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www.slideshare.net/NOAHAdvisors Contents

Title Page Title Page

Cover 1 Selected Transaction Comps 24-26

Agenda 2 Strategic Buyers by Segment 24-25

The NOAH Conferences 3 Financial Buyers by Segment 26

NOAH Networking Tool 4 Informilo 27

AdTelligence Personalisation Cloud 5 The NOAH Conferences 28

Traffic Benchmarking 6 The NOAH Ecosystem 29

Key Public B2C Internet Companies 7 Real Winners on Stage 30

Traffic Benchmarking 8 NOAH London 31-36

Desktop / Mobile Web Traffic Split 9 NOAH London Overview 31

SimilarWeb – Market Intelligence for Market Leaders 10 Already Confirmed Speakers 32

European Online Valuations 11 Selected Past NOAH London Speakers 33

Universe of Public Internet Companies 12 NOAH London Impressions 34

Sector Valuations 13 Investors at NOAH London 2014 35-36

Sector KPIs 14 Adyen’s Global E-commerce Payments Guide 37

Historical Valuation by Region 15 NOAH Berlin 38-43

Growth Driven Valuation 16 NOAH Berlin 2015 Review 38

Bits & Pretzels 17 NOAH Berlin 2015 Highlights 39

Significant European Movers 18 Main Stage Program – Day 1 40

Trading Comparables 19-22 Main Stage Program – Day 2 41

Advertising, Classifieds 19 NOAH Party Impressions 42

Classifieds (Cont’d), E-commerce 20 Sponsors & Partners – Berlin 2015 43

E-commerce (Cont’d), Travel, Social 21 NOAH Advisors Overview 44 Networking Gaming, Gambling, Search / Portals, 22 NOAH Advisors Overview 45 Content Providers, Digital Ent.

Manhattan Venture Partners 23 Selected NOAH Advisors Deals 46

NOAH Resources 47

2 The NOAH Conferences

The NOAH Conference London – 12-13 November 2015

400+ investment funds 100+ top speakers ~2,500 senior attendees

7th NOAH London will take place on the 12th and 13th of November 2015 (Old Billingsgate) The preeminent European event where Internet CEOs, executives and investors gain insights into latest proven concepts, network with senior executives and establish new business relationships

Already Confirmed Speakers

Best of NOAH14 London >> Request Invite >> Register >>

The NOAH Conference Berlin – 8-9 June 2016

Eric Schmidt @ NOAH15 Berlin

Fantastic speaker line-up on 2 stages

Meet the disruptors across key industry verticals

Outstanding networking with 3,000+ attendees

Legendary NOAH Party Watch Online >>

3 The NOAH Networking Tool Permanently Open for Registered NOAH Conference Attendees

Simple Attendee Search Messaging

Meeting Availability (Anonymous)

Detailed Attendee Profiles

Simple Meeting Request Tool

4 Personalisation

5 Traffic Benchmarking

Traffic Measurement Key Public B2C Internet Companies

Classifieds Lead Gen

E-commerce

Marketplaces Social

Travel

Europe United States

7 Traffic Benchmarking

Direct Traffic (% of total visits)

60% 62%

47% 42% 44% 36% 33% 34% 31% 31% 31% 29%

Social Classifieds Marketplaces Travel Lead Generation E-commerce

Europe United States

Average Page Impressions per Visit

27.1

14.0

9.7 8.6 9.1 7.8 7.3 6.7 5.4 4.8 3.4 2.9

Social Classifieds E-commerce Marketplaces Travel Lead Generation

Europe United States

Average Visit Duration (minutes)

16.1 15.8

8.1 7.3 6.7 6.3 6.7 5.0 5.6 5.6 4.2 3.8

Social Classifieds E-commerce Marketplaces Travel Lead Generation

Europe United States

Source: SimilarWeb Data from June 2015. Note: Direct share derived from Desktop traffic only. 8 Desktop / Mobile Web Traffic Split

Europe US

26%

43%

57%

74%

Desktop Mobile

Mobile Share by Sector

68% MarketplacesMarketplaces 52%

Lead 53% Lead Generation Generation 55%

47% ClassifiedsClassifieds 45%

45% E-commerceE-commerce 51%

41% Travel Travel 42%

21% Social Social 41%

Europe United States

Source: SimilarWeb Data from June 2015. Note: Direct share derived from Desktop traffic only. 9 10 European Online Valuations Universe of Public Internet Companies

Advertising Classifieds

E-commerce Lead Gen

Marketplaces Online Gaming Search

Social Travel

Europe United States

12 Sector Valuations

EV / EBITDA 2015E

July 2015 May 2015

42.7x 44.0x Marketplaces 10.1x 12.7x

42.0x 45.3x E-commerce 25.6x 25.7x

18.3x 16.6x Classifieds 15.4x 17.3x

14.2x 16.3x Search & Portals 12.5x 10.2x

14.1x 14.4x Lead Generation 11.4x 13.8x

11.6x 12.0x Travel 16.3x 15.8x

10.7x 13.2x Social 26.2x 21.7x

9.8x 10.0x Advertising 11.4x 12.2x

5.6x 5.1x Gaming 31.8x 35.4x

Europe United States

Note: Calculation based on sector aggregates. 13 Sector KPIs

EBITDA CAGR 2015E-2017E

82%

47% 43% 35% 37% 29% 25% 21% 20% 19% 16% 13% 8% 9% 8% 8% 9% 2%

Marketplaces E-commerce Search & Social Classifieds Lead Travel Advertising Gaming Portals Generation

Europe United States

EBITDA Margin 2015E

52% 48% 44% 37% 36% 34% 31% 29% 31% 24% 23% 17% 18% 13% 15% 10% 6% 6%

Social Lead Gaming Search & Travel Marketplaces Classifieds Advertising E-commerce Generation Portals

Europe United States

Cash Conversion: FCF / EBITDA 2015E

80% 78% 78% 75% 65% 61% 61% 58% 55% 56% 53% 45% 41% 43% 36% 31% 26% 20%

Gaming Marketplaces Lead Advertising Social Classifieds Travel E-commerce Search & Generation Portals

Europe United States

Note: Calculation based on sector aggregates. 14 Historical Valuation by Region

EV / 1 Year Forward EBITDA

20x Europe United States Rest of World 18x

16x

14x

12x

10x

- Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15

Selected Companies

Europe United States

Rest of World

Note: NTM EBITDA derived by time-weighted estimates. Forward multiples are median values for region. 15 Growth Driven Valuation

Europe

EV / EBITDA 2015E

50x

40x

30x

20x

10x

- - 10% 20% 30% 40% 50%

EBITDA CAGR 2015E-2017E

United States

EV / EBITDA 2015E

50x

40x

30x

20x

10x

- - 10% 20% 30% 40% 50% 60%

EBITDA CAGR 2015E-2017E

Note: Size of bubble represents Enterprise Value. 16 Bits & Pretzels

Bits & Pretzels becomes a festival with even more startup spirit and a historic finale at the Oktoberfest

. The Bits & Pretzels Founders Festival takes place from September 27 to 29, 2015 in Munich . Combines more than 3,000 founders, investors and media with some serious Oktoberfest fun

Be part of it and use the discount code BP_NOAH2015 to get a 20% discount on all ticket categories. As the offer is limited to 20 sign-ups, book your ticket as soon as possible.

>> For more information check out www.bitsandpretzels.com!

17 Significant European Movers

Valuations Jul-15 vs. May-15

Enterprise Value (€m)

Company Jul-15 May-15 % Change Gainers 131 88 +50%

1,204 844 +43%

1,683 1,318 +28%

3,494 2,781 +26%

2,668 2,136 +25% Losers 2,446 4,407 -45%

248 390 -36%

693 997 -31%

148 213 -30%

2,876 3,960 -27%

EV/EBITDA 2015E

Company Jul-15 May-15 % Change Gainers 13.0x 7.3x +79%

9.6x 6.4x +50%

94.0x 62.5x +50%

12.9x 9.0x +43%

64.7x 50.0x +29% Losers 9.1x 12.9x -30%

10.1x 12.2x -17%

8.7x 10.1x -14%

13.9x 15.7x -12%

37.0x 41.7x -11%

Source: Factset (31 July 2015). Note: Companies with enterprise value <€100m excluded. 18 Trading Comparables

31-Jul-15 (as % of Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G Company Share Price year high) Cap. (€m) Value (€m) 2015 2016 2017 15-17E 2015 2016 2017 15-17E 2015 2015 Advertising / Marketing Ad Networks Criteo (Europe) $ 52.95 92% 2,938 2,668 5.8x 4.5x 3.6x 26% 21.6x 15.0x 11.1x 39% 27% 0.5x Millennial Media (US) $ 1.73 49% 219 189 0.6x 0.6x 0.5x 15% n/m 95.9x 14.0x n/a (5%) n/a InternetQ (Europe) £ 2.97 80% 168 167 1.0x 0.8x 0.7x 15% 5.7x 5.0x 4.3x 15% 17% 0.4x Matomy (Middle East) £ 0.98 38% 123 127 0.5x 0.4x 0.4x 14% 5.2x 3.6x 3.1x 29% 10% 0.2x YuMe (US) $ 4.79 75% 144 103 0.6x 0.5x n/a n/a 58.7x 11.5x n/a n/a 1% n/a Tremor Video (US) $ 2.43 64% 113 45 0.3x 0.2x 0.2x 16% n/m 18.1x 3.6x n/a (3%) n/a Marimedia (Middle East) £ 0.61 34% 56 33 0.5x 0.4x 0.3x 31% 6.3x 3.1x 2.3x 64% 9% 0.1x Hi-Media (Europe) € 11.28 58% 33 (14) n/m n/m n/m (11%) 5.1x n/m n/m n/a (2%) n/a Overall Median 0.6x 0.5x 0.4x 15% 6.0x 11.5x 4.0x 34% 5% 0.3x

Intermediaries The Rubicon Project (US) $ 17.36 84% 588 479 2.1x 1.6x 1.2x 32% 14.0x 9.8x 6.0x 53% 15% 0.3x TubeMogul (US) $ 14.15 59% 385 352 2.5x 1.9x 1.5x 29% n/m n/m 16.9x n/a (7%) n/a RocketFuel (US) $ 7.64 28% 292 285 0.6x 0.5x 0.5x 14% n/m 11.6x 5.6x 422% 0% n/a FreakOut (AsiaPac) ¥ 1,936 24% 88 76 2.1x 1.4x 1.0x 43% 31.9x 11.6x 6.0x 131% 6% 0.2x Cxense (Europe) NOK 115.00 78% 56 56 3.8x 2.6x 1.8x 45% n/m 62.1x 8.6x n/a (25%) n/a Weborama (Europe) € 9.00 97% 31 30 1.2x 1.1x 1.0x 8% 7.8x 6.9x 6.0x 14% 15% 0.6x Overall Median 2.1x 1.5x 1.1x 30% 14.0x 11.6x 6.0x 92% 3% 0.3x

