Ecommerce - Presentation by Daniel Raab, Managing Director of Seven Ventures at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.

1. Opportunity to become Europe’s
Leading Platform for Beauty Products

2. GET YOUR TICKET TODAY!
www.noah-conference.com
2-3
Tempodrom, Berlin Old Billingsgate, London
NOV201722-23 JUN2017
SAVE THE DATE

3. 1
Executive Summary
SOURCE: Flaconi; Euromonitor; Datamonitor; Parfümerie Verband; web research
Market size
>€30bn
2020e
Thereof online
>25%
2020e
Flaconi provides the unique opportunity to
develop the ‘Zalando for Beauty Products’ in
an >€30bn EU market
The premium beauty product market is
protected by selective distribution with only
3 relevant pure players (incl. Flaconi)
The industry generates up to 15 repurchases
per customer and year, >40% gross margin
and <3% customer returns
Flaconi achieves best in class marketing (CPO
below €3.8, conversion >6.5%) and operations
(Ø 4.5% out-of-stock visits, 65 days stock)

4. 2
Premium beauty product market in Europe is
big, growing & starting to move online
>€25bn market
for premium beauty
products1 in Europe
Up to
15 repurchases
for beauty products per year
in Germany
Average annual spend of
>€152 for fragrances
(€106 facial care, €124 body care)
in Germany
71% of women
use Perfume & Eau de Toilette
every day in Germany
Double digit
online growth
indicates an offline to online
shift is happening
1 Premium market defined as all premium brands, i.e. from players like L’Oreal, Estée Lauder, Shiseido, LVMH, P&G, Coty, Chanel, Hugo Boss among others; no white label drug store products
SOURCE: Euromonitor; Datamonitor; Douglas annual report; Parfümerie Verband; web research; Flaconi analysis
3.7% p.a. growth
of beauty market shows robust
industry trend

5. 3This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 3
€25bn market for premium beauty products grows by
3.7%, online market increased by >49% annually
Note: Beauty market defined by mass & premium products across all product categories. Premium market defined as all premium brands, i.e. from players like L’Oreal, Estée Lauder, Shiseido, LVMH, P&G,
Coty, Chanel among others
SOURCE: Euromonitor; Datamonitor; Douglas annual report; Parfümerie Verband; competitor interviews; competitive intelligence; web research; Flaconi analysis
106,766
78,441
25,14724,414
2013
23,201
101,642
2014
82,352
2015
113,268
2016e
87,36784,822
25,901
+3.7%
109,969
691
1,148
+49.1%
1,722
2,290
Premium market
Mass market
Online premium
market
European (online) market for beauty products
in € mn
3.0%
8.8%
Offline to online shift is
currently happening in the
premium beauty market

6. 4
Company fact sheet
Flaconi is becoming the leading eCommerce
Platform for Beauty Products in Europe
>€40mn
Revenues
LTM H1 2016
CAGR
>100%
Revenue H1
2016 LTM vs.
LTM at closing
# 2 DE
(after Douglas)
in 2017
Customers
>850k
Brands
>240
SKUs active
>15k
§ Traction in the market – >€40mn
revenues LTM H1 2016 & >100% CAGR
§ Wide reach – >850k unique customers
and 1.4mn+ orders
§ Full assortment – >240 brands &
>15k SKUs available in categories
fragrances, skin care, make-up, hair &
wellness products
§ Great customer experience – >65 net
promoter score (Ø 32 for retail in
2015)
§ Operational excellence – 4.5% out-of-
stock visits & <65 days inventory carry
§ Direct sourcing only – Flaconi sources
all products directly from brands1 (no
grey market products)
1 Including highly selectively distributed brands, e.g. Chanel, Estée Lauder, Shiseido, LVMH among others
SOURCE: Flaconi

7. 5This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 5
2009 2011 2010 2012
Flaconi is well positioned to become the ‘Zalando for
Beauty Products’
SOURCE: Zalando annual reports; Statista; Flaconi analysis
Revenue development Zalando vs. Flaconi year 1 to 6 after launch
indexed to 100% (year 3 after launch)
359
280
205
100
38
2
327
121
100
27
4
638
Zalando (DACH only)
Flaconi (DE only)
2011 2013 2012 2014 2013 2015 2014 2016e
ProSiebenSat.1
acquired Flaconi
2015
Zalando
Flaconi
Category
expansionLaunch
Media for equity
deal
Operational
excellence
§ Skin & hair care§ Fragrances § 2012/13 § 2014/15
§ Shoes § Fashion & sports § 2010/11 § 2012/13
Flaconi #2
online retailer for
premium beauty
products

