Target company: Constantin Medien AG; Bidder: Studhalter Investment AG / Highlight Communications AG

Dissemination of an announcement according to the German Securities 
Acquisition and Takeover Act (WpÜG), transmitted by DGAP - a service of 
EQS Group AG.
The bidder is solely responsible for the content of this announcement.
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Publication of the decision to make a takeover offer
pursuant to Section 10 para. 1, 3 in conjunction with Sections 29, 34 of
the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und
Übernahmegesetz - WpÜG)



Bidders:

Studhalter Investment AG
Matthofstrand 8
6005 Luzern
Switzerland

registered in the commercial register of the Canton of Luzern under
CHE-114.350.381

and

Highlight Communications AG
Netzibodenstrasse 23b
4133 Pratteln
Switzerland

registered in the commercial register of the Canton of Basel-Landschaft
under CHE-100.774.645

Target:

Constantin Medien AG
Münchener Str. 101 g
85737 Ismaning
Germany

registered in the commercial register of the local court of Munich under
HRB 148760

ISIN DE0009147207  |  WKN: 914720

Information by the Bidders:

Today, Studhalter Investment AG and Highlight Communications AG
(collectively the 'Bidders') have decided to make, with exempting effect
also for Mr. Bernhard Burgener, Mrs. Rosmarie Burgener, Highlight Event and
Entertainment AG and Mr. Alexander Studhalter, an offer to the shareholders
of Constantin Medien AG to acquire their no-par value ordinary bearer
shares in Constantin Medien AG (the 'Constantin Shares') by way of
voluntary public takeover bid against payment of a cash consideration in
the amount of EUR 2.30 per Constantin Share (the 'Takeover Offer').

For purposes of financing and coordinating the Takeover Offer and in order
to structure the group of shareholders of Constantin Medien AG following
the successful execution of the Takeover Offer, today, the Bidders entered
into a framework agreement with Highlight Event and Entertainment AG (which
is currently the largest shareholder of Constantin Medien AG with a
participation of nearly 30%) as well as Mr. Bernhard Burgener, Mrs.
Rosmarie Burgener and Mr. Alexander Studhalter. The framework agreement,
inter alia, provides for all Constantin Shares tendered under the Takeover
Offer to be acquired by and transferred to Highlight Communication AG upon
completion of the Takeover Offer. In this context, SIAG acquired a
participation of 28.7% in HLEE in a capital increase which was implemented
today.

The offer document and other information relating to the Takeover Offer
will be published on the internet under http://www.siagtgwhlc-offer.de.

The Takeover Offer will be subject to the condition precedent of the
receipt of necessary antitrust clearances. Furthermore, the Takeover Offer
will be made on and subject to the terms and conditions yet to be
communicated in the offer document.

The Bidders expect the publication of the offer document, which may only
take place after its approval by the German Federal Financial Supervisory
Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), to occur in
the course of December 2017.

Important Notice:

This announcement merely serves information purposes and neither represents
an offer to purchase or sell nor a solicitation of an offer to purchase or
sell shares of Constantin Medien AG. The definite terms and conditions of
the Takeover Offer, as well as further provisions concerning the Takeover
Offer, will be published in the offer document after the approval of the
offer document by the German Federal Financial Supervisory Authority. The
Bidders reserve the right to deviate from the basic terms presented herein
in the final terms and conditions of The Takeover Offer.

Investors and shareholders of Constantin Medien AG are strongly advised to
read the offer document and any relevant documents in connection with the
Takeover Offer as soon as such documents will be published as they will
contain important information. Where appropriate, it is furthermore
recommended to seek independent advice in order to receive a competent
assessment regarding the contents of the offer document and the Takeover
Offer.

Luzern/Pratteln, 27 November 2017

Studhalter Investment AG

Highlight Communications AG

End of WpÜG announcement

The 27.11.2017 DGAP Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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Listed: Bietergesellschaft (Highlight Communications AG):
Regulierter Markt
in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg,
Hannover, München, Stuttgart, Tradegate
Exchange

Zielgesellschaft:
Regulierter Markt in Frankfurt (Prime
Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München,
Stuttgart, Tradegate Exchange