Data and Loyalty Aimia (Canada) C$ 14.24 72% 1,710 1,528 0.8x 0.8x 0.8x 3% 9.3x 8.3x 7.2x 14% 9% 0.7x Acxiom (US) $ 17.85 84% 1,265 1,370 1.7x 1.7x 1.7x 1% 10.0x 9.9x 9.0x 5% 17% 2.0x Constant Contact (US) $ 25.12 58% 730 567 1.7x 1.5x n/a n/a 8.4x 6.7x n/a n/a 20% n/a Coupons.com (US) $ 9.64 45% 715 537 2.2x 1.8x 1.9x 7% 15.8x 9.2x 13.6x 8% 14% 2.0x 1000mercis (Europe) € 43.95 97% 137 131 2.5x 2.2x 1.9x 14% 9.6x 8.2x 6.9x 18% 26% 0.5x Marchex (US) $ 4.66 40% 179 102 0.8x 0.8x 0.7x 6% 8.4x 9.6x 10.2x (9%) 9% n/a Overall Median 1.7x 1.6x 1.7x 6% 9.5x 8.8x 9.0x 8% 16% 1.3x

Market Research Nielsen (US) $ 49.06 100% 16,661 23,235 4.1x 3.9x 3.7x 5% 13.6x 12.7x 11.9x 7% 30% 1.9x Gartner (US) $ 87.54 98% 6,980 7,306 3.7x 3.3x 2.8x 15% 19.2x 16.5x 13.7x 19% 19% 1.0x GfK (Europe) € 38.20 91% 1,394 1,766 1.2x 1.1x 1.1x 4% 7.2x 6.4x 6.0x 10% 16% 0.7x comScore (US) $ 57.06 95% 1,777 1,764 5.2x 4.5x 3.9x 15% 21.3x 17.4x 15.2x 18% 24% 1.2x Ipsos (Europe) € 22.84 85% 1,034 1,622 0.9x 0.9x 0.9x 2% 7.6x 7.2x 6.7x 6% 12% 1.2x Forrester Research (US) $ 32.24 77% 533 429 1.5x 1.4x n/a n/a 16.1x 12.3x n/a n/a 9% n/a Overall Median 2.6x 2.3x 2.8x 5% 14.9x 12.5x 11.9x 10% 18% 1.2x

Agencies WPP (Europe) £ 14.66 91% 27,409 30,022 1.8x 1.7x 1.6x 6% 10.4x 9.7x 9.3x 6% 18% 1.8x Omnicom (US) $ 72.88 90% 16,380 19,738 1.4x 1.4x 1.3x 4% 9.7x 9.3x 8.8x 5% 15% 1.9x Publicis Group (Europe) € 68.60 86% 14,633 17,320 1.8x 1.7x 1.6x 5% 10.3x 9.5x 8.7x 9% 18% 1.2x Dentsu (AsiaPac) ¥ 7,030 99% 14,864 14,864 2.3x 2.4x 2.3x 1% 10.6x 11.2x 10.2x 2% 22% 4.9x Havas (Europe) € 7.85 93% 3,255 3,333 1.6x 1.5x 1.5x 4% 9.5x 9.0x 8.6x 5% 17% 1.8x MDC Partners (US) C$ 22.08 61% 766 1,669 1.4x 1.3x 1.2x 7% 9.1x 8.1x 7.2x 12% 15% 0.8x Overall Median 1.7x 1.6x 1.5x 5% 10.0x 9.4x 8.8x 6% 17% 1.8x

Classifieds Diversified Naspers (Africa) R 1,769 87% 52,098 49,153 8.2x 7.0x 6.0x 17% 81.9x 57.2x 40.0x 43% 10% 1.9x Recruit Holdings (AsiaPac) ¥ 3,910 91% 16,190 13,893 1.3x 1.1x 1.1x 9% 9.4x 8.7x 8.2x 7% 13% 1.3x Schibsted (Europe) NOK 282 98% 6,714 7,063 4.2x 4.0x 3.8x 5% 30.1x 23.3x 19.1x 25% 14% 1.2x Axel Springer (Europe) € 50.82 86% 5,028 6,001 1.9x 1.8x 1.8x 3% 10.8x 9.9x 9.3x 8% 17% 1.4x 58.com (AsiaPac) $ 60.24 72% 2,787 2,388 4.8x 3.1x 2.2x 48% n/m n/m 17.5x n/a (34%) n/a Next Co (AsiaPac) ¥ 927.00 87% 768 780 4.6x 3.7x 3.2x 19% 23.3x 18.7x n/a n/a 20% n/a Angie's List (US) $ 4.80 54% 256 246 0.8x 0.7x 0.6x 9% 9.4x 6.3x 5.1x 35% 8% 0.3x Overall Median 4.2x 3.1x 2.2x 9% 17.0x 14.3x 13.4x 25% 13% 1.3x

Real Estate Rightmove (Europe) £ 35.75 98% 4,943 4,927 18.3x 16.5x 14.9x 11% 24.6x 21.9x 19.8x 12% 74% 2.1x REA Group (AsiaPac) A$ 43.41 84% 3,776 3,506 9.3x 8.0x 6.9x 16% 16.5x 13.8x 12.0x 17% 56% 0.9x Zillow (US) $ 83.09 56% 3,088 2,725 4.5x 3.4x 2.8x 26% 36.5x 14.8x 10.5x 87% 12% 0.4x SouFun (AsiaPac) $ 6.65 52% 1,768 1,601 2.1x 1.6x 1.2x 30% 25.2x 12.4x 6.7x 93% 8% 0.3x Zoopla (Europe) £ 2.40 85% 1,421 1,366 8.2x 5.5x 5.0x 27% 19.8x 14.7x 12.3x 27% 41% 0.7x E-House (AsiaPac) $ 6.32 56% 818 598 0.6x 0.5x 0.5x 13% 12.8x 9.9x 5.0x 61% 5% 0.2x Leju (AsiaPac) $ 6.97 37% 851 589 1.0x 0.9x 0.8x 16% 7.9x 5.9x 4.8x 29% 13% 0.3x iProperty Group (AsiaPac) A$ 2.96 81% 365 357 15.9x 12.6x 10.1x 26% n/m 51.6x 31.7x 92% 14% n/a Overall Median 6.3x 4.5x 3.9x 21% 19.8x 14.3x 11.2x 45% 13% 0.4x

Source: Factset (31 July 2015). Note: Enterprise value adjusted for investments in associates. 19 Trading Comparables (Cont’d)

31-Jul-15 (as % of Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G Company Share Price year high) Cap. (€m) Value (€m) 2015 2016 2017 15-17E 2015 2016 2017 15-17E 2015 2015 Classifieds (Cont'd) Automotive Auto Trader (Europe) £ 3.41 100% 4,847 4,847 12.7x 11.7x 10.8x 8% 20.4x 18.4x 16.5x 11% 62% 1.8x Carsales.com (AsiaPac) A$ 10.85 94% 1,704 1,674 7.6x 7.0x 6.6x 8% 15.2x 13.9x 12.8x 9% 50% 1.7x Autohome (AsiaPac) $ 38.49 66% 1,710 1,261 2.5x 1.9x 1.5x 30% 6.2x 4.5x 3.4x 36% 41% 0.2x Bitauto (AsiaPac) $ 39.78 40% 1,583 729 1.2x 0.9x 0.7x 31% 10.1x 4.4x 2.7x 94% 12% 0.1x TrueCar (US) $ 6.89 28% 501 395 1.7x 1.4x 1.2x 21% 89.8x 17.9x 9.0x 216% 2% 0.4x Overall Median 2.5x 1.9x 1.5x 21% 15.2x 13.9x 9.0x 36% 41% 0.4x

Recruitment Seek (AsiaPac) A$ 15.10 80% 3,395 4,066 6.7x 5.8x 5.2x 13% 16.1x 14.0x 12.1x 15% 41% 1.1x 51job (AsiaPac) $ 30.61 79% 1,645 1,106 3.6x 3.1x 2.7x 15% 10.8x 8.6x 7.0x 24% 34% 0.5x Monster Worldwide (US) $ 6.89 99% 552 676 1.0x 1.0x 0.9x 5% 6.3x 4.9x 4.4x 20% 16% 0.3x Dice Holdings (US) $ 7.92 69% 391 456 2.0x 2.0x 1.8x 5% 6.8x 6.6x 5.8x 9% 29% 0.8x Overall Median 2.8x 2.5x 2.3x 9% 8.8x 7.6x 6.4x 17% 31% 0.6x

E-commerce Diversified Amazon (US) $ 536.76 92% 227,388 230,989 2.4x 2.0x 1.7x 19% 24.5x 18.6x 14.2x 31% 10% 0.8x Alibaba (AsiaPac) $ 79.96 67% 181,788 167,445 12.0x 9.0x 7.0x 31% 23.1x 17.7x 14.5x 26% 52% 0.9x Liberty Ventures (US) $ 40.10 88% 22,571 25,657 22.7x 19.8x 17.4x 14% n/m n/m n/m 16% 9% n/a Rakuten (AsiaPac) ¥ 1,996 83% 19,352 19,228 3.8x 3.3x 3.0x 13% 15.8x 13.4x 12.0x 15% 24% 1.1x Investment AB Kinnevik (Europe) SEK 274.20 91% 8,064 7,945 60.3x 58.6x 56.9x 3% n/m n/m n/m (39%) (38%) n/a Rocket Internet (Europe) € 32.82 54% 5,026 2,446 18.4x 15.1x 14.3x 13% n/m n/m n/m (18%) (60%) n/a Overall Median 15.2x 12.1x 10.7x 14% 23.1x 17.7x 14.2x 16% 9% 0.9x

Personalized Cimpress (Europe) $ 66.09 72% 1,947 2,286 1.6x 1.4x 1.2x 13% 10.1x 9.0x 7.6x 15% 16% 0.7x Shutterfly (US) $ 43.75 80% 1,511 1,472 1.5x 1.4x 1.2x 13% 8.4x 7.1x 6.1x 17% 18% 0.5x Stamps.com (US) $ 68.93 90% 1,005 939 5.7x 4.7x n/a n/a 18.4x 15.8x n/a n/a 31% n/a Cafepress Inc. (US) $ 4.44 83% 70 25 0.2x 0.2x 0.2x 2% n/m n/m 17.7x n/a (2%) n/a Overall Median 1.6x 1.4x 1.2x 13% 10.1x 9.0x 7.6x 16% 17% 0.6x

