Confidential & Proprietary

Company Presentation Jan-18

Confidential & Proprietary

All material contained herein is for discussion purposes only, is strictly confidential and intended for your use only during MarleySpoon GmbH’s

presentation. This presentation is not an offer of any securities or invitation to purchase securities of any kind and is not intended for distribution to, or

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subsidiary undertakings of any such parent undertakings or any of their respective directors, officers, partners, employees, agents, affiliates,

representatives or advisers, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in the

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This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from

those described in these forward-looking statements due to certain factors, e.g., changes in business, economic and competitive conditions,

regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the

availability of financing. MarleySpoon GmbH does not undertake any responsibility to update any forward-looking statements or to correct any

inaccuracies contained in this presentation.

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1

Disclaimer

Confidential & Proprietary

Fabian SiegelCo-founder & CEO

previously Co-founder at

Delivery Hero

Till NeatbyCo-founder & User Experience

previously VC at

Atlantic Internet

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Prior team experience

Highly experienced management team –

Already built a $bn+ business in the food industry

Maria SiedlaczekCulinary

Joerg BranerCTO

Rolf WeberMD Australia

Katalin FritzCustomer Care

Julian LangeFinance

Jonas ErichMarketing

Mathias OttitschOperations

Shannon SawyerMD USA

Confidential & Proprietary

Marley Spoon changes the way people cook…

33

is a manufacturing-enabled service to disrupt

traditional supermarket business models

Groceries have been stagnant for 100 years…

now we disrupt how people cook

>9,000 recipes developed

Best in class NPS of ~45

Active in 6 countries

~90,000 active customers

~160% yoy growth reaching net

revenues of €53m in FY 17 >10,000,000 meals delivered

Note: 2017 figures are preliminary and unaudited

Source: Company information

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What we do

Our business model

Vertically integrated, direct-to-consumer brand solving

an every-day problem for you: “What are we going to

cook tonight?”

1

2

3

4

Our customer value proposition

Unrivaled value proposition to our

customers

Fresher and faster

Healthy and diverse recipes

Fresher produce than supermarkets

Flexible cooking plans

Eco-friendly

No food waste

Recyclable packaging

Customer centricity

No planning what to cook

No shopping and free delivery

Transparent and fair prices

Source: Company information

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Most customers are referred by existing customers Best in class Net Promoter Score (NPS)

Global view of acquisition channels as of Q4-2017

Referrals &

WOMOther Online

Offline & PR

Display

Email

Source: Company information

Customers love cooking with Marley Spoon

~1/3of new customers

already come via

referral & WOM

~45Net Promoter

Score (NPS)

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Data-driven R&Denabling customer-

centric menu creation

Direct sourcingof ingredients

from producers

In-house manufacturingbased on proprietary and

standardized global processes

Outsourced logisticstaking advantage of

increasing last mile options

6

10-12recipes

per week

2-6xcooking

per week

2-10portions per

recipe

We are a customer-centric food manufacturer

Happy customersdue to defect-free boxes &

world-class customer care

Source: Company information

We offer best-in-class menu choice and flexibility

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Questioning traditional supermarket business models

Note: 1) Average supermarket; 2017 figures are preliminary and unaudited

Source: Company information

Eliminating waste and creating a branded personalized service while

focusing on minimizing SKUs leads to game-changing margins

Personalized

service

End-to-end

control

Brand

eCommerce

Factors to

consider

Traditional

supermarket

Waste

~1%

~30%

Price ProfitabilitySupply

chain

100

SKUs

5-25k

SKUs1)

– not meaningful –

Real estate

Central

fulfillment center

Retail outlets in

prime locations

+ fulfillment

facilities

Better product/ service… …offered at highly competitive prices

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Foods & Groceries

$5,000bnTravel

~$3,000bnFashion

>$1,000bn

Consumer

electronics

>$300bn

<3%

42%35%19%

Global Market Size

US Online Penetration

Disrupting the US grocery market poses a historic

opportunity for the eCommerce industry

Groceries is the last historic opportunity in eCommerce – and the biggest

Source: Statista (2015); Euromonitor, Consumer Electronics Association (2014); eMarketer (2013); Morgan Stanley (2013); BCG (2013); Statista (2012)

