Growing to the next level

| Page 1

| October 15, 2015 |

October 15, 2015

Growing to the next level

Capital Markets Day 2015

Digital & Adjacent

| Page 2

| October 15, 2015 |

Dr. Christian Wegner Digital & Adjacent Keynote

Growing to the next level

Capital Markets Day 2015

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| October 15, 2015 |

Key achievements since last year’s Capital Markets Day

1) External revenues July, 2014 – June, 2015

Note: Etraveli signed with envisaged closing in Q4 2015

Broadened US video footprint

Expanded importer of choice deals Launched assets

internationally Grew Travel

vertical

Became #1 MCN in Germany

Closed SVoD distribution deals

Beauty &

Accessories

Online Comparison

Established new verticals

>EUR 160m

vertical revenues per year

Built

Ad Tech stack

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| October 15, 2015 | 1) Online Travel Agency 2) P7S1 stake 3) FY 2014 figures Note: Signed with envisaged closing in Q4 2015

We complement our online travel vertical and close the blank spot

“flights” in our customer journey

Etraveli enables a profitable, low risk internationalization of Travel based on a cost efficient platform strategy

100%²⁾

40

countries

1.6m

trips per year

~1bn

EUR gross bookings

~70m

EUR revenues

What Etraveli is Why we acquired it

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[in EUR m]

We are continuing our financial success story since 2010

1) 2010 and 2011 revenues adjusted for 9Live and Pay TV revenues

External revenues D&A

Rec.

EBITDA margin

~20%

611 677 484

335 172 225

H1 2015 LTM

+36%

CAGR

2013 2014

2012

2010 ¹⁾ 2011 ¹⁾

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Ext. D&A revenue growth since 2012

[in EUR m]

600 343

~570

We have already almost reached our 2018 growth target …

1) Pro forma including acquisitions of CDS, Virtual Minds, Smartstream, Verivox, Etraveli. Etraveli signed with envisaged closing in Q4 2015

Ext. D&A revenue growth since 2012

[in EUR m]

… so we raise

our 2018 growth target by EUR 600m

~95%

of growth target

57%

of growth target

H1 2015 LTM achievement

reported

H1 2015 LTM achievement

pro forma

Current 2018 target

New 2018 target

1,200

+100%

600 +600

We are targeting >EUR 1.5bn in revenues and ≥EUR 280m in rec. EBITDA in 2018

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Digital & Adjacent has a unique value proposition

Audience reach and understanding

of local communities

We are the only player

combining significant

commerce assets, digital audience reach , understanding of local communities and premium

video content

to build new businesses and leverage our TV advertising

power to grow businesses

Premium content

Commerce

platforms

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Leverage our unique TV and inter-/intra- vertical synergies

Take entertainment and commerce

verticals international

Follow a

“String of Pearls”

M&A approach

Selectively invest in leading funds globally

Push organic growth

Accelerate growth through M&A

Internationalize

Participate in global

value creation

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PayVoD Games

AdVoD Travel

vertical

New verticals Ventures

Adjacent Digital Entertainment

Ventures & Commerce

Music, Artist Mgmt., Live, Licensing

Digital & Adjacent

#1 #4

Top

5

#2

Top

5

Top

5

#1

#1

#2

#1

Beauty & Accessories

#1

#1

#1

#1

Online Comparison

Other assets Top

5

Top

3⁴⁾

Top

3⁵⁾

#1

#1²⁾

#1³⁾

Top

3

#2

#1

Leading German media VC investor

(M4R/E)

Video Innovation Hub

7NXT

New

#1

#1¹⁾

1) Etraveli is the #1 flight player in the Nordics; Etraveli signed with envisaged closing in Q4 2015

2) Studio71 is #1 MCN in Germany, together with CDS top 5 globally 3) Yieldlab is #1 Premium SSP in DACH 4) SVoD market Germany, according to Forsa 5) Mobile and PC games publishers in Europe, excluding direct publishing by developers, P7S1 estimates

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… across our D&A portfolio of market leading assets

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Travel

Selection criteria for verticals Online

Comparison Beauty &

Accessories Entertainment

TV works Brand-driven

Community-focused Local hedge

Manageable inventory ^{n/a n/a n/a}

Synergies with portfolio Structural growth market Attractive margins

Manageable disruptive forces

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Macro KPIs are proving the potential of digital businesses

1) Internet users as percentage of German population 2014 Source: emarketer 2015 2) Share of households with internet connection