Marketplaces eBay (US) $ 28.37 97% 31,636 28,964 3.5x 3.5x 3.3x 3% 8.9x 8.7x 8.0x 6% 39% 1.6x MercadoLibre (LatAm) $ 130.68 85% 5,257 5,184 8.9x 7.4x 6.1x 20% 28.3x 22.8x 18.1x 25% 31% 1.1x Just Eat (Europe) £ 4.35 83% 3,520 3,269 10.2x 7.8x 6.5x 25% 42.3x 26.3x 19.6x 47% 24% 0.9x Kakaku (AsiaPac) ¥ 1973.00 94% 3,184 3,004 10.0x 8.5x 7.6x 15% 20.4x 17.3x 15.4x 15% 49% 1.4x Etsy (US) $ 21.20 59% 2,159 2,129 8.6x 6.6x 5.4x 26% 93.9x 58.7x 39.3x 55% 9% 1.7x GrubHub (US) $ 31.64 66% 2,361 2,089 6.3x 4.9x 4.0x 26% 20.7x 15.5x 11.8x 32% 31% 0.6x Shutterstock (US) $ 52.54 63% 1,704 1,480 3.7x 2.9x 2.4x 24% 17.6x 13.0x 9.6x 35% 21% 0.5x TradeMe (AsiaPac) NZ$ 3.39 83% 802 876 7.1x 6.6x n/a n/a 10.8x 10.2x n/a n/a 66% n/a RetailMeNot (US) $ 15.22 60% 837 654 2.6x 2.3x 2.0x 12% 7.4x 6.4x 5.5x 16% 35% 0.5x Overall Median 7.1x 6.6x 4.7x 22% 20.4x 15.5x 13.6x 29% 31% 1.0x

Other Verticals JD.com (AsiaPac) $ 33.37 88% 33,568 28,513 1.1x 0.8x 0.6x 36% n/m 56.2x 23.9x 670% 0% n/a Ocado (Europe) £ 3.88 81% 3,228 3,279 2.0x 1.8x 1.5x 16% 27.7x 22.7x 18.4x 23% 7% 1.2x CTS Eventim (Europe) € 34.15 99% 3,278 3,004 4.1x 3.9x 3.7x 5% 17.0x 15.6x 14.4x 9% 24% 2.0x Wayfair (US) $ 37.09 92% 2,811 2,555 1.5x 1.2x 0.9x 27% n/m n/m 73.7x n/a (3%) n/a Cnova NV (Europe) $ 5.07 59% 2,038 2,001 0.5x 0.4x 0.4x 19% n/m 27.2x 10.9x 378% 0% n/a Abcam (Europe) £ 5.83 98% 1,656 1,568 7.3x 6.6x 6.1x 10% 19.8x 17.6x 16.1x 11% 37% 1.8x Zooplus (Europe) € 125.70 92% 878 836 1.2x 0.9x 0.8x 24% 64.7x 41.0x 24.8x 62% 2% 1.1x AO World (Europe) £ 1.25 37% 743 693 0.9x 0.7x 0.6x 25% 94.0x 37.2x 18.6x 125% 1% 0.8x Overstock.com (US) $ 20.90 77% 458 344 0.2x n/a n/a n/a 7.9x n/a n/a n/a 3% n/a Delticom (Europe) € 22.75 79% 272 271 0.5x 0.5x 0.4x 9% 15.2x 11.3x 9.2x 29% 3% 0.5x Overall Median 1.1x 0.9x 0.8x 19% 19.8x 24.9x 18.4x 45% 2% 1.1x

Fashion and Flash Sales Vipshop (AsiaPac) $ 19.70 64% 8,797 8,106 1.4x 0.9x 0.7x 40% 23.1x 14.3x 10.0x 52% 6% 0.4x Zalando (Europe) € 30.96 91% 7,578 6,637 2.4x 1.9x 1.6x 21% 42.1x 29.2x 21.6x 40% 6% 1.1x ASOS (Europe) £ 33.80 79% 3,999 3,889 2.2x 1.8x 1.5x 21% 37.0x 28.9x 22.5x 28% 6% 1.3x Start Today (AsiaPac) ¥ 3,975 96% 3,136 2,958 8.5x 7.2x 6.3x 16% 22.3x 19.3x 17.3x 14% 38% 1.6x YOOX (Europe) € 30.78 94% 1,906 1,897 3.0x 2.5x 2.2x 17% 32.5x 24.4x 20.3x 26% 9% 1.2x Zulily (US) $ 13.26 32% 1,515 1,229 1.0x 0.9x 0.7x 17% 22.2x 15.0x 9.9x 50% 5% 0.4x Boohoo.com (Europe) £ 0.28 50% 446 368 1.5x 1.2x 1.0x 23% 14.9x 11.7x 9.2x 27% 10% 0.5x Blue Nile (US) $ 31.03 83% 335 300 0.7x 0.6x 0.6x 5% 14.3x 13.0x 10.8x 15% 5% 1.0x Windeln.de (Europe) € 11.20 62% 284 248 1.4x 1.0x 0.7x 37% n/m n/m 51.0x n/a (7%) n/a LightInTheBox (AsiaPac) $ 4.02 47% 177 115 0.3x 0.2x n/a n/a n/m n/m n/a n/a (4%) n/a MySale Group (AsiaPac) £ 0.45 19% 96 51 0.3x 0.3x n/a n/a n/m 12.7x n/a n/a (1%) n/a Stylepit (Europe) DKK 0.44 32% 18 23 0.5x 0.5x n/a n/a n/m n/m n/a n/a (5%) n/a Overall Median 1.4x 0.9x 1.0x 21% 22.7x 15.0x 17.3x 28% 5% 1.0x

Source: Factset (31 July 2015). Note: Enterprise value adjusted for investments in associates. 20 Trading Comparables (Cont’d)

31-Jul-15 (as % of Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G Company Share Price year high) Cap. (€m) Value (€m) 2015 2016 2017 15-17E 2015 2016 2017 15-17E 2015 2015 E-commerce (Cont'd) Price Comparison and P2P Financing LendingClub (US) $ 14.53 50% 4,917 4,085 11.5x 7.4x 4.9x 53% n/m 43.7x 19.6x 140% 10% n/a IG Group (Europe) £ 7.49 92% 3,823 3,539 5.9x 5.6x 5.1x 7% 12.1x 10.8x 9.8x 11% 48% 1.1x Moneysupermarket.com (Europe) £ 2.84 92% 2,198 2,179 5.6x 5.2x 4.9x 7% 14.2x 13.3x 12.3x 8% 39% 1.9x Bankrate (US) $ 9.07 52% 839 969 2.0x 2.0x n/a n/a 7.3x 7.0x n/a n/a 28% n/a Gruppo MutuiOnline (Europe) € 7.13 82% 263 313 3.1x 2.7x 2.4x 13% 9.8x 8.2x 7.3x 16% 32% 0.6x iSelect (AsiaPac) A$ 1.76 94% 303 291 2.6x 2.3x 2.2x 8% 12.6x 10.8x 10.1x 12% 20% 1.1x eHealth (US) $ 15.50 53% 252 238 1.5x 1.4x 1.3x 5% 30.2x 17.7x 14.2x 46% 5% 0.7x Overall Median 3.1x 2.7x 3.6x 8% 12.4x 10.8x 11.2x 14% 28% 1.1x

Infrastucture PayPal (US) $ 38.45 90% 42,035 42,035 5.0x 4.3x 3.7x 16% 18.7x 16.0x 13.6x 17% 27% 1.1x Wirecard (Europe) € 36.11 85% 4,459 3,759 4.9x 4.1x 3.4x 20% 16.8x 13.6x 11.2x 23% 29% 0.7x Shopify (Canada) $ 38.13 91% 2,626 2,626 16.1x 11.7x 9.1x 33% n/m n/m n/m n/a (3%) n/a Optimal Payments (Europe) £ 2.56 77% 1,020 999 2.1x 1.6x 1.2x 30% 8.7x 5.4x 3.9x 48% 24% 0.2x Docdata (Europe) € 19.85 83% 139 129 0.7x 0.7x 0.6x 12% 10.3x 6.9x 5.1x 42% 7% 0.2x Seamless Distribution (Europe) SEK 9.70 30% 42 42 1.7x 1.7x 1.6x 2% n/m n/m n/m (31%) (35%) n/a Overall Median 3.5x 2.9x 2.5x 18% 13.6x 10.2x 8.1x 23% 16% 0.5x

Lead Gen Moneysupermarket.com (Europe) £ 2.84 92% 2,198 2,179 5.6x 5.2x 4.9x 7% 14.2x 13.3x 12.3x 8% 39% 1.9x Groupon (US) $ 4.81 57% 2,954 2,079 0.7x 0.6x 0.6x 13% 7.1x 5.9x 4.9x 20% 10% 0.3x Yelp (US) $ 26.03 30% 1,729 1,427 2.9x 2.2x 1.8x 26% 20.4x 13.4x 8.9x 51% 14% 0.4x Bankrate (US) $ 9.07 52% 839 969 2.0x 2.0x n/a n/a 7.3x 7.0x n/a n/a 28% n/a LendingTree (US) $ 82.01 96% 851 851 4.5x 3.9x n/a n/a 30.2x 23.2x n/a n/a 15% n/a Gruppo MutuiOnline (Europe) € 7.13 82% 263 313 3.1x 2.7x 2.4x 13% 9.8x 8.2x 7.3x 16% 32% 0.6x iSelect (AsiaPac) A$ 1.76 94% 303 291 2.6x 2.3x 2.2x 8% 12.6x 10.8x 10.1x 12% 20% 1.1x eHealth (US) $ 15.50 53% 252 238 1.5x 1.4x 1.3x 5% 30.2x 17.7x 14.2x 46% 5% 0.7x LeGuide.com (Europe) € 31.48 97% 114 114 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Overall Median 2.7x 2.3x 2.0x 10% 13.4x 12.1x 9.5x 18% 18% 0.6x

Online Travel Travel Agents Priceline (US) $ 1,222 92% 57,819 58,428 6.9x 5.9x 5.1x 16% 17.8x 14.7x 12.5x 19% 39% 0.9x Expedia (US) $ 107.61 94% 12,457 13,385 2.3x 1.9x 1.7x 14% 13.2x 10.8x 9.5x 18% 17% 0.7x TripAdvisor (US) $ 78.69 75% 10,246 9,934 7.0x 5.8x 4.8x 21% 22.1x 17.2x 13.6x 28% 32% 0.8x Ctrip.com (AsiaPac) $ 70.69 81% 8,198 8,230 5.3x 3.9x 2.9x 35% 93.2x 29.2x 17.1x 134% 6% 0.7x Homeaway (US) $ 29.60 82% 2,549 2,075 4.6x 3.9x 3.5x 15% 18.8x 15.4x 12.8x 21% 24% 0.9x Orbitz Worldwide (US) $ 11.32 96% 1,142 1,245 1.4x 1.3x 1.3x 6% 9.8x 7.9x 7.2x 16% 14% 0.6x eDreams ODIGEO (Europe) € 2.45 54% 257 638 1.4x 1.4x 1.3x 5% 6.9x 6.4x 6.1x 6% 20% 1.1x MakeMyTrip (AsiaPac) $ 15.59 49% 596 466 3.2x 2.5x 2.0x 26% n/m 51.0x 21.0x n/a (0%) n/a Tomorrow Focus (Europe) € 4.48 79% 261 256 1.8x 1.7x 1.5x 11% 10.0x 10.2x 8.2x 11% 18% 0.9x Bravofly Rumbo (Europe) CHF 16.20 71% 220 117 0.5x 0.4x 0.4x 8% 13.0x 4.6x 3.7x 88% 4% 0.1x Travelzoo (US) $ 8.95 51% 120 70 0.6x 0.6x 0.6x 2% 9.1x 8.4x 9.1x 0% 6% 170.2x eLong (AsiaPac) $ 13.83 51% 241 (16) n/m n/m n/m 13% 0.2x 0.3x n/a n/a (56%) n/a Overall Median 2.3x 1.9x 1.7x 14% 13.0x 10.5x 9.5x 19% 16% 0.8x

