Presentation about NOAH Conference San Francisco 2012, June 26

1. The NOAH Conference San Francisco 2012
June 26, 2012
Four Seasons Hotel San Francisco
Brought to you by

2. The NOAH Conference San Francisco 2012
On June 26, over 60 CEOs from selected leading European Internet companies will come to San Francisco to present
their businesses to a relevant US audience of potential customers, partners and investors
Introduction Draft Program
 NOAH Conference started in London in 2009 and has grown to one of the
 Full day of presentations by 60 CEOs of some of Europe’s most successful
leading European Internet business focused conference with over 2,000
internet companies
participants expected this year
 We expect approximately 500+ guests
 NOAH San Francisco takes place on 26 June 2011 at Four seasons hotel in San
Francisco - Mix of senior executives from US Internet and media companies and
corporates and leading Internet finance companies
 Currently, 60 CEOs from leading European Internet companies have confirmed
their participation as speakers
 Expected audience of 500+ internet and media executives as well as financial Information and frequent updates available under
investors www.noah-conference.com
Main Ideas Behind the NOAH San Francisco Conference www.twitter.com/noahconference
 To enable European Internet companies to establish or improve relationships www.youtube.com/user/noahadvisors
with their US counterparts, media executives and investors www.slideshare.net/noahadvisors
 To provide US attendees with an opportunity to meet the leaders of
European Internet in one place
 To facilitate mutual learning in presentation sessions about the European Logistical Details
and US Internet market
 The NOAH Conference was founded in 2009 by Marco Rodzynek and is,
organised by the NOAH Advisors team with sponsorship from some of the,
world’s leading financial investors. NOAH Advisors is Europe's leading
Internet M&A boutique  Date: June 26, 2012
 Address:
Save the Date and Registration Details
 Registration now open under:
www.noah-conference.com/san-francisco- 757 Market Street
2012/san-francisco-2012-registration San Francisco
 Ticket prices: California 94103
- Internet and media: $500 • Audience: 500+ internet and media
- Investors: $1,000 executives as well as
- Bankers: On request financial investors
2 NOAH Conference San Francisco 2012

3. Confirmed European Speakers
CEOs from 60 leading European Internet Companies will present their companies
E-Commerce Advertising
Lead Generation
Gaming Classifieds
Apps Travel
Other
Note: Additional companies expected to confirm shortly.
3 NOAH Conference San Francisco 2012

4. Introduction to the NOAH Conference Overview of the NOAH Conference 2011
 The NOAH Conference is an annual Internet event taking place once a Summary Overview Conference Program
year in London, focused on top management from Internet start-ups to
global media companies as well as senior investment professionals  NOAH ‘11 took place on 9-10 November 2011 at Old
 NOAH’s goal is to create a marketplace for the European Internet eco- Billingsgate in London
system to discuss key trends, generate business and facilitate  Fantastic line-up of 90 speakers from 20 countries in keynotes,
investment transactions presentations and panels over 2 full days
 Over the past 3 years numerous high-profile speakers presented at  1,150 attendees from 35 countries – 57% from Internet
NOAH, including over 100 CEOs companies, 26% from investors, 15% from corporates (media
 The NOAH Conference was founded in 2009 by Marco Rodzynek and is companies, advisors, PR and recruiting) and 2% press
organised by the NOAH Advisors team with sponsorship from some of representatives from leading on- and offline publications
the world’s leading financial investors  NOAH party with additional guests from London and a great
live band on the evening of the first day
NOAH ‘12 on 6-7 November – Save the Date  Extremely positive feedback from numerous attendees, on
twitter and in the press
 The conference will again take place at Old Billingsgate in London
 Registration will open in early 2012 Selected Conference Impressions
 For updates, please check: www.noah-conference.com
Event Sponsors Strategic Sponsors

