The document summarizes the NOAH Conference San Francisco 2012, which will take place on June 26, 2012 at the Four Seasons Hotel in San Francisco. Over 60 CEOs from leading European internet companies will present their businesses to potential US customers, partners, and investors. The goal of the conference is to enable European companies to connect with US counterparts and for US attendees to learn about opportunities in the European internet market. The conference is organized by NOAH Advisors, a boutique M&A firm focused on the internet sector.

1. The NOAH Conference San Francisco 2012
June 26, 2012
Four Seasons Hotel San Francisco
Brought to you by

2. The NOAH Conference San Francisco 2012
On June 26, over 60 CEOs from selected leading European Internet companies will come to San Francisco to present
their businesses to a relevant US audience of potential customers, partners and investors
Introduction Draft Program
 NOAH Conference started in London in 2009 and has grown to one of the
 Full day of presentations by 60 CEOs of some of Europe’s most successful
leading European Internet business focused conference with over 2,000
internet companies
participants expected this year
 We expect approximately 500+ guests
 NOAH San Francisco takes place on 26 June 2011 at Four seasons hotel in San
Francisco - Mix of senior executives from US Internet and media companies and
corporates and leading Internet finance companies
 Currently, 60 CEOs from leading European Internet companies have confirmed
their participation as speakers
 Expected audience of 500+ internet and media executives as well as financial Information and frequent updates available under
investors www.noah-conference.com
Main Ideas Behind the NOAH San Francisco Conference www.twitter.com/noahconference
 To enable European Internet companies to establish or improve relationships www.youtube.com/user/noahadvisors
with their US counterparts, media executives and investors www.slideshare.net/noahadvisors
 To provide US attendees with an opportunity to meet the leaders of
European Internet in one place
 To facilitate mutual learning in presentation sessions about the European Logistical Details
and US Internet market
 The NOAH Conference was founded in 2009 by Marco Rodzynek and is,
organised by the NOAH Advisors team with sponsorship from some of the,
world’s leading financial investors. NOAH Advisors is Europe's leading
Internet M&A boutique  Date: June 26, 2012
 Address:
Save the Date and Registration Details
 Registration now open under:
www.noah-conference.com/san-francisco- 757 Market Street
2012/san-francisco-2012-registration San Francisco
 Ticket prices: California 94103
- Internet and media: $500 • Audience: 500+ internet and media
- Investors: $1,000 executives as well as
- Bankers: On request financial investors
2 NOAH Conference San Francisco 2012

3. Confirmed European Speakers
CEOs from 60 leading European Internet Companies will present their companies
E-Commerce Advertising
Lead Generation
Gaming Classifieds
Apps Travel
Other
Note: Additional companies expected to confirm shortly.
3 NOAH Conference San Francisco 2012

4. Introduction to the NOAH Conference Overview of the NOAH Conference 2011
 The NOAH Conference is an annual Internet event taking place once a Summary Overview Conference Program
year in London, focused on top management from Internet start-ups to
global media companies as well as senior investment professionals  NOAH ‘11 took place on 9-10 November 2011 at Old
 NOAH’s goal is to create a marketplace for the European Internet eco- Billingsgate in London
system to discuss key trends, generate business and facilitate  Fantastic line-up of 90 speakers from 20 countries in keynotes,
investment transactions presentations and panels over 2 full days
 Over the past 3 years numerous high-profile speakers presented at  1,150 attendees from 35 countries – 57% from Internet
NOAH, including over 100 CEOs companies, 26% from investors, 15% from corporates (media
 The NOAH Conference was founded in 2009 by Marco Rodzynek and is companies, advisors, PR and recruiting) and 2% press
organised by the NOAH Advisors team with sponsorship from some of representatives from leading on- and offline publications
the world’s leading financial investors  NOAH party with additional guests from London and a great
live band on the evening of the first day
NOAH ‘12 on 6-7 November – Save the Date  Extremely positive feedback from numerous attendees, on
twitter and in the press
 The conference will again take place at Old Billingsgate in London
 Registration will open in early 2012 Selected Conference Impressions
 For updates, please check: www.noah-conference.com
Event Sponsors Strategic Sponsors