>15Mbps in Germany Q1 2015; Source: AKAMAI Q1 2015 3) Share of German population 14+ with a smartphone; Source: SevenOne Media/Forsa, mindline media 2015 4) Average yearly eCommerce spending per online shopper in Germany 2015; Source: Centre for Retail Research 5) Average online video usage per day for Germans 14+; Source: SevenOne Media/Forsa 2015

77%

internet penetration ¹⁾

14%

broadband penetration

>15Mbps ²⁾

65%

smartphone penetration ³⁾

EUR 1,200

average yearly eCommerce

spending ⁴⁾

11 min

online video usage per day ⁵⁾ Adjacent

Digital Entertainment

Ventures &

Commerce

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Adjacent Digital Entertainment

Ventures &

Commerce

• Creation of new local verticals

• International expansion of M4R/E and commerce verticals

• Launch of new sales platforms

• Increased competition in M4R/E by new entrants

• Aggressive marketing push of key commerce competitors

• Growth of online ad market, driven by video and programmatic

• Emergence of new entertainment verticals, such as eSports

• Increasing market domination of global giants (e.g. YouTube)

• Increasing pressure of global PayVoD competitors

• Creation of new TV driven adjacent ecosystems like digital sports

• Leverage synergies between TV and Adjacent businesses

• Stagnation of core music market

Key opportunities Key risks

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Continue to invest with M4R/E

Build verticals via M&A and grow organically Expand verticals internationally

… leading to dedicated strategies for each of our units

Adjacent:

Build new ecosystems Digital Entertainment:

Become a global player in video Ventures & Commerce:

Build and grow new verticals

Build global video player around CDS Create European alternative in Ad Tech Secure national

PayVoD top 3 position

Grow music

ecosystem organically Build an ecosystem around (digital) sports Identify new digital opportunities

Across all markets, we

• Push organic growth

• Accelerate through M&A

• Internationalize

• Participate in

global value

creation

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How do we become a global player in video?

How do we build and grow new commerce verticals?

How do we build new adjacent ecosystems?

What is our financial outlook?

How do we accelerate our growth with M&A?

| October 15, 2015 |

2

1 3 4 5

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We have a unique approach to create competitive verticals with M&A

1 2 3 4 5

… use TV media to build brands …

… and leverage our vertical synergies …

We acquire promising assets

following a string of pearls

approach …

… to create market leading

businesses

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We acquire promising assets following a “String of Pearls” strategy

We will continue our “String of Pearls” strategy of bolt-on acquisitions and opportunistic lighthouse deals to grow our commerce and entertainment business

Commerce examples

…

Entertainment examples

…

Bolt-on acquisitions accelerate our growth in national and international markets

Attractive shareholder value creation potential

for us through synergies with TV and our verticals

Approach also includes joint deals with partners

(e.g. VC funds) to secure most attractive assets

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Average net revenues/day

[indexed]

Case study: Amorelie

TV media is our key advantage to grow businesses …

1 2 3 4 5

100

150

102

225

189

+50%

in first TV flight

+120%

in second TV flight

We utilize our idle TV ad inventory to push businesses

TV ads directly increase sales compared to non-TV phases (TV breaks)

TV ads increase brand awareness mid-term, substantially leading to higher sales also in TV breaks

Pre-TV First TV break

TV flight

TV break Second TV

flight

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… which we complement with analytics & data

Media analytics

We constantly analyze how media works (the best spot in the best slot for the best audience) with our commerce assets to maximize impact

Cross-unit data management We implement a cross-vertical

data management to offer more individualized products based on our customers needs

Spain videos

Spain offers illustrative example

Fully aligned and compliant

with German

privacy laws

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Our vertical approach creates synergies – and thus further value

1) Estimated for FY 2015, rec. EBITDA w/o TV airtime costs Note: Etraveli signed with envisaged closing in Q4 2015

We generate more revenues and cost savings with inter- and intra-vertical synergies compared to standalone businesses

Marketing excellence (CRM, SEO, SEA)

Shared services (e.g. HR, Finance, Legal) Cross-unit data management

Joint WKZ initiatives (ad allowance) Cross-vertical lead gen and traffic push Example:

Travel vertical >25%

contribution to revenue growth

>35%

contribution to rec.

EBITDA growth

15%

contribution to total

rec. EBITDA

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Case studies

We have proven significant performance uplifts with our acquisitions

1) Year of majority stake acquisition shown Note: Rec. EBITDA w/o TV airtime costs

Blended acquisition multiple EV/EBITDA

H1 2015 LTM

+125%

Rec. EBITDA uplift within

12 months after closing

2013

2014 2013

2014

4.9x

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| October 15, 2015 |

Our strategy

| October 15, 2015 |

Outlook

How do we become a global player in video?

