1.
Providing healthcare that fits into people’s lives, so they can get on with living
David Meinertz
Co-founder and CEO

2.
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www.noah-conference.com
2-3
Tempodrom, Berlin Old Billingsgate, London
NOV201722-23 JUN2017
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3.
For over 50 routine, repeat medical conditions DrEd provides
a more convenient and affordable way to manage your health
Patients access the
service in a number
of ways
Patients provide
medical information
via structured
questionnaires
Doctors review every
request &, if suitable,
send an e-prescription
Patients choose
how they receive
their medicine

4.
What (2) problems do we solve?
For patients: Convenience
• Can use our service when/how they see fit
• Will receive a fast response, typically within 1 hour
• Will obtain their meds quickly, typically same or next day
For doctors: Efficient use of time
• Can deal with up to a 100 patients per hour
• That makes our doctors 20x more efficient
• Our platform reduces costs for doctor-patient interactions

5.
Overview
Operate in 6 markets
UK, IRE, France & DACH
B2C & B2B2C
DrEd & Superdrug Online Doctor Service
900k consultations
since launch 2011, more than 200k in DACH
Profitable since 2014
Quintupled the business since
Team of 75
including 15 doctors, all based in London
~50k consultations
in October 2016, more than 11k in DACH

6.
5
Traction – Monthly consultations approaching 50k
0
10,000
20,000
30,000
40,000
50,000
2012 2013 2014 2015 2016

7.
Our asynchronous model is highly scalable
Patient
Patient
Patient
Patient
Patient
Patient
Patient
APPROVED
APPROVED
APPROVED
APPROVED
APPROVED
REFERRED
REFERRED
Proprietary algorithms
and Medical
Application for Remote
Care (MARC) to screen,
sort & prioritize
patient requests
Condition-specific online medical assessment
currently for over 50 conditions
Review and, if clinically suitable,
approval of batched patient
requests safely and efficiently
by our doctors
Patient cannot be treated
remotely and is referred to a
local doctor colleague
Up to 1,000 patients a day (20x)Up to 50 patients a day
NHS GP – 1:1 DrEd Online Doctor – asynchronous
Consultation 8-10 min per patient
PENDING
PENDING
Our doctors require
additional information
from the patient to
make a decision

8.
Monetization model
ARPU
CAC
£43
45%Repeat rate
Within 12 months
£21
KPIs UK Today

9.
Market
# of prescriptions
Total NHS
# of prescriptions
Addressable conditions
810m
50m# of prescriptions
Which could be issued online
320m
UK only (per year) 2015

10.
Where are we headed?
6
>£100m£22m
ARR
10 (incl. US)
Today 5 years
Markets
Gross turnover
KPI
50
InsurancePrivate
150# of conditions
Pay
50k 350kConsultations (month)

11.
What we do, in a nutshell …
We believe in the power of technology to provide a better healthcare experience that is
aligned with a digital life-style while being safe and affordable. We challenge the
status quo: patients should have the resources at their disposal to educate themselves,
take control over their health and choose the most appropriate service.
We perform asynchronous online consultations for a range of low-risk health
conditions and issue prescriptions for the corresponding medication. There is no need to
wait for an appointment and take time out to visit your GP. Online consultations offer
complete confidentiality. Medication can be delivered to the doorstep in as little as 2
hours, or picked up in your local pharmacy. We treated almost 50,000 patients in
October 2016.
Supported by proprietary algorithms, our GPs assess the information provided by
patients and can issue prescriptions if clinically suitable. Medication is dispensed directly
by us or partnering pharmacies. We are regulated by the Quality Care Commission
and focus only on conditions that we can advise on and treat safely without a physical
examination.
Founded in 2011, we operate a fast-growing direct-to-consumer business in the UK,
Ireland, France and the DACH region, and successfully provide a B2B white-label
service to pharmacy chains that want to establish an online doctor presence.
Why?
What?
Where?
How?
More than 900k
consultations since
2011
In October, gross
monthly turnover
exceeded £2.2m for the
first time
75% top-line growth
over the past 12
months – annualised
gross turnover now
exceeds £22m

12.
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
24 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
September 2015
December 2014
September 2014
October 2014
May 2014
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
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
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 Drushim
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