# NOAH Bible

Everything You Need to Know About NOAH 18

Contents Title Page Title Page Cover 1 Pipedrive 34 Agenda 2 NOAHDisruptor List 35-42 Selected NOAH Advisors Deals 3 CHRONEXT 43 The NOAH Conferences 4-7 NOAH Top List: European SaaS 44-45 NOAH Connect: ComingSoon! 8 The NOAH Conferences 46 Porsche: The New Panamera 9 The NOAH Ecosystem 47 European Online Valuations 10 Universe of Public Internet Companies 11 Real Winners on Stage 48-49 Sector Valuations 12 Adyen 50 Sector KPIs 13 NOAH Tel Aviv 2018 Review 51-54 Deutsche Börse Venture Network 14 NOAH Tel Aviv 2018 Overview 51 Historical Valuation by Region 15 Event Impressions 52-53 Growth Driven Valuation 16 Sponsors & Partners 54 Significant European Movers 17 NOAH London 2017 Review 55-59 Credit Suisse 18 NOAH London 2017 Overview 55 Trading Comparables 19-26 NOAH London 2017 Highlights 56 Advertising, Classifieds 19 Event Impressions 57-58 Classifieds (Cont’d), Content, Digi. 20 Entertainment, E-commerce Sponsors & Partners 59 E-commerce (Cont’d), Education, 21 Fitness/Wearables NOAH Berlin 2017 Review 60-64 Gambling, Gaming, Hardware & 22 Semiconductors NOAH Berlin 2017 Overview 60 Hardware & Semiconductors (Cont’d), 23 Healthcare & Science, IoT, Brokerage NOAH Berlin 2017 Highlights 61 Travel, Payments, Search, Social 24 Event Impressions 62-63 Software 25 Sponsors & Partners 64 Software (Cont’d) 26 Manhattan Venture Partners 27 Target Global 65 NOAH Top List: European FinTech 28 NOAH Advisors 66 Selected Transaction Comps 29-33 NOAH Advisors Overview 67-68 Strategic Buyers by Segment 29-32 Selected NOAH Advisors Deals 69 Financial Buyers by Segment 33 NOAH Resources 70 2

Selected NOAH Advisors Deals August 2017 December 2016 October 2016 September 2016 Acquisition of a Majority Stake in Investment in Investment in Acquisition of a Majority Stake in by by by by from 84% Ownership at a valuation of $200m Exclusive Financial Advisor to at a valuation of €300m Financial Advisor to EMK Capital Financial Advisor to Silver Lake KäuferPortaland its Financial Advisor to Oakley Shareholders Capital May 2016 November 2015 August 2015 September 2015 Investment in $5m fundraising and NOAH as $14m fundraising and NOAH as Sale of 70% stake in 10Bis the Lead Investor the Lead Investor by to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to 10Bis and its Shareholders Pipedrive Aloha Drushimand its Shareholders July 2015 December 2014 October 2014 September 2014 Primary funding for Sale of 100% of Sale of 100% of Sale of controlling stake in from for $800m to for €80m to to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Advisor to BIScience Fotolia and the Selling Trovit and its Shareholders Facile.it and its Shareholders Shareholders August 2014 May 2014 February 2013 May 2012 sold 100% of Growth equity investment from $150 million growth equity investment from sale to for $228m to JV between for a 30% stake alongside Softonic’s for a 50% stake alongside Fotolia’s Founders and Angel Investors at Founders and TA Associates €275m valuation Additional $150 million senior debt financing Advisor to the Selling Shareholders Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Yad2 and its Shareholders Softonic and its shareholders Fotolia and its Shareholders April 2012 November 2011 July 2011 July 2011 Sale of 100% in Sale of a majority stake in Sale of a majority stake in have acquired a majority stake in to to to for $350m from Quants Financial Services AG at a valuation of €40m Financial Advisor to Toprural Exclusive Financial Advisor to Exclusive Advisor to and its Shareholders grupfoniand its Shareholders Exclusive Advisor to EnGrande Summit Partners and TA Associates 3

The NOAH Conference Berlin 6-7 June 2018 Tempodrom, Berlin Connecting European Champions and Challengers Fantastic speaker line-up Meet disruptors across key industry verticals Networking with 4,000+ attendees Traditional market leaders meet their digital start-up counterparts Attendees by Type Attendees by Seniority Internet Entrepreneurs C-Level and Executives 3%1% Corporate Executives 17% Investment Partner 28% Investors 38% 42% Service Providers Owner, Founder Press 19% Board Member Other Other 2% 21% 22% 7% HIGHLIGHTS FROM NOAH17 BERLIN PROGRAM >> VIDEO LIBRARY >> REQUEST INVITE >> REGISTER >> NOAH Conference WATCH THE TRAILER OVERVIEW PRESENTATION 4

NOAH Conference London 30-31 October 2018 Old Billingsgate, London Connecting Capital with Entrepreneurs 630+ investment funds 100+ top speakers ~2,000 senior attendees Europe’s top entrepreneurs and C-level executives meet financial, corporate and private investors Attendees by Type Attendees by Seniority Internet Entrepreneurs C-Level and Executives 3% 2% Investors 9% 21% Investment Partner Corporate Executives 14% Service Providers 47% Owner, Founder 1% 8% 49% Press Board Member Other 25% Other 21% HIGHLIGHTS FROM NOAH17 LONDON PROGRAM >> VIDEO LIBRARY >> REQUEST INVITE >> REGISTER >> NOAH Conference WATCH THE TRAILER OVERVIEW PRESENTATION 5

The NOAH Conference Tel Aviv 9-10 April 2019 Haoman17, Tel Aviv Connecting Israel’s Startups with Large Corporates and Investors 70+ top speakers 250+ international executives ~800 senior attendees Selected European “large caps” visit leading Israeli start-ups HIGHLIGHTS FROM NOAH18 TEL AVIV PROGRAM >> VIDEO LIBRARY >> NOAH Tel Aviv REQUEST INVITE >> VIDEO PRESENTATION 6

THE NOAH STARTUP STAGE NOAH Berlin Startup Stage Want to meet relevant angels and VCs looking for early-stage opportunities and increase public awareness? Apply for the NOAH Berlin Startup Stage 2018 now! APPLY FOR NOAH18 BERLIN STARTUP STAGE The NOAH17 London Startup Competition We are pleased to present the winners of the NOAH London 2017 Startup Stage. The online votes are cast and we congratulate the winner The Work Crowd as well as runners up Misterporterand Everdine, who will present their ventures on the main stage of the upcoming NOAH Conference in Berlin on the 6-7 June 2018. In addition, The Work Crowd will also receive a prize from our partner DCMN. MEET OUR WINNERS

NOAH Connect: Coming Soon! NOAH Connect: Bringing the NOAH Ecosystem Online in 2018 Supporting the European online ecosystem with 4 key objectives • Connect Europe’s digital leaders • Connect old and new economy • Narrow competitive disadvantage vs. better funded US firms • Increase exits to European strategic buyers (to preserve long-term competitiveness) 8

European Online Valuations

Universe of Public Internet Companies Advertising Classifieds E-commerce Lead Gen Marketplaces Online Gaming Search Social Travel Europe United States 11

Sector Valuations EV / EBITDA 2018E March 2018 44.6x E-commerce 22.9x 40.3x Marketplaces 11.8x Search & 18.4x Portals 11.6x 14.2x Social 12.2x 12.5x Classifieds 12.6x Lead 8.2x Generation 8.3x 5.8x Travel 20.1x 2.6x Gaming 9.3x 2.6x Advertising 10.5x Europe United States Note: Calculation based on sector aggregates. 12

Sector KPIs EBITDA CAGR 2017E-2019E 49% 45% 41% 35% 35% 28% 25% 23% 18% 21% 21% 14% 11% 15% 9% 8% 5% 8% Marketplaces E-commerce Search & Gaming Social Classifieds Lead Travel Advertising Portals Generation 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 & Lead Travel Advertising Classifieds Marketplaces E-commerce Portals Generation Europe United States Cash Conversion: FCF / EBITDA 2018E 94% 63% 54% 49% 48% 47% 54% 48% 48% 49% 38% 45% 44% 44% 44% 43% 29% 29% E-commerce Advertising Lead Marketplaces Gaming Travel Social Search & Classifieds Generation Portals Europe United States Note: Calculation based on sector aggregates. 13

Historical Valuation by Region EV / 1 Year Forward EBITDA 35x Europe United States Rest of World 30x 25x 20x 15x 10x 5x - Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 15 15 15 16 16 16 17 17 17 18 Selected Companies Europe United States Rest of World Note: NTM EBITDA derived by time-weighted estimates. 15 Forward multiples are median values for region.

Growth Driven Valuation Europe EV / EBITDA 2017E 50x 40x 30x 20x 10x - - 5% 10% 15% 20% EBITDA CAGR 2017E-2019E United States EV / EBITDA 2017E 50x 40x 30x 20x 10x - - 3% 6% 9% 12% 15% 18% EBITDA CAGR 2017E-2019E Note: Size of bubble represents Enterprise Value. 16

Significant European Movers Valuations: Jan-18 vs. Feb-18 Enterprise Value (€m) * Company Jan-18 Feb-18 % Change Gainers 3,180 4,087 +29% 1,263 1,623 +29% 2,231 2,794 +25% 913 1,124 +23% 3,442 3,939 +14% Losers 768 397 -48% 2,073 1,578 -24% 5,707 4,452 -22% 592 491 -17% 5,953 4,969 -17% EV/EBITDA 2017E Company Jan-18 Feb-18 % Change Gainers 22.4x 30.5x +36% 7.7x 10.2x +32% 4.0x 5.0x +27% 41.8x 51.3x +23% 30.5x 34.2x +12% Losers 13.5x 6.2x -54% 11.5x 8.1x -30% 27.1x 19.5x -28% 16.2x 11.8x -27% 34.5x 30.5x -12% Source: Capital IQ (March 2018). 17 Note: * Companies with enterprise value <€100m excluded.

Trading Comparables 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Advertising / Marketing Ad Networks Criteo (Europe) 1,242 51% 1.6x 1.5x 1.3x 11% 5.2x 5.1x 4.3x 9% 29% 11.7x 12.3x 10.2x Taptica (Middle East) 277 73% 1.1x 0.7x 0.7x 31% 7.3x 6.3x 5.6x 14% 12% 10.3x 9.3x 8.2x Matomy (Middle East) 110 56% 0.4x 0.4x 0.3x 6% 4.3x 3.2x 2.9x 21% 11% n/a n/a n/a Mean 1.1x 0.9x 0.8x 16% 5.6x 4.9x 4.3x 15% 17% 11.0x 10.8x 9.2x Intermediaries Trade Desk (US) 1,823 84% 7.3x 5.5x 4.4x 29% 24.5x 18.9x 13.9x 33% 29% 35.9x 30.5x 22.7x QuinStreet (US) 512 99% 1.9x 1.7x 1.5x 13% 30.6x 19.5x 15.0x 43% 8% 69.2x 30.5x 22.9x FreakOut (AsiaPac) 172 33% 1.8x 1.3x 1.0x 35% 25.5x 15.4x 11.2x 51% 8% n/a n/a n/a RhythmOne (US) 123 38% 0.4x 0.3x 0.2x 43% 9.8x 2.4x 1.7x 140% 11% n/a n/a n/a SeaChange (US) 62 76% 0.9x 0.9x n/a (100%) 13.7x 9.4x n/a (100%) 10% 34.6x 19.6x n/a Weborama (Europe) 45 96% n/a 1.2x 1.0x n/a 7.7x 5.9x 4.5x 31% 20% 55.7x 34.3x 19.4x Cxense (Europe) 34 42% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Marin Software (US) 13 46% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Netccentric (AsiaPac) (1) 27% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a The Rubicon Project (US) (28) 31% n/m n/m n/m (10%) 7.9x 1.4x 22.5x (41%) (22%) n/m n/m n/m Mean 2.5x 1.8x 1.6x 2% 17.1x 10.4x 11.5x 22% 9% 48.9x 28.7x 21.7x Data and Loyalty HubSpot (US) 3,540 96% 11.7x 9.0x 7.2x 27% n/m n/m 68.2x 70% 9% n/m n/m n/m Acxiom (US) 2,067 95% 2.8x 2.6x 2.4x 8% 14.7x 12.8x 10.9x 16% 20% 40.7x 28.5x n/a Quotient Technology (US) 863 78% 3.3x 2.7x 2.3x 20% 22.6x 15.3x 11.2x 42% 18% 59.0x 29.8x 19.5x Aimia (Canada) 317 20% 0.2x 0.3x 0.3x (12%) 2.0x 2.3x 2.4x (9%) 14% 2.5x 2.4x 2.7x 1000mercis (Europe) 102 70% 1.7x 1.6x 1.3x 14% 8.2x 7.5x 6.2x 16% 21% n/a n/a n/a Marchex (US) 13 77% 0.2x 0.2x n/a (100%) 23.0x 11.5x n/a (100%) 2% n/m n/m n/a Somoto (Middle East) 26 58% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.3x 2.7x 2.7x (7%) 14.1x 9.9x 19.8x 6% 14% 34.1x 20.3x 11.1x Market Research Nielsen (Europe) 15,945 74% 3.0x 2.9x 2.8x 4% 9.6x 9.5x 8.8x 4% 30% 12.3x 12.3x 11.0x Gartner (US) 11,335 86% 4.2x 3.4x 3.0x 18% 19.9x 17.9x 15.9x 12% 19% 35.8x 30.9x 25.7x Ipsos (Europe) 1,789 86% 1.0x 1.0x 1.0x 2% 8.7x 8.6x 8.1x 4% 12% 11.1x 10.6x 9.8x National Research Corp. (US) 653 88% 6.8x 6.3x n/a (100%) 20.6x 18.7x n/a (100%) 33% 37.8x 34.1x n/a comScore (US) - 84% n/m n/m n/a (100%) n/m n/m n/a (100%) 28% 14.0x 10.9x n/a Forrester Research (US) 528 91% 2.0x 1.8x 1.7x 7% 16.9x 16.1x 11.7x 21% 11% 34.5x 31.0x 18.7x YouGov (Europe) 414 100% 3.2x 3.0x 2.7x 10% 20.9x 18.0x 15.2x 17% 17% 30.5x 26.9x n/a Intage (AsiaPac) 313 78% 0.8x 0.8x 0.7x 5% 7.3x 7.0x 6.5x 6% 11% n/a n/a n/a Mean 3.0x 2.7x 2.0x (19%) 14.9x 13.7x 11.0x (17%) 20% 25.1x 22.4x 16.3x Agencies WPP (Europe) 21,556 62% 1.2x 1.2x 1.2x 1% 7.3x 7.5x 7.3x (0%) 16% 9.0x 9.3x 9.0x Omnicom (US) 15,142 83% 1.2x 1.2x 1.1x 3% 7.9x 7.7x 7.3x 4% 15% 13.9x 13.0x 12.6x Publicis Group (Europe) 13,490 81% 1.4x 1.4x 1.4x 0% 8.0x 8.0x 7.7x 2% 18% 12.3x 11.9x 11.3x Dentsu (AsiaPac) 11,732 71% 1.7x 1.5x 1.4x 8% 8.6x 8.6x 7.7x 5% 18% n/a n/a n/a Interpublic Group of Comp. (US) 7,891 87% 1.2x 1.2x 1.2x 4% 8.5x 8.0x 7.7x 5% 15% 15.9x 13.2x 12.5x JCDecaux (Europe) 6,499 78% 1.9x 1.8x 1.7x 3% 10.9x 10.5x 9.7x 6% 17% 26.5x 24.7x 21.9x MDC Partners (US) 1,188 55% 1.0x 0.9x 0.9x 5% 7.2x 6.7x 6.1x 8% 14% 13.6x 12.3x 8.0x Asatsu-DK (AsiaPac) 1,004 92% 0.4x 0.4x 0.4x 1% 17.3x n/a n/a (100%) - n/a n/a n/a Mean 1.2x 1.2x 1.2x 3% 9.5x 8.2x 7.6x (9%) 14% 15.2x 14.0x 12.5x Classifieds Diversified Naspers (Africa) 103,834 83% 17.4x 16.6x 14.6x 9% n/m n/m n/m 90% 10% 45.4x 31.4x 22.0x Recruit Holdings (AsiaPac) 31,880 90% 2.0x 1.8x 1.7x 9% 15.9x 14.8x 12.3x 14% 12% n/a n/a n/a Axel Springer (Europe) 8,825 92% 2.5x 2.7x 2.6x (2%) 13.6x 11.8x 10.8x 12% 23% 24.7x 22.7x 19.8x 58.com (AsiaPac) 9,841 94% 7.9x 6.3x 5.2x 24% 40.0x 27.6x 19.6x 43% 23% 52.4x 32.5x 23.2x Schibsted (Europe) 5,468 82% 3.1x 2.9x 2.7x 7% 20.2x 15.5x 12.8x 26% 18% 49.5x 31.3x 23.1x Scout24 (Europe) 4,576 98% 9.5x 8.7x 8.0x 9% 18.5x 16.1x 14.2x 14% 54% 26.8x 23.8x 20.9x Info Edge India (AsiaPac) 1,729 86% 14.0x 11.9x 10.2x 17% 56.2x 41.6x 33.7x 29% 29% n/m 56.4x 42.2x Next Co (Europe) 8,249 87% 1.7x 1.7x 1.7x 1% 8.2x 8.3x 8.3x (1%) 21% 10.9x 11.1x 11.1x Just Dial (AsiaPac) 372 68% 3.9x 3.6x 3.3x 9% 19.9x 17.0x 15.2x 14% 21% 22.6x 20.1x 17.6x Mean 1.1x 1.1x 1.1x 3% 10.7x 8.3x 7.8x (18%) 12% 17.8x 16.0x 13.8x Real Estate REA Group (AsiaPac) 6,716 96% 14.6x 12.4x 11.1x 15% 25.5x 21.4x 18.7x 17% 58% 41.3x 33.9x 28.9x Zillow (US) 8,594 95% 9.8x 8.0x 6.8x 20% 44.7x 34.0x 26.0x 31% 24% n/m 64.0x 43.8x Rightmove (Europe) 4,336 91% 15.6x 14.2x 13.1x 9% 20.6x 18.7x 17.3x 9% 76% 26.1x 23.4x 21.8x Redfin (US) 1,251 63% 4.2x 3.3x 2.6x 28% n/m n/m 52.1x 1021% 1% n/m n/m n/m Fang Holdings (AsiaPac) 2,159 91% 5.8x 5.4x 4.7x 10% 49.6x 17.5x 11.5x 108% 31% 99.7x 23.2x 14.0x Mitula (Europe) 48 39% 2.2x 2.0x 1.5x 20% 6.2x 6.3x 3.9x 26% 31% 11.5x 17.5x 7.3x Leju (AsiaPac) 37 41% 0.1x 0.1x 0.1x 24% n/m n/m n/a (100%) (6%) n/m 18.4x 57.6x Mean 6.9x 6.3x 5.5x 9% 24.1x 19.1x 15.9x 27% 23% 33.2x 28.7x 22.5x Source: Capital IQ (as of 22 March 2018). 19

Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Classifieds (Cont'd) Automotive Autohome (AsiaPac) 7,693 97% 10.0x 8.4x 7.0x 19% 28.9x 21.7x 17.1x 30% 39% 36.0x 27.3x 22.4x Auto Trader (Europe) 4,078 75% 11.0x 10.2x 9.9x 5% 15.7x 14.6x 13.6x 8% 70% 19.3x 17.7x 16.3x Cargurus (US) 2,965 91% 11.6x 9.1x 7.9x 22% n/m n/m 97.8x 33% 7% n/m n/m n/m Carsales.com (AsiaPac) 2,260 90% 9.2x 7.6x 6.8x 16% 18.8x 16.1x 14.4x 14% 47% 27.3x 24.4x 21.9x BCA Marketplace (Europe) 1,780 65% 0.7x 0.6x 0.6x 9% 10.6x 9.7x 8.8x 10% 6% 14.7x 13.2x 12.0x Bitauto (AsiaPac) 3,859 42% 3.6x 2.8x 2.2x 27% 23.4x 21.1x 12.1x 39% 13% 14.1x 10.0x 7.2x TrueCar (US) 677 44% 2.6x 2.3x 2.0x 13% 29.8x 21.7x 15.0x 41% 11% n/m 55.2x 33.7x Carvana (US) 640 86% 0.9x 0.4x 0.2x 93% n/m n/m n/m (72%) (8%) n/m n/m n/m Mean 5.8x 5.2x 4.6x 17% 25.1x 15.4x 20.1x 182% 26% 42.6x 22.2x 24.6x Recruitment Seek (AsiaPac) 5,097 94% 7.0x 6.0x 5.3x 14% 20.1x 17.7x 15.8x 13% 34% 34.9x 30.5x 26.9x 51job (AsiaPac) 3,731 97% 1.6x 1.3x 1.0x 25% 4.6x 3.6x 2.8x 28% 35% 6.1x 4.6x 3.6x Dice Holdings (US) 100 39% 0.6x 0.7x 0.7x (9%) 3.1x 3.7x 4.1x (12%) 19% 13.9x 10.1x 14.1x Mean 7.7x 6.4x 5.7x 16% 19.5x 16.6x 27.3x 22% 30% 22.3x 18.5x 16.0x Content Providers IAC (US) 11,702 97% 4.4x 3.6x 3.2x 18% 24.8x 16.0x 12.7x 40% 23% 62.7x 27.4x 20.4x Roku (US) 2,637 57% 6.4x 4.8x 3.7x 32% n/m n/m n/m n/a (2%) n/a n/m n/m Pandora (US) 1,233 44% 1.0x 1.0x 0.9x 8% n/m n/m n/m (71%) (7%) n/m n/m n/m XO Group (US) 357 97% 2.7x 2.6x 2.4x 7% 15.7x 12.6x 10.9x 20% 21% 62.4x 40.9x 33.9x TechTarget (US) 435 99% 4.9x 4.4x 3.8x 13% 24.7x 18.4x 14.3x 31% 24% 49.0x 29.3x 21.9x Mean 4.2x 3.6x 3.2x 12% 11.8x 10.4x 12.5x 13% 30% 19.3x 15.9x 15.1x Digital Entertainment Netflix (US) 114,996 93% 12.1x 8.9x 7.3x 29% n/m 73.3x 47.5x 66% 12% n/m n/m 71.5x Freenet (Europe) 4,690 73% 1.4x 1.3x 1.3x 1% 9.8x 10.4x 10.3x (3%) 13% 11.0x 13.4x 12.4x Pandora Media (US) 1,233 44% 1.0x 1.0x 0.9x 8% n/m n/m n/m (71%) (7%) n/m n/m n/m Xunlei (AsiaPac) 357 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Brave Bison (Europe) (0) 39% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 4.0x 3.3x 2.9x 15% 19.3x 14.4x 12.6x 7% 15% 48.4x 28.4x 22.8x E-Commerce Diversified Amazon (US) 635,234 97% 4.4x 3.3x 2.7x 27% 40.7x 28.9x 22.4x 35% 12% n/m n/m 96.5x Alibaba (AsiaPac) 407,004 92% 14.7x 10.0x 7.5x 40% 32.5x 23.5x 17.7x 36% 42% 40.4x 30.2x 22.5x Liberty Ventures (US) - 86% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Rakuten (AsiaPac) 11,837 65% 1.6x 1.4x 1.3x 13% 7.8x 8.3x 7.5x 2% 17% n/a n/a n/a Investment AB Kinnevik (Europe) 8,367 96% 83.5x 86.2x n/m (9%) n/m n/m n/m (6%) (19%) 37.6x 37.3x 29.0x B2W (LatAm) 3,597 99% 1.9x 1.9x 1.8x 5% 21.6x 15.5x 12.1x 34% 12% n/m n/m n/m Rocket Internet (Europe) 1,890 96% 27.8x 13.1x 14.2x 40% n/m n/m n/m 14% (37%) n/m n/m n/m Vostok New Ventures (AsiaPac) 606 92% 2.8x 2.3x 1.9x 23% 4.8x 3.7x 2.9x 28% 61% 6.0x 5.5x 4.5x Netshoes (LatAm) 184 26% 0.4x 0.3x 0.3x 14% n/m n/a 18.5x n/a - n/m n/m n/m Mean 4.6x 3.6x 3.1x 13% 14.5x 32.7x 23.5x (0%) 8% 29.7x 20.9x 35.6x Personalized Cimpress (Europe) 4,905 96% 2.5x 2.2x 2.1x 9% 20.7x 16.8x 16.0x 14% 13% 75.9x 41.6x n/a Stamps.com (US) 2,793 85% 7.5x 6.3x 5.3x 18% 15.0x 13.4x 11.1x 16% 47% 20.3x 19.7x 16.7x Shutterfly (US) 2,261 97% 2.4x 2.2x 2.1x 7% 12.5x 10.1x 9.4x 15% 22% n/m 38.2x 32.9x CEWE Stiftung (Europe) 588 84% 1.0x 0.9x 0.9x 5% 6.4x 6.1x 5.8x 5% 15% 16.9x 15.8x 14.4x Eve Sleep (Europe) 153 80% 4.9x 2.3x 1.3x 94% n/m n/m n/m n/a (25%) n/m n/m n/m Oponeo.pl (Europe) 133 81% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Cafepress Inc. (US) (6) 43% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 17.5x 15.6x 3.7x 14% 12.2x 15.0x 12.9x 12% 6% 24.4x 21.2x 23.0x Marketplace eBay (US) 37,778 88% 4.8x 4.2x 3.9x 11% 13.4x 12.4x 11.5x 8% 34% 19.4x 18.2x 16.5x MercadoLibre (LatAm) 12,843 85% 11.6x 7.6x 5.3x 48% 83.6x 91.0x 55.5x 23% 8% n/m n/m n/m Delivery Hero (Europe) 6,604 98% 12.1x 8.5x 6.2x 39% n/m n/m n/m n/a (6%) n/m n/m n/m Just Eat (Europe) 5,217 79% 8.6x 6.5x 5.5x 26% 28.0x 24.6x 17.7x 26% 27% 42.6x 38.9x 27.8x GrubHub (US) 7,755 96% 14.0x 10.0x 8.0x 32% 52.5x 38.0x 28.8x 35% 26% 95.9x 64.4x 47.7x Kakaku (AsiaPac) 2,842 90% n/a 7.3x 6.9x n/a n/a 14.4x 13.1x n/a 51% n/a n/a n/a Takeaway.com (Europe) 1,847 81% 11.2x 7.9x 6.2x 34% n/m n/m 52.6x n/a (3%) n/m n/m 74.2x Etsy (US) 2,599 99% 7.3x 5.9x 5.0x 20% 42.9x 27.6x 22.3x 39% 21% 50.3x 45.1x 38.6x TradeMe (AsiaPac) 1,104 81% 7.8x 7.3x 6.8x 6% 11.8x 11.2x 10.6x 6% 65% 18.9x 18.1x 17.0x Shutterstock (US) 1,258 97% 2.8x 2.4x 2.2x 13% 16.7x 14.3x 12.6x 15% 17% 43.5x 42.1x 28.5x Blue Apron (US) 307 20% 0.4x 0.4x 0.4x 5% n/m n/m n/m (59%) (9%) n/m n/m n/m Care.com (US) 417 88% 2.9x 2.7x 2.4x 11% 23.3x 16.6x 13.7x 31% 16% 28.5x 22.0x 18.7x Hellofresh (Europe) 2,011 96% 2.2x 1.7x 1.4x 27% n/m n/m 64.5x n/a (5%) n/m n/m n/m Liquidity Services (US) 111 90% 0.5x 0.6x n/a (100%) n/m n/m n/a (100%) (3%) n/m n/m n/a MyHammer (Europe) 49 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 6.0x 4.9x 2.6x 25% 13.4x 12.3x 11.0x 12% 13% 34.4x 27.3x 21.8x Source: Capital IQ (as of 22 March 2018). 20

Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 E-Commerce (Cont'd) Other Verticals JD.com (AsiaPac) 48,457 84% 0.2x 0.1x 0.1x 28% 10.0x 6.3x 3.1x 79% 2% 11.9x 7.9x 4.5x Wayfair (US) 4,833 69% 1.3x 0.9x 0.8x 30% n/m n/m n/m (90%) (2%) n/m n/m n/m CTS Eventim (Europe) 2,915 85% 2.9x 2.7x 2.5x 8% 13.6x 12.3x 11.0x 11% 22% 29.9x 27.7x 24.6x Monotaro (AsiaPac) 3,421 91% 5.1x 4.1x 3.5x 21% 34.6x 28.2x 23.3x 22% 15% n/a n/a n/a Ocado (Europe) 4,072 86% 2.5x 2.2x 2.0x 12% 39.0x 38.6x 31.6x 11% 6% n/m n/m n/m Abcam (Europe) 2,777 94% 10.7x 9.8x 8.9x 10% 32.3x 24.8x 22.1x 21% 39% 43.0x 36.6x 32.8x Proto Labs (US) 2,596 96% 9.3x 7.2x 6.4x 21% 32.7x 25.5x 23.5x 18% 28% 57.6x 42.2x 36.3x Overstock.com (US) 952 50% 0.6x 0.6x 0.6x 7% n/m n/m n/m n/a (5%) n/m n/m n/m Zooplus (Europe) 1,134 81% 1.0x 0.8x 0.7x 22% n/m 60.4x 37.2x 79% 1% n/m n/m 70.1x PetMed Express (US) 672 77% 3.1x 2.8x 2.6x 10% 17.1x 14.7x n/a (100%) 19% 28.4x 20.7x 17.4x 1-800-Flowers.com (US) 560 96% 0.6x 0.6x n/a (100%) 8.3x 7.8x n/a (100%) 8% 29.7x 21.6x n/a Cogobuy (AsiaPac) 1,045 38% 0.8x 0.7x 0.5x 30% 13.1x 10.6x 7.0x 36% 6% 11.3x 9.4x 6.6x AO World (Europe) 601 81% 0.7x 0.6x 0.5x 12% n/m n/m 24.1x n/a 1% n/a n/m 46.3x Shop Apotheke Europe (Europe) 491 65% 1.7x 0.9x 0.7x 58% n/m n/m 55.6x n/a 0% n/m n/m n/m Delticom (Europe) 146 59% 0.2x 0.2x 0.2x 9% 11.3x 9.5x 8.1x 18% 2% 39.4x 26.3x 18.2x LDLC.com (Europe) 133 50% 0.3x 0.2x 0.2x 12% 9.2x 7.8x 6.2x 22% 3% 17.7x 16.2x 11.5x U.S. Auto Parts Network (US) 67 52% 0.3x 0.3x 0.2x 4% 5.9x 5.5x 4.8x 11% 5% n/a 26.3x 19.2x Mean 2.8x 2.4x 2.8x (9%) 18.0x 14.2x 29.3x (19%) 5% 30.7x 24.1x 19.8x Fashion and Flash Sales Zalando (Europe) 10,016 89% 2.2x 1.8x 1.5x 22% 37.2x 30.5x 23.8x 25% 6% 85.8x 72.8x 54.1x Start Today (AsiaPac) 6,246 70% 8.8x 6.7x 5.5x 27% 25.2x 21.1x 17.2x 21% 32% n/a n/a n/a ASOS (Europe) 6,611 90% 3.0x 2.3x 1.8x 29% 43.2x 31.9x 24.8x 32% 7% 86.4x 68.0x 53.8x Vipshop (AsiaPac) 8,543 89% 0.1x 0.1x 0.1x 26% 3.1x 2.4x 1.7x 36% 5% 3.9x 3.0x 2.3x Yoox Net-A-Porter (Europe) 5,008 99% 2.4x 2.1x 1.8x 17% 29.4x 24.2x 18.3x 27% 9% 89.6x 70.7x 48.1x Boohoo.com (Europe) 1,807 45% 3.7x 2.2x 1.6x 53% 36.8x 24.3x 18.1x 43% 9% 57.5x 44.8x 36.1x Stitch Fix (US) 1,431 69% n/a 1.3x 1.1x n/a n/a 38.7x 35.3x n/a 3% n/a n/m n/m MySale Group (AsiaPac) 174 85% 0.5x 0.5x n/a (100%) 14.9x 11.5x n/a (100%) 4% 41.5x 34.4x n/a LightInTheBox (AsiaPac) 79 68% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Windeln.de (Europe) 45 56% 0.2x 0.2x 0.2x 6% n/m n/m 17.0x n/a (7%) n/m n/m 90.7x Jumei (AsiaPac) 25 70% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 0.9x 0.7x 0.7x 2% 11.0x 9.2x 19.3x (5%) 4% 25.8x 20.6x 20.3x Finance and Price Comparison IG Group (Europe) - 95% n/m n/m n/m 2% n/m n/m n/m 0% 51% 16.2x 14.5x 14.3x Moneysupermarket (Europe) 1,745 78% 4.5x 4.5x 4.2x 3% 11.8x 12.1x 11.4x 2% 37% 17.3x 17.1x 15.9x Hypoport (Europe) 778 80% 4.0x 3.6x 3.2x 12% 24.6x 20.7x 18.1x 17% 17% 40.9x 32.7x 28.1x LendingClub (US) - 55% n/m n/m n/m 18% n/m n/m n/m 73% 12% n/m 43.0x 21.5x Ferratum (Europe) - 80% n/m n/m n/m 30% n/m n/m n/m 38% 17% 27.6x 17.1x 13.9x Gruppo MutuiOnline (Europe) 475 79% 3.0x n/a n/a (100%) 10.5x 10.0x 9.4x 6% n/a 19.0x n/a n/a On Deck Capital (US) - 82% n/m n/m n/m 11% n/m n/m n/m 179% 8% n/m 18.8x 12.3x iSelect (AsiaPac) 116 45% 0.9x 0.9x 0.8x 10% 6.1x 5.2x 4.5x 16% 16% 12.4x 10.5x 8.9x Jianpu Tech (AsiaPac) 624 64% 0.5x 0.4x 0.2x 74% n/m n/m 2.9x n/a (7%) n/m n/m 4.3x HubStyle (Grupa Nokaut) (Europe) 3 22% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Comperia (Europe) 4 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 1.4x 1.0x 0.9x (10%) 20.9x 20.9x 22.4x (21%) 3% 41.6x 33.3x 49.0x Lead Gen LendingTree (US) 3,507 89% 7.1x 5.5x 4.4x 27% 38.1x 28.7x 22.0x 32% 19% 82.2x 51.7x 37.4x Yelp (US) 2,253 89% 3.3x 2.9x 2.5x 15% 17.6x 15.1x 11.9x 22% 19% 40.6x 33.7x 25.5x Groupon (US) 1,580 77% 0.7x 0.7x 0.7x (2%) 8.1x 7.3x 6.7x 10% 10% 34.8x 20.6x 17.1x Gocompare.com (Europe) 584 93% 3.4x 3.0x 2.8x 10% 13.7x 10.8x 9.8x 18% 27% 17.3x 13.3x 12.0x Gurunavi (AsiaPac) 451 59% 1.6x 1.6x 1.5x 2% 7.3x 7.6x 6.9x 3% 21% n/a n/a n/a eHealth (US) 197 52% 1.4x 1.1x 0.9x 22% n/m 11.7x 7.0x n/a 9% n/m 15.2x 8.6x Mean 1.5x 0.7x 0.6x 3% 12.5x 12.1x 9.8x 43% 7% 25.1x 19.9x 17.7x Education New Oriental Education (AsiaPac) 9,806 84% 5.9x 4.4x 3.5x 31% 35.6x 30.1x 20.8x 31% 15% 45.2x 36.6x 28.0x Pearson (Europe) 7,575 98% 1.4x 1.6x 1.6x (5%) 9.3x 9.6x 8.8x 3% 17% 13.9x 15.4x 13.3x 2U (US) 3,561 95% 15.3x 10.9x 8.2x 36% n/m n/m n/m 64% 4% n/m n/m n/m Chegg (US) 1,748 92% 8.5x 7.2x 5.9x 20% 47.6x 28.5x 21.0x 50% 25% 83.7x 42.5x 31.5x Instructure (US) 1,154 94% 9.0x 6.8x 5.4x 30% n/m n/m n/m (28%) (11%) n/m n/m n/m Capella Education (US) 714 89% 2.0x 1.9x 1.9x 3% 10.2x 9.9x 9.2x 5% 20% 24.2x 19.5x 18.1x K12 (US) 368 70% 0.5x 0.5x n/a (100%) 3.9x 4.0x n/a (100%) 13% 28.2x 45.4x n/a Cambium Learning Group (US) 425 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a American Public Education (US) 429 94% 1.8x 1.8x 1.7x 1% 10.4x 9.8x 9.3x 6% 18% 39.0x 27.5x 25.1x Boxlight (US) 30 38% 1.4x 1.1x n/a (100%) n/a n/a n/a n/a - n/m n/m n/a Mean 2.0x 1.7x 1.5x 8% 11.8x 10.8x 8.7x 19% 16% 29.5x 20.6x 16.2x Fitness & Wearables Under Armour (US) 5,799 67% 1.4x 1.4x 1.3x 5% 22.1x 21.5x 17.0x 14% 6% 74.1x 84.2x 48.2x Huami Corp. (AsiaPac) 519 87% 0.3x 0.2x 0.2x 42% 4.2x 3.1x 2.1x 40% 7% 3.7x 2.6x 1.8x GoPro (US) 474 40% 0.5x 0.5x 0.5x (4%) n/m n/m 21.9x n/a (1%) n/m n/m n/m Fitbit (US) 444 70% 0.3x 0.4x 0.4x (3%) n/m n/m n/m (11%) (5%) n/m n/m n/m Mean 1.5x 1.4x 1.7x (38%) 9.1x 8.6x 9.1x (17%) 13% 30.2x 28.2x 19.8x Source: Capital IQ (as of 22 March 2018). 21

Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Gambling Paddy Power Betfair (Europe) 6,871 81% 3.5x 3.3x 3.0x 8% 13.1x 12.3x 11.4x 7% 26% 19.2x 18.0x 16.5x Amaya (Canada) 5,194 89% 6.3x 5.0x 4.5x 18% 13.6x 12.3x 11.2x 10% 41% 11.0x 9.8x 8.8x GVC Holdings (Europe) 3,305 95% 2.9x 3.0x 2.8x 3% 10.6x 10.5x 9.6x 5% 28% 15.2x 14.1x 12.7x Playtech (Europe) 2,557 71% 2.7x 2.6x 2.4x 7% 6.9x 6.6x 5.9x 8% 40% 9.3x 9.4x 8.0x Net Entertainment (Europe) 1,009 54% 6.3x 5.7x 5.2x 10% 13.7x 12.2x 11.2x 10% 47% 19.6x 17.8x 16.5x 888 Holdings (Europe) 1,009 89% 1.6x 1.5x 1.4x 7% 9.1x 8.2x 7.7x 9% 19% 15.3x 15.0x 12.9x Bet-at-home.com (Europe) 397 48% 3.3x 3.1x 3.0x 6% 11.0x 10.8x 9.8x 6% 29% 15.1x 15.0x 13.4x Sportech (Europe) (3) 38% n/m n/m n/m (6%) n/m n/m n/m (5%) 15% 13.0x 17.7x 14.1x ZEAL Network (Europe) 95 87% 0.7x 0.6x 0.6x 9% 4.1x 2.2x 2.0x 44% 28% 13.4x 9.3x 7.2x Mean 0.8x 0.8x 0.8x 1% 11.8x 11.1x 12.5x 6% 4% 36.0x 38.3x 23.3x Gaming MMO NetEase (AsiaPac) 27,973 80% 4.2x 3.1x 2.5x 30% 16.9x 15.2x 12.9x 14% 20% 19.2x 18.2x 15.5x Nexon (AsiaPac) 9,160 89% 5.2x 4.3x 4.2x 12% 12.0x 9.4x 9.1x 15% 46% n/a n/a n/a NCsoft (AsiaPac) 6,189 85% 4.6x 3.8x 3.3x 17% 12.9x 9.8x 8.2x 26% 39% 18.6x 14.8x 12.0x Sea Limited (US) 7,878 84% 2.2x 2.0x 2.0x 5% 11.7x 10.7x 10.1x 8% 19% 20.5x 17.2x 15.7x NetDragon (AsiaPac) 897 56% 2.2x 1.9x 1.5x 22% 26.9x 16.5x 12.6x 46% 11% n/m 43.9x 26.4x Changyou (AsiaPac) 700 63% 1.5x 1.6x 1.6x (3%) 3.9x 5.8x 6.6x (22%) 27% 9.3x 10.7x 10.3x Rovio (Europe) 290 38% 1.0x 1.0x 1.0x 1% 4.3x 7.1x 5.9x (14%) 15% 11.9x 18.6x 12.3x WeMade (AsiaPac) 465 82% 5.7x 4.6x 3.9x 21% 70.5x 26.6x 22.6x 77% 17% 63.3x 33.4x 44.4x Mean 2.5x 2.3x 2.2x 4% 9.9x 8.9x 8.6x 12% 23% 18.7x 18.9x 14.6x Mobile and Casual CyberAgent (AsiaPac) 4,931 93% 1.7x 1.5x 1.4x 10% 16.2x 14.7x 12.0x 16% 10% n/a n/a n/a Youzu (AsiaPac) 2,581 64% 5.8x 4.5x 3.6x 27% 21.4x 16.4x 14.0x 23% 27% 24.0x 17.0x 13.4x Zynga (US) 2,141 88% 3.1x 2.8x 2.5x 11% 20.2x 14.5x 11.6x 32% 20% 38.2x 26.7x 19.5x DeNA (AsiaPac) 1,382 66% 1.3x 1.3x 1.2x 2% 5.3x 4.5x 4.5x 9% 28% n/a n/a n/a GungHo Online (AsiaPac) 1,465 85% 2.1x 2.3x 2.4x (6%) 5.0x 6.7x 6.6x (13%) 35% n/a n/a n/a Colopl (Europe) 14,569 84% 6.9x 6.4x 6.0x 7% 18.8x 17.9x 17.0x 5% 36% 27.4x 25.7x 24.2x NHN Entertainment (AsiaPac) 791 79% 1.1x 1.0x 0.9x 10% 14.2x 11.0x 8.6x 28% 9% 29.9x 20.9x 15.0x GREE (Europe) 1,657 48% 0.6x 0.6x 0.6x 4% 7.4x 6.9x 6.4x 8% 8% 9.0x 8.7x 8.1x Glu Mobile (US) 383 78% 1.5x 1.4x 1.2x 11% n/m 21.8x 13.6x n/a 6% n/m 26.7x 16.8x Ourgame (AsiaPac) 190 59% 3.0x 2.1x 2.2x 18% n/a n/a n/a n/a - n/m 19.1x 13.3x IGNIS (AsiaPac) 194 56% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Gumi (AsiaPac) 185 61% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Focus Home Interactive (Europe) 199 89% 2.3x 1.8x 1.7x 16% 19.1x 12.9x 12.8x 22% 14% 31.1x 18.7x 19.5x Boyaa Interactive (AsiaPac) 1 60% 0.0x 0.0x 0.0x 12% n/a n/a n/a n/a - 7.0x 6.6x 5.8x Mean 3.1x 2.7x 2.4x 10% 19.0x 11.9x 10.4x 18% 25% 23.7x 22.5x 19.4x Console & PC Activision Blizzard (US) 42,850 88% 7.4x 7.0x 6.5x 7% 20.3x 18.6x 15.5x 14% 38% 30.4x 26.1x 22.5x Electronic Arts (US) 27,588 94% 6.7x 6.2x 5.7x 8% 20.0x 16.9x 14.7x 17% 37% 30.4x 25.5x 21.8x Take-Two Interactive (US) 8,479 79% 5.2x 4.1x 4.0x 14% 19.7x 14.4x 12.7x 24% 29% 30.2x 23.4x 18.7x Ubisoft Entertainment (Europe) 7,941 97% 4.4x 4.0x 3.6x 11% 11.9x 9.3x 9.3x 13% 44% 44.1x 26.0x 20.2x Konami (AsiaPac) 4,451 78% 2.3x 2.2x 2.1x 5% 9.5x 8.2x 7.6x 12% 27% n/a n/a n/a Bandai Namco (AsiaPac) 4,597 80% 0.9x 0.9x 0.9x 3% 7.0x 6.5x 6.1x 7% 14% n/a n/a n/a Square Enix (AsiaPac) 3,347 82% 1.6x 1.7x 1.5x 4% 10.2x 8.8x 7.5x 16% 19% n/a n/a n/a CD Projekt (Europe) 2,391 88% 22.4x 19.0x 5.9x 95% 41.6x 41.0x 8.5x 122% 46% 56.4x 48.8x 13.0x Sega Sammy (AsiaPac) 2,120 98% 0.8x 0.8x 0.8x (1%) 6.0x 5.8x 5.3x 6% 14% n/a n/a n/a Capcom (AsiaPac) 1,980 95% 2.9x 2.7x 2.6x 5% 11.5x 10.7x 10.0x 7% 25% n/a n/a n/a Paradox Interactive (Europe) 1,290 91% 16.2x 12.4x 10.3x 26% 27.3x 20.4x 16.0x 30% 61% 52.6x 37.3x 30.3x Marvelous (AsiaPac) 277 73% 1.4x 1.3x 1.2x 9% n/a n/a n/a n/a - n/a n/a n/a Mean 1.8x 1.4x 1.4x 12% 15.2x 13.4x 10.8x 16% 9% 17.7x 17.1x 13.8x Hardware & Semiconductors Consumer Electronics Apple (US) 735,576 92% 3.8x 3.4x 3.3x 7% 12.2x 11.2x 10.9x 6% 30% 17.0x 14.0x 13.6x Samsung (AsiaPac) 216,921 90% 1.2x 1.1x 1.1x 6% 3.7x 3.2x 3.1x 9% 34% 8.4x 7.3x 7.4x IBM (US) 142,311 86% 2.2x 2.2x 2.2x 1% 9.1x 9.0x 8.8x 2% 24% 10.8x 11.1x 11.0x Sony (AsiaPac) 49,023 89% 0.8x 0.7x 0.7x 4% 5.9x 5.7x 5.4x 4% 13% n/a n/a n/a Hitachi (AsiaPac) 38,488 81% 0.5x 0.5x 0.5x 3% 4.5x 4.6x 4.4x 2% 12% n/a n/a n/a Philips (Europe) 32,076 87% 1.8x 1.8x 1.7x 3% 11.2x 10.7x 9.7x 7% 16% 21.3x 19.1x 16.4x HP (US) 28,587 76% 1.1x 1.1x 1.1x (3%) 6.2x 6.7x 6.6x (3%) 17% 14.6x 13.1x 12.9x Hewlett Packard Enterprise (US) 28,587 76% 1.1x 1.1x 1.1x (3%) 6.2x 6.7x 6.6x (3%) 17% 14.6x 13.1x 12.9x Nokia (Europe) 20,706 75% 0.9x 0.9x 0.9x (1%) 6.9x 7.0x 5.8x 8% 13% 14.5x 18.2x 14.1x Sharp (AsiaPac) 14,268 64% 0.8x 0.7x 0.7x 4% 10.1x 10.1x 9.3x 4% 7% n/a n/a n/a Motorola (US) 16,777 97% 3.2x 3.0x 2.9x 6% 11.8x 10.6x 10.0x 9% 28% 18.9x 15.5x 14.5x LG (US) 6,268 74% 1.8x 1.9x 1.8x 1% 12.2x 14.2x 11.5x 3% 13% 14.4x 29.1x 30.1x Fujitsu (AsiaPac) 13,704 66% 0.4x 0.5x 0.4x (3%) 5.6x 4.5x 4.9x 7% 10% n/a n/a n/a Toshiba (AsiaPac) 21,180 91% 0.6x 0.6x 0.7x (8%) 2.0x 6.5x 12.8x (60%) 10% n/a n/a n/a Lenovo (AsiaPac) 6,862 76% 1.5x 1.5x 1.4x 2% 61.3x 40.4x 41.2x 22% 4% n/m n/m 75.0x Quanta Computer (AsiaPac) 6,041 75% 0.2x 0.2x 0.2x 5% 8.5x 7.3x 6.5x 15% 3% 14.9x 12.0x 10.5x Pegatron Corporation (AsiaPac) 5,048 74% 0.2x 0.1x 0.1x 7% 5.0x 4.3x 3.8x 15% 3% 11.4x 10.1x 8.5x ASUSTeK Computer (AsiaPac) 3,621 88% 0.3x 0.3x 0.3x 2% 9.1x 7.2x 6.8x 16% 4% 13.5x 12.3x 11.8x Foxconn (AsiaPac) 1,492 77% 0.4x 0.4x 0.4x (4%) 4.2x 3.5x 3.7x 7% 10% 10.6x 9.7x 10.2x Acer (AsiaPac) 1,331 74% 0.2x 0.2x 0.2x 3% 10.0x 7.7x 7.8x 13% 3% 27.4x 18.8x 18.4x Unisplendour (AsiaPac) 8,337 78% 1.7x 1.5x 1.3x 16% n/a n/a n/a n/a - 64.2x 54.0x 46.8x One Stop Systems (US) 58 82% 2.5x 1.9x 1.4x 34% 44.2x 50.5x 17.7x 58% 4% n/m n/m 22.0x Mean 7.6x 6.3x 3.7x 24% 20.3x 18.2x 10.1x 36% 26% 42.3x 34.4x 19.0x Source: Capital IQ (as of 22 March 2018). 22

Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Hardware & Semiconductors (Cont'd) Computer Peripherals & Storage Hon Hai Precision Industry (AsiaPac) 41,514 76% 0.3x 0.3x 0.3x 3% 7.0x 6.2x 5.7x 11% 5% 12.0x 10.2x 9.6x Western Digital (US) 29,643 96% 1.8x 1.7x 1.7x 4% 5.1x 5.3x 5.8x (6%) 33% 7.9x 7.2x 7.4x Seagate (Europe) 15,805 98% 1.8x 1.8x 1.8x (0%) 8.9x 8.4x 8.7x 1% 21% 14.4x 11.6x 12.5x NetApp (US) 11,191 96% 2.4x 2.3x 2.2x 5% 10.5x 9.9x 9.1x 8% 23% 19.5x 17.4x 16.2x Zebra Technologies (US) 8,008 95% 2.7x 2.5x 2.4x 5% 14.5x 12.8x 12.2x 9% 20% 20.8x 15.2x 14.2x Shenzen Huiding (AsiaPac) 3,783 90% 0.3x 0.3x 0.3x 2% 9.5x 7.5x 7.1x 16% 4% 13.8x 12.6x 12.1x Logitech (Europe) 4,723 89% 2.3x 2.0x 1.9x 10% 19.1x 16.3x 14.8x 14% 13% 25.4x 22.3x 19.2x Pure Storage (US) 3,050 88% 3.7x 2.8x 2.2x 29% n/m 34.8x 19.4x 198% 8% n/m n/m 40.2x Lite-On (AsiaPac) 1,980 75% 0.3x 0.3x 0.3x 3% 4.6x 4.1x 4.0x 8% 8% 34.6x 10.6x 10.1x PCI-Suntek (AsiaPac) 2,137 89% 3.8x 2.7x 1.9x 43% n/a n/a n/a n/a - 83.9x 45.0x 25.1x Chicony (AsiaPac) 1,559 90% 0.7x 0.7x 0.6x 7% 7.3x 7.4x 6.3x 7% 9% 12.9x 11.4x 10.4x Synaptics (US) 1,494 74% 1.1x 1.1x 1.0x 3% 8.2x 7.2x 7.7x 3% 15% 10.4x 9.9x 9.8x Phison Electronics (AsiaPac) 1,239 66% 1.1x 1.0x 1.0x 5% 6.2x 7.9x 7.7x (11%) 13% 9.9x 11.7x 11.6x Mean 1.8x 1.5x 1.0x 8% 10.0x 8.6x 6.8x 17% 8% 29.6x 24.8x 20.5x Semiconductors Intel (US) 207,228 96% 4.1x 3.9x 3.8x 4% 9.9x 9.4x 8.8x 6% 42% 15.3x 14.2x 13.6x Taiwan Semiconductor (AsiaPac) 169,928 95% 6.2x 5.6x 5.0x 12% 9.4x 8.4x 7.6x 11% 67% 19.1x 17.0x 15.0x Broadcom (AsiaPac) 93,568 86% 6.1x 5.4x 5.0x 10% 8.5x 9.2x 8.7x (1%) 58% 12.7x 11.1x 10.1x NVIDIA (US) 118,472 97% 15.3x 11.7x 10.3x 21% 44.6x 31.4x 27.0x 29% 37% 52.9x 34.7x 30.7x Texas Instruments (US) 86,779 89% 7.1x 6.8x 6.5x 5% 15.3x 14.5x 13.9x 5% 47% 23.1x 20.5x 18.0x Qualcomm (US) 58,343 81% 3.1x 3.3x 3.1x (1%) 8.7x 10.2x 8.3x 2% 32% 14.1x 17.0x 14.8x ASML (Europe) 74,240 98% 8.6x 7.2x 6.7x 13% 27.2x 22.2x 19.5x 18% 32% 38.3x 30.1x 25.1x Micron (US) 60,650 94% 3.3x 2.5x 2.5x 15% 5.9x 3.8x 3.8x 24% 65% 8.9x 5.4x 6.0x Applied Materials (US) 50,326 96% 4.0x 3.4x 3.2x 12% 12.8x 10.8x 10.0x 13% 32% 16.6x 13.4x 12.9x SK hynix (AsiaPac) 44,390 97% 1.9x 1.6x 1.6x 11% 3.1x 2.4x 2.6x 10% 65% 5.8x 4.6x 5.4x Analog Devices (US) 33,374 93% 7.2x 6.8x 6.5x 5% 14.1x 14.8x 13.4x 3% 46% 18.6x 16.4x 15.8x Infineon (Europe) 25,639 89% 3.6x 3.4x 3.1x 7% 13.8x 12.2x 11.0x 12% 28% 26.4x 23.8x 20.2x Microchip Technology (US) 20,542 97% 6.5x 6.1x 5.8x 6% 14.7x 14.2x 13.0x 6% 43% 18.2x 16.0x 15.0x Renesas Electronics (AsiaPac) 15,091 73% 2.5x 2.4x 2.3x 6% 11.1x 9.5x 8.5x 14% 26% n/a n/a n/a STMicroelectronics (Europe) 17,349 91% 2.1x 1.8x 1.7x 11% 10.5x 8.2x 7.2x 21% 22% 21.4x 15.6x 13.3x Skyworks Solutions (US) 14,771 92% 4.8x 4.5x 4.1x 9% 10.9x 10.2x 9.2x 9% 44% 15.7x 14.3x 12.6x Sanan Optoelectronics (AsiaPac) 13,299 85% 11.8x 8.7x 6.6x 34% 22.0x 16.7x 13.3x 28% 52% 35.3x 24.9x 20.0x Xilinx (US) 14,257 96% 7.1x 6.6x 6.3x 6% 22.4x 20.8x 19.6x 7% 32% 29.7x 26.7x 24.5x Maxim Integrated Products (US) 12,997 81% 6.7x 6.3x 6.0x 6% 16.2x 15.3x 14.3x 7% 41% 24.9x 22.1x 20.2x MediaTek (AsiaPac) 11,860 96% 1.8x 1.7x 1.5x 9% 23.1x 14.9x 11.0x 45% 11% 24.6x 20.4x 16.5x ON Semiconductor (US) 10,845 96% 2.5x 2.3x 2.3x 4% 10.7x 9.7x 9.1x 9% 24% 18.5x 15.0x 13.5x AMD (US) 9,070 71% 2.1x 1.8x 1.6x 14% 27.8x 17.7x 13.3x 44% 10% 73.9x 24.8x 19.0x ASE Group (AsiaPac) 11,168 96% 1.4x 1.3x 1.1x 10% 7.5x 6.8x 6.3x 9% 18% 15.8x 14.8x 13.2x Marvell Technology Group (AsiaPac) 7,800 91% 4.0x 3.8x 3.7x 3% 13.6x 12.3x 11.7x 8% 31% 18.7x 16.5x 15.5x ROHM (AsiaPac) 6,257 81% 2.1x 2.0x 1.8x 7% 8.8x 7.2x 6.3x 19% 27% n/a n/a n/a SMIC (AsiaPac) 7,265 72% 22.5x 20.6x 18.1x 12% 68.2x 63.3x 53.3x 13% 33% n/m n/m n/m Microsemi (US) 7,757 97% 5.2x 4.7x 4.4x 8% 14.8x 13.6x 12.6x 8% 34% 16.5x 14.6x 13.3x United Microelectronics (AsiaPac) 5,894 91% 1.4x 1.4x 1.3x 3% 3.6x 3.6x 3.5x 2% 38% 20.2x 19.4x 16.6x Mean 1.8x 1.5x 1.2x 14% 9.2x 12.3x 9.5x 34% 9% 29.5x 19.4x 18.4x Hardware & Science Quintiles (US) 25,404 94% 3.9x 3.1x 2.9x 15% 15.3x 14.2x 13.1x 8% 22% 21.0x 19.2x 17.3x Cerner (US) 16,008 80% 3.8x 3.5x 3.3x 8% 11.8x 11.3x 10.3x 7% 31% 24.3x 22.4x 19.9x ResMed (US) 11,592 93% 6.5x 5.9x 5.4x 10% 23.5x 18.9x 16.9x 18% 31% 33.9x 28.9x 26.7x M3 (AsiaPac) 11,461 99% 16.9x 13.7x 12.1x 18% 49.4x 40.9x 34.5x 20% 34% n/a n/a n/a Athenahealth (US) 4,852 91% 4.9x 4.4x 4.0x 11% 22.6x 16.9x 14.6x 25% 26% 71.9x 37.6x 31.3x Allscripts (US) 3,452 80% 2.3x 1.9x 1.8x 13% 11.6x 9.7x 8.9x 14% 20% 20.6x 16.6x 14.3x Cotiviti (US) 3,184 78% 5.7x 5.2x 4.7x 11% 14.7x 12.8x 11.6x 12% 40% 22.6x 18.1x 16.3x Teladoc (US) 2,239 97% 11.8x 7.7x 6.1x 39% n/m n/m 73.6x n/a 2% n/m n/m n/m HealthStream (US) 542 79% 2.7x 2.9x 2.8x (2%) 17.7x 16.9x 15.4x 7% 17% n/m 87.1x 73.1x Evolent Health (US) 812 53% 2.3x 1.7x 1.5x 25% n/m 46.8x 23.0x n/a 4% n/m n/m 78.0x CPSI (US) 453 83% 2.1x 1.9x 1.9x 5% 11.5x 11.6x 11.6x (0%) 17% 19.2x 14.7x 14.3x Mean 6.2x 5.7x 5.1x 8% 19.7x 18.7x 16.2x 14% 29% 21.2x 17.5x 15.9x Internet of Things (IoT) Impinj (US) 201 22% 1.9x 2.3x 2.0x (1%) n/m n/m n/m 101% (22%) n/m n/m n/m Forescout Technologies (US) 832 83% 4.7x 3.8x 3.2x 22% n/m n/m n/m (67%) (12%) n/m n/m n/m Internet of Things (Canada) 11 57% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ShotSpotter (US) 174 98% 9.2x 6.6x 4.9x 37% n/m n/m 21.5x 181% 6% n/m n/m 59.9x Mean 5.1x 4.2x 3.7x 14% 15.9x 21.4x 25.2x 8% 18% 21.0x 34.3x 39.5x Online Brokerage Charles Schwab (US) - 94% n/m n/m n/m 14% n/m n/m n/m 22% 50% 34.3x 22.8x 19.2x TD Ameritrade (US) - 95% n/m n/m n/m 20% n/m n/m n/m 26% 40% 35.0x 19.8x 16.1x E*TRADE (US) - 97% n/m n/m n/m 11% n/m n/m n/m 12% 49% 23.8x 18.2x 16.5x Interactive Brokers (US) - 95% n/m n/m n/m 14% n/m n/m n/m 27% 80% 46.8x 32.6x 27.1x Alfa Financial Software (Europe) 1,146 63% 11.4x 10.7x 9.4x 10% 24.6x 22.6x 20.0x 11% 47% 32.8x 30.6x 27.0x Mean 5.2x 4.2x 3.4x 18% 15.9x 21.4x 23.4x 56% (3%) 21.0x 34.3x 49.7x Source: Capital IQ (as of 22 March 2018). 23

Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Online Travel Travel Agents Priceline Group (US) 86,200 96% 8.4x 7.1x 6.3x 15% 22.4x 18.8x 16.6x 16% 38% 27.9x 24.2x 21.4x Ctrip.com (AsiaPac) 21,244 80% 6.2x 5.2x 4.1x 23% 31.3x 25.5x 17.7x 33% 20% 43.7x 35.2x 22.9x Expedia (US) 15,640 67% 1.9x 1.7x 1.5x 12% 11.0x 10.3x 8.9x 11% 16% 22.7x 22.2x 17.9x TripAdvisor (US) 4,398 80% 3.5x 3.4x 3.1x 6% 16.8x 16.2x 14.9x 6% 21% 36.8x 35.7x 30.7x Trivago (Europe) 2,050 31% 2.4x 2.3x 1.9x 12% n/m n/m n/m 28% (1%) n/m n/m n/m MakeMyTrip (AsiaPac) 2,558 86% 6.2x 4.9x 4.2x 21% n/m n/m n/m (88%) (22%) n/m n/m n/m Despegar.com (LatAm) 1,502 88% 3.6x 2.9x 2.4x 21% 22.3x 16.7x 13.4x 29% 17% 55.0x 37.6x 28.8x eDreams ODIGEO (Europe) 778 67% 1.5x 1.5x 1.4x 5% 6.7x 6.5x 6.1x 5% 22% 11.0x 9.1x 7.7x Webjet (AsiaPac) 874 87% 5.4x 4.5x 3.7x 20% 18.0x 14.1x 10.6x 30% 32% 32.6x 22.6x 16.2x On The Beach (Europe) 778 93% 7.7x 6.3x 5.5x 18% 21.5x 16.7x 13.8x 25% 38% 30.7x 24.7x 20.4x Hostelworld (Europe) 431 96% 4.4x 4.1x 3.9x 6% 14.7x 13.9x 13.1x 6% 30% 19.4x 18.7x 17.4x Tuniu (AsiaPac) 265 69% 0.1x 0.1x 0.1x 22% n/m n/m 25.0x n/a (7%) n/m 25.1x 6.9x HolidayCheck (Europe) 134 82% 1.2x 1.0x 0.9x 10% 46.5x 17.1x 10.8x 108% 6% n/m n/m 40.2x Lastminute.com (Europe) 131 91% 0.6x 0.5x 0.5x 4% 8.7x 6.9x 6.8x 13% 8% n/a n/a n/a Travelzoo (US) 54 64% 0.6x 0.6x 0.6x 2% 10.5x 9.8x 7.1x 22% 6% 81.0x 29.3x 24.1x Asiatravel (AsiaPac) 10 49% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 8.3x 7.5x 6.4x 15% 20.2x 22.0x 21.7x 25% 44% 32.3x 26.4x 25.9x Metasearch and Infrastructure Amadeus IT (Europe) 28,476 96% 5.9x 5.6x 5.2x 6% 15.3x 14.2x 13.2x 7% 39% 26.2x 24.7x 23.1x Sabre Corp (US) 7,463 88% 2.6x 2.4x 2.3x 5% 8.5x 8.5x 7.9x 3% 29% 15.9x 15.3x 13.6x Travelport (Europe) 3,209 89% 1.6x 1.5x 1.5x 5% 6.7x 6.6x 6.3x 4% 23% 10.9x 10.3x 9.3x Mean 3.3x 2.9x 2.6x 11% 20.4x 14.4x 14.0x 33% 18% 40.8x 24.8x 22.5x Payments PayPal (US) 70,651 92% 6.7x 5.7x 4.9x 17% 25.7x 21.2x 18.0x 19% 27% 42.6x 34.7x 28.9x First Data (US) 30,415 88% 3.1x 2.9x 2.8x 5% 12.2x 11.3x 10.7x 7% 26% 11.1x 11.9x 10.6x Square (US) 18,045 96% 22.9x 16.5x 12.8x 34% n/m 88.0x 52.1x 77% 19% n/m n/m 61.9x Wirecard (Europe) 11,431 87% 7.7x 6.1x 5.0x 24% 27.8x 21.5x 17.1x 28% 29% 46.7x 35.1x 27.1x Worldpay (US) 24,976 97% 14.5x 7.9x 7.2x 41% 30.2x 16.3x 14.2x 46% 48% 39.1x 21.2x 17.6x Shopify (Canada) 12,008 98% 22.3x 14.7x 10.7x 44% n/m n/m n/m 113% 3% n/m n/m n/m Ingenico (Europe) 5,649 68% 2.3x 2.0x 1.9x 9% 11.2x 10.4x 9.4x 9% 20% 14.1x 13.1x 11.6x Q2 Holdings (US) 1,567 99% 9.9x 8.2x 6.6x 22% n/m 94.9x 57.1x 86% 9% n/m n/m n/m Qiwi (Europe) 717 70% 0.1x 0.1x 0.1x 15% 0.2x 0.1x 0.1x 25% 42% 0.3x 0.3x 0.2x Boku (US) 215 93% 7.8x 5.8x 4.7x 29% n/m 40.8x 16.0x n/a 14% n/m 88.1x 26.5x Intershop Communications (Europe) 54 89% 1.5x 1.3x 1.2x 12% 17.7x 15.1x 12.0x 21% 9% n/m 50.3x 31.8x Seamless Distribution (Europe) 20 27% 1.1x 1.5x 1.2x (5%) n/m n/m 9.7x n/a (8%) n/a n/m 23.3x Mean 3.3x 3.1x 2.9x 7% 12.7x 10.9x 10.4x 12% 27% 23.5x 18.8x 17.1x Search / Portals Alphabet (US) 539,585 90% 6.0x 5.0x 4.2x 19% 15.2x 12.8x 11.0x 17% 39% 33.1x 25.9x 22.1x Tencent (AsiaPac) 431,707 92% 17.3x 12.2x 9.4x 36% 44.5x 34.1x 26.4x 30% 36% 62.9x 47.6x 36.3x Baidu (AsiaPac) 63,422 88% 6.0x 4.9x 4.1x 21% 22.9x 18.5x 15.1x 23% 26% 26.8x 26.6x 21.9x Yahoo! Japan (AsiaPac) 19,617 93% 2.9x 2.7x 2.6x 6% 9.0x 10.1x 9.2x (1%) 27% n/a n/a n/a Naver (AsiaPac) 15,573 82% 4.4x 3.8x 3.4x 14% 14.6x 12.9x 11.1x 15% 30% 28.4x 23.5x 20.2x Yandex (Europe) 10,959 96% 0.1x 0.1x 0.1x 26% 0.5x 0.4x 0.3x 35% 31% 1.0x 0.6x 0.5x Sohu.com (AsiaPac) 365 48% 0.2x 0.2x 0.2x 13% 3.8x 2.1x 1.5x 60% 10% n/m n/m n/m Sogou (AsiaPac) 2,085 61% 2.8x 2.1x 1.6x 33% 16.7x 12.9x 8.5x 40% 16% 35.0x 24.4x 16.6x Wirtualna Polska (Europe) 414 96% 3.8x 3.3x 3.0x 13% 12.6x 11.2x 9.9x 13% 30% 39.4x 22.7x 18.5x Phoenix New Media (AsiaPac) 172 56% 0.9x 0.8x 0.7x 12% 20.2x 17.2x 12.7x 26% 5% 37.0x 40.1x 22.0x Mean 3.9x 3.3x 2.8x 13% 10.2x 32.4x 17.5x 36% 16% 11.9x 39.4x 19.8x Social Networking Facebook (US) 367,274 87% 11.2x 8.1x 6.4x 32% 17.1x 13.4x 10.7x 26% 61% 28.2x 22.9x 18.6x Twitter (US) 17,841 86% 9.1x 8.1x 7.3x 12% 27.6x 22.7x 19.8x 18% 36% 84.6x 56.0x 48.3x Snap (US) 14,928 68% 23.1x 13.9x 9.1x 60% n/m n/m n/m (28%) (50%) n/m n/m n/m Weibo (AsiaPac) 23,457 91% 25.3x 15.9x 11.9x 46% 64.5x 39.6x 25.7x 58% 40% 77.4x 46.3x 31.8x Match Group (US) 11,052 96% 10.3x 8.5x 7.3x 19% 29.1x 22.9x 19.1x 23% 37% 54.9x 33.4x 27.1x Daum Kakao (AsiaPac) 7,818 82% 5.2x 4.4x 3.9x 16% 34.0x 27.8x 22.4x 23% 16% 78.0x 60.7x 46.7x LINE (AsiaPac) 6,759 76% 5.1x 4.4x 3.9x 15% 25.0x 31.4x 19.3x 14% 14% n/a n/a n/a Mail.ru (Europe) 6,199 92% 0.1x 0.1x 0.1x 21% 0.4x 0.3x 0.3x 21% 32% 0.6x 0.5x 0.4x Meitu (AsiaPac) 3,730 60% 8.0x 4.2x 2.8x 68% n/m 43.5x 26.4x n/a 10% n/m 43.9x 23.4x SINA (AsiaPac) 5,633 91% 4.4x 3.0x 2.3x 38% 13.0x 9.2x 5.9x 49% 33% 40.6x 31.7x 21.7x YY (AsiaPac) 5,515 87% 3.8x 2.8x 2.3x 28% 14.8x 11.2x 8.9x 29% 25% 20.6x 15.4x 12.6x Momo (AsiaPac) 5,604 84% 5.2x 3.8x 3.1x 30% 18.9x 13.9x 10.9x 32% 27% 22.7x 16.7x 13.5x Mixi (AsiaPac) 1,342 55% 0.8x 1.0x 1.0x (11%) 2.3x 2.7x 3.1x (14%) 36% n/a n/a n/a Renren (AsiaPac) 511 48% 3.1x 1.2x n/a (100%) n/m n/m n/a (100%) (8%) n/m n/m n/a XING (Europe) 1,377 82% 7.5x 6.0x 5.2x 20% 24.0x 19.2x 16.1x 22% 31% 53.4x 43.3x 33.1x MeetMe (US) 152 32% 1.5x 1.3x 1.2x 12% 6.1x 9.0x 6.6x (4%) 14% 5.5x 12.9x 6.4x Mean 2.0x 1.6x 1.4x 18% 10.7x 12.7x 8.4x 35% 18% 24.9x 25.4x 15.5x Source: Capital IQ (as of 22 March 2018). 24

Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Software Cloud Infrastructure, Hosting & VoIP United Internet (Europe) 13,299 86% 3.2x 2.6x 2.5x 13% 12.8x 10.8x 9.8x 14% 24% 24.4x 21.6x 18.8x VeriSign (US) 9,865 98% 10.4x 10.0x 9.7x 4% 15.0x 14.1x 13.5x 6% 71% 24.5x 22.4x 20.8x Akamai Technologies (US) 10,136 93% 5.0x 4.6x 4.2x 9% 13.5x 12.5x 11.0x 11% 37% 28.2x 24.6x 21.3x GoDaddy (US) 9,183 96% 5.1x 4.3x 3.9x 14% 19.4x 15.8x 13.6x 19% 27% 23.6x 17.7x 14.1x Nutanix (US) 6,749 98% 8.5x 7.0x 5.6x 23% n/m n/m 64.4x n/a (5%) n/m n/m n/m j2 Global (US) 3,761 88% 4.1x 3.8x 3.5x 8% 9.8x 9.4x 8.3x 9% 40% 14.2x 13.1x 11.8x Aquantia (US) 429 92% 5.1x 4.2x 3.4x 22% n/m 59.5x 25.0x 183% 7% n/m n/m 41.8x RingCentral (US) 4,244 99% 10.4x 8.2x 6.7x 25% n/m 71.7x 55.1x 71% 11% n/m n/m 77.7x Endurance International (US) 2,413 82% 2.5x 2.6x 2.5x (0%) 8.7x 8.9x 8.6x 1% 29% 8.0x 9.6x 10.2x New Relic (US) 3,360 98% 12.6x 9.7x 7.8x 27% n/m n/m 65.0x 292% 9% n/m n/m n/m Presidio (US) 1,886 78% 0.8x 0.8x 0.7x 5% 9.6x 9.8x 8.3x 8% 8% 12.0x 10.6x 8.8x Vonage (US) 2,233 95% 2.7x 2.6x 2.5x 4% 15.2x 14.0x 13.2x 7% 19% 35.1x 29.0x 26.1x FireEye (US) 2,682 93% 4.4x 4.0x 3.7x 9% 37.6x 31.5x 25.2x 22% 13% n/m n/m n/m Twilio (US) 2,937 98% 9.3x 7.0x 5.7x 28% n/m n/m n/m n/a 2% n/m n/m n/m Qualys (US) 2,186 96% 11.7x 9.7x 8.3x 19% 31.7x 27.4x 23.2x 17% 35% 71.0x 49.5x 40.6x Econocom Group (Europe) 1,694 74% 0.6x 0.6x 0.5x 3% 9.9x 8.9x 8.3x 9% 7% 14.6x 13.3x 12.0x Switch (US) 1,149 64% 3.7x 3.3x 2.7x 17% 7.3x 6.4x 5.3x 17% 51% n/m 9.5x 7.0x Acacia Communications (US) 1,159 70% 3.7x 3.9x 3.1x 9% 18.4x 22.8x 13.6x 16% 17% 23.9x 41.8x 23.1x 8x8 (US) 1,391 99% 6.0x 5.1x 4.3x 19% 81.0x 81.7x 44.6x 35% 6% n/m n/m 99.6x SendGrid (US) 945 95% 10.6x 8.2x 6.6x 26% n/m 75.5x 60.6x 33% 11% n/m n/m n/m Tucows Inc. (Canada) 542 79% 2.0x 1.8x 1.8x 7% 17.1x 12.3x 10.7x 26% 15% n/a n/a n/a Carbonite (US) 672 86% 3.4x 2.7x 2.4x 18% 17.4x 10.6x 9.2x 38% 25% 37.3x 18.9x 15.3x SecureWorks (US) 544 73% 1.4x 1.3x 1.2x 10% n/m n/m 28.5x n/a (1%) n/m n/m n/m Bandwith (US) 431 96% 3.3x 2.8x 2.4x 15% 25.0x n/m n/m n/a 2% 67.8x n/m n/m Sonus Networks (US) 419 59% 1.5x 0.9x 0.9x 32% 14.0x 7.2x 5.1x 66% 13% 21.6x 13.8x 8.7x Tintri (US) 106 39% 1.1x 1.3x 1.1x (3%) n/m n/m n/m (50%) (36%) n/m n/m n/m Sonus Networks (US) 419 59% 1.5x 0.9x 0.9x 32% 14.0x 7.2x 5.1x 66% 13% 21.6x 13.8x 8.7x Mean 3.4x 2.5x 2.4x (5%) 12.4x 11.5x 9.0x (5%) 20% 26.6x 24.6x 17.1x Applications Microsoft (US) 543,718 94% 6.6x 6.0x 5.5x 9% 16.7x 14.7x 12.9x 14% 41% 26.7x 24.4x 22.7x Oracle (US) 148,593 88% 4.7x 4.5x 4.3x 4% 10.2x 9.6x 9.2x 5% 47% 15.7x 13.9x 13.4x SAP (Europe) 104,008 85% 4.4x 4.3x 4.0x 5% 12.7x 12.6x 11.7x 4% 34% 20.1x 19.6x 17.8x Adobe (US) 87,780 97% 14.9x 12.2x 10.3x 20% 35.4x 26.8x 22.3x 26% 45% 53.1x 34.6x 30.7x VMware (US) 34,896 75% 5.4x 4.9x 4.5x 9% 14.6x 13.7x 12.5x 8% 36% 23.7x 20.4x 18.7x Intuit (US) 37,204 98% 8.4x 7.6x 6.9x 10% 22.9x 20.8x 18.9x 10% 37% 38.2x 31.7x 26.2x Autodesk (US) 24,561 96% 14.7x 12.1x 9.5x 25% n/m 86.0x 32.5x n/a 14% n/m n/m 42.3x Symantec (US) 16,141 78% 4.0x 4.1x 3.8x 2% 8.7x 8.6x 7.5x 8% 47% 17.3x 14.2x 12.6x Check Point Software Technologies (Midd1le2 ,E5a8s2t) 86% 8.3x 7.9x 7.5x 5% 14.8x 14.7x 13.8x 4% 54% 19.2x 18.3x 17.3x Citrix (US) 10,797 97% 4.7x 4.6x 4.4x 3% 13.0x 14.0x 13.5x (2%) 33% 17.4x 18.3x 17.1x Constellation Software (Canada) 11,830 97% 7.7x 6.3x 5.5x 18% 29.4x 24.1x 20.9x 19% 26% 41.5x 32.5x 28.0x Sage Group (Europe) 9,076 79% 4.6x 4.2x 3.9x 8% 15.4x 14.3x 13.1x 9% 30% 21.5x 19.4x 18.0x Trend Micro (AsiaPac) 5,397 93% 4.8x 4.3x 4.0x 9% 13.9x 13.2x 12.4x 6% 32% n/a n/a n/a Tableau (US) 4,895 96% 6.9x 6.2x 5.5x 12% n/m n/m 66.0x 27% 5% n/m n/m n/m Nemetschek (Europe) 3,366 94% 8.5x 7.4x 6.5x 14% 32.1x 28.4x 24.7x 14% 26% 53.0x 47.6x 41.6x LogMeIn (US) 5,124 91% 6.2x 5.4x 5.1x 10% 17.0x 14.0x 12.7x 16% 39% 30.1x 22.5x 20.3x MuleSoft (US) 4,578 99% 19.3x 13.7x 10.3x 37% n/m n/m n/m 2% (10%) n/m n/m n/m MongoDB (US) 1,427 97% 11.5x 8.2x 6.1x 37% n/m n/m n/m (16%) (32%) n/m n/m n/m NIC (Africa) - 95% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MicroStrategy (US) 670 66% 1.6x 1.6x 1.6x 1% 8.0x 12.8x 11.3x (16%) 13% 27.1x 51.8x 41.9x Rosetta Stone (US) 214 92% 1.4x 1.5x 1.4x 2% 23.8x n/m 54.0x (34%) (4%) n/m n/a n/a Gridsum (AsiaPac) 223 66% 0.4x 0.3x 0.2x 48% n/m 2.1x 0.8x n/a 13% n/m 2.7x 0.9x Perion (Middle East) 69 39% 0.3x 0.3x n/a (100%) 3.3x 2.8x n/a (100%) 11% 3.2x 3.1x n/a Appian (US) 1,266 61% 9.2x 7.8x 6.5x 19% n/m n/m n/m 13% (19%) n/m n/m n/m Mean 2.2x 1.8x 1.6x 13% 16.6x 9.8x 11.2x 24% 6% 35.0x 17.8x 12.5x Source: Capital IQ (as of 22 March 2018). 25

Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Software (Cont'd) Software as a Service (SaaS) Salesforce.com (US) 68,634 92% 8.1x 6.6x 5.6x 20% 37.4x 29.6x 23.8x 25% 22% 88.1x 55.5x 42.2x Workday (US) 21,237 94% 12.2x 9.7x 7.9x 24% 74.9x 52.2x 38.6x 39% 19% n/m 95.4x 66.6x Veeva Systems (US) 8,033 96% 14.5x 12.0x 10.2x 19% 43.3x 37.0x 31.1x 18% 33% 75.5x 51.7x 43.1x Ultimate Software Group (US) 5,978 95% 7.8x 6.6x 5.6x 19% 34.1x 26.4x 21.8x 25% 25% 67.5x 44.1x 35.6x Blackbaud (US) 4,412 92% 6.9x 6.2x 5.6x 11% 27.8x 25.5x 22.7x 11% 24% 48.5x 36.7x 32.1x Paycom (US) 5,336 97% 15.1x 12.0x 9.7x 25% 49.3x 30.0x 24.5x 42% 40% 88.6x 45.1x 36.7x Cornerstone Ondemand (US) 1,937 91% 4.9x 4.7x 4.3x 7% 36.4x 26.4x 18.6x 40% 18% 92.5x 58.4x 32.5x Medidata Solutions (US) 3,019 76% 6.8x 5.8x 4.9x 17% 28.2x 22.6x 18.2x 24% 26% 49.9x 37.5x 29.4x Box (US) 2,451 93% 5.9x 5.0x 4.1x 21% n/m n/m 65.6x n/a 2% n/m n/m n/m Xero (US) 9,838 80% 1.2x 1.2x 1.3x (3%) 7.1x 6.9x 7.1x (0%) 18% 8.6x 8.1x 7.9x Ellie Mae (US) 2,394 81% 7.1x 5.9x 5.1x 19% 24.6x 22.4x 16.7x 21% 26% 57.9x 50.5x 34.0x Zendesk (US) 3,855 97% 11.1x 8.4x 6.5x 30% n/m n/m 81.0x 106% 6% n/m n/m n/m Wix.com (Middle East) 2,930 96% 8.5x 6.0x 4.8x 33% 53.4x 33.9x 21.6x 57% 18% n/m n/m 51.1x Paylocity (US) 2,266 96% 8.3x 6.8x 5.6x 22% 42.0x 32.7x 25.2x 29% 21% 69.4x 52.7x 42.6x RealPage (US) 4,077 97% 7.4x 5.9x 5.4x 18% 30.8x 22.8x 19.1x 27% 26% 58.2x 35.8x 28.6x Okta (US) 3,159 91% 14.9x 11.2x 8.5x 33% n/m n/m n/m (33%) (17%) n/m n/m n/m Zscaler (US) 2,964 86% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Cloudera (US) 2,042 88% 6.9x 5.4x 4.5x 24% n/m n/m n/m (22%) (19%) n/m n/m n/m Callidus (US) 1,832 99% 9.0x 7.4x 6.2x 21% 71.2x 43.1x 29.9x 54% 17% n/m 66.4x 44.8x BlackLine (US) 1,621 87% 11.4x 8.9x 7.1x 26% n/m n/m n/m 217% 5% n/m n/m n/m Coupa (US) 1,873 91% 12.6x 10.0x 8.0x 25% n/m n/m n/m n/a (2%) n/m n/m n/m Alteryx (US) 1,653 94% 15.8x 11.3x 8.6x 36% n/m n/m n/m 27% (9%) n/m n/m n/m Five9 (US) 1,421 96% 8.8x 7.5x 6.4x 18% n/m 65.5x 46.1x 53% 11% n/m n/m 68.6x SailPoint (US) 1,469 89% 10.4x 8.1x 6.5x 26% 84.8x n/m 68.8x 11% 8% n/m n/m n/m Blucora (US) 1,177 94% 2.9x 2.6x 2.5x 7% 14.5x 13.5x 11.6x 12% 20% 18.1x 14.0x 11.7x Yext (US) 870 83% 6.3x 4.7x 3.6x 32% n/m n/m n/m (7%) (17%) n/m n/m n/m Benefitfocus (US) 731 72% 3.5x 3.5x 3.2x 5% 47.3x n/m 43.8x 4% 3% n/m n/m n/m Everbridge (US) 833 98% 9.9x 7.5x 5.9x 29% n/m n/m n/m n/a (2%) n/m n/m n/m Apptio (US) 909 96% 6.0x 5.0x 4.2x 19% n/m n/m 69.4x n/a 3% n/m n/m n/m SPS Commerce (US) 776 99% 4.3x 3.9x 3.6x 10% 29.9x 22.3x 18.4x 27% 18% 69.9x 47.3x 38.4x LivePerson (US) 695 94% 3.9x 3.6x 3.2x 10% 46.8x 39.3x 29.0x 27% 9% n/m n/m 90.8x Talend (Europe) 1,112 94% 9.2x 6.8x 5.3x 31% n/m n/m n/m n/a (5%) n/m n/m n/m Synchronoss (US) 512 41% 1.3x 1.5x 1.5x (7%) 5.4x 7.7x 10.2x (27%) 19% 14.3x 81.1x n/m Cadlytics (US) 457 78% 4.3x 3.5x 2.4x 34% n/m n/m 54.3x n/a (7%) n/m n/m n/m Altair Engineering (US) 1,546 92% 5.7x 5.2x 4.6x 12% 85.1x 57.3x 35.8x 54% 9% n/m 87.0x 50.7x ChannelAdvisor (US) 156 71% 1.6x 1.5x 1.4x 6% 41.0x 29.7x 20.7x 41% 5% n/m n/m 96.5x Veritone (US) 149 21% 11.9x 8.6x 4.3x 66% n/m n/m n/m (9%) (132%) n/m n/m n/m EQS Group (Europe) 107 81% 3.3x 2.9x 2.5x 15% 31.5x 25.5x 20.8x 23% 11% n/m n/m 96.6x Mean 2.5x 2.2x 2.2x (3%) 12.8x 6.9x 19.2x (23%) 3% 21.6x 18.8x 18.3x Source: Capital IQ (as of 22 March 2018). 26

MANHATTAN VENTURE PARTNERS I N S I G H T A C C E S S O P P O R T U N I T Y ManhattanVenture Partners(“MVP”) is aresearch-driven merchant bank focused on acquiringshares in late- stage, pre-IPO technology companies from existing shareholders. Partners of MVP have arranged or invested inmorethan$2Bofsecondaryandprimaryventuretransactions OFFERINGS DIRECT INVESTMENTS DEAL-SPECIFIC FUNDS MANAGED FUNDS For institutional investors who make For investors who do not have the appetite For investors who want broad exposure to substantial allocations — often $10 million or strategy for direct investments, but wish secondary venture investments, deal or more per transaction to make transaction-specific decisions or selection by proven experts, and the institutional investors desiring to remain opportunity to co-invest on a self selected discrete basis Manhattan Venture Research “MVR” publishes Venture Bytes, a monthly newsletter which contains the Liquidity Watchlist, a proprietary list of top-25 promising private companies in the TMT space that are candidates for a liquidity event – either an IPO or an acquisition - within the next 12 to 18 months. The companies are rankedbasedonaseriesof quantitative andqualitativefactorsfrom a poolof 325 companies that wecloselymonitor. Liquidity Watchlist February 2018 # ∆ Company Description Status Largest on-demand music subscription service in the world with 40 mil paying & over 100 Raised $2.1B to date, including $1.1B equity and $1B debt; most recent round was a convertible debt round 1 +1 Spotify mil active listeners; +30 mil songs in music library; $10/month subscription rate in March 2016 of $1.0B; last equity round, Series G, in June 2015 for $526M at $8.53B post valuation; appointed new CFO in 2015 Raised $1.72B in 9 rounds, including the last debt round of $600M in March 2017; last post money valuation 2 +1 Dropbox Provides users with the ability to store and access files online from any location at any time $10.38B in Feb. 2014 at $19.10/share; key investors include Fidelity, Black Rock, MorganStanley, Salesforce Ventures 3 -2 DocuSign DocuSign provides electronic signature technology and Digital Transaction Management Hired former RepsponsysCEO as CEO. Raised $558M to date in 10 rounds, including the last round of services for facilitating electronic exchanges of contracts and signed documents $310M in Oct. 2015 at $3.1B post valuation and $19.09/share; includes late-stage investors Raised $344.2M to date; last round Series F in Sept 2016 for $31M at $1.6B post valuation and $26/share; 4 0 AppNexus Provides trading solutions and powers marketplaces for Internet advertising key investors include News Corp., Yahoo Japan, SharesPost 100 Fund, Deutsche Telekom Capital Partners, Fidelity Investments, among others Pinterest is a “virtual and social pinboard” that allows users to share interesting and Raised $1.47B to date in 10 rounds, including the last round of $150M in June 2017at $12.3B post valuation 5 0 Pinterest inspiring ideas, images and tastes and $7.18/share; key investors include Rakuten, Wellington, Goldman Sachs,A dreessen Horowitz, Fidelity, among others Palantir Technologies offer a suite of software applications for integrating, visualizing and Raised $2.75B to date in 14 rounds; last round Series K for $880M in December 2015 at $11.38/share and 6 +1 Palantir Tech. analyzing information $20.53B post money valuation; key investors include Aeon Funds, BlackRock Private Equity Partners, GSV Ventures, Third Point, among others Provides an online marketplace which connects community drivers with passengers who Raised $2.61B in 10 rounds; last round Series G for $600M at $7.5B post valuation and $32.15/share; key 7 -1 Lyft request rides through the company's iPhone or Android application investors: Alibaba Group, Al-Waleed Bin Abdul-Aziz, Didi, DSCN, General Motors, Alliance Bernstein, Janus, KKR among others; the company is working closely with General Motors on testing self driving electric cars 8 0 DataXU Provides real-time media management platform; develops a platform for digital advertising Raised $93.5M to date in 8 rounds; last round Series F for $10.0M in January 2016 at $1.99/share and campaigns across online, mobile and video channels $390M post money valuation Map Technologies provides an enterprise-grade, big data platform that supports mission- Raised $224.6M in 5 rounds; last round Series E was for $50.5M in Aug 2016 led by Australia Future Fund 9 0 MapRTech critical and real-time production uses at $500.5M post-money valuation as $4.14/share; other key investors include Google Capital, Light speed, Qualcomm Ventures, Redpoint Glassdoor is a jobs and career marketplace; users can uncover inside connections at a Raised $202.2M in 8 rounds; last round Series H was for $40M in June 2016 at $1.0B post-money valuation 10 +1 Glassdoor company, see the latest job listings, as well as get access to proprietary user-generated and $8.0/share; key investors: T. Rowe Price, Tiger Global, Google Capital, Battery Ventures content Develops security and systems management technologies to allow real-time data collection Raised $307.29M in 7 rounds, including the last round of $147.5M in Sept. 2015 at $3.75B post money 11 -1 Tanium by organizations, helping information technology personnel identify and fix operational valuation and $14.89/share; key investors include T. Rowe Price, Andreessen, TPG, IVP, among others issues and also fend off security attacks 12 0 Flipkart eCommerce site for electronics, home appliances, books, music and movies; operates Raised $4.8B in 11 rounds; last round (Corporate) for $1.4B at $11.6B valuation; key investors Qatar exclusively in India; registered and based in Singapore Authority, T. Rowe, Tiger, Accel, DST, eBay, Microsoft, Tencent 13 +2 Stripe The company provides a suite of APIs to enable businesses to accept and manage online Raised $445M in 11 rounds; last round in Mar 2017 for $5.05M at $9.20B post-valuation; key investors: payments General Catalyst Partners, CapitalG, Sequoia Capital, Peter Thiel and Elon Musk 14 0 BuzzFeed BuzzFeed is social news and entertainment company with a focus on digital media and Raised $496.4M in 8 rounds; last round in Nov 2016 for $200M at $1.7B post-valuation and $45.04/share; digital technology key investors: Andreessen Horowitz, General Atlantic, NEA Develops real time messaging, archiving and search tool; provides a collaboration platform Raised $546.7M in 8 rounds; last round in April 2016 for $200M at $5B post-valuation and $7.80/share; 15 -2 Slack Tech. that lets users to port conversations and links to other work from other applications key investors: Accel Partners, Comcast Ventures, GGV Capital, Index Ventures, Sherpa Capital, Spark Capital, Thrive Capital Provides office and desk space on a monthly rental basis; office space is shared by startups, Raised $4.69B in 9 rounds; last round for $3.0B led by Softbank at $23B post valuation and $57.90/share; 16 0 WeWork entrepreneurs and small businesses key investors Benchmark Capital, Mort Zuckerman, T. Rowe, Wellington, JPM, Goldman Sachs, Fidelity, among others Raised $14.69B in 15 rounds, including a $1.0B corporate investment from Didi Chuxing in August 2016 at 17 0 Uber Uber is a mobile app connecting passengers with drivers for hire $68B post-valuation, and a $30M investment from Kumpulan Wang Persaran of Malaysia in September 2016 at $68B post-valuation Operates an online community marketplace for travel accommodations allowing users to Raised $4.4B in 11 rounds; the last round, Series F, in Mar 2017 for $1.0B at $31B post-money valuation and 18 0 Airbnb both list and rent space from traditional or mobile platforms $105/share; key investors include Andreessen Horowitz, Fidelity, General Atlantic, Sequoia, GGV, among others; hired new CFO with IPO experience, Laurence Tosi, in 2015 from Blackstone Group 19 +3 Acquia Provider of a web publishing platform, the company provides tools for enterprise users of Raised $194.5M in 8 rounds, including most recent round of $55M in Sept 2015 at $840M post valuation the open-source web publishing platform and $18.92/share; key investors Centerview Capital Technology Partners, NEA, among others 20 +1 SoFi SoFi is a leading marketplace lender and the #1 provider of student loan refinancing with Raised $1.87B in 8 rounds; last round Series G for $452.9M in Mar 2017 at $17.18/share and $4.35B post over $4 billion loans originated to date valuation 21 -1 Klarna Provides online payment services designed to make online shopping easy and seamless, and Raised $439.1M in 7 rounds; the last round in March, 2017 raised $62.2M at $439.1M post-valuation;, key help the customers improve their average order value as well as conversion investors include Sequoia Capital, Wellington, Northzone Ventures, iVP, among others Provider of a mobile application that enables users to order and secure delivery of Raised $724M to date in 7 rounds; last round Mar 2017 of $413M at $3.41B post-money valuation; earlier 22 -3 Instacart groceries; the company's application enables its users to scroll and search grocery items investors include KleinerPerkins, AmEx Ventures, Comcast Ventures, Dragoneer, Sequoia, Khosla Ventures, and have them delivered to their door Andreessen, among others Provides on-demand subscription billing and Relationship Business Management (RBM) 23 0 Zuora platform. The company’s end-to-end subscription management platform helps the business Raised $250M in 6 rounds; last round Series F for $115M in Mar. 2015 at $3.80 per share and $738.1M post in automating recurring billing and collections, configuring, pricing as well as quoting for valuation recurring revenue businesses Provides an online website for renting dresses and accessories. The company offers users Raised $176.2M to date in 7 rounds; last round, Series E, in Dec 2016 for $60M at $750M post-money 24 0 Rent The Runway the ability to rent designer apparel and accessories, both on-demand and through its valuation and $21.76/share; key investors include Bain Capital Ventures, Fidelity Investments, Highland subscription service Unlimited Capital, Conde Nast, 2020 Ventures, among others Provides an end-to-end multi-channel payment platform designed to offer outsourced The company raised an undisclosed amount of venture funding from ICONIQ Capital on September 30,2015 payment services. The company's multi-channel payment platform connects businesses raising the post-valuation to $2.3B. Previously, the company raised $250m of Series B venture funding in a 25 0 Adyen directly to Visa, MasterCard, and all key payment methods globally, enabling merchants to deal lead by General Atlantic on December 16, 2014 raising the post-money valuation to $1.5B. Temasek accept payments and optimize growth online, in-application, and in store Holdings, Index Ventures and FelicisVentures, Robert Wuttke and Jorg Mohaupt also participated in this round www.mvp.vc 212.858.9900 New York, New York Securities offered through Fusion Analytics Securities, LLC, member FINRA/SIPC 27