5. Impressions from the NOAH London Conference 2011
5 NOAH Conference San Francisco 2012

6. Overview of NOAH Advisors

7. NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique Selected Completed NOAH Transactions
November 2011 August 2011
Unique Industry Know-How Core Investment Banking Competence
Sale of a majority stake in Fund raising for
 100% focused on Internet companies, covering  The NOAH team has 25+ years of media
over 25 sub-verticals in this highly complex investment banking experience
industry - Routine execution of M&A and financing
to
- 15+ years active coverage of leading European transactions with sizes of several billion euros Quants Financial Services AG from various investors
Internet companies and investors  The team has been working together closely for 7 Exclusive Financial Advisor to
 Deep understanding of industry dynamics and years (including 6 years at Lehman Brothers) grupfoni and its Shareholders Advisor to RankAbove
thinking of industry leaders  8 successfully completed NOAH Advisors
 Ability to add value beyond banking advice transactions underline successful transfer of
- Facilitates overall process and minimizes competencies to the Internet sector July 2011 April 2011
management distraction Sale of a majority stake in
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs! have acquired a majority stake in
 NOAH Advisors is globally very well connected  The NOAH team are entrepreneurs and focused to
and has direct access to virtually all key players in on growing the business and establishing a for $350m from
the industry reputation for excellence
- Knowledge of and strong relationships with  Full commitment to deliver top quality results in Advisor to EnGrande
Exclusive Advisor to
Summit Partners and TA Associates
potential buyers’ key decision makers short time frames
- Coverage of over 500 companies and 4,000  Highly success-based compensation structures
individuals align interests of clients and NOAH Advisors, and April 2011 April 2011
- Proactively finds and unlocks attractive demonstrate conviction to deliver top results Fund raising for Sale of a majority stake in
investment opportunities for leading
investors (e.g. Bigpoint)
 Annual NOAH Conference to
from various investors
The NOAH Advisors Core Team
Advisor to AdTelligence Advisor to Yatego
Marco Yoram Jan
Rodzynek Wijngaarde Brandes
December 2009 April 2009
Managing Director Director Director
Partial sale of $80m partial sale of
and Founder
to
to
Contact Details Contact Details Contact Details Valuing Softonic at €175m
marco.rodzynek@noah-advisors.com yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com
Advisor to Softonic Advisor to Fotolia
UK Mobile: +44 77 85 330 330 UK Mobile: +44 79 17 084 784 German Mobile: +49 174 2010 984
Swiss Mobile: + 41 79958 1512

8. Overview of NOAH Advisors
Europe’s Leading Internet corporate finance boutique
Company Overview NOAH Advisors Key Strengths
 The leading corporate finance advisor with a clear focus on
Internet companies in Europe and its emerging markets and Core Investment
Unique Industry
financial investors Banking
Know-How
Competence
- Products include M&A and selective capital raising
- Typical transaction sizes between €50 million and €2 billion
 Founded by Marco Rodzynek in April 2009, later joined by Yoram Unmatched Full Commitment -
Wijngaarde and Jan Brandes Industry Network We Are
- The team worked together between 6 and 12 years at Lehman and Relationships Entrepreneurs!
Brothers media investment banking in London
- As Head of European Internet , Marco has been covering
Selected Recent Completed Transaction
European Internet companies since the 1990s
 To date, NOAH Advisors has advised on 12 completed transactions November 2011 July 2011 April 2011
including, most recently
Sale of a majority stake in Sale of a majority stake in
- Sale of grupfoni to Quants Financial Services
- Sale of a majority stake in EnGrande to Palamon have acquired a majority
the owner of
- TA Associates and Summit Partners’ $350m control transaction stake in
of Bigpoint To to
Quants Financial
 NOAH Advisors also hosts the annual NOAH Internet Conference in Services AG
for $350m
London, an event where Internet companies and investors meet to
Exclusive Financial Advisor to Exclusive Advisor Exclusive Advisor to Summit
network and discuss the industry grupfoni and its Shareholders to EnGrande Partners and TA Associates
- NOAH Conference 2011 will take place on the 9th and 10th of
November 2011 at Old Billingsgate in London
- Move to bigger and better facilities after successful 2009 and
2010 event with over 650 attendees each
8

9. The NOAH Advisors Team
A team of highly experienced professionals focused on Internet corporate finance advisory
Marco Rodzynek Yoram Wijngaarde Jan Brandes
Managing Director and Director Director
Founder of NOAH Advisors With NOAH Advisors since With NOAH Advisors since
(April 2009) November 2009 August 2010
Previous Experience Previous Experience Previous Experience
• Lehman Brothers, 1998 - April 2009 • Lehman Brothers, 2004 – November • Lehman Brothers, 2005 – May 2010
(acquired by Nomura end 2008) 2009 (acquired by Nomura end 2008) (acquired by Nomura end 2008)
- Executive Director, Media Investment - Media Investment Banking - Media Investment Banking
Banking - 10+ announced M&A deals, including - 10+ announced M&A deals, including
- 30 announced M&A deals with a total for: for:
transaction value of over $95bn,
including for:
Contact Details Contact Details Contact Details
• marco.rodzynek@noah-advisors.com • yoram.wijngaarde@noah-advisors.com • jan.brandes@noah-advisors.com
• UK Mobile: +44 77 85 330 330 • UK Mobile: +44 79 17 084 784
• German Mobile: +49 174 2010 984
• Swiss Mobile: + 41 79958 1512
9

