This document contains information about the NOAH conference, including dates and locations for upcoming conferences. It also summarizes NOAH's business performance, including year-over-year revenue growth. Finally, it outlines NOAH's strategy of building an integrated portfolio of digital media and commerce companies through investments, acquisitions, and partnerships.

1. June 22nd, 2017

2. GET YOUR TICKET TODAY!
www.noah-conference.com
6-7
Old Billingsgate, London Tempodrom, Berlin
JUN20182-3 NOV2017
SAVE THE DATE

3. 2
WE DELIVER GROWTH
3,261
2,876
2,356
2,199
+10%
3,799
2,605
2,0511,921
Revenue
[in EUR m]
2009 2010 2011 2012 2013 2014 2015 2016

4. 3
Adjacent &
Production
Digital
Entertainment
Digital
Commerce
7Wellbeing

5. 4
58%
revenue share
10%
revenue share
32%
revenue share
Broadcasting
German-speaking
Content Production
& Global Sales
Digital
Entertainment
Ventures & Commerce

6. 5
CONTENT REMAINS KING
top 10
(global)
top 3#1 top 3
(global)

7. 6
WE BELIEVE IN
TELEVISION
6

8. 7
TV dominates
broadest user universe
REACH
71%
33%
76%
90%TV
Free online
video
DVD /
Blue Ray
PayVoD 10min
185min
19min
7min
USAGE
TV
Free online
video
DVD /
Blue Ray
PayVoD
TV dominates
video consumption
&

9. 8
ROBUST TV USAGE
237 min14+
2010 2016
239 min
192 min14-49 171 min

10. 9
4%
10%
89%
4%5%6%
TV Magazine Billboard Newspaper Radio Internet
„Which product or
service advertisement
which you have seen,
read or heard recently
can you remember?“

11. 10
Not our
problem:
digital pain
points
Brand
safety
Ad
Clutter
Ad
Fraud
Ad
Blocker View-
ability
Autoplay
Engagement

12. 11
Our proprietary
European alternative in AdTech
11

13. 12
NONE BEST
BEST
DIGITAL COMMERCE DATA
TV
DATA
12

14. 13
ENTERTAINMENT COMMERCE
+ ~40minority shareholdings
in digital companies
~30accelerator
investments
~20majority shareholdings
in digital companies

15. 14
Home Services
& Mobility
Leisure
& Relationship
Health
& Fitness
Beauty
& Fashion
A LEADING
DIGITAL CONSUMER SERVICES
AND LIFESTYLE PORTFOLIO
Funds
Advice
(Verivox, Käuferportal, moebel.de)
Travel
(billiger-mietwagen)
Communication
(Preis24)
Experiences
(mydays, Jochen Schweizer)
Sensual
(Amorelie)
Dating
(Parship, ElitePartner)
Sports
(Gymondo)
Shape
(7NXT)
Healthy Products
(Teatox, Vitafy, Windstar)
Beauty
(Flaconi)
Fashion
(Stylight)
Homeshopping
Jochen Schweizer acquisition signed, approval of cartel authorities pending

16. 15
LEADING
ASSETS
#2 #1 #1
#2 #2 #1
Jochen Schweizer acquisition signed, approval of cartel authorities pending

17. 16
ACTIVE PORTFOLIO MANAGEMENT
235m
2017
508m
2015
Firm value in EUR

18. 17
LEAD GEN &
ENGAGEMENT
TV HOMESHOPPING DIRECT SALESDCOM RETAIL
WE BUILD UNIQUE AND SYNERGISTIC
OMNICHANNEL ECOSYSTEMS

19. 18
Health
& Fitness
Leisure
& Relationship
Home Services
& Mobility
Beauty
& Fashion
Lead Gen &
Engagement platforms
TV reach
Exclusive brands
Branded formats
Digital platforms
Retail
Verbraucher-
magazin
Fitness
Diaries
Powerful TV Content Synergies

20. 19
High TV responsiveness
Significant data synergies
High omnichannel potential
Consumer marketing focused
Local hero potential
DIGITAL
ASSETS
WE LIKE

21. 20
Intense FANGA competition
Pure tech play
High Google/Facebook dependency
Super-Millennial target group
Global scale play
DIGITAL
ASSETS
WE AVOID

22. 21
OUR VALUE PROPOSITION
TO OUR PARTNERS
Data
driven
revenues
Media
buying
power
TV
ROI
Exit
value
creation
Ad coop
income
Offline
sales
Knowledge
sharing
benefits
European
Expansion

23. 22
✓ High margin
✓ Growth supported by long-term trends
✓ Defensive categories
(low disruption likelihood and protection against buzz)
✓ Special interest
(less Amazon dependent)
✓ Omnichannel potential
✓ Great brands for elderly/families
or buzz brands with longevity potential
✓ German/European focus
✓ Digital Commerce and TV synergies
PHYSICAL
PRODUCTS

24. 23
France
Poland
Turkey
Greece, SEE
Italy
Nordics
UK
Portugal
Spain
NL
>200m
household reach
MEDIA
ALLIANCE

25. 24
WHAT’S
NEXT?
24

26. 25
EXPANSION
to Europe
STRONGER
PE/VC partnerships
NEW
verticals (e.g. Elderly)
MORE
intl. TV collaborations
CONTINUED
vertical roll ups

27. 26
>50%
revenues outside
TV advertising
>70%
target achieved
as of Q1 LTM
1.15
billion EUR
EBITDA
4.5
billion EUR
revenue
2018

28. 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 2016
October 2016December 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
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