Introduction to NOAH Advisors - NOAH Conference

NOAH San Francisco‘12 on 25-26 June – Save the Date• NOAH San Francisco takes on 25-26 June 2011 at Four seasonshotel in San Francisco• Fantastic line-up of 500+ internet and media executives as wellas financial investors• Currently, 55 CEOs from leading European Internet companieshave confirmed their participation as speakers• For a detailed program and updates, please check: www.noahconference.comMain Ideas Behind the NOAH San Francisco Conference• To enable European Internet companies to establish orimprove relationships with their US counterparts, mediaexecutives and investors• To provide US attendees with an opportunity to meet theleaders of European Internet in one place• To facilitate mutual learning in presentation sessions about theEuropean and US Internet marketThe NOAH Conference wasfounded in 2009 by Marco Rodzynek and is organised by theNOAH Advisors team with sponsorship from some of theworld’s leading financial investorsOverview of the NOAH San Francisco Conference 2012• Full day of presentations by CEOs of a selection of the most successful European internetcompanies• We expect approximately 500+ guests- Mix of senior executives from US Internet and media companies and corporates andleading Internet finance companiesConfirmed European Companies

The NOAH Advisors TeamA team of highly experienced professionals focused on Internet corporate finance advisoryMarco RodzynekManaging Director andFounder of NOAH Advisors(April 2009)Yoram WijngaardeDirectorWith NOAH Advisors sinceNovember 2009Jan BrandesDirectorWith NOAH Advisors sinceAugust 2010Previous Experience• Lehman Brothers, 1998 - April 2009(acquired by Nomura end 2008)- Head of Internet, Media InvestmentBanking- 30 announced M&A deals with a totalvalue of over $95bn, including :Previous Experience• Lehman Brothers, 2004 – November2009 (acquired by Nomura end 2008)- Media Investment Banking- 10+ announced M&A deals, including:Previous Experience• Lehman Brothers, 2005 – May 2010(acquired by Nomura end 2008)- Media Investment Banking- 10+ announced M&A deals, including :• Deals at NOAH Advisors• Deals at NOAH Advisors:• Deals at NOAH Advisors:Contact Details• marco.rodzynek@noah-advisors.com• UK Mobile: +44 77 85 330 330• Swiss Mobile: + 41 79958 1512Contact Details• yoram.wijngaarde@noah-advisors.com• UK Mobile: +44 79 17 084 7845Contact Details• jan.brandes@noah-advisors.com• German Mobile: +49 174 2010 984

Why NOAH AdvisorsNOAH Advisors combines unparalleled expertise in European Internet with bulge bracket investment bankingcompetenceUnique Industry Know-How 100% focused on Internet companies, covering over25 sub-verticals in this highly complex industry- 15+ years active coverage of leading EuropeanInternet companies and investors Deep understanding of industry dynamics andthinking of industry leaders Ability to add value beyond banking advice- Facilitates overall process and minimizesmanagement distractionUnmatched Industry Network and Relationships NOAH Advisors is globally very well connected and hasdirect access to virtually all key players in the industry- Knowledge of and strong relationships withpotential buyers’ key decision makers- Coverage of over 500 companies and 4,000individuals- Proactively finds and unlocks attractive investmentopportunities for leading investors (e.g. Bigpoint) The annual NOAH Conference helps strengtheningand expanding the networkCore Investment Banking Competence The NOAH team has 25+ years of media investmentbanking experience- Routine execution of M&A and financingtransactions with sizes of several billion euros The team has been working together closely for 8years (including 6 years at Lehman Brothers) 14 successfully completed NOAH Advisorstransactions underline successful transfer ofcompetencies to the Internet sectorFull Commitment - We Are Entrepreneurs! The NOAH team are entrepreneurs and focused ongrowing the business and establishing a reputation forexcellence Full commitment to deliver top quality results in shorttime frames Highly success-based compensation structures aligninterests of clients and NOAH Advisors, anddemonstrate conviction to deliver top results7

