Vertical Ecommerce - Presentation by Jose Ojeda, COO of Lyst at the NOAH Conference London 2017, Old Billingsgate on the 2nd of November 2017.

1. NOAH
November 2017
1

2. Three Conferences, One Mission: Empower the European Digital Ecosystem
To provide a physical marketplace
that facilitates funding of
digital European companies
at all stages
Mission Mission Mission
Connecting
Capital with
Entrepreneurs
Connecting European
Champions
and Challengers
Connecting Israel’s Startups
with Large Corporates
and Investors
30-31 October 2018
Old Billingsgate, London
6-7 June 2018
Tempodrom, Berlin
13-14 March 2018
Haoman 17, Tel Aviv
To promote Israel - European
relationships and enable funding
To bring together future-shaping
executives and investors active
across segments driven
by digital revolution

3. 2
To help customers find the fashion they’re
searching for, whatever their style.
We are a Global Fashion Search Platform,
empowering customers to get the items they
want, in the right size, without overpaying.
Our Mission

4. Today’s fashion shoppers know
exactly what they want, more
than ever before…
Influencers, Instagram, Snapchat, Facebook, You Tube, etc.
3

5. Customer’s Problem:
Once they know the
items they want, how
can they find them?
4

6. Online Supply is Highly Fragmented & Varies by Retailer
Retailer A Retailer B
Retailer C
SKU Overlap
Unique SKUs
• Most Retailers have little SKU
overlap with other stores, making
searches very hard. Sizing
variance makes this even harder.
• They also have small subsets of
total brand inventory available,
due to high cost of inventory risk.
• When there is SKU overlap,
customers have multiple options
in price, shipping and service.

7. The Solution:
A Global Fashion Search Platform,
partnering with the world’s top
fashion brands & retailers
6

8. Lyst Customer Value Proposition
3.8m
SKUs
High Street
Boutiques
Dept Stores
Mono-brands
Online Pure-plays
Discounters
Price &
Service
Find the item you’re
looking for
From one of over
1000 retailers
On the best possible
terms
Choice Availability Offering

9. 8
Discovery & Search Journeys are Changing Fast with Digital
Discovery Search
Pre-
Digital
Post-
Digital
Colette Macy’s
Source: Evercore; Social Media the New Venue for Customer Discovery, 2017

10. The Lyst Engine
Marketing Fashion Search Partners
Enablers
Technology Talent Selection
160m
Search Keywords
15
Acquisition
Channels
CPA Driven
Marketplace
3.8m
SKUs
10,000+
Brands
132
Boutiques
79
Luxury
Brands
235
High Street
Brands
11
Discounters
19
Department
Stores
56 Online
Pure Plays
from:
3
Marketplaces
150m
Shoppers
Acquired

11. Monetisation Model
Partners
Online Only
Boutiques
Dept Stores
Discounters
Designer Brands
Mass Brands
$313
$309
$297
$210
$446
$93
AOV
9.1%
11.8%
10.8%
6.1%
12.5%
9.7%
Gross CPA%
Ranking
Conversion
Returns Rate
10

12. Global Footprint
Last 12 Months (%GMV)
North America
61%
Latin America
<1%
Africa
<1%
Europe
27%
Asia
11%
11

13. Search Platforms are Leaders in their Vertical
Airlines
We’ve seen this play out before, again and again.
12
Fragmented Merchants Consumer Platform
Hotels
Restaurants
Property
Fashion

14. 13
Chris Morton | Founder & CEO Jose Ojeda | COO
Jenny Cossons | Chief Partnerships Officer
Chris co-founded Lyst in 2010. Prior to this, he was
a VC investor at Benchmark Capital and Balderton
Capital, focussing on consumer internet.
Jose joined Lyst in 2015 as COO. Before this, he
was CEO of Zalora Thailand, and co-founded and
exited The Chapar, a clothing subscription business.
He was at McKinsey & Harvard Business School.
Jenny joined Lyst as Head of Partnerships in 2014.
Prior to this, she was Group Head of Brand
Relations at Net-A-Porter and held various positions
at Conde Nast Publications, including Vogue.com.
Sebastjan Trepca | Founder & CTO/CPO
Seb co-founded Lyst in 2010. He was previously
VP of Engineering at Noovo and is the founder of
Python Slovenia.
Engineering, Product
& Data Science
Sales, Growth,
& Marketing
Finance &
Operations
59 x 50 x 45 x 15
Team of 110 across London HQ + NYC

15. 22,500
45,000
67,500
90,000
50%
100%
150%
200%
250%
300%
350%
400%
1 month Customer Acquisition Cost Recovery Cohort size
14
Immediately Profitable Unit Economics
CY 2015 CY 2016 CY 2017
We make 3x our CAC in the first month, and will attract over 1m customers in FY17

16. 15
Category Leading, High Quality Inventory that’s Growing Fast
0
1,000,000
2,000,000
3,000,000
4,000,000
Feb-16Jun-16O
ct-16Feb-17Jun-17
+86%
Inventory Size (m)
1m
2m
3m
4m
Lyst
Farfetch
N
et-A-Porter
0.02
0.18
3.75
Farfetch and Net-a-Porter are also Lyst PartnersWe turn down 95% of Partners who ask to join

17. Gross Merchandise Value ($m) EBITDA Margin (%)
100
200
300
400
FY12 FY13 FY14 FY15 FY16 FY17e
16
-300%
-250%
-200%
-150%
-100%
-50%
0%
50%
FY15 FY16 FY17
GMV Growing Quickly, Running at Breakeven
Lyst FY = April - March
5x growth in 3y

18. Seed Round
$1.5 M
From Accel, 14W,
Venrex & various angels.
January 2011
Series A
$5 M
From Accel, 14W,
DFJ Esprit & others.
June 2012
Series B
$14 M
From Accel, Balderton,
DFJ Esprit, 14W & others.
December 2013
17
Series C
$40 M
From Accel, LVMH*,
Steadfast, 14W & others.
April 2015
Financing
*From LVMH’s controlling shareholder, Groupe Arnault

19. Thank you.

20. 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
30 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
December 2014
September 2014
October 2014
May 2014
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
December 2016
Financial Advisor to Oakley Capital
®
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
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
Financial Advisor to Silver Lake
Investment in
by
August 2017
Financial Advisor to EMK Capital
Acquisition of a Majority Stake in
by
at a valuation of $200m