Health & Insurance - Presentation by Min-Sung Sean Kim, Partner of Allianz Ventures at the NOAH Conference Berlin 2017, Tempodrom on the 23rd of June 2017.

1. VENTURE CAPITAL
IN
DIGITAL HEALTH
2017
MIN-SUNG SEAN KIM
ALLIANZ VENTURES

2. GET YOUR TICKET TODAY!
www.noah-conference.com
6-7
Old Billingsgate, London Tempodrom, Berlin
JUN20182-3 NOV2017
SAVE THE DATE

3. DIGITAL HEALTH
TELEMEDICINE
ANALYTICS AND DATA
DIGITAL MEDICAL DEVICES
WEARABLES AND BIO-SENSING
GENOMICS AND SEQUENCING
POPULATION HEALTH MANAGEMENT

4. The digital
healthcare
market will
almost
double in
size over the
next three
years.
23,8
59,7
103,2
20
24,8
29,1
6,4
24,2
55,9
0,4
4,5
6,3
10,1
22,6
38,9
0
50
100
150
200
250
2013 2017F 2020F
USDBILLION
WIRELESS HEALTH EHR/EMR MOBILE HEALTH TELEHEALTH OTHER
MARKET VOLUME OF DIGITAL HEALTH SEGMENTS (USD BILLION)
60.8
135.9
233.3
CAGR 23%
CAGR 6%
CAGR 36%
CAGR 46%
21%
CAGR 21%
Source: Arthur D. Little – Succeeding with Digital Health (2016)

5. 1 $914mil Big Data/Analytics
2 $500mil Patient/Consumer Experience
3 $500mil Patient/Consumer Experience
4 $488mil Patient/Consumer Experience
5 $400mil Wellness
LARGEST DEALS OF THE PAST 15 MONTHS
$1,9B
$2,4B
$2,9B
$7,1B
$5,9B
$8,1B
298
498
670
590
527
599
2011 2012 2013 2014 2015 2016
Deal Volume Deal Count
~3x
increase
since 2013
Despite some volatility, the
market for Digital Health
funding is increasingly dynamic.
VENTURE INVESTMENT IN
DIGITAL HEALTH STARTUPS
Source: StartUp Health Insight Report (2016 & Q1 2017)

6. DATA
ANALYSIS
DATA
ACCUMULATION
THERAPEUTICS
DATA
SHARING
GENOMICS
TELEMEDICINE
BETTER OUTCOMES WHILE
REDUCING COSTS
DIGITAL
MEDICAL
DEVICES
WEARABLES
The ultimate
goal of digital
health
applications is
to improve
outcomes and
reduce costs
for patients
and providers

7. 100 YEARS AGO 25 YEARS AGO TODAY
Human touch Machine assisted
Analog
Technology enabled
Digital
THE DIGITAL INFLECTION POINT
YEARS UNTIL ADOPTED BY 25% OF US POPULATION.

8. 48%YEAR-ON-YEAR INCREASE IN HEALTHCARE DATA
YEARS TO DOUBLE MEDICAL KNOWLEDGE
1950
50 YEARS
1980
7 YEARS
2010
3.5 YEARS
2020
?
Source: KPCB Internet Trends 2017; IDC & EMC (2012,2013); National Institutes of Health, U.S. National Library of Medicine (4/17), “ Challenges and Opportunities Facing Medical Education”

9. 39%
39%
50%
54%
56%
60%
0% 50% 100%
WITH WHICH TECH COMPANY WOULD YOU SHARE YOUR HEALTH DATA?
Consumers are demonstrating an increasing appetite for data sharing.
60% would share health data with Google.
Source: KPCB Internet Trends 2017; Rock Health 2016 Consumer Survey

10. PROBABILITY OF SUCCESS OF FULL CLINICAL TRIAL
WITH AND WITHOUT BIOMARKERS
(PHASE 1 TO APPROVAL)
8%
WITHOUT
BIOMARKERS
26%
WITH
BIOMARKERS
With more data, clinical trials will be revolutionized in both
duration and efficiency.
TRADITIONAL
CLINICAL TRIAL
* UK DEP. OF HEALTH
ARCHIMEDES DATA
SIMULATION
NUMBER OF
PATIENTS
2,838 50,000
YEARS OF
DATA
7 YEARS 30 YEARS
LENGTH OF
STUDY
7 YEARS 2 MONTHS
Source: KPCB Internet Trends 2017; Arthur D. Little – Succeeding in Healthcare (2016); National Academy of Engineering (David Eddy, 2015)
PHARMA
INNOVATION
APPROACH
DIGITAL
INNOVATION
APPROACH
PHASE I PHASE II PHASE III REGISTRATION
6-7 YEARS 1.5-2 YEARS
“ITERATE TO INNOVATE”
PRODUCT
DEVELOPMENT
BETA
PHASE
1-2 YEARS

11. COST AS
PREDICTED BY
MOORE’S LAW
20152005 2010
$100MIL
$10MIL
$1MIL
$100K
$10K
$1K
2000
In the past 15
years, the cost
of genome
sequencing
has reduced
drastically,
leading to an
explosion in
knowledge.
COST TO SEQUENCE (PER GENOME)
COST TODAY:
~$1000
Source: KPCB Internet Trends 2017; National Institute of Health, National Human Genome Research Institute (7/17)

12. KNOWING THE PATIENT
REDEFINING RISK
PERSONALIZING TREATMENT
Breaking the individual out of the data set
Source: KPCB Internet Trends 2017; Personalized Medicine Coalition (2017)

13. 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020
50
40
30
20
10
ELECTRICITY (46 YEARS)
1873
TELEPHONE (35 YEARS)
1876
RADIO (31 YEARS)
1897
TELEVISION (26 YEARS)
1926
PC (16 YEARS)
1975
MOBILE PHONE (13 YEARS)
1983
INTERNET (7 YEARS)
1991 SOCIAL MEDIA (5 YEARS)
2003
TECHNOLOGY ADOPTION
YEARS UNTIL ADOPTED BY 25% OF US POPULATION.
Source: Pew Research Center (1/17)

14. FURTHER
INSIGHTS

15. 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
October 2016December 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
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