Unique Access to a Wide Range of Internet InvestorsLong lasting relationships with strategic and financial investorsInternetLarge CapCoverage of over 10,000 industry leaders: 500 target companies and 300 investorsTraditionalTMT & RetailAngels /FamilyOfficesVC andGrowthFundsPrivateEquityHedge FundsMarylandKlaus HommelsArmira8

Financial Investors Present at the NOAH Conference 2011FundVenture Capital (€5-20m)Attendees Key Contact119332222222Harry NelisSonali de RyckerAdam ValkinDominique VidalBen HolmesJan Hammer(hnelis@accel.com)(sderycker@accel.com)(avalkin@accel.com)(dom@indexventures.com)(benh@indexventures.com)(jan@indexventures.com)Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com)Eugene Mizin (eugene.mizin@mangrove-vc.com)Guillaume Durao (guillaume.durao@mangrove-vc.com)Pawel Chudzinski(pawel@pointninecap.com)Lukasz Gadowski(lukasz@teameurope.net)Kolja Hebenstreit(kolja@teameurope.net)Roberto Bonanzinga (rbonanzinga@balderton.com)Dharmash Mistry (dmistry@balderton.com )Marcel Rafart (marcel.rafart@nautacapital.com)Javier Rubio(javier.rubio@nautacapital.com)Pär-Jörgen Pärson(pjp@northzone.com)Hans Otterling(hans@northzone.com)Andrin Bachmann (andrin.bachmann@pitoncap.com)Greg Lockwood (greg.lockwood@pitoncap.com)Alexander Ribbink (alexander@primeventures.com)Rogier Taphoorn(rogier@primeventures.com)Hubert Deitmers (hubert.deitmers@endeit.com)Martijn Hamann (martijn.hamann@endeit.com)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)FundExpansion CapitalMercuryGrowth Capital (€20-250m)Attendees Key Contact75533222222John Meeks(jmeeks@ta.com)Ajit Nedungadi(ajit@ta.com)Morgan Seigler(mseigler@ta.com)Scott Collins(scollins@summitpartners.com)Christian Strain (cstrain@summitpartners.com)Vincent Lambert (vlambert@summitpartners.com)Konrad Stoebe (konrad.stoebe@warburgpincus.com)Steven Klooster (steven.klooster@warburgpincus.com)Johannes Korp (johannes.korp@warburgpincus.com)Frank Seehaus(fs@actoncapital.de)Jan-Gisbert Schultze(jgs@actoncapital.de)Benedikt Sudbrock(bs@actoncapital.de)Fabio Giuseppetti (giuseppetti@palamon.com)Daniel Mytnik(mytnik@palamon.com)Ricardo Caupers(caupers@palamon.com)Marco BrockhausJan Daniel NeumannChris CaulkinDavid LisewskiSarah PintoPeter GarranJim QuagliaroliJeff Haywood9(brockhaus@brockhaus-pe.com)(neumann@brockhaus-pe.com)(ccaulkin@generalatlantic.com)(dlisewski@generalatlantic.com)(spinto@greathillpartners.com)(pgarran@greathillpartners.com)(jim@spectrumequity.com)(jeff@spectrumequity.com)Daniel O’Keefe (dokeefe@tcv.com )Woody Marshall(wmarshall@tcv.com)Stephen Byrne (stephen.byrne@vitruvianpartners.com)Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com)1 Fabian Wasmus (fabian.wasmus@eqt.de)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)FundPrivate Equity (€250-1,000+m)Attendees Key Contact94433322222Stefan GötzZita SaurelBlake KleinmanPhilipp FreiseLucian SchoenefelderVania Schlogel(sgoetz@hf.com)(zita@hf.com)(bkleinman@hf.com)(freip@kkr.com)(lucian.schoenefelder@kkr.com)(vania.schlogel@kkr.com)Dominik Stein (dominik.stein@eqt.de )Christian Schuette (christian.schuette@eqt.de)Anil Hansjee(anil@hansjee.net)Kai RombergDan GroenSascha Kaumann(kai.romberg@hgcapital.com)(dan.groen@hgcapital.com)(sascha.kaumann@hgcapital.com)Karim Tabet(karim.tabet@provequity.co.uk)Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)Andrew Tisdale (andrew.tisdale@provequity.co.uk)Karl PetersonAnand TejaniJean Baptiste BrianTripp LaneFrank EhmerAndrea ValeriLance TolerStefan FranssenNatalie TydemanHinrich StahlHelge LuetzenMichael KorzinstoneJohn Flynn(kpeterson@tpg.com)(atejani@tpg.com)(jbbrian@tpg.com)(tripp.lane@apax.com)(frank.ehmer@apax.de)(valeri@blackstone.com)(lance.toler@blackstone.com)(stefan.franssen@gmtpartners.com)(natalie.tydeman@gmtpartners.com)(hs@maryland-gmbh.de)(hl@maryland-gmbh.de)(michael.korzinstone@silverlake.com)(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)

