Presentation by Eran Davidson, Founder of Davidson Technology Growth Debt at the NOAH Conference London 2017, Old Billingsgate on the 2nd of November 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. 2
WRONG ASSUMPTIONS ABOUT VENTURE
DEBT
▪ It’s very expensive
▪ Too complicated
▪ Contains hidden traps
▪ Takes too long
▪ No value add
▪ Sign of weakness
▪ Management distraction
▪ Cannot mix with equity
▪ “I can always add equity”
▪ Intimidates new equity investors
▪ Risk of loosing company at first default
▪ Best companies are only equity financed
Cheapest money you can raise
Very simple to negotiate
Very straightforward
4-8 weeks from TS to closing
Same as a VC, without voting rights
Only the strongest can take it
Almost no CEO involvement
Can be easily blended
EQUITY IS A VERY EXPENSIVE LOAN!
Improves investors’ IRR
LAST INTEREST OF EVERY LENDER
Debt/Equity-ratio at DAX-companies?
▪ It’s very expensive
▪ Too complicated
▪ Contains hidden traps
▪ Takes too long
▪ No value add
▪ Sign of weakness
▪ Management distraction
▪ Cannot mix with equity
▪ “I can always add equity”
▪ Intimidates new equity investors
▪ Risk of loosing company at first default
▪ Best companies are only equity financed

4. 3
0,1
0,2
0,8
0,9
1,0
1,9
2,7
3,8
EU mid/late-stage startups
US mid/late-stage startups
Siemens
Zalando
Microsoft
Deutsche Telekom
Deutsche Bank
Deutsche Börse
DEBT/EQUITY-RATIO
Source: Yahoo Finance, YCharts, EY

5. 4
WHY TAKE VENTURE DEBT?
▪ No dilution
▪ Cheaper than Equity
▪ Simple
▪ Quick
▪ Flexible
▪ Strong balance
▪ Higher equty IRR
▪ Cover none-budgeted expenses
▪ No valuation discussions
▪ No loss of control
▪ No management distraction

6. 5
WHY ?
▪ First mover and market leader in the German market
▪ We can lend to any company worldwide
▪ The only Berlin-based Venture Lending fund
▪ BAFIN approved
▪ Proven VC record
▪ Tailor made solution
▪ Flexible structure (long IO, tranches)
▪ Fun and Passion are built in our facility

7. 6
PORTFOLIO – EUR 30 M DEPLOYED IN 20 MONTHS
Company Business HQ location Stage
One of the largest music-streaming
platforms worldwide
Berlin
Exited, fully-
repaid
Online platform for handpicked
contemporary designed products
Berlin
Closed,
fully-drawn
Revenue assurance solution for energy and
water utilities in emerging markets
Luxembourg
Closed,
fully-drawn
Online marketplace for superfoods and food
supplements
Berlin
Closed,
fully-drawn
Pocket insurance manager and future online
insurer
Zurich/Berlin
Closed,
fully-drawn
Digital marketplace for cleaning and other
related services (B2B and B2C)
Berlin
Closed,
not yet drawn
Vertically-integrated online booking
platform for moving-related services
Berlin
Closed,
not yet drawn

8. 7
DAVIDSON CAPITAL NETWORK:
INVESTORS THAT ALREADY PARTNER WITH US
Note: Selected investors in qualified companies

9. 8
STAY CONNECTED
ERAN DAVIDSON
P: +49 30 235 32 312
M: +49 151 426 143 22
eran@davidson-capital.com
ANVAR ASANOV
P: +49 30 30 235 32 314
M: +49 176 316 867 96
anvar@davidson-capital.com
Bleibtreustraße 38
10623 Berlin
Germany
P: +49 30 235 32 312
Baruther Str. 4
15806 Zossen
Germany
P: +49 3377 330 714

10. 9
WITH PASSION

11. 10
…AND GUTS!

13. 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