Startup Stage - Ecommerce & Product Marketplaces - Presentation by David Maso, Co-Founder & CEO of Promofarma.com at the NOAH Conference London 2017, Old Billingsgate on the 3rd of November 2017.

1. 1Promofarma © 2017Promofarma © 2017

2. Three Conferences, One Mission: Empower the European Digital Ecosystem
To provide a physical marketplace
that facilitates funding of
digital European companies
at all stages
Mission Mission Mission
Connecting
Capital with
Entrepreneurs
Connecting European
Champions
and Challengers
Connecting Israel’s Startups
with Large Corporates
and Investors
30-31 October 2018
Old Billingsgate, London
6-7 June 2018
Tempodrom, Berlin
13-14 March 2018
Haoman 17, Tel Aviv
To promote Israel - European
relationships and enable funding
To bring together future-shaping
executives and investors active
across segments driven
by digital revolution

3. 2Promofarma © 2017
What is Promofarma
Promofarma is an ecommerce marketplace selling Health, Beauty and Personal
Care products, direct to Consumers, from hundreds of independent pharmacies
Direct from
Pharmacies with
lowest price…
...to Consumer’s home
with Next Day delivery
We hold no inventory and our marketplace integrates the catalogue, pricing and
stock levels of a network of 500 pharmacies and health stores
Widest Catalogue
40,000+
Health Products

4. 3Promofarma © 2017
What kind of products we do sell?
Skin Care
Diet & Weight Loss
Baby Food
Baby CareOral Care
Vitamins & Nutritional supplements
Personal Care
Bath & Spa
Eye Care
+70 additional
product categories
40,000+ products 3,000+ Brands80 categories
We provides the widest catalogue of mid-to-high-end consumer health products
in a unique eCommerce marketplace. We do not sell prescription drugs

5. 4Promofarma © 2017
Consumer Health market in Europe
The European Consumer Health market is worth €100B and growing
faster than the local, highly regulated €200B Prescription Drugs market
Our total addressable market is 70B€…. and shifting fast towards ecommerce
Sources: IMS Health, IRI WorldWide, PF
• Skin care, Diet/Weight
Loss, Baby Food, Hair
care, Oral hygiene,
Vitamins and Nutritional
Supplements
• The market is growing year
by year due to an increase
in the self-care lifestyle &
Rapid ageing expected in
many countries
Consumer
Trends
Products
Sellers
• Highly-fragmented market
selling 200.000+ products
• From more than 50.000 off-
line sellers (most of them
independent pharmacies &
health stores)
Consumer Health market in Europe
€100B
70% Promofarma addressable market
OTC
Over The
Counter
19,4%
PEC
Personal Care
40,5%
PAC
Patient
Care
2%
NTR
Nutrition
37,9%
10%
Pain Relief
9,4%
Consumer
Vitamins &
Nutritional
Supplements
Oral care
7,8%
Dermocosmetics
32,7%
Incontinence
0,7%
Baby
16%
Sanitary
accessories
and
others
1,3%
Enteral
19,4%
Diet 2,5%

6. 5Promofarma © 2017
eCommerce: Consumer Health & Prescription drugs market
Currently the consumer health ecommerce market in Europe is 2B€ and
expected to reach 10B€ in 2022
Vertical marketplaces in consumer healthcare are scalable, capital efficient,
take "care of the consumer" and with international potential.
Promofarma is the leader in this category
No dominant player in Europe Horizontal vs vertical marketplaces
Inventory
Warehouses
Branded
Packaging
Next Day
Shipment
Content &
Advice
✓
✘
✘
✘
✘
✘
✘
✘
✘
✘
✘
✘
✘
✘
✓
✓
✓
✓
✓
✓
✓
✓
✓
Main focus on
Prescription
drugs
Consumer health
focus but with stock
& local focus
Marketplace
model integrating
pharmacies
✘
Payments

7. 6Promofarma © 2017
The problem with such a fragmented market (off and on)
Consumers Pharmacies & Health stores
• Price: Price of consumer health
products may differ by up to 70%
between pharmacies
• Product Selection: Difficult to find all
mid-high-end quality products in a
single pharmacy / Supermarket
• Advice: Consumers are improving
their health literacy and expect a
higher level of advice
• Competition: Independent
pharmacies facing high competition
due to development of new retail
chains of consumer health products
• Internet: Traditional independent
pharmacies don’t know how to reach
the new digital consumer
• Reach: Mid-high-end products with
high margins sold by independent
pharmacies have a reduced local
market reach
Ecommerce Internationalization
• Inventory: Ecommerce companies
have local inventory with a country
specific focus due to the SKU
fragmentation demand across EU
• International scale-up: Business model
of ecommerce companies based on
inventory + warehouses is not capital
efficient and doesn’t internationalize

8. 7Promofarma © 2017
Promofarma: Our unique vertical marketplace model
CATALOGUE
PRICE
EASY BUYING
PROCESS
NEXT DAY
Largest product catalogue in a
unique store combined with…
Excellent user
experience, geared
towards high repetition
Selection of best
sellers/ pharmacies
(high margin products)
providing a high
average take rate
(20%) to Promofarma
Buy and “learn” content
strategy for maximum
consumer engagement
… best price
shopping cart option
with proprietary
algorithm
1
2
34
5
6
Promofarma has built a unique vertical managed marketplace model of selected
pharmacies, with the maximum potential for international expansion
Management of end to end
supply chain, allowing guaranteed
next day delivery, without
inventories and warehouses

9. 8Promofarma © 2017
Evolution GMV vs Visits
What we achieved since we launched the marketplace
GMV (M€) Visits(M#)
Key highlights
+40% per Cohort
Repeat buyers
€
Very equity efficient Marketplace model: 6,5M€ up to date
€ €
Media4Equity: 3,2M€Series A: 2,1M€ Convertible: 1,2M€
€
Now Series B
6,6
14,8
24,5
*Includes VAT: Average 16.4%
+40% Sales
Via mobile
20%
High average take rate

10. 9Promofarma © 2017
Our team: 54 talented people with international experience
Founding team:
Current Investors:
Key team members:
+
4 Top Spanish Family Offices

11. 10Promofarma © 2017
Our European cross-border channel just opened in beta.
In just 3 weeks and with no marketing…
we have already sold and shipped to more than 15 countries
Promofarma just started its cross-border operations
1st phase: Cross-border from Spanish sellers
Increase personalised health content
and advice

12. 11Promofarma © 2017
We have an ambitious business plan to conquer Europe
Ambitious plan to lead the ecommerce
European Consumer health marketHighlights
0
50
100
150
200
250
300
350
400
2017 2020 2022
GMV (€M)
6x
2x
Expand into 4 European
countries in the
next 2 years
Increase our proprietary
algorithms and data
science to maximise
customer life time value
Increase personalised
health content and
advice
24
170
348

13. 12PromoFarma.com ©
David Masó
Co-found er & CEO
M. +34 666499517
@ david.maso@promofarma.com

14. 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
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
December 2014
September 2014
October 2014
May 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
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 2016
December 2016
October 2016
Financial Advisor to Oakley Capital
®
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
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
Financial Advisor to Silver Lake
Investment in
by
August 2017
Financial Advisor to EMK Capital
Acquisition of a Majority Stake in
by
at a valuation of $200m