Holtzbrinck152Wellington255Acton305Endeit255Intel Capital252Kennet205Fidelity2510Index605Peacock255Accel705Bessemer3510Balderton5010Sequoia7055015R Capital8020Silverlake Growth6020Carlyle GrowthBattery7510Palamon7010Oak12015Investcorp10025GMT7020Vitruvian7030Insight7020Cyrte10010Spectrum10030Great Hill15040General Atlantic20020Warburg Pincus20025TCV20040Summit15025Francisco Partners20050Veronis15030HG Capital20040Exponent20060TA20050Silverlake30075Carlyle300100Permira3001003i25050CVC500100Apax400100Providence400100TPG300100Blackstone500100Bain50075Advent600120Cinven300150KKR750100H&F50075The Universe of Financial European Internet InvestorsNOAH Advisors maintains close contact with key investors in all major categoriesVenture Capital Growth Funds Buyout Funds(€ million)EU Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔US Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔Internet Deals 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 1 2 2 2 2 2 2 1 2 2 2 1 1 1 1 2 2 2 2 1 1 2 2 1 3 2 1 3 3 3 2 3 3 1800800700Equity Investment Size700600Control Investments Only600500Sweet Spot50040040030030020020010010000Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment.10

Internet is a Complex Parallel Economy300 European public/private Internet companies valued at about €100 billion, of which over 150 worth over €100mSegmentMarket Size(€bn)MaturitySelected Leading European CompaniesEst. AggregateValue (€bn)Consolidation PlayE-Commerce 173 Advanced123 TV, Allopneus, art.com, Artnet, Artprice, ASOS, Black Circles.com, Bodaclick, Brack, Brandalley, Brille 24, CDiscount.com,CentralPoint.nl, ComputerUniverse.net, Cool Blue, CTS Eventim AG, Cyberport, Deal United, Delticom, Digitec, ditech.at,eBuyer, Elbee, e-shop.gr, Euronics, Glasses Direct, Glassesusa, Hawesko, HepsiBurada.com, Hofmann, Hut Group, iBOOD,Justeat, KupiVIP, Laithwaites, LDLC, Leguide.com, M and M, MediaShopping.it, microspot.ch, Mind Factory AG,MisterGoodDeal.com, Mydeco, mylemon.at, MyTheresa, Notebook.de, Notebooksbilliger.de, NRHolding, Ocado, Ofertix,15.7 Offerum, paydro, PCP.ch, Pearl.de, Photoways, Pixmania, Privalia, Rue du Commerce, Seatwave, See Tickets International,Showroomprive, Smart & Co, Spreadshirt, Steg Computer, Studio Moderna, Teknosa, Tgo.it, The eTailers, Tipp24,TPOInformatica.com, Vente Privee, Viagogo, Wiggle, Wikimart, Wonderbox, Worldstores, Worldticketshop, Yatego, Yoox,YouBuy.it, Zalando, ZooplusOnline Classified 12 AdvancedAuto.ru, Autotrack, autovit.ro, bakeca.it, car.gr, Casa.it, Easyroommate, Experteer, Funda, Idealista, Immobiliare.it, Jaap.nl,Jobs.ch, Kariyer.net, meinestadt.de, milanuncios.com, Moto.it, quoka.de, Qype, ria.ua, Rightmove, Sahibinden, Schibsted,9.3 