5. Impressions from the NOAH London Conference 2011
5 NOAH Conference San Francisco 2012

6. Overview of NOAH Advisors

7. NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique Selected Completed NOAH Transactions
November 2011 August 2011
Unique Industry Know-How Core Investment Banking Competence
Sale of a majority stake in Fund raising for
 100% focused on Internet companies, covering  The NOAH team has 25+ years of media
over 25 sub-verticals in this highly complex investment banking experience
industry - Routine execution of M&A and financing
to
- 15+ years active coverage of leading European transactions with sizes of several billion euros Quants Financial Services AG from various investors
Internet companies and investors  The team has been working together closely for 7 Exclusive Financial Advisor to
 Deep understanding of industry dynamics and years (including 6 years at Lehman Brothers) grupfoni and its Shareholders Advisor to RankAbove
thinking of industry leaders  8 successfully completed NOAH Advisors
 Ability to add value beyond banking advice transactions underline successful transfer of
- Facilitates overall process and minimizes competencies to the Internet sector July 2011 April 2011
management distraction Sale of a majority stake in
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs! have acquired a majority stake in
 NOAH Advisors is globally very well connected  The NOAH team are entrepreneurs and focused to
and has direct access to virtually all key players in on growing the business and establishing a for $350m from
the industry reputation for excellence
- Knowledge of and strong relationships with  Full commitment to deliver top quality results in Advisor to EnGrande
Exclusive Advisor to
Summit Partners and TA Associates
potential buyers’ key decision makers short time frames
- Coverage of over 500 companies and 4,000  Highly success-based compensation structures
individuals align interests of clients and NOAH Advisors, and April 2011 April 2011
- Proactively finds and unlocks attractive demonstrate conviction to deliver top results Fund raising for Sale of a majority stake in
investment opportunities for leading
investors (e.g. Bigpoint)
 Annual NOAH Conference to
from various investors
The NOAH Advisors Core Team
Advisor to AdTelligence Advisor to Yatego
Marco Yoram Jan
Rodzynek Wijngaarde Brandes
December 2009 April 2009
Managing Director Director Director
Partial sale of $80m partial sale of
and Founder
to
to
Contact Details Contact Details Contact Details Valuing Softonic at €175m
marco.rodzynek@noah-advisors.com yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com
Advisor to Softonic Advisor to Fotolia
UK Mobile: +44 77 85 330 330 UK Mobile: +44 79 17 084 784 German Mobile: +49 174 2010 984
Swiss Mobile: + 41 79958 1512

8. Overview of NOAH Advisors
Europe’s Leading Internet corporate finance boutique
Company Overview NOAH Advisors Key Strengths
 The leading corporate finance advisor with a clear focus on
Internet companies in Europe and its emerging markets and Core Investment
Unique Industry
financial investors Banking
Know-How
Competence
- Products include M&A and selective capital raising
- Typical transaction sizes between €50 million and €2 billion
 Founded by Marco Rodzynek in April 2009, later joined by Yoram Unmatched Full Commitment -
Wijngaarde and Jan Brandes Industry Network We Are
- The team worked together between 6 and 12 years at Lehman and Relationships Entrepreneurs!
Brothers media investment banking in London
- As Head of European Internet , Marco has been covering
Selected Recent Completed Transaction
European Internet companies since the 1990s
 To date, NOAH Advisors has advised on 12 completed transactions November 2011 July 2011 April 2011
including, most recently
Sale of a majority stake in Sale of a majority stake in
- Sale of grupfoni to Quants Financial Services
- Sale of a majority stake in EnGrande to Palamon have acquired a majority
the owner of
- TA Associates and Summit Partners’ $350m control transaction stake in
of Bigpoint To to
Quants Financial
 NOAH Advisors also hosts the annual NOAH Internet Conference in Services AG
for $350m
London, an event where Internet companies and investors meet to
Exclusive Financial Advisor to Exclusive Advisor Exclusive Advisor to Summit
network and discuss the industry grupfoni and its Shareholders to EnGrande Partners and TA Associates
- NOAH Conference 2011 will take place on the 9th and 10th of
November 2011 at Old Billingsgate in London
- Move to bigger and better facilities after successful 2009 and
2010 event with over 650 attendees each
8

