 Oct. 14 Jan. 14 Apr. 14 Juli 14 Oct. 14 0% BILD.de Facebook Visits in million % of traffic to BILD.de through Facebook referrals SEO Traffic other referrals BILD.de direct traffic Traffic from Facebook referrals Source: Internal Tracking; Traffic sources Nov Dec. 10, 2014 BILD: Paid Content Strategy

80 Introduction of BILDplus and Paid Content is the change driver for the organization Driver of Change New structure Multi-platform workflow (content-driven) Editor in Chief 24/7 News In charge of Online In charge of Print 9 Dec. 10, 2014 BILD: Paid Content Strategy BILDplus is constantly growing No. of subscribers Oct June 2013 Launch BILDplus Source: until May 2014 BILD Controlling, since Mai 2014 IVW Paid Content 10 Dec. 10, 2014 BILD: Paid Content Strategy

81 Unique user growth since introduction of BILDplus Unique User in million 12.3 Introduction of BILDplus Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Source: AGOF (until 06/2013 years 14+; since 07/2013 years 10+) Dec. 10, 2014 BILD: Paid Content Strategy One paying subscriber generates ten times more revenues than one advertising-based user ARPU Subscription Sales excl. ad sales ARPU Ad Sales 10 x BILD.de free Sources: AGOF, BILDplus IVW, calculation: ARPU BILDplus is recent BILDplus CLV in comparison ARPU ad sales 12 Dec. 10, 2014 BILD: Paid Content Strategy

82 Subscriptions are generated in all departments 7% 6% 15% 29% 5% 9% 17% 13% Money Politics Regional Entertainment Source: internal tracking Web / Wap News Service Sport Automotive, Digital, Lifestyle, Travel, Games 13 Dec. 10, 2014 BILD: Paid Content Strategy New distribution channels are constantly created to support BILDplus 14 Dec. 10, 2014 BILD: Paid Content Strategy

83 Real time monitoring and conversion optimization facilitates immediate and constant improvement Live Analytics Live Heatmap Live Conversions 15 Dec. 10, 2014 BILD: Paid Content Strategy Constant improvement and innovation makes BILDplus successful First Offerpage Today s Offerpage 16 Dec. 10, 2014 BILD: Paid Content Strategy

84 In February 2014 Axel Springer hosted the International Paid Content Summit Participants: 17 Dec. 10, 2014 BILD: Paid Content Strategy Goals for Complete integration of BILD Group 2 Further establish paid content as 2 nd revenue stream 3 Continued focus on video 4 Mobile and cross device marketing 5 Social Media 18 Dec. 10, 2014 BILD: Paid Content Strategy

85 WeltN24: Paid Content Strategy Capital Markets Day Berlin, December 10, 2014 Dr Stephanie Caspar, Managing Director WeltN24 Group DIE WELT launched its Paid Content initiative in December 2012 Launch of mobile portal of WELT ONLINE Launch of iphone application First issue of WELT on ipad Launch of paid content model Acquisition of N24 Group First major German newspaper on the internet Introduction of paid content model on regional portals Launch Android app first national daily newspaper on all relevant platforms Launch KOMPAKT app 2 Dec. 10, 2014 WeltN24: Paid Content Strategy

86 based on a metered model, allowing users to read the first articles for free Following the models of The New York Times and The Telegraph Each user can read 20 articles for free each month Introduction of soft paywall to increase user friendliness Users buy subscription to continue reading 3 Dec. 10, 2014 WeltN24: Paid Content Strategy 60,000 Our number of subscribers is constantly growing German Soccer League option 2 months trial ipad mini campaigns World Cup prize draw 0 trial Vacation campaign 0 trial & + prize draw Christmas bundle 99c trial & + prize draw ipad mini promotion Other highlights of Q3/14 Summer promotion 3 for 1 trial 99c trial Miles & More offer Audio feature NH voucher promotion Sep 12 Oct 14 Source: Webtrekk Note: Number of subscribers, excluding print subscribers parallely using their digital access 4 Dec. 10, 2014 WeltN24: Paid Content Strategy