Scout24, standvirtual.com, Stepstone, totaljobs, Trader Media Group, Yakaz, ZooplaOnline Travel 58 MatureAvailpro, BCD Holdings, bravofly, Cheapflights, easy voyage, eDomizil, eLeisure, Expotel, Fastbooking, Holidaycheck,Hoseasons, Hostelbookers, HRS, i:FAO, INTER CHALET, Interhome, Low Cost Travel Group, OctopusTravel.com, odigeo, Pierre &Vacances, Rumbo, Seat24, Skyscanner, spareroom.co.uk, TheTrainline.com, Travel Republic, TravelHorizon, Trivago,8.0 VoyagePrive, WebresPortals/Diversified 10 Mature Begreat, Interia, Onet, Rambler, RosBusinessConsulting, Seznam, Softonic, Unister, United Internet, Yandex 6.3 Lead Generation 6 AdvancedBabylon, Check24, Companeo, Conduit, Confused.com, Courtier Meilleurtaux.com, Educaedu, Emagister, Interhyp,Moneyexpert, Moneysupermarket, MutuiOnline SpA, PagesJaunes, Perform Group, SEAT, Skyscanner, Trovit, Truvo, Twenga5.5 Betting 2 Advanced Betfair, Bwin 5.0 Online Gaming 6 Early1C Company, Alaplaya, Ankama, Astrum, Bigpoint, CCP hf, Crytek, eRepublik, Game Insight, GameDuell, Gameforge, Gamigo,Innogames, Jagex, King.com, MindCandy/Moshi, Miniclip, Playagames, Spil Games, Travian Games4.6 Info Services 2 Advanced Acturis, Boursorama, Bureau van Dijk, Call Credit, dunnhumby, Hometrack, Juris, Mendeley, Netvibes, vlex, Zylab 3.0 Online Advertising 23 AdvancedAdconion, Adscale, Aedgency, Afilo, Antevenio, Astramedia, Criteo, Cube Group / Netsales, eCircle, Hi Media, lbi international,Maxymiser, Metrixlab, Mythings, Netaffiliation, Sponsorpay, TradeDoubler, Zanox2.9 Anti-Virus 2 Early AVAST, AVG, Avira, eset, Kaspersky, Panda Security, Sophos 2.7 Online Payment 2 Advanced Adyen, ChronoPay, Clear2Pay, icepay, Moneybookers, ogone, Rentabili Web, Retail Decisions, Wire Card 2.2 Financial Services 5 Early eToro, IG Group, Oanda, Saxo Bank, Wonga, Zulutrade 2.2 Marketplace 6 EarlyBullionVault, Fotolia, Justgiving, Lieferheld, Livebooking Network, Restopolitan.com, Teleroute, Timocom, Tradingpartners,TRANS European, Transporeon, Wtransnet1.7 Social Networks 1 Early Badoo, Nasza Klasa, Stardoll, StudiVZ, Sulake, Viadeo, vkontakte.ru, WAYN, Xing 1.7 E-commerce Infrastructure 3 Arsys, Bertelsman Services Group, D+S, docdata, Euroweb, Hermes, Kiala, YCD Multimedia 1.6 Paid Services/Content 3 Advanced Be2, ElitePartner, NTR Global, Parship, Spinvox, TeamViewer, Template Monster, United Maps, Wix 1.5 Content 3 Advanced Beaufort Media, Best Of Media, CCM Benchmark, Glam, Populis, VRWAY 1.3 SaaS 5 Advanced ePages Software, Huddle, IBX Group, Neteven, Rate Tiger, SOHO OS, Tagman, Veeam 1.0 Mobile Internet 1 Early 24-7 Entertainment, Acotel, Netsize, Vitaminic, Zed 0.5 Online Music