9. The NOAH Advisors Team
A team of highly experienced professionals focused on Internet corporate finance advisory
Marco Rodzynek Yoram Wijngaarde Jan Brandes
Managing Director and Director Director
Founder of NOAH Advisors With NOAH Advisors since With NOAH Advisors since
(April 2009) November 2009 August 2010
Previous Experience Previous Experience Previous Experience
• Lehman Brothers, 1998 - April 2009 • Lehman Brothers, 2004 – November • Lehman Brothers, 2005 – May 2010
(acquired by Nomura end 2008) 2009 (acquired by Nomura end 2008) (acquired by Nomura end 2008)
- Executive Director, Media Investment - Media Investment Banking - Media Investment Banking
Banking - 10+ announced M&A deals, including - 10+ announced M&A deals, including
- 30 announced M&A deals with a total for: for:
transaction value of over $95bn,
including for:
Contact Details Contact Details Contact Details
• marco.rodzynek@noah-advisors.com • yoram.wijngaarde@noah-advisors.com • jan.brandes@noah-advisors.com
• UK Mobile: +44 77 85 330 330 • UK Mobile: +44 79 17 084 784
• German Mobile: +49 174 2010 984
• Swiss Mobile: + 41 79958 1512
9

10. Why NOAH Advisors
NOAH Advisors combines unparalleled expertise in European Internet with bulge bracket investment banking
competence
Unique Industry Know-How Core Investment Banking Competence
 100% focused on Internet companies, covering over  The NOAH team has 25+ years of media investment
25 sub-verticals in this highly complex industry banking experience
- 15+ years active coverage of leading European - Routine execution of M&A and financing
Internet companies and investors transactions with sizes of several billion euros
 Deep understanding of industry dynamics and  The team has been working together closely for 7
thinking of industry leaders years (including 6 years at Lehman Brothers)
 Ability to add value beyond banking advice  8 successfully completed NOAH Advisors transactions
underline successful transfer of competencies to the
- Facilitates overall process and minimizes
Internet sector
management distraction
Unmatched Industry Network and Relationships Full Commitment - We Are Entrepreneurs!
 NOAH Advisors is globally very well connected and has  The NOAH team are entrepreneurs and focused on
direct access to virtually all key players in the industry growing the business and establishing a reputation for
excellence
- Knowledge of and strong relationships with
potential buyers’ key decision makers  Full commitment to deliver top quality results in short
time frames
- Coverage of over 500 companies and 4,000
individuals  Highly success-based compensation structures align
interests of clients and NOAH Advisors, and
- Proactively finds and unlocks attractive investment
demonstrate conviction to deliver top results
opportunities for leading investors (e.g. Bigpoint)
 The annual NOAH Conference helps strengthening and
expanding the network
10

11. Completed Transactions
December 2011 November 2011 August 2011 July 2011 April 2011
Fund raising for Sale of a majority stake in
Sale of a majority stake in Fund raising for
have acquired a majority stake in
to to
for $350m from
from various investors including Quants Financial Services AG from various investors
Angel Investors
Exclusive Financial Advisor to Exclusive Advisor to Summit Partners
Advisor to Work4 Labs grupfoni and its Shareholders Advisor to RankAbove Advisor to EnGrande and TA Associates
April 2011 April 2011 March 2011 October 2010 June 2010
Fund raising for Sale of a majority stake in Call option agreement Investment in Investment in
for an investment in
to by by
from various investors
by an undisclosed party
Advisor to AdTelligence Advisor to Yatego Advisor to EnGrande Advisor to JamesList Advisor to BullionVault
December 2009 April 2009
Partial sale of $80m partial sale of
to to
Valuing Softonic at €175m
Advisor to Softonic Advisor to Fotolia
11

12. NOAH’s Networking Strength
Long lasting relationships with companies and investors
Internet Coverage of over 4,000 industry leaders: 400 target companies and 150 investors Traditional
Large Cap TMT & Retail
Angels /
Family VC and Hedge Funds
Offices Private
Growth
Equity
Funds
Maryland
Klaus Hommels
Armira
12

