3. Confidential Information - Commercial (CI-C)
1. Saving Hobbyists
2. Saving Resignists
2
3. Saving Resistors
1 in 5
switch every year1
3 in 5
switch
sometimes1
1 in 5
never switch1
1. Estimates based on a survey of average switching rates for Car Insurance, Home Insurance & Energy
People are still spending more than they need to
4. Confidential Information - Commercial (CI-C)
3
The addressable
opportunity for growth ▪ Current size in UK ~£1.1bn1
▪ Dominated by 5 key players
▪ Limited innovation
1. Across Car Insurance, Home Insurance and Energy
▪ Potential opportunity 3 – 4x2
bigger than today – UK aloneHuge Unaddressed
Opportunity
1. Saving Hobbyists
2. Saving Resignists
Traditional Price
Comparison
5. Confidential Information - Commercial (CI-C)
4
Inertia is evident in switching
Barriers to switching
1/3 think it is too
much hassle
1/5 think it is
confusing
4%
12%
16%
20%
31%
34%
35%
Worried energy supply
could be switched off
I don’t have time
No benefits to changing
supplier/tariff
It's confusing
Satisfied with the price
of existing supplier/tariff
Too much hassle
Satisfied with current
supplier/tariff
6. Confidential Information - Commercial (CI-C)
Incremental 23m household opportunity in
Energy in UK alone
51. According to Ofgem’s latest State of the Energy Market, 54% of households are on Default Tariffs (October 2018)
2. Potential opportunity per annum assuming £30 fee per fuel for 23m households
3. Number of switches in 2018 based on BEIS / Ofgem data
Existing Switching Households
20%
80%
~28M
households
~5M3
switched energy in 2018
£0.3bn
~15M households are on
a Default Tariff1
~23m
£1.3bn2
Household Opportunity
7. Confidential Information - Commercial (CI-C)
6
Revolutionising an industry
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Switching inertia works
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Savings Resignists
for customers Powered by our proprietary
technology platform
8. Confidential Information - Commercial (CI-C)
7
Consumers are ready for it
% of
respondents
45%
38% 35%
40%
27% 24% 25%
40%
40%
39%
33%
36%
33% 31%
85%
77%
74% 73%
63%
57% 56%
Energy Broadband &
Mobile
Home
Insurance
Car
Insurance
Bank
Accounts
Pay TV Credit
Card
Very Appealing
Appealing
Source: Bilendi, Nat rep quant, N=1,001, Q1 2019
9. 8
Confidential Information - Commercial (CI-C)
>220k live customers in 12months
8
<5k
July 2018
>220k
live customers1
0
Jan 2018
>175k
July 2019
c.+28%
2 brands, 23M households, transformative by 2022
10. 9
Confidential Information - Commercial (CI-C)
Ambition = 3m customers with strong
unit economics in the UK alone
July
2019
26th Sept
2019
2022
>175k
live customers
July
2018
<5k
customers
Ambition
3 million
c.10% of UK
households
Target >260k live
customers by 31st
December 2019
31st Dec
2019
>220k
live customers
Significant
Annual
Recurring
Revenue
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 10th 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
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE®
The NOAH Advisors Core Banking Team
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Associate
Lukas Schlund
Analyst
December 2014 October 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
October 2016
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
December 2016
August 2017
Financial Advisor to Silver Lake
Financial Advisor to EMK Capital
Investment in
Acquisition of a Majority Stake in
by
by
at a valuation of $200m
November 2019 July 2019
September 2018
Financial Advisor to MagicLab
Financial Advisor to AU10TIX
and its shareholders
Financial Advisor to 10bis
and its shareholders
Acquisition of a 79% stake in $60m Investment in
Sale of 100% in
by
at a valuation of ~$3 billion
at a valuation of $260m by
for €135m to
10Bis