NOAH Advisors Presentation 26 June

June 2012

Hello San Francisco!

6 Months Ago: We Thought This is Much Easier

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But with a Little Help We Managed

Consort Partners Overview

Founded in 2004, Consort Partners is an

international strategic marketing, social media and

public relations company with a track record of

building the profiles and awareness of new and

established businesses alike

Consort Partners has its entrepreneurial roots in

creating, building, and leading high-profile

companies across technology, media, and finance

markets across the US, Europe and Asia

Consort employs senior journalists, PR and

marketing experts who have an international

network of business leaders, journalists, thought-

leaders, opinion formers, financiers and analysts

that they can leverage on behalf of our clients.

Consort Partners is a privately-held company owned

100% by the founders and is based in the Bay Area,

with operations in Austin, New York, and London Kathy Johnson, Founder of Consort Partners

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Finally Here!

It is Really Hot Here

Guys, Let’s Go!

So Today… We Are Proud to Be Here

Who and What is NOAH

Unique Industry Know-How Core Investment Banking Competence

Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs!

100% focused on Internet companies, covering over 25 sub-verticals in this highly complex industry - 15+ years active coverage of leading European

Internet companies and investors Deep understanding of industry dynamics and

thinking of industry leaders Ability to add value beyond banking advice

- Facilitates overall process and minimizes management distraction

The NOAH team has 25+ years of media investment banking experience - Routine execution of M&A and financing

transactions with sizes of several billion euros The team has been working together closely for 7

years (including 6 years at Lehman Brothers) 8 successfully completed NOAH Advisors

transactions underline successful transfer of competencies to the Internet sector

NOAH Advisors is globally very 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 - Coverage of over 500 companies and 4,000

individuals - Proactively finds and unlocks attractive

investment opportunities for leading investors (e.g. Bigpoint)

Annual NOAH Conference

The NOAH team are entrepreneurs and focused on growing the business and establishing a reputation for excellence

Full commitment to deliver top quality results in short time frames

Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results

NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique

Marco Rodzynek

Managing Director and Founder

Yoram Wijngaarde

Director

Jan Brandes

Director

Contact Details marco.rodzynek@noah-advisors.com UK Mobile: +44 77 85 330 330 Swiss Mobile: + 41 79958 1512

Contact Details yoram.wijngaarde@noah-advisors.com UK Mobile: +44 79 17 084 784

Contact Details jan.brandes@noah-advisors.com German Mobile: +49 174 2010 984

The NOAH Advisors Core Team

Selected Completed NOAH Transactions

July 2011

April 2011 April 2011

December 2009 April 2009

Advisor to EnGrande

Sale of a majority stake in

to

have acquired a majority stake in

for $350m from

Exclusive Advisor to Summit Partners and TA Associates

Advisor to Yatego

Sale of a majority stake in

to

Advisor to Softonic

Partial sale of

to

Valuing Softonic at €175m

Advisor to Fotolia

$80m partial sale of

to

May 2012

150 million growth equity investment from

for a 50% stake alongside Fotolia’s Founders and

Additional $150 million senior debt financing Total $300 million investment

Financial Advisor to Fotolia and its Shareholders

November 2011

Sale of a majority stake in

to Quants Financial Services AG

Exclusive Financial Advisor to grupfoni and its Shareholders

April 2012

Sale of a 100%-stake in

to

Financial Advisor to Toprural and its Shareholders

Fotolia - Europe’s Largest Internet LBO 2012

May 2012

$150 million growth equity investment from

for a 50% stake alongside Fotolia’s Founders and

Additional $150 million senior debt financing

Total $300 million investment

Exclusive Financial Advisor to Fotolia and its shareholders

NOAH Advisors’ Role

Fotolia has been a close relationship of NOAH

Advisors for over 3 years

In April 2009, NOAH Advisors advised the Fotolia

founders in their sale of a majority stake to TA

Associates

NOAH had worked intensively with Fotolia and its

shareholders on various strategic opportunities and

introduced the deal to KKR, with whom NOAH has as

long-standing institutional relationship

NOAH Advisors acted as exclusive M&A financial

advisor to Fotolia and its shareholders, and

facilitated a fast execution based on in-depth

knowledge the company, and intelligence around

the best potential investor candidates

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#1 Regional Advisor DACH by Real Deals

The Need of NOAH San Francisco

So Why Are We Here?

Because …

We love the Internet

Clients asked us to expand the NOAH Conference to reach

more US companies and investors

Most of you don't like to travel

Europe matters:

There are ~100 European Internet Companies

valued at over €200m+

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Europe Matters!

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A significant number of companies are valued at over €200 million

Note: selected examples.

Company Segment

Innovative payment platform

Largest pure-play fashion Retailer

Enterprise software

Social networking for people you don’t know

Betting

Free to play online gaming

Toolbars

Freemium anti-virus

Payment instalments

European Internet Pioneers & Global Leaders

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Company Segment

Remote access

Open-source database

FX

Vertical ad network (soccer)

VoIP

Legal music service

Global hotel comparison leader

Private sales

Personal loans

Some business models were invented or most successfully executed in Europe

Public Internet Valuations – US vs. Europe

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European Internet companies are valued at a significant discount compared to the US

15.0x

10.1x

US Europe

12.0x

8.6x

US Europe

Internet EV / EBITDA 2012E Internet EV / EBITDA 2013E

49% Premium 40% Premium

Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors.

Europe Is Unique

10 Largest countries:

- 50m+: Germany (81.5m), France (65.3m), U.K. (62.7m), Italy (61.0m)

- 20-50m: Spain (46.8m), Ukraine (45.1m), Poland (38.4m), Romania (21.9m),

- 10-20m: Netherlands (16.8m), Portugal (10.8m)

10 Largest cities, many local markets:

- 3m+: London (7.8m), Berlin (3.5m), Madrid (3.3m)

- 1m+: Rome (2.8m), Paris (2.2m), Hamburg (1.8m), Warsaw (1.8m), Budapest (1.7m), Vienna (1.7m), Bucharest (1.6m)

Proximity to Russian and Eastern European market

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Countries & Poupulation Investors

Less VC money available and harder to get funding

Serial entrepreneurs and angel investors dominate the scene as in the US

Cultural differences, e.g. not anyone wants to get rich, different work ethics / intensity levels

Lets Compare the US and European Internet Success Stories

NOAH Study – Companies Included

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US Market Cap: $96bn European Market Cap: $27bn

Nov-09 Nov-11

Feb-12 Mar-12 Jan-11

May-12 Nov-11 Jun-11

May-11 May-09

Jun-11 Feb-10 May-10

Feb-12 Jul-11 Dec-11

Oct-01 Feb-12 Oct-10

Dec-10 Aug-06

Nov-10 Jul-07

Jul-10 Apr-11 Mar-06

Nov-05 Mar-05 Dec-06

May-11 Dec-09 May-08

The market cap of post-2000 Internet bubble IPOs is ~4x larger in the US than in Europe

Note: Market caps as of 15-Jun-12.

= EBITDA Negative IPO Date

Company Size and Valuation Growth

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6.0

1.7

US Europe

14%

46%

US Europe

Average Market Cap ($bn) Average Share Price Performance since IPO

Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. We excluded Asos, up (8,145% since IPO)

US company universe valued 3.5x higher than European one

However, EU companies performed 3.3x better since IPO than the US group

European Internet IPOs are cheaper than US Internet IPOs

Average market cap of across sampled firms Average share price increase since IPO of sampled firms

VC Funding is Less Developed in Europe

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Average VC Funding Raised ($m) VC Funding as % of Market Cap

367

69

US Europe

Average amount of venture capital raised across sampled firms

Average of venture capital raised as a percentage of current market capitalisation of sampled firms

European public companies have relied less on VC money than US ones

VC investment per company and in % of current market cap significantly lower in Europe compared to the US

However, there are also fewer winners in Europe (less exits)

6.1%

21.1%

US Europe

Including

Tradedoubler (165%)

& Ocado (53%)

1.6%

Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors.