13. Financial Investors Present at the NOAH Conference 2011
Venture Capital (€5-20m) Growth Capital (€20-250m) Private Equity (€250-1,000+m)
Fund Attendees Key Contact Fund Attendees Key Contact Fund Attendees Key Contact
Harry Nelis (hnelis@accel.com) John Meeks (jmeeks@ta.com) Stefan Götz (sgoetz@hf.com)
11 Sonali de Rycker (sderycker@accel.com) 7 Ajit Nedungadi (ajit@ta.com) 9 Zita Saurel (zita@hf.com)
Adam Valkin (avalkin@accel.com) Morgan Seigler (mseigler@ta.com) Blake Kleinman (bkleinman@hf.com)
Dominique Vidal (dom@indexventures.com) Scott Collins (scollins@summitpartners.com) Philipp Freise (freip@kkr.com)
9 Ben Holmes (benh@indexventures.com) 5 Christian Strain (cstrain@summitpartners.com) 4 Lucian Schoenefelder (lucian.schoenefelder@kkr.com)
Jan Hammer (jan@indexventures.com) Vincent Lambert (vlambert@summitpartners.com) Vania Schlogel (vania.schlogel@kkr.com)
Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com) Konrad Stoebe (konrad.stoebe@warburgpincus.com) Dominik Stein (dominik.stein@eqt.de )
3 Eugene Mizin (eugene.mizin@mangrove-vc.com) 5 Steven Klooster (steven.klooster@warburgpincus.com) 4 Christian Schuette (christian.schuette@eqt.de)
Guillaume Durao (guillaume.durao@mangrove-vc.com) Johannes Korp (johannes.korp@warburgpincus.com) Anil Hansjee (anil@hansjee.net)
Pawel Chudzinski (pawel@pointninecap.com) Frank Seehaus (fs@actoncapital.de)
Kai Romberg (kai.romberg@hgcapital.com)
3 Lukasz Gadowski (lukasz@teameurope.net) 3 Jan-Gisbert Schultze (jgs@actoncapital.de)
3 Dan Groen (dan.groen@hgcapital.com)
Kolja Hebenstreit (kolja@teameurope.net) Benedikt Sudbrock (bs@actoncapital.de)
Sascha Kaumann (sascha.kaumann@hgcapital.com)
Roberto Bonanzinga (rbonanzinga@balderton.com) Fabio Giuseppetti (giuseppetti@palamon.com)
2 Karim Tabet (karim.tabet@provequity.co.uk)
Dharmash Mistry (dmistry@balderton.com ) 3 Daniel Mytnik (mytnik@palamon.com)
Ricardo Caupers (caupers@palamon.com) 3 Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)
Marcel Rafart (marcel.rafart@nautacapital.com) Andrew Tisdale (andrew.tisdale@provequity.co.uk)
2 Javier Rubio (javier.rubio@nautacapital.com) Marco Brockhaus (brockhaus@brockhaus-pe.com) Karl Peterson (kpeterson@tpg.com)
Pär-Jörgen Pärson (pjp@northzone.com) 2 Jan Daniel Neumann (neumann@brockhaus-pe.com)
2 3 Anand Tejani (atejani@tpg.com)
Hans Otterling (hans@northzone.com) Jean Baptiste Brian (jbbrian@tpg.com)
Andrin Bachmann (andrin.bachmann@pitoncap.com) Chris Caulkin (ccaulkin@generalatlantic.com)
2 Greg Lockwood (greg.lockwood@pitoncap.com) 2 David Lisewski (dlisewski@generalatlantic.com) Tripp Lane (tripp.lane@apax.com)
2 Frank Ehmer (frank.ehmer@apax.de)
Alexander Ribbink (alexander@primeventures.com)
2 Rogier Taphoorn (rogier@primeventures.com) Sarah Pinto (spinto@greathillpartners.com)
2 Peter Garran (pgarran@greathillpartners.com)
Hubert Deitmers (hubert.deitmers@endeit.com) Andrea Valeri (valeri@blackstone.com)
2 Martijn Hamann (martijn.hamann@endeit.com)
2 Lance Toler (lance.toler@blackstone.com)
Alex Gonthier (gonthier@@wellington-partners.com) Jim Quagliaroli (jim@spectrumequity.com)
2 2 Jeff Haywood (jeff@spectrumequity.com)
Christian Thaler-Wolski (thaler@wellington-partners.com) Stefan Franssen (stefan.franssen@gmtpartners.com)
2 Natalie Tydeman (natalie.tydeman@gmtpartners.com)
1 Emanuele Levi (emanuele.levi@360capitalpartners.com)
Daniel O’Keefe (dokeefe@tcv.com )
1 Mike Chalfen (mike.chalfen@adventventures.com)
2 Woody Marshall (wmarshall@tcv.com)
Hinrich Stahl (hs@maryland-gmbh.de)
1 Mattias Ljungman (mattias@atomicoinvestments.com)
2 Helge Luetzen (hl@maryland-gmbh.de)
Stephen Byrne (stephen.byrne@vitruvianpartners.com)
1 Michael Eisenberg (michael@benchmark.com)
2 Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com)
Michael Korzinstone (michael.korzinstone@silverlake.com)
1 Alon Lifshitz (alon@blumbergcapital.com) 2 John Flynn (john.flynn@silverlake.com)
1 Ian Noel (iannoel@bonsaigrupo.com)
1 Fabian Wasmus (fabian.wasmus@eqt.de)
Expansion Capital
1 Nic Brisbourne (nic@dfjesprit.com) 1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com)
1 Sebastien Briens (sebastien.briens@hgcapital.com)
1 Ben Tompkins (bt@edenventures.co.uk) Mercury
1 Bernard Vogel (bv@endeavourvision.com) 1 Jens Hagen (jhagen@uk.adventinternational.com)
1 Harley Miller (HMiller@insightpartners.com)
1 Davor Hebel (davor@fgpe.com)
1 Stephen Lowery (stephen.lowery@frogcapital.com) 1 Jörg Mohaupt (jmohaupt@accind.com)
1 Christoph Haschka (christoph.haschka@macquarie.com)
1 Torsten Kreindl (t.kreindl@grazia.com )
1 Laurel Bowden (lbowden@greylock.com)
1 Michael Black (michael.black@bridgepoint.eu)
1 Mark Joseph (mark.joseph@oakleycapital.com)
1 Martin Weber (martin.weber@holtzbrinck.net)
1 Johan Englund (johan.englund@industrifonden.se)
1 Pueo Keffer (pkeffer@redpoint.com) 1 Jason Khaksar (jason.khaksar@carlyle.com)
1 Baris Aksoy (baris.aksoy@intel.com)
1 Tomasz Czechowicz (czechowicz@mci.eu)
1 Richard Yen (ryen@saban.com) 1 Andrew Young (andrew.young@permira.com)
1 Thomas Preuss (preuss@neuhauspartners.com)
1 Phillippe Collombel (pcollombel@partechventure.com)
1 Morgan Callagy (callagym@vss.com)
1 Tony Askew (tony.askew@reedelsevier.com )
1 Olivier Sichel (osichel@sofinnova.fr)
1 Mauro Pretolani (mauro.pretolani@tlcom.co.uk)
13