10. Why NOAH Advisors
NOAH Advisors combines unparalleled expertise in European Internet with bulge bracket investment banking
competence
Unique Industry Know-How Core Investment Banking Competence
 100% focused on Internet companies, covering over  The NOAH team has 25+ years of media investment
25 sub-verticals in this highly complex industry banking experience
- 15+ years active coverage of leading European - Routine execution of M&A and financing
Internet companies and investors transactions with sizes of several billion euros
 Deep understanding of industry dynamics and  The team has been working together closely for 7
thinking of industry leaders years (including 6 years at Lehman Brothers)
 Ability to add value beyond banking advice  8 successfully completed NOAH Advisors transactions
underline successful transfer of competencies to the
- Facilitates overall process and minimizes
Internet sector
management distraction
Unmatched Industry Network and Relationships Full Commitment - We Are Entrepreneurs!
 NOAH Advisors is globally very well connected and has  The NOAH team are entrepreneurs and focused on
direct access to virtually all key players in the industry growing the business and establishing a reputation for
excellence
- Knowledge of and strong relationships with
potential buyers’ key decision makers  Full commitment to deliver top quality results in short
time frames
- Coverage of over 500 companies and 4,000
individuals  Highly success-based compensation structures align
interests of clients and NOAH Advisors, and
- Proactively finds and unlocks attractive investment
demonstrate conviction to deliver top results
opportunities for leading investors (e.g. Bigpoint)
 The annual NOAH Conference helps strengthening and
expanding the network
10

11. Completed Transactions
December 2011 November 2011 August 2011 July 2011 April 2011
Fund raising for Sale of a majority stake in
Sale of a majority stake in Fund raising for
have acquired a majority stake in
to to
for $350m from
from various investors including Quants Financial Services AG from various investors
Angel Investors
Exclusive Financial Advisor to Exclusive Advisor to Summit Partners
Advisor to Work4 Labs grupfoni and its Shareholders Advisor to RankAbove Advisor to EnGrande and TA Associates
April 2011 April 2011 March 2011 October 2010 June 2010
Fund raising for Sale of a majority stake in Call option agreement Investment in Investment in
for an investment in
to by by
from various investors
by an undisclosed party
Advisor to AdTelligence Advisor to Yatego Advisor to EnGrande Advisor to JamesList Advisor to BullionVault
December 2009 April 2009
Partial sale of $80m partial sale of
to to
Valuing Softonic at €175m
Advisor to Softonic Advisor to Fotolia
11

12. NOAH’s Networking Strength
Long lasting relationships with companies and investors
Internet Coverage of over 4,000 industry leaders: 400 target companies and 150 investors Traditional
Large Cap TMT & Retail
Angels /
Family VC and Hedge Funds
Offices Private
Growth
Equity
Funds
Maryland
Klaus Hommels
Armira
12