Metasearch and Infrastructure Amadeus IT (Europe) € 39.75 93% 17,648 19,252 5.1x 4.8x 4.5x 6% 13.5x 12.6x 11.7x 7% 38% 1.8x Sabre Corp (US) $ 26.26 98% 6,407 8,654 3.3x 3.0x 2.8x 9% 10.4x 9.1x 8.2x 13% 32% 0.8x Travelport (Europe) $ 12.75 69% 1,410 3,528 1.7x 1.6x 1.5x 7% 7.4x 6.8x 6.3x 8% 24% 0.9x Qunar (AsiaPac) $ 40.63 75% 1,658 1,452 2.8x 1.7x 1.2x 54% n/m n/m 46.8x n/a (72%) n/a Overall Median 3.1x 2.4x 2.2x 8% 10.4x 9.1x 9.9x 8% 28% 0.9x

Social Networking Facebook (US) $ 95.21 96% 242,603 231,644 14.8x 10.9x 8.5x 32% 23.7x 17.7x 13.4x 33% 62% 0.7x LinkedIn (US) $ 227.15 82% 25,876 23,661 8.9x 6.8x 5.2x 30% 40.5x 26.3x 18.0x 50% 22% 0.8x Twitter (US) $ 31.47 56% 18,417 16,635 8.2x 5.6x 4.2x 40% 33.9x 20.4x 13.7x 57% 24% 0.6x Daum Kakao (AsiaPac) ₩ 120,900 66% 5,457 5,457 6.8x 5.7x 4.9x 18% 24.2x 18.3x 14.8x 28% 28% 0.9x Mail.ru (Europe) $ 18.80 58% 3,581 2,876 4.2x 3.7x 3.2x 16% 9.1x 7.6x 6.4x 19% 47% 0.5x Mixi (AsiaPac) ¥ 5,370 77% 3,174 2,792 2.4x 2.4x 2.6x (4%) 5.5x 6.3x 7.1x (12%) 44% n/a Cyberagent (AsiaPac) ¥ 5,340 74% 2,447 2,210 1.2x 1.1x 1.0x 9% 7.8x 7.5x n/a n/a 15% n/a YY (AsiaPac) $ 59.59 62% 1,917 1,692 2.1x 1.6x 1.3x 27% 8.1x 5.8x 4.7x 31% 26% 0.3x Momo (AsiaPac) $ 16.18 81% 2,070 1,658 11.3x 5.5x 3.6x 78% 63.5x 14.5x 8.8x 169% 18% 0.4x XING (Europe) € 152.70 86% 852 776 6.5x 5.5x 4.7x 17% 20.9x 16.2x 13.2x 26% 31% 0.8x Weibo (AsiaPac) $ 13.76 53% 1,099 687 1.6x 1.2x 0.9x 34% 13.8x 5.7x 3.1x 111% 12% 0.1x Jive Software (US) $ 4.68 55% 315 211 1.2x 1.1x 0.9x 12% n/m 30.2x 10.9x 885% 0% n/a MeetMe (US) $ 1.83 69% 75 64 1.4x 1.2x n/a n/a 6.4x 5.0x n/a n/a 22% n/a Taomee (AsiaPac) $ 3.19 58% 103 22 n/m n/m n/a n/a n/m 8.0x n/a n/a n/m n/a Overall Median 4.2x 3.7x 3.4x 22% 17.3x 11.2x 10.9x 33% 24% 0.6x

Source: Factset (31 July 2015). Note: Enterprise value adjusted for investments in associates. 21 Trading Comparables (Cont’d)

31-Jul-15 (as % of Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G Company Share Price year high) Cap. (€m) Value (€m) 2015 2016 2017 15-17E 2015 2016 2017 15-17E 2015 2015 Gaming MMO Nexon (AsiaPac) ¥ 1,701 92% 5,379 4,015 2.9x 2.7x 2.6x 5% 6.9x 6.7x 6.4x 4% 42% 1.6x Changyou (AsiaPac) $ 23.09 65% 242 861 1.2x 1.1x 1.0x 7% 4.7x 4.6x 4.6x 1% 25% 7.1x NetDragon (AsiaPac) HK$ 21.90 52% 1,286 847 4.9x 3.8x 3.3x 21% 72.6x 31.9x 17.9x 102% 7% 0.7x WeMade Entertainment (AsiaPac) ₩ 54,200 80% 704 679 5.4x 4.1x 3.7x 19% 83.3x 16.4x 14.6x 138% 6% 0.6x Perfect World (AsiaPac) $ 20.17 86% 805 266 0.4x n/a n/a n/a 2.7x n/a n/a n/a 13% n/a Forgame Holdings (AsiaPac) HK$ 15.18 52% 227 67 0.6x 0.4x 0.3x 32% 6.2x 3.1x 2.2x 70% 9% 0.1x Overall Median 2.0x 2.7x 2.6x 19% 6.6x 6.7x 6.4x 70% 11% 0.7x

Mobile and Casual King Digital (Europe) $ 15.47 78% 4,538 3,935 2.1x 2.1x 2.0x 2% 5.3x 5.5x 5.2x 1% 39% 4.7x GungHo Online (AsiaPac) ¥ 412 65% 3,467 2,543 2.2x 2.4x 2.6x (8%) 4.2x 4.2x 4.5x (4%) 52% n/a CyberAgent (AsiaPac) ¥ 5,340 74% 2,447 2,210 1.2x 1.1x 1.0x 9% 7.8x 7.5x n/a n/a 15% n/a Colopl (AsiaPac) ¥ 2,410 48% 2,184 1,949 3.6x 3.0x 2.9x 11% 7.8x 6.4x 6.0x 14% 46% 0.6x DeNA (AsiaPac) ¥ 2,465 91% 2,344 1,838 1.7x 1.5x 1.4x 11% 7.2x 5.5x 4.7x 24% 23% 0.3x Zynga (US) $ 2.47 77% 2,038 1,129 1.7x 1.5x 1.3x 17% 39.8x 10.5x 8.5x 116% 4% 0.3x GREE (AsiaPac) ¥ 729 81% 1,260 728 1.1x 1.1x 1.1x (2%) 4.3x 4.6x 5.2x (9%) 25% n/a IGG (AsiaPac) HK$ 3.87 42% 623 623 2.5x 2.0x 1.5x 28% 8.3x 6.6x n/a n/a 31% n/a Glu Mobile (US) $ 5.92 84% 578 518 2.0x 1.7x 1.5x 17% 17.1x 11.8x 8.5x 42% 12% 0.4x Gameloft (Europe) € 4.27 76% 365 314 1.2x 1.1x 1.0x 9% 10.1x 7.1x 6.2x 28% 11% 0.4x CMGE (AsiaPac) $ 21.63 73% 362 297 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a IGNIS (AsiaPac) ¥ 4,400 53% 195 191 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a iDreamsky Technology (AsiaPac) $ 11.85 46% 250 129 0.5x 0.4x n/a n/a 2.8x 2.0x n/a n/a 18% n/a Boyaa Interactive (AsiaPac) HK$ 3.79 35% 338 126 0.8x 0.6x 0.5x 28% 1.9x 1.6x n/a n/a 42% n/a Overall Median 1.7x 1.5x 1.4x 11% 7.5x 6.0x 5.6x 19% 24% 0.4x

Gambling Amaya (Canada) C$ 31.64 81% 2,935 4,545 4.3x 3.7x 3.2x 16% 10.2x 8.4x 7.0x 21% 42% 0.5x Betfair Group (Europe) £ 27.74 101% 3,643 3,494 4.9x 4.5x 4.1x 9% 21.5x 19.9x 18.0x 9% 23% 2.3x Playtech (Europe) £ 9.03 96% 3,759 3,282 5.3x 4.6x 4.2x 13% 12.9x 11.0x 10.0x 14% 41% 0.9x Net Entertainment (Europe) SEK 404.00 97% 1,709 1,683 14.3x 11.9x 10.2x 18% 30.4x 25.0x 21.2x 20% 47% 1.5x Unibet (Europe) SEK 552.00 97% 1,665 1,558 3.5x 3.0x 2.7x 14% 15.6x 13.0x 12.5x 12% 22% 1.3x Bwin.party (Europe) £ 1.15 90% 1,346 1,204 2.0x 2.0x 2.0x 2% 12.9x 12.6x 11.9x 4% 16% 3.3x 888 Holdings (Europe) £ 1.68 91% 846 697 1.7x 1.6x 1.6x 4% 10.9x 9.9x 9.2x 9% 16% 1.2x GVC Holdings (Europe) £ 4.16 82% 361 349 1.4x 1.4x 1.4x 2% 6.9x 6.5x 6.5x 3% 21% 2.2x ZEAL Network (Europe) € 47.44 88% 398 263 2.3x 1.7x 1.7x 17% 5.7x 4.7x 4.3x 15% 40% 0.4x Overall Median 3.5x 3.0x 2.7x 13% 12.9x 11.0x 10.0x 12% 23% 1.3x

Search / Portals Google (US) $ 632.59 93% 391,991 333,187 6.1x 5.2x 4.6x 16% 12.3x 10.6x 9.1x 16% 49% 0.8x Baidu (AsiaPac) $ 174.47 69% 43,891 39,451 4.0x 3.1x 2.4x 30% 17.7x 13.0x 9.7x 35% 23% 0.5x Yahoo! Japan (AsiaPac) ¥ 543.00 96% 22,664 18,500 5.6x 5.1x 4.8x 8% 11.4x 10.6x 9.9x 7% 49% 1.6x Naver (AsiaPac) ₩ 523,000 62% 11,998 11,218 4.5x 3.9x 3.4x 15% 13.9x 10.8x 8.8x 26% 32% 0.5x Yandex (Europe) $ 14.38 45% 4,161 4,150 4.7x 3.9x 3.3x 19% 13.9x 10.9x 8.8x 25% 34% 0.5x Sohu.com (AsiaPac) $ 46.95 65% 1,647 1,282 0.7x 0.6x 0.5x 17% 6.5x 4.1x 3.6x 35% 11% 0.2x Yahoo! (US) $ 37.42 71% 31,938 (2,622) n/m n/m n/m 1% n/m n/m n/m 7% 24% n/a Overall Median 4.6x 3.9x 3.4x 16% 13.1x 10.7x 9.0x 25% 32% 0.5x