14. The Universe of Financial European Internet Investors
NOAH Advisors maintains close contact with key investors in all major categories
Venture Capital Growth Funds Buyout Funds
Francisco Partners
Silverlake Growth
Warburg Pincus
General Atlantic
Carlyle Growth
Intel Capital
Holtzbrinck
Providence
Wellington
Blackstone
Investcorp
HG Capital
Balderton
Spectrum
Silverlake
Exponent
Bessemer
Great Hill
Vitruvian
R Capital
Palamon
Peacock
Sequoia
Permira
Summit
Veronis
Advent
Fidelity
Battery
Kennet
Carlyle
Cinven
Insight
Endeit
Acton
Accel
Index
Cyrte
Apax
GMT
H&F
Bain
TPG
KKR
Oak
CVC
TCV
TA
(€ million)
3i
EU Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
US Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Internet Deals 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 1 2 2 2 2 2 2 1 2 2 2 1 1 1 1 2 2 2 2 1 1 2 2 1 3 2 1 3 3 3 2 3 3 1
800 800
750
700 700
Equity Investment Size
600
600 600
Control Investments Only
500
500
500
500
Sweet Spot
500 500
400
400
400 400
300
300
300
300
300
300 300
250
200
200
200
200
200
200
200
200 200
150
150
150
120
100
100
100
150
80
75
100 100
70
70
70
70
70
70
120
60
60
50
50
100
100
100
100
100
100
100
100
35
30
25
25
25
25
25
75
75
75
20
15
60
50
50
50
40
40
40
30
30
30
0 0
25
25
25
20
20
20
20
20
15
15
10
10
10
10
10
10
5
5
5
5
5
5
5
5
2
2
Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment.
14

