Travel - Presentation by Caglar Erol, Founder & CEO of Enuygun at the NOAH 2015 Conference in London, Old Billingsgate on the 12th of November 2015.

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NOAH 2015, London
Çağlar Erol

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• Enuygun is Turkey’s #1 Online Flight
Booking Engine
• Founded in December 2008 as a Finance
Comparison Engine
• Airfare comparison and online booking
started in 2011 as a sub-agent to a leading
TA
• Brand positioning shifted from finance to
travel beginning 2014
• Became the leading player in online flight
bookings in Q4 2014
Overview

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$10,00
$20,00
$30,00
$40,00
$50,00
$60,00
$70,00
$80,00
$90,00
$100,00
2012 2013 2014 2015 Estimated
MILLIONS
Ticket Sales in USD
5x YoY growth
• 55 Employees as of November 2015
• Over 175.000 flight ticket sales only in
October 2015
• Over 7,5 million monthly visits, 40m
monthly page impressions
• 65% of visits via a mobile device
Total ticket sales amount in
2015 appx
USD 100 million
Business in Numbers

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Continuous Growth
Users shift to Mobile

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• Number of airline passengers has been
increasing by 12,8% p.a. for the last 10 years
in Turkey
• 95 million domestic, 85 million international
passengers in 2015, expected to double in
2023
• Enuygun’s sales have grown by more than
30% each quarter for the last 2 years
• Enuygun’s domestic flight sales correspond to
2% of all domestic flights in Turkey as of Q3
2015
• We forecast to grow by more than 100% in
sales in 2016
Market is getting bigger –
We’re growing even faster
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0,05
0,1
0,15
0,2
0,25
0,3
0,35
0,4
0,45
0,5
0
5
10
15
20
25
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
2012 2013 2014 2015
MILLIONS
MILLIONS
Number of Passengers
Total Domestic Passengers
Enuygun Domestic Sales

7. • We are an internet company, not a travel
company
• Founders are IT people with consulting
backgrounds
• Our focus is the overall user experience,
whether the visitor intends to buy or just
seeks information
• Our strength is convenience (mobile and
desktop) and reliability
• We are much better at SEO & digital
marketing
How Do We Achieve This?
Have you ever visited Enuygun?
Yes
No
Market research by Aksoy Araştırma among 1.067 people
who perform price comparison online, July 2015

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• Enuygun’s other comparison products are
Hotels, Loans and Mortgages, Credit Cards,
Insurance, GSM and ADSL Tariffs
• Enuygun is still Turkey’s #1 Finance
Comparison Engine, with 150.000 loan &
mortgage applications per month
• Founders of Enuygun had built Turkey’s 1st
online business networking platform
cember.net, which was acquired by XING
AG in 2008
• The company got seed investment -
Founders have majority shares
• Enuygun operates with a significant
EBITDA margin
Other Facts

9. • HARITA GELECEK
We have 3 areas to grow further:
• 1- In Turkey: There’s a long way to go in
flights – we target 10% of domestic flights
and 2% of international flights in 4 years
• 2- International expansion: We will target
travellers to Turkey and 3rd gen Turkish
people living in Europe – will launch in
English, German and Arabic under a different
brand in H1 2016
• 3- New products: We will strengthen hotel
comparison engine, and add other travel
products like holiday packages and car rental
What’s next?

10. • A long way to go in Turkey (burada %2
olduğumuzu, büyüyecek çok yolumuz
olduğunu söylemeliyiz)
• Next step – Internationalization:
• Germany & UK & UAE planned in H1
2016
What is Next?
• HARITA GELECEK
Thank You!

11. 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
22 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 2014October 2014
May 2014 February 2013
May 2012 April 2011
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
Growth equity investment from
for a 30% stake alongside Softonic’s Founders
and Angel Investors at a valuation of €275m
Exclusive Financial Advisor to
Softonic and its shareholders
150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing
Total $300 million investment
Financial Advisor to Fotolia and its Shareholders
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Selected Completed
NOAH Transactions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE
®