MEDIA & ENTERTAINMENT

1/81 MEDIA & ENTERTAINMENT A Research Publication by DZ BANK AG Live Entertainment Industry is gaining importance EQUITIES Sector Study 3 Mar 2015 TABLE OF CONTENTS INVESTMENT CASE 2 THE VALUE DRIVERS IN THE LIVE ENTERTAINMENT SECTOR 4 CTS EVENTIM 3)4)5)6) 26 DEAG ENTERTAINMENT 6) 51 IMPRINT 77 Author: Harald Heider, ANALYST

DZ BANK RESEARCH 2/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 INVESTMENT CASE The two companies CTS Eventim and DEAG Deutsche Entertainment focus their business activities on the development, arrangement and operation as well as marketing of live entertainment music events with the regional focus on Germany and Europe outside Germany. They are among the market-leading companies in the live entertainment sector in their respective regional markets. CTS Eventim is also the European market leader in ticket sales for music, cultural and sporting events. DEAG covers this complementary business area within the scope of a cooperation agreement with Ticketmaster and recently began to establish its own ticketing platform. CTS and DEAG are leading in the live entertainment sector Consumer demand is determined very strongly by the attractiveness of the live events offered artistically and in terms of popularity. The more attractive an event is, the more willing consumers are to allocate part of their financial consumption budget to buying entrance tickets. From the macro-economic point of view, total consumer spending on leisure, entertainment and culture grew only slightly by 1.31% in the period from 2008 to 2013. Furthermore, the product and service offers of both companies basically compete with a number of leisure and entertainment offers over consumers' time and financial budgets, for example from the sporting events and cinema segments. Against this backdrop, the market for live entertainment events basically shows all the signs of advanced market maturity. The live entertainment market shows all the signs of advanced market maturity The revenues of both companies are based for the most part on the sale of entrance tickets for the live entertainment events. The profitability of an event for the organiser is highly dependent on the capacity utilisation of the event in terms of the number of event-goers in relation to the overall capacity of the venue. The more attractive an event is to the masses, the lower the price elasticity of the consumer demand, which means that strong demand and good capacity utilisation of the venue can be achieved even given high ticket prices. The choice of the event location and the audience capacity available therefore also play a role which is critical for success of course. The main source of revenues is the sale of entrance tickets The organiser's art lies in the ability to put together an interesting portfolio of attractive events and reduce the dependence of overall profitability on the attractiveness risk of the individual events. The live entertainment organisers benefit from the fact that the artists' revenues from the recorded music business have tended to decline in recent years as a result of digitalisation, and revenues from live performances have become significantly more important. Correspondingly, the willingness of many artists to go on tour has increased enormously. The live entertainment business has gained in importance compared to the recorded music business Both groups are in a leading competitive position in an event segment which is otherwise still highly fragmented. This makes it easier to acquire artists who appeal to the masses and are prepared to go on tour, and therefore enables the professional operation of a number of concert events. As a result, an interesting profit margin can be achieved based on the portfolio approach, even taking the high attractiveness risk of individual events into consideration. We believe the market for live entertainment events will consolidate further and enable the leading companies to achieve further market share gains. Furthermore, additional revenue potential will open for the market-leading live entertainment companies within the scope of the

DZ BANK RESEARCH 3/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 increasing migration of ticket sales from the traditional sales channels in favour of online distribution. The operators of software-based online ticketing platforms can internalise significant margin components through the disintermediation of the distribution channels. CTS Eventim is in a very stable and market-leading competitive position in the ticketing business which can be secured not least by a leading position in the live entertainment events segment. We believe high-margin online distribution will continue to grow in importance and generate additional earnings contributions. Based on our revenue and earnings forecast, the DCF-based fair value comes to EUR 30.5 per share. Against this backdrop the shares have interesting price potential and we recommend them as a buy. CTS is in a stable competitive position and has regional growth potential DEAG and its subsidiaries want to strengthen the steady revenue growth achieved in the past by exploiting the available potential and synergies in future. The focus on 360 degree artist support and ticket distribution is expected to contribute to making the activities more profitable. DEAG benefits from the fact that as a specialist for the organisation, marketing and staging of live entertainment events, the company is becoming an increasingly more important cooperation partner for large media companies, such as Axel Springer, Sony Music or the Bertelsmann subsidiary BMG Rights Mgt. Based on our revenue and earnings forecast the DCF-based fair value per share comes to EUR 10.40. We recommend buying the shares. DEAG wants to make its activities more profitable by expanding 360 degree artist support and building up ticket distribution

DZ BANK RESEARCH 4/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 THE VALUE DRIVERS IN THE LIVE ENTERTAINMENT SECTOR General setting The live entertainment and event sector deals primarily with the development, operation and marketing of live events as well as the complementary offer of products and services covering all aspects of consumer leisure entertainment. The sector's main revenue sources of income are revenues from ticket sales, but also sponsoring and merchandising revenues. Alongside the complementary recorded music business, which is suffering a decline in revenues worldwide, live entertainment is as a rule the second foothold for an artist to generate revenues from marketing an artistic work. The staging, organisation and marketing of live performances for one artist or a group is carried out by service companies from the live entertainment sector. The development of the live entertainment sector is determined by the consumers' financial and time budgets The live entertainment sector is characterised mainly by small and medium-sized enterprises which are frequently owner run. The Federal Association of Concert Organisers represents around 320 companies from the concert organiser, tour organiser, concert and event agency as well as artist manager segments. The companies in the sector compete with alternative entertainment and leisure offers (e.g.: TV, cinema, sport etc.) over the consumers' limited time and financial budgets. The development of the sector is therefore dependent to a large degree on the trend in and allocation of the consumer spending of private households among other things. The live entertainment sector is still characterised by small and mediumsized enterprises The nominal consumer spending of private households in Germany has grown slightly in recent years. Between 2008 and 2013 consumer spending grew by an annual average of 2.53% at actual prices. The annual average growth between 2003 and 2013 was around 2.20%. Nominal consumer spending has grown slightly in recent years TREND IN NOMINAL CONSUMER SPENDING IN GERMANY IN EUR BN 1,800 1,600 1,400 1,200 1,000 957 998 1,572 1,539 1,507 1,414 1,408 1,446 1,362 1,384 1,327 1,301 1,279 1,248 1,254 1,208 1,174 1,097 1,120 1,140 1,073 1,040 889 800 600 400 200 0 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Federal Statistical Office

DZ BANK RESEARCH 5/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 The consumer spending of private households on leisure, entertainment and culture has also grown in recent years, but less than proportionately to overall spending. In the periods from 2008 to 2013 and from 2003 to 2013, the annual average growth came to 1.31% and 1.43%, respectively. Against this backdrop, the share of spending on leisure, entertainment and culture declined between 2000 and 2013 by 1.1 percentage points to 8.9%. Slightly positive trend in spending on leisure, entertainment and culture CONSUMER SPENDING ON LEISURE, ENTERTAINMENT AND CULTURE IN EUR BN 160. 13.0% 12.0% 93 98 141 142 143 113 116 120 125 127 125 124 127 127 130 133 134 133 135 100 103 106 109 140. 120. 100. 11.0% 10.0% 9.0% 10.4% 10.2% 10.1% 9.9% 9.8% 9.9% 10.0% 10.2% 10.3% 10.3% 10.2% 10.0% 9.7% 9.7% 9.6% 9.5% 9.6% 9.4% 9.5% 9.4% 9.3% 9.2% 9.1% 80.0 60.0 40.0 20.0 8.0% 0.0 leisure, entertainment & culture Share of total consumer spending Source: Federal Statistical Office It becomes slightly clearer if consumer spending is broken down into the average household. The monthly consumer spending of the average household in 2012 was around EUR 2,310, of which 10.6% or EUR 245 a month was spent on leisure, entertainment and culture. TREND IN MONTHLY CONSUMER SPENDING PER FAMILY 2,500 2,000 1,952 1,973 1,972 1,989 1,996 2,089 2,067 2,156 2,168 2,252 2,310 12.9% 12.5% 12.1% 11.5% 11.5% 11.6% 11.7% 1,500 11.2% 11.1% 11.2% 11.1% 10.7% 10.9% 10.8% 10.6% 11.3% 10.9% 1,000 10.5% 10.1% 9.7% 500 0 225 220 218 228 232 233 229 231 236 244 245 2001 2002 2003 2004 2005 2006 2007 2009 2010 2011 2012 Total leisure, entertainment & culture share of total consumer spending 9.3% 8.9% 8.5% Source: Federal Statistical Office

DZ BANK RESEARCH 6/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 As can already be seen on macro level, the share of consumer spending accounted for by leisure, entertainment and culture has tended to fall in recent years, but has continue to grow on absolute level. The German live entertainment sector generated revenues of EUR 3.82bn in 2013. The revenues are systematically broken down into revenues from the music events segment and revenues from the non-music events segment. The music events segment includes music concerts of all kinds, including festivals and musicals. The non-music event segment includes theatre performances, circuses, shows as well as comedy and discotheque events. The live entertainment sector is dominated by music concert events In 2013 the music events segment accounted for EUR 2.7bn or 70.0% of revenues. Around EUR 1.1bn or 29.3% of revenues was generated in the non-music event segment. TREND IN REVENUES IN THE LIVE ENTERTAINMENT BUSINESS IN EUR BN 3.0 2.5 2.82 2.56 2.27 2.76 2.32 2.70 2.0 1.5 1.0 1.05 1.05 0.90 1.18 1.00 1.12 0.5 0.0 2007 2008 2009 2011 2012 2013 music non-music Source: GfK study commissioned by BDV and Musikmarkt It can be seen from the graph that both revenues from music events and revenues from non-music events moved sideways with major fluctuations between 2006 and 2013. Revenues of EUR 2.82bn were generated in the music events segment in 2007, which could not be exceeded in the following years. Overall around 120.6 million tickets were sold in the live entertainment events sector in 2013, with an average ticket price of EUR 31.70. Trend in revenues in the live entertainment segment shows little growth

DZ BANK RESEARCH 7/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 SELECTED FIGURES IN THE LIVE ENTERTAINMENT BUSINESS 2007 2008 2009 2011* 2012 2013 Audience in million 34.0 32.7 30.7 32.9 30.1 32.9 Yoy -3.8% -6.1% 7.2% -8.5% 9.3% Average attendance 3.7 3.6 3.5 3.7 3.7 3.7 Yoy -2.7% -2.8% 5.7% 0.0% 0.0% Tickets sold in million 127.3 118.7 106.4 122.1 110.0 120.6 Yoy -6.8% -10.4% 14.8% -9.9% 9.6% Revenues in million 3,872 3,608 3,173 3,943 3,322 3,822 Yoy -6.8% -12.1% 24.3% -15.7% 15.1% Average price per ticket 29.4 30.4 29.8 32.3 30.2 31.7 Yoy 3.2% -1.8% 8.3% -6.5% 5.0% Source: GFK study commissioned by bdv and the sector magazine "musikmarkt"; 2010 was not recorded We have compared below the sector data for the cinema market and, by way of example from the sports segment, the Bundesliga attendance figures with the trend in the live entertainment market. TREND IN ALTERNATIVE LEISURE ACTIVITIES Cinema 2007 2008 2009 2010 2011 2012 2013 Audience in million 82.5 81.9 81.7 81.7 82.0 81.9 80.6 Yoy -0.7% -0.2% -0.1% 0.4% -0.2% -1.6% Average attendance 1.52 1.58 1.79 1.55 1.58 1.65 1.61 Yoy 3.9% 13.3% -13.4% 1.9% 4.4% -2.4% Tickets sold in million 125.4 129.4 146.3 126.6 129.6 135.1 129.7 Yoy 3.2% 13.1% -13.5% 2.4% 4.2% -4.0% Revenues in million 757.9 794.7 976.1 920.4 958.1 1033 1023 Yoy 4.9% 22.8% -5.7% 4.1% 7.8% -1.0% Average price per ticket 6.04 6.14 6.67 7.27 7.39 7.65 7.89 Yoy 1.7% 8.6% 9.0% 1.7% 3.5% 3.1% 1st and 2nd football Bundesliga 2007 2008 2009 2010 2011 2012 2013 Tickets sold in million 16.2 17.4 17.6 17.3 17.3 18.8 18.0 Yoy 7.4% 1.1% -1.7% 0.0% 8.7% -4.3% Average price per ticket 17.03 17.52 18.78 19.81 20.25 n.a. n.a. Yoy 2.9% 7.2% 5.5% 2.2% n.a. n.a. Source: DFL, FFA It can be seen that the attendance figures for leisure activities in the alternative segments do not necessarily move in the same direction over time. For example, the number of tickets sold for live entertainment events declined by 9.9% in 2012. At the same time, the number of cinema tickets and stadium entrance tickets sold for a 1st or 2nd Bundesliga game in Germany increased by 4.2% and 8.7%, respectively. This trend was then reversed in 2013. The live event audience showed an increase of 9.6%, while ticket sales in the cinema sector and for the Bundesliga games The live entertainment segment competes with other leisure options

DZ BANK RESEARCH 8/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 declined. This suggests that other cyclical influences also have a considerable impact on the trend in ticket sales. We believe the trend in ticket sales is determined significantly by the attractiveness of the available content as well as by the number of events in a time period. The revenues of the live entertainment organisers are generated by a relatively small number of attendees compared to other leisure activities. According to the Leisure Monitor of the Foundation for Future Issues only 24 of 100 interviewed said that they attended a rock/pop concert at least once a year. With 47 of 100 interviewed, almost twice as many consumers said they attended at least one sporting event each month. In the Leisure Monitor for 2014, the number of those interviewed who attend a rock/pop concert at least once a year rose to 27. The number of tickets sold depends on the attractiveness of the event pipeline FREQUENCY OF VARIOUS LEISURE ACTIVITIES rock/pop concerts 3 1 24 76 opera/ballet/theater 1 4 22 78 cinema visits 1 15 40 51 sport events 11 27 47 53 restaurant visits 8 19 46 81 0 10 20 30 40 50 60 70 80 90 less often min 1 per year min 1 per month min 1 per week Source: Leisure Monitor of the Foundation for Future Issues; reading example: of 100 interviewed, 24 attend a rock/pop concert at least once a month Against this backdrop, consumers who are otherwise not necessarily to be counted as regular event attendees can also be motivated to attend a concert by tours by very well-known artists and/or bands with mass appeal. On the other hand, widely popular and attention-absorbing events from other leisure entertainment areas, such as football World Cups or the Olympic Games, can considerably reduce consumers' interest in live entertainment events with the result that the attendance of parallel events is only weaker. This effect is well-known in the event industry, so fewer events also tend to offered in these periods. One positive effect for the live entertainment sector is the fact that the organisation of concerts has successively developed into the main source of income for many musicians and bands in recent years owing to declining revenues in the recorded music business. Correspondingly, the offer of widely popular live entertainment events with internationally well-known artists has been steadily expanded. Between 2003 and 2013 revenues generated in the recorded music business in Germany declined by 6.7% to EUR 1.45bn. The recorded music business has been on the decline for years

DZ BANK RESEARCH 9/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 TREND IN REVENUES IN GERMANY IN EUR BN 6.0 5.0 4.0 3.0 2.65 2.47 1.74 1.65 1.62 1.58 1.48 1.44 1.45 2.0 1.0 2.45 2.66 2.7 2.82 2.56 2.27 2.76 2.32 2.7 0.0 1995 1999 2003 2007 2008 2009 2011 2012 2013 music events recorded music Source: bdv, IFPI The value chain The value chain in the music industry is analysed in slightly more detail below. A difference can basically be drawn between the two complementary business areas, the recorded music industry and the live entertainment sector. VALUE CHAIN IN THE MUSIC INDUSTRY Recorded Music Industry Plattenfirma Music (Label) Label Retail Konsument Online-Stores Konsument consumer Künstler Artist Management Live Entertainment Industry Tourneeveranstalter Örtlicher Touroperator Spielstätte Konsument Local Venue Consumer Veranstalter operator Ticketing Booking- Agentur Source: DZ BANK Research As a rule, the starting point of both value chains is an artist, a music band or a show act. There are now two complementary options of presenting the musical work to the consumer. Firstly, soundtrack recording, marketing and sale of a suitable recording medium. Secondly, a personal performance within the scope of a live show in front of a paying audience. While the artists concentrate as a rule on the creative process of composition and artistic performance, the management takes over support of the creative process,

DZ BANK RESEARCH 10/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 organisation and time planning as well as the marketing of the artist and the handling of the business opportunity with a view to the two complementary value chains. The management advises the artist in the search for a suitable music recording company (record company), carries out the negotiations for them, for example regarding fees, royalties, marketing budgets and the marketing strategy for new albums as well as the media positioning of the artist in the market. The music recording company essentially carries out the development, production and marketing of music and its interpreters on recording mediums (record, music cassette, CD, DVD) or, also strongly on the increase, as a digital download file. The global market is dominated largely by the three major studios Universal, Sony and Warner and their music labels with an estimated market share of between 75% and 80%. The large studios concentrate almost fully on the recording medium and publishing business. These companies astonishingly have only rudimentary activities in the complementary live entertainment business. This also applies vice versa for the companies operating in the live entertainment business. As a rule the Artist & Repertoire Manager (A&R) is responsible for discovering and promoting new performers. They decide whether an artist or band will be taken under contract by the music recording company. The recorded music business is dominated by a few major studios The recording of a master tape in the recording studio is pre-financed either by the record label or by an independent producer and sold on via a publishing agreement with the music recording company. This then sees to the production, marketing and distribution of the musical work as a physical product or a digital download file. The IFPI estimates that given the corresponding talent of the artist and widely popular quality of the repertoire, a budget of around EUR 0.7m to 1.2m is needed to make an artist known internationally. In return, the artist receives a share of the dealer selling price (DSP) of between 7% and 12% as a rule. GLOBAL TREND IN REVENUES IN THE RECORDED MUSIC SECTOR IN US$ BN 25.0 22.4 21.8 21.1 20.0 15.0 19.5 18.1 16.9 15.9 15.7 15.6 15.0 10.0 5.0 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: IFPI Recording Industry in Numbers 2014, Bundesverband Musikindustrie e.v.

DZ BANK RESEARCH 11/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 As global revenues in the recorded music business have declined successively in recent years and are expected to further decrease, the live entertainment business has become the main source of income for most music artists in the meantime and therefore also significantly increased their willingness to go on live tour. Concerts are extremely important in the artists' income budgets The management also maintains the contacts to the agents and promoters who organise and operate the tours and concerts. In this context it conducts the negotiations as a rule over the possible fee for concert performances as well as the schedule and the choice of the event locations. An artist's management first gets in contact with an agent once an artist has decided to perform in public within the scope of one or several live appearances. A booking agent takes on an agency function and is primarily responsible for placing an artist's live performances with corresponding promoters. If an artist wants to go on a concert tour beyond the borders of their home country, as a rule an international agent is appointed to find a national tour promoter in the different countries the artist will perform who knows the national general setting in each case and takes on the organisation of the concerts. Together with the management, the agent negotiates the artist's fee to be paid by the tour promoter. With internationally known artists and bands this typically consists of a minimum guarantee and payment depending on the revenues. The agent's commission amounts to an estimated 10% to 20% of the concert fee depending on the artist's market value. The artist's agents are responsible for choosing the tour promoter as a rule Tour promoters and local organisers Once the management and agent reach an agreement with the tour promoter over the artist's fee, they are responsible for the overall concept of the tour. This includes the financial concept of the tour, the production of the live performance, hiring the suitable venue, the national marketing concept (radio, newspaper, TV, Internet), the staging of the individual concerts, the travel management and the appointment of a company to take on the sale of the entrance tickets. In return the promoter receives the revenues from the ticket sales from which it covers all costs incurred alongside the artist's fee, a fixed part of which (minimum guarantee) is already paid to the artist before the concert is held. Alongside production costs, costs for hiring the venue, advertising, personnel, GEMA and security are the largest operational cost items. The tour promoter organises the concerts and chooses the event locations With international stars the concert revenues are frequently divided into split deals in which 85-95% of the promoter's gross profit goes to the artist. This profit is made up of the revenues from ticket sales minus the promoter's production and operational costs. Should the promoter generate a profit with the event which is below a certain threshold (minimum guarantee) or even make a loss, the artist does not receive a share of the gross profit and then has to make do with the minimum guarantee which is paid in advance. Against this backdrop, high capacity utilisation of the venue is an important prerequisite for the financial success of a tour. The tour promoter frequently arranges to share the work within the scope of a cooperation agreement with a local organiser who is then responsible for operating a concert in a specific location. The local organisers often have exclusive access to certain venues, which are often owned by cities and communities and take over the hiring of the venues accordingly. The local organiser then bears the operational costs for catering, hall equipment and security as a rule. In return, the local organiser The local organiser is responsible for operating a concert

DZ BANK RESEARCH 12/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 participates in the concert revenues and therefore also assumes part of the local risk. Several companies from the live entertainment sector act as both tour operator and local organiser. According to the Pollstar promoter ranking for 2013, Live Nation was the largest promoter worldwide with 33.27 million tickets sold, followed by AEG Live with 13.6 million tickets sold. The largest German promoter according to the Pollstar statistics is the Marek Lieberberg concert agency, in fifth place in the international ranking with around 2.7 million tickets sold. Second place in Germany goes to BB Promotion with around 1.17 million tickets sold and third place to FKP Scorpio with 1.12 million tickets sold. Marek Lieberberg and FKP Scorpio belong to the CTS Eventim group. Part of the ticket sales is accounted for by annual festivals which are organised by tour and concert event companies. The organisation of an established festival at which several artists and/or bands perform after each other or on several stages at the same time is not only a reliable source of income for the promoter. It also has the advantage that a tour promoter not only offers the staging, organisation and marketing of the concert tour in the acquisition negotiations with the artists' agents, but can also give the artist an exclusive commitment of a festival performance. In Germany FKP Scorpio, in which CTS Eventim AG holds a stake of around 45%, is one of the largest festival organisers. Alongside the "Hurricane" and "Southside" festivals, the festival portfolio also includes the "Highfield", "Area 4", "Chiemsee Reggae Summer" festivals or the Swiss "Greenfield" festival. On international level the Sonisphere festivals in Germany, the UK and Switzerland organised by Stuart Galbraith and his company Kilimanjaro Live, which was recently acquired by the DEAG group, are among the largest promoters in the industry. Marek Lieberberg also has prominent events in the pipeline with the "Rock im Park", "Rock n' Heim" and "Rock am Ring" festivals. The latter will be held in Mendig for the first time in 2015 after 29 years at Nürburgring. A week before DEAG will stage a festival at Nürburgring with the support of Wizard Promotion and Kilimanjaro Live in direct competition under the title "Grüne Hölle". The two event locations are less than 35 km apart. Annual festivals can secure a steady flow of income It remains to be seen whether the two rival promoters can succeed in attracting together more than the 80,000 concert-goers who have attended the "Rock am Ring" festival so far and make the two festivals profitable. Assuming both promoters are in the position to bring an attractive artist line-up on stage, it appears to be extremely ambitious in our view to anticipate more than 60,000 concert-goers per festival. At the same time it is to be anticipated that the artists can use the direct competitive situation to enforce higher fee requirements. Venue As is customary in the USA, concert events are also staged in Germany by the venue operators as local organisers. However, the venue is more frequently hired by an independent local organiser. The world's largest venue operator is the American company SMG with over 200 venues. The world's largest tour promoters Live Nation and Anschutz Entertainment Group (AEG) also have numerous own venues in the USA. In 2013 the o2 Arena in London was the best attended arena worldwide with an audience of 2.1 million. In