13. Financial Investors Present at the NOAH Conference 2011
Venture Capital (€5-20m) Growth Capital (€20-250m) Private Equity (€250-1,000+m)
Fund Attendees Key Contact Fund Attendees Key Contact Fund Attendees Key Contact
Harry Nelis (hnelis@accel.com) John Meeks (jmeeks@ta.com) Stefan Götz (sgoetz@hf.com)
11 Sonali de Rycker (sderycker@accel.com) 7 Ajit Nedungadi (ajit@ta.com) 9 Zita Saurel (zita@hf.com)
Adam Valkin (avalkin@accel.com) Morgan Seigler (mseigler@ta.com) Blake Kleinman (bkleinman@hf.com)
Dominique Vidal (dom@indexventures.com) Scott Collins (scollins@summitpartners.com) Philipp Freise (freip@kkr.com)
9 Ben Holmes (benh@indexventures.com) 5 Christian Strain (cstrain@summitpartners.com) 4 Lucian Schoenefelder (lucian.schoenefelder@kkr.com)
Jan Hammer (jan@indexventures.com) Vincent Lambert (vlambert@summitpartners.com) Vania Schlogel (vania.schlogel@kkr.com)
Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com) Konrad Stoebe (konrad.stoebe@warburgpincus.com) Dominik Stein (dominik.stein@eqt.de )
3 Eugene Mizin (eugene.mizin@mangrove-vc.com) 5 Steven Klooster (steven.klooster@warburgpincus.com) 4 Christian Schuette (christian.schuette@eqt.de)
Guillaume Durao (guillaume.durao@mangrove-vc.com) Johannes Korp (johannes.korp@warburgpincus.com) Anil Hansjee (anil@hansjee.net)
Pawel Chudzinski (pawel@pointninecap.com) Frank Seehaus (fs@actoncapital.de)
Kai Romberg (kai.romberg@hgcapital.com)
3 Lukasz Gadowski (lukasz@teameurope.net) 3 Jan-Gisbert Schultze (jgs@actoncapital.de)
3 Dan Groen (dan.groen@hgcapital.com)
Kolja Hebenstreit (kolja@teameurope.net) Benedikt Sudbrock (bs@actoncapital.de)
Sascha Kaumann (sascha.kaumann@hgcapital.com)
Roberto Bonanzinga (rbonanzinga@balderton.com) Fabio Giuseppetti (giuseppetti@palamon.com)
2 Karim Tabet (karim.tabet@provequity.co.uk)
Dharmash Mistry (dmistry@balderton.com ) 3 Daniel Mytnik (mytnik@palamon.com)
Ricardo Caupers (caupers@palamon.com) 3 Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)
Marcel Rafart (marcel.rafart@nautacapital.com) Andrew Tisdale (andrew.tisdale@provequity.co.uk)
2 Javier Rubio (javier.rubio@nautacapital.com) Marco Brockhaus (brockhaus@brockhaus-pe.com) Karl Peterson (kpeterson@tpg.com)
Pär-Jörgen Pärson (pjp@northzone.com) 2 Jan Daniel Neumann (neumann@brockhaus-pe.com)
2 3 Anand Tejani (atejani@tpg.com)
Hans Otterling (hans@northzone.com) Jean Baptiste Brian (jbbrian@tpg.com)
Andrin Bachmann (andrin.bachmann@pitoncap.com) Chris Caulkin (ccaulkin@generalatlantic.com)
2 Greg Lockwood (greg.lockwood@pitoncap.com) 2 David Lisewski (dlisewski@generalatlantic.com) Tripp Lane (tripp.lane@apax.com)
2 Frank Ehmer (frank.ehmer@apax.de)
Alexander Ribbink (alexander@primeventures.com)
2 Rogier Taphoorn (rogier@primeventures.com) Sarah Pinto (spinto@greathillpartners.com)
2 Peter Garran (pgarran@greathillpartners.com)
Hubert Deitmers (hubert.deitmers@endeit.com) Andrea Valeri (valeri@blackstone.com)
2 Martijn Hamann (martijn.hamann@endeit.com)
2 Lance Toler (lance.toler@blackstone.com)
Alex Gonthier (gonthier@@wellington-partners.com) Jim Quagliaroli (jim@spectrumequity.com)
2 2 Jeff Haywood (jeff@spectrumequity.com)
Christian Thaler-Wolski (thaler@wellington-partners.com) Stefan Franssen (stefan.franssen@gmtpartners.com)
2 Natalie Tydeman (natalie.tydeman@gmtpartners.com)
1 Emanuele Levi (emanuele.levi@360capitalpartners.com)
Daniel O’Keefe (dokeefe@tcv.com )
1 Mike Chalfen (mike.chalfen@adventventures.com)
2 Woody Marshall (wmarshall@tcv.com)
Hinrich Stahl (hs@maryland-gmbh.de)
1 Mattias Ljungman (mattias@atomicoinvestments.com)
2 Helge Luetzen (hl@maryland-gmbh.de)
Stephen Byrne (stephen.byrne@vitruvianpartners.com)
1 Michael Eisenberg (michael@benchmark.com)
2 Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com)
Michael Korzinstone (michael.korzinstone@silverlake.com)
1 Alon Lifshitz (alon@blumbergcapital.com) 2 John Flynn (john.flynn@silverlake.com)
1 Ian Noel (iannoel@bonsaigrupo.com)
1 Fabian Wasmus (fabian.wasmus@eqt.de)
Expansion Capital
1 Nic Brisbourne (nic@dfjesprit.com) 1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com)
1 Sebastien Briens (sebastien.briens@hgcapital.com)
1 Ben Tompkins (bt@edenventures.co.uk) Mercury
1 Bernard Vogel (bv@endeavourvision.com) 1 Jens Hagen (jhagen@uk.adventinternational.com)
1 Harley Miller (HMiller@insightpartners.com)
1 Davor Hebel (davor@fgpe.com)
1 Stephen Lowery (stephen.lowery@frogcapital.com) 1 Jörg Mohaupt (jmohaupt@accind.com)
1 Christoph Haschka (christoph.haschka@macquarie.com)
1 Torsten Kreindl (t.kreindl@grazia.com )
1 Laurel Bowden (lbowden@greylock.com)
1 Michael Black (michael.black@bridgepoint.eu)
1 Mark Joseph (mark.joseph@oakleycapital.com)
1 Martin Weber (martin.weber@holtzbrinck.net)
1 Johan Englund (johan.englund@industrifonden.se)
1 Pueo Keffer (pkeffer@redpoint.com) 1 Jason Khaksar (jason.khaksar@carlyle.com)
1 Baris Aksoy (baris.aksoy@intel.com)
1 Tomasz Czechowicz (czechowicz@mci.eu)
1 Richard Yen (ryen@saban.com) 1 Andrew Young (andrew.young@permira.com)
1 Thomas Preuss (preuss@neuhauspartners.com)
1 Phillippe Collombel (pcollombel@partechventure.com)
1 Morgan Callagy (callagym@vss.com)
1 Tony Askew (tony.askew@reedelsevier.com )
1 Olivier Sichel (osichel@sofinnova.fr)
1 Mauro Pretolani (mauro.pretolani@tlcom.co.uk)
13

14. The Universe of Financial European Internet Investors
NOAH Advisors maintains close contact with key investors in all major categories
Venture Capital Growth Funds Buyout Funds
Francisco Partners
Silverlake Growth
Warburg Pincus
General Atlantic
Carlyle Growth
Intel Capital
Holtzbrinck
Providence
Wellington
Blackstone
Investcorp
HG Capital
Balderton
Spectrum
Silverlake
Exponent
Bessemer
Great Hill
Vitruvian
R Capital
Palamon
Peacock
Sequoia
Permira
Summit
Veronis
Advent
Fidelity
Battery
Kennet
Carlyle
Cinven
Insight
Endeit
Acton
Accel
Index
Cyrte
Apax
GMT
H&F
Bain
TPG
KKR
Oak
CVC
TCV
TA
(€ million)
3i
EU Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
US Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Internet Deals 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 1 2 2 2 2 2 2 1 2 2 2 1 1 1 1 2 2 2 2 1 1 2 2 1 3 2 1 3 3 3 2 3 3 1
800 800
750
700 700
Equity Investment Size
600
600 600
Control Investments Only
500
500
500
500
Sweet Spot
500 500
400
400
400 400
300
300
300
300
300
300 300
250
200
200
200
200
200
200
200
200 200
150
150
150
120
100
100
100
150
80
75
100 100
70
70
70
70
70
70
120
60
60
50
50
100
100
100
100
100
100
100
100
35
30
25
25
25
25
25
75
75
75
20
15
60
50
50
50
40
40
40
30
30
30
0 0
25
25
25
20
20
20
20
20
15
15
10
10
10
10
10
10
5
5
5
5
5
5
5
5
2
2
Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment.
14

15. Internet is a Complex Parallel Economy
250 European public/private Internet companies valued at about €100 billion, of which over 150 worth over
€120m
Aggregated EV Market Size
Segment (€bn) (€bn) Revenue Model Maturity Growth Selected European Market Leaders Consolidation Play
eDreams, Booking.com, HRS, hotel.de, Interhome, Pierre & Vacances,
Online Travel 15.2 55.0 Transaction Mature 10% 
trainline, Holidaycheck, VoyagePrive, SeLoger
Emerging Markets 13.4 11.0 Various Early 30% Mail.ru, Seznam, RosBusinessConsulting, Rambler, Naspers, DST 
Schibstedt, Scout24, Rightmove, Seloger, Funda, AutoTrader, Stepstone,
Online Classified 11.8 11.0 Listing fees Advanced 20%  (Auto)
Yakaz, Idealista, Immobiliare.it
Private Sale 5.4 2.2 Transaction Early 100% Vente Privee, Brands4Friends, KupiVIP, Buyvip, Privalia, Dressforless, Ofertix 
Asos, Yoox, Delticom, Priceminister, Lovefilm, Netaporter, BOL, mytoys,
E-Commerce 5.3 165.0 Transaction Advanced 25%  (Apparel)
zooplus, Laithwaites, Pixmania, Hepsiburada
Anti-Virus 5.3 2.2 Subscription/Transaction Early 40% ALWIL, AVG, Avira, Eset, Kaspersky, Sophos, Panda 
Betting 5.0 2.2 Commission Advanced 15% Betfair, Bwin 
Miniclip, Spil, Gameforge, Jagex, Bigpoint, CCP, Ankama, Stardoll, Gameduell,
Online Gaming 4.4 5.5 Subscription/ Virtual Items Early 50% 
Travian
Outsourcing 4.0 3.3 Transaction Advanced 30% D+S, Hermes, Bertelsmann Services Group 
Tradedoubler, Adconion, Glam, Hi Media, Bigmouthmedia, Adscale, Conduit,
Online Advertising 3.7 22.0 Commission/CPM/CPC/CPA Advanced 15-50% 
At Internet, Adtelligence, Criteo
Marketplace 3.2 5.5 Commission/ Listing Fees Early 50% Fotolia, Teleroute, Softonic, Bullionvault, Perform Group, Experteer, Artprice 
VOIP 3.2 0.6 Subscription/Micropayment Early 50% Skype, Truphone 
Paid Services/Content 2.5 3.3 Subscription/Micropayment Advanced 20% United Internet 
Social Networks 2.2 0.6 Subscription/Advertising Early 50% Xing, Forticom, Sulake, badoo 