How do we build and grow new commerce verticals?

How do we build new adjacent ecosystems?

What is our financial outlook?

How do we accelerate our growth with M&A?

2

1 3 4 5

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| October 15, 2015 | Selected assets

We successfully expanded our Commerce portfolio …

Etraveli signed with envisaged closing in Q4 2015

Travel National deals International

deals

Selected assets

M4R/E portfolio Commerce verticals

New

New

New New

New

New

Beauty &

Accessories

New

Online Comparison

New

New

New

Health &

Wellness

to come

7NXT

New

New

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… and will continue to build and grow new commerce verticals

1) Source: emarketer

e-Commerce market growing

double-digit globally ¹⁾ We continue to invest with M4R/E

and in Lead Gen assets, to build new verticals in the most attractive markets, and grow these verticals in Germany and internationally with our platforms and M&A International platform-driven players

entering German market

New local digital markets emerging, e.g. for health or food products

Key market dynamics Our strategic priority

1 2 3 4 5

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We optimized our four phase approach to build verticals

Note: Etraveli signed with envisaged closing in Q4 2015

Test media fit of markets with M4R/E

Understand markets with asset-light invests

Build verticals based on phase 1 and 2 learnings

Expand most promising verticals internationally

M4R/E Lead Gen

International Vertical

Key criteria for vertical selection:

• Synergies with TV

• Structural market growth

• Attractive margins

• Synergies with existing verticals

• Low likelihood of disruptive forces Example: Phases of Travel vertical

40

countries

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M4R/E: Initially, we test new markets and verticals with M4R/E

1) Average of period H1 2015 vs. average of period H1 2014

Equity

Exit participation

Revenue share

Minimum guarantee

Monetize our idle ad inventory and stimulate TV ad market

Benefit from TV impact with performance-based models Test media fit and learn about potential new markets based on insights shared by assets

1 2 3 4 5

What we get from M4R/E deals Rationale

+26%

# of active deals H1 2015 vs.

PY¹⁾

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Lead Gen: We enter new verticals with asset-light businesses

Travel Beauty &

Accessories

New verticals Online

Comparison

Understand market dynamics by investing in Lead Gen

Avoid high risk thanks to high-margin businesses without inventory cost

Use Lead Gen as conversion driver for new verticals

Our Lead Gen approach Rationale

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Verticals: We develop verticals following our digital playbook

1

Our digital playbook

2 3 4 5

Premium TV media to drive awareness and sales



Marketing

& data knowledge to optimize SEO/SEA and CRM

Distribution capabilities with existing commerce platforms

Local

operational launch pad to support with HR, legal and finance

Inter- vertical synergies with our existing commerce verticals

Leadership by an

experienced strategy team and operational experts



  

Digital transfor- mation expertise proven by current portfolio

 

We secure majorities in attractive local niche markets around communities, make

these verticals big with our playbook and consolidate the market with bolt-on M&A

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International: We leverage our Media Alliance to export verticals

Strategic rationale Access media of leading

European broadcasters European Media Alliance

Increase deal flow among media partners

Offer “Pan European deals” to US/international imports

France UK

Scandi., CEE

Poland

Turkey Greece, Rom.,

Serb., Sl.

Benelux

& Finland

Spain

Italy

Media Alliance and strategic partner Next partner to join

New New

>250m

households reach New

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Summary: We aim to be the growth partner of choice

1 2 3 4 5

We accelerate growth through cash, media reach and best in class operational support

Cash, media and

operations Leadership International reach

We have an entre- preneurial leadership team fully focused on our verticals

We expand reach with our Media Alliance and international fund

partners

We aim to be the growth partner of choice for national and international digital

businesses with our commerce platform around our vertical strategy

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Going forward we plan to further enhance our vertical strategy

We build new sales platforms to leverage synergies and strengthen our sales power

We selectively add specialty offline products to our verticals, e.g. for elderly people and families

We continue to build and

grow verticals

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We converge video and commerce on new platforms

Yoga, meditation, nutrition

Our portfolio of online courses

Bodyweight, cross-fit, HIT

Box like a world champion Complete body transformation

Constantly expanding Health &

Wellbeing

Video content:

Online coaching courses

Commerce model:

Subscription- based access Sales platform:

Enrichment with physical goods

around health

1 2 3 4 5

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| October 15, 2015 |

| October 15, 2015 |

How do we become a global player in video?

How do we build and grow new commerce verticals?

How do we build new adjacent ecosystems?

