NOAH HAS ACQUIRED UNIQUE UNDERSTANDING OF THE EUROPEAN ONLINE ECOSYSTEM ® SECTOR KPIs EBITDA CAGR 2017E-2019E 49% 45% 41% 35% 35% 28% 25% 23% 18% 21% 21% 14% 15% 11% 9% 8% 8% 5% Marketplaces E-commerce Search & Portals Gaming Social Classifieds Lead Generation Travel Advertising Europe United States EBITDA MARGIN 2018E 57% 37% 32% 32% 31% 29% 28% 28% 29% 19% 19% 16% 20% 19% 13% 13% 11% 5% Gaming Social Search & Portals Lead Generation Travel Advertising Classifieds Marketplaces E-commerce Europe United States CASH CONVERSION: FCF / EBITDA 2018E 94% 63% 54% 49% 48% 54% 48% 48% 49% 45% 47% 44% 44% 44% 43% 38% 29% 29% E-commerce Advertising Lead Generation Marketplaces Gaming Travel Social Search & Portals Classifieds Europe United States Note: Calculation based on sector aggregates. 8