Applications 1.8 5.5 Subscription Early 50% Huddle, Netviewer, Teamviewer, Rapidshare, Spinvox, Thunderhead, eBuddy
(Remote Access)
Moneysupermarket, Confused, Check24, Guenstiger.de, Interhyp, Verivox,
Lead Generation 1.8 5.5 CPC/CPA Advanced 25% 
MutuiOnline
Online Payment 1.4 2.2 Commission Advanced 30% Moneybookers, Clear2Pay, Wirecard 
Info Services 1.3 2.2 Subscription Advanced 10% Boardex, Juris, Bureau van Dijk, Dealogic 
Mobile Internet 1.3 1.1 Various Early 50% Zed, Acision, Getjar 
Ticketing 1.2 1.1 Commission Early 60% CTS, Viagogo, Getmein, Seatwave 
Online Dating 1.1 0.6 Subscription Advanced 20% Parship, Meetic, Be2 
Group Buying 1.0 2.0 Commission Early 100%+ GBG, Rebate Networks, Daily Deal, Offerum, Grupfoni, Groupalia 
Local Advertising 0.6 5.5 Subscription Early 100% Astramedia, Europeweb, Cortix, Proximedia, Eniro 
Online Video 0.4 < 0.5 CPM Early 100% Smartclip, Sevenload, Perform 
Online Music 0.4 <0.2 Subscription/Advertising Early 100% Spotify 
Online Market Research 0.2 1.1 By Project Advanced 20% Metrixlab 
Note: Values estimated by NOAH Advisors.
15