Digital Entertainment Netflix (US) $ 111.56 95% 42,983 42,621 6.9x 5.4x 4.4x 25% 92.2x 79.2x 39.6x 53% 7% 1.8x Pandora Media (US) $ 16.91 58% 3,221 2,882 2.7x 2.2x 1.8x 22% 40.6x 19.9x 12.9x 78% 7% 0.5x Youku Tudou (AsiaPac) $ 19.56 62% 2,806 1,726 1.9x 1.4x 1.0x 36% n/m n/m 36.9x n/a (16%) n/a Blinkx (Europe) £ 0.26 58% 148 148 0.7x 0.7x n/a n/a 42.2x 23.3x n/a n/a 2% n/a Xunlei (AsiaPac) $ 9.16 64% 547 147 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Rightster Group (Europe) £ 0.15 27% 41 41 1.8x 1.3x 1.0x 35% n/m n/a 5.5x n/a (48%) n/a Overall Median 1.9x 1.4x 1.4x 30% 42.2x 23.3x 24.9x 65% 2% 1.1x

Content Providers IAC (US) $ 77.23 91% 5,920 6,131 2.1x 1.9x 1.8x 8% 13.7x 10.0x 9.2x 22% 15% 0.6x Pandora (US) $ 16.91 58% 3,221 2,882 2.7x 2.2x 1.8x 22% 40.6x 19.9x 12.9x 78% 7% 0.5x WebMD Health (US) $ 43.41 86% 1,438 1,635 2.9x 2.6x 2.6x 4% 10.0x 8.8x 8.3x 10% 29% 1.0x XO Group (US) $ 14.92 80% 362 287 2.2x 2.1x n/a n/a 13.9x 9.7x n/a n/a 16% n/a Demand Media (US) $ 5.89 49% 106 63 0.5x 0.4x n/a n/a 22.6x 8.3x n/a n/a 2% n/a Yahoo! (US) $ 37.42 71% 31,938 (2,622) n/m n/m n/m 1% n/m n/m n/m 7% 24% n/a Overall Median 2.2x 2.1x 1.8x 6% 13.9x 9.7x 9.2x 16% 16% 0.6x

Source: Factset (31 July 2015). Note: Enterprise value adjusted for investments in associates. 22 MANHATTAN VENTURE PARTNERS

INSIGHT ACCESS OPPORTUNITY

Manhattan Venture Partners (“MVP”) is a research-driven merchant bank focused on acquiring shares in late- stage, pre-IPO technology companies from existing shareholders. Partners of MVP have arranged or invested in more than $2B of secondary and primary venture transactions

OFFERINGS

DIRECT INVESTMENTS DEAL-SPECIFIC FUNDS MANAGED FUNDS For institutional investors who make For investors who do not have the appetite For investors who want broad exposure to substantial allocations — often $10 million or strategy for direct investments, but wish secondary venture investments, deal or more per transaction to make transaction-specific decisions or selection by proven experts, and the institutional investors desiring to remain opportunity to co-invest on a self selected discrete basis

Manhattan Venture Research “MVR” publishes Venture Bytes, a biweekly newsletter which contains the Liquidity Watchlist, a proprietary list of top-25 promising private companies in the TMT space that are candidates for a liquidity event – either an IPO or an acquisition - within the next 12 to 18 months. The companies are ranked based on a series of quantitative and qualitative factors from a pool of 285 companies

that we closely monitor. Legend: ∆ Change in ranking since the last Venture Liquidity Watchlist July 2015 Bytes two weeks ago; * New addition to the list

Securities offered through Fusion Analytics www.mvp.vc 212.858.9900 New York, New York Securities, LLC, member FINRA/SIPC

23 Select Transaction Comparables

Strategic Buyers Target Adjusted Revenue Multiple EBITDA Multiple Date Acquiror Target Country EV (€m) LTM Forward LTM Forward Classifieds Dec 14 Axel Springer Axel Springer Digital Classifieds (15%) Germany 2,973.0 Nov 14 Schibsted Milanuncios Spain 50.0 Oct 14 Next Co. Trovit.com Spain 80.0 4.5x 13.6x Jun 14 Yandex auto.ru Russia 129.5 May 14 Axel Springer Yad2.co.il Israel 168.7 May 14 Stepstone Evenbase UK 110.0 2.5x 22.0x Mar 14 Schibsted Mlanuncios Spain 50.0 Nov 13 StepStone Saongroup Ireland Sep 13 Telenor 701 Search (33.3%) Singapore 435.0 Mar 13 Naspers Avito (18.6%) Russia 2,267.4 Nov 12 Axel Springer Immoweb.be (80%) Belgium 159.4 12.0x Apr 12 Axel Springer Totaljobs UK 128.3 Apr 12 Homeaway Toprural Spain Sep 10 Axel Springer Verlag SeLoger (87.6%) France 634.4 6.8x 6.2x 13.1x 11.4x Sep 10 Schibsted LeBoncoin (remaining 50%) France 400.0 18.0x E-commerce Jul 15 Photobox posterXXL Germany May 15 Just-Eat MenuLog Australia 518.9 May 15 Michelin Black Circles UK 58.3 May 15 Delivery Hero Yemeksepeti (88.6%) Turkey 491.9 27.3x 54.7x Apr 15 Michelin Allopneus (40%) France 60.0 Mar 15 YOOX Net-a-Porter UK 3,120.0 2.4x 29.3x Mar 15 Recruit Holdings Quandoo (92.9%) Germany 213.8 49.8x Feb 15 Rocket Internet Hellofresh (52%) Germany 623.8 8.9x Feb 15 Rocket Internet Talabat Kuwait 125.8 Feb 15 Rocket Internet Grupo Yamm Comida a Domicilio Spain 80.0 Nov 14 Photobox Hofmann Spain 50.0+ Sep 14 Neiman Marcus Mytheresa.com Germany 150.0 15.0x Aug 14 Delivery Hero Pizza.de Germany 300.0 Jun 14 Monetise Markco Media UK 64.1 Jun 14 Bestseller M&M Direct UK 177.0 1.2x Jun 14 Takeaway.com Lieferando Germany 50.0 May 14 Naspers markafoni Turkey 148.0 May 14 Tripadvisor LaFourchette France 100.0 10.0x Apr 14 Afk Systema Ozon.ru ($150m for 21.6%) Russia 513.6 Feb 14 Rocket Internet La Nevera Roja Spain 80.0 20.0x Oct 13 eBay Shutl UK 148.0 Sep 13 Delticom Tirendo Germany 50.0 Jun 12 Naspers Netretail (79%) Netherlands 199.5 Feb 12 Ahold Bol.com Netherlands 350.0 Dec 11 Quants Grupfoni (55%) Turkey Sep 11 Google DailyDeal Germany 130.0 Sep 11 Rakuten Ozon.ru Russia Jul 11 Photobox Moonipig UK 139.9 3.2x Mar 11 Privalia Dress for Less Germany 129.5 Oct 10 Amazon BuyVIP Spain 70.0 0.8x 0.4x Sep 10 Opentable Toptable UK 40.7 4.9x 13.0x Jun 10 Rakuten PriceMinister France 200.0 5.0x Apr 10 Richemont Net-a-Porter UK 408.1 2.9x Lead Generation Jun 15 ProSiebenSat.1 Verivox (80% stake) Germany 212.5 Apr 15 Zoopla uSwitch UK 221.5 3.2x 11.7x Dec 14 eSure Gocompare (50% stake) UK 221.5 1.7x 7.3x Oct 12 Yelp Qype Germany 37.0 6.3x Travel Mar 13 HRS hotel.de (remaining 15%) Germany 102.3 2.2x 78.7x Mar 13 NC2 Media Lonely Planet UK 60.0 Dec 12 Expedia trivago (61.6%) Germany 774.4 7.7x 26.0x Apr 12 HomeAway Toprural Spain Jan 12 Dnata World Travel TravelRepublic UK Oct 11 HRS hotel.de (61.59%) Germany 61.0 1.5x 1.3x 55.4x 50.8x Feb 11 Odigeo (AXA and Permira) Opodo UK 450.0 11.7x Marketplaces May 15 Recruit Holdings Wahanda UK 184.6 28.7x Mar 15 Gruppo MutuiOnline 7Pixel (74.85%) Italy 74.0 Feb 15 Tamedia Ricardo Switzerland 229.0 6.0x Dec 14 Adobe Fotolia Europe 592.0 Jun 12 Moneysupermarket MoneySavingExpert UK 101.4 May 10 Priceline TravelJigsaw UK 88.0

Please email Marco Rodzynek for any comments. [email protected] 24 Select Transaction Comparables (Cont’d)

Strategic Buyers (Cont'd) Target Adjusted Revenue Multiple EBITDA Multiple Date Acquiror Target Country EV (€m) LTM Forward LTM Forward Social Networking Apr 14 mail.ru Vkontakte (remaining 48%) Russia 2,312.5 26.4x 100.4x Apr 13 Elsevier B.V. Mendeley UK 74.0 Gaming Jul 15 MTG Turtle Entertainment (74% stake) Germany 105.0 Feb 15 Tencent Miniclip Switzerland Sep 14 Microsoft Mojang Sweden 1,850.0 7.6x 19.5x Jun 14 Bally Dragonplay Israel 10.0x Jun 14 Webedia JeuxVideo France 90.0 Jan 14 Zynga NaturalMotion UK 390.0 8.8x 63.6x Oct 13 SoftBank Supercell & GungHo (51%) Finland 2,220.0 4.2x 3.5x 7.2x Adtech Jul 15 FanDuel Kotikan UK Jul 15 Como Keeprz Israel 37.0 Mar 15 Cheetah Mobile MobPartner France 42.9 Nov 14 Publicis Sapient US 2,498.5 2.4x 2.2x 19.2x 16.3x Oct 14 Publicis Matomy (20.1%) Israel 353.9 1.9x 1.4x 26.9x 12.9x Oct 14 RNTS Media Fyber Germany 150.0 Jul 14 RTL SpotXchange (65%) Germany 163.9 6.0x 44.3x Jul 14 Opera AdColony US 259.0 3.4x 17.5x Jun 14 Amobee Kontera Israel 111.0 Apr 14 Tesco Sociomantic Germany 150.0 9.0x NM Dec 13 blinkx Rhythm NewMedia US 48.1 Nov 11 Adconion Media Smartclip Germany 67.3 Others Jul 15 Nikkei Financial Times UK 984.1 Jul 15 Microsoft Adallom Israel 236.8 Jul 15 888 Holdings Bwin Party Gibraltar 1,047.1 2.1x 10.4x Jul 15 Oculus VR Pebbles Interfaces Israel 44.4 Jul 15 CareerBuilder Textkernel Netherlands Jul 15 Rakuten Fits.me UK Jul 15 United Internet Home.pl Poland 135.0 Jun 15 Vivendi DailyMotion (80% stake) France 272.5 Jun 15 Playtech Plus500 UK 536.4 Jun 15 Microsoft 6Wunderkinder Germany May 15 AVG Privax UK 46.6 Apr 15 Zoopla uSwitch UK 221.5 3.2x 11.7x Apr 15 Paypal CyActive Israel 44.4 Feb 15 Wanda Infront Sports & Media Switzerland 1,539.6 1.9x Feb 15 Under Armour Endomondo Denmark 62.9 Jan 15 DropBox CloudOn Israel 54.8 Dec 14 Host Europe Intergenia Germany 210.0 Oct 14 New Call Nimbuzz (70% stake) India Sep 14 Daimler mytaxi Germany 50.0 Sep 14 Fis Clear2pay Belgium 365.0 3.9x Jul 14 Rightster Base79 UK 58.3 15.3x Jul 14 Ingenico GlobalCollect Netherlands 820.0 2.7x 16.4x Apr 14 Vistaprint Pixartprinting Italy 137.0 2.4x 10.0x Mar 14 ebuzzing Teads US Mar 14 Kudelski Group Conax Norway 164.0 Feb 14 McGraw Hill Area9 Denmark 96.2 Feb 14 Rakuten Viber Cyprus 666.0 Dec 13 Klarna Sofort Germany 110.0 Jul 13 Perform Group Opta Sportsdata UK 46.6 3.7x 44.4x Jun 13 Google Waze Israel 714.8 NM Apr 13 Elsevier B.V. Mendeley UK 74.0 Mar 13 Asurion Soluto Israel 74.0 Feb 13 Orange DailyMotion France 127.0 Jan 13 Ingenico Ogone Belgium 266.4 8.6x 6.6x 25.0x Jul 12 Skrill Paysafecard Austria 140.0 Jun 12 Rakuten Wuaki.tv Spain 50.0+ May 12 Perform Group RunningBall Switzerland 120.0 7.4x 16.6x May 12 NTT DOCOMO Buongiorno Italy 235.6 1.0x 10.9x Oct 11 Microsoft Skype Luxemburg 6,290.0 10.7x 47.6x Mar 11 Facebook Snaptu UK 51.8 Jan 11 AOL GoViral UK 70.4 6.0x 25.0x Jan 11 Amazon LoveFilm UK 233.2 2.2x 1.8x Aug 10 MasterCard DataCash UK 384.8 9.0x 19.8x