8. 6This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 6
TV media support developed Flaconi’s brand
awareness to ~50% within 3 years
0
10
20
30
40
50
30.0%
2HY13
29.7%
1HY16
48.1%
2HY15
+62.0%
44.0%
1HY15
39.4%
2HY14
34.9%
1HY14
Awareness grew from 30% in 2HY13 to 48% in 1HY16
1 Top of mind awareness in on-site survey using structured questionnaire
SOURCE: Flaconi; SevenOne Media brand awareness survey 2016 (persons between 18-59 years; n = 1,002)
Brand awareness1
(in %)
2014 2015 20162013

9. 7This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 7
Startup Professionalization Scaling
30.7
2014 2016e
11.4
20122011 2017e
9.4
2.5
2015
0.4
2013
Launch
Flaconi is growing strongly since 2011 & now scaling
due to professionalization after P7S1 acquisition
SOURCE: Flaconi 7
in € mn
CAGR 14-16e:
>100%

10. 8This copyrighted document is property of the Flaconi GmbH and is disclosed in confidence. 8
Basket size of returning customers (2HY14-2015)
in € per order
Returning customers buy Ø 3.4 times and their
basket size is >20% bigger than AOV
1 Extrapolated to full 12 month cohort 2 Expanding selection in hair care, skin care & make-up 3 Average order value (excl. taxes) 2015
SOURCE: Flaconi; order baskets and frequency of with at least 2 orders customers between 2HY14-2015
AOV3
€1.43
+14%
2HY15
61.20
1HY15
52.26
2HY14
53.56
2HY15
3.401
1HY15
3.13
2HY14
3.07
+11%
Orders by returning customers (2HY14-2015)
in # order of customers (cohort view)
Acquisition by
ProSiebenSat.1
Selection
expansion2

11. 9
Low competition in Germany as well as Europe due
to selective distribution system
Low competition
§ Selective distribution
system limits threat of new
entrants (‘Amazon protection’)
§ 3 domestic competitors:
Douglas, parfumdreams and
iParfumerie
§ 2 pure play EU competitors:
feelunique, lookfantastic
Limited digital capabilities
§ Scattered local retailers lack
skills to digitalize their
business
§ Focus on rather ‘bringing
store online’ than digital pure
play
§ Main competitor Douglas
focuses on brick & mortar
stores
Note: Online revenue only for Douglas
SOURCE: Flaconi
Offline
Low
budget
brands
Online
Premium
brands
Competition in domestic market

12. 10
Flaconi has opportunities to enter additional EU
markets organically & inorganically
Complexity
to enter
Easy
Difficult
Organic
M&A priorities
Low High
Market attractiveness
Beauty & care market
2015, in EUR bn.
Online growth beauty &
care, YoY 2015, in %
§ Competitive
intensity/rivalry
§ Product use
differentiation
§ Geographical
access (distance)
§ Market size (beauty & care) – total
§ Online penetration (beauty & care)
§ Market growth rate – online
§ Price positioning
§ Economic stability
Poland
+8.33.5
Austria
+9.41.5
Switzerland
+9.41.4
Netherlands
+9.7 3.1
Italy
+9.7
8.9
UK
+6.2
15.5
France
+4.1
12.6
Nordics
+9.3
5.8
Spain &
Portugal
+1.4
8.2
Organic growth focus
§ Media alliance partners
contacted for potential M4E
deals
M&A focus, potential targets
§ Nordics
§ UK
§ Further potential targets to be
screened
SOURCE: Flaconi; Euromonitor; web research

13. Daniel.Raab@7Commerce.de

14. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
24 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
September 2015
December 2014
September 2014
October 2014
May 2014
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE
September 2016October 2016
May 2016
Investment in
by
Financial Advisor to Oakley Capital
Exclusive Financial Advisor to
10Bis and its Shareholders
®
Marco Rodzynek
Managing Director & Founder
marco.rodzynek@noah-advisors.com
Jan Brandes
Managing Director
jan.brandes@noah-advisors.com
Justus Lumpe
Managing Director
justus.lumpe@noah-advisors.com
The NOAH Advisors Core Banking Team
Nikhil Parmar
Director
nikhil.parmar@noah-advisors.com
10Bis Drushim
Acquisition of a Majority Stake in
by
from
at a valuation of €300m
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership