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Axel Springer April 17th, 2019

Items 4a and 4b: The remuneration system for the Management Board has once again not been put to shareholder approval at this year's AGM. As disclosure on executive remuneration is still far below local market practice (no individual disclosure provided) we uphold our recommendation to oppose the discharge of the Supervisory Board.

Items 6a-i: We recommend to oppose the (re-)election of five Supervisory Board members due to our concerns over the insufficient independent representation on the Board. Furthermore, we recommend to oppose the re-election of four Supervisory Board members due to concerns over aggregate time commitments.

Axel Springer SE

Axel Springer is a publishing company. Co.'s media portfolio includes brand families such as the BILD Group and the WELT Group. Co.'s journalistic content is delivered to Internet users, readers, viewers, and advertising customers via digital, print, and TV channels. Co.'s businesses are organized into three operating segments: Paid Models, Marketing Models, and Classified Ad Models. Additionally, the Services/Holding segment comprises Co.'s centralized marketing unit Axel Springer Media Impact as well as all activities related to the production and distribution of the BILD Group and its magazines, including its three printing plants and the management of Co.'s logistical activities.


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