EnGrande Transaction Case Study NOAH Advisors partnered with EnGrande, exploring a range of strategic alternatives, resulting in a highly successful outcome for all parties Transaction Rationale July 2011 Sale of a majority stake in 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 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 owner of 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 A key part of the growth plan is a shared commitment to grow the platform to become the leader in the to budget accommodation category Palamon Capital Partners is a leading European mid-market private equity firm The terms of the transaction were not disclosed at a valuation of €40m Overview of EnGrande Exclusive Financial Advisor to EnGrande S.L. 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 ® 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, Deal Teams mostly European leisure and business travellers The Company employs 85 staff and is headquartered in Barcelona with offices in New York and Dublin John Erceg (founder and CEO) 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 Fabio Massimo Giuseppetti, Jaime-Enrique Hugas, Ricardo Caupers NOAH Advisors’ Role Sponsor: Louis Elson EnGrande decided to partner with NOAH Advisors, following inbound interest to acquire the Company Marco Rodzynek, Yoram Wijngaarde, 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 ® Jan Brandes NOAH Advisors acted as exclusive M&A financial advisor to EnGrande 41