DZ BANK RESEARCH 13/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 Germany the Lanxess Arena with a total of 660,469 entrance tickets sold was number one in the venue ranking. According to information from its 2012 annual financial statements, Lanxess Arena sold around 1.5 million tickets for 141 events in 2012 and generated revenues of EUR 39.8m. o2 World Hamburg and o2 World Berlin were in second and third place in Germany with 469,638 and 462,910 tickets sold, respectively. CTS is responsible exclusively for ticketing for the two o2 arenas in Germany Ticketing The greatest possible capacity utilisation of the event is a critical success factor for a commercial concert event. Correspondingly, the concert organiser's goal is to sell the greatest possible number of tickets for an event. Ticketing is an independent stage in the vale chain Against this backdrop, a local concert organiser appoints as a rule a service company which is specialised on the sale and marketing of the entrance tickets. SYSTEMATISATION OF THE TICKETING BUSINESS Ticket shop Concertgoers Internet Data base Ticketing company Promoter Call center Source: DZ BANK Research The role of a ticketing company is to enable all potential concert-goers to have the simplest possible access to the available ticket volume and buy the tickets as conveniently as possible. In the main, the four distribution channels advance booking office, Internet, box office and call centre are available which as a rule have a parallel connection to a software-based ticketing platform and can be used by the consumers as an alternative for buying an entrance ticket. Depending on the event genre and priority demographic target group, these distribution channels have different weightings in the significance for ticket sales. Ticketing can be critical for success for the capacity utilisation of an event

DZ BANK RESEARCH 14/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 SHARES OF THE DIFFERENT DISTRIBUTION CHANNELS IN % 100% 90% 80% 7 2 5 7 7 11 11 10 4 4 8 11 8 15 70% 60% 50% 40% 30% 20% 10% 40 47 57 42 42 30 26 16 59 55 59 58 25 28 resale call center inhouse internet box office 0% Source: bdv, Musikmarkt In order to guarantee the maximum sale of the event tickets, several general factors which are critical for success have to be considered. For example, ticketing can be geared to whether it is an event with a national, regional or local demand catchment area. First, the ticket price is set depending on the expected demand and the available ticket offer (volume) for an event date or a tour is determined via the choice of the venue(s) and the audience capacity associated with it. Depending on the location alternatives, the promoter can plan for a club with a capacity of 100 guests or a stadium with a capacity of more than 60,000 as a venue. The art of a ticketing company lies in recognising early on whether the demand in advance ticket sales will be strong enough for an event to sell out if possible. In this context, the experience of the ticketing company and of the promoter based on empirical data relating to the demand at earlier concerts of a certain artist or a comparable genre plays an important role for assessing the marketing opportunities. For this purpose, the profile data of the ticket buyers are regularly recorded in a central database of the ticketing company, if permitted by data protection law, and used for market analysis and for marketing the events by sending push-messages to potential concert-goers. Until recently the customer data recorded by the ticketing company were not forwarded to the promoter. The ticketing must cover the catchment area of an event The more widely popular the event is, the weaker the price elasticity of demand and the easier it is for high-priced tickets also to be sold. In the worst case, though, the demand is too low to market the volume of available tickets at a given ticket price. The promoter then has the options of lowering the ticket price via promotion campaigns in order to stimulate demand, moving to a smaller venue or, in the worst case, cancelling the event. However, this would be associated with considerable uncovered costs, which means that selling tickets with a performance is an important prerequisite for a profitable event business. The capacity utilisation of an event is controlled by the ticketing Alongside the option of appealing to potential concert-goers, the discovery of the ticket offer is decisive for the marketing success of an event. If it is a desirable artist

DZ BANK RESEARCH 15/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 or top act, the potential concert-goers will actively look for corresponding entrance tickets. In this case, the tickets sell themselves via the artist's brand familiarity on less-known online portals, in particular if the potential demand significantly exceeds the ticket offer. On the other hand, less well-known artists and events are reliant on the marketing of the ticketing offer to potential concert-goers who have not actively looked for the corresponding entrance tickets, but have only become aware of the offer by visiting a well-known distribution platform, for example. The sale of the entrance tickets via a standard Internet platform offers numerous advantages over other distribution channels. The Internet users have the option of selecting from a comprehensive offer of events in corresponding online ticket shops. Comfortable search functions enable a personal choice of artists, genres, even locations and dates. In addition, the currently most desirable events are displayed to the user at a glance, they can see current events in their own area and events which could be of interest for them are automatically generated based on past purchases. The promoters in turn can support the sale of the entrance tickets cheaply with promotional material. Even though the advance booking offices are still responsible for most of the ticket sales with a view to the distribution channels and all event genres, the role of ticket sales via the Internet is growing, in particular for music genres for the slightly younger audience. Despite the advantages of an online ticket platform, the significance for the sale of entrance tickets compared to the distribution channels advance booking office and call centre has not grown further across all event genres in recent years. The Internet is becoming increasingly more important as a ticket distribution channel TREND IN THE SHARES OF THE DISTRIBUTION CHANNELS IN % 100% 90% 80% 13 12 12 10 9 9 12 12 70% 60% 31 38 38 36 50% 40% 30% 20% 43 38 41 43 10% 0% 2009 2011 2012 2013 box office Internet inhouese call-center resale Source: bdv; musikmarkt; GFK Live Entertainment in Deutschland There are currently four ticketing companies of national significance in Germany. The clear market leader in Germany is CTS Eventim AG with the online ticket shops eventim.de, getgo.de and ticketonline.de. The second largest provider is the German subsidiary ticketmaster.de of the global market leader Live Nation Entertainment. CTS Eventim is the European market leader in ticketing

DZ BANK RESEARCH 16/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 Reservix.de and Adticket.de are smaller providers. There are also numerous providers of software solutions that can be used to sell tickets. These include white label ecommerce GmbH operated by Arndt Scheffler, a former senior employee at CTS Eventim, or Ticketscript, which claims to be the European market leader in the area of ticketing software for event organisers. DEAG put its own ticketing platform, myticket.de, into operation on 14 November 2014. The Myticket.de technology is based on the new platform "white label ecommerce GmbH developed by Arndt Scheffler. The web-based ticketing technology allows tickets and merchandising products to be sold simultaneously. The over-the-counter advance booking office usually receives an advance booking fee of 10% to 15% of the ticket price for the sale of tickets, which represents an independent stage of the value chain as a rule. This is normally due in addition to the face value of the ticket. The average ticket price across all event genres came to around EUR 31.70 in 2013, which means that the advance booking fee is between EUR 3.10 and 4.70. The local organiser only participates in this advance booking fee within the scope of a possible reimbursement, for example as a refund paid by the advance booking office to the organiser for advertising measures, the so-called promotion rebate. The advance booking offices (ABO) are connected as a rule to a software-based central ticketing system that is responsible for the management and allocation of the ticketing contingent across all distribution channels. The ABO pays a system fee per ticket of between EUR 0.5 and EUR 1.50 to the respective platform operator for the connection to the system, possibly also a monthly flat rate system fee. If the ticket is purchased by the consumer online via the Internet, the operator of the softwarebased Internet platform can record the advance booking fee as its own income. In this case, online ticket sales are leading to the constructive destruction of the value chain through the disintermediation of the over-the-counter ticket office. With an online or call centre order, a booking fee of up to EUR 2.0 per ticket is also charged in addition as a rule. The ticket buyer then also has to pay for the delivery costs, as a rule EUR 4.90 for standard postage, irrespective of the number of tickets bought. The same applies to buying the tickets on the phone via a call centre. If the customer uses the print@home functionality or mobile ticketing, a commitment fee is charged instead of the delivery costs. With an estimated 1.7 tickets per order, the average revenue per ticket for the market-leading ticketing companies in Germany is likely to be around EUR 6.5. In view of the strong increase in ticket prices in the past and the high cost degression effects in online sales, the ticketing companies have been by far at the most profitable stage of the value chain in the business for music, cultural and sporting events in recent years. The Berlin-based concert event organiser Berthold Seliger is slightly critical of the structures on the German ticketing market. The migration of offline ticketing to online distribution is disintermediation In his book "Das Geschäft mit der Musik", he explains the composition of the ticket price. Based on a sold-out concert with 1500 concert-goers and a ticket face value of EUR 28.0, the end price for the consumer allowing for additional fees comes to around EUR 40.0. This breaks down into the different stages of the value chain as shown by way of example in the following chart.

DZ BANK RESEARCH 17/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 REVENUE SPLIT OF LIVE EVENTS IN % 5% 7% 25% 13% 4% 10% 8% 18% 10% production cost: local operator ad expenses local operator production cost: tour operator KSK und foreigner taxes GEMA and sales taxes actto Ticketing: shipping Ticketing: booking fee Ticketing: box office fee Source: Berthold Seliger "Das Geschäft mit der Musik Trend in the live entertainment market The consumer climate and the trend in the consumer spending of private households represent important prerequisites for the further trend in the live entertainment sector. The GFK consumer confidence index has improved significantly based on the income expectations as well as consumers' propensity to buy and save from its interim low at 1.5 in August 2008 to 8.9 in August 2014. After weakening briefly in the following months, the GFK is now forecasting a new high for March 2015 of 9.7. Against this backdrop, consumers are currently anticipating a positive cyclical trend. A favourable consumer climate is an important prerequisite for a successful live entertainment sector TREND IN THE GFK CONSUMER CONFIDENCE INDEX 20 15 10 5 0-5 Source: GFK consumer confidence index Based on the economic forecast of the Ifo Institute of 11 December 2014, a positive economic trend can be anticipated for the quarters ahead. An increase in nominal

DZ BANK RESEARCH 18/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 consumer spending of 2.6% is expected for 2014 and growth of 2.9% for 2015. Nominal annual average growth of 2.5% is anticipated for the period from 2013 to 2019 according to the joint medium-term autumn report by the leading German economic research institutes. Accordingly, a positive general economic setting can basically be derived for the trend in the live entertainment sector with a view to the medium term. TREND IN PRIVATE CONSUMER SPENDING IN GERMANY IN EUR BN 2,000.0 1,800.0 1,600.0 1,400.0 1,362 1,384 1,414 1,408 1,446 1,507 1,539 1,572 1,606 1,646 1,687 1,729 1,772 1,817 9.80% 7.80% 5.80% 1,200.0 4.23% 1,000.0 800.0 600.0 2.49% 1.55% 2.19% 2.65% 2.17% 2.08% 2.16% 2.52% 2.50% 2.50% 2.50% 2.50% 3.80% 1.80% 400.0 200.0 0.0-0.39% 2006 2007 2008 2009 2010 2011 2012 2013 2014e 2015e 2016e 2017e 2018e 2019e -0.20% -2.20% Consumer spending yoy Source: The Joint Economic Forecast autumn 2014, IFO Institute; DZ BANK estimates However, the number and attractiveness of the live entertainment events offered also plays a role in the trend in revenues in the sector alongside the general economic setting. In addition, it has to be considered whether alternative entertainment offers also absorb part of the time and financial leisure budget in an assessment period, such as football European and World Cups or Olympic Games. As the concert promoters typically try to avoid dates colliding with these competing events, only a smaller number of events are staged in these periods compared to other periods. Overall, we are forecasting a moderate increase in revenues for the live entertainment events segment in the area of music events for the years ahead. Various leisure activities are competing for consumers' favour

DZ BANK RESEARCH 19/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 FORECAST OF REVENUES IN THE LIVE ENTERTAINMENT BUSINESS (MUSIC) IN EUR BN 3.50 40.0% 3.00 2.50 2.45 2.66 2.70 2.82 2.56 2.27 2.76 21.59% 2.32 2.70 2.75 16.38% 2.82 2.89 30.0% 20.0% 2.00 8.57% 10.0% 1.50 1.50% 4.44% 1.80% 2.50% 2.50% 0.0% 1.00 0.50-9.22% -11.33% -15.94% -10.0% 0.00 1995 1999 2003 2007 2008 2009 2011 2012 2013 2014e 2015e 2016e -20.0% revenues yoy Source: GfK sector analysis, DZ BANK estimates However, based on our analysis, no accurate conclusions can be drawn regarding the trend in revenues and earnings of the individual market participants from the overall sector trend. This is because the impact of the general economic setting can be offset by company-specific factors influencing the trend in revenues and earnings of individual sector companies. The organisation of concert tours and concert events in particular is strongly project-based as a rule. This, in conjunction with the fact that most sector companies are small and medium-sized, can lead to the trend in revenues and earnings of the market participants being dependent to a large extent on the successful completion of individual projects. A live entertainment company's business performance is not necessarily linked to the general trend The success of individual tour and concert projects is highly dependent on the public's taste and the resulting capacity utilisation of the events. In view of the competitive situation between the many tour and concert promoters, the popular artists and bands in particular are in a very favourable negotiating position and are able to demand high fees (minimum guarantees and share of revenues). Against this backdrop, the tour and concert promoters can only generate an interesting profit margin as a rule if capacity utilisation of way above 90% is achieved at the tightly calculated concert events. To illustrate this, we give below some examples of the trend in revenues and earnings of individual sector companies. A company's business performance depends on the attractiveness of the events in the portfolio We have chosen Dirk Becker Entertainment GmbH as the first example. The company operates mainly in North Rhine-Westphalia and takes on the organisation and staging of concerts focused in the field of rock/pop as a local concert organiser. The company belongs to the CTS Eventim group.

DZ BANK RESEARCH 20/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 TREND IN REVENUES AND EARNINGS AT DIRK BECKER ENTERTAINMENT GMBH IN EUR M 50 45 40 35 30 44.93 10 8 6 25 22.95 24.30 23.89 22.86 4 20 15 10 17.72 13.73 0.38 0.28 1.72 14.86 0.25 0.86 0.48-0.37 0.10 2 0 5 0 2005 2006 2007 2008 2009 2010 2011 2012-2 sales (left scale) EBT (right scale) Source: Individual financial statements of Dirk Becker Entertainment GmbH The trend in revenues is characterised by major fluctuations. Major increases in revenues were achieved in 2007 and 2011, which were attributable in particular to the staging of Herbert Grönemeyer tours in these years. While the revenue growth in 2007 also had a positive impact on the earnings situation, a loss was reported on EBT level in 2011 despite the major increase in revenues. Revenues were on an unchanged level in 2009, 2010 and 2012. In the forecast for the 2012 financial year, a positive trend is expected for 2013 and a moderate decline in revenues and earnings for 2014. The second example is Stage Entertainment GmbH, whose core business is presenting musical productions in its own theatres and theatres hired on a long-term basis. The productions are presented en suite as a rule, in other words without interruption in a theatre over a longer period.

DZ BANK RESEARCH 21/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 TREND IN REVENUES AND EARNINGS AT STAGE ENTERTAINMENT GMBH IN EUR M 400 354.6 350.0 350 300 312.3 301.3 283.7 289.9 279.7 264.1 250 200 150 100 50 0-50 67.5 10.97 6.95 10.4 18.87 17.72 13.7-0.365 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 sales EBT Source: Consolidated financial statements Stage Entertainment GmbH, EBT distorted positively in 2007/08 owing to extraordinary income Between the 2005/06 and 2012/13 financial years, group revenues at Stage Entertainment GmbH, whose business is focused in Germany, fell by 25.5% overall, or by an average of 4.3% per annum. On sector level, revenues declined by only 0.8% between 2008 and 2013 under stronger interim fluctuations. With an estimated market share of way above 50%, Stage remains the clear market leader in the musicals segment in Germany. Despite the significant decline in revenues, the profit margin was increased in 2010/11 and 2011/12 to 6.5% and 6.3%, respectively. A margin of 5.2% was generated in 2013. Both examples show clearly that the trend in revenues and earnings of the sector companies is quite clearly dependent on the attractiveness of the events in the portfolio. Correspondingly, the trend in revenues and earnings in the accounting periods can be subject to very significant fluctuations depending on the number of events and the attractiveness of the event line-up. CTS Eventim announced the acquisition of Stage Holding's ticketing companies in Spain, France and Holland on 6 March 2014. As part of the agreement, CTS is taking on responsibility for ticket sales for Stage Entertainment in Holland, Spain, France and Russia. The musicals business is an example of a genre which is becoming less attractive To sum up, it can be ascertained that the market for live entertainment events shows all the signs of advanced market maturity and is very closely correlated with the trend in the population's private consumption. Against this backdrop, we are expecting a slightly positive trend in the revenues generated by the sector as a whole in the years ahead. However, this positive trend may be impaired again and again by crowding-out effects from leisure sectors competing for the consumers' attention and financial budgets. Prominent examples of this are the regular major sporting events, such as the football European or World Cup or the Olympic Games. It can also be ascertained that the trend in revenues at the sector companies can differ considerably depending on the attractiveness of the respective event portfolio. Considerable market fragmentation can still be identified. We assume that the The live entertainment business shows all the signs of advanced market maturity

DZ BANK RESEARCH 22/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 market will become more professional and therefore also consolidate significantly. We presume that the market-leading companies, such as DEAG and CTS Eventim, will benefit from this trend in particular This could take place to a smaller extent through organic growth via the direct acquisition of artists who have been supported by smaller promoters to date, or also through external growth within the scope of the acquisition of concert and tour promoters. However, the second option is likely to be rather limited for CTS for antitrust reasons owing to its market-leading position. The trend in the ticketing market The overall marketable ticketing volume correlates very closely with the underlying markets for live entertainment and sporting events. In Germany, the ticketing market was dominated until recently by a small number of nationally operating ticketing companies such as CTS Eventim, Ticketmaster or Adticket. Furthermore, the market is processed by a number of regionally operating ticketing companies such as München Ticket and Köln Ticket. The ability to be able to sell the greatest possible number of tickets for an event on the basis of the software-based ticketing platform is crucial for the competitive position. For this, a parallel connection is required between the different distribution channels - ABO, call centre, inhouse and online - and the ticketing platform, making the fixing of quotas unnecessary. Valuable information about socio-economic features and the consumption preferences of the concert-goers and therefore the potential demand for future live events could be derived from the empirical customer data which the ticketing company collected until recently, but did not pass on to the promoter. Until today ticket sales are still dominated by distribution via the traditional advanced ticket offices, but marketing via the Internet is increasingly gaining in importance. Based on an e-commerce study conducted by Nielsen in August 2014, it was ascertained within the scope of a consumer survey that the number of those interviewed planning to buy an event ticket via the Internet in the next six months increased by 19 percentage points between 2011 and 2014 to 41.0%. The ticketing business in Germany is dominated by a few larger players on national level In view of the growing use of the Internet by the consumer, more rapid migration from the traditional distribution channels in favour of the Internet can be observed in the area of ticket sales. Within the scope of disintermediation, the ticketing platform can also receive the advance booking fee alongside the system fees and increase its margin. Against this backdrop, CTS Eventim as market leader in Europe can generate high double-digit EBITDA margins in particular. We assume that high margins can also be generated in the medium term especially through the sale of tickets via the Internet. However, it can be observed at present that more and more cheap software solutions are penetrating the market, enabling the promoters to operate their own online ticket shops and take on the marketing of the entrance tickets themselves. Alongside the cost advantage that the use of a white label solution brings for the promoter, it can also now generate and analyse its own customer data. This reduces the dependence on the large ticketing distribution platforms, although we still see major advantages for the well-known ticket platforms such as eventim, getgo or ticketmaster under the aspect of discovery of the ticket offers. Cheap software-based self-service ticketing solutions could change the market significantly

DZ BANK RESEARCH 23/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 The competitive situation between CTS Eventim and DEAG The listed companies CTS Eventim and DEAG and their respective subsidiaries operate in the live entertainment segment and each cover several stages of the value chain. The relationship between the two groups can be described as ambivalent. On the one hand, both companies are in direct competition in several market segments, on the other, they also regularly cooperate in several event projects by making complementary contributions to the value chain. In particular, DEAG often uses CTS's ticket distribution, even though Ticketmaster is the preferred value creation partner in Germany. DEAG plans to use its own ticketing platform, MyTicket, to a greater extent in future. The competitive relationship between CTS Eventim and DEAG is very ambivalent The European Lady Gaga tour is one example of the cooperation between the competitors. The artist has a management agreement with Live Nation. The three concerts in Germany are being staged in cooperation with Wizard Promotion, a subsidiary of DEAG. Handwerker e promotion, also a DEAG subsidiary, acts as a local organiser for the Lanxess Arena. Lanxess Arena is operated in turn by Arena Management GmbH, a subsidiary of the CTS Eventim group. The two other concerts are being held in the o2 World, Hamburg and in the o2 World, Berlin, respectively. Both events are being operated by the American Anschutz Entertainment Group. Tickets for the concerts can be bough via both the CTS eventim online portal and Ticketmaster's online platforms. The operators obviously have no fear of contact on operating level. The two companies often cooperate on operating level On the other hand, the rivals compete intensely over the event-goers favour. In view of the limited opportunities of generating organic growth, the acquisition of or participation in local organisers or the access to event venues represents an alternative for tapping additional revenue potential. The Berliner Waldbühne open-air stage is to be mentioned in this context. After being operated in the period from 1981 to 2008 by Peter Schwenkow and DEAG, CTS Eventim was able to win the tender by the Berlin Senate for the leasing of the Berliner Waldbühne in 2008 and leased the Waldbühne for a minimum annual lease of EUR 750,000 from 2009. This leasing agreement was to be extended for CTS without a further tender after it expired at the end of 2014. DEAG took action against this and managed to have the extension of the lease temporarily prohibited by law within the scope of an injunction. DEAG called for a transparent, public tender free from discrimination. However, the Berlin Senate maintained its right in the end before the Berlin Superior Court of Justice. It was decided with legally binding force that a new tender was not required. Upon this, CTS Eventim announced on 26 January 2015 that it had signed a long-term lease agreement with the State of Berlin. A special constellation between CTS and DEAG has also arisen in the Swiss market for live entertainment. DEAG took a 52% stake in the Swiss company Good News Productions AG in 2000. The remaining 48% was acquired by Ringier AG. These shares were acquired by André Bechir, who founded the concert organiser in 1970 and had from then run the company as managing director. The company's market-leading position in the Swiss event market was supported by the exclusive right to operate concert events in the Zurich Hallenstadion. In 2010 André Bechir handed over management to Gérard Jenni, but remained Senior Advisor and a link to the artists and agents. In October 2012 the management of the Zurich Hallenstadion then announced that the exclusive use agreement which expired at There is intensive competition between the companies in Switzerland as well

DZ BANK RESEARCH 24/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 the end of 2013 was not to be extended, but that it wanted to determine the future concert programme itself and also take other organisers of pop and rock concerts into consideration. Shortly after that it was also announced that André Béchir would not be extending his mandate agreement as Senior Advisor with Good News. André Béchir announced a short while afterwards that he was setting up ABC Productions AG and therefore wanted to enter into competition with Good News. A good eight months later DEAG announced on 3 June 2013 that a cooperation agreement had been signed between the Good News Group and ABC Productions for the joint processing of the Swiss event market. On 17 June 2013 it was announced that CTS Eventim AG had acquired an 80% stake in ABC Productions AG. On 18 December 2013 Ringier AG sold its 48% stake in the AIO Group AG, to which Good News also belongs, to DEAG, which therefore significantly increased its involvement in Switzerland. Ringier and CTS Eventim continue to operate the leading Swiss ticketing platform, Ticketcorner, within the scope of a joint venture. CTS Eventim also holds a 51% stake in Act Entertainment AG, Basel, while DEAG holds a stake in The Classical Company together with Ringier within the scope of a 50/50 joint venture. A further intensive competitive situation will arise in 2015 in the area of the open-air festivals in Germany. This market was led by CTS's live entertainment subsidiaries until recently. Alongside the market leader FKP Scorpio with ten large festivals, including "Hurricane", "Southside", "Highfield" and "Chiemsee Summer", Marek Lieberberg also operates the three festivals "Rock im Park", "Rock am Ring" as well as "Rock`n`Heim". The "Rock am Ring" festival with up to 80,000 concert-goers was held for the twenty-ninth time at Nürburgring in 2014. In the wake of the insolvency of Nürburgring GmbH (operating company of the Nürburgring site), Marek Lieberberg was not able to reach an agreement with the insolvency administrator and the new operators over the terms for continuing the festival at Nürburgring. The license agreement was terminated. Marek Lieberberg will now organise a follow-up festival under the name "Rock am Ring" at nearby Mendig from 5 to 7 June. The application made by the insolvency administrators for an injunction against the use of the name "Rock am Ring" before the higher regional court failed to begin with. However, no decision has yet been made over the use of the name in the main proceedings. DEAG will significantly expand the festival business in competition to CTS DEAG then announced on 3 June 2014 that a new festival was to be established at Nürburgring as a follow-up event based on a five-year agreement from 2015. As things stand at present, the new festival at Nürburgring will be held under the title "The Ring Grüne Hölle Rock" from 29-31 May 2015. Under DEAG's management, an event team, including Stuart Gailbraith and Ossy Hoppe, will organise and stage the follow-up festival. This means that the two rock/pop festivals will be held in the immediate vicinity of each other around the same time. In an interview with the Süddeutsche Zeitung, Folkert Koopmans, managing director of FKP Scorpio, logically fears competitive bids for the artists, which can either lead to rising ticket prices for the concert-goers or pressure on margins for the promoters. Peter Schwenkow, CEO of DEAG, stated in a Rheinzeitung interview on 7 th of November that it is possible that no money may be earned to begin with owing to the major investments at Nürburgring. The investments in 2015 would then bear fruits, The intensive competition between the festival organisers over the artists and consumers could put pressure on margins

DZ BANK RESEARCH 25/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 though, in 2016 and the following years. Against this backdrop, owing to the growing number of festivals competing for the favour of the concert-goers and appearances of widely popular artists on the level of the individual festivals, we believe it may be forecast that revenues could tend to decline and artists' fees increase, which would result in lower margins in the end.