15. Internet is a Complex Parallel Economy
250 European public/private Internet companies valued at about €100 billion, of which over 150 worth over
€120m
Aggregated EV Market Size
Segment (€bn) (€bn) Revenue Model Maturity Growth Selected European Market Leaders Consolidation Play
eDreams, Booking.com, HRS, hotel.de, Interhome, Pierre & Vacances,
Online Travel 15.2 55.0 Transaction Mature 10% 
trainline, Holidaycheck, VoyagePrive, SeLoger
Emerging Markets 13.4 11.0 Various Early 30% Mail.ru, Seznam, RosBusinessConsulting, Rambler, Naspers, DST 
Schibstedt, Scout24, Rightmove, Seloger, Funda, AutoTrader, Stepstone,
Online Classified 11.8 11.0 Listing fees Advanced 20%  (Auto)
Yakaz, Idealista, Immobiliare.it
Private Sale 5.4 2.2 Transaction Early 100% Vente Privee, Brands4Friends, KupiVIP, Buyvip, Privalia, Dressforless, Ofertix 
Asos, Yoox, Delticom, Priceminister, Lovefilm, Netaporter, BOL, mytoys,
E-Commerce 5.3 165.0 Transaction Advanced 25%  (Apparel)
zooplus, Laithwaites, Pixmania, Hepsiburada
Anti-Virus 5.3 2.2 Subscription/Transaction Early 40% ALWIL, AVG, Avira, Eset, Kaspersky, Sophos, Panda 
Betting 5.0 2.2 Commission Advanced 15% Betfair, Bwin 
Miniclip, Spil, Gameforge, Jagex, Bigpoint, CCP, Ankama, Stardoll, Gameduell,
Online Gaming 4.4 5.5 Subscription/ Virtual Items Early 50% 
Travian
Outsourcing 4.0 3.3 Transaction Advanced 30% D+S, Hermes, Bertelsmann Services Group 
Tradedoubler, Adconion, Glam, Hi Media, Bigmouthmedia, Adscale, Conduit,
Online Advertising 3.7 22.0 Commission/CPM/CPC/CPA Advanced 15-50% 
At Internet, Adtelligence, Criteo
Marketplace 3.2 5.5 Commission/ Listing Fees Early 50% Fotolia, Teleroute, Softonic, Bullionvault, Perform Group, Experteer, Artprice 
VOIP 3.2 0.6 Subscription/Micropayment Early 50% Skype, Truphone 
Paid Services/Content 2.5 3.3 Subscription/Micropayment Advanced 20% United Internet 
Social Networks 2.2 0.6 Subscription/Advertising Early 50% Xing, Forticom, Sulake, badoo 

Applications 1.8 5.5 Subscription Early 50% Huddle, Netviewer, Teamviewer, Rapidshare, Spinvox, Thunderhead, eBuddy
(Remote Access)
Moneysupermarket, Confused, Check24, Guenstiger.de, Interhyp, Verivox,
Lead Generation 1.8 5.5 CPC/CPA Advanced 25% 
MutuiOnline
Online Payment 1.4 2.2 Commission Advanced 30% Moneybookers, Clear2Pay, Wirecard 
Info Services 1.3 2.2 Subscription Advanced 10% Boardex, Juris, Bureau van Dijk, Dealogic 
Mobile Internet 1.3 1.1 Various Early 50% Zed, Acision, Getjar 
Ticketing 1.2 1.1 Commission Early 60% CTS, Viagogo, Getmein, Seatwave 
Online Dating 1.1 0.6 Subscription Advanced 20% Parship, Meetic, Be2 
Group Buying 1.0 2.0 Commission Early 100%+ GBG, Rebate Networks, Daily Deal, Offerum, Grupfoni, Groupalia 
Local Advertising 0.6 5.5 Subscription Early 100% Astramedia, Europeweb, Cortix, Proximedia, Eniro 
Online Video 0.4 < 0.5 CPM Early 100% Smartclip, Sevenload, Perform 
Online Music 0.4 <0.2 Subscription/Advertising Early 100% Spotify 
Online Market Research 0.2 1.1 By Project Advanced 20% Metrixlab 
Note: Values estimated by NOAH Advisors.
15