Europe’s Largest Internet CompaniesA significant number of companies valued above €200 millionSelected European Internet Companies with Estimated Valuation of €200m+12

Selected Investor ReferencesThe best trust us and work with usName Background and Deal Experience Name Background and Deal ExperienceDom Vidal(Partner IndexVentures)Martin Weber(Holtzbrinck Ventures,Managing Partner)Harry Nelis(Partner AccelPartners)• Index Ventures is one of Europe’s leading Internet VC group• Joined Yahoo! from Kelkoo, when Yahoo! acquired the companyin March 2004• CEO of Yahoo! Europe from 2004 to 2007• Deals: Kelkoo, Adconion, Be2, Criteo• Accel is a leading globally active VC• Before joining Accel, was at Perry Capital, a $10bn hedge fund• Spent a decade in Silicon Valley and was founder of E-motion• Deals: Gameforge, Check24, Kayak, Netvibes, Onforce, DoubleFusion, SpreadshirtGreg Lockwood(Partner Piton Capital)• More than 14 years of experience in the private equityindustry• Has invested in more than 80 companies, built severalcategory leading businesses in consumer internet• Deals: Brands4Friends, Parship, Experteer, GameDuell, My-Hammer, Adscale, Zalando• Involved in early stage internet investing as a partner with UBSCapital and as an angel investor since 1996• Recently founded Piton Capital to invest in marketplace• Sunrise, Betfair (and former Chairman of betfair)Klaus Hommels(Klaus HommelsCapital)Jonathan Meeks(Partner TAAssociates)• Klaus is Europe's most successful and respected angel investor• Joined AOL in 1995• Deals: AOL, Freenet, Skype, King.com, Stardoll, XING, Spotify,Xing• TA Associates is a leading European growth capital investor• Deals: M&M, eCircle, Micromax, AVG, Fotolia, eDreams,GlobeOp, OpenLink, Radialpoint, Datek Online Holdings, IdeaCellular and The Island ECNicolas Massard(Principal, AbryPartners)Tomas Diago(Founder/CEOSoftonic)• Principle at leading U.S. growth capital fund, joined in 2010• Joined Spectrum in January 2002 from Continuum Group, aLondon-based communications venture capital firm• Deals: Demand Media, Riskmetrics, Eutelsat, Classic Media,etc.• Founder of Softonic.com, one of the most visited sites in Spainwith 70m monthly unique visitors• European leader in software downloading• Second client of NOAH Advisors• Sold a

Completed TransactionsMay 2012April 2012July to December 2011December 2011November 2011$150 million growth equity investmentfromSale of 100% inIdentifying European AcquisitionTargets forFund raising forSale of a majority stake infor a 50% stake alongside Fotolia’sFounders and TA AssociatesAdditional $150 million senior debtfinancingExclusive Financial Advisor toFotolia and its shareholderstoFinancial Advisor toToprural and its ShareholdersAdvisor to Reach Localfrom various investors includingAngel InvestorsAdvisor to Work4 LabstoQuants Financial Services AGExclusive Financial Advisor togrupfoni and its ShareholdersAugust 2011July 2011April 2011April 2011April 2011Fund raising forSale of a majority stake inhave acquired a majority stake inFund raising forSale of a majority stake intofrom various investorsfor $350m fromfrom various investorstoAdvisor to RankAboveAdvisor to EnGrandeExclusive Advisor to Summit Partnersand TA AssociatesAdvisor to AdTelligenceAdvisor to YategoMarch 2011October 2010June 2010December 2009April 2009Call option agreementfor an investment inInvestment inInvestment inPartial sale of$80m partial sale ofbybytotoby an undisclosed partyValuing Softonic at €175mAdvisor to EnGrandeAdvisor to JamesListAdvisor to BullionVaultAdvisor to SoftonicAdvisor to Fotolia14