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Putting things into perspective –

this cannot be a winner-takes-all market

Note: 2017 figures are preliminary and unaudited

Source: Company information, Blue Apron Form S-1, Statista (2015); Euromonitor, Consumer Electronics Association (2014); eMarketer (2013); Morgan Stanley (2013); BCG (2013); Statista (2012)

MS BA WF Total market

~$900m

~$15bn

97% offline

US

gro

cery

mark

et -

$900bn

2% market share

2017

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Note: Regional split based on 2017 revenues; 2017 figures are preliminary and unaudited

Source: IMF, Euromonitor, Data for 2017E

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Focusing on large, mature, early-adopter markets that demonstrate traction

39% of revenues

Marley Spoon operates in all key meal kit markets

6 countries ~20% of global GDP ~200m households >€1tn in food retail

Australia Europe USA

27% of revenues 34% of revenues

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Note: 1) Includes media and vouchers; 2017 figures are preliminary and unaudited

Source: Company information

Customer stickiness leads to 6M payback and 3x LTV

Global unit economics (extrapolated), actual margin (Q4 2017 figures)

(100.0)

100.0140.0

200.0

300.0

Acquisition 6M 12M 24M 48M

All-in CPA1)

Gross CM

Gross sales

in €

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38

96

Dec. 16 Dec. 17

12

Exceptional growth track-record

3

20

53

FY 15 FY 16 FY 17

in €m

~7.5x

~2.6x

in 000’s

~2.5x

Note: 2017 figures are preliminary and unaudited

Source: Company information

Asset light and capital

efficient expansion potential1 2Highly visible revenue profile

through subscription model 3Scalable customer acquisition

model

Net revenues Active customers

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FY 16 FY 17

13

Average order

size ~ €5053

Cost structure

Continuous margin improvement

Note: G&A expenses in % of net revenue; 2017 figures are preliminary and unaudited

Source: Company information

G&A expenses (in % of net revenues)

~ 74%

~ 40%

Strong unit economics thanks to margin expansion in 2017. Contribution margin has climbed to 20%.

G&A (in % of sales) also decreased from 74% (FY 16) to 40% (FY 17)1

2High profitability even before reaching scale proves attractiveness of business model and discipline in

execution

~ 41%

~ 39%

~ 20%

FY 17

20

Food

Fulfillment

CM

Revenues in €m

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7.8

9.4

11.8

14.7

17.4

5.0 4.4 4.8 5.05.8

7%

17%

21%

23% 23%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17

0.1 0.20.8

1.6

2.8

3.8

5.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16

Quarterly net revenue and contribution margin development

in €m

Strong topline growth paired with tight cost control

Note: 2017 figures are preliminary and unaudited

Source: Company information

While revenues increased by c. 120%, G&A expenses

remained relatively flat between Q4 16 and Q4 17

(increasing only by 16%)Revenue

G&A expenses

14

Confidential & Proprietary15

• Amazon fresh launched their meal kit business by starting to sell food

kits by Martha & Marley Spoon and Tyson Tastemakers

• Amazon currently is the only major food kit provider that does not

require customers to subscribe to a serviceLaunched in April 2017

Strong partnerships and innovation foster growth

• PostNL delivers the first boxless meal kit

• The Dutch delivery service delivers Marley Spoon products in reusable

boxes that can each be used 300-500 times

• The partnership will save an estimated 1,610 trees and 97t of paper

over the yearLaunched in Feb 2017

• Partnership with “Americas most trusted home cook”

• Instant brand recognition in a field of ‘unbranded’ US competitors

• Access to Martha’s celebrated recipe collection and smart cooking

advice

• High-quality produce and seasonal recipes for easy weeknight cooking

Launched in June 2016

Note: 2017 figures are preliminary and unaudited

Source: Company information

• At $5 per serving, Dinnerly is THE affordable meal kit service

• It was launched in the US and is currently undergoing market testing

• Dinnerly targets price-sensitive customers by adapting Marley Spoon’s

subscription model

Launched in Aug 2017