87 as well as our reach with more than 30% CAGR Visits (in m) 60 Oct M Jan M Oct M May 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Start Paid Content initiative Jan 14 Oct 14 Source: IVW Visits total 5 Dec. 10, 2014 WeltN24: Paid Content Strategy Significance of social media traffic is increasing Direct visitors are our largest traffic source Social media referrals grow in importance Other 8% % 6% % 27% 59% % 3% 6% 2% 1% Source: Webtrekk Visits November 2014 Jan 13 Jan 14 Nov 14 0% % of traffic through social media referrals Social media visits 6 Dec. 10, 2014 WeltN24: Paid Content Strategy

88 Our growth has been driven by quality digital journalism across all media channels Leverage N24 video capabilities With N24, we tripled our video reach Broaden digital portfolio Additional offerings on mobile devices, video and in social space Program for Excellence Improved products along 4 dimensions: Content Look & feel Functionality Technology Launch of pay model Metered model allows for flexible management of reach 7 Dec. 10, 2014 WeltN24: Paid Content Strategy Both WELT and N24 video platforms with excellent performances Video views welt.de Video views n24.de Monthly views (in m) 7 Monthly views (in m) 7 Nov m 5 Nov m 5 Jan m Jan m Jan 13 Jan 14 acquisition Nov 14 Jan 13 Jan 14 Nov 14 Source: Webtrekk Monthly Video Views 8 Dec. 10, 2014 WeltN24: Paid Content Strategy

89 WELT Paid Content initiative has been successfully established >56,000 subscribers (IVW Paid Content October 2014) 3 of 4 users stay after their trial month Highest cross-media reach in quality newspapers with >6 million users 1 Growing advertising revenues compared to previous year 1. Cross-media reach includes DIE WELT, WELT am SONNTAG, WELT Online and mobile enabled websites, excluding apps Sources: IVW Paid Content; b4p 2014-I 9 Dec. 10, 2014 WeltN24: Paid Content Strategy We want to further grow our subscriber base by offering clear and simple packages DIGITAL Basic st month 4.49 per month DIGITAL Complete st month per month DIGITAL Plus st month per month 10 Dec. 10, 2014 WeltN24: Paid Content Strategy

90 Our distribution is backed by strong online marketing measures and B2B cooperations 11 Dec. 10, 2014 WeltN24: Paid Content Strategy and supported by innovative customer relationship management Exclusive events, journalistic content and services as well as special offers for all WELT subscribers Highlights include WELT Tour with visit of newsroom, Journalistenclub and printing facilities Sunday brunch with WELT Editor-in-chief, publisher and well-known journalists Loyalty offer with digital subscription and ipad minis for long-term print subscribers Targeted regional events, e.g. tickets for Leipzig Book Fair, Literary Festival Meißen And there is more to come: movie previews, concert live streams, wine tastings 12 Dec. 10, 2014 WeltN24: Paid Content Strategy

91 And there will be much more when we come together in our new company in 2015 One multimedia company for quality journalism One editorial team Joint product and software development Innovative journalism across all channels, leveraging our multimedia presence 13 Dec. 10, 2014 WeltN24: Paid Content Strategy Major initiatives going forward to ensure our editorial and economic success Digital will be core of the company mobile and video with strong (advertising) growth for both WELT and N24. Synergies in editorial, product and software development Further optimization of Paid Content Model: Sustained growth and less costs Continue to strengthen our #1 position in German Newspaper market among key decision makers and regarding cross-media reach Defend our #1 position in German news TV 14 Dec. 10, 2014 WeltN24: Paid Content Strategy

Commerzbank German Investment Seminar 2015 New York, January 13-14, 2015. Dr Julian Deutz, CFO Claudia Thomé, Co-Head of Investor Relations

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