$300m Fotolia Investment is EU’s Largest Internet LBO in 2012NOAH Advisors has been working with Fotolia since early 2009 and introduced KKR to the deal opportunity$150 million growth equity investment fromfor a 50% stake alongside Fotolia’s Founders andAdditional $150 million senior debt financingTotal $300 million investmentExclusive Financial Advisor toFotolia and its shareholdersDeal TeamsOleg Tscheltzoff, Thibaud ElziereJohn Meeks, Timo KienleMay 2012Philipp Freise, Lucian Schonefelder, VaniaSchlogel, Thijs van Remmen, Justin Lewis-Oakes, Valeria RebullaMarco Rodzynek, Yoram Wijngaarde,Jan BrandesOverview of Fotolia• Fotolia is the leading European crowd-sourced market place for microstock images and video contentwhere over 3 million members to buy and license micro-stock images• The Company was founded in October 2005 by Oleg Tscheltzoff and Thibaud Elziere. Management selffundedthe company to become a major internet player, with market leading positions across Europe, andstrong brand recognition (known as leader and creator of micro-stock in Europe)• Over 145,000 professional and amateur photographers license their images via Fotolia• With over 17 million digital images and videos to choose from, Fotolia offers one of the largest imagedatabases of quality, for SMEs, individuals, graphical professionals, and corporates. Fotolia websites areoperated in 15 countries in 11 languages (English, French, German, Spanish, Italian, Portuguese, Polish,Russian, Japanese, Turkish, and Korean)• High structural market growth, attractive B2B online marketplace characteristics, predictable revenuestreams and strong Fotolia leadership position driven by best-in-class management team make Fotolia ahighly attractive growth investment for KKR• The company has a global organization of about 80 employees, headquartered in New YorkTransaction Summary• KKR is making a $150 million growth equity investment in Fotolia for a 50% stake. In addition, KKR, TAAssociates and Management worked with KKR Capital Markets, who acted as sole arranger, HSBC, Lloyds,GE Capital, IKB and Mizuho to put in place a senior $150 million senior financing for the Company. KKR'sability to raise this amount of debt in a challenging European financing market, clearly differentiated KKRin this transaction• Although Fotolia is not raising new funds as part of the deal, the new partners will help it to expandinternationally, accelerate business development, and fund future acquisitions• Fotolia received is first growth investment from TA Associates in April 2009NOAH 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 andintroduced 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 afast execution based on in-depth knowledge the company, and intelligence around the best potentialinvestor candidates15

Toprural Transaction Case StudyNOAH Advisors advised on the sale of the leading Spanish vacation rental websiteSale of 100% intoApril 2012Overview of Toprural• Toprural is a rural accommodation search engine focused on independently owned rentalproperties in rural France, Spain, Italy and Portugal- Clear market leadership in Spain• The company has ~12k paid and ~30k free listings for bed-and-breakfast properties andvacation rentals• The Toprural website operates in 8 languages, including English Spanish, Portuguese, French,Catalan and Dutch and features accommodations varying from farmhouses in Tuscany to fincasin Mallorca• The company was founded in 2000, has 46 employees and is based in MadridFinancial Advisor to Toprural and its ShareholdersDeal TeamFrancois Derbaix, Founder and CEORafael Pérez-Olivares Hoepfl, COOMarco Rodzynek, Yoram Wijngaarde,Jan BrandesTransaction Overview• On 2 April 2012, HomeAway Inc., the world’s largest online marketplace for vacation rentalsbased in Austin, Texas, USA, acquired a 100% of Toprural for an undisclosed amount in an allcashtransaction• The acquisition broadens HomeAway’s reach in Europe and adds inventory that appeals to aseekers of long weekend getaways to small towns or countryside destinations• Following the acquisition, COO Rafael Pérez-Olivares Hoepfl will serve as General Manager andreplace François Derbaix, who will stay on as a consultant during the transition.• Toprural is the 18th acquisition for HomeAwayNOAH Advisor’s Role• NOAH Advisors has been working with Toprural and its shareholders since early 2010• Toprural and NOAH Advisors worked together intensively, exploring options with a number ofstrategic and financial investors• NOAH Advisors acted as financial advisor to Toprural and its selling shareholders16