Valuation Drivers in the Context of a Company’s Development Stage: How NOAH sees the World

Increasing valuations – However Multiples Get More Reasonable (in Theory)

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Management Technology Users / KPIs Revenues EBITDA Market

Leadership

Decreasing Execution Risk and Benefit of the Doubt (Less to Hope for)

(GROWTH * MARGIN) Predictability = Valuation Multiple

A Look at the Largest VC Backed Companies

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VC Capital Raised ($bn) Share Price Performance since IPO

Over-promised and under-delivered? They jumped several hurdles in our valuation chain

2,240

1,140

860

510

471

(21%)

(50%)

(44%)

(22%)

(44%)

Source: Bloomberg, FactSet, 4-traders & NOAH Advisors.

Company Last Round Raised Selected Investors

Feb-09 $65m

Jan-12 $63m

Apr-12 $62m

Mar-11 $59m

Feb-12 $58m

Jun-09 $53m

Jun-12 $47m

May-10 $23m

Company Last Round Raised Selected Investors

Mar-11 $218m

June-11 $188m

Dec-11 $166m

Feb-12 $145m

Jul-07 $130m

Apr-12 $129m

Sep-07 $117m

May-11 $114m

Feb-12 ~$100m

High Profile Venture Backed Companies

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European VC is waking up or rather has been awakened by many US investors

Sources: Crunchbase, NOAH Advisors.

Financial Investors at the NOAH Conference 2011

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Fund Attendees Key Contact

11 Harry Nelis (hnelis@accel.com) Sonali de Rycker (sderycker@accel.com) Adam Valkin (avalkin@accel.com)

9 Dominique Vidal (dom@indexventures.com) Ben Holmes (benh@indexventures.com) Jan Hammer (jan@indexventures.com)

3 Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com)

Eugene Mizin (eugene.mizin@mangrove-vc.com) Guillaume Durao (guillaume.durao@mangrove-vc.com)

3 Pawel Chudzinski (pawel@pointninecap.com) Lukasz Gadowski (lukasz@teameurope.net) Kolja Hebenstreit (kolja@teameurope.net)

2 Roberto Bonanzinga (rbonanzinga@balderton.com) Dharmash Mistry (dmistry@balderton.com )

2 Marcel Rafart (marcel.rafart@nautacapital.com) Javier Rubio (javier.rubio@nautacapital.com)

2 Pär-Jörgen Pärson (pjp@northzone.com) Hans Otterling (hans@northzone.com)

2 Andrin Bachmann (andrin.bachmann@pitoncap.com) Greg Lockwood (greg.lockwood@pitoncap.com)

2 Alexander Ribbink (alexander@primeventures.com) Rogier Taphoorn (rogier@primeventures.com)

2 Hubert Deitmers (hubert.deitmers@endeit.com) Martijn Hamann (martijn.hamann@endeit.com)

2 Alex Gonthier (gonthier@@wellington-partners.com) Christian Thaler-Wolski (thaler@wellington-partners.com)

1 Emanuele Levi (emanuele.levi@360capitalpartners.com)

1 Mike Chalfen (mike.chalfen@adventventures.com)

1 Mattias Ljungman (mattias@atomicoinvestments.com)

1 Michael Eisenberg (michael@benchmark.com)

1 Alon Lifshitz (alon@blumbergcapital.com)

1 Ian Noel (iannoel@bonsaigrupo.com)

1 Nic Brisbourne (nic@dfjesprit.com)

1 Ben Tompkins (bt@edenventures.co.uk)

1 Bernard Vogel (bv@endeavourvision.com)

1 Davor Hebel (davor@fgpe.com)

1 Stephen Lowery (stephen.lowery@frogcapital.com)

1 Torsten Kreindl (t.kreindl@grazia.com )

1 Laurel Bowden (lbowden@greylock.com)

1 Martin Weber (martin.weber@holtzbrinck.net)

1 Johan Englund (johan.englund@industrifonden.se)

1 Baris Aksoy (baris.aksoy@intel.com)

1 Tomasz Czechowicz (czechowicz@mci.eu)

1 Thomas Preuss (preuss@neuhauspartners.com)

1 Phillippe Collombel (pcollombel@partechventure.com)

1 Tony Askew (tony.askew@reedelsevier.com )

1 Olivier Sichel (osichel@sofinnova.fr)

1 Mauro Pretolani (mauro.pretolani@tlcom.co.uk)

Fund Attendees Key Contact

9 Stefan Götz (sgoetz@hf.com) Zita Saurel (zita@hf.com) Blake Kleinman (bkleinman@hf.com)

4 Philipp Freise (freip@kkr.com) Lucian Schoenefelder (lucian.schoenefelder@kkr.com) Vania Schlogel (vania.schlogel@kkr.com)