26/81 MEDIA & ENTERTAINMENT A Research Publication by DZ BANK AG CTS Eventim 3)4)5)6) Reuters: EVDG.DE Bloomberg: EVD GY Year * Sales Adj. IFRS- Earnings per sh. PER Free cash flow per share Free cash Dividend flow yield per share EUR m EUR EUR % EUR 2013 628.3 (628.3) 0.76 (0.76) 24.3 1.06 (1.06) 5.7 0.32 2014e 690.3 (661.0) 0.85 (0.84) 28.7 0.67 (0.45) 2.7 0.40 2015e 735.0 (695.0) 0.99 (1.01) 27.9 1.23 (1.37) 4.5 0.45 2016e 760.0 (720.0) 1.13 (1.14) 24.5 1.30 (1.19) 4.7 0.50 * Fiscal year end December In brackets: Figures from the last publication Market leader in the ticketing and live entertainment business» CTS Eventim is market leader in the complementary business segments ticketing and live entertainment events. In ticketing CTS is clear European market leader. More than 100.0 million event tickets for over 180,000 events from the areas of live music, entertainment and sport are marketed throughout Europe each year via the CTS ticketing system. In the live entertainment segment CTS focuses on the planning, organisation and staging of tours, concert events, festivals and other live events. For this purpose the company already took a number of majority interests in various well-known concert organisers in Germany, Austria and Switzerland early on.» In the live entertainment segment CTS operates in a market which has all the signs of advanced market maturity and in which revenue growth only appears to be possible primarily via market share gains and in which a high single-digit EBITDA margin is achievable in the best-case scenario. In the ticketing segment CTS can generate interesting double-digit EBITDA margins through the migration from the traditional distribution channels in favour of online distribution and the successive disintermediation of the advance booking offices associated with it. The regional expansion of the ticketing activities and the extension of the ticketing services to further event forms, for example in the area of sport, opens up additional growth prospects. CTS Eventim is in a very stable and market leading competitive position in the ticketing business which can be secured not least by a leading position in the live entertainment events segment. Based on our revenue and earnings forecast, the DCF-based fair value per share comes to EUR 30.5. Against this backdrop, the shares have interesting price potential and we recommend them as a buy. EQUITIES Flash 3 Mar 2015 Buy (prev. Buy) Closing price 2 Mar 2015 (in EUR): 27.55 Fair value: 30.50 (prev. 26.20) Financial ratios 2015e: Book value per share (in EUR): 3.42 Equity ratio (in %): 35.4 Net margin (in %): 14.2 ROE (in %): 29.4 Dividend yield (in %): 1.6 Free cash flow (EUR m): 118.1 Net debt (EUR m): -145.6 Number of shares (million units): 96.0 Market cap (in EUR m): 2,644.80 Free float (in %): 44.4 SIN: 547030 ISIN: DE0005470306 Datastream: D:EVDX Next Newsflow: 2014 accounts 31.03.2015 30 28 26 24 22 20 18 16 14 Selected Price on PER EV / EBITDA EV / Re- Companies 2 Mar 2015 15e 16e 15e 16e Sales 15e com. CTS Eventim 27.55 EUR 27.9 24.5 15.2 13.5 3.66 DEAG Entertainment 7.50 EUR 18.9 16.1 10.5 8.9 0.74 Live Nation Inc 26.78 USD 157.5 111.7 10.1 8.7 0.83 Delticom AG 18.03 EUR 16.0 11.3 7.6 6.1 0.39 Wirecard 41.22 EUR 33.1 25.9 20.2 16.0 5.99 Median for all peer group companies 29.8 21.0 10.3 8.8 0.79 = Buy, = Hold, = Sell, = not rated, n/a = not appropriate Source: DZ BANK, I/B/E/S, FactSet 12 M A M J J A S O N D J F M A M J J A S O N D J F CTS EVENTIM 90-Tage-Durchschnitt Source: Thomson Reuters Datastream Author: Harald Heider, Analyst

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 27/81 CORPRATE PROFILE Overview CTS Eventim AG & Co. KGaA is market leader in the two complementary business areas ticketing and live entertainment events. The company is in the position to cover most stages of the value chain in the live entertainment business and offer corresponding services and products. Alongside a regional business focus in Germany, CTS Eventim is regionally diversified in many European countries. The foreign companies accounted for a share of group revenues of around 24.8% or around EUR 156.0m in 2013. At the end of 2013 the company had 1,774 employees, of which 1,124 or 63.4% worked in Germany. 1,296 employees or 73.0% of the workforce were employed in the Ticketing segment. In the Live Entertainment segment there were 478 employees or 23% of the overall workforce. CTS Eventim operates in the two complementary ticketing and live entertainment segments In the Ticketing segment, for example, CTS operates in 23 countries with a clear focus in Europe. More than 100.0 million event tickets for over 180,000 events from the areas of live music, entertainment and sport are marketed throughout Europe each year via the CTS ticketing system. More than 20,000 advance booking offices and several call centres are connected to the ticketing platform in Europe. Numerous online portals such as eventim.de, getgo.de, onlineticket.de in Germany or oeticket.com, ticketcorner.ch, ticketone.it, lippu.fi and entradas.com in Europe outside Germany belong to the CTS Eventim group, via which the event tickets are marketed and sold. In the 2013 financial year the sale of entrance tickets via the Internet was increased by 16.0% to 23.8 million tickets. The company is European market leader in ticketing In the Live Entertainment segment CTS focuses on the planning, organisation and staging of concert tours, concert events, festivals and other live events. For this purpose the company already took a number of majority interests in various wellknown concert organisers in Germany, Austria and Switzerland early on. These include Marek Lieberberg Konzertagentur, Dirk Becker Entertainment, Semmelconcerts Veranstaltungsservice, ARGO Konzerte and Peter Rieger Konzertagentur. Furthermore, CTS Eventim operates the internationally well-known event venues Eventim Apollo in London (capacity: around 8,500), the Waldbühne open-air stage in Berlin (capacity: around 22,000 guests) and the Lanxess Arena in Cologne (capacity: around 20,000). CTS holds stakes in several marketleader organisers in the live entertainment segment The individual business segments In the Live Entertainment segment business activities are focused on the planning, organisation and staging of tours, concerts and entertainment events as well as the operation of individual venues. The segment was built up after the IPO in 2000 through the successive acquisition of stakes in various national tour and concert organisers. These stakes are held by the interim holding company Medusa Music Group GmbH, Bremen, in which CTS Eventim AG & Co. KGaA holds a 94.4% stake. In the 2013 financial year the Live Entertainment segment accounted for around 57.7% of group revenues. The Live Entertainment segment accounted for 57.7% of revenues in 2013 The activities are spread across an entire range of mainly small and medium-sized enterprises, which are owner run as a rule. The managing directors are in most cases key individuals with many years of experience in the people business of the event sector and have comprehensive contacts to agents and artists. Selected subsidiaries are presented in brief below.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 28/81 Marek Lieberberg Konzertagentur, Frankfurt Marek Lieberberg is one of the best known tour and concert promoters in Germany. Medusa Music Group holds 100% of the company's shares. As the most successful German promoter, Marek Lieberberg Konzertagentur is in fifth place in the global ranking list of promoters according to the Pollstar ranking with around 2.7 million tickets sold. We estimate revenues at around EUR 100m per annum. In 2013 Marek Lieberberg Konzertagentur Holding GmbH reported a profit of EUR 11.6m. The most important events in 2013 included the annual open-air festivals "Rock im Park" and "Rock am Ring" with more than 140,000 concert-goers overall. Furthermore, Marek Lieberberg also organises the open air festival "Rock `n Heim" at Hockenheimring. Marek Lieberberg has to look for a new location for the follow-up event "Rock am Ring" in 2015. According to the latest information the festival will be held in Mendig, around 30km away from the old location. Alongside the festival activities, the company organises numerous tours and concerts with artists such as Linkin Park, Michael Bubblé, Anastacia, Pharrell Williams or Bryan Adams. Marek Lieberberg is one of the most successful tour promoters in Germany Semmelconcerts Veranstaltungsservice, Bayreuth The company is run by Dieter Semmelmann. Medusa Music Group holds 50.2% of the company. Semmelconcerts generated revenues of EUR 107.1m and an operating result of EUR 8.88m in 2012 based on the individual financial statements. This corresponds to a margin of 8.2%. The company operates in both the tour business and in the area of local events with around 1,000 events and around 100 employees. In 2012 and 2013, for example, revenues were generated with the local staging of concerts with Rihanna, Elton John, Depeche Mode and Coldplay, but also with large tour productions for the Scorpions, Helene Fischer, BAP or Roger Cicero. The programme is supplemented with international exhibitions such as "Tutanchamun Sein Grab and seine Schätze" and musical productions such as "Elisabeth Die wahre Geschichte der Sissi" or "Grease". Semmelconcerts contributed over EUR 100m to group revenues in 2012 FKP Scorpio Konzertproduktion, Hamburg The company is run by Folkert Koopmanns and is one of the largest promoters for tours and local concerts as well as a leading festival organiser in Europe. In addition to the German festivals Hurricane, Southside, Highfield or Chiemsee Reggae Summer and Elbjazz Festival, the company also organises festivals abroad, e.g. Hultsfred (Sweden), Northside (Denmark) Greenfield (Switzerland) or Best KeptSecret (Netherlands). Revenues of EUR 45.0m were generated in the 2011 financial year. This figure was increased again in 2012. We estimate that FKP Scorpio was able to generate revenues of around EUR 50.0m in 2013. In 2011 and 2012 the company was able to generate EBIT based on the HGB individual financial statements of EUR 0.87m and EUR 2.04m, respectively. Within the scope of the acquisition of See-Tickets Germany/Ticket Online Group by CTS in 2010, the stake in FKP Scorpio Konzertproduktion GmbH was reduced to 45%. This means that the subsidiary is no longer fully consolidated since 30 June 2010, but only reported at equity in the consolidated financial statements. FKP Scorpio is no longer fully consolidated since 2011, but still belongs to the group Dirk Becker Entertainment Dirk Becker Entertainment GmbH operates mainly in North Rhine-Westphalia and organises and stages concerts as a local concert organiser. In 2011, Dirk Becker organised the Herbert Grönemeyer tour as a tour and local organiser, for

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 29/81 example. Revenues of EUR 22.8m and an operating result of EUR 0.167m were generated in 2012, despite there being no major tour. ARGO Konzerte GmbH ARGO Konzerte GmbH is one of the leading cross-regional concert agencies in Germany. Over 300 events are organised each year, mainly in Southern Germany and the new federal states. Around 386,000 people attended the events organised by ARGO Konzerte GmbH in 2012, of which 60,000 alone came to the event "Rock im Park". The company has a wide range of mainly German artists such as Sido, Roger Cicero or Udo Jürgens, but also world stars such as Billy Idol, Linkin Park and Elton John. Arena Management GmbH, Cologne After the acquisition of Arena Management GmbH by CTS EVENTIM AG in 2012, the company is also now indirectly the operator of the Lanxess Arena in Cologne. Alongside the operation of the local event business, CTS Eventim has also strengthened activities in venue management significantly through the acquisition of Arena Management GmbH. Lanxess Arena is one of the leading event locations in the metropolitan region of Cologne with around a million inhabitants within a radius of 100km. The Lanxess Arena is used not only for show and concert events, but also for various sporting events, such as ice hockey and basketball. Furthermore, many companies hold their annual shareholders' meetings there. It is also the venue for congresses, trade fairs and fashion shows. Up to 1.5 million people go to almost 160 events each year with an average of 10,000 per event. In 2012 the Lanxess Arena sold around 1.5 million tickets for 141 events and generated revenues of EUR 39.8m according to the information from its 2012 financial statements. The Lanxess Arena is one of the leading venues for live events in Germany Peter Rieger Konzertagentur, Cologne The company was founded in 1983 and focuses its activities on tour events with artists from the fields of rock, pop and classical. PGM Promoters Group Munich Konzertagentur, Munich As a local organiser of way over 100 concert and show highlights each year, the Promoters Group Munich has been one of the leading Munich-based providers of live entertainment since 2003. 125 events with a total of 447,440 concert-goers were staged in 2013. On this basis, revenues of EUR 20.7m and EBT of EUR 1.0m were generated in 2013 based on the HGB individual financial statements. ABC Productions AG ABC Productions AG was founded by André Béchir at the end of 2012 and has developed into one of the market-leading tour and concert organisers in Switzerland alongside Good News Productions. It was announced on 17 June 2013 that CTS Eventim AG had acquired an 80% stake in ABC Productions AG. From the date of acquisition, the company contributed around EUR 5.1m to revenues in 2013. The company was founded by André Béchir In the Ticketing segment the business activities are focused on the marketing and distribution of entrance tickets for the group's own, but also third-party live entertainment promoters. In the 2013 financial year the Ticketing segment accounted for EUR 269.7m or around 42.3% of group revenues, of which 55.6% or EUR 150.0m was generated by CTS AG &Co. KGaA. The share of revenues of the foreign companies increased to 40.7%, or around EUR 109.8m, in 2013. The most CTS is positioned internationally in the ticketing business

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 30/81 important foreign markets are Switzerland, Austria and Italy. The main operating companies are: CTS Eventim AG & Co. KGaA Around EUR 150mm or 55.6% of revenues in the Ticketing segment is generated by the parent company in the CTS Eventim group, of which around 7.7% or EUR 11.6m abroad. Ticket Express Gesellschaft zur Herstellung und zum Vertrieb elektronischer Eintrittskarten mbh, Vienna The company was founded in 1995 and CTS acquired 75% of the shares in 1999. Ticket Express is the leading ticketing company in Austria with more than 10 million entrance tickets sold each year. The group also operates via subsidiaries in Hungary, Slovakia, Slovenia, Croatia as well as in Serbia and Bulgaria. Ticketcorner Holding AG The company is a 50/50 joint venture between CTS Eventim and the Swiss Ringier Verlag. The Ticketcorner AG subsidiary is the market leading ticketing company in Switzerland. In 2009 the company sold around 9.3 million tickets and generated revenues of around CHF 35m, or EUR 24.0m. The company has contributed around EUR 18.4m to consolidated revenues since being consolidated for the first time with effect from 1 March 2010. Switzerland is an important market for CTS TicketOne S.p.A, Milan The company was founded in 1998 and operates ticketing, marketing, information and e-commerce services for music, entertainment, sporting and cultural events. CTS Eventim first acquired a 43% stake in the company in 2009. In 2005 the company sold around 13 million entrance tickets and generated revenues of EUR 16.4m. The stake in TicketOne was increased to 99.65% in May 2010. The TicketOne Group generated revenues of EUR 20.3m in the 2009 financial year. In November 2013 TicketOne acquired a 60% stake in CREA Informatica (CREA). The CREA software is used in more than 1,000 cinemas in Italy, via which they sell more than 80 million tickets each year, of which already more than 5 million via the Internet and mobile apps. The company is by far the leading provider of cinema ticketing software in Italy and also has a strong presence in the sale of entrance tickets for discotheques, a segment which is characterised by strong customer loyalty and stronger integration into the live event market. The activities in Italy have been expanded significantly of late In July 2014 TicketOne was able to acquire the entire ticketing segment from G- Tech/Lottomatica group. Under the Listicket brand ticketing is carried out for 12 clubs in the first Italian football league "Seria A". Overall, more than five million tickets are sold via Listicket each year. TicketOne already took over the ticketing for the Milan Scala opera for the next three years in March 2014.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 31/81 SWOT ANALYSIS CTS EVENTIM AG CTS Eventim is global no. in ticketing and no. 3 in live The high fees demanded by international stars is putting entertainment. In Europe CTS ranks no. 1 among the live pressure on margins in the live entertainment business and Strengths entertainment providers. The Marek Lieberberg subsidiary in particular is one of the world's leading concert organisers. Owing to the concentration of live entertainment and ticketing at CTS, there are high market entry barriers in the ticket business. High scalability of the ticketing business model increasing the risk of an unprofitable event Higher costs in the event business can only be passed on to the consumers to a limited extent. High volatility of the familiarity and attractiveness of international stars Availability of artists and venues is not guaranteed Weaknesses The company has a very experienced management with the permanently. CEO and company founder Klaus-Peter Schulenberg. The live entertainment market has reached advanced market maturity. Further migration of the sale of entrance tickets via traditional In the past the trend in business was largely independent of offline distribution channels towards online ticketing. economic cycles. A major increase in unemployment with The company is expected to enter the Latin-American ticket corresponding consumer restraint is not likely to have left CTS market in the wake of the acquisition of the ticketing for the unscathed either. Olympic Games in Brazil. The migration from offline to online is not progressing to the Expansion and further development of own live entertainment extent expected formats should have a slightly positive impact on the low- Live entertainment is people s business and therefore highly Opportunities margin concert business. Growing revenues of the record companies in the area of digital music could take the pressure off artists' fees for live performances. The ticketing system can basically also be used for the sale of entrance tickets for sporting venues, museums, theatres or dependent on certain persons as well as on existing and future business relationships International terror attacks of the epidemic spread of illnesses can have a considerable negative influence on the events sector. Increasing market introduction of self-service ticketing Threats cinemas. solutions could put pressure on the profit margin in Ticketing The long-standing investigations into the CEO by the public prosecution have not led to a result so far, but have not yet been officially completed. The German Cartel authority has initiated a probe on possible abuse of a market leading competitive position. Source: DZ BANK Research

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 32/81 STRATEGIC POSITIONING CTS Eventim is the market-leading ticketing company in the German-speaking region and also controls via majority stakes market-leading tour and concert organisers as well as venues in Germany and therefore important stages of the live entertainment value chain. Thanks to leading promoters, such as Marek Lieberberg, Volkert Koopmanns, Dieter Semmelmann, Dirk Becker or Peter Rieger, the group has very good contacts to German and international artists and their management. This has secured access to widely popular content and enables a well-filled pipeline of events from the areas of music, entertainment and culture every year. On this basis, CTS is also market leader in the area of organising numerous open-air festivals in Germany and neighbouring European countries. The combination of ticketing and events business leads to a stable competitive position The CTS group's ticketing distribution system offers a market-leading range based on the advance booking offices connected to it, media and distribution cooperation agreements as well as established web portals with sophisticated search machine marketing (SEM, SEO). Thanks to the market positioning it has achieved, CTS succeeds in committing numerous promoters outside the group to its own distribution platform for the long term by granting signing fees. The company's strategic goal is to promote the migration of ticket sales via the traditional distribution channels in favour of direct distribution via the Internet. The distribution fees can be internalised with the effect of increasing margins through disintermediation. The migration from offline ticketing to online distribution of the entrance tickets increases margins The company motivates consumers to use the online portals through exclusive advance booking offers, fan tickets, the print@home functionality and collection at the box office as a service offered exclusively in direct distribution. CTS strongly increases customer commitment with additional application features Alongside use in the area of live entertainment, CTS is also marketing the ticketing platform more strongly in the area of sporting events. After the men's football World Cup in Germany in 2006 and the women's in 2011, CTS took over ticketing for the winter Olympic Games in Sotchi at the beginning of 2014 and then also won the bid for the ticketing of the summer Olympic Games in Brazil in 2016. Through the combination of widely popular content with an efficient and marketleading distribution platform, CTS Eventim is in a stable competitive position, on the basis of which it should be able to generate interesting profit margins in the medium term as well. CTS Eventim will probably meet the competition from the area of white label shops, which offer the promoters a software-based ticketing solution for direct distribution themselves by integrating it into the promoter's website and social media platform, respectively, with its own white label shop offer in 2015. This offer has the advantage that the promoter can gain access to the established distribution portal with a market-leading range via a corresponding interface at any time. However, the competition from the providers of white label ticketing solutions could lead to some pressure on the profit margin in online ticketing in the medium term. The market entry of software-based self-service ticketing solutions can strongly change the market

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 33/81 VALUATION Two fundamentally different approaches can be taken for the valuation of the CTS Eventim shares. Firstly, the comparison of ratios with a peer group of companies which pursue a similar business model or whose business activities are exposed to a comparable general setting with respect to earnings opportunities and risks. Secondly, the longer term-oriented valuation of the predicted earnings flows based on DCF analysis. Within the scope of the comparison of ratios, not enough listed companies can be found whose business is also focused on the area of live entertainment and/or ticketing and which also operate in the same regional markets. We have only compared the multiples of the direct listed competitors CTS Eventim and DEAG as well as of the global market-leading company Live Nation below. The comparison of ratios comes up with only limited findings Live Nation: The US company develops activities in the segments concerts, ticketing, artist support as well as sponsoring and advertising. The company organises music concerts with internationally well-known artists in its own or hired venues in the USA and many international markets. In ticketing Live Nation is the global market leader with a regional focus in the USA. Looking at the main revenue and earnings figures of the three companies, it can be ascertained that Live Nation generates by far the highest revenues, but is behind the competition with a view to the EBIT margin. MAIN REVENUE AND EARNINGS FIGURES IN EUR Company Revenues EBITDA EBITDA margin EBIT EBIT margin 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e Live Nation 5,675.0 6,215.0 6,623.0 459.0 519.0 574.0 8.1% 8.3% 8.7% 6.0 157.0 211.0 1.0% 2.5% 3.2% DEAG 204.0 228.0 242.0 12.9 16.1 18.5 6.3% 7.1% 7.6% 11.1 14.7 16.6 5.4% 6.4% 6.9% CTS 690.3 735.0 760.0 155.8 174.4 194.1 22.6% 23.7% 25.5% 138.6 155.3 167.8 20.1% 21.1% 22.1% Average 2,189.7 2,392.7 2,541.7 209.2 236.5 262.2 9.5% 9.9% 10.3% 51.9 109.0 131.8 2.4% 4.5% 5.2% Source: Factset; DZ BANK estimates According to our estimate, with around 11.6% of Live Nation's revenues CTS Eventim will generate EBIT which is slightly higher than the absolute level of its competitor in 2015. Compared to the competition, CTS is far more profitable at present with an estimated EBIT margin of 21.1%. This is attributable in particular to the market position reached, cost efficiency and the associated strong profitability of the ticketing business in Europe. COMPARATIVE RATIOS LIVE ENTERTAINMENT SECTOR Company EV/sales EV/EBITDA EV/EBIT PER 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e Live Nation 0.9 0.8 0.7 11.0 9.7 8.3 826.4 32.0 22.7 485.5 150.5 106.8 DEAG 0.8 0.7 0.7 12.7 10.6 8.9 14.8 11.6 10.0 20.7 19.1 16.2 CTS 3.6 3.7 3.4 15.8 15.2 13.5 17.8 17.3 15.2 28.7 27.9 24.5 Average 1.77 1.73 1.6 13.4 11.8 10.2 286.3 20.3 15.9 178.3 65.8 49.2 Source: Factset, DZ BANK estimates