Please email Marco Rodzynek for any comments. [email protected] 25 Select Transaction Comparables (Cont’d)

Financial Buyers Target Adjusted Revenue Multiple EBITDA Multiple Date Acquiror Target Country EV (€m) LTM Forward LTM Forward

Jul 15 Apax Partners idealista (70%) Spain 150.0 ~17x

Jul 15 HGGC Selligent France 200.0

Apr 15 Oakley Capital Parship Germany ~100

Jan 15 Insight Venture DaWanda Germany

Jan 15 KKR thetrainline UK 524.7 6.7x 11.8x

Oct 14 Great Hill Parthers Momondo (majority stake) Denmark 155.4 2.4x 14.2x

Dec 14 Warbus Pincus Blue Yonder Germany

Sep 14 Oakley Capital Facile.it Italy 100.0 3.3x 25.0x

Sep 14 Access Industries Perform Group UK 790.9 2.8x 2.5x 21.7x 12.8x

Jul 14 KKR Scout24 Schweiz & Omnimedia (49%) Switzerland 259.0

May 14 Permira Teamviewer Germany 870.0 4.9x 6.8x

Mar 14 BC Partners CarTrawler Ireland 440.7 0.9x 20.6x

Feb 14 CVC Capital Partners Avast Software Czech Republic 740.0

Jan 14 Apax Partners Trader Media Group UK 2,040.5 7.4x 12.9x

Nov 13 Hellman & Friedman Scout24 Germany 2,000.0 5.9x 21.8x

Aug 13 LDC uSwitch (undisclosed stake) UK 81.8 2.4x 7.4x

Jul 13 Cinven Host Europe UK 510.7 13.8x

Jul 13 TPG TSL Education UK 466.4

Mar 13 TA Associates Onlineprinters Germany

Feb 13 Partners Group Softonic (30%) Spain 275.0

Oct 12 Permira Ancestry.com Israel 1,184.0 3.3x 25.4x

May 12 KKR Fotolia (50%) France 333.0

Jan 12 Insight Venture Jagex UK

May 11 ECI Partners CarTrawler Ireland 100.0

Apr 11 TA & Summit Bigpoint Germany 444.0

Oct 10 General Atlantic & Index Privalia Spain

Sep 10 Montagu Host Europe UK 258.9

Jul 10 Permira eDreams Spain 300.0

Please email Marco Rodzynek for any comments. [email protected] 26 - NOAH Conference Magazine Publisher

Informilo is an independent Jennifer Schenker Ben Rooney media company that produces [email protected] [email protected] high-quality, independent Jennifer L. Schenker has been a Ben Rooney was the technology journalism for the major journalist for 30 years, working for editor for The Wall Street Journal in daily newspapers in the U.S. Europe before leaving the paper to technology conferences in owned by the Gannett, Knight- join Informilo. In a long and award- Europe and further. Ridder and Tribune newspaper winning career Rooney was the chains. launch editor of the UK’s first Produced by two of the She has been covering the technology sector in Europe since daily online web newspaper, the Electronic Telegraph, in 1994 1985. At The Wall Street Journal Europe, she covered having joined the newspaper’s foreign desk operation 3 years sector’s most respected breaking technology news and worked as the assistant previously. He went on to edit the technology section for the UK’s journalists, Informilo’s stories managing editor of Convergence, the Journal’s quarterly leading quality broadsheet before leaving the paper in 2000 just in technology magazine. In 1999, she took on the job of senior time for the dotcom bust. After setting up the European operation look in depth at the key trends writer/technology for Time Magazine in Europe and was editor for a West-Coast start-up which successfully exited, Rooney affecting industry today, of Time Digital Europe. She is also a former technology writer became a freelance writer for UK newspapers and magazines, for the International Herald Tribune, and was the international writing for the Financial Times, The Sunday Times, The Guardian provide unparalleled insights editor of Red Herring Magazine. She left her most recent job amongst others. For 5 years Rooney was also a PHP and Ruby on and are a permanent resource as European technology correspondent for BusinessWeek in Rails web developer before joining The Wall Street Journal. He is December 2008 to create Informilo and pioneer journalism 3.0. the author of 4 books and was voted Tech Journalist of the Year in of reference material. 2013 by his peers.

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27 The NOAH Conferences The NOAH Ecosystem

Objectives & Mission Statement c

The NOAH Ecosystem * c

* Includes only a small sample of companies regularly attending NOAH Conferences. 29 Real Winners on Stage $50bn+ Exits have Presented on the NOAH Stage

30 NOAH London Overview

Key Facts Old Billingsgate

 Dates: 12-13 November 2015  Location: Old Billingsgate 1 Old Billingsgate Walk, London EC3R 6DX  Expected Audience: 2,000+  # of Speakers: 120+  # of Stages: 3  # of Exhibitors: 25  Caterer: Noura  Partner Restaurants: Noura  NOAH Party: 12 November 2015, details TBA

Attendee Development

1,614 1,709 1,354 1,142 600 650

2009 2010 2011 2012 2013 2014

References

31 Already Confirmed Speakers

Olaf Koch Bob van Dijk Peter Plumb Jochen Kirsch CEO CEO CEO CEO

Michael Lahyani Chris Morton William Shu Bernhard Niesner Founder & CEO Founder & CEO Co-Founder & CEO Founder & CEO

Michael Jackson Alessandro Coppo Mauro Giacobbe Shaul Olmert Partner General Manager CEO Founder & CEO

Benjamin Bak Matthias Steinberg Hakan Koc Niklas Zennström CEO CEO Founder & MD Founder & CEO

Key Links

Request Invite >>

Taavet Hinrikus Branko Milutinovic Best of NOAH 14 London >> Co-Founder & CEO Founder & CEO

32 Past NOAH London Speakers

Dr. Klaus Oliver Philipp Freise Fabrice Grinda Dr. Martin Rolv-Erik Samwer Hommels Enderle Ryssdal

Dr. Thomas Hesse Yusuf Azoz Dr. Christian Andrea Claire Enders Piccioni Wegner Martin Ott

Richard Oliver Clare Jacob Luca Ascani Firminger John LoGioco Slipper Johnston de Geer

Jane Gonzalo Ron Daniel Zavalishina Martín- Simon Baojia Villa Peña Devonshire Pan Peter Fredell

Michael Mayer Marcus Eric Pierre Demet Altendorf Reich Tober Eichmann Chappaz Mutlu Mayer Reich

Johannes Reck Arnaud Murray Nicolas Axel Schmiegelow Chris Bertrand Hennessy Brusson Morton

Daniel Scott Olechowski Niklas Oleg Dmitry Klein Carl Östberg Tscheltzoff Alimov Waldekranz

Roman Maelle Tim Merel Rina Onur Simonov Jan Gavet Miczaika Harry Nelis

Alex Jérôme Glozbach de Brent Bernhard Benny Shevelenko Jose Marin Cabarrus Hoberman Niesner Arbel

Chris Nevzat Ezequiel Lucy Oren Levy Alberto Öhlund Aydin Vidra Greggains Genovese