What is our financial outlook?

How do we accelerate our growth with M&A?

2

1 3 4 5

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| October 15, 2015 |

We cover the whole online video value chain in Germany …

1) Video views of P7S1 AdVoD platforms and mandates, incl. CDS (pro forma, deal closed Q3 2015)

1 2 3 4 5

Content creation Aggregation Distribution Monetization

.de

AdVoD

MCN

PayVoD >11bn

video views in H1 2015

.de

New New

New New

New

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... whilst the online video market is becoming more complex

National digital sales houses taking up speed

Programmatic advertising players emerging globally

Global PayVoD players growing in the German market Global online video players

pushing into AdVoD

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We secure our national leadership and focus on international growth

We build a global video player with key content verticals

around Studio71 and CDS, create an Ad Tech stack

to broaden our AdVoD business, and secure our national PayVoD top 3 position via distribution Key market dynamics Our strategic priority

Video entertainment is becoming a local and global market (YouTube, Facebook)

Advertising targeting is shifting from context buying to audience buying Global players (Netflix, Amazon) are pushing into the German SVoD market

1 2 3 4 5

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We create a global video player around Studio71 and CDS

Source: ComScore YouTube Partners Report, August 2015; Socialblade, excl. Music MCNs, last 30 days as of October 2, 2015; own tracking

Studio71 and CDS are our foundation for further global expansion – both organically and via further international acquisitions

#1

Germany

#6 globally

#5

globally

+ =

360m

monthly video views

>2.1bn

monthly video views

>2.5bn

monthly video views

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We build our own Ad Tech stack to broaden our AdVoD business

Note: Active Agent, Yieldlab and Adition are subsidiaries of Virtual Minds;

The Adex is a minority investment of Virtual Minds | Page 37

1 2 3 4 5

Virtual Minds and Smartstream are our nucleus for a European alternative in programmatic to broaden our AdVoD business

Data Management Platform

+ mandates

Demand Side Platform

Exchange/

Marketplace

Supply Side

Platform Ad server Sales house Publisher

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In SVoD we secure our national top 3 position

1) End of period H1 2015 vs. PY 2) H1 2015 vs. PY 3) Average per month H1 2015 vs. PY

Investments in binge and exclusive content

Top binge series 2016

Top exclusive series 2015

New distribution partnerships

+79%

SVoD subscribers

+101%

Total video views

+49%

Total user

base

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| October 15, 2015 |

Our strategy Outlook

| October 15, 2015 |

How do we become a global player in video?

How do we build and grow new commerce verticals?

How do we build new adjacent ecosystems?

What is our financial outlook?

How do we accelerate our growth with M&A?

2

1 3 4 5

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| October 15, 2015 |

Our TV reach and

marketing competence is our key benefit to build ecosystems

We have built an ecosystem around music in Adjacent …

Cooperation labels

Ticketing

Artist management Live events

Marketing Music label

| Page 40

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… and will replicate this success with new Adjacent ecosystems

1) Based on GfK data

TV media proven to be key marketing instrument for entertainment topics

We will further organically grow our music ecosystem and continue to drive its digitization

We will replicate the Starwatch success in building an ecosystem around sports

We will leverage synergies of P7S1 network to increase business value of sports rights

Slow music label market growth (+4% in H1 2015) ¹⁾

Increasing interest in new and non- professional sports (WWE, marathon)

Key market dynamics Our strategic priority

1 2 3 4 5

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Sports will be our next ecosystem – and we already started it

Sports management, events and ticketing

We are leveraging synergies with our commerce assets around sports, e.g. Gymondo Digital video

platforms/products

TV/rights

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Our sports ecosystem connects all dots for superior monetization

PPV/subscription or advertising Digital platforms On-site advertising

(posters, displays, etc.) On-site sponsoring

PPV/subscription or advertising TV platforms Sale and promotion of

tickets for sports events Ticketing

Organization of high media coverage events

Sports events

Creation of own sports content (e.g. video blogs, editorial content)

Production/compilation

Merchandising and branded products Digital commerce

Develop sports personalities and brands

Athlete management

P7S1 sports

rights

1 2 3 4 5

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| October 15, 2015 |

| October 15, 2015 |

How do we become a global player in video?

How do we build and grow new commerce verticals?

How do we build new adjacent ecosystems?

What is our financial outlook?

How do we accelerate our growth with M&A?