grupfoni Transaction Case StudyNOAH Advisors advised on the majority sale of the market leading group buying company in TurkeyNovember 2011Overview of grupfoniSale of a majority stake in• The company operates Turkey’s leading group buying site with 1.4 million members, over 300kfollowers on Facebook and up to 150k daily visitors• To date, the company has sold over 1.4 million coupons in over 7,000 deals in the categoriesrestaurants, beauty, travel, nightlife amongst otherstoQuants Financial Services AGExclusive Financial Advisor to grupfoni and its ShareholdersDeal TeamBurak Hatipoglu, Co-founder and CEOMünteha Mangan, Co-founder and CSO• grupfoni was founded in June 2010 in Istanbul by Burak Hatipoğlu and Münteha Mangan• grupfoni has established a market leading position in the Turkish group buying market despitecompetition, mainly from Grupanya and SehirFirsati (Groupon)• Turkey is one of the most exciting e-commerce markets in Europe with Internet penetration of~45% and e-commerce usage only 5% of the population the last 12 monthsYoung, emerging Internet population (40% are below 24, over 70% under 34) with relativelylow, but increasing purchasing powerTransaction Overview• On 9 November 2011, Quants Financial Services AG, a Swiss investment company acquired amajority stake in grupfoni for an undisclosed amount• For majority shareholder Group Buying Global (GBG), a Zurich-based holding company run byKlaus Hommels and Oliver Jung, the transaction represents the latest in a series of highlysuccessful exits from its portfolio of global group buying and private sales operators, followinge.g. Markafoni and DeinDeal• Management shareholders will continue to lead the company, backed by its new investorsNOAH Advisor’s RoleSellersGBG: Klaus Hommels, Oliver Jung, ManuGuptaAlterInvest: Samih Toukan, Hussam KhouriEmre KurttepeliMarco Rodzynek, Jan Brandes,Yoram Wijngaarde• NOAH Advisors has maintained a close relationship with Group Buying Global for two years andhas worked with Klaus Hommels and Oliver Jung on multiple occasions• NOAH Advisors was mandated following inbound interest to acquire the grupfoni• grupfoni and NOAH Advisors worked together intensively, exploring options with a number ofstrategic and financial investors• NOAH Advisors acted as exclusive financial advisor to grupfoni and its selling shareholders17

EnGrande Transaction Case StudyNOAH Advisors partnered with EnGrande, exploring a range of strategic alternatives, resulting in a highlysuccessful outcome for all partiesSale of a majority stake inthe owner oftoExclusive Financial Advisor to EnGrande S.L.Deal TeamJohn Erceg (founder and CEO)Fabio Massimo Giuseppetti, Jaime-EnriqueHugas, Ricardo CaupersSponsor: Louis ElsonMarco Rodzynek, Yoram Wijngaarde, JanBrandesJuly 2011Overview of EnGrande• EnGrande S.L. ("EnGrande" or "the Company") was established in 2003 by founder and CEO John Erceg togenerate bookings for budget hotels and apartments• Following a period of rapid expansion across Europe and selected cities in America and Asia-Pacific, theCompany now has more than 7,000 establishments worldwide directly contracted to its service andprocesses more than €80 million of bookings per annum• EnGrande's websites, which include www.budgetplaces.com, and a network of dedicated 30's citywebsites, such as www.london30.com and www.amsterdam30.com, are aimed at cost-conscious, mostlyEuropean leisure and business travellers• The Company employs 85 staff and is headquartered in Barcelona with offices in New York and Dublin• The EnGrande team is passionate about finding new well-located, cheap and clean establishments,partnering with hoteliers to fill their rooms profitably with a unique easy-to-use backoffice system whichoffers maximum administrative efficiencyTransaction Rationale• The online accommodation bookings market has proven to be a massive opportunity. Gross bookings ofthe European hotel sector are estimated to total about €85 billion per annum, of which online bookingscurrently account for around €14 billion• The European budget accommodation sector itself is currently worth approximately €15 billion per annumand is rapidly growing, in part due to the expansion of low cost carriers• The fragmented nature of accommodation suppliers and their low online penetration presents EnGrandewith a strong opportunity to accelerate the growth of its network of providers• A key part of the growth plan is a shared commitment to grow the platform to become the leader in thebudget accommodation category• Palamon Capital Partners is a leading European mid-market private equity firms• The terms of the transaction were not disclosedNOAH Advisor’s Role• EnGrande decided to partner with NOAH Advisors, following inbound interest to acquire the Company• EnGrande and NOAH Advisors worked together intensively on exploring a wide range of strategicalternatives, while the Company grew from strength to strength was able to scale its platform rapidly• NOAH Advisors acted as exclusive M&A financial advisor to EnGrande18