4 Dominik Stein (dominik.stein@eqt.de ) Christian Schuette (christian.schuette@eqt.de) Anil Hansjee (anil@hansjee.net)

3 Kai Romberg (kai.romberg@hgcapital.com) Dan Groen (dan.groen@hgcapital.com) Sascha Kaumann (sascha.kaumann@hgcapital.com)

3 Karim Tabet (karim.tabet@provequity.co.uk) Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)

Andrew Tisdale (andrew.tisdale@provequity.co.uk)

3 Karl Peterson (kpeterson@tpg.com) Anand Tejani (atejani@tpg.com) Jean Baptiste Brian (jbbrian@tpg.com)

2 Tripp Lane (tripp.lane@apax.com) Frank Ehmer (frank.ehmer@apax.de)

2 Andrea Valeri (valeri@blackstone.com) Lance Toler (lance.toler@blackstone.com)

2 Stefan Franssen (stefan.franssen@gmtpartners.com) Natalie Tydeman (natalie.tydeman@gmtpartners.com)

2 Hinrich Stahl (hs@maryland-gmbh.de) Helge Luetzen (hl@maryland-gmbh.de)

2 Michael Korzinstone (michael.korzinstone@silverlake.com)

John Flynn (john.flynn@silverlake.com)

1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com)

1 Jens Hagen (jhagen@uk.adventinternational.com)

1 Jörg Mohaupt (jmohaupt@accind.com)

1 Michael Black (michael.black@bridgepoint.eu)

1 Jason Khaksar (jason.khaksar@carlyle.com)

1 Andrew Young (andrew.young@permira.com)

Fund Attendees Key Contact

7 John Meeks (jmeeks@ta.com) Ajit Nedungadi (ajit@ta.com) Morgan Seigler (mseigler@ta.com)

5 Scott Collins (scollins@summitpartners.com) Christian Strain (cstrain@summitpartners.com) Vincent Lambert (vlambert@summitpartners.com)

5 Konrad Stoebe (konrad.stoebe@warburgpincus.com) Steven Klooster (steven.klooster@warburgpincus.com) Johannes Korp (johannes.korp@warburgpincus.com)

3 Frank Seehaus (fs@actoncapital.de) Jan-Gisbert Schultze (jgs@actoncapital.de) Benedikt Sudbrock (bs@actoncapital.de)

3 Fabio Giuseppetti (giuseppetti@palamon.com) Daniel Mytnik (mytnik@palamon.com) Ricardo Caupers (caupers@palamon.com)

2 Marco Brockhaus (brockhaus@brockhaus-pe.com) Jan Daniel Neumann (neumann@brockhaus-pe.com)

2 Chris Caulkin (ccaulkin@generalatlantic.com) David Lisewski (dlisewski@generalatlantic.com)

2 Sarah Pinto (spinto@greathillpartners.com) Peter Garran (pgarran@greathillpartners.com)

2 Jim Quagliaroli (jim@spectrumequity.com) Jeff Haywood (jeff@spectrumequity.com)

2 Daniel O’Keefe (dokeefe@tcv.com ) Woody Marshall (wmarshall@tcv.com)

2 Stephen Byrne (stephen.byrne@vitruvianpartners.com) Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com)

Expansion Capital

1 Fabian Wasmus (fabian.wasmus@eqt.de)

Mercury 1 Sebastien Briens (sebastien.briens@hgcapital.com)

1 Harley Miller (HMiller@insightpartners.com)

1 Christoph Haschka (christoph.haschka@macquarie.com)

1 Mark Joseph (mark.joseph@oakleycapital.com)

1 Pueo Keffer (pkeffer@redpoint.com)

1 Richard Yen (ryen@saban.com)

1 Morgan Callagy (callagym@vss.com)

Growth Capital (€20-250m) Venture Capital (€5-20m) Private Equity (€250-1,000+m)