NOAH Top List: European FinTech Company Location Business Overview Founded KeyInvestors Funding Online marketplace for small business loan lenders and 2010 €430.4m seekers Provides e-commerce payment solutions for 2006 €293.5m merchants and shoppers Provides e-commerce payment solutions for 2005 €490m merchants and shoppers Online big data scoring technology and machine- 2012 €251.8m learning algorithms services Provides digital and commercial banking services 2014 €239.3m for merchants and businesses Online peer-to-peer loan 2007 marketplace €176.8m Provides mobile payment services for businesses and 2010 €256m individuals Online company providing loans secured with luxury 2008 €164.3m assets Online service that lets people send money to friends 2010 €164.3m and family living abroad Online payday lender that offers short-term personal 2007 €129.5m cash loans Source: Company websites, CrunchBase, NOAH Advisors. 28

Select Transaction Comparables Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Classifieds Aug 16 Randstad Monster US 383.3 0.6x 0.7x 4.0x 6.8x Mrz 16 Swiss Mobiliar Scout24 Schweiz (50% stake) Switzerland Mrz 16 Scout24 Switzerland Gratis-Inserate.ch Switzerland Nov 16 Novasol Wimdu Germany Dez 15 Axel Springer Axel Springer Digital Classifieds (15%) Germany Nov 15 CarTrade CarWale (Axel Springer) Germany 83.2 Okt 15 Naspers Avito (50.6%) Russia 2,152.4 Aug 15 Apax Partners Idealista Spain 150.0 3.6x 16.7x Feb 15 Immowelt Immonet (merger) Germany 420.0 Dez 14 Axel Springer Axel Springer Digital Classifieds (15%) Germany 2,973.0 Okt 14 Next Co. Trovit.com Spain 80.0 4.5x 13.6x Jun 14 Yandex auto.ru Russia 128.9 Mai 14 Stepstone Evenbase UK 110.0 2.5x 22.0x Mai 14 Axel Springer Yad2.co.il Israel 165.0 Mrz 14 Schibsted Mlanuncios Spain 50.0 Mrz 13 Naspers Avito (18.6%) Russia 2,351.3 Feb 14 Schibsted Milanuncios Spain 100.0 Nov 12 Axel Springer Immoweb.be (80%) Belgium 159.4 12.0x Apr 12 Axel Springer Totaljobs UK 132.0 Sep 10 Axel Springer Verlag SeLoger (87.6%) France 634.4 6.8x 6.2x 13.1x 11.4x Sep 10 Schibsted LeBoncoin (remaining 50%) France 400.0 18.0x E-commerce Feb 18 Monoprix Sarenza France Aug 17 The Hut Group Glossybox Germany Jul 17 Aptos TXT Retail Italy 85.0 Apr 17 Gamesrocket Digital Republic Media Germany Mrz 17 GeoPost Stuart France Feb 17 Showroomprivé Beauté Privée France Dez 16 Invision Tintencenter.com Germany Nov 16 Sigma Retail Internetstores Germany Nov 16 Mail.ru Group Delivery Club Russia 93.3 21.4x Aug 16 Essilor MyOptique Group UK 140.0 Aug 16 Funding Led by Bridgepoint Deliveroo UK 247.8 Jul 16 Myntra Jabong.com India 63.3 0.5x Jul 16 Tencent China Music Corp China 2,442.3 Mai 16 eBay Ticketbis Spain 148.0 6.6x Mai 16 ProSiebenSat.1 Commerce Stylight (78%) Germany 80.0 Mai 16 TripAdvisor HouseTrip Switzerland Mai 16 Temasek Holdings Pte Ltd; EurazeoFa SArfe; ItDGch CUaKp Liitmali tPeadrtners UK 95.7 Apr 16 Alabbar Enterprises Yoox Net-a-Porter Italy 3,700.0 Apr 16 Vente-Privée Privalia Spain 500.0 1.2x 30.1x Apr 16 Vente-Privée Eboutic.ch (majority stake) Switzerland Apr 16 Karstadt Outfitter Germany Apr 16 Schustermann & Borenstein FashionFriends Switzerland Feb 16 Just-Eat Selected assets from Rocket Internet Various 125.0 Nov 15 Lightspeed POS SEOshop Netherlands Nov 15 Intercontinental Exchange Trayport UK 608.2 8.1x 16.3x Okt 15 Ingram Micro Docdata Netherlands 155.0 9.5x Sep 15 Grainger Cromwell UK 421.8 1.1x 10.8x Jul 15 Photobox posterXXL Germany Mai 15 Michelin Black Circles UK 67.2 1.9x Mai 15 Delivery Hero Yemek Sepeti (88.6%) Turkey 594.7 33.0x 66.1x Apr 15 Michelin Allopneus (40%) France 150.0 Mrz 15 YOOX Net-a-Porter (merger) UK 3,120.0 2.4x 29.3x Mrz 15 Rocket Internet FoodPanda (52%) Germany 104.0 Mrz 15 Verisk Analytics Wood Mackenzie UK 2,605.2 8.1x 17.3x Mrz 15 Recruit Holdings Quandoo (92.9%) Germany 213.8 50.9x Mrz 15 Wolseley Bathempire.com UK Feb 15 British Gas AlertMe UK 87.8 Feb 15 Rocket Internet Talabat Kuwait 150.3 Feb 15 Rocket Internet Grupo Yamm Comida a Domicilio Spain 80.0 2.0x Feb 15 Rocket Internet HelloFresh (51.7%) Germany 623.8 8.9x Feb 15 Rocket Internet Delivery Hero (30%) Germany 496.0 Nov 14 Photobox Hofmann Spain Sep 14 Neiman Marcus Mytheresa.com Germany 150.0 15.0x Aug 14 Delivery Hero Pizza.de Germany 300.0 Jun 14 Axel Springer Car & Boat Media (51%) France 72.0 2.9x Jun 14 Monitise Markco Media UK 68.8 Jun 14 Bestseller M&M Direct UK 177.0 1.2x Mai 14 Naspers markafoni Turkey 146.0 Mai 14 Tripadvisor LaFourchette France 100.0 10.0x Apr 14 Afk Systema Ozon.ru (21.6%) Russia 108.6 Apr 14 Takeaway.com Lieferando Germany 50.0 Feb 14 Rocket Internet La Nevera Roja Spain 80.0 20.0x Sources: Press articles, Capital IQ. 29 Please email Marco Rodzynek for any comments.

Select Transaction Comparables (Cont’d) Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Lead Generation Feb 18 NuCom Group Verivox Germany 46.693 Okt 17 HomeServe Checkatrade UK 61.02 Sep 17 Zoopla Money.co.uk UK 154.2 Okt 16 Consortium of Firms Käuferportal (42%) Germany Mrz 16 NS Intressenter (Owners) PriceRunner Sweden Jun 15 NuCom Group Verivox (80%) Germany 262.5 5.8x Apr 15 Zoopla uSwitch UK 260.1 3.0x 11.7x Dez 14 eSure Gocompare (50%) UK 241.5 1.7x 7.3x Jun 12 Moneysupermarket MoneySavingExpert UK 108.0 Feb 11 EasyVoyage Dealchecker. TravelJungle. FSI Travel UK 10.0 Jul 10 Expedia (Tripadvisor) HolidayLettings UK 36.0 15.0x Mai 10 Priceline TravelJigsaw UK 93.7 Travel Apr 17 AccorHotels VeryChic France Feb 17 Priceline Group Momondo Group UK 586.0 5.7x Dez 16 Ctrip Skyscanner UK 1,622.7 9.5x 51.2x Mai 16 TUI Group Transat France France 54.0 Apr 16 Cinven Partners Hotelbeds Spain 1,163.5 1.1x 16.9x Apr 16 TravelSky Technology OpenJaw Technologies Ireland Apr 16 AccorHotels OneFineStay UK 212.0 Mrz 16 Trainline Captain Train France 165.0 Jan 16 Yahoo Japan (et all) Skyscanner UK 1.5 9.3x 50.6x Jan 16 Michelin Bookatable UK 108.0 Nov 15 LBO France Fram France Nov 15 Quicket BookitNow! Germany Okt 15 ProSiebenSat.1 Etraveli Sweden 235.0 3.4x 11.1x Mrz 15 Bravofly Lastminute.com UK 104.4 0.9x Okt 13 Uvet Viaggio Turismo Flygpoolen Sweden Apr 13 Hostelworld HostelBookers.com UK 59.0 2.8x 12.1x Mrz 13 HRS hotel.de (remaining 15%) Germany 102.3 2.2x 78.7x Mrz 13 NC2 Media Lonely Planet UK 60.4 Dez 12 Expedia trivago (61.6%) Germany 774.4 7.7x 26.0x Okt 12 Bravofly Rumbo Spain 60.0 1.0x 5.3x Aug 12 LOET Trading, Bankhaus Metzler Travel24 (46%) Germany 52.0 2.2x 12.2x Jan 12 Dnata World Travel TravelRepublic UK Okt 11 HRS hotel.de (61.59%) Germany 61.0 1.5x 1.3x 55.4x 50.8x Mai 11 LBO France Promovacances France 200.0 10.0x Mrz 11 Kuoni Gullivers Travel Associates UK 503.0 2.4x 8.4x Feb 11 Odigeo (AXA and Permira) Opodo UK 450.0 3.1x 11.1x Marketplaces Jan 18 Brille24 Lensspirit Germany Jun 17 Baloise Group MOVU Switzerland Jun 17 Hoffman Contorion Germany 100.0 Mai 15 Recruit Holdings Wahanda (70%) UK 218.1 28.7x Mrz 15 Gruppo MutuiOnline 7Pixel (74.85%) Italy 74.2 4.9x 9.4x Feb 15 Tamedia Ricardo Switzerland 228.7 6.0x Dez 14 Adobe Fotolia Europe 645.5 Social Networking Sep 17 The Meet Group LOVOO Germany 83.8 2.2x Jun 17 Snapchat Zenly France 186.4 Okt 16 eDarling Attractive World France Sep 16 ProSiebenSat.1 Parship (51%) Germany 300.0 Sep 14 mail.ru Vkontakte (remaining 48%) Russia 1,598.5 0.5x 2.1x Apr 13 Elsevier B.V. Mendeley UK 64.9 Gaming Feb 18 THQ Nordic Koch Media Germany 121.0 0.7x 11.5x Nov 17 Stillfront Goodgames Germany 270.0 1.9x 7.8x Nov 17 Zynga Peak Games Turkey 85.0 Aug 17 Aristocrat Technologies Plarium Israel 420.8 Mai 17 MTG InnoGames (30%) Germany 260.0 2.0x Mai 17 Supercell Space Ape Games UK Feb 17 Take-Two Social Point Spain 234.6 Jan 17 Zhejiang Jinke Entertainment Outfit7 Slovenia 1,000.0 Okt 16 MTG Innogames (35% + 16% Optional) Germany 260.0 Jul 16 Giant Network Technologies Playtika Israel 3,930.1 6.1x 4.9x 16.0x Jul 16 Hydra Industries Inspired Gaming Group UK 238.7 Jul 16 Playtech Best Gaming Technology Austria 138.0 Jul 16 Gamigo Aerial Games Germany Jun 16 Tencent Supercell (84%) Finland 9,687.6 4.7x 11.6x Mai 16 CVC Capital Partners Sisal Italy 1,000.0 1.3x 5.5x Mai 16 Cherry AB ComeOn (49%) Malta 80.0 Apr 16 CVC Capital Partners Tipico (60%) Malta 1,666.0 3.3x 16.7x Apr 16 NYX OpenBet UK 337.8 Mrz 16 Shandong Hongda Mining Co. Jagex UK 270.1 3.6x 10.3x Mrz 16 Youzu Bigpoint Germany 80.0 Nov 15 Activision Blizzard King.com UK 4,539.5 2.4x 5.6x Okt 15 Vivendi Ubisoft France 1,809.5 1.2x 9.8x Jul 15 MTG Turtle Entertainment (74%) Germany 105.4 Jun 15 Betsson Europe-Bet Georgia 75.8 1.6x 4.3x Jun 15 SoftBank Supercell & GungHo (additional 22%) Finland 5,033.1 Feb 15 Tencent Miniclip (majority stake) Switzerland Feb 15 Intertain Group Gamesys UK 569.0 Dez 14 CVC Capital Partners Sky Gaming UK 1,068.6 Okt 14 Intertain Group Dumarca Malta 89.1 Sep 14 Microsoft Mojang Sweden 1,932.3 7.6x 19.5x Jun 14 Amaya Rational Group UK 3,616.2 4.5x 11.7x Jun 14 Bally Dragonplay Israel 73.2 3.3x 10.0x Jun 14 Webedia JeuxVideo France 90.0 Jan 14 Zynga NaturalMotion UK 388.7 8.8x 63.6x Okt 13 SoftBank Supercell & GungHo (51%) Finland 2,217.9 4.2x 3.5x 7.2x Sources: Press articles, Capital IQ. 30 Please email Marco Rodzynek for any comments.