Bigpoint Transaction Case StudyNOAH Advisors identified the Bigpoint opportunity early on, and re-introduced the deal to Summit Partners andTA Associates based on superior insight into the situationandApril 2011are jointly investing $350m to acquire a majority stake infromExclusive Financial Advisor toSummit Partners and TA AssociatesDeal TeamHeiko Hubertz, Arthur Bastings, Simon Guild,Nils Holger Henning, Philip Reisberger, TobiasReisberger, Michael Gutsmann, Jan WerginScott Collins, Christian Strain, Vincent Lambert,Nicolas Slim, Ronan GouelloJohn Meeks, Morgan Seigler, Khaled HeliouliMarco Rodzynek, Yoram Wijngaarde,Jan BrandesOverview of Bigpoint• Bigpoint was founded in 2002 by Heiko Hubertz (co-CEO) in Hamburg and has become a globally leadingonline gaming company, with over 185m registered users in over 150 countries, 250,000 dailyregistrations, millions of paying users, and 1 million+ concurrent users• Its 60 active browser games in 25 languages include core games such as Seafight and DarkOrbit, nextgeneration3D games such Battlestar Galactica Online, and casual-social games such as Farmerama andZoomumba. A strong pipeline includes The Mummy and RamaCity• Bigpoint’s games are free-to-play, with paid virtual items. Paying users spend an average of circa €20 ($29)per month and purchase over a billion virtual items every day• Bigpoint is one of the best-positioned online gaming platforms, in the sweet-spot of a market with severalstructural growth dynamics (fast growing $15b+ online gaming market, the $2.5b+ free-to-play modeloutgrowing the market) and better developer risk-return characteristics• Bigpoint has built an industry-leading platform in terms of user analytics, virtual items sales, a diversifiedportfolio of strong games in different segments, coupled with a strong pipeline• The company’s strong growth track-record, industry-leading profit margins, and high-quality managementteam made it a highly attractive investment opportunity for TA and SummitTransaction Summary• TA Associates and Summit Partners are jointly investing $350 million for a majority stake. Heiko Hubertz,Bigpoint’s founder and co-chief executive, will retain his 30% stake• Comcast Interactive Capital, GMT Communications and General Electric sell down their stakes. GMT andGE will retain a minority stake. GMT and NBC Universal acquired a 70% stake in June ‘08 at a $110mvaluation. They have made a fivefold return on their investment• Although Bigpoint is not raising new funds as part of the deal, the new partners will help it to expandinternationally, make acquisitions and develop software• Completion is subject to regulatory approval and other standard conditionsNOAH Advisor’s Role• Bigpoint has been a close relationship of NOAH Advisors for close to two years• NOAH had intensively followed Bigpoint as a potential transaction opportunity and re-introduced the dealto Summit Partners and TA Associates based on superior insight into the situation• NOAH Advisors acted as exclusive M&A financial advisor to Summit and TA, bringing in-depth knowledgeof the online gaming sector, the company, and intelligence around the opportunity19

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