Jonathan Ralf Oskar Lucas Milner Kindermann Alexander Hartmann Carne Zacke

Nilesh Julia Thierry Glenn Alex Carl Pandya Bösch Petit Fogel Puregger Shepherd

33 NOAH London Impressions

34 Investors at NOAH London 2014 (1/2)

Venture Capital (€0-50m) Attendees Key Contact Attendees Key Contact Florian Heinemann ([email protected]) Premium Partners - Event Sponsors 2 Thies Sander ([email protected]) Christian Saller ([email protected]) Tony Askew ([email protected]) Lars Langusch ([email protected]) 2 5 Kevin Brown ([email protected]) Martin Weber ([email protected]) Alexander Kudlich ([email protected]) Rainer Maerkle ([email protected]) 2 Dominique Vidal ([email protected]) Matthias Müller ([email protected]) Giuseppe Zocco ([email protected]) Roman Simonov ([email protected]) 8 2 Jan Hammer ([email protected]) Aleksander Lupachev ([email protected]) Teodoro D'Ambrosio ([email protected]) Robin Klein ([email protected]) 2 Simon Devonshire ([email protected]) Viktoriya Tigipko ([email protected]) Marcus Druen ([email protected]) Vasile Foca ([email protected]) 13 2 Aitor Goyenechea ([email protected]) Matus Maar ([email protected]) Paloma Castellano ([email protected]) Patrick Meisberger ([email protected]) 2 Thomas Vogel ([email protected]) Thomas Offner ([email protected]) Hanno Stegmann ([email protected]) Christian Janson-Euterneck ([email protected]) 8 2 Claas van Delden ([email protected]) Uwe Andreas Kraemer ([email protected]) Alan Feld ([email protected]) Hari Sven Krishnan ([email protected]) 2 Marc Brandsma ([email protected]) Irit Habshush ([email protected]) Mats Eriksson ([email protected]) Dirk Meurer ([email protected]) 7 2 Peter Grytterhielm ([email protected]) Bjoern Rentzsch ([email protected]) Abhishek Agrawal ([email protected]) Lars Vangen Jordet ([email protected]) 2 Harry Nelis ([email protected]) Nate Mitchell ([email protected]) Sonali De Rycker ([email protected]) 1 Altuğ İnan ([email protected]) 4 Philippe Botteri ([email protected]) 1 Philipp Schroeder ([email protected]) Luciana Lixandru ([email protected]) 1 Filippo Mazzotta ([email protected]) Davor Hebel ([email protected]) 1 Richard Anton ([email protected]) Florian Oettinger ([email protected]) 4 1 Daniel Aegerter ([email protected]) Daniel Jones ([email protected]) 1 Marcus Englert ([email protected]) Nick Brito ([email protected]) 1 Rob Hodgkinson ([email protected]) Wouter Gort ([email protected]) 1 Joern-Carlos Kuntze ([email protected]) 3 Pogos Saiadian ([email protected]) 1 Vadim Tarasov ([email protected]) Alon Kuperman ([email protected]) 1 Nazo Moosa ([email protected]) Patrick Grove ([email protected]) 3 Luke Elliott ([email protected]) 1 Luis Martin Cabiedes ([email protected]) Erman Akinci ([email protected]) 1 Sergio Pérez Merino ([email protected]) Scott Sage ([email protected]) 1 Brian Rich ([email protected]) 3 Sven Lung ([email protected]) 1 Cédric Köhler ([email protected]) Alexander Frolov ([email protected]) 1 Luuk Remmen ([email protected]) Berktuğ İncekaş ([email protected]) 1 Matthias Ick ([email protected]) 3 Mustafa Say ([email protected]) 1 Andreas Haug ([email protected]) Yuksel Dibekoglu ([email protected]) 1 Hendrik Brandis ([email protected]) Stuart Paterson ([email protected]) 1 Samantha Jerusalmy ([email protected]) 3 Gordon Beveridge ([email protected]) 1 Tonis Arro ([email protected]) Mark Gracey ([email protected]) 1 Oliver Samwer ([email protected]) Ali Karabey ([email protected]) 2 1 Nikolai Ahrens ([email protected]) Numan Numan ([email protected]) 1 Jens Lapinski ([email protected]) Pekka Mäki ([email protected]) 2 1 Dmitry Alimov ([email protected]) Elbruz Yilmaz ([email protected]) 1 Markus Bruetsch ([email protected]) Frank Seehaus ([email protected]) 2 Fritz Oidtmann ([email protected]) 1 Harjee Singh ([email protected]) Jörg Goschin ([email protected]) 1 Fred Becker ([email protected]) 2 Robert Nowak ([email protected]) 1 Fabian Siegel ([email protected]) Hasan Aslanoba ([email protected]) 1 Jochen Klueppel ([email protected]) 2 Cankut Durgun ([email protected]) 1 Joaquim Ferrer ([email protected]) Benedict Rodenstock ([email protected]) 1 Douglas Atkin ([email protected]) 2 Bernd Schrüfer ([email protected]) 1 Heiko Hubertz ([email protected]) Roberto Bonanzinga ([email protected]) 1 Maurizio Rossi ([email protected]) 2 Jane Reddin ([email protected]) 1 Bart Swanson ([email protected]) Arend Lars Iven ([email protected]) 1 Kyang Yung ([email protected]) 2 Ron Hillmann ([email protected]) 1 Markus Wagner ([email protected]) Jan Nils Borgstädt (jan.borgstaedt@bertelsmann.de) 2 1 Jose Marin ([email protected]) Tobias Schirmer ([email protected]) 1 Zach Tan ([email protected]) Javier Cebrian ([email protected]) 2 1 Anton Inshutin ([email protected]) Miguel Cobián ([email protected]) 1 Thorben Rothe ([email protected]) Fredik Cassel ([email protected]) 2 1 Christophe Raynaud ([email protected]) Daniel Blomquist ([email protected]) 1 Matthias Hornberger ([email protected]) Henning Lange ([email protected]) DMT Holding 2 1 Marc Waldkirch ([email protected]) Oliver Thylmann ([email protected]) 1 Bejul Somaia ([email protected]) Iyad Omari ([email protected]) 2 Joe Krancki ([email protected]) 1 Sebastian Peck ([email protected]) Geoffroy Dubus ([email protected]) 1 Hans-Jürgen Schmitz ([email protected]) 2 Steven De Troyer ([email protected]) 1 Jonathan Coker ([email protected]) Jochen Maass ([email protected]) 1 Matthias Mathieu ([email protected]) 2 Alexander Eulenburg ([email protected]) 1 Ingo Drexler ([email protected]) Markus Schunk ([email protected]) 1 Marcel Rafart Vicent ([email protected]) 2 Michael Hock ([email protected]) 1 Thomas Preuss ([email protected]) Barend Van den Brande ([email protected]) 1 Stephen Chandler ([email protected]) 2 Basem Salfiti ([email protected]) 1 Jean-Marc Patouillaud ([email protected]) Curt Gunsenheimer ([email protected]) 1 Stefan Glaenzer ([email protected]) 2 Erkan Kilicaslan ([email protected]) 1 Greg Lockwood ([email protected]) Javier Torremocha ([email protected]) 2 1 Federico Pirzio-Biroli ([email protected]) Aquilino Peña ([email protected]) 1 Rodrigo Martinez Diez ([email protected]) Klaus Hommels ([email protected]) 2 1 Robert Verwaaijen ([email protected]) Manu Gupta ([email protected]) 1 Pueo Keffer ([email protected]) Christopher Rogers ([email protected]) 2 1 Philipp Hartmann ([email protected]) Martin Gedalin ([email protected]) 1 Christian Wessel ([email protected]) Tomasz Czechowicz ([email protected]) 2 1 Andrus Oks ([email protected]) Sylwester Janik ([email protected]) 1 Mathieu Poma ([email protected]) Michal Jirak ([email protected]) 2 Tomas Matejcek ([email protected]) 1 Oliver Holle ([email protected]) Bo Ilsoe ([email protected]) 1 Kolja Hebenstreit ([email protected]) 2 Anupam Rastogi ([email protected]) 1 Christian Winter ([email protected]) Hans Otterling ([email protected]) 1 Christoph Neuhaus ([email protected]) 2 Jeppe Zink ([email protected]) 1 Evan Hoff ([email protected]) Michael Widenius ([email protected]) 1 Staffan Mörndal ([email protected]) 2 Tom Henriksson ([email protected]) 1 Andreas Joosten ([email protected])

35 Investors at NOAH London 2014 (2/2)

Growth Capital (€50-250m)

Attendees Key Contact Attendees Key Contact Andreas Weiskam ([email protected]) Gabriel Caillaux 2 Jörn Nikolay Joerg Sievert ([email protected]) 5 Chris Caulkin Adam Margolin ([email protected]) 2 Christian Figge Michael Farrell ([email protected]) Shaw Joseph Ajit Nedungadi ([email protected]) 2 Kai Romberg Morgan Seigler ([email protected]) Sebastien Briens 4 John Rosenberg ([email protected]) Stefan Margolis 2 John Doran ([email protected]) Carlo Pohlhausen Jussi Wuoristo ([email protected]) 2 Michael Brown Thomas Studd ([email protected]) 3 Matt Jacobson Samer Salty ([email protected]) Zakary Ewen 2 Nathan Medlock ([email protected]) Nicholas Cayer 3 Peter Garran 1 Mark Joseph ([email protected]) Sarah Pinto 1 Jake Anderson ([email protected]) Natalie Tydeman 2 1 Jason Santiago ([email protected]) Jacqueline Abu-Haider 1 Vincent Lambert ([email protected]) Bradley Twohig 2 Harley Miller 1 Bert Janssens ([email protected])

Private Equity (€250-1,000+m)

Attendees Key Contact Attendees Key Contact Premium Partners - Event Sponsors Hinrich Stahl ([email protected]) 2 Helge Luetzen ([email protected]) Philipp Freise ([email protected]) Steffen Pauls ([email protected]) Christian Unger ([email protected]) 2 Claude Alexandre ([email protected]) Stephan Seissl ([email protected]) Cristobal Cuart ([email protected]) Jean-Pierre Saad ([email protected]) Andrew Tisdale ([email protected]) 10 2 Lucian Schoenefelder ([email protected]) Karim Tabet ([email protected]) Vania Schlogel ([email protected]) Karl Peterson ([email protected]) Carsten Bleckwehl ([email protected]) 2 Franziska Kayser ([email protected]) Malte Janzarik ([email protected]) Tomas Kubica ([email protected]) 1 Jorg Mohaupt ([email protected]) Blake Kleinman ([email protected]) 2 Zita Saurel ([email protected]) 1 Nick Heslop ([email protected])

Kristiaan Nieuwenburg ([email protected]) 1 Thomas Railhac ([email protected]) 3 Dominik Stein ([email protected]) ([email protected]) Thomas Klews 1 David McGovern ([email protected]) Thomas Weisman ([email protected]) 2 John Messamore ([email protected]) 1 David Lisewski ([email protected]) Robin Muerer ([email protected]) 2 Tripp Lane ([email protected]) 1 Andrew Young ([email protected]) Dmitry Kamenskiy ([email protected]) 2 Maxim Loginov ([email protected]) 1 Francois Dekker ([email protected]) Audrey Klein ([email protected]) 2 1 Simon Patterson ([email protected]) Haide Hong ([email protected])

Debt

Attendees Key Contact Olya Klueppel ([email protected]) 2 Natalia Nowak ([email protected]) 1 Michael Daldrup ([email protected])

1 Maurizio PetitBon ([email protected])

1 Alex McCracken ([email protected])

36 Payment

Adyen’s Global E-Commerce Payments Guide Reach global customers with local payments

Cross-border e-commerce is growing at twice the rate of domestic e-commerce and, regardless of size, your business can take advantage of this opportunity.

However, hundreds of millions of your potential shoppers across key markets don’t use credit cards. Instead, they use a variety of local payment methods, such as Alipay in China, Boletos in Brazil, or SOFORT in Germany. Therefore it is critical you understand local payments, to enable your customers to pay with their preferred payment method.

To demystify global expansion and help you navigate local payment methods, Adyen has drawn on its own extensive payment data to create a Global E-Commerce Payments Guide.  Global payments breakdown - From the early-adopters to emerging markets, the guide will help you define your global e- commerce strategy  Key payment methods in 29 markets - Learn how international and local payment methods are distributed across key markets Download Here >>  Tips on international expansion - On-the- ground advice for setting up local payment This comprehensive guide is available to download here: methods www.adyen.com/landing/events/noah-ecommerce-payments-guide

About Adyen Adyen is the leading technology provider powering payments for global commerce in the 21st century. With a seamless solution for mobile, online and in-store transactions, our technology enables merchants to accept almost any type of payment, anywhere in the world.