Select Transaction Comparables (Cont’d) Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Adtech Mrz 17 Altice Teads.tv France 300.0 1.6x Feb 17 Accenture SinnerSchrader (62%) Germany 100.0 2.0x 21.3x Sep 16 Glispa Global Group Avocarrot UK Jun 16 Spearhead Smaato Germany 132.2 Mai 16 FreeWheel Media StickyADStv France 87.7 Mrz 16 RTL Smartclip Germany 50.0 Sep 15 NewsCorp Unruly UK 156.5 3.5x Sep 15 Gravity4 EuroAds Denmark Sep 15 ironSource Supersonic Israel 132.9 1.9x Aug 15 Ströer InteractiveMedia Germany 300.0 Jul 15 FanDuel Kotikan UK Mrz 15 Cheetah Mobile MobPartner France 54.9 Okt 14 Publicis Matomy (24.9%) Israel 383.0 1.9x 1.4x 26.9x 12.9x Okt 14 RNTS Media Fyber Germany 150.0 Jul 14 RTL SpotXchange (65%) Germany 165.5 6.0x 44.3x Jun 14 Opera AdColony US 257.3 3.4x 17.5x Jun 14 Amobee Kontera Israel 110.7 Apr 14 Tesco Sociomantic Germany 150.0 9.0x Nov 11 Adconion Media Smartclip Germany 125.0 Others Feb 18 LexisNexis ThreatMetrix United Kingdom 674.0 25.1x Feb 18 Kunlu Tech Opera Software Norway 51.8 Jan 18 Thy Crypto Company CoinTracking Germany 462.2 Jan 18 Urban Sports FITrate Germany 0.0 Dez 17 Ascential Clavis Technology Ireland 157.2 Dez 17 Scheidt & Bachmann ecopark Germany 0.0 Dez 17 Apple Shazam United Kingdom 452.0 Dez 17 Thales Group Gemalto Netherlands 5,430.0 1.7x 10.5x Nov 17 ByteDance News Republic France 73.6 Jul 17 iRobot Robopolis France 119.1 0.9x Jul 17 Ingenico Bambora Sweden 1,500.0 Jul 17 Gamigo Mediakraft Networks Germany Jul 17 Bottega InvestCo Getronics UK 220.0 Jul 17 Symantec Fireglass Israel 211.2 Jul 17 CM Docdata Netherlands Jun 17 Microsoft Cloudyn Israel 52.5 10.0x Jun 17 Blackbaud JustGiving UK 108.4 Jun 17 Fiserv Monitise UK 79.8 1.4x Jun 17 Microsoft Hexadite Israel 87.5 Jun 17 Porsche PTV Group Germany 300.0 Jun 17 Vivendi Havas France 3,675.8 Mai 17 Moody's Bureau van Dijk Netherlands 3,000.0 11.6x 22.7x Mai 17 United Internet Drillisch Germany 2,800.0 Mai 17 Spotify Niland.io France Apr 17 BNP Paribas Compte Nickel France Apr 17 Auto-News.de Motor1 Germany Apr 17 Trade Extensions Coupa Software Sweden 42.2 4.5x Mrz 17 Ekinops OneAccess France 60.0 1.0x Mrz 17 Alibaba WayRay Switzerland Mrz 17 Intel Mobileye Israel 14,359.5 42.7x 30.6x 80.1x 55.6x Mrz 17 The Travellers Companies Simply Business UK 459.9 10.0x Feb 17 Zalando Kickz Germany Feb 17 Palo Alto Networks LighCyber Israel 98.5 Feb 17 Nokia Comptel Finland 347.3 Feb 17 Klarna BillPay Germany 69.0 Jan 17 Zoopla Hometrack UK 139.8 7.7x 16.9x Jan 17 Kik Rounds Israel 64.8 Dez 16 Thundersoft Rightware Finland Dez 16 Megafon (63.8%) Mail.ru Russia 1,075.8 1.8x Dez 16 Huawei Toga Networks Israel 139.9 Dez 16 Go Daddy Host Europe Group Germany 1,690.0 6.3x 15.2x Dez 16 CA Technologies Automic Austria 600.0 8.9x Okt 16 Boomreach Hippo NV Netherlands Okt 16 The Economist Signal Noise United Kingdom Okt 16 Liberty Global Multimedia Polska Poland 696.6 Aug 16 SpeedCast WINS Malta 60.0 Aug 16 Cheetah Mobile News Republic France 53.2 Aug 16 Verizon Fleetmatics Ireland 2,238.2 8.4x 24.9x Jul 16 BPCE Fidor Germany 100.0 Jul 16 AVAST Software AVG Technologies Netherlands 1,170.0 2.7x 9.5x Jul 16 InfraVia Next Generation Data UK 119.4 8.9x 20.8x Jul 16 Thoma Bravo Trader Corporation Canada 1,076.5 Mai 16 Ingenico Nera Solutions Singapore 57.0 2.7x Jun 16 Capita Trustmarque UK 74.2 Jun 16 Astorg VI Special AutoForm Switzerland 644.0 12.9x Jun 16 Dedalus SpA NoemaLife SpA Italy 61.4 Mai 16 Volkswagen Gett Israel Mai 16 eBay ExpertMaker AB Sweden Mai 16 Microsoft Solair Italy Mai 16 New Signature Dotnet Solutions United Kingdom 0.3x 3.5x Apr 16 Rakuten Cabify Spain 283.1 Apr 16 Nokia Withings France 170.0 Apr 16 Zoopla Property Software Holdings United Kingdom 94.8 4.7x 14.7x Apr 16 Altor Infotheek Netherlands Mrz 16 Aconex Conject Germany 65.0 Mrz 16 Visma Fortnox Sweden 146.0 9.2x 45.4x Mrz 16 Facebook Masquerade Belarus Mrz 16 Freenet Media Broadcast Germany 295.0 Mrz 16 MasterCard VocaLink United Kingdom 1,294.7 Feb 16 Oracle Ravello Systems Israel 453.6 Feb 16 Golden Brick Consortium Opera Norway 1,100.0 2.0x 12.7x Jan 16 Seat Pagine Gialle Italiaonline Italy 450.6 Sources: Press articles, Capital IQ. 31 Please email Marco Rodzynek for any comments.

Select Transaction Comparables (Cont’d) Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Others (Cont'd) Dez 15 Laird Novero Germany 65.0 Dez 15 Ströer SE Statista (81.3%) Germany 79.3 Dez 15 CSC Xchanging UK 607.7 1.0x Nov 15 Cisco Acano UK 684.9 20.0x Nov 15 ACI Worldwide PAY.ON Germany 180.0 13.0x Okt 15 Trinity Mirror Local World UK 307.5 5.0x Okt 15 Google Digisfera Portugal Okt 15 Vivendi Telecom Italia (stake increase to 20%) Italy 678.0 Sep 15 Figaro Group CCM Benchmark France Sep 15 Axel Springer Business Insider (remaining 88%) US 395.0 Sep 15 Credit Mutuel Arkéa Leetchi France 50.0 Sep 15 Interoute Easynet UK 552.2 Sep 15 Microsoft Adallom Israel 285.5 Sep 15 GVC Holdings Bwin.party Gibraltar 1,524.0 Aug 15 Paddy Power Betfair Group (merger) UK 6,824.5 Aug 15 Manheim Movex (majority stake) UK Aug 15 Adidas Runtastic Austria 220.0 Jul 15 Deutsche Boerse 360T Germany 725.0 Jul 15 Nikkei Financial Times UK 1,192.2 Jul 15 Oculus VR Pebbles Interfaces Israel 55.1 Jul 15 CareerBuilder Textkernel Netherlands Jul 15 Rakuten Fits.me UK Jul 15 United Internet Home.pl Poland 155.0 Jun 15 Vivendi DailyMotion (80%) France 271.3 4.2x Jun 15 Microsoft 6Wunderkinder Germany 137.3 Mai 15 Oculus VR Surreal Vision UK Mai 15 Visma e-conomic DK 200.0 5.9x Mai 15 AVG Privax HMA! UK 52.9 Apr 15 Playtech TradeFX UK 458.0 4.0x 8.1x Mrz 15 Optimal Payments Skrill UK 1,100.0 9.0x Mrz 15 Paypal CyActive Israel 54.4 Feb 15 British Gas AlertMe UK 88.4 3.7x Feb 15 Wanda Infront Sports & Media Switzerland 1,050.0 1.9x Feb 15 Under Armour Endomondo Denmark 75.1 Jan 15 DropBox CloudOn Israel 64.1 Dez 14 Host Europe Intergenia Germany 210.0 Dez 14 Progress Telerik Bulgaria 211.9 4.4x Nov 14 Solera CAP Automotive UK 328.5 9.2x 15.8x Sep 14 Daimler mytaxi Germany 50.0 Sep 14 Fis Clear2pay Belgium 375.0 3.9x Jul 14 Rightster Base79 UK 62.9 15.3x Jul 14 Ingenico GlobalCollect Netherlands 820.0 2.7x 16.4x Jun 14 Vodafone Cobra Automotive Italy 145.0 1.0x 8.5x Apr 14 Facebook ProtoGeo Oy Finland Apr 14 Vistaprint Pixartprinting Italy 137.0 2.4x 10.0x Mrz 14 Kudelski Group Conax Norway 164.0 Feb 14 McGraw Hill Area9 Denmark 130.0 Feb 14 Rakuten Viber Cyprus 658.1 Feb 14 Renova Group Octo Telematics Italy 405.0 3.3x Jan 14 Google DeepMind United Kingdom 365.3 Dez 13 Klarna Sofort Germany 110.0 Dez 13 Dassault Systemes RealTime Techology (84%) Germany 179.8 2.0x 13.3x Okt 13 Asurion Soluto Israel 72.9 Sep 13 EMIS Ascribe UK 68.7 2.5x Jun 13 Google Waze Israel 863.7 NM Feb 13 Orange DailyMotion France 127.0 Jan 13 Ingenico Ogone Belgium 360.0 8.6x 6.6x 25.0x Jul 12 Skrill Paysafecard Austria 140.0 Jun 12 Rakuten Wuaki.tv Spain Mai 12 Perform Group RunningBall Switzerland 120.0 7.4x 16.6x Mai 12 NTT DOCOMO Buongiorno Italy 223.9 1.0x 10.9x Mai 11 Microsoft Skype Luxemburg 5,899.0 10.7x 47.6x Jan 11 AOL GoViral UK 71.0 6.0x 25.0x Jan 11 Amazon LoveFilm UK 236.3 2.2x 1.8x Aug 10 MasterCard DataCash UK 360.9 9.0x 19.8x Sources: Press articles, Capital IQ. 32 Please email Marco Rodzynek for any comments.

Select Transaction Comparables (Cont’d) Strategic Buyers Financial Buyers Target Adjusted Revenue Multiple EBITDA Multiple Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Date Acquiror Target Country EV (€m) LTM Forward LTM Forward Country EV (€m) LTM Forward LTM Forward Feb 18 Eli Global Finanzen.de Germany Okt 17 Hellman & Friedman Nets Group Denmark 4,290.0 Jul 17 Marlin Equity Partners ABIT Europe Germany Jul 17 Equistone DefShop Germany Jul 17 Gilde Buy Out Partners Albumprinter Netherlands Jun 17 TCV Pracuj Group (minority stake) Polish Jun 17 CVC Capital Partners Etraveli Sweden 508.0 14.0x Jun 17 Investcorp ABAX Norway 188.7 Apr 17 Propellerhead Verdane Sweden 20.9 2.0x Feb 17 Vitruvian Partners OAG UK 204.8 Feb 17 KKR Travelopia UK 364.0 0.3x 7.3x Feb 17 TA Associates Think Project! Germany Dez 16 General Atlantic Hemnet (majority stake) Sweden 208.8 Dez 16 General Atlantic Zoopla (majority stake) Sweden 200.3 Okt 16 Dirk Ströers Media Ventures Stylebop (majority stake) Germany Okt 16 Permira Schustermann & Borenstein Germany Okt 16 Cinven, Permira, Mid Europa Allegro Poland 3,033.7 Sep 16 Inflexion Private Equity Group IMD UK Sep 16 Permira Personal & Informatik Germany Sep 16 Bregal Unternehmerkapital Onlineprinters Germany Aug 16 Bridgepoint Cruise.co.uk UK 62.1 0.5x Jul 16 KKR Epicor Software Singapore 2,985.1 3.3x 13.5x Mai 16 General Atlantic Argus Media (majority stake) UK 1,301.3 Apr 16 EQT Sitecore Denmark 1,000.0 5.0x 20.0x Mrz 16 Apax Partners InfoVista France Mrz 16 HgCapital Raet Netherlands 470.0 3.2x Mrz 16 Riverside Guestline UK Mrz 16 Rockaway Capital Invia Czech Republic 76.0 Feb 16 Elbrus Capital Headhunter Russia 120.9 Feb 16 Various Skyscanner UK 1,421.4 Feb 16 Vitruvian Partners Unifaun Group Sweden Feb 16 EQT Kuoni Switzerland 1.5 2.8x 14.8x Okt 15 Rockaway Capital Netretail and Heureka (from Naspers) Czech Republic 200.0 Okt 15 Exponent. Electra PhotoBox UK 546.2 Sep 15 Blackstone Ideal Shopping Direct UK Aug 15 SevenVentures Billiger-Mietwagen Germany 70.0 4.2x 7.9x Jul 15 Apax Partners idealista (70%) Spain 150.0 ~17x Jul 15 HGGC Selligent France 200.0 Jun 15 Charlesbank Six Degrees Group UK 223.3 2.