16. Selected Investor References
The best trust us and work with us
Name Background and Deal Experience Name Background and Deal Experience
Dom Vidal  Index Ventures is one of Europe’s leading Internet VC group Martin Weber  More than 14 years of experience in the private equity
(Partner Index  Joined Yahoo! from Kelkoo, when Yahoo! acquired the company (Holtzbrinck Ventures, industry
Ventures) in March 2004 Managing Partner)  Has invested in more than 80 companies, built several
 CEO of Yahoo! Europe from 2004 to 2007 category leading businesses in consumer internet
 Deals: Kelkoo, Adconion, Be2, Criteo  Deals: Brands4Friends, Parship, Experteer, GameDuell, My-
Hammer, Adscale, Zalando
Harry Nelis  Accel is a leading globally active VC Greg Lockwood  Involved in early stage internet investing as a partner with UBS
(Partner Accel  Before joining Accel, was at Perry Capital, a $10bn hedge fund (Partner Piton Capital) Capital and as an angel investor since 1996
Partners)  Spent a decade in Silicon Valley and was founder of E-motion  Recently founded Piton Capital to invest in marketplace
 Deals: Gameforge, Check24, Kayak, Netvibes, Onforce, Double  Sunrise, Betfair (and former Chairman of betfair)
Fusion, Spreadshirt
Klaus Hommels  Klaus is Europe's most successful and respected angel investor Nicolas Massard  Principle at leading U.S. growth capital fund, joined in 2010
(Klaus Hommels  Joined AOL in 1995 (Principal, Abry  Joined Spectrum in January 2002 from Continuum Group, a
Capital)  Deals: AOL, Freenet, Skype, King.com, Stardoll, XING, Spotify, Partners) London-based communications venture capital firm
Xing  Deals: Demand Media, Riskmetrics, Eutelsat, Classic Media,
etc.
Jonathan Meeks  TA Associates is a leading European growth capital investor Tomas Diago  Founder of Softonic.com, one of the most visited sites in Spain
(Partner TA  Deals: M&M, eCircle, Micromax, AVG, Fotolia, eDreams, (Founder/CEO with 70m monthly unique visitors
Associates) GlobeOp, OpenLink, Radialpoint, Datek Online Holdings, Idea Softonic)  European leader in software downloading
Cellular and The Island EC  Second client of NOAH Advisors
 Sold a <15% stake to U.S. listed Digital River in Dec 2009
Patrick Healy  HF is the globally leading private equity investor in the Internet Jörg Mohaupt  Formerly with Providence Equity Partners, Morgan Stanley and
(Partner Hellman & sector (Head of TMT, Lehman Brothers. Co-founder of Continuum Group
Friedman)  Deals: Doubleclick, Getty Images, Web Reservations, IRIS, SSP Access Industries)  Deals: Casema, Canal Digitaal, Com Hem, Digiturk, Versatel,
Bibit, Perfrom Group, Acision, Warner Music
Antonio González  Founding partner and main shareholder of Grupo Intercom Jo Schull  A bulge-bracket private equity and growth capital investor
Barros (founded 1995) (Head of Europe,  Focuses on firm's European technology, media and
(CEO Grupo  Intercom is a successful incubator model focused on Spain Warburg Pincus) communications investments, as well as its investment
Intercom)  Deals: Softonic, InfoJobs, Emagister, over 20 start-ups activities in emerging Europe
 Deals: Ziggo, FiberNet, Centrum, Nectar (Loyalty Management)
Oleg Tscheltzoff  European serial entrepreneur. Founded Amen and Fotolia, Paul Tustain  Launched BullionVault in 2005 and since then he has overseen
(CEO Fotolia) Europe’s leading stock photography company (CEO/Founder its expansion to the £250m turnover business it is today
 First client of NOAH Advisors BullionVault)  Also founded SAM Systems in 1990
 Deals: Amen, Fotolia
Lars Hinrichs  Founder of Xing. One of Germany’s most successful start-ups John Lindfors  Head of the European Technology and the Media Investment
(CEO HackFwd)  Cinco Capital is building a portfolio of holdings in private & (DST) Banking Group at Goldman Sachs
public companies  Deals: Numerous (incl. Facebook fundraising)
 Deals: Xing, Boettcher Hinrichs AG
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17. grupfoni Transaction Case Study
NOAH Advisors advised on the majority sale of the market leading group buying company in Turkey
November 2011 Overview of grupfoni
 The company operates Turkey’s leading group buying site with 1.4 million members, over 300k
Sale of a majority stake in followers on Facebook and up to 150k daily visitors
 To date, the company has sold over 1.4 million coupons in over 7,000 deals in the categories
restaurants, beauty, travel, nightlife amongst others
 grupfoni was founded in June 2010 in Istanbul by Burak Hatipoğlu and Münteha Mangan
 grupfoni has established a market leading position in the Turkish group buying market despite
competition, mainly from Grupanya and SehirFirsati (Groupon)
to
 Turkey is one of the most exciting e-commerce markets in Europe with Internet penetration of
~45% and e-commerce usage only 5% of the population the last 12 months
 Young, emerging Internet population (40% are below 24, over 70% under 34) with relatively
low, but increasing purchasing power
Quants Financial Services AG
Transaction Overview
Exclusive Financial Advisor to grupfoni and its Shareholders  On 9 November 2011, Quants Financial Services AG, a Swiss investment company acquired a
majority stake in grupfoni for an undisclosed amount
 For majority shareholder Group Buying Global (GBG), a Zurich-based holding company run by
Klaus Hommels and Oliver Jung, the transaction represents the latest in a series of highly
successful exits from its portfolio of global group buying and private sales operators, following
Deal Team e.g. Markafoni and DeinDeal
 Management shareholders will continue to lead the company, backed by its new investors
Burak Hatipoglu, Co-founder and CEO
Münteha Mangan, Co-founder and CSO
NOAH Advisor’s Role
GBG: Klaus Hommels, Oliver Jung, Manu  NOAH Advisors has maintained a close relationship with Group Buying Global for two years and
Gupta has worked with Klaus Hommels and Oliver Jung on multiple occasions
Sellers
AlterInvest: Samih Toukan, Hussam Khouri
Emre Kurttepeli  NOAH Advisors was mandated following inbound interest to acquire the grupfoni
 grupfoni and NOAH Advisors worked together intensively, exploring options with a number of