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 34/81 With a view to the EV/EBIT and PER multiples, CTS Eventim is on a very cheap valuation compared to Live Nation. The relatively high valuation on EV/sales level is due to the far higher return on sales compared to the competition. While CTS Eventim has already been able to provide evidence of its major earnings power, Live Nation would first have to still succeed in lastingly increasing its earnings power to justify the valuation. We believe CTS has interesting revenue potential which can be exhausted profitably based on its existing cost efficiency. However, it would also not be justified in our view to fully transfer Live Nation's high EBIT multiples to CTS as it appears to be only very difficult to make the ticketing revenues more profitable based on the margin level reached. CTS Eventim is on a cheap valuation based on the EV/EBIT multiples Discounted cash-flow analysis The most important valuation instrument in our view for assessing the fair value of a company is the discounted cash flow method. The estimated future valuationrelevant free cash flows are discounted on the valuation date and added up. As a rule, the result gives a good indication of the fair value of the company and of the shares. Within the scope of our DCF analysis based on the medium-term and longterm revenue and earnings forecast, we have assumed a risk-free interest rate of 0.38% and assumed a stock market risk premium of 5.5%. In conjunction with a beta factor of 1.51, the average cost of capital (WACC) comes to 6.08%. We have assumed a perpetuity growth rate of 1.50%. DISCOUNTED CASH FLOW VALUATION EURm 2015e 2016e 2017e 2018e 2019e 2020e TVe Adjusted EBIT 145.3 163.3 184.9 197.2 204.0 210.7 214.1 Taxes on EBIT -43.6-49.0-55.5-59.1-61.2-63.2-64.2 Effective income tax rate (cash taxes) 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Net Operating Profit After Tax (NOPAT) 101.7 114.3 129.4 138.0 142.8 147.5 149.9 + Depreciations (-Reversals) 30.1 28.7 25.0 26.5 28.0 29.7 31.5 - Investments (+Proceeds from sale) -28.0-21.0-23.0-25.5-28.0-30.0-32.5 Change in working capital 8.6-2.9-5.6 0.0-0.7-1.9 2.2 Free cash flow 112.4 119.1 125.8 139.0 142.1 145.4 151.1 Present value of free cash flows 2,962.2 Market value of non-operating assets 30.0 Financial and liquid assets 419.7 EV, beginning of the 2015e financial year 3,411.9 Liabilities -335.4 Provisions (incl. provisions for pension) -5.9 EV (inc. minorities) at beg. of 2015e FY 3,070.6 Value of minority interests -190.0 EV (exc. minorities) at beg. of 2015e FY 2,880.6 Acc. till eff. valuation date (with cost of equity rate) 46.7 Equity value (exc. minorities) at valuation date 2,927.2 Equity value per share, diluted (EUR) 30.5 Source: DZ BANK estimates; TV=Terminal Value Against the backdrop of our Discounted Cash-Flow Model we calculate a Fair-Value per share of EUR 30.5.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 35/81 REVENUES AND EARNINGS CTS Eventim has experienced a very dynamic trend in recent years. Revenues grew significantly between 2003 and 2013 by 180.0% and at an annual average growth rate of 10.8% to EUR 628.3m, therefore exceeding the general growth in the live entertainment sector in Germany by far. Foreign companies accounted for a share of group revenues of around 24.8%, or around EUR 156.0m, in 2013. Revenues grew by an annual average of 10.8% between 2003 and 2013 Adjusted EBITDA also rose significantly by 581% between 2003 and 2013, or by an annual average of around 21.1%, to EUR 136.2m. This corresponds to an EBITDA margin of 21.7%. Expenses for personnel restructuring as well as legal/winding up costs of EUR 2.38m have been adjusted in adjusted EBITDA. EBITDA of around EUR 29.3m, or 21.7% of group EBITDA, was generated abroad in 2013. This corresponds to a margin of 18.8% compared to a margin of 28.7% in Germany. Adjusted EBITDA grew by an annual average of 21.1% between 2003 and 2013 TREND IN REVENUES AND EARNINGS CTS EVENTIM IN EUR M 700 628.3 600 500 466.7 519.6 502.8 520.3 400 342.9 384.4 404.3 300 200 100 0 256.2 224.4 222.7 136 96 104 120 80 20 26 38 52 54 58 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 sales EBITDA Linear (sales) Source: CTS Eventim KGaA Both the Live Entertainment and the Ticketing segments have contributed to the growth looking at the entire period. With a view to group revenues, the Live Entertainment segment was able to generate the largest contribution in 2013 with a share of 57.7% or EUR 362.5m, as was already the case in the previous years. Between 2003 and 2013 revenues of the Live Entertainment segment grew by around 91.4%, or an annual average, subject to significant fluctuations, of 6.7%. In 2013 revenues grew by 18.8% to EUR 333.8m. After being acquired in June 2013, the Swiss company ABC Production contributed around EUR 5.1m to revenues for the first time in 2013. The significant decline in revenues in 2011 is due among other things to the fact that FKP Scorpio was no longer consolidated on account of a reduction in the stake held. Furthermore, fewer attractive events were staged in 2011. Fully-consolidated revenues in the Live Entertainment segment are spread between a number of subsidiaries which operate in the market as tour operators and/or local organisers. Foreign revenues amounted to around EUR 46.2m in 2013. The Live Entertainment segment makes the greatest contribution to revenues

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 36/81 Segment EBITDA grew by an annual average of around 10.6% between 2003 and 2013 to EUR 32.0m in 2013. This means that around 23.5% of group EBIT was generated in the Live Entertainment segment in 2013. The average EBITDA margin in the Live Entertainment segment in the past eleven years came to 7.2% and fluctuated in a range between 6.1% and 9.3%. In 2013 the margin came to 8.7%. Foreign revenues were only slightly above break-even on EBITDA level. The margin in the Live Entertainment business came to an average of 7.2% in recent years TREND IN REVENUES AND EARNINGS IN THE LIVE ENTERTAINMENT SEGMENT IN EUR M 400 365.8 350 300 301.3 288 318.7 333.8 281 296.4 250 247.2 200 191.1 183.4 194.6 150 100 50 0 11.7 12.5 13.9 15.2 21.8 17.7 24.5 26.6 27.5 32 18.8 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 sales EBITDA Source: CTS Eventim With a revenue share of 42.3%, the contribution made by the Ticketing segment is slightly smaller than the contribution from the Live Entertainment segment, but the segment has shown far stronger growth momentum in recent years. Revenues grew by 666.2% between 2003 and 2013, or by an annual average of 22.6%, to EUR 269.7m. Around 40.7% or EUR 109.8m of revenues in the Ticketing segment was generated abroad. The Ticketing business has grown very dynamically EBITDA increased more than proportionately to revenues in this period by an annual average of 28.8% to EUR 104.3m. This means that around three quarters of group EBITDA was generated in the Ticketing segment in 2013. The average EBITDA margin came to 35.2% in the past eleven years. A margin of 40.1% and 38.7% was generated in 2012 and 2013, respectively. Around EUR 28.8m, or 27.6%, of segment EBITDA was generated abroad. This corresponds to a margin of 26.2% and shows that the profitability of the foreign companies is still way behind the situation in Germany. In 2013 the Ticketing business generated around three quarters of the EBITDA result

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 37/81 TREND IN REVENUES AND EARNINGS IN THE TICKETING SEGMENT IN EUR M 300 269.7 250 228.7 231.5 200 193.9 150 100 50 0 152.5 120.1 99.3 104.3 87.5 92.8 85.4 64.3 69.3 55.4 42.1 35.2 36.8 40.1 32 23.6 8.3 13.3 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 sales EBITDA Source: CTS Eventim KGaA A substantial part of the revenues was generated via the group's ticketing platform in 2013. Revenues of EUR 170.9m were generated through the sale of 23.8 million entrance tickets via the Internet. This corresponds to around 63.4% of segment revenues and an increase of 17.8% versus 2012. The number of online tickets sold grew by 15.5% in 2013. This means that the migration of ticket sales from the traditional distribution channels in the direction of the Internet continued in 2013 as well. Average revenues of EUR 7.18 were generated with a ticket sold online in 2013. Revenues per Internet ticket came to around EUR 6.65 on average in the past ten years. Alongside the advance booking and booking fee, this amount also includes postage costs. Internet ticket sales are driving growth TREND IN VOLUME AND REVENUES OF ONLINE TICKETS 180 171 70 160 140 120 100 80 60 40 20 0 145 134 105.2 84.6 61.9 23.8 20.6 19.2 43 17.1 34.2 13.4 25 9.6 7.1 14.9 5.3 10.4 1.5 2.3 3.5 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 sales in EUR m # of online tickets sold 60 50 40 30 20 10 0 Source: CTS Eventim

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 38/81 INVESTMENTS AND FINANCING CTS Eventim AG & Co. KGaA had an equity ratio of 28.9% and net liquidity of EUR 179.6m on group level in the 2013 financial statements. Allowing for liabilities from advance payments received, net liquidity is reduced to EUR 61.4m. As at 30 September 2014 the equity ratio was increased to 30.8%. On the other hand, net liquidity declined owing to increased investments, the dividend distribution as well as seasonal effects to EUR 82.4m and EUR -34.0m, respectively. We believe CTS Eventim currently has a very solid balance sheet structure and sufficient financial scope for further strategic acquisitions. The cash-effective investments have developed as follows in recent years. CTS Eventim has a solid balance sheet structure CASH-EFFECTIVE NET INVESTMENTS IN EURO M 160 140 133.9 120 100 80 60 41.4 48.0 40 20 18.8 19.4 14.9 13.2 12.6 0 2007 2008 2009 2010 2011 2012 2013 9M/14 Source: CTS Eventim Cash-effective investments of EUR 41.4m were carried out in 2013. The acquisition of new group companies accounted for part of this. For example, three regional ticketing companies in Spain, the Netherlands and France were acquired from Stage Entertainment for an overall purchase price of around EUR 25.0m. Furthermore, the Italian subsidiary TicketOne acquired the company Listicket for a purchase price of EUR 13.9m. The extraordinarily high investments in 2010 are essentially the result of the proportionate payment for the acquisition of the See Ticket Germany/Ticket Online group. CTS Eventim is investing considerable sums in external growth In the area of intangible assets, the average annual additions of around EUR 5.8m to the items capitalised development costs as well as self-created software in development related to investments for the further development of the ticket distribution software. Financial liabilities reported on the balance sheet date on 31 December 2013 comprise primarily loans of EUR 188.2m, of which EUR 110m repayment loans with a residual term of at least five years.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 39/81 CURRENT TREND, OUTLOOK AND PROSPECTS Current trend In the first nine months of the 2014 financial year group revenues increased by 5.7% to EUR 469.3m. Adjusted group EBITDA rose by 5.4% to EUR 90.4m. EBITDA of EUR 20.5m was generated abroad. TREND IN REVENUES AND EARNINGS ON A QUARTERLY BASIS IN EUR M Group Q1/13 Q1/14 yoy Q2/13 Q2/14 yoy Q3/13 Q3/14 yoy Q4/13 Q4/14e Yoy Revenues 121.1 150.4 24.2% 191.2 189.2-1.1% 131.8 130.1-1.3% 184.2 220.6 19.7% Material costs 75.8 100.3 32.3% 139.2 138.8-0.3% 91.0 87.7-3.6% 122.4 139.5 13.8% Gross profit 45.3 50.1 10.6% 52.0 50.4-3.2% 40.8 42.4 3.9% 69.0 89.3 29.5% Gross profit margin 37.4% 33.3% 27.2% 26.6% 31.0% 32.6% 37.4% 40.5% EBITDA 28.6 32.0 12.2% 32.6 32.5-0.5% 22.5 24.8 10.4% 50.2 65.3 30.0% EBITDA margin 23.6% 21.3% 17.1% 17.2% 17.1% 19.1% 27.3% 29.6% Extraordinary result 0.2 0.3 73.8% 2.0 0.2 n.a. 0.06 0.6 n.a. 0.1 0.1 n.a. Normalised EBITDA 28.7 32.3 12.6% 34.7 32.7-5.7% 22.5 25.4 12.7% 50.3 65.4 29.9% Normalised EBITDA margin 23.7% 21.5% 18.1% 17.3% 17.1% 19.5% 27.3% 29.6% Write-downs -5.6-6.3 13.4% -5.7-7.1 23.1% -5.5-7.0 26.2% -6.1-8.1 31.6% EBIT 23.0 25.7 11.9% 26.9 25.4-5.5% 16.9 17.8 5.2% 44.1 57.3 29.8% EBIT margin 19.0% 17.1% 14.1% 13.4% 12.9% 13.7% 23.9% 26.0% PPA write-downs 2.57 2.67 3.1% 2.6 2.6-0.8% 2.6 2.9 14.4% 2.6 3.2 14.6% Normalised EBIT before PPA 25.7 28.7 11.5% 31.6 28.2-10.7% 19.6 21.4 9.3% 46.8 60.4 28.9% Normalised EBIT margin 21.3% 19.1% 16.5% 14.9% 14.8% 16.4% 25.4% 27.4% Group Q1/13 Q1/14 yoy 1H/13 1H/14 yoy 9M/13 9M/14 yoy 2013 2014e yoy Revenues 121.1 150.4 24.2% 312.3 339.6 8.7% 444.1 469.7 5.8% 628.3 690.3 9.9% Material expenses 75.8 100.3 32.3% 215.0 239.1 11.2% 306.0 326.8 6.8% 428.4 466.2 8.8% Gross profit 45.3 50.1 10.6% 97.3 100.5 3.2% 138.1 142.9 3.4% 207.1 232.2 12.1% Gross profit margin 37.4% 33.3% 31.2% 29.6% 31.1% 30.4% 33.0% 33.6% EBITDA 28.6 32.1 12.2% 61.2 64.5 5.4% 83.7 89.3 6.8% 133.9 154.6 15.5% EBITDA margin 23.6% 21.3% 19.6% 19.0% 18.8% 19.0% 21.3% 22.4% Extraordinary result 0.2 0.3 74% 2.2 0.5-77% 2.3 1.1-52% 2.4 1.2-50.0% Normalised EBITDA 28.7 32.4 12.6% 63.4 65.0 2.6% 85.9 90.4 5.2% 136.3 155.8 14.3% Normalised EBITDA margin 23.7% 21.5% 20.3% 19.2% 19.4% 19.3% 21.7% 22.6% Write-downs -5.6-6.3 13.4% -11.3-13.4 18.3% -16.9-20.4 20.9% -23.0-28.4 23.7% EBIT 23.0 25.7 11.9% 49.9 51.1 2.5% 66.8 68.9 3.2% 110.9 126.2 13.8% EBIT margin 19.0% 17.1% 16.0% 15.1% 15.0% 14.7% 17.7% 18.3% PPA write-downs 2.6 2.7 3.1% 5.2 5.2 1.2% 7.8 8.2 5.6% 10.4 11.2 7.9% Normalised EBIT before PPA 25.7 28.7 11.5% 57.3 56.9-0.7% 76.9 78.2 1.8% 123.7 138.6 12.1% Normalised EBIT margin 21.3% 19.1% 18.3% 16.7% 17.3% 16.7% 19.7% 20.1% Source: CTS Eventim; DZ BANK estimates Both segments were able to contribute to this revenue growth, albeit to a differing extent. In the Live Entertainment segment only a slight increase in revenues of 0.7% to EUR 282.4m was generated. This is due primarily to the full-year consolidation of the Swiss company ABC-Productions AG for the first time. The increase resulting from the extension of the sphere of consolidation was set against fewer major events as many promoters did not want to compete over the consumers' attention with the football World Cup. The second and third quarter in particular were impacted negatively by this effect, while significant revenue growth was still generated in the first quarter. A decline of 21.5% to EUR 23.0m was also recorded There was a stable trend in the Live Entertainment business in 2014 despite the football WC

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 40/81 on EBITDA level owing to the smaller number of events. Segment EBIT before PPA write-downs fell by 22.7% to EUR 21.4m. TREND IN REVENUES AND EARNINGS IN THE LIVE ENTERTAINMENT SEGMENT IN EUR M Live Entertainment Q1/13 Q1/14 yoy Q2/13 Q2/14 yoy Q3/13 Q3/14 yoy Q4/13 Q4/14e yoy Revenues 60.3 83.2 37.9% 139.4 130.4-6.5% 80.7 68.8-14.7% 85.4 96.8 13.4% Material costs 51.1 73.0 42.9% 116.5 113.2-2.8% 70.5 60.5-14.1% 77.3 83.1 7.5% Gross profit 9.2 10.1 10.0% 22.9 17.2-25.0% 10.2 8.2-19.1% 8.0 13.7 70.4% Gross profit margin 15.3% 12.2% 16.4% 13.2% 12.6% 12.0% 9.4% 14.2% EBITDA 4.8 5.8 20.4% 18.5 13.1-29.2% 5.9 4.0-32.7% 2.8 3.3 19.6% EBITDA margin 8.0% 7.0% 13.2% 10.0% 7.3% 5.8% 3.2% 3.4% Extraordinary result 0.0 0.0 n.a. 0.0 0.0 n.a. 0.0 0.0 n.a. 0.0 0.0 0.0% Normalised EBITDA 4.8 5.8 20.4% 18.5 13.1-29.2% 5.9 4.0-32.7% 2.8 3.3 19.6% Normalised EBITDA margin 8.0% 7.0% 13.2% 10.0% 7.3% 5.8% 3.2% 3.4% Write-downs -0.66-0.68 2.9% -0.6-0.7 8.5% -0.66-0.63-4.8% -0.7-0.6-13.2% EBIT 4.18 5.15 23.1% 17.8 12.4-30.3% 5.2 3.3-37.0% 2.0 2.7 33.0% EBIT margin 6.9% 6.2% 12.8% 9.5% 6.5% 4.8% 2.4% 2.8% PPA write-downs 0.13 0.131-0.8% 0.17 0.01-94.7% 0.1 0.0-100.0% 0.1 0.5 251.0% Normalised EBIT before PPA 4.3 5.3 22.4% 18.0 12.3-31.7% 5.3 3.4-35.5% 2.1 3.1 46.3% Normalised EBIT margin 7.2% 6.4% 12.9% 9.4% 6.6% 5.0% 2.5% 3.4% Live Entertainment Q1/13 Q1/14 yoy 1H/13 1H/14 yoy 9M/13 9M/14 yoy 2013 2014e yoy Revenues 60.3 83.2 37.9% 199.8 213.6 6.9% 280.5 282.4 0.7% 365.8 379.2 3.7% Material expenses 51.1 73.0 42.9% 167.6 186.3 11.1% 238.1 246.8 3.7% 315.4 329.9 4.6% Gross profit 9.2 10.1 10.0% 32.2 27.3-15.0% 42.4 35.6-16.0% 50.4 49.4-2.2% Gross profit margin 15.3% 12.2% 16.1% 12.8% 15.1% 12.6% 15.1% 13.0% EBITDA 4.8 5.8 20.4% 23.3 18.9-18.9% 29.2 22.9-21.7% 32.0 26.2-18.1% EBITDA margin 8.0% 7.0% 11.7% 8.9% 10.4% 8.1% 8.7% 6.9% Extraordinary result 0.0 0.0 n.a. 0.0 0.0 n.a. 0.0 0.0 n.a. 0.0 0.0 0.0% Normalised EBITDA 4.8 5.8 20.4% 23.3 18.9-18.9% 29.2 22.9-21.7% 32.0 26.2-18.1% Normalised EBITDA margin 8.0% 7.0% 11.7% 8.9% 10.4% 8.1% 8.7% 6.9% Write-downs -0.7-0.7 2.9% -1.3-1.4 5.6% -2.0-2.0 2.1% -2.7-2.6-2.0% EBIT 4.2 5.2 23.1% 22.0 17.6-20.1% 27.3 20.9-23.4% 29.3 23.6-19.5% EBIT margin 6.9% 6.2% 11.0% 8.2% 9.7% 7.4% 8.0% 6.2% PPA write-downs 0.1 0.1-0.8% 0.3 0.1-53.6% 0.4 0.1-64.5% 0.5 0.6 14.3% Normalised EBIT before PPA 4.3 5.3 22.4% 22.3 17.6-21.2% 27.7 21.1-24.0% 29.8 24.2-18.9% Normalised EBIT margin 7.2% 6.4% 11.2% 8.2% 9.9% 7.5% 8.2% 6.4% Source: CTS Eventim, DZ BANK estimates Revenue growth of 14.3% to EUR 192.6m was generated in the Ticketing segment. Around EUR 11.2m or 47.0% of the growth was attributable to the firsttime consolidation of the acquisitions in France, Holland, Spain and Italy. The number of online tickets sold grew in the first nine months by 24.0% to 18.6 million entrance tickets. After relatively weak growth of 6.8% in the first quarter, growth of 31.2% was achieved in Q2/14 and an increase of 36.1% even in Q3/14, although part of this is likely to be attributable to the contributions from newly consolidated companies. We estimate that revenues with tickets sold online came to around EUR 128.0m in the first nine months of 2014. Revenue growth of 17.7% to EUR 85.1m was generated abroad in the first three quarters. Half of the growth in the ticketing segment is attributable to acquisitions Normalised EBITDA improved in the first nine months by 19.0% to EUR 67.48m. The EBITDA margin also grew, by 2.3 percentage points to 34.5%. The share of segment EBITDA generated abroad came to 27.5% or EUR 18.6m, corresponding to

