Leading Classifieds Aggregator Trovit Sold to NEXT for €80 Million NOAH Advisors acted as the exclusive advisor to Trovit and its shareholders Transaction Summary October 2014 Announcement of the sale of 100% of On 7 October 2014, 100% of leading classifieds aggregator Trovit (www.trovit.com) announced the acquisition by publicly listed Japanese real estate information services provider NEXT (www.next-group.jp) Closing is subject to conditions precedent and expected for November 2014 Trovit will allow NEXT to build a massive platform offering real estate and lifestyle information from across to the world Overview of Trovit for €80m (JPY11.0bn) Launched in 2006 in Barcelona, Trovit is the world’s leading classifieds aggregator, providing its users with access to listings in real estate, cars, jobs, products and other segments Exclusive Financial Advisor to Trovit and its Shareholders Trovit has expertise in successfully operating websites worldwide, 20k content partnerships in 40 countries, and a base of 47m unique monthly visitors Trovit’s proprietary search engine technology allows users to swiftly find most relevant classifieds ads and narrow them down with enhanced and easy-to-use functionalities ® Trovit generated revenues of €17.6m and EBIT of €5.9m in 2013 Deal Teams The company is run by a highly experienced management team led by CEO Iñaki Ecenarro, who will join NEXT and continue to manage Trovit Iñaki Ecenarro, Daniel Giménez, Raúl Puente, Luis Martín Cabiedes, Jesús Monleón NOAH Advisors’ Role José María de Paz, Iñaki Frías NOAH Advisors acted as the exclusive financial advisor to Trovit and its shareholders, exploring options Takashi Inoue, Keizo Tsutsui with a number of strategic and financial investors Trovit has been in a close relationship with NOAH Advisors for a number of years and has presented at Marco Rodzynek, Jan Brandes, the NOAH Conference 2010, 2011 and 2012 ® Nikhil Parmar, Marija Sevcenko 34