grupfoni Transaction Case Study NOAH Advisors advised on the majority sale of the market leading group buying company in Turkey Transaction Summary November 2011 Sale of a majority stake in 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 e.g. Markafoni and DeinDeal Management shareholders will continue to lead the company, backed by its new investors to Overview of grupfoni Quants Financial Services AG The company operates Turkey’s leading group buying site with 1.4 million members, over 300k 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, Exclusive Financial Advisor to grupfoni and its Shareholders beauty, travel, nightlife amongst others grupfoni was founded in June 2010 in Istanbul by Burak Hatipolu and Münteha Mangan grupfoni has established a market leading position in the Turkish group buying market despite competi- tion, mainly from Grupanya and SehirFirsati (Groupon) ® 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 Deal Teams Young, emerging Internet population (40% are below 24, over 70% under 34) with relatively low, but increasing purchasing power Burak Hatipoglu, Co-founder and CEO Münteha Mangan, Co-founder and CSO NOAH Advisors’ Role GBG: Klaus Hommels, Oliver Jung, NOAH Advisors has maintained a close relationship with Group Buying Global for two years and has SELLERS Manu Gupta worked with Klaus Hommels and Oliver Jung on multiple occasions AlterInvest: Samih Toukan, Hussam NOAH Advisors was mandated following inbound interest to acquire the grupfoni Khouri grupfoni and NOAH Advisors worked together intensively, exploring options with a number of strategic Marco Rodzynek, Jan Brandes, and financial investors ® Yoram Wijngaarde NOAH Advisors acted as exclusive financial advisor to grupfoni and its selling shareholders 40