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 41/81 growth of 15.6% and a margin of 21.8%. The corresponding margin in Germany came to around 45.5% in the first nine months. TREND IN REVENUES AND EARNINGS IN THE TICKETING SEGMENT IN EUR M Ticketing Q1/13 Q1/14 yoy Q2/13 Q2/14 yoy Q3/13 Q3/14 yoy Q4/13 Q4/14e yoy Revenues 62.3 69.3 11.4% 53.4 60.5 13.3% 52.9 62.7 18.6% 101.1 126.6 25.2% Material costs 26.2 29.4 12.2% 24.3 27.4 12.3% 22.3 28.6 28.3% 40.2 51.0 26.9% Gross profit 36.0 39.9 10.8% 29.1 33.2 14.1% 30.6 34.1 11.6% 60.9 75.6 24.1% Gross profit margin 57.9% 57.6% 54.4% 54.8% 57.9% 54.5% 60.3% 59.7% EBITDA 23.7 26.2 10.5% 14.1 19.4 37.0% 16.6 20.8 25.9% 47.5 62.0 30.5% EBITDA margin 38.1% 37.8% 26.5% 32.0% 31.3% 33.2% 47.0% 49.0% Extraordinary result 0.17 0.30 74.9% 2.0 0.2-89.3% 0.06 0.58 854.1% 0.1 0.1-9.1% Normalised EBITDA 23.9 26.5 11.0% 16.2 19.6 21.0% 16.6 21.4 28.9% 47.6 62.1 30.4% Normalised EBITDA margin 38.4% 38.2% 30.3% 32.4% 31.4% 34.2% 47.1% 49.0 Write-downs -4.9-5.6 14.8% -5.1-6.4 24.9% -4.9-6.4 30.4% -5.4-7.4 37.4% EBIT 18.8 20.6 9.4% 9.0 13.0 43.8% 11.7 14.4 23.5% 42.1 54.6 29.7% EBIT margin 30.2% 29.7% 16.9% 21.4% 22.1% 23.0% 41.6% 43.2% PPA write-downs 2.8 3.1 12.1% 2.1 2.0-5.7% 2.5 2.6 4.4% 2.5 2.9 16.6% Normalised EBIT before PPA 21.4 23.4 9.2% 13.5 15.8 16.5% 14.2 17.6 24.0% 44.7 57.6 28.9% Normalised EBIT margin 34.4% 33.8% 25.3% 26.0% 26.8% 28.1% 44.2% 45.5% Group Q1/13 Q1/14 yoy 1H/13 1H/14 yoy 9M/13 9M/14 yoy 2013 2014e Yoy Revenues 62.3 69.4 11.4% 115.7 129.9 12.3% 168.6 192.6 14.2% 269.7 319.2 18.4% Material expenses 26.2 29.4 12.2% 50.6 56.8 12.3% 72.8 85.3 17.2% 113.0 136.3 20.6% Gross profit 36.1 39.9 10.8% 65.2 73.1 12.3% 95.8 107.3 12.0% 156.7 182.9 16.7% Gross profit margin 57.9% 57.6% 56.3% 56.3% 56.8% 55.7% 58.1% 57.3% EBITDA 23.7 26.2 10.5% 37.9 45.6 20.4% 54.4 66.4 22.1% 101.9 128.4 26.0% EBITDA margin 38.1% 37.8% 32.7% 35.1% 32.3% 34.5% 37.8% 40.2% Extraordinary result 0.2 0.3 74.9% 2.2 0.5-76.6% 2.3 1.1-51.7% 2.4 1.2-49.7% Normalised EBITDA 23.9 26.5 11.0% 40.1 46.1 15.0% 56.7 67.5 19.1% 104.3 129.6 24.3% Normalised EBITDA margin 38.4% 38.2% 34.6% 35.5% 33.6% 35.1% 38.7% 40.6% Write-downs -4.9-5.7 14.8% -10.0-12.0 20.0% -14.9-18.4 23.4% -20.3-25.8 27.1% EBIT 18.8 20.6 9.4% 27.8 33.6 20.6% 39.5 48.0 21.4% 81.6 102.6 25.7% EBIT margin 30.2% 29.7% 24.1% 25.8% 23.4% 24.9% 30.3% 32.1% PPA write-downs 2.8 3.1 12.1% 4.9 5.1 4.5% 7.4 7.7 4.5% 9.9 10.6 7.5% Normalised EBIT before PPA 21.4 23.4 9.2% 35.0 39.2 12.0% 49.2 56.8 15.5% 93.9 114.4 21.9% Normalised EBIT margin 34.4% 33.8% 30.2% 30.2% 29.2% 29.5% 34.8% 35.8% Source: CTS Eventim, DZ BANK estimates After allowing for write-downs, group EBIT was improved in the first nine months of 2014 by 3.2% to EUR 68.9m. Adjusted EBIT before PPA write-downs of EUR 8.2m was up by 1.7% to EUR 78.2m. The corresponding EBIT margin came to 16.7% and was 0.6 percentage points below the corresponding prior-year period. The financial result improved by around 28.9% to EUR -2.92m, primarily on account of positive earnings contributions from participations reported at equity. EBT increased against this backdrop by 5.3% to EUR 66.02m. After deducting taxes, which were essentially unchanged, as well as minority interests, down by around EUR 1.1m, group net profit after minority interests improved by 13.5% to EUR 39.5m, corresponding to EPS of EUR 0.41 per share. Adjusted for extraordinary expense, as well as PPA write-downs, adjusted earnings per share for the first nine months of 2014 came to EUR 0.50 Net profit has been increased significantly so far in 2014

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 42/81 From the strategic point of view, CTS Eventim was able to win the bid for the ticketing services from the organising committee of the Olympic Games in Rio in 2016. This means that CTS will be the exclusive ticket service provider for the 16th Olympic Games. The ticket volume for the games amounts to around 9 million tickets overall. This means that CTS will enter the Latin American ticket market for the first time. Outlook According to preliminary figures, revenue growth of 9.9% to EUR 690.3m was generated in 2014. This corresponds to revenue growth in Q4/14 of 19.7% to EUR 220.6m. Revenues in the Live Entertainment increased significantly after all by 3.7% to EUR 379.2m as revenues grew significantly in Q4/14 by 13.4% to EUR 96.8m, after only a moderate increase in the first nine months. We are anticipating a good result for the 2014 financial year In the Ticketing segment revenues grew by 25.2% to EUR 126.6m in Q4/14 as a result of which revenues for the full year were up by 18.4% to EUR 319.2m. The good performance in Q4/14 is attributable in particular to good advance ticket sales in the run-up to a strong events pipeline for 2015, as well as additional revenue contributions from the recently acquired subsidiaries. The volume of online tickets sold in 2014 (organic and external) grew by 28.9% to 30.7 entrance tickets. Of the absolute growth of 6.9 million tickets, just under 50% or 3.4 million entrance tickets was attributable to the new group subsidiaries. The number of online tickets sold grew by 37.5% to 12.1 million in Q4/14. Online ticket volume continues to grow very dynamically With estimated average revenues per online ticket of EUR 6.9, this gives online ticket revenues for Q4/14 of EUR 83.5m. The advance sale of tickets for the upcoming AC/DC concert tour in 2015 with nine concerts in Germany was particularly successful. Within the scope of exclusive online advance sales via the Eventim platform, around 325,000 tickets were sold within a short space of time and up to a 25% advance booking fee (the advance booking fees usually amount to between 10 and 15%) charged on the ticket price of EUR 80 plus postage. As in many cases buyers could only select premium postage of the tickets in the ordering process, the NRW consumer advice centre has had a judicial examination carried out as to whether the postage and processing fees are permissible. This has led to the ticket buyers having a claim to a refund on CTS in part. Furthermore, the German antitrust authorities have introduced administrative proceedings to examine whether CTS has possibly improperly used a market-dominating competitive position. This could lead to the prohibition of certain business practices in the medium term or also to a fine in the worst case. For full 2014 we are expecting on this basis online ticketing revenues of EUR 211.0m. This corresponds to an increase in the estimated share of segment revenues of 2.6 percentage points to 66.1%. On normalised group EBITDA level growth of 14.4% to EUR 155.8m was generated on group level in full 2014, corresponding to an increase in the EBITDA margin of 0.9 percentage points to 22.6%. The growth was driven exclusively by the positive trend in the Ticketing segment, where normalised EBITDA increased by 24.3% to EUR 129.6. This corresponds to growth in the EBITDA margin of 1.9 percentage points to 40.6%. Group EBITDA will increase according to our estimate by 14.4% to EUR 155.8m

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 43/81 In the Live Entertainment segment EBITDA declined by 18.1% to EUR 26.2m in full 2014. Despite the growth in Q4/14, the prior-year result could not be reached owing to the seasonal weakness in Q2/14 and Q3/14. The EBITDA margin declined by 0.7 percentage points to 6.9%. Based on reported EBITDA, EBIT comes to EUR 126.2m after allowing for writedowns of EUR 28.4m. Before PPA write-downs, EBIT before PPA write-downs comes to EUR 137.4m and normalised EBIT before PPA write-downs to EUR 138.6m. After allowing for the financial result, taxes and minority interests, the adjusted result before PPA write-downs comes to EUR 81.6m, corresponding to EPS of EUR 0.85 and growth of 11.8%. With a payout ratio of around 50% of net profit for the year announced by the management, a dividend of EUR 0.4 per share can be deduced. We estimate EPS of EUR 0.85 and a dividend of EUR 0.4 for 2014e Prospects For the 2015 financial year we are anticipating revenue growth on group level of around 6.5% to EUR 735m. We forecast that both segments will contribute to this growth. In the Live Entertainment segment we are anticipating moderate revenue growth of 2.1% to EUR 386m (before consolidation). We believe the CTS group has a good events pipeline for 2015 with a greater number of events, as in contrast to the previous year no significant competition from large sporting events (football WC) has to be taken into consideration. Among others, "Take That" will give five indoor concerts in Germany with Marek Lieberberg as the responsible tour promoter. In Switzerland, ABC-Productions has taken on the role of promoter for the "Take That" concert in the Zurich Hallenstadion. Marek Lieberberg will also bring among others Herbert Grönemeyer and U2 to the stage in 2015. At Semmelconcerts, Helen Fischer, Andrea Berg, Westernhagen and Nickelback among others are on the event calendar in 2015. Added to these are numerous events organised and staged by the local organisers from CTS Eventim's sphere of consolidation. Advance ticket sales in Q4/14 indicate a strong events pipeline for 2015 We have also taken into consideration in our estimate that there will be tougher competition in the open-air events sub-segment, which could possibly lead to a low capacity utilisation rate of the festivals and put pressure on the earnings power of the events. On EBITDA level we are anticipating growth of 24.6% to EUR 32.9m. This corresponds to an improvement in the EBITDA margin of 0.8 percentage points to 8.5%, and therefore a return to the level of 2013. We are expecting tough competition in the festival segment In the Ticketing segment we are expecting revenue growth of 14.2% to EUR 356m (before consolidation). The ticket sales for the summer Olympic Games in Brazil should have a positive impact of around EUR 16m. Furthermore, we are anticipating growth in online tickets of 11.1% to 34.1 million. Alongside organic growth from online migration, there will again be revenue contributions from the company acquisitions in 2014 on account of consolidation. Assuming average revenues per Internet ticket of EUR 6.9, this gives online ticketing revenues of EUR 235.7m for 2015, corresponding to a share of estimated segment revenues of 66.2%. On EBITDA level we are anticipating growth of 11.5% to EUR 144.5m. This corresponds to an unchanged EBITDA margin of 40.6%. We have assumed that the slight pressure on margins in Germany is set against more The online ticket volume is likely to increase significantly in 2015 as well

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 44/81 profitable foreign activities included in the sphere of consolidation for the first time in 2014. Against this backdrop, we are forecasting adjusted EBITDA on group level for 2015 of EUR 177.3m, corresponding to an increase of 13.9% and an EBITDA margin of around 24.1%. EBITDA growth is likely to accelerate again slightly in 2015 SALES AND EBITDA ESTIMATES IN EUR M 800 700 628.3 690.3 735 760 600 500 466.7 519.6 502.8 520.3 400 300 200 100 80 95 104.2 119.9 136.2 155.8 177.4 194.1 0 2009 2010 2011 2012 2013 2014 2015e 2016e Sales adj. EBITDA Source: CTS Eventim, DZ BANK estimates After deducting write-downs (excluding PPA write-downs), adjusted EBIT before PPA write-downs comes to EUR 155.3m, corresponding to an increase of 12.0% compared to the figure for 2014. After allowing for PPA write-downs, the negative financial result, taxes as well as minority interests, net profit after minority interests comes to EUR 95.0m. This corresponds to estimated earnings per share for 2015 of EUR 0.99. Against the backdrop of a planned payout ratio of 50%, this could result in an estimated dividend of EUR 0.45. EPS could increase by 16.4% to EUR 0.99 in 2015e We continue to anticipate a dynamic trend in the Ticketing segment beyond 2015. The number of online tickets sold could already increase to around 38 million in 2016. This would correspond to growth in the volume of tickets sold of 12.0% and would already be achievable through organic growth in our view. Owing to the fact that promoters' white label software solutions for self-service ticketing are increasingly penetrating the market, we see no further increase in the average revenues per online ticket beyond EUR 7.0 for the time being, though. This would result in an increase in revenues to EUR 400.0m (before consolidation), assuming that the revenues from online ticketing account for around 66.5% of total revenues in the Ticketing segment. This corresponds to an increase of 12.4%. Online ticket volume could already reach the 38 million entrance ticket mark in 2016 In the Live Entertainment segment we are anticipating a slight decline in revenues for 2016 of around 5.9% to EUR 364m (before consolidation), due in particular to the competition over consumers' attention from the European football championships The European football championships are likely to put pressure on the Live Entertainment business in 2016

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 45/81 and therefore to the smaller number of events from experience in the period in which the games are played. Against this backdrop, the estimated revenue growth on group level comes to 3.4% to EUR 760.0m. On adjusted EBITDA level we are anticipating a further increase of 9.4% to EUR 194.1m Euro. Of this figure, the Ticketing segment will account for around EUR 164.0m (margin: 41.0%) and the Live Entertainment segment for EUR 30.1m (margin: 8.3%) according to our forecast. On the level of net profit after minority interests, there will be an increase based on our revenue and earnings forecast for 2016 of around 14.2% to EUR 108.5m, resulting in estimated earnings per share of EUR 1.13 for 2016. In the medium term we believe CTS is in a very stable and market-leading position in the ticketing business which can be secured not least by a leading position in the live entertainment events segment. The comprehensive socio-economic data of the ticket buyers, which are recorded within the scope of the online distribution of entrance tickets, can be used as part of a software-based business intelligence system for the demand-driven management of the event offer. They can also be used to specifically address the target group and minimise scatter losses and as a means of making event planning more profitable. CTS Eventim is likely to continue to benefit from the stable and marketleading competitive position in the medium term In the live entertainment segment CTS operates in a market which bears all the signs of advanced market maturity and in which revenue growth only appears to be possible primarily through market share gains and in which a high single-digit EBITDA margin can be achieved in the best case. In the ticketing segment CTS can generate interesting double-digit EBITDA margins through the migration from the traditional distribution channels in favour of online distribution and the successive disintermediation of the advance booking offices associated with it. The regional expansion of the ticketing activities and the extension of the ticketing services to further event forms, such as the area of sports, opens up additional growth prospects. Against the backdrop of our Discounted Cash-Flow Model we calculate a Fair-Value per share of EUR 30.5.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 46/81 AT A GLANCE Company profile CTS Eventim is one of the market leading ticketing and live entertainment companies in Europe. The company arranges and operates mass attractive tours and concerts. Additionally CTS runs a market leading electronic ticketing distribution platform and benefits in this context from the further growing sale of online tickets. Basis for investment recommendation CTS Eventim has reported a solid performance in 2014. We expect the company to continue to benefit from the migration of traditional ticket sales channels to online marketing. There are signs of further solid sales and earnings growth in 2015. CTS is planning to tap into further growth potential in foreign countries. Price sensitive current issues» We are anticipating further acquisitions in 2015.» Influence of white label ticketing solutions on the earnings margin» The further expansion of Live Nation on the European market could have a negative influence on CTS Eventim's competitive position. Opportunities and risks Opportunities Further migration towards online ticketing. Market entry in the USA either with AEG or in cooperation with another concert organiser European expansion of the ticketing business. Market entry in Latin America Risks Slump in private consumption would have a negative impact on business volume in the events segment Tour cancellations or postponements of individual concerts can result in high costs market entry of white label ticketing solutions

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 47/81 PROFIT AND LOSS ACCOUNT Euro m 2013 2014e 2015e 2016e 2017e 2018e Sales 628.3 690.3 735.0 760.0 780.0 795.0 % against prev. year 21% 10% 6% 3% 3% 2% Cost of goods sold -421.3-458.4-477.8-490.2-491.4-492.9 Gross profit 207.0 231.9 257.3 269.8 288.6 302.1 % against prev. year 15% 12% 11% 5% 7% 5% Sales costs -60.6-66.3-67.6-60.5-56.2-57.2 Administration costs -37.4-42.1-46.3-48.6-50.7-51.7 R&D expenditure 0.0 0.0 0.0 0.0 0.0 0.0 Other operating income 14.6 17.3 18.4 19.0 19.5 20.7 Other operating expenses -12.7-14.7-16.4-16.3-16.4-16.7 Extraordinary income/expenses 0.0 0.0 0.0 0.0 0.0 0.0 Operating profit (EBIT) 110.9 126.2 145.3 163.3 184.9 197.2 For information: EBIT adjusted 123.7 138.6 155.3 172.3 192.9 205.2 % against prev. year 16% 12% 12% 11% 12% 6% Interest paid / received -6.4-6.2-6.6-4.5-4.1-3.3 Profit before tax 104.5 120.0 138.7 158.8 180.8 193.9 For information: EBT adjusted 117.3 132.4 148.7 167.8 188.8 201.9 % against prev. year 19% 13% 12% 13% 12% 7% Income taxes from continuing operations -35.1-36.9-41.5-47.3-53.9-57.8 Tax rate 34% 31% 30% 30% 30% 30% Net profit from continuing operations 69.4 83.1 97.3 111.5 126.9 136.1 Net profit from discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 Net profit 69.4 83.1 97.3 111.5 126.9 136.1 Profit or loss attributable to minority interest -8.2-9.3-9.2-9.3-9.4-9.6 Profit or loss attributable to shareholders 61.1 73.8 88.1 102.2 117.5 126.5 thereof from continuing operations 61.1 73.8 88.1 102.2 117.5 126.5 thereof from discontinued operations 0.0 0.0 0.0 0.0 0.0 0.0 Weighted average number of shares, diluted (m) 48.000 96.000 96.000 96.000 96.000 96.000 IFRS earnings per share, diluted 0.64 0.77 0.92 1.06 1.22 1.32 Adjusted earnings per share, diluted (contin.) 0.76 0.85 0.99 1.13 1.28 1.37 For information Depreciation 23.0 28.4 30.1 28.7 25.0 26.5 EBITDA 133.9 154.6 175.4 192.1 209.9 223.7 EBITDA adjusted 136.3 155.8 177.4 194.1 211.9 225.7 Fiscal year end December Source: CTS Eventim and DZ BANK estimates

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 48/81 RATIOS Euro 2013 2014e 2015e 2016e 2017e Profit and loss ratios Sales (m) 628.3 690.3 735.0 760.0 780.0 EBITDA margin 21.7% 22.6% 24.1% 25.5% 27.2% EBIT margin 19.7% 20.1% 21.1% 22.7% 24.7% Net margin 12.9% 13.2% 14.2% 15.5% 16.9% Investment ratio 6.0% 9.7% 3.8% 2.8% 2.9% R&D as % of sales Admin and sales costs as % of sales 15.6% 15.7% 15.5% 14.4% 13.7% Net other operating costs as % of sales -0.3% -0.4% -0.3% -0.4% -0.4% Net financial income as % of sales -1.0% -0.9% -0.9% -0.6% -0.5% Interest cover 20.0 17.5 20.5 29.0 35.0 Average sales growth next five years 4.8% 3.2% 2.2% Average earnings growth next five years 12.6% 10.6% 7.9% SALES BY REGION 2013 5% 15% 5% 75% Germany Italy Austria/Switzerland Other SALES BY BUSINESS SEGMENT 2013 Profitability ratios ROE 32.0% 30.4% 29.4% 28.1% 26.9% ROCE 61.4% 60.0% 70.5% 80.0% 88.0% 58% 42% Productivity ratios Sales per employee ('000) 366.28 372.23 379.35 389.74 396.95 EBIT per employee ('000) 72.10 74.74 80.16 88.38 98.15 Ticketing Live Entertainment Balance sheet ratios Equity ratio 28.9% 31.1% 35.4% 39.1% 43.3% Long term debt and equity / Fixed assets 108.8% 105.6% 109.6% 124.2% 139.9% Liquidity (quick ratio) 105.8% 102.7% 105.8% 117.2% 129.5% Receivables as % of sales 4.2% 4.2% 4.2% 4.2% 5.0% Investment (net of GW) / Depreciation 164.7% 235.9% 93.1% 73.1% 92.0% Working capital as % of sales -27.9% -26.7% -26.3% -25.0% -23.6% Film assets (m) 0.0 0.0 0.0 0.0 0.0 Net debt (m) -64.6-79.7-145.6-214.5-285.5 Net debt complete (m) -61.2-78.3-143.0-210.6-280.2 Figures per share Earnings per share, diluted 0.76 0.85 0.99 1.13 1.28 Free cash flow per share, diluted 1.06 0.67 1.23 1.30 1.36 Dividend per common share 0.32 0.40 0.45 0.50 0.55 Cash per share, diluted 3.91 4.32 4.63 5.31 5.94 Net debt per share, diluted -0.67-0.83-1.52-2.23-2.97 SALES AND MARGIN DEVELOPMENT 800 26% 25% 750 24% 700 23% 22% 650 21% 20% 600 19% 550 18% 2013 2014e 2015e 2016e 2017e Sales (EUR m) EBIT margin (%) FREE CASH FLOW AND INVESTMENT RATIO Valuation ratios Enterprise value / Sales 3.0 3.6 3.7 3.4 3.3 Enterprise value / EBITDA 14.0 15.8 15.2 13.5 12.0 Enterprise value / EBIT 15.4 17.8 17.3 15.2 13.2 EV/Sales to sales growth 0.36 0.74 1.13 1.56 1.48 PEG ratio - common shares 1.66 2.27 2.63 3.11 140 130 120 110 100 90 80 10% 9% 8% 7% 6% 5% 4% Fiscal year end December 70 60 2013 2014e 2015e 2016e 2017e 3% 2% Source: CTS Eventim, DZ BANK estimates Free cash flow (EUR m) Investment ratio (%)

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 49/81 BALANCE SHEET IFRS - Euro m 2013 2014e 2015e 2016e 2017e 2018e ASSETS Non current assets 398.6 437.7 435.5 428.3 426.9 426.6 Intangible assets 354.9 392.5 391.8 385.8 382.8 380.8 thereof goodwill 257.4 275.4 275.4 275.4 275.4 275.4 Long-term film assets 0.0 0.0 0.0 0.0 0.0 0.0 Tangible assets 13.4 14.4 13.0 11.3 12.3 13.3 Financial assets 18.4 18.9 18.8 19.3 19.9 20.6 Other long-term assets 11.9 11.9 11.9 11.9 11.9 11.9 Current assets 478.3 529.2 565.8 638.3 708.8 790.5 Inventories 2.1 3.5 3.7 3.8 3.9 4.0 Short-term film assets 0.0 0.0 0.0 0.0 0.0 0.0 Trade receivables 26.3 28.9 30.8 31.8 39.0 39.0 Financial assets 1.8 1.8 1.8 1.8 1.8 1.8 Other receivables and short-term assets 72.3 80.1 84.8 91.2 93.4 95.0 Liquid assets 375.7 414.9 444.8 509.7 570.7 650.7 Assets available for sale 0.0 0.0 0.0 0.0 0.0 0.0 Total assets 876.9 966.9 1,001.3 1,066.6 1,135.7 1,217.1 LIABILITIES Shareholders' equity 253.2 300.3 354.2 417.5 491.4 569.7 Share capital 48.0 96.0 96.0 96.0 96.0 96.0 Reserves 186.8 181.8 231.5 290.5 360.0 433.7 Other equity 1.2 1.2 1.2 1.2 1.2 1.2 Minority interest 17.3 21.3 25.5 29.8 34.2 38.8 Treasury stock -0.1-0.1-0.1-0.1-0.1-0.1 Non current liabilities 180.6 161.8 123.0 114.3 105.7 107.1 Provisions for pensions 4.8 5.9 7.2 8.5 9.8 11.2 Other provisions 0.0 0.0 0.0 0.0 0.0 0.0 Financial liabilities 161.4 141.4 101.4 91.4 81.4 81.4 Other payables 14.5 14.5 14.5 14.5 14.5 14.5 Current liabilities 443.0 504.8 524.1 534.8 538.7 540.3 Trade payables 58.0 58.7 62.5 62.3 63.2 63.6 Other provisions 2.2 2.7 3.2 3.7 4.2 4.7 Financial liabilities 152.9 193.9 197.9 203.9 203.9 203.9 Other liabilities 229.9 249.5 260.6 264.9 267.4 268.1 Liabilities assoc. with assets held for sale 0.0 0.0 0.0 0.0 0.0 0.0 Shareholders' equity and liabilities 876.9 966.9 1,001.3 1,066.6 1,135.7 1,217.1 Fiscal year end December Source: CTS Eventim and DZ BANK estimates

DZ BANK RESEARCH MEDIA & ENTERTAINMENT CTS EVENTIM 3 MAR 2015 50/81 DISCOUNTED CASH FLOW VALUATION Market data Risk-free interest rate 0.38% Market premium 5.50% Data from comparable company Levered beta factor 1.5100 Data from company to be valued Growth rate of perpetuity 1.5% Weighted average cost of capital (WACC) 6.08% (Capital cost are specifically calculated for each particular period) Euro m 2014e 2015e 2016e 2017e 2018e 2019e 2020e 2021e Adjusted EBIT 145.3 163.3 184.9 197.2 204.0 210.7 214.1 Taxes on EBIT -43.6-49.0-55.5-59.1-61.2-63.2-64.2 Cash Taxes 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Net Operating Profit After Tax (NOPAT) 101.7 114.3 129.4 138.0 142.8 147.5 149.9 + Depreciations (-Reversals) 30.1 28.7 25.0 26.5 28.0 29.7 31.5 - Investments (+Proceeds from sale) -28.0-21.0-23.0-25.5-28.0-30.0-32.5 Change in working capital 8.6-2.9-5.6 0.0-0.7-1.9 2.2 Other changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Free cash flow 112.4 119.1 125.8 139.0 142.1 145.4 151.1 Present value of free cash flows 2,962.2 Market value of non-operating assets 30.0 Financial and liquid assets 419.7 Enterprise value, beginning of period 3,411.9 Liabilities -335.4 Provisions (inc. provisions for pensions) -5.9 Equity value incl. minority interest, bop 3,070.6 Value of minority interest -190.0 Correction of liabilities by convertible bonds 0.0 EQV excl. minority interest, bop 2,880.6 Accumulation till effective valuation date (with KErate) 46.7 EQV excl. minority interest at valuation date 2,927.2 Equity value per share, diluted (EUR) 30.5 Fiscal year end December Source: CTS Eventim and DZ BANK estimates