Watch the recording of Adyen CEO Pieter van der Does discussing global payments at NOAH Berlin 2015 >>

37 NOAH Berlin 2015 Review

Key Facts The Tempodrom

 Dates: 9-10 June 2015  Location: Tempodrom, Möckernstraße 10, 10963 Berlin  Audience: 2,250  # of Speakers: 120+  # of Stages: 2  # of Exhibitors: 10  Caterer: Feinkost Käfer  Partner Restaurants: Crackers, Cookies Cream, Borchardt  NOAH Party: Sven Väth at Spindler & Klatt, 9 June 2015 The Tempodrom is one of Berlin’s premier and most historic event venues, located between Mitte and Kreuzberg

Key Links

Review Presentation >> Best of NOAH15 Berlin >>

Full Program >> Request Invite >>

Ground Floor The Terrace

Seating for up to 3,000 guests in the main and 5,500 sqm outdoor space will be covered in lounge 1,000 sqm indoor space areas, exhibition stands and catering booths.

38 NOAH Berlin 2015 Highlights

2,250 Attendees 480+ CEOs 120+ Speakers

Attendees by Country Attendees by Type 9% 18% 14% 35% 4% 4% 10%

68%

39% Germany Great Britain Switzerland Other Corporates Internet Press Investors Other

Speaker Highlights Main Stage Program – Day 1

Company Start - End Sessions & Speakers Speaker Title Company 8:00 - 8:45 Breakfast 8:35 - 8:40 Welcome Note Dr. Mathias Döpfner CEO Axel Springer Marco Rodzynek Founder & CEO NOAH Advisors Axel Springer Opening Keynote 8:40 - 9:00 Keynote Dr. Mathias Döpfner CEO Axel Springer Insurance & Finance 9:00 - 9:20 Champions in Insurance & Finance 9:00 - 9:10 Dr. Christian Ricken COO of Private & Business Clients Deutsche Bank Dr. Mathias 9:10 - 9:20 Stefan Tirtey Managing Director CommerzVentures 9:20 - 11:00 Challengers in Insurance & Finance Döpfner 9:20 - 9:30 Dr. Henrich Blase CEO CHECK24 9:30 - 9:40 Sebastian Diemer CEO Kreditech 9:40 - 9:50 Michiel Goris CEO Interhyp 9:50 - 10:00 Dror Efrat Founder & CEO Investing.com 10:00 - 10:10 Robert Henker Founder & CEO Cashboard Arianna 10:10 - 10:20 Ismail Ahmed CEO WorldRemit Huffington 10:20 - 10:30 Valentin Stalf Co-Founder & CEO Number26 10:30 - 10:40 Tony Gallippi Co-Founder & Executive Chairman BitPay 10:40 - 10:50 Raffael Johnen Co-Founder & CEO auxmoney 10:50 - 11:00 Stu Talyor CEO Algomi 11:00 - 11:10 Jan Beckers Founder & CEO HitFox Group Lake Star Keynote 11:10 - 11:30 Keynote Dr. Klaus Hommels Founder & CEO Lake Star Media, Telecom & Gaming 11:30 - 12:00 Champions in Media, Telecom & Gaming Sector 11:30 - 11:40 Dr. Christian Wegner Member of Executive Board ProSiebenSat.1 11:40 - 11:50 Martin Varsavsky CEO FON 11:50 - 12:00 Donata Hopfen Publishing Director and Head of Management Bild Group 12:00 - 12:50 Challengers in Media, Telecom & Gaming Sector 12:00 - 12:10 Martin Ott Managing Director, NE Facebook Martin 12:10 - 12:20 Cristina Riesen General Manager, EMEA Evernote 12:20 - 12:30 Matthias Henze Co-Founder Jimdo Varsavsky 12:30 - 12:40 Or Offer Founder & CEO SimilarWeb 12:40 - 12:50 Marie-Laure Sauty de Chalon CEO auFeminin 12:50 - 13:20 Gaming Panel Branko Milutinovic Founder & CEO Nordeus Khaled Helioui CEO Bigpoint Jens Begemann Founder & CEO Wooga Divinia Knowles President & CEO Mind Candy Marco Rodzynek Founder & CEO NOAH Advisors 13:20 - 14:00 Lunch Education 14:00 - 14:30 Champions in Education 14:00 - 14:10 Michael Hüther Director IWKöln 14:10 - 14:20 Barry O’Callaghan CEO RiseGlobal 14:20 - 15:10 Challengers in Education 14:20 - 14:30 Ijad Madisch Co-Founder & CEO ResearchGate 14:30 - 14:40 Charlie Harrington Co-Head of Knewton UK Knewton 14:40 - 14:50 Markus Witte CEO Babbel 14:50 - 15:00 Arndt Kwiatkowski Co-Founder & CEO Bettermarks 15:00 - 15:10 Jonathan Satchell CEO Learning Technologies Group Dr. Klaus Artificial Intelligence Panel 15:10 - 15:30 Artificial Intelligence Panel Hommels Chris Boos CEO arago Philipp Freise Partner KKR Healthcare & Science 15:30 - 15:40 Keynote – Champion Jessica Federer Chief Digital Officer Bayer 15:40 - 16:20 Challengers in Healthcare Healthcare & Science 15:40 - 15:50 Mariusz Gralewski Founder & CEO DocPlanner 15:50 - 16:00 Simon Bolz Co-Founder & MD Klara Henry 16:00 - 16:10 Jörg Land Managing Director Tinnitracks 16:10 - 16:20 Thomas Serval CEO Kolibree Blodget 16:20 - 16:50 Digital Disruption in Healthcare – Where is the Google of Healthcare and Why Haven’t We Seen One Yet? Ulli Jendrik Koop Founder & CEO XLHealth Daniel Nathrath Co-Founder & CEO medx Juliane Zielonka Founder & CEO LARA Companion Frank Neumann Partner Roman Rittweger Advisors in Healthcare Dr. Med. Roman Rittweger Managing Partner Roman Rittweger Advisors in Healthcare Home Automation 16:50 - 17:00 Keynote – Champion Christian Arnold Managing Director enera 17:00 - 17:40 Challengers in Home Automation 17:00 - 17:10 Mark Dare Schmiedel Founder & CEO coodo 17:10 - 17:20 Christopher Schläffer Founder & CEO Yetu 17:20 - 17:30 Christian Deilmann Co-Founder & CEO Tado 17:30 - 17:40 Fred Potter CEO Netatmo Oliver Stefan Goetz Managing Director Hellman & Friedman Samwer Media, Telecom & Gaming 17:40 - 18:00 Media in the Digital World Henry Blodget Co-Founder & CEO Business Insider Advertising 18:00 - 18:151 Keynote Sir Martin Sorrell CEO WPP Retail 18:15 - 18:45 Interview Oliver Samwer Co-Founder Rocket Internet Marco Rodzynek Founder & CEO NOAH Advisors 22:00 - 2:00 NOAH Party with DJ Sven Väth at Spindler & Klatt Videos of Speaker Presentations >>

40 Main Stage Program – Day 2

Company Start - End Sessions & Speakers Speaker Title Company 8:00 - 9:00 Breakfast Sigmar Gabriel Advertising 9:00 - 10:00 Challengers in Advertising 9:00 - 9:10 Ragnar Kruse CEO Smaato 9:10 - 9:20 Amiad Solomon Co-Founder & CEO Komoona 9:20 - 9:30 Scott Button Co-Founder & CEO Unruly 9:30 - 9:40 Michael Altendorf Founder & CEO ADTELLIGENCE 9:40 - 10:00 Champions in Advertising 9:40 - 9:50 Dirk Fromm CEO Omnicom Media Group 9:50 - 10:00 Philipp Justus VP DACH & CEE Google Retail 10:00 - 10:30 Challengers in Retail 10:00 - 10:10 Klaus-Peter Schulenberg CEO CTS Eventim 10:10 - 10:20 Michael Lahyani Founder & CEO Propertyfinder.ae 10:20 - 10:30 Dominik Richter Founder & CEO HelloFresh 10:30 - 10:40 Chris Öhlund CEO Verivox Blake 10:40 - 10:50 Konstantin Urban Co-Founder & Managing Director Windeln.de 10:50 - 11:00 Thierry Petit Co-Founder & CEO Showroomprive.com Kleinman Sigmar Gabriel Keynote 11:00 - 11:20 Keynote Sigmar Gabriel Vice Chancellor Germany German Parliament Retail 11:20 - 11:30 Keynote Christian Bubenheim SVP AutoScout24 Blake Kleinman Managing Director Hellman & Friedman 11:30 - 11:40 Keynote Pieter Van Der Does Co-Founder & CEO Adyen Insurance & Finance Klaus-Peter Schulenberg 11:40 - 11:50 Keynote Thomas Buberl CEO Germany AXA Travel & Tourism 11:50 - 12:10 Challengers in Travel & Tourism 11:50 - 12:00 Glenn Fogel Head of Worldwide Strategy Priceline 12:00 - 12:10 Johannes Reck Founder & CEO GetYourGuide Mobility 12:10 - 12:20 Keynote – Champion Christoph Hartung Head of Connected Car Daimler 12:20 - 13:00 Challengers in Mobility 12:20 - 12:30 Nicolas Brusson Co-Founder BlaBlaCar 12:30 - 12:40 Shahar Waiser Co-Founder & CEO GetTaxi 12:40 - 12:50 Jochen Engert Co-Founder & CEO FlixBus 12:50 - 13:00 Gero Graf Managing Director Drivy Eric Schmidt 13:00 - 13:20 Connected Car Panel Dieter May SVP Digital Business Models BMW Bo Ilsoe Partner Nokia Growth Partners Scott Lyons Business & Partner Development Ford Philipp von Hagen Member of Executive Board Porsche SE Holger Weiss CEO AUPEO! 13:20 - 14:00 Lunch Media, Telecom & Gaming 14:00 - 14:30 Keynote Eric Schmidt Executive Chairman Google SevenVentures Pitch Day 14:30 - 15:20 SevenVentures Pitch Day Niklas Ostberg Mobility 15:20 - 16:00 Challengers in Fitness, Wearables & Sport 15:20 - 15:30 Florian Gschwandtner Co-Founder & CEO Runtastic 15:30 - 15:40 Lucas von Cranach Founder & CEO Onefootball 15:40 - 15:50 Cedric Hutchings CEO Withings 15:50 - 16:00 Mike Lee Co-Founder & CEO MyFitnessPal Martin Schulz Keynote 16:00 - 16:30 Europe’s Digital Future in the 21st Century Martin Schulz President EU Parliament McKinsey Keynote 16:30 - 16:40 Keynote TBC TBC McKinsey Morgan Stanley Keynote 16:40 - 16:50 Keynote Martin Schulz Ed Hill Wood Head of European Internet Morgan Stanley Atomico Keynote 16:50 - 17:00 European Billion $ Internet Club Mattias Ljungman Partner Atomico Venture Capital 17:00 - 17:30 Venture Capital Panel Sonali De Rycker Partner Accel Dom Vidal Partner Index Ventures Dr. Hendrik Brandis Co-Founder & Partner Earlybird Manu Gupta General Partner Lake Star Frank Thelen Managing Director e42 Nenad Marovac Managing Partner DN Capital Reshma Sohoni Partner Seedcamp SevenVentures Marco Rodzynek Founder & CEO NOAH Advisors Pitch Day 17:30 - 18:30 Departing Drinks & Networking Snacks

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41 NOAH Party Impressions

42 Sponsors & Partners – Berlin 2015

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