Ecommerce & Retail - Presentation by René Marius Köhler, Founder and CEO of Internetstores at the NOAH 2015 Conference in London, Old Billingsgate on the 13th of November 2015.

1. BUILDING COMPETITIVE ADVANTAGE
INTERNETSTORES
EUROPE’S LEADING ONLINE BIKE
AND OUTDOOR RETAILER
NOVEMBER 2015: COMPANY HIGHLIGHTS

3. 0
50
100
150
2011 2012 2013 2014 2015
1
INTERNETSTORES AT A GLANCE
622k
new customers
(’15E)
c.140m€
revenue (‘15E)
Founded
2003
50%
revenue CAGR
(’11 – ’15E)
40%
gross profit
(’15E)
110%
Increase of value
per customer
(‘13-’15E)
65%
Net Promoter
Score
40k+
products
1.7m
shipments (’15E)
30%
reduction in handling
CPA (‘13-’15E)
42k
max. daily shipment
capacity
95%
of orders shipped
same day
2
verticals
10
countries
Bike & Outdoor
Category
killer
15%
share German online
bike market
eCommerce
DNA
Young and
dynamic
400+
employees
750+
brands
Award-winning
Private Labels
20%
MCR reduction
(‘13-’15E)

4. 2
KEY KPIS WITH STRONG TREND SUPPORT PROFITABILITY RISE
-2.1
3.4
10.0
2013 2014 2015E
EBITDA adjusted in mEUR
36%
38%
40%
2013 2014 2015E
(GP in %)
Improved purchasing / pricing …
(Marketing Cost in % of total revenues)
…efficient marketing…
11%
12%
10%
2013 2014 2015E
dotted line = MCR
adjusted for TV in
revenue and costs
(10%) (9%)
20% AOV
increase yoy
‘15e vs. ‘13a
35% net revenue
per visitor
increase yoy
‘15e vs. ‘13a
-2.3% 3.0% 7.0%
(Overhead in %)
…and efficiencies of scale.
Top notch
DWH established
Mobile platforms
rolled out
-30% handling
costs per item
‘15e vs. ‘13a
New & scalable full
bike logistics, new
warehouse nordics
Improved unit economics Structural investments
17%
14% 13%
2013 2014 2015E

5. 3
PROFITABLE GROWTH: COMPELLING CUSTOMER ECONOMICS ACROSS ALL
CHANNELS
CAC vs CLV (€)
Customer Economics Development
16 €
19 €
16 €
33 €
43 €
52 €
0 €
10 €
20 €
30 €
40 €
50 €
60 €
CY 2013 CY 2014 CY 2015e
Customer Acquisition Costs GP2 per Customer (incl. CLV)
´13-’15:
+ 110% value
/ customer
MCR %
Marketing Cost Ratios
11,1%
12,5%
9,6%
16,1%
18,7%
14,5%
0,9% 1,3% 1,5%
0%
4%
8%
12%
16%
20%
CY 2013 CY 2014 CY 2015e
Total MCR New Customer MCR% Recurring Customer MCR%
2013
Fully-fledged newsletter
marketing
Transactional email set-up
2014
Customer segmentation
Print self mailer
2015
Magalog
Segmented campaigning across
channels
Customer lifecycle campaigning
2016
On-Site CRM / visitor CRM
Customer Account (cross-device
etc.)
Customer experience
management

6. 4
PROFITABLE GROWTH: INTERNATIONALIZATION
Active international countries
Potential launch 2015-2018
Germany
International expansion… …out of internationalization hubs Berlin and Stockholm
International growth via acquisition:
Addnature.com, outdoor market leader in
Sweden has been acquired and fully
integrated
Highly successful via levering topline potential
and realization of cost potential
International growth via adapt structures for organic
rollout
Organization via (Light) Matrix structure for
functional expertise
Local decision making and local content for
local touch
Scalable webshops and content management

7. 5
STRUCTURAL STRENGHT: NECESSARY INVESTMENTS FOR ORGANIC
GROWTH HAVE BEEN UNDERTAKEN
Transition to tech company Efficient and scalable logisticsEstablishment of full DWH
Max. shipments/d:
30,000
Max shipments/d:
6,000
Developer team doubled
E.g. ERP fully self developed
Core clean-up & new shop
infrastructure
Full integration in management
reporting systems
Full integration in attribution and
campaign management
New bike logistics center established
in Lower Saxony
New Nordics warehouse in
Helsingborg to open in October
Significant investments in current,
scalable operations

8. TO BE THE LEADING ECOMMERCE COMPANY FOR BIKE & OUTDOOR ENTHUSIASTS
BIGGEST CHOICE – BEST PRICES – EXCELLENT SERVICE 
Our goal is to achieve the highest customer satisfaction in our market.
We are the category killer for bike & outdoor in the countries we operate in.
INTERNETSTORES MISSION AND WHAT IT MEANS FOR STRATEGY
Excitement for outdoor activities, sports and nature
experience is our language towards the customerCorporate Credibility
Assortment and prices are perceived as most attractive
by customer – online and offlineCompetitive strength
Market leading and individualized customer experience
creates true customer loyaltyCustomer loyalty

9. 7
STRATEGIC CHALLENGES ASSORTMENT: TOP PRIVATE LABEL AND
COMPREHENSIVE BRAND OFFERING
Competitive Challenges
Private Label:
Establish further price difference to other
retailers
Strengthen profit margins
Extend internal product competence
Brands:
Offer all relevant brands for comprehensive
product range
Strategic assortment challenges

10. 8
STRATEGIC CHALLENGE BRAND ESTABLISHMENT
Events&sponsorships
Print
TV
Brand credibility -
build trust and
reduce the costs of
an online-only
image
Brand visibility -
achieve
awareness where
consumers and
opinion leaders
are
Competitive Challenges
Use brand to leverage profitability
Higher item value (e.g. E-Bike)
Higher CR% and better CLV
Use brand to leverage credibility
Recommendations
Be the first address for product education
Branding at Internetstores is Performance Branding
Strategic branding challenges

11. 9
STRATEGIC CHALLENGE CUSTOMER EXPERIENCE & TANGIBLE SERVICES
Competitive Challenges
Build real customer loyalty via consequent CEM
Provide best-in-class customer experience
and service
Use product content and usability /
technology to substitute for personal service
in store
Combine excellent service with online only features
of assortment range and prices
Strategic customer experience challenges
Enhance
excellent
product range
and prices of
Ecommerce
with…
…product
education and
excellent
customer
experience
(formerly
offline)…
…to grab
significant
market share
of today‘s
stationary
retails‘
customers

12. 10
DRIVERS FOR NEXT WAVE OF VALUE CREATION: TECH, TANGIBLE SERVICE AND
SMART PLATFORM STRATEGIES
Tech / mobile Platform strategiesTangible Service
Build up of significant intelligence in
• On-Site conversion
• Customer data /
segmentation / life-cycles
• Competitor pricing and price
positioning
Platform performance and scalability
Mobile and desktop usability
excellence
Create: “as-if-offline” customer
experience
• E.g. Bike assembly service
• E.g. expert customer service
• E.g. high quality educational
content
• Customer Experience Management
at center of business strategy
centered
Combining mobile platform with
customer insights as key driver for
profitability
Smart tech platform for
• easy internationalization
• easy buy and integrate

13. 11
Internetstores Holding GmbH
Fritz-Müller-Str. 106-108
73730 Esslingen
Germany
For more information, please contact
Internetstores
René Marius Köhler
CEO
Direct: +49 711 93305 100
Mobile: +49 172 625 8585
rene.koehler@internetstores.com

14. 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
®