51/81 MEDIA & ENTERTAINMENT A Research Publication by DZ BANK AG DEAG Entertainment 6) Reuters: ERMGk.DE Bloomberg: ERMK GY Year * Sales Adj. IFRS- Earnings per sh. PER Free cash flow per share Free cash Dividend flow yield per share EUR m EUR EUR % EUR 2013 165.5 (165.5) 0.21 (0.21) 20.2-0.66 (-0.66) -15.8 0.12 2014e 204.0 (204.0) 0.34 (0.35) 20.7-0.43 (-0.35) -6.2 0.12 2015e 228.0 (225.0) 0.40 (0.41) 18.9 0.51 (0.53) 6.9 0.15 2016e 242.0 (238.0) 0.47 (0.48) 16.1 0.65 (0.65) 8.7 0.15 * Fiscal year end December In brackets: Figures from the last publication Leading live event organiser focusing on classical music and 360 degree artist support» DEAG is a leading company in the live entertainment sector with a regional focus in the German-speaking region and in the UK. The company has comprehensive expertise in the organisation, marketing and staging of events from all music genres with a special focus on the field of classical music and family entertainment. The experienced management team headed up by CEO Peter Schwenkow has very good access to national and international artists and their management. On this basis, DEAG offers the artists a comprehensive 360 degree service in the areas of live events, recorded music business, rights exploitation as well as sponsoring and merchandising.» As a specialist for live entertainment events, DEAG is an increasingly important cooperation partner for large media companies, such as Axel Springer, Sony Music or the Bertelsmann subsidiary BMG Rights Mgt. The aim is to realise additional growth potential together with the partners.» With a stable event base behind it, DEAG has started to place greater importance on marketing the available ticket contingent itself. Alongside extending the distribution cooperation agreement with Ticketmaster, the company established its own online ticketing platform at the end of 2014, which is expected to make dynamically growing earnings contributions in future. DEAG and its subsidiaries want to strengthen the steady revenue growth in the past by using the available potential and synergies in future. The focus on 360 degree artist support and ticket distribution is expected to contribute to making the activities more profitable. Based on our revenue and earnings forecast, the DCF-based fair value per share comes to EUR 10.40. We recommend buying the shares. EQUITIES Flash 3 Mar 2015 Buy (prev. Buy) Closing price 2 Mar 2015 (in EUR): 7.50 Fair value: 10.40 (prev. 7.96) Financial ratios 2015e: Book value per share (in EUR): 2.87 Equity ratio (in %): 46.0 Net margin (in %): 4.3 ROE (in %): 19.3 Dividend yield (in %): 2.0 Free cash flow (EUR m): 8.4 Net debt (EUR m): 11.1 Number of shares (million units): 16.4 Market cap (in EUR m): 122.61 Free float (in %): 44.9 SIN: A0Z23G ISIN: DE000A0Z23G6 Datastream: D:ERMX Next Newsflow: 2014 accounts 31.03.2015 9 8 7 6 5 4 3 Selected Price on PER EV / EBITDA EV / Re- Companies 2 Mar 2015 15e 16e 15e 16e Sales 15e com. DEAG Entertainment 7.50 EUR 18.9 16.1 10.5 8.9 0.74 CTS Eventim 27.55 EUR 27.9 24.5 15.2 13.5 3.66 Live Nation Inc 26.78 USD 157.5 111.7 10.1 8.7 0.83 2 M A M J J A S O N D J F M A M J J A S O N D J F DEAG DEUTSCHE ENTM. 90-Tage-Durchschnitt Source: Thomson Reuters Datastream Author: Harald Heider, Analyst Median for all peer group companies 92.7 68.1 12.7 11.1 2.25 = Buy, = Hold, = Sell, = not rated, n/a = not appropriate Source: DZ BANK, I/B/E/S, FactSet

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 52/81 CORPORATE PROFILE Overview Deutsche Entertainment AG (DEAG), headquartered in Berlin, is one of the leading German service groups in the area of live entertainment. The company develops, produces and markets cultural and entertainment events with national and international artists. DEAG covers the main stages along the value chain in the live entertainment business. The company's core business is organising tours and concerts. The business portfolio comprises various genres, such as rock/pop national and international, classical music, folk music and German hit songs as well as shows and family entertainment productions. DEAG and its subsidiaries are among the market-leading live entertainment organisers in the German-speaking region and the UK The company generates around 80% of revenues with the production and staging of tours and concerts in the three core markets Germany, Switzerland and Great Britain. Since mid-2013, the DEAG group has been located with Blue Moon Entertainment GmbH as an independent legal unit in Vienna, having carried out individual tour and show projects in Austria in the previous years. DEAG AG itself carries out almost no operating business, but acts as a holding company of the DEAG group. The range of entrepreneurial activity extends from the acquisition, development, production and marketing of concert tours in Germany and Europe (live touring), to the local organisation of individual live events as a local organiser, to the hiring out of event facilities and venues (Entertainment Services). The service portfolio is supplemented by the offer of 360 degree artist support. 360 degree artist support represents an important pillar of the company's business activities On this basis, DEAG offers artists comprehensive support and professional organisation of the tour or live performances on the one hand and the event-goers from the most varied target groups and age groups an attractive range of events and complementary services from the various entertainment areas on the other. Further exploitation chains have been established with the integration of recorded music labels, the publishing business, sponsoring, product enhancement and the merchandising business. The high-margin ticket distribution business is of particular importance here. At the end of 2014 DEAG started to establish its own ticket distribution platform in the market with myticket.de. It also has a comprehensive and long-standing distribution cooperation agreement with Ticketmaster Deutschland Holding GmbH, even though DEAG Deutsche Entertainment AG has sold the 10% stake held so far back to Ticketmaster. Self-service ticket distribution will be stepped up with the establishment of the myticket.de ticketing platform The individual business segments The tour business is reported in the Live Touring segment. This includes the activities of the companies DEAG Classics (Berlin), DEAG Concerts (Berlin), KBK Konzert- u. Künstleragentur (Berlin), Manfred Hertlein Veranstaltungs (Würzburg), Wizard Promotions Konzertagentur (Frankfurt a.m.), Raymond Gubbay (London, Great Britain) as well as Classical Company (Zurich, Switzerland) and the recent acquisition Kilimanjaro Live.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 53/81 DEAG Classics DEAG Classics is a joint venture between DEAG Deutsche Entertainment AG and Sony Music Entertainment (share: 49%). The company is represented in Switzerland with its own subsidiary in the classical segment (The Classical Company). The English market is processed via the Raymond Gubbay subsidiary. DEAG Classics focuses on the staging of music events in the fields of classical music, jazz and crossover. Correspondingly, cyclical fluctuations have had a minor influence on the company's portfolio as a rule. The best-known artists for whom DEAG Classics organises events include David Garrett, Anna Netrebko and Erwin Schrott. Peter L. H. Schwenkow is the CEO of the company and it was under his leadership that it developed into the market leader for classical events in Europe. DEAG classics is trying to expand the business volume further by exchanging artists and products within the company. Furthermore, it aims to penetrate further European markets in order to become even more attractive for artists in the classical music segment with a high European presence. In 2014 the company had among others international top acts such as The Ten Tenors, Andrea Bocelli or David Garrett in the event offer. In the 2012 financial year DEAG Classics AG generated revenues of EUR 15.1m and earnings before tax of EUR 3.84m. DEAG has an attractive stand-alone feature within the scope of the organisation of live events in the area of classical and cross-over concerts DEAG Concerts DEAG Concerts GmbH, which also acts as an interim holding company for several other companies in this field of activity, operates as a promoter for internationally well-known artists in cases in which they are acquired by the CEO, Prof. Peter L.H. Schwenkow, or based on his contacts. These include tours by the Rolling Stones, Peter Maffay and Marius Müller-Westernhagen. In the 2013 financial year DEAG Concerts GmbH generated revenues based on the individual financial statements of EUR 5.0m. Raymond Gubbay Limited The stake in Raymond Gubbay Ltd. belongs to the DEAG Classics AG sub-group and produces large shows and orchestra productions in the opera, classical and ballet segment mainly in the United Kingdom. These include the established events Classic Spectacular in the London Royal Albert Hall and the Christmas Festival in London and other large English cities. In the 2012/13 financial year the company generated revenues of GBP 15.5m and an operating result of GBP 0.659m. The company is a proven specialist in the classical segment in the UK Wizard Promotion Konzertagentur GmbH, Frankfurt The company was founded in 2004 by Ozzy Hoppe, is one of the largest German concert agencies and supports artists in the live entertainment business, including international top acts such as U2, Iron Maiden, Kiss, Adele, Lady Gaga, Zucchero, Bon Jovi, Sting, Eric Clapton, Ozzy Osbourne and Metallica. The company also focuses on the area of new talent and has been included in DEAG's sphere of consolidation since 2013. The purchase price for 75.1% of the shares was EUR 3.02m. Upon consolidation with effect from 1 June 2013, the company contributed around EUR 11.0m to group revenues in 2013. If the company had been consolidated for the first time with effect from 1 January 2013, the revenue contribution for the 2013 financial year would have been EUR 12.2m. Based on the HGB individual financial statements, the company generated net profit for the year of EUR 0.557m in 2013. The "Der Ring Grüne Hölle Rock" open-air festival will be organised at Nürburgring for the first time in 2015.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 54/81 Manfred Hertlein Veranstaltungs-GmbH, Würzburg The company operates in the planning, preparation and staging of all kind of events, in particular in the field of folk music and German hit songs as well as rock and pop music. The company's headliners are regularly Hansi Hinterseer, Andreas Gabalier and Phantasy. MHV acts primarily as a local organiser in the federal states of Hesse and Baden Württemberg. DEAG holds 33.3% of the company's shares. In the 2013 financial year MHV generated revenues of EUR 17.2m and earnings before tax of EUR 0.373m. The company is very well positioned in both the rock/pop and folk music/german hit song segments Kilimanjaro Live Ltd. The company is one of the leading live entertainment promoters in England and organises more than 500 live music and entertainment events each year. Internationally Kilimanjaro Live organises the Sonisphere festival series, which was carried out in seven European countries in 2014, including Germany, Italy, Finland and Switzerland. The company is run by Stuart Galbraith. DEAG acquired a stake of 51.0% in May 2014 for a preliminary purchase price of EUR 4.0m plus possible earn-out components. In the 2013 the company generated revenues of GBP 19.2m and an operating result of GBP 0.38m based on the individual financial statements. The company is known for operating the Sonisphere festivals throughout Europe among other things KBK Konzert- und Künstleragentur GmbH KBK Konzert- und Künstleragentur GmbH ("KBK") also operates in the area of international artists and presents among others artists such as De Burgh, Deep Purple and Status Quo. KBK focuses on classic rock themes on the one hand, but also concentrates with a young team on the other in particular on young themes and new market developments. The regional/local business as well as the entire service business is reported in the Entertainment Services segment (over-the-counter business). These include the local organisers of the DEAG group, the operation of the Jahrhunderthalle arena in Frankfurt, the services as a recorded music label, the ticket distribution business as well as the accompanying services such as merchandising and the acquisition of sponsors for the respective event. The activities are carried out primarily via a number of subsidiaries. These include the AIO Group (Switzerland), Global Concerts, Munich, Jahrhunderhalle Kultur (Frankfurt a. M.), Concert Concept (Berlin), Friedrichsbau Varieté (Stuttgart) Grandezza Entertainment (Berlin) FF tour (Essen), River Concerts and Elbklassik (both Hamburg), handwerker promotion e.(unna), Blue Moon Entertainment (Vienna, Austria) as well as DEAG Music (Berlin) as a music publisher/label. DEAG has a strong foothold in the local event business Concert Concept Veranstaltungs GmbH, Berlin The company operates as a local organiser in Berlin and the surrounding areas. Concert Concept covers the stage of organisation and operation in the live entertainment value chain. The company organises among other things various types of concerts at the Berlin Waldbühne open-air stage. Concert Concept acts as organiser, co-producer and service provider for the organisers. If an artist is marketed on a tour by a DEAG group company from the area of activity of live touring, Concert Concept can take on the role of local organiser for these associated companies. The company generated revenues of EUR 3.05m in 2013.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 55/81 Handwerker promotion e gmbh, Unna Since the company was founded in 1983, the concerts, tours and artist management segments form the three business segments of the company, which is managed by Fred Handwerker. handwerker promotion e gmbh plans and organises concerts of every genre and size on behalf of national and international concert organisers in NRW as a local organiser. The spectrum comprises large events with international artists such as Prince, Justin Timberlake, Destiny's Child, Britney Spears, Usher, Snoop Dogg, the Backstreet Boys and the Flippers or the Schürzenjäger, but also smaller events in numerous theatres and concert halls with Herman van Veen, Klaus Hoffmann, the Dubliners, or the Ten Tenors. As a tour promoter handwerker promotion has also been organising and supporting tours of artists from the areas of cabaret and comedy throughout Germany for over 20 years. Fred Handwerker represents as manager the artists Tom Gerhardt (since 1990) and Gerd Dudenhöffer (since 1997) in respect of cinema and TV productions as well as DVD, CD and book publications. DEAG bought the 51% stake in the company for EUR 1.7m in 2013. Since its first-time consolidation with effect from 1 January 2013 the company has contributed around EUR 14.0m to group revenues. The company has a regional focus in NRW but operates in the tour business AIO Group The AIO Group's activities are focused in regional terms in Switzerland. In the 2013 financial year Good News Productions AG, a company belonging to the AIO Group, organised among other things live events with artists such as Depeche Mode, Bruce Springsteen or Roger Waters. As a rule the Zurich Hallenstadion is used for larger music events. This multi-purpose hall has a capacity of around 13,000 concert-goers. Until the end of 2013 the rock and pop concerts in the Zurich Hallenstadion were coordinated by the concert agency Good News Productions AG. This coordination will be taken over by the hall operators themselves in future. In the 2013 financial year the AIO Group generated revenues of EUR 55.5m in Switzerland. With effect from 21 December 2013, DEAG acquired the remaining 48% of the AIO Group from the previous co-owner Ringier AG in exchange for all shares in MSF Moon & Stars Festivals SA, the payment of a settlement of fractions as well as the commitment of brand rights not capitalised so far. The AIO Group groups together the Swiss activities River Concerts GmbH The company was founded in 2007 to strengthen the concert business in the DEAG group in the rock/pop segments in Northern Germany. River Concerts services the markets as a local organiser in the federal states of Hamburg, Schleswig-Holstein and Mecklenburg-Western Pomerania. The company supports not only well-known international artists such as Lady Gaga, The Eagles, Udo Lindenberg and Peter Maffay, but also brings unknown, national artists to the stages and clubs in northern Germany. Elbklassik Konzerte GmbH, a subsidiary of River Concerts, is responsible for the classical music segment. Global Concerts GmbH Global Concerts GmbH services the events from the fields of rock/pop, sport, classical and comedy in the region of Bavaria as a local organiser. Concert events with Peter Maffay, AC/DC and Andreas Gabalier among others are on the agenda for 2015. The local event "Disney on Ice" from the family entertainment segment is operated in Regensburg. In the 2013 financial year Global Concerts generated net income for the year based on the HGB individual financial statements of EUR 0.24m. The company will organise the open-air festival Global Concerts covers the region of Bavaria as a local organiser

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 56/81 "Rockavaria" in the Munich Olympic Stadium parallel to the Nürburgring festival "Der Ring Grüne Hölle Rock" as a local organiser for the first time in 2015. Blue Moon Entertainment GmbH The company was founded in September 2013 as a DEAG joint venture. The many years of experience of entertainment expert Katrin Edtmeier in organising events in the Austrian market as well as the outstanding positioning and knowhow of the entire DEAG group represent a promising combination for the attractive Austrian market. DEAG holds 85% of the shares. DEAG has already been able to operate successful events as a tour promoter in recent years through cooperation agreements with Austrian organisers. These included concerts by Tom Jones, David Garrett, Nana Mouskouri, Peter Kraus or Anna Netrebko. The activities of the DEAG group in Austria are to be expanded significantly with Blue Moon Entertainment in future. The rock festival "Rock in Vienna" will be operated with Blue Moon's involvement for the first time in 2015. The Austrian activities are grouped together in Blue Moon Entertainment Kultur- und Kongresszentrum Jahrhunderthalle GmbH, Frankfurt The Jahrhunderthalle arena is one of the largest event venues in the Rhein-Main area. The domed hall, with 4,800 sq m and around 2,000 seats with standard seating, can hold music concerts, congress events and annual general meetings. The Jahrhunderthalle arena is one of the most famous venues in the Rhein-Main area DEAG Music GmbH The company is DEAG's recording label with an affiliated publisher at Sony Entertainment Germany. Alongside focusing on the recorded music business under the DEAG Music label, the company is also involved in the organisation and operation of tour events, so that artists can be offered 360 degree support. Overall DEAG Music has been able to sell just over a million audio recordings so far. Its greatest successes include the gold and platinum albums in the classical music market by artists such as David Garrett, Jessye Norman and Lucia Alberti. Revenues of EUR 1.04m were generated in 2013. The activities in 360 degree artist support are carried out under the umbrella of DEAG Music Mytic myticket AG The company put its own distribution system for the sale of entrance tickets in the German-speaking region into operation on 14 November 2014 with Myticket.de. The system is operated in cooperation with white label ecommcere GmbH. The aim is to settle around 40% of the controlled ticket volume via its own online platform in the medium term. The company is pushing ahead significantly with its own online distribution of entrance tickets with the myticket.de platform

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 57/81 SWOT ANALYSIS DEUTSCHE ENTERTAINMENT AG Deutsche Entertainment AG is a market-leading company for Higher fee demands from well-known artists live events in the area of classical music in Europe. It is The live entertainment market is at an advanced stage of highly attractive for top classical stars owing to its market market maturity leadership Slightly limited scope for investments in financial terms Strengths DEAG is present on all important exploitation platforms and therefore has interesting exploitation potential The company has an experienced management on group level, in particular in the person of CEO Peter Schwenkow. The managing directors of the subsidiaries also have many years of experience in the entertainment sector Dependence on raising borrowed capital and additional expansion of the capital base, respectively, to finance further external growth A proprietary online ticket distribution channel is only just being built up The DEAG shareholders benefit only in part from the Weaknesses Thanks to targeted participating interests and cooperation operating result owing to considerable minority interests of agreements, the company has secured itself sustainable other shareholders on the level of net income access to international top stars in the areas of rock/pop, The attractiveness of alternative leisure opportunities can classical and family entertainment. put temporary pressure on the live entertainment business Positive trend in the live entertainment market Ticket sales are still dependent on third party providers Owing to the fact that revenues in the music sector (recorded Dependence on existing and future business relations with music industry) are still on the decline, artists are reliant on artists additional sources of income. Given this negative market Availability of artists trend, the significance of the event sector is growing. The Availability of the corresponding venues Opportunities strong demand from artists for revenues from the live entertainment sector is putting the DEAG group in a favourable negotiating position The tapping of further European markets together with strategic partners (risk diversification) The establishment of its own online ticketing platform Increased competitive pressure through the market entry of strong players from other sectors (music industry) Limited option of passing on increased costs (fees, share of revenues from ticket sales demanded by the music industry) The establishment of new open-air festivals entails considerable risks for capacity utilisation owing to the major Risks myticket.de will make additional significant earnings competition contributions in the medium tem International terror attacks or the epidemic spread of Further revenue and earnings potential can be realised disease can have a considerable negative impact on the through the cooperation agreements with Sony and BMG in events sector. the area of 360 artist support Source: DZ BANK

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 58/81 STRATEGIC POSITIONING DEAG Entertainment Group is one of the market-leading live entertainment companies in the German-speaking region with additional activities in Great Britain. The company covers several stages of the live entertainment value chain, from tour organisation to local organisation and the operation of venues. Furthermore, DEAG pursues a 360 approach to support music artists with the music publishing business. The activities are focused on the marketing, organisation and operation of tour and concert events in the classical business, which shows a relatively stable business trend owing to the weak dependence on fashion trends. Long-term business relationships with exceptional artists such as David Garrett, Anna Netrebkow, Erwin Schrott, Jonas Kaufmann or Rolando Villazon guarantee strong consumer attention and a constant flow of widely popular concert events. DEAG is a market-leading live entertainment company in a fragmented market characterised by small and medium-sized enterprises Thanks to well-known organiser personalities, such as Peter Schwenkow, Ossy Hoppe, Stuart Gailbraith, Manfred Hertlein, Raymond Gubbay, Fred Handwerker or Klaus Bönisch, the company has very good access to national and international artists from the areas of classical, rock/pop, folk music/german hit songs and family entertainment. DEAG presents around 500 different artists each year from a variety of genres. The top-selling artists represent around only 18%of group revenues, which means that there is only minor dependence on individual artists. DEAG has controlled annual ticket volume of around 3.0 million entrance tickets, which is expected to be increased significantly in the years ahead. DEAG has very experienced concert organisers DEAG plans to expand its business activities further, through both organic growth and also via further acquisitions. The company will take the first step with a view to organic growth by getting more involved in the open-air festival segment. DEAG has already been able to generate the first additional profit contributions from ticket distribution in the recent past within the scope of a cooperation agreement with the ticketing company Ticketmaster. These contributions are to be increased significantly in the medium term with the launch of its own online ticketing platform, MyTicket.de, in November 2014. The company s strategic goal is to generate highmargin distribution revenues through the greater use of its own online ticket platform based on a growing number of online ticket sales. Up to 40% of the controlled ticket volume could then already be sold via its own online platform by 2016. Around an estimated 40% of entrance tickets would then be marketed via the Ticketmaster distribution platform. Correspondingly, the share of sales of other ticket distribution channels would decline to 20% of total sales volume of around 4.0 million entrance tickets. It is also being considered to open up the online distribution platform for third-party organisers in the long term. For this purpose the self-service ticketing platform would have to be linked up to the advance booking offices, though. According to the management, the sale of tickets via its own distribution platform is expected to be able to make an additional earnings contribution of around EUR 9 to 11m per annum in the medium term and therefore a significant contribution to making the business activities more profitable. The entry into the ticket distribution business is expected to provide additional earnings contributions and also accelerate earnings growth

