Company Presentation by Michiel Muller, Co-Founder of Picnic at the NOAH Conference 2018 in London, Old Billingsgate 30-31 October 2018.

1. Picnic is the modern milkman

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
To promote Israel - European
relationships and enable funding
To bring together future-shaping
executives and investors active
across segments driven
by digital revolution
Connecting
Capital with
Entrepreneurs
Connecting European
Champions
and Challengers
Connecting Israel’s Startups
with Large Corporates
and Investors
30-31 October 2019
Old Billingsgate, London
13-14 June 2019
STATION Berlin
9-10 April 2019
Hangar 11, Tel Aviv

3. Uniquely efficient modern milkman system
Technology platform connecting producers directly to consumers
Warehouse

4. All your groceries for the lowest price, delivered free to your door
• Free delivery
• On the minute precise
• Everyday low prices
• Full range of groceries
Delivering superior service

5. Smart tech in everyone’s pocket Green fulfilment centers
Clean electric fleet Happy customers
-70% food waste
Proprietary sustainable technology infrastructure

6. 50%
More than 50% household participation
Generating mass market demand

7. Comments
• Before Picnic enters
penetration is typica
grocery market
• After 1-2 years in a c
the online market 5x
of the online market
grocery market, with
marketing
• This demonstrates Pi
growth and gain mar
traditional store reta
• A top down market a
similar conclusion w.
market share of 4%.
has 90K households t
week (excl. holidays
market of just over €
currently achieves ov
Amersfoort, which a
Picnic has the ability to grow and capture the online grocery market
Unique modern milkman system unlocks mass-market demand
Online market share Amersfoort
90
%
10% 80%
15%
5%
Before Picnic
1%online
With Picnic
5%online
Premium propositions only With mass-market proposition
90%
Ability to grow and capture the online market
Unique modern milkman system unlocks mass-market demand

8. Picnic only mass-market grocery service in the world
Enabled by unique modern milkman infrastructure
Service
Delivery fee
Waiting time
Minimum order
Milkman
0
0
€ 25
Delivery man
£ 110 per year
2 hours
£ 40
Random man
$ 180 per year
3 hours
$ 50
Shoppers Mass-market
50% penetration
Premium
5% penetration
Premium
5% penetration
Frequency Weekly
40x per year
Monthly
20x per year
Monthly
18x per year
Sustainability Green
Zero emissions city network
Black
Carbon network
Black
Carbon network

9. Consistently high customer happiness
Customers love Picnic
Customers love Picnic
Net Promoter Score
0
Customer engCustomer satisfaction
Interactions
per ‘000 fans
(IPM)
High customer en
based on so
10 average supermarket
100-100
85

10. All hubs profitable within 6 months, newest hubs faster
Contribution margin 20% after 2 years
Comments
• All hubs show a similar profi
pattern and grow towards a
margin of c. 20% after two y
• Most hubs aged <1 year show
average profitability as a res
• Improved routing algorit
• Vehicles with 4 layers
• Increased brand recogni
• Improved selection of hu
(based on data analysis)
• Less operational constra
more customers in a rel
time frame
• Almere East and West are sm
a relatively low reach and th
a marginally less steep profi
-15%
20%
25%
5%
15%
-10%
-5%
0%
10%
1410 16 2011 261 2 223 174 5 6 7 98 3112 13 15 18 19 21 2924 272523 30 32 33 3428
20%
Year 2
Hub > 1 year Hub < 1 year Weighted average
Almere East and West
Contribution margin
Margin as percentage of sales (%)
Build
Contribution margin = Gross margin – distribution cost – marketing cost
Contribution margin 20% after 2 years
All hubs profitable within 6 months, newest hubs faster

12. Mönchengladbach growing even faster than launch city
Germany loves Picnic
Düsseldorf
Mönchengladbach

14. Modern Milkman
for smarter, greener & cleaner cities
2015 2018
1 60
10 800
40 2000
0 200m
Cities
Vehicles
People
Sales

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
25+ 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
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
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
October 2016
July 2018
December 2016
®
The NOAH Advisors Core Banking Team
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
Exclusive Financial Advisor to
PromoFarma and its shareholders
Financial Advisor to Silver Lake
Investment in
by
September 2018
August 2017
Financial Advisor to 10bis and its shareholders
Financial Advisor to EMK Capital
Acquisition of a Majority Stake in
by
at a valuation of $200m
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Analyst
Lukas Schlund
Analyst
Sale of 100% in
to
Sale of 100% in
for €135m to
10Bis