Ströer SE & Co. KGaA

Investor Presentation • Sep 24, 2018

Sixth German Corporate Conference Goldman Sachs September 2018 | Munich |Ströer SE & Co. KGaA

Disclaimer

This presentation contains "forward looking statements" regarding Ströer SE & Co. KGaA ("Ströer") or the Ströer Group, including opinions, estimates and projections regarding Ströer's or the Ströer Group's financial position, business strategy, plans and objectives of management and future operations.

Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Ströer or the Ströer Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements.

These forward looking statements speak only as of the date of this presentation release and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, express or implied, is made by Ströer with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein.

The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning Ströer or the Ströer Group. Ströer undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise.

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INDEX September 2018

"The most customer-centric, multi-channel media company in/from Germany."

Milestones of Ströer's strategic Development

(Location Based Advertising)

Content Media (Digital Content & Marketing Services)

Direct Media (D2D, Phone etc.)

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Segment Expectation for 2018*

Group Guidance	Reported Revenues Organic Growth Operational EBITDA	~ 1.6 bn€ mid to high single digit percentage ~ 375 m€
	Out-of-Home Media	Content Media	Direct Media
	Revenues ~ 700 m€	Revenues ~ 500 to 550 m€	Revenues ~ 350 to 400 m€
Segment Expectation	Op. EBITDA-Margin ~24-27 percent	Op. EBITDA-Margin ~31-34 percent	Op. EBITDA-Margin ~12-15 percent (17 percent target state) Adj. EBIT-Margin 10-13 percent (15 percent target state)

Robust & Sustainable Growth Drivers in all Key Segments

Out-of-Home Media (Location Based Advertising)	Content Media (Digital Content & Marketing Services)	Direct Media (D2D, Phone, Chat, Mail, CpO)
Key logics:
1. Slightly growing and robust portfolio market share with growing audience through urbanization and mobility	1. Meanwhile strong market position amongst German players and consolidation opportunities beyond 30%** market share	1. Growing clients' demand to manage & drive direct consumer contacts when GAFA is more and more controlling access channels
2. 54%* of revenues coming from local and regional business (vs. 46% national ad market)	2. 51%*** of revenues coming from direct client relationships and	2. Market fragmentation and lack of professionalization & scale is
Digitization is driving both inventory value, monetization potential and yield optimization	direct programmatic sources 3. Strong & highly profitable own assets in combination with 345**** of the top 700 German websites	offering strategic opportunities 3. Massive digitisation opportunities in combination with group synergies & 360° sales channels

Estimated Product Split in New Segment Structure for 2018

* Expected revenue split per segment w/o group consolidation and before IFRS changes 9

public media | #1 OOH provider | posters | train stations | transport | Street | Giant Posters | long-term advertising | 300,000 advertising spaces | street furniture | geomarketing | wide reach | high contact frequency

online advertising | digital publishing | displays | video | public video | mobile | #1 quality marketer | #1 news portal | native advertising | programmatic advertising | data | influencer marketing | t-online.de | Ströer media brands | 53 million unique users*

dialogue marketing | telemarketing | market-oriented sales force | chat | non-voice | dialogue media platform | omni-channel solutions | customer dialogue |

Adjusted Earnings per Share Development since 2013

Note: Financials for 2013-2017 actuals, 2018 Guidance (before IFRS changes) *After minorities 13

INDEX September 2018

Consumer Access for Advertisers has changed dramatically

Advertiser

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Complementing integrated Brand-Performance-Sales Funnel

Data aggregation

INDEX September 2018

OoH Media: Sustainable Growth Performance in challenging Markets

• Sustainable growth in Germany supported by local and regional sales initiatives
• Op. EBITDA affected by further investments into organic growth opportunities and Turkey operations

Content Media: Strong organic Growth continues in Q2 2018

• Strong organic growth in both newly acquired and established content media assets, all product groups positively effected
• No material impact of General Data Protection Regulation adoption
• Op. EBITDA margin affect by unfavorable product mix and ramp up costs for watson.de, our new online portal for millennials

Direct Media: Profitable Growth backed by new Businesses

• Direct Media strongly above PY driven by acquired business in Dialog Marketing and strong organic growth
• First time consolidation of DV-COM and D+S 360 for a full quarter
• Segment's profitability target state of 17% Operational EBITDA margin confirmed

Results 6M 2018

Results 6M 2018
m€		6M 2018	6M 2017 (pro forma)(1)	▲
	Reported	741.5	597.4	+24%
Revenues	Organic(2)	7.8%	7.6%	+0.2%pts
Operational EBITDA		242.2	216.7	+12%
EBIT (adjusted)(3)		107.4	91.8	+17%
EBIT (adjusted) margin		14.5%	15.4%	-0.9%pts
(adjusted)(3) Net income		75.5	62.4	+21%
Operating cash flow		158.6	157.9	+0%
Capex		64.0	60.7	+5%
		30 Jun 2018	31 Dec 2017
	Net Debt(4) / Leverage Ratio(5)	611.5 / 1.8x	463.3 / 1.4x

Guidance Statement 2018: Reconfirmed

For 2018 we expect total revenues of around 1.6 billion Euro and

an Operational EBITDA of around 375 Million Euro*

*w/o IFRS changes 22

Outlook for Q3: Next Quarterly Results on November 13

• 1. Similar to development of the last 22 quarters: solid business across the entire group with expected growth for 2018 in line with annual guidance 2. Overall challenging OoH Media business despite robust regional and local sales
• development
• 1. Content Media segment consistently on track regarding top line growth, market share development as well as consolidation and integration processes with successful launch of new assets 4. Direct Media on track and in line with expectations – significant group synergies,
• cost cutting opportunities post merger and investments in new technologies