2

1 3 4 5

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| October 15, 2015 |

Outlook: How we need to grow to reach our new CMD target

1) Implied revenue CAGR 2012-2015 2) Implied revenue CAGR 2015-2018

3) Pro forma including acquisitions of CDS, Virtual Minds, Smartstream, Verivox, Etraveli Note: Etraveli signed with envisaged closing in Q4 2015

[ext. D&A revenues in EURm]

We need to realize a CAGR of 16% for 2015-2018 to reach our new target – and have proven to grow faster

335 935

New 2018 target 908

Actual 2012

+600 1,535

H1 2015 LTM pro forma ³⁾

49%

CAGR

~16%

CAGR

1 2 3 4 5

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| October 15, 2015 |

Claas van Delden Commerce

Daniel Raab Commerce Sascha

van Holt M4R/E

Jörg Trouvain Travel

Christof Wahl Video Markan

Karajica 7NXT

Dr. Sebastian Weil

MCN

Reza

Izad

MCN

| Page 47

| October 15, 2015 |

October 15, 2015

Growing to the next level

Capital Markets Day 2015

Sascha van Holt

SevenVentures

| Page 48

| October 15, 2015 | | Page 48

| October 15, 2015 | 1) Based on estimated gross media volume

Accelerated global import strategy Sustained market

leadership ¹⁾

No.1 media investor in Germany

Strengthened

operational skills

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Total revenue growth ¹⁾

International revenue growth ¹⁾

# of active deals ²⁾ SevenVentures has grown strongly in all dimensions

1) H1 2015 vs. PY

2) Ø of period H1 2015 vs. PY

+28% +458% +26%

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Driving brand recognition Media

investment

Cash investment

Operational support

Improving sales and marketing economics Providing additional liquidity

Offering flexible deal structures

Facilitating go-to-market through our launch pad

Leveraging our European Media Alliance

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… and have helped to build category leaders in Germany

Zalando Lieferando Tirendo

| Page 52

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| October 15, 2015 |

Equity

Exit participation

Revenue share

Minimum guarantee

What we get from M4R/E deals

We confirm our outlook to generate

>EUR 10m in exit proceeds

p.a.

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Our key strategic initiatives going forward

Continue our successful global import strategy Internationalize SevenVentures

Diversify our investment approach

1

2

3

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We have the assets and know-how to be the importer of choice

Cash Operations

Media

Shopkick – import case

Cumulative downloads

Time

campaign

Market entry support for leading US mobile customers rewards player Operations, local team and retail network set up within six months

TV campaign enabled growth to

500k users within two months

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We had immediate proof of our global import strategy

We will further drive our internationalization strategy to grow 0%

internat.

share in 2013

15%

international share in

2015E Leading US mobile customer rewards player

Market leader in wearables

Leading European online shoe retailer

Market leader in fashion subscription retailing

Premium life-style brand from Norway manu- facturing jumpsuits

Market leader in dance fitness classes

Leading Scandinavian premium fashion e-commerce platform

2015

New 2015

1 2 3

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We are now internationalizing SevenVentures …

Operational support

Country specific market know-how Operational services

Top tier operators

Own and 3rd party

assets

+

European Media Alliance

France UK

Scandi., CEE

Poland

Turkey Greece, Rom.,

Serb., Sl.

Benelux

& Finland

Spain Italy

Media Alliance and strategic partner Next partner to join

New New

>250m

households reach New

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M4R/E

… and are extending our investment approach

Operational support

Direct cash investments Fund seeding Pure media investments to

accelerate growth of later-stage start-ups

Launchpad to accelerate market entry by combining our

operational skills and marketing platform

(Co-)Investments in selected ventures to support potential M4R/E deals with balance sheet cash

Investment opportunity for LPs to invest in funds seeded by

SevenVentures with specific investment theme (e.g. US growth)

1 2 3

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HOW?

Media

investments

Operational support

Cash

investments Seeding a family of funds with mainly 3rd party cash

Creating a network of experienced operators all over Europe

Offering reach and eyeballs all over Europe

Owned inventory Managed inventory US

GROWTH

EU GROWTH

BRAND REVIVAL

WHAT?

WHY?

