Toprural Transaction Case Study NOAH Advisors advised on the sale of the leading Spanish vacation rental website Transaction Summary April 2012 Sale of 100% in On 2 April 2012, HomeAway Inc., the world’s largest online marketplace for vacation rentals based in Aus- tin, Texas, USA, acquired a 100% of Toprural for an undisclosed amount in an all-cash transaction The acquisition broadens HomeAway’s reach in Europe and adds inventory that appeals to a seekers of long weekend getaways to small towns or countryside destinations Following the acquisition, COO Rafael Pérez-Olivares Hoepfl will serve as General Manager and replace to François Derbaix, who will stay on as a consultant during the transition. Toprural is the 18th acquisition for HomeAway Overview of Toprural Financial Advisor to Toprural and its Shareholders Toprural is a rural accommodation search engine focused on independently owned rental properties in rural France, Spain, Italy and Portugal Clear market leadership in Spain ® The company has ~12k paid and ~30k free listings for bed-and-breakfast properties and vacation rentals The Toprural website operates in 8 languages, including English Spanish, Portuguese, French, Catalan Deal Teams and Dutch and features accommodations varying from farmhouses in Tuscany to fincas in Mallorca The company was founded in 2000, has 46 employees and is based in Madrid Francois Derbaix, Founder and CEO Rafael Pérez-Olivares Hoepfl, COO NOAH Advisors’ Role NOAH Advisors has been working with Toprural and its shareholders since early 2010 Marco Rodzynek Toprural and NOAH Advisors worked together intensively, exploring options with a number of strategic Yoram Wijngaarde and financial investors ® Jan Brandes NOAH Advisors acted as financial advisor to Toprural and its selling shareholders 39