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 59/81 VALUATION Two fundamentally different approaches can be taken for the valuation of the DEAG shares. Firstly, the comparison of ratios with a peer group of companies which pursue a similar business model or whose business activities are exposed to a comparable general setting with respect to earnings opportunities and risks. Secondly, the longer term-oriented valuation of the predicted earnings flows based on DCF analysis. Within the scope of the comparison of ratios, not enough listed companies can be found whose business is also focused on the area of live entertainment and/or ticketing and which also operate in the same regional markets. We have only compared the multiples of the direct listed competitors CTS Eventim and DEAG as well as of the global market-leading company Live Nation below. The comparison of ratios comes up with only limited findings Live Nation: The US company develops activities in the segments concerts, ticketing, artist support as well as sponsoring and advertising. The company organises music concerts with internationally well-known artists in its own or hired venues in the USA and many international markets. In ticketing Live Nation is the global market leader with a regional focus in the USA. Looking at the main revenue and earnings figure of the three companies, it can be ascertained that Live Nation generates by far the highest revenues, but is behind the competition with a view to the EBIT margin. MAIN REVENUE AND EARNINGS FIGURES IN EUR Company Revenues EBITDA EBITDA margin EBIT EBIT margin 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e Live Nation 5,675.0 6,215.0 6,623.0 459.0 519.0 574.0 8.1% 8.3% 8.7% 6.0 157.0 211.0 1.0% 2.5% 3.2% DEAG 204.0 228.0 242.0 12.9 16.1 18.5 6.3% 7.1% 7.6% 11.1 14.7 16.6 5.4% 6.4% 6.9% CTS 690.3 735.0 760.0 155.8 174.4 194.1 22.6% 23.7% 25.5% 138.6 155.3 167.8 20.1% 21.1% 22.1% Average* 2,189.7 2,392.7 2,541.7 209.2 236.5 262.2 9.5% 9.9% 10.3% 51.9 109.0 131.8 2.4% 4.5% 5.2% Source: Factset; DZ BANK estimates; Date: 27.02.2015 ; * Margin= Average EBITDA/ average Revenues; Average EBIT/Average Revenues DEAG is still relatively small compared to the two competitors. Nevertheless, the company manages to generate a profit margin on EBIT level which is way above that of Live Nation, for example, for the estimate year 2015. It is to be taken into consideration that DEAG has only just begun to establish its own ticketing platform, while the competition has been generating significant earnings contributions in the ticketing business for longer. COMPARATIVE RATIOS LIVE ENTERTAINMENT SECTOR Company EV/revenues EV/EBITDA EV/EBIT PER 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e 2014e 2015e 2016e Live Nation 0.9 0.8 0.7 11.0 9.7 8.3 826.4 32.0 22.7 485.5 150.5 106.8 DEAG 0.8 0.7 0.7 12.7 10.6 8.9 14.8 11.6 10.0 20.7 19.1 16.2 CTS 3.6 3.7 3.4 15.8 15.2 13.5 17.8 17.3 15.2 28.7 27.9 24.5 Median 1.77 1.73 1.60 13.4 11.8 10.2 286.3 20.3 15.9 178.3 65.8 49.2 Source: Factset, DZ BANK estimates; Date: 27.02.2015

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 60/81 With a view to the EV/EBIT and PER multiples, DEAG is on a very cheap valuation compared to the competitors Live Nation and CTS Eventim. We believe DEAG has interesting revenue and earnings potential which can be realised in particular through the greater use of its own online ticketing distribution platform. Stronger earnings momentum can be deduced from this for the medium term, which we believe is not adequately reflected in the current share price. DEAG is on a cheap valuation based on the EV/EBIT and PER multiples Discounted cash-flow analysis The most important valuation instrument in our view for assessing the fair value of a company is the discounted cash flow method. The estimated future valuationrelevant free cash flows are discounted on the valuation date and added up. As a rule, the result provides a good indication of the fair value of the company and of the shares. Within the scope of our DCF analysis based on the medium-term and longterm revenue and earnings forecast, we have assumed a risk-free interest rate of 1.64% and assumed a stock market risk premium of 5.50%. In conjunction with a beta factor of 1.55, the average cost of capital (WACC) comes to 7.42%. We have assumed a perpetuity growth rate of 1.00%. DISCOUNTED CASH FLOW VALUATION IN EUR M EUR m 2015e 2016e 2017e 2018e 2019e 2020e 2021e Adjusted EBIT 13.9 16.2 18.1 19.9 21.4 23.1 23.8 Taxes on EBIT -4.2-4.9-5.4-6.0-6.4-6.9-7.1 Cash Taxes 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Net Operating Profit After Tax (NOPAT) 9.7 11.3 12.7 13.9 15.0 16.2 16.7 + Depreciations (-Reversals) 2.2 2.3 2.2 2.3 2.4 2.5 2.7 - Investments (+Proceeds from sale) -1.4-1.3-1.8-2.1-2.1-2.5-2.9 Change in working capital -2.4-1.9-1.6-1.8-1.2-0.8-0.5 Free cash flows 8.1 10.4 11.5 12.4 14.0 15.4 16.0 Present value of free cash flows 216.7 Market value of non-operating assets 6.2 Financial and liquid assets 26.3 Enterprise value, beginning of the year 2015e 249.1 Liabilities -40.1 Provisions (inc. provisions for pensions) -0.4 EV incl. minority interest, beginning of 2015e 208.7 Value of minority interest -42.0 Correction of liabilities by convertible bonds 0.0 EV excl. minority interest, beginning of 2015e 166.7 Acc till eff val. date (with cost of equity capital rate) 3.3 EV excl. minority interest at valuation date 170.0 Equity value per share, diluted (EUR) 10.4 Source: DZ BANK estimates On the Basis of our Discounted Cash-Flow method we calculate a Fair Value per share of EUR 10.40.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 61/81 REVENUES AND EARNINGS The market for live entertainment events was characterised up to the beginning of the 1990s by extremely high fragmentation and the rather weak orientation of the market players towards operational-economic objectives. After Deutsche Entertainment AG was founded by Mr. Peter Schwenkow in 1995, the company went through a stormy phase of growth. Revenues were increased both organically and through external acquisitions by an annual average of 36.7% between 1995 and 1999. Starting from EUR 24.9m in the 1995 financial year, revenues grew to EUR 86.9m by the 1999 financial year. The company went public in 1998 and then had to survive a difficult period between the 2000 and 2004 financial year. Several subsidiaries had to file for insolvency and the company had to digest considerable restructuring expenses, which led to a cumulative operating loss in 2002 and 2003 of EUR 18.1m. Several steps to reorganise the company in operating terms were taken in 2004. Among other things, DEAG Classic AG was founded and the classical music segment filled with international start artists. Although revenues declined in the 2004 financial year primarily as a result of extraordinary factors by 24.1% to EUR 96.6m, the operating result was nevertheless improved significantly from EUR -7.8m to EUR +4.6m. As a result of further portfolio adjustments, revenues declined again in 2005 by 16.7% to EUR 62.7m. The operating result from continuing operations was nevertheless positive at EUR 2.1m. Strong growth through active participation in the consolidation of the German event market From the low in 2005, revenues were increased steadily up to 2013 by 163.9% overall, or by an annual average of 12.9%, to EUR 165.5m. TREND IN REVENUES AND EARNINGS DEAG IN EUR M 175 155.7 165.5 125 100.2 127.3 96.6 109.5 116.7 125.8 128.3 75 62.7 82.8 78.7 25 4.7 2.1 3.1 5.6 4.8 8.2 7.29.0 7.27.5 7.36.4-25 -10.3-7.8-3.1 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 sales EBIT EBIT adjusted Source: DEAG, With the exception of the 2008 financial year, DEAG was able to generate positive results on EBIT level in the period from 2004 to 2013. The average EBIT margin in this period came to around 4.1%, the average adjusted EBIT margin in the years from 2011 to 2013 to 5.7%. Compared to the 2012 financial year, group revenues rose by 6.5% or EUR 9.7m in 2013. This growth was primarily the result of the first- The average EBIT margin came to 4.1% in the years from 2004 to 2013

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 62/81 time consolidation of Wizard Promotions and Handwerker Promotion, which together contributed around EUR 25.0m in 2013 and were able to clearly more than compensate for the declines in revenues in other areas. Group EBITDA grew by 18.6% to EUR 10.2m, corresponding to a margin of around 6.3%. EBIT before PPA write-downs improved by 16.0% to EUR 8.7m, although this figure included an extraordinary gain of EUR 2.2m from the deconsolidation of MSF Moon & Stars Festivals SA in Switzerland. The increase in revenues was driven primarily by the Entertainment Services segment, which generated revenue growth of 11.9% to EUR 102.6m in 2013, with various opposing effects. An additional revenue contribution was generated as a result of the first-time consolidation of handwerker promotion e GmbH with effect from 1 January 2013. The new company s business is focused on the area of local concert organisation in North Rhine-Westphalia. Tours with Kiss, Neil Young, Iron Maiden and Black Sabbath among others were organised in 2013. This more than compensated for the decline in revenues of the AIO Group and The Classical Company in Switzerland by 14.2% to EUR 55.4m and by 49.3% to EUR 1.43m, respectively. On the earnings side, the segment result (EBIT) increased by 38.3% to EUR 8.3m. However, the extraordinary gain from the deconsolidation of MSF Moon & Stars Festivals SA was also included in this segment. Adjusting for the PPA write-downs attributable to this segment, EBIT of EUR 6.8m was generated in this segment for the 2013 financial year, corresponding to growth of 13.3%. The adjusted EBIT margin came to 6.6% and was therefore 0.1 percentage points higher than the prior-year figure. An EBITDA margin of 6.3% was generated in 2013 TREND IN REVENUES AND EARNINGS IN THE ENTERTAINMENT SERV. SEGMENT IN EUR M 120.0 100.0 91.7 102.6 80.0 74.2 76.5 79.0 60.0 53.6 52.2 60.1 40.0 39.0 20.0 0.0 3.8 5.2 4.9 6.6 8.4 6.3 6.0 8.3 1.9 2005 2006 2007 2008 2009 2010 2011 2012 2013 sales EBIT Source: DEAG After restructuring, the Entertainment Services segment was able to show strong growth momentum and positive profitability between 2005 and 2013. Revenues grew by an annual average of around 11.4% in this period and the average EBIT margin came to 8.3%. On the revenues side, the AIO Group in the Swiss market made a significant contribution to this performance. The activities in Switzerland accounted for a significant share of revenues in the Entertainment Services segment

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 63/81 TREND IN REVENUES AND EARNINGS AT THE GOODNEWS AG (AIO GROUP) IN EUR M 70.0 64.7 60.0 50.0 40.0 32.7 33.1 40.4 35.5 41.4 50.2 32.5 43.9 55.5 30.0 20.0 10.0 0.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: DEAG In the Live Touring segment revenues were EUR 0.2m higher than the prior-year level in the 2013 financial year at EUR 71.7m. There were opposing trends in this segment as well. The first-time consolidation of Wizard Promotion Konzertagentur with effect from 1 June 2013 had a positive impact. The new group company has been able to contribute around an additional EUR 11.05m to segment revenues since then. Wizard Promotion Konzertagentur was acquired in 2013 While the revenues of Raymond Gubbay Ltd. in England of EUR 20.4m were only slightly lower than the prior-year figure by 2.1%, DEAG Classic AG suffered a decline in revenues owing to the smaller number of events. The missing revenue contributions from the rock fairy story Tabaluga by Peter Maffay, which had brought in estimated revenues of around EUR 11.0m with an audience of 360,000 in 54 shows the previous year, could also be compensated in 2013. Segment EBIT declined in 2013 compared to the extraordinarily good prior-year result by 48.1% to EUR 2.7m. Adjusted for the PPA write-downs the decline came to around 28.8% to EUR 3.4m, corresponding to a margin of 4.7%. Overall, the Live Touring segment grew by 12.6% on the revenues side between 2005 and 2013. With the exception of 2008, a positive EBIT margin was always generated in this period. The annual average margin came to 5.2% between 2005 and 2013.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 64/81 TREND IN REVENUES AND EARNINGS IN THE LIVE TOURING SEGMENT IN EUR M 80.0 70.0 71.5 71.7 60.0 50.0 52.6 46.8 54.8 54.6 40.0 30.0 20.0 24.6 30.7 29.7 10.0 0.0-10.0 4.6 0.1 0.5 2.2 3.5 5.0 5.2 2.7-1.3 2005 2006 2007 2008 2009 2010 2011 2012 2013 sales EBIT Source: DEAG Both DEAG Classics AG and the English subsidiary Raymond Gubbay have contributed to the positive trend in the Live Touring segment in recent years. TREND IN REVENUES OF DEAG CLASSICS AND RAYMOND GUBBAY IN EUR M t 25.0 20.0 17.1 19.4 17.9 17.16 17.46 20.8 20.4 15.0 15.08 10.0 11.1 5.0 0.0 2008 2009 2010 2011 2012 2013 Raymond Gubbay DEAG Classics Source: DEAG consolidated financial statements; DEAG Classics HGB individual financial statements DEAG Classics AG, in which DEAG holds a 51% stake, was able to generate revenues of EUR 15.1m in 2012 based on the latest HGB individual statements published. EBIT was increased by 24.0% to EUR 2.98m, corresponding to an EBIT margin of 19.1%. Raymond Gubbay is in turn a subsidiary of DEAG Classics AG and was able to generate revues of GBP 15.5m and an operating result of GBP 0.66m based on the UK individual statements for the period from 1 July 2012 to 30 June 2013. This corresponds to an EBIT margin of 4.2%. The classical business makes a significant revenue and earnings contribution After allowing for holding costs and the unallocated expenses of EUR 3.67m, EBIT came to EUR 7.3m in the 2013 financial year. Before PPA write-downs EBIT came to EUR 8.7m, although this figure includes an extraordinary gain of EUR 2.27m resulting from the change in the sphere of consolidation. Correspondingly, adjusted

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 65/81 EBIT comes to 6.5m, which serves as a starting base for estimating the company s future earning power. EBT came to EUR 6.465m after allowing for the financial result, which improved by 42.9% compared to 2012 to EUR -0.8m. After deducting taxes of EUR 1.7m, the result from continued operations came to EUR 4.7m. A legal dispute with the insolvent company Quivive GmbH i.l. and a subsequent arrangement in bankruptcy resulted in a compensation liability of around EUR 2.6m which was to be paid by DEAG in the 2013 financial year and was reported as the result of discontinued operations. As DEAG for its part is asserting claims against the advising auditing firm, the compensation costs which arose could be reduced further in future. In the 2013 financial statements the non-cash expense lowered the group result to EUR 2.158m. After allowing for minority interests of EUR 1.18m, which were attributable to various participating interests, such as DEAG Classics (49% minority interests), Raymond Gubbay (49.0%) KBK Konzertt- und Künstleragentur GmbH (49,0%), Manfred Hertlein Veranstaltungs GmbH (66.6%) and for the last time to the AIO Group (48.0% before the full acquisition), there remains net income for the year after minority interests of EUR 0.975m. There were expenses of EUR 2.6m from discontinued operations in 2013 This corresponds to unadjusted EPS of EUR 0.07 per share. According to our calculations, EPS from continued operations comes to EUR 0.21 per share for the 2013 financial year. Adjusted EPS from continued operations came to EUR 0.21 in 2013

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 66/81 INVESTMENTS AND FINANCING DEAG Deutsche Entertainment AG had an equity ratio of 33.0% and net liquidity of EUR 11.1m in the 2013 consolidated financial statements. Allowing for liabilities from advance payments received for future events, the company reported a net liability of EUR 16.0m. As at 30 September 2014 the equity ratio came to 44.2%, an improvement of 11.2 percentage points. This increase is essentially the result of a capital increase by around EUR 2.73m and the issue of 2.73 million new shares, bringing the total number of shares to 16.35 million, at a subscription price of EUR 4.9 per share. The company was able to generate gross issue proceeds of EUR 13.4m from this transaction. DEAG is showing a solid balance sheet structure Part of these issue proceeds were used for the acquisition of a 51% stake in the British tour and festival organiser Kilimanjaro Live Ltd. London. A purchase price of EUR 4.0m was agreed, but it may still increase depending on the trend in business in the years from 2014 to 2017. Net liquidity stood at around EUR 13.4m as at 30 September 2014. Allowing for liabilities resulting from advance payments received for future events of EUR 30.9m, the company reported a net liability of EUR 17.5m. The payments received affect profit or loss on the day of the event and are an indication of future revenues. Compared to 30 September 2013 deferred revenues rose significantly by 65.2% to EUR 30.9m. We believe DEAG has a very satisfactory balance sheet and financing structure. DEAG already acquired stakes in two companies in 2013. 51.0% of the shares in handwerker promotion e. gmbh, Unna, were acquired for a purchase price of EUR 1.71m with effect from 1 January 2013. EUR 1.53m of the purchase price was paid in cash. With effect from 1 June 2013 a 75.1% stake was acquired in Wizard Promotions Konzertagentur GmbH, Frankfurt, for a purchase price of EUR 3.02m. Part of the purchase price was paid in shares from a capital increase. Both acquisitions are reflected in the cash flow statement as a cumulative contribution from the acquisition of consolidated companies and business units within the framework of the inflow from investment activities of EUR 2.79m. DEAG has strongly invested in external growth Around EUR 0.9m and EUR 1.81m was invested in tangible fixed assets and other intangible assets in 2012 and 2013, respectively.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 67/81 CURRENT TREND, OUTLOOK AND PROSPECTS Current trend In the first nine months of the 2014 financial year group revenues increased by 3.4% to EUR 129.5m. Revenue growth of 10.8% to EUR 32.8m was generated in the third quarter. It is to be taken into consideration here than fewer live events were operated in the DEAG group as planned in Q2/14 and Q3/14 in order to avoid competition over the event-goers favour in view of the football World Cup in Brazil. The fact that revenue growth was nevertheless achieved in particular in Q3/14 is due not least to the first-time consolidation of Kilimanjaro Live Ltd. from the second quarter. The company generated revenues of GBP 19.2m in the 2013 financial year. Despite the negative impact of the Soccer-CS the company was able to grow sales in 9M/14 Reported EBIT declined by 16.9% in the first nine months of 2014 to EUR 4.2m. This decline is attributable primarily to a one-time write-down of EUR 1.6m within the scope of the preliminary purchase price allocation in connection with the first-time full consolidation of Kilimanjaro Live Ltd. Adjusted for the PPA write-downs group EBIT would have increased in the first three quarters by 4.2% to EUR 5.8m after EUR 5.6m in 9M/13. In Q3/14 reported EBIT deteriorated from EUR -0.19m to EUR - 0.97m. Adjusted for the PPA write-downs group EBIT would have improved to EUR +0.63m. There was a highly differing trend looking at both segments. In the Live Touring segment revenues increased enormously in the first nine months, by 74.6% to EUR 87.9m. A number of tour events, such as with Black Sabbath, Lady Gaga, Lenny Kravitz or Andreas Gablier and David Garrett, contributed to this performance, but also the first-time revenue contributions from Kilimanjaro Live Ltd. Reported segment EBIT improved significantly by 109.5% to EUR 4.4m. Before PPA write-downs EBIT grew to EUR 6.0m, even. The adjusted EBIT slightly improved in 9M/14 On the other hand, revenues in the Entertainment Services segment declined by 31.2% to EUR 55.9m. Although the sold-out concerts by the Rolling Stones and the Böhse Onkelz (with around 200,000 concert-goers) were able to make good revenue contributions, the smaller number of events on account of the football WC led to declining revenues in the area of local events. We also presume that revenues declined in Switzerland as the Moon & Stars Festival no longer made any revenue contributions for the first time in 2014 owing to it being handed over to Ringier Verlag within the scope of the full acquisition of the AIO Group. This could also not be compensated by the Rock the Ring open-air festival with around 24,000 concertgoers operated for the first time. Segment EBIT declined by 38.5% to EUR 3.20m in the first nine months and by 77.8% to EUR 0.2m in Q3/14. On group level, based on reported EBIT of EUR 4.2m, group net profit after allowing for the financial result of EUR 0.3m as well as after the deduction of taxes of EUR 0.94m came to EUR 2.811m. Minority interests declined in the first nine months by 35.3% to EUR 0.692m. After allowing for minority interests, group net profit after minority interests rose from EUR -0.278m to EUR 2.119m. It is to be taken into consideration, though, that a loss of EUR 2.47m was incurred the previous year from the area of discontinued operations. The group result after minority interests from continued operations increased in the first three quarters by 2.3% to EUR 2.243m. This corresponds to EPS of EUR 0.15 based on an average of 14.84 million shares in circulation. Based on the overall number of outstanding shares as at 30 September 2014 of 16.35 million, EPS comes to EUR 0.137. Adjusted for the PPA write-downs (after tax), adjusted EPS comes to EUR 0.20 per share for the first three quarters.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 68/81 Outlook For full 2014 we are anticipating revenue growth of 23.3% to EUR 204.0m. For the fourth quarter we are anticipating a significant increase in revenues of 85.2% to EUR 74.52m based on the large number of events in the pipeline. TREND IN REVENUES AND EARNINGS ON A QUARTERLY BASIS IN EUR M Q1/13 Q1/14 yoy Q2/13 Q2/14 yoy Q3/13 Q3/14 yoy Q4/13 Q4/14e yoy Revenues 28.54 32.57 14.1% 67.09 64.09-4.5% 29.62 32.82 10.8% 40.23 74.52 85.2% - Live Touring 12.20 20.20 65.6% 27.30 45.40 66.3% 10.80 22.30 106.5% 21.33 53.10 148.9% - Entertainment Services 17.50 15.80-9.7% 43.80 26.50-39.5% 20.00 13.60-32.0% 21.29 25.10 17.9% Consolidation -1.16-3.43 195.0% -4.02-7.81 94.6% -1.18-3.08 161.7% -2.39-3.68 53.8% Cost of sales -21.41-25.10 17.2% -55.48-52.27-5.8% -22.80-27.32 19.8% -28.89-51.96 79.8% Gross profit 7.13 7.48 4.9% 11.60 11.82 1.8% 6.83 5.50-19.4% 11.34 22.56 98.9% Distribution costs -3.13-3.99 27.4% -4.90-5.18 5.8% -4.70-3.48-25.9% -6.66-11.01 65.5% Administrative costs -2.89-2.71-6.0% -3.60-3.86 7.2% -3.02-3.22 6.8% -5.40-6.94 28.4% Other op. inc./exp. 0.23 0.71 205.2% 0.77 0.89 14.7% 0.70 0.23-66.7% 2.99 1.94-35.1% EBIT 1.34 1.48 10.6% 3.89 3.67-5.6% -0.19-0.97 408.4% 2.27 6.55 188.0% EBIT margin 4.7% 4.5% 5.8% 5.7% -0.6% -2.9% 5.6% 8.8% - LT 0.50 0.30-40.0% 2.20 4.20 90.9% -0.60-0.10-83.3% 0.55 4.90 787.7% - LT-EBIT margin 4.1% 1.5% 8.1% 9.3% -5.6% -0.4% 2.6% 9.2% - ES 1.60 2.20 37.5% 2.70 0.80-70.4% 0.90 0.20-77.8% 3.12 3.60 15.3% - ES-EBIT margin 9.1% 13.9% 6.2% 3.0% 4.5% 1.5% 14.7% 14.3% - Cons. -0.76-1.02 n.a. -1.01-1.33 n.a. -0.49-1.07 117.6% -1.40-1.95 39.5% Q1/13 Q1/14 yoy H1/13 H1/14 yoy 9M/13 9M/14 yoy 2013 2014e yoy Revenues 28.54 32.57 14.1% 95.62 96.66 1.1% 125.25 129.48 3.4% 165.48 204.00 23.3% - Live Touring 12.20 20.20 65.6% 39.50 65.60 66.1% 50.30 87.90 74.8% 71.63 141.00 96.8% - Entertainment Services 17.50 15.80-9.7% 61.30 42.30-31.0% 81.30 55.90-31.2% 102.59 81.00-21.0% - Consolidation -1.16-3.43 195.0% -5.18-11.24 117.2% -6.35-14.32 125.4% -8.75-18.00 105.8% Cost of sales -21.41-25.10 17.2% -76.89-77.37 0.6% -99.69-104.69 5.0% -128.59-156.65 21.8% Gross profit 7.13 7.48 4.9% 18.73 19.29 3.0% 25.55 24.79-3.0% 36.89 47.35 28.3% Distribution costs -3.13-3.99 27.4% -8.03-9.17 14.2% -12.72-12.65-0.6% -19.38-23.66 22.1% Administrative costs -2.89-2.71-6.0% -6.48-6.57 1.3% -9.50-9.79 3.1% -14.90-16.73 12.3% Other op. inc./exp. 0.23 0.71 205.2% 1.01 1.60 58.8% 1.70 1.83 7.5% 4.70 3.77-19.7% EBIT 1.34 1.48 10.6% 5.23 5.15-1.4% 5.04 4.18-16.9% 7.31 10.73 46.8% EBIT margin 4.7% 4.5% 5.5% 5.3% 4.0% 3.2% -19.6% 4.4% 5.3% 19.1% - LT 0.50 0.30-40.0% 2.70 4.50 66.7% 2.10 4.40 109.5% 2.65 9.30 250.7% - LT-EBIT margin 4.1% 1.9% 4.4% 10.6% 2.6% 7.9% 2.6% 11.5% - ES 1.60 2.20 37.5% 4.30 3.00-30.2% 5.20 3.20-38.5% 8.32 6.80-18.3% - ES-EBIT margin 9.1% 13.9% 7.0% 7.1% 6.4% 5.7% 8.1% 8.4% - Cons. -0.76-1.02 0.0% -1.78-2.35 0.0% -2.27-3.42 0.0% -3.67-5.37 46.5% Source: DEAG, DZ BANK estimates For example, David Garrett alone played a total of nineteen hall concerts in the fourth quarter of 2014. In the area of family entertainment, significant revenues were generated in the fourth quarter with the Roncalli circus show Salto vitale among others. In the area of folk music, Hansi Hinterseer gave a total of fifteen concerts in Q4/14. In the field of rock/pop, revenues were generated from the tour concerts of Uriah Heep (17 concerts) and Lenny Kravitz (5 concerts with around 40,000 concertgoers) in Q4/14. The Kilimanjaro Live subsidiary is also likely to have contributed to the revenue growth in the fourth quarter with additional revenues from first-time consolidation. DEAG stated within the scope of the Q3/14 report that the result for