Setup in progress

Planned for 2016

Planned for 2017

Participate in global value creation and broaden pipeline Become unrivaled

partner for growth and facilitate deal flow

Utilize idle inventory

to create revenues and

equity value

| Page 59

| October 15, 2015 |

October 15, 2015

Growing to the next level

Capital Markets Day 2015

Jörg Trouvain

7Travel

| Page 60

| October 15, 2015 | | Page 60

| October 15, 2015 | 1) Market based on weighted average for relevant market segments Note: Etraveli signed wit invisaged closing in Q2 2015

Market outperformance

Etraveli acquisition

First steps into internationalization

Operational excellence

~2.1x

outperforming the market

by

Strong TV synergies

40

countries

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| October 15, 2015 |

We have become a segment leading online travel powerhouse …

1) FY 2015 estimates

Note: “Pro forma” including Etraveli

#Transactions Total Transaction

Value (TTV) Reach of German

internet population

TTV growth vs. PY ¹⁾

>3.1m >20% >1.6bn >165%

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| October 15, 2015 |

Growth rate comparison

Growth rate 2015E vs. 2014

1) Market based on weighted average for relevant market segments 2) VTO = Virtual Tour Operator Note: Figures based on 2015

Source: TravelTainment, PhoCuswright - European Online Travel Overview Tenth Edition, PS71 estimates

~6%

~12 %

~2.1x

Market

Online packaged tours

~EUR 4bn

Travel market for independent VTO’s²⁾

EUR 0.7bn

Car rental market

~EUR 0.6bn

Online flight market

~EUR 9bn

Travel market for hotel

~EUR 3bn

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| October 15, 2015 |

Three key strategic intiatives going forward

Continue “String of Pearls” M&A strategy along customer journey

Ensure operational excellence with unique vertical approach

Push revenue growth through TV leverage

1 2 3

| Page 63

| Page 64

| October 15, 2015 | | Page 64

| October 15, 2015 |

Mission We want to become a

European online travel market leader, using

P7S1 TV leverage ^to

build a portfolio of trusted brands ^{along the}

customer journey

We offer a unique travel customer journey

Customer journey

Inspiration

Search

Booking In Destination

| Page 65

| October 15, 2015 | | Page 65

| October 15, 2015 |

Just signed: We acquired a leading European OTA ¹⁾ for flights

1) Online Travel Agency 2) P7S1 stake 3) FY 2014 figures Note: Signed with envisaged closing in Q4 2015

We complement our online travel vertical and close the blank spot

“flights” in our customer journey

Etraveli enables a profitable, low risk internationalization of Travel based on a cost efficient platform strategy

100%²⁾

40

countries

1.6m

trips per year

~1bn

EUR gross bookings

~70m

EUR revenues

What Etraveli is Why we acquired it

1 2 3

| Page 66

| October 15, 2015 | | Page 66

| October 15, 2015 |

Etraveli will turn our vertical into an international player

Building new brand for Etraveli meta business in Germany – leveraged by TV

Importer of choice

| Page 67

| October 15, 2015 | | Page 67

| October 15, 2015 |

Our vertical approach creates synergies – and thus further value

1) Estimated for FY 2015, rec. EBITDA w/o TV airtime costs Note: Etraveli signed with envisaged closing in Q4 2015

We generate more revenues and cost savings with inter- and intra-vertical synergies compared to standalone businesses

Marketing excellence (CRM, SEO, SEA)

Shared services (e.g. HR, Finance, Legal) Cross-unit data management

Joint WKZ initiatives (ad allowance) Cross-vertical lead gen and traffic push Example:

Travel vertical >25%

contribution to revenue growth

>35%

contribution to rec.

EBITDA growth

15%

contribution to total rec. EBITDA

1 2 3

| Page 68

| October 15, 2015 | | Page 68

| October 15, 2015 |

Operational excellence is key for us to push synergies

1) CRM: Customer Relationship Management 2) SEO: Search Engine Optimization 3) SEA: Search Engine Advertising 4) WKZ: Advertising allowance (placement fees)

• Uplift in newsletter opens and clicks, e.g. up to 300% for weg.de

• Overall CVR improvement

• Automated landing page optimizations

• Data driven marketing SEO ²⁾ excellence

CRM ¹⁾ optimization

WKZ ⁴⁾ upsides SEA ³⁾ performance

Selected results of centers of

excellence

| Page 69

| October 15, 2015 ||October 15, 2015 | | Page 69

TV presence allows us to optimize online ad costs

1) Google brand search cost

Note: Comparison to competitors’ median CPC based on August, 2015 Source: searchmetrics

1.52

German online package tour

0.83 2.82

Rental car comparison

1.25 0.42

Dynamic virtual tour operators

0.07

Average Cost-per-Click per segment ¹⁾

[Germany, in EUR]

1 2 3

∆-45%

∆-56%

∆-83%

TV leverage

| Page 70

| October 15, 2015 | | Page 70

| October 15, 2015 |

Inspiration On trip/in destination

Share/past trip

| Page 71

| October 15, 2015 |

October 15, 2015

Growing to the next level

Capital Markets Day 2015

Daniel Raab

Beauty & Accessories

| Page 72

| October 15, 2015 | | Page 72

| October 15, 2015 |

Future Targets

We acquired 2 majorities in Q2 2015 (Flaconi, Amorelie)

We started a partnership with a strategic investor for Valmano (51% share)

We leveraged synergies and optimized our companies, e.g. reporting process, pricing optimization

We started to internationalize,

Amorelie launched French online shop

We continue to leverage the Media

Alliance to drive internationalization

Buy & accelerate approach

| Page 73

| October 15, 2015 | | Page 73

| October 15, 2015 |

For new verticals, we target brand-driven (niche) segments

• Growth markets with local edge, that are frag- mented/difficult to enter for global digital players

• Our TV assets can be successfully leveraged, providing a strong competitive position

• Revenue potential of >EUR 100m (per vertical) and double-digit rec. EBITDA margin possible or cash contribution from working capital

• Significant cluster synergies and potential for exclusive brands

• High average basket size

• Availability of complementary partners to mitigate cash/inventory risk

Segment selection criteria

Beauty & Accessories Established

In preparation

Fashion & Lifestyle Home & Living

Physical goods cluster



| Page 73

| Page 74

| October 15, 2015 | | Page 74

| October 15, 2015 | Note: Invested cash excluding GMV; valuation based on e-commerce typical multiple, based on 2015 revenues

Flaconi history

P7S1 share

[in %]

Flaconi investment overview

47

100

2015 Initial

Media for equity deal with cash component

Cash deal to acquire 100%

stake

Founded in July 2011, assortment extended to skincare and haircare Staged investment approach to ensure TV fit and attractiveness No. 1 pure-play beauty retailer in Germany

P7S1 share

| Page 75

| October 15, 2015 | | Page 75

| October 15, 2015 |

•

Tech/mobile services

•

Developer capacity

•

Best practices & tools

•

Mobile Xchange developer meeting

•

Ambassador system (management skills for growing business)

•

Partnerships &

cross-selling with portfolio companies

•

Legal & Tax support

•

HR/Recruiting

•

Setup of infrastructure

•

Ad-hoc support

•

Frame contracts

•

Product/Marketing (e.g. payment, affilia- te, offline marketing)

•

IT infrastructure (e.g. server, MS licenses, hardware)

•

Carrier conditions

•

Controlling, Reporting

& Finance

•

Definition of KPIs

•

Setup of automated reporting

•

Cash management

•

Sales optimization

•

Procurement

•

Ordering and forecasting

•

Vendor negotiations (scorecard)

•

Best-in-class marketing to reach local communities

•

Elasticity-based pricing

•

SEO/SEA optimization

•

CRM optimization (e.g. personalization)

•

Optimal media relations (PR training)

•

Creation of perfect TV spot

•

Optimization of spots (CPV reduction via TV analytics)

•

Partnering (WKZ deals)

•

TV formats to position brand (e.g. Amorelie Love Lounge)

•

International Media Alliance to promote business beyond Germany

Key for success: Our playbook

1. TV expertise 2. Marketing competence

3. Data analytics &

process excellence

4. Shared services &

negotiation

5. Tech & expert network

playbook

Assessment after acquisition to set up action plan and ongoing support on demand

| Page 76

| October 15, 2015 | | Page 76

| October 15, 2015 | Example: Average TV CPV in 2014

Strong TV performance improvements throughout 2014

Example: Price tests and elasticity analysis

Identifying product characteristics resulting in high, medium, low price elasticity

Example: Affiliate marketing insourcing & bundling

Direct KAM with state-of-the art technology as well as consolidation to

strategic partner

3. Data analytics & process excellence

Example: Klarna contracts

Saving potentials due to shared services (e.g. legal) and negotiation, e.g. payment frame

contracts

Example: Mobile expert network

Offer advise for new developments and cover short-term development

bottlenecks via network

| Page 77

| October 15, 2015 | | Page 77

| October 15, 2015 |

Visits

We drive growth with joint forces

1) Visits Beauty & Accessories: Flaconi, Amorelie and Valmano

Joint forces

Sustainable business models led by strong teams

7Commerce playbook to optimize business TV power

to drive traffic

+ +

Proven success

H1 2015 H1 2014

+95%

| Page 78

| October 15, 2015 | | Page 78

| October 15, 2015 | 1) Returns of quantity, in % of revenues

H1 2015 vs. H1 2014

We optimize crucial online marketing KPIs without trade-offs

Total visits Cost per visit +74%

-30%

H1 2015 vs. H1 2014

Returns

Conversion rate

-37%

+27%

More traffic at less cost Higher conversion and lower returns

| Page 79

| October 15, 2015 | | Page 79

| October 15, 2015 |

We know how to manage e-commerce operations

H1 2015 vs. H1 2014

We optimize crucial e-commerce operations KPIs without trade-offs

Inventory (end of June) +15%

Revenues +153%

H1 2015 vs. H1 2014

-19%

Selection (June) Cost per order

+26%

Order increase with low inventory Lower cost and better selection

| Page 80

| October 15, 2015 | | Page 80

| October 15, 2015 | 1) Excluding TV Media

H1 2015 vs. H1 2014

Marketing costs

+79%

Revenues +145%

H1 2015 vs. H1 2014

Marketing costs

Revenues

+12%

+173%

| Page 81

| October 15, 2015 | | Page 81

| October 15, 2015 |

Key strategy: We follow a phased approach for further scale-up

National (DACH)

International

•

Drive consolidation within vertical

•

Further strengthen position in Germany

•

Leverage synergies

•

Expand German business models to European markets

•

Identify international brands/business models that can be brought to Germany

•

Leverage international synergies

•

Offline retail partners

•

Licensing/partnership to develop online business for offline retailer

•

Direct sales (e.g. Amorelie)

Home & Living

Fashion & Sports Beauty & Accessories

Further expansion

Rationale

• Leverage TV power

• Stimulate TV ad market

• Diversify our portfolio

• Invest where trust and brand is key

• Transform offline assets

| Page 82

| October 15, 2015 |

Growing to the next level

Capital Markets Day 2015

Claas van Delden

Online Comparison

| Page 83

| October 15, 2015 | | Page 83

| October 15, 2015 |

Acquired 80%

stake in Verivox

Acquired add. 25%

stake in Preis24

Strengthened #1 position of moebel.de

Broadened product portfolio of 12Auto

#1 in energy comparison #1 in mobile deals

#1 in furniture comparison

New vertical

“Online Comparison”

Top 5 in car comparison

Key achievements since last year’s Capital Markets Day

#1 positions in key segments

Strong double-digit

growth rates

| Page 84

| October 15, 2015 | | Page 84

| October 15, 2015 |

Revenues

[in EUR m]

1) Revenue and visits growth H1 2015 vs. H1 2014 (moebel.de not consolidated in H1 2014, consolidated since July 2014) 2) Revenue and contracts growth H1 2015 vs. H1 2014 (Verivox first time consolidation September 2015)

3) Online comparison market size estimate based on P7S1 research, sources: Statista, Similarweb, Bundesnetzagentur, PWC, Roland Berger

485

650 200

270 920

Product comparison market

2018E

Services comparison market

+8%

CAGR

685

2014

… within a highly attractive market

Visits +48% ¹⁾

Our core assets show a strong performance …

#1

#1

Revenues +69% ¹⁾

Contracts +34% ²⁾

Revenues +46% ²⁾

Market position

| Page 85

| October 15, 2015 | | Page 85

| October 15, 2015 |

We are getting close to EUR 1bn total transaction value LTM ¹⁾

Visits ²⁾ Transactions ²⁾

Total Transaction

Value ²⁾

>62m

(+41%)

1) Total Transaction Value generated by Online Comparison assets in last twelve months (June 30, 2015); excl. 12Auto Group; transaction value = annual revenue generated by service providers with customers referred by our assets (e.g. energy services, telco services) 2) LTM June 15; KPI’s show data for last twelve months ending June 30, 2015 (∆ in % vs. previous year); excl. 12Auto Group

>1.5m

(+21%)

>EUR 950m

(+20%)

| Page 86

| October 15, 2015 | | Page 86

| October 15, 2015 |

Continue “String of Pearls” M&A strategy to enter additional market segments

Drive sales growth of portfolio companies via TV advertising Create new advertising solutions for ad customers

1

2

3

| Page 87

| October 15, 2015 | | Page 87

| October 15, 2015 |

Continue “String of Pearls” M&A strategy to enter new segments

1) Stake acquired by P7S1 | Page 87

1 2 3

…

Enter additional market segments with mix of de-risked M4E deals and bolt-on acquisitions

A ss et

Telco Home & Living Energy

(+ new segments)

#1 #1 #1

Under evaluation

(e.g. Fin. Services)

Market position

2014: M4E (+34%) ¹⁾

D ea l

2015: Cash (+25%) ¹⁾

2012: M4E (60%) ¹⁾ 2013: M4E (16%) ¹⁾ 2015: Cash (80%) ¹⁾ …