Marco Rodzynek, Jan Brandes, strategic and financial investors
Yoram Wijngaarde
 NOAH Advisors acted as exclusive financial advisor to grupfoni and its selling shareholders
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18. EnGrande Transaction Case Study
NOAH Advisors partnered with EnGrande, exploring a range of strategic alternatives, resulting in a highly
successful outcome for all parties
July 2011 Overview of EnGrande
Sale of a majority stake in  EnGrande S.L. ("EnGrande" or "the Company") was established in 2003 by founder and CEO John Erceg to
generate bookings for budget hotels and apartments
 Following a period of rapid expansion across Europe and selected cities in America and Asia-Pacific, the
Company now has more than 7,000 establishments worldwide directly contracted to its service and
the owner of processes more than €80 million of bookings per annum
 EnGrande's websites, which include www.budgetplaces.com, and a network of dedicated 30's city
websites, such as www.london30.com and www.amsterdam30.com, are aimed at cost-conscious, mostly
European leisure and business travellers
 The Company employs 85 staff and is headquartered in Barcelona with offices in New York and Dublin
to
 The EnGrande team is passionate about finding new well-located, cheap and clean establishments,
partnering with hoteliers to fill their rooms profitably with a unique easy-to-use backoffice system which
offers maximum administrative efficiency
Transaction Rationale
 The online accommodation bookings market has proven to be a massive opportunity. Gross bookings of
the European hotel sector are estimated to total about €85 billion per annum, of which online bookings
Exclusive Financial Advisor to EnGrande S.L.
currently account for around €14 billion
 The European budget accommodation sector itself is currently worth approximately €15 billion per annum
and is rapidly growing, in part due to the expansion of low cost carriers
 The fragmented nature of accommodation suppliers and their low online penetration presents EnGrande
with a strong opportunity to accelerate the growth of its network of providers
Deal Team  A key part of the growth plan is a shared commitment to grow the platform to become the leader in the
budget accommodation category
 Palamon Capital Partners is a leading European mid-market private equity firms
John Erceg (founder and CEO)
 The terms of the transaction were not disclosed
NOAH Advisor’s Role
Fabio Massimo Giuseppetti, Jaime-Enrique
Hugas, Ricardo Caupers  EnGrande decided to partner with NOAH Advisors, following inbound interest to acquire the Company
Sponsor: Louis Elson  EnGrande and NOAH Advisors worked together intensively on exploring a wide range of strategic
alternatives, while the Company grew from strength to strength was able to scale its platform rapidly
Marco Rodzynek, Yoram Wijngaarde, Jan
Brandes  NOAH Advisors acted as exclusive M&A financial advisor to EnGrande
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19. Bigpoint Transaction Case Study
NOAH Advisors identified the Bigpoint opportunity early on, and re-introduced the deal to Summit Partners and
TA Associates based on superior insight into the situation
April 2011 Overview of Bigpoint
 Bigpoint was founded in 2002 by Heiko Hubertz (co-CEO) in Hamburg and has become a globally leading
and online gaming company, with over 185m registered users in over 150 countries, 250,000 daily
registrations, millions of paying users, and 1 million+ concurrent users
are jointly investing $350m to acquire a majority stake in  Its 60 active browser games in 25 languages include core games such as Seafight and DarkOrbit, next-
generation 3D games such Battlestar Galactica Online, and casual-social games such as Farmerama and
Zoomumba. A strong pipeline includes The Mummy and RamaCity
 Bigpoint’s games are free-to-play, with paid virtual items. Paying users spend an average of circa €20 ($29)
per month and purchase over a billion virtual items every day
 Bigpoint is one of the best-positioned online gaming platforms, in the sweet-spot of a market with several
structural growth dynamics (fast growing $15b+ online gaming market, the $2.5b+ free-to-play model
from outgrowing the market) and better developer risk-return characteristics
 Bigpoint has built an industry-leading platform in terms of user analytics, virtual items sales, a diversified
portfolio of strong games in different segments, coupled with a strong pipeline
 The company’s strong growth track-record, industry-leading profit margins, and high-quality management
team made it a highly attractive investment opportunity for TA and Summit
Exclusive Financial Advisor to
Summit Partners and TA Associates
Transaction Summary
 TA Associates and Summit Partners are jointly investing $350 million for a majority stake. Heiko Hubertz,
Bigpoint’s founder and co-chief executive, will retain his 30% stake
 Comcast Interactive Capital, GMT Communications and General Electric sell down their stakes. GMT and
GE will retain a minority stake. GMT and NBC Universal acquired a 70% stake in June ‘08 at a $110m
Deal Team valuation. They have made a fivefold return on their investment
Heiko Hubertz, Arthur Bastings, Simon Guild,  Although Bigpoint is not raising new funds as part of the deal, the new partners will help it to expand
Nils Holger Henning, Philip Reisberger, Tobias internationally, make acquisitions and develop software
Reisberger, Michael Gutsmann, Jan Wergin  Completion is subject to regulatory approval and other standard conditions
Scott Collins, Christian Strain, Vincent Lambert,
Nicolas Slim, Ronan Gouello NOAH Advisor’s Role
 Bigpoint has been a close relationship of NOAH Advisors for close to two years
John Meeks, Morgan Seigler, Khaled Heliouli
 NOAH had intensively followed Bigpoint as a potential transaction opportunity and re-introduced the deal
Marco Rodzynek, Yoram Wijngaarde,
to Summit Partners and TA Associates based on superior insight into the situation
Jan Brandes  NOAH Advisors acted as exclusive M&A financial advisor to Summit and TA, bringing in-depth knowledge
of the online gaming sector, the company, and intelligence around the opportunity
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