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 69/81 full 2014 was likely to be higher than the prior-year level based on the foreseeable trend in Q4/14. We believe both segments are likely to make contributions to the revenue growth in Q4/14. In the Live Touring segment we are anticipating significant revenue growth of 148.9% to around EUR 53.1m. Alongside the contributions from the large concerts mentioned, the contributions from the consolidation of Kilimanjaro Live will have an impact here. We believe segment EBIT will grow more far more than proportionately even, from EUR 0.55m to EUR 4.9m, corresponding to an estimated EBIT margin of around 9.2%. It is to be taken into consideration here that considerable advance costs not eligible for capitalisation from the areas of distribution and marketing for tours and shows in the fourth quarter were already recognised in profit and loss in the first three quarters. For full 2014 we are expecting revenue growth in the live entertainment segment of 96.8% to EUR 141.0m. We believe the corresponding segment EBIT will increase by around 250.7% to EUR 9.3m, corresponding to an estimated EBIT margin of 1.5%. In the Entertainment Services segment we are anticipating revenue growth for Q4/14 of 17.9% to EUR 25.1m and growth in segment EBIT of 15.3% to EUR 3.60m. This corresponds to a slight decline in the EBIT margin of 0.5 percentage points to 14.3%. However, we believe the positive trend in Q4/14 cannot prevent full-year revenues in the Entertainment Services segment declining by 21.0% in our view to EUR 81.0m. We believe EBIT will decline less than proportionately by 18.3% to EUR 6.8m, corresponding to a slight improvement in the EBIT margin of 0.3 percentage points to 8.4%. After allowing for the consolidation effect, reported EBIT on group level comes to EUR 6.55m for Q4/14, corresponding to growth of 188.0% and an EBIT margin of 8.8%. EBIT growth for the full year comes to 46.8% to EUR 10.7m. After adjusting for PPA write-downs as well as the compensation gain from the organisation of the Moon & Stars Festival in Switzerland, adjusted EBIT amounts to EUR 11.1m. This corresponds to a significant increase of 73.4%. After deducting the negative financial result, taxes as well as minority interests, the adjusted group result comes to around EUR 5.5m, corresponding to estimated earnings per share of EUR 0.34 based on all 16.35 million outstanding shares. We estimate an increase in full year 2014 EPS Prospects DEAG is anticipating solid revenue and earnings growth for the 2015 financial year. The management gave a positive outlook for the current financial year within the scope of the publication of the Q3/14 interim report for the current financial year. Based on the further expansion of the activities in the area of family entertainment as well as a number of attractive open-air and festival events, the profitable growth path is expected to continue in the 2015 financial year. By the publication date of the Q3/14 report on 28 November 2014, more than 1.6 million tickets had already been sold for events in the 2015 financial year. The management announced on 16 December 2014 that around 135,000 entrance tickets had been sold for the festivals in Germany, Austria and Switzerland up until this date. The tickets sold concern the festivals Der Ring - Grüne Hölle Rock at Nürburgring, Rockavaria in Munich or Rock in Vienna in Vienna, which will be organised by the DEAG group for the first time in 2015. Also Sonisphere in Biel/Bienne or Rock The Ring in Hinwil as well as the advance ticket sales for the

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 70/81 open-air concerts of the Tote Hosen in Zurich and the Foo Fighters in St. Gallen. According to the management, 570,000 tickets had already been sold for the entire open-air season up until this date. Overall DEAG is expecting around 800,000 openair tickets sold for 2015. Thereby we have considered that in 2015 no Sonisphere Festival will occure in UK. With four open-air appearances at Hockenheimring overall, the Böhse Onkelz concerts will be among the major events. In addition to the above-mentioned concerts, the tours by Peter Maffay with thirty concerts, Deep Purple with twelve gigs, Andreas Gabalier with 14 performances to begin with and David Garrett with a further 20 concerts will see to a large number of events in the DEAG group and make correspondingly high revenue contributions. The new festivals could see to an additional revenue contribution of around EUR 30m with up to 200,000 saleable tickets overall. In view of the strong competitive situation in the area of rock/pop festivals in the 2015 season, we are choosing a cautious estimate. Against this backdrop, we are anticipating further revenue growth for 2015 of around 11.8% to EUR 228m. Both the Live Touring and Entertainment Services segments are likely to make a significant contribution to the growth. Based on a solid event pipeline we estimate a considerable sales increase for 2015 On the level of adjusted EBIT, we are anticipating more than proportionate growth of around 32.7% to EUR 14.7m. It is taken into consideration here that DEAG launched its own distribution platform for entrance tickets in the German-speaking region in November 2014 with myticket.de and will therefore generate additional high-margin distribution revenues in future. With average distribution revenues of EUR 5.0 per ticket, a profit contribution of around EUR 2.5m could already be achieved in 2015 given the sale of 600,000 tickets via its own online platform. This goal does not appear to be unrealistic, especially if it succeeds in establishing new marketing partnerships with large media groups, as is already practiced with Axel Springer Verlag via Bild+. On the other hand, the establishment of three new festivals in the events market is also likely to be associated with start-up costs. We are therefore conservatively not yet anticipating the full development of the potential earning power of these open-air festivals in 2015. The adjusted EBIT we have estimated corresponds to an increase in the EBIT margin of one percentage point to 6.45%. Based on adjusted EBIT of EUR 14.7m, after deducting the slightly negative result, taxes and minority interests, the adjusted net result comes to EUR 6.49m. This corresponds to an increase of 19.6% and estimated earnings per share of EUR 0.40. Against this backdrop, we are anticipating the distribution of a dividend of EUR 0.15 per share. For 2016 we are anticipating a further increase in revenues of 6.1% to EUR 242.0m. We have assumed that DEAG can establish the open-air festivals organised for the first time in 2015 in the market and also realise the growth potential available in the focus areas of classical events and family entertainment. Based on the competition from the European football championships to be held in 2016, we have assumed weaker revenue growth momentum. We also anticipate a solid sales growth for 2016 We have also assumed that the myticket.de ticket platform can also be successfully established in the market and make a significant revenue and earnings contribution with around an estimated 1.4 million tickets sold.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 71/81 Against this backdrop, we are anticipating a more than proportionate increase in adjusted EBIT (before PPA write-downs) compared to revenues of 12.9% to EUR 16.6m. This corresponds to an improvement in the EBIT margin of around 0.4 percentage points to 6.86%. Based on adjusted EBIT, after allowing for the negative financial result, taxes and minority interests, we estimate an adjusted net result after minority interests of EUR 7.64m. This corresponds to an increase of 17.9% and earnings per share of EUR 0.47. We also anticipate a solid earnings growth for 2016e TREND IN REVENUES AND EARNINGS IN EUR M 300.0 250.0 228.0 242.0 200.0 204.0 150.0 116.7 125.8 128.3 155.7 165.5 100.0 50.0 0.0 4.8 8.2 9.0 7.5 6.4 11.1 14.7 16.6 2009 2010 2011 2012 2013 2014e 2015e 2016e sales adjusted EBIT Source: DEAG, DZ BANK estimates DEAG and its subsidiaries want to strengthen the steady revenue growth achieved in the past by exploiting the available potential and synergies in future. The focus on 360 artist support and ticket distribution is expected to contribute to making the activities more profitable. DEAG benefits from the fact that as a specialist for the organisation, marketing and staging of live entertainment events the company is becoming an increasingly more important cooperation partner for large media companies, such as Axel Springer, Sony Music or the Bertelsmann subsidiary BMG Rights Mgt. Based on our revenue and earnings forecast the DCF-based fair value per share comes to EUR 10.40. We recommend buying the shares.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 72/81 AT A GLANCE Company profile DEAG is Europe s largest promoter of classical music concerts and # 2 in the Germanspeaking area for a large variety of live entertainment events. Following the strategic realignment DEAG is now concentrating on the international expansion of its classical and German Schlager music business as well as the implementation of a 360 support and marketing approach of the respective artists Basis for investment recommendation In view of a well-filled concert pipeline in 2014, DEAG should be in a position to generate sound sales growth in the concert business. It should also be able to increase the earnings margin through a 360 degree approach and the ticket distribution business via the Myticket platform and in cooperation with Ticketmaster. Its stake in the Wizard concert agency, handwerker promotion e GmbH and Kilimanjaro Live should also lift sales and margins. Price sensitive current issues» Acquisitions, founding of new companies and alliances in other European countries» Expansion of the newly founded Schlager and folk music segment» Discovery of and collaboration with new artists with mass appeal especially in the classic genre» Expansion of the ticket marketing cooperation with ticketmaster Opportunities and risks Opportunities Acquisition of new artists and tapping new foreign markets via the partnership with Sony. Discovery and exclusive marketing of new exceptional artists such as David Garrett. Tapping new revenue sources such as sponsoring and marketing revenues. Expasion of the ticketmarketing cooperation Risks Significant downturn in private consumption. Cancellation or postponement of individual concerts. Low visibility and dependence on a low number of artists.

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 73/81 PROFIT AND LOSS ACCOUNT Euro m 2013 2014e 2015e 2016e 2017e 2018e Sales 165.5 204.0 228.0 242.0 255.0 265.0 % against prev. year 6% 23% 12% 6% 5% 4% Cost of goods sold -128.6-156.7-173.3-183.0-192.0-198.8 Gross profit 36.9 47.3 54.7 59.0 63.0 66.3 % against prev. year -2% 28% 16% 8% 7% 5% Sales costs -19.4-23.7-26.2-27.6-29.1-29.9 Administration costs -14.9-16.7-17.8-18.6-19.4-20.1 R&D expenditure 0.0 0.0 0.0 0.0 0.0 0.0 Other operating income 6.1 5.1 4.6 4.8 5.1 5.3 Other operating expenses -1.4-1.3-1.4-1.5-1.5-1.6 Extraordinary income/expenses 0.0 0.0 0.0 0.0 0.0 0.0 Operating profit (EBIT) 7.3 10.7 13.9 16.2 18.1 19.9 For information: EBIT adjusted 6.4 11.1 14.7 16.6 18.4 20.2 % against prev. year -11% 72% 33% 13% 11% 10% Interest paid / received -0.8-0.7-0.6-0.6-0.5-0.5 Profit before tax 6.5 10.0 13.3 15.7 17.6 19.4 For information: EBT adjusted 5.6 10.3 14.1 16.1 17.9 19.7 % against prev. year -5% 85% 36% 14% 11% 10% Income taxes from continuing operations -1.7-3.0-4.0-4.7-5.3-5.8 Tax rate 27% 30% 30% 30% 30% 30% Net profit from continuing operations 4.7 7.0 9.3 11.0 12.3 13.6 Net profit from discontinued operations -2.6-0.3 0.0 0.0 0.0 0.0 Net profit 2.2 6.7 9.3 11.0 12.3 13.6 Profit or loss attributable to minority interest -1.2-1.7-3.4-3.6-3.8-4.0 Profit or loss attributable to shareholders 1.0 5.0 5.9 7.4 8.5 9.6 thereof from continuing operations 3.6 5.3 5.9 7.4 8.5 9.6 thereof from discontinued operations -2.6-0.3 0.0 0.0 0.0 0.0 Weighted average number of shares, diluted (m) 13.627 16.350 16.350 16.350 16.350 16.350 IFRS earnings per share, diluted 0.07 0.31 0.36 0.45 0.52 0.58 Adjusted earnings per share, diluted (contin.) 0.21 0.34 0.40 0.47 0.53 0.60 For information Depreciation 2.9 3.5 2.2 2.3 2.2 2.3 EBITDA 10.2 14.2 16.1 18.5 20.3 22.2 EBITDA adjusted 8.0 12.9 16.1 18.5 20.3 22.2 Fiscal year end December Source: DEAG Entertainment and DZ BANK estimates

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 74/81 RATIOS Euro 2013 2014e 2015e 2016e 2017e SALES BY REGION 2013 Profit and loss ratios Sales (m) 165.5 204.0 228.0 242.0 255.0 EBITDA margin 4.8% 6.3% 7.1% 7.6% 8.0% EBIT margin 3.9% 5.4% 6.5% 6.9% 7.2% Net margin 2.5% 3.6% 4.3% 4.6% 4.9% Investment ratio 1.2% 5.2% 0.6% 0.5% 0.7% R&D as % of sales Admin and sales costs as % of sales 20.7% 19.8% 19.3% 19.1% 19.0% Net other operating costs as % of sales -2.8% -1.9% -1.4% -1.4% -1.4% Net financial income as % of sales -0.5% -0.4% -0.3% -0.2% -0.2% Interest cover 18.5 14.7 23.8 28.9 34.1 Average sales growth next five years 9.9% 6.1% 4.3% Average earnings growth next five years 53.2% 13.9% 12.7% Profitability ratios ROE 13.6% 15.6% 19.3% 19.9% 19.7% ROCE 12.7% 17.1% 22.2% 24.7% 26.9% 34% 54% 12% Germany Great Britain Austria/Switzerland SALES BY BUSINESS SEGMENT 2013 36% Productivity ratios Sales per employee ('000) 624.45 704.66 766.39 800.00 829.27 EBIT per employee ('000) 24.28 38.27 49.44 54.92 59.85 Entertainment Services 64% Live Touring Balance sheet ratios Equity ratio 33.2% 43.6% 46.0% 49.0% 51.8% Long term debt and equity / Fixed assets 97.1% 110.2% 120.8% 135.3% 150.3% Liquidity (quick ratio) 74.4% 84.5% 86.5% 96.5% 107.3% Receivables as % of sales 5.3% 6.5% 5.4% 5.4% 5.4% Investment (net of GW) / Depreciation 67.9% 310.1% 63.6% 58.1% 82.8% Working capital as % of sales 6.8% 8.8% 8.9% 9.2% 9.3% Film assets (m) 0.0 0.0 0.0 0.0 0.0 Net debt (m) 16.0 14.1 11.1 6.5 0.9 Net debt complete (m) 16.6 14.2 11.2 6.6 1.0 Figures per share Earnings per share, diluted 0.21 0.34 0.40 0.47 0.53 Free cash flow per share, diluted -0.66-0.43 0.51 0.65 0.72 Dividend per common share 0.12 0.12 0.15 0.15 0.18 Cash per share, diluted 1.63 1.55 1.64 1.83 2.15 Net debt per share, diluted 1.14 0.86 0.68 0.40 0.05 SALES AND MARGIN DEVELOPMENT 280 7,5% 260 7,0% 240 6,5% 6,0% 220 5,5% 200 5,0% 180 4,5% 160 4,0% 140 3,5% 2013 2014e 2015e 2016e 2017e Sales (EUR m) EBIT margin (%) FREE CASH FLOW AND INVESTMENT RATIO Valuation ratios Enterprise value / Sales 0.6 0.8 0.7 0.7 0.6 15 10 6% 5% Enterprise value / EBITDA 12.9 12.7 10.5 8.9 7.8 Enterprise value / EBIT 15.9 14.8 11.5 9.9 8.6 EV/Sales to sales growth 0.06 0.08 0.12 0.16 0.14 PEG ratio - common shares 1.01 0.39 1.36 1.26 5 0-5 4% 3% 2% 1% Fiscal year end December -10 2013 2014e 2015e 2016e 2017e 0% Source: DEAG Entertainment, DZ BANK estimates Free cash flow (EUR m) Investment ratio (%)

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 75/81 BALANCE SHEET IFRS - Euro m 2013 2014e 2015e 2016e 2017e 2018e ASSETS Non current assets 40.6 48.0 47.2 46.2 45.8 45.6 Intangible assets 27.0 33.7 32.9 32.0 31.7 31.5 thereof goodwill 20.0 23.8 23.8 23.8 23.8 23.8 Long-term film assets 0.0 0.0 0.0 0.0 0.0 0.0 Tangible assets 11.5 11.6 11.6 11.5 11.4 11.4 Financial assets 0.8 0.9 0.9 0.9 0.9 0.9 Other long-term assets 1.2 1.7 1.7 1.7 1.7 1.7 Current assets 50.1 58.6 63.8 69.4 76.7 81.5 Inventories 11.9 13.3 17.1 18.2 19.1 19.9 Short-term film assets 0.0 0.0 0.0 0.0 0.0 0.0 Trade receivables 8.8 13.3 12.3 13.1 13.8 14.6 Financial assets 0.0 0.0 0.0 0.0 0.0 0.0 Other receivables and short-term assets 6.5 6.7 7.5 8.2 8.7 9.3 Liquid assets 22.9 25.4 26.9 30.0 35.1 37.8 Assets available for sale 0.0 0.0 0.0 0.0 0.0 0.0 Total assets 90.8 106.6 111.0 115.6 122.5 127.1 LIABILITIES Shareholders' equity 30.1 46.5 51.1 56.6 63.5 70.7 Share capital 13.6 16.4 16.4 16.4 16.4 16.4 Reserves 12.8 26.8 30.8 35.7 41.7 48.4 Other equity -0.3-0.3-0.3-0.3-0.3-0.3 Minority interest 4.0 3.6 4.2 4.8 5.6 6.2 Treasury stock 0.0 0.0 0.0 0.0 0.0 0.0 Non current liabilities 9.4 6.4 5.9 5.9 5.4 5.4 Provisions for pensions 0.0 0.0 0.0 0.0 0.0 0.0 Other provisions 0.8 0.4 0.4 0.4 0.4 0.4 Financial liabilities 5.6 3.1 2.6 2.6 2.1 2.1 Other payables 3.0 3.0 3.0 3.0 3.0 3.0 Current liabilities 51.3 53.7 54.0 53.1 53.7 51.0 Trade payables 5.6 7.3 8.2 8.7 9.2 9.5 Other provisions 6.1 2.6 2.7 2.7 2.7 2.7 Financial liabilities 33.4 36.4 35.4 33.9 33.9 30.9 Other liabilities 6.2 7.3 7.7 7.8 7.8 7.8 Liabilities assoc. with assets held for sale 0.0 0.0 0.0 0.0 0.0 0.0 Shareholders' equity and liabilities 90.8 106.6 111.0 115.6 122.5 127.1 Fiscal year end December Source: DEAG Entertainment and DZ BANK estimates

DZ BANK RESEARCH MEDIA & ENTERTAINMENT DEAG ENTERTAINMENT 3 MAR 2015 76/81 DISCOUNTED CASH FLOW VALUATION Market data Risk-free interest rate 0.38% Market premium 5.50% Data from comparable company Levered beta factor 1.5500 Data from company to be valued Growth rate of perpetuity 1.0% Weighted average cost of capital (WACC) 7.42% (Capital cost are specifically calculated for each particular period) Euro m 2014e 2015e 2016e 2017e 2018e 2019e 2020e 2021e Adjusted EBIT 13.9 16.2 18.1 19.9 21.4 23.1 23.8 Taxes on EBIT -4.2-4.9-5.4-6.0-6.4-6.9-7.1 Cash Taxes 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% Net Operating Profit After Tax (NOPAT) 9.7 11.3 12.7 13.9 15.0 16.2 16.7 + Depreciations (-Reversals) 2.2 2.3 2.2 2.3 2.4 2.5 2.7 - Investments (+Proceeds from sale) -1.4-1.3-1.8-2.1-2.1-2.5-2.9 Change in working capital -2.4-1.9-1.6-1.8-1.2-0.8-0.5 Other changes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Free cash flow 8.1 10.4 11.5 12.4 14.0 15.4 16.0 Present value of free cash flows 216.7 Market value of non-operating assets 6.2 Financial and liquid assets 26.3 Enterprise value, beginning of period 249.1 Liabilities -40.1 Provisions (inc. provisions for pensions) -0.4 Equity value incl. minority interest, bop 208.7 Value of minority interest -42.0 Correction of liabilities by convertible bonds 0.0 EQV excl. minority interest, bop 166.7 Accumulation till effective valuation date (with KErate) EQV excl. minority interest at valuation date 170.0 3.3 Equity value per share, diluted (EUR) 10.4 Fiscal year end December Source: DEAG Entertainment and DZ BANK estimates

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DZ BANK RESEARCH 80/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 RATING HISTORY 30 28 26 24 22 20 18 RATING HISTORY CTS EVENTIM Recommendation Date Price Buy 12 Oct 2009 8.63 EUR 16 14 12 M A M J J A S O N D J F M A M J J A S O N D J F CTS EVENTIM 90-Tage-Durchschnitt Source: Thomson Reuters Datastream 9 8 7 6 5 4 RATING HISTORY DEAG ENTERTAINMENT Recommendation Date Price Buy 8 Jul 2009 2.33 EUR 3 2 M A M J J A S O N D J F M A M J J A S O N D J F DEAG DEUTSCHE ENTM. 90-Tage-Durchschnitt Source: Thomson Reuters Datastream 1)2)3)4)5)6) Wichtig: Bitte lesen Sie die Hinweise zu möglichen Interessenkonflikten und die Disclaimer am Ende dieser Studie.

DZ BANK RESEARCH 81/81 MEDIA & ENTERTAINMENT LIVE ENTERTAINMENT INDUSTRY IS GAINING IMPORTANCE SECTOR STUDY 3 MAR 2015 RESEARCH TEAM MEDIA Harald Heider +49 (0)69 74 47 60 93 harald.heider@dzbank.de Harald Schnitzer +49 (0)69 74 47 22 83 harald.schnitzer@dzbank.de INSTITUTIONAL SALES Germany, Benelux, Switzerland, Austria, UK Kai Böckel +49 (0)69 74 47 12 28 kai.boeckel@dzbank.de Equity Sales Germany Kai Böckel +49 (0)69 74 47 12 28 kai.boeckel@dzbank.de Benelux Lars Wohlers +49 (0)69 74 47 68 34 lars.wohlers@dzbank.de Switzerland Petra Bukan +49 (0)69 74 47 49 92 petra.bukan@dzbank.de Austria Thomas Reichelt +49 (0)69 74 47 67 09 thomas.reichelt@dzbank.de UK Lars Wohlers +49 (0)69 74 47 68 34 lars.wohlers@dzbank.de Sales Trading Sales Trading Marina Semmler +49 (0)69 74 47 13 81 marina.semmler@dzbank.de DERIVATIVES SALES Derivatives Sales Michael Menrad +49 (0)69 74 47 9 91 95 michael.menrad@dzbank.de Berthold Grünebaum +49 (0)69 74 47 9 91 95 berthold.gruenebaum@dzbank.de ACCESS TO DZ RESEARCH (CONTACT SEBASTIAN.HORN @DZBANK.DE) Bloomberg Reuters DZAG <GO> "DZ Bank" & RCH <NEWS> C900e 1)2)3)4)5)6) Wichtig: Bitte lesen Sie die Hinweise zu möglichen Interessenkonflikten und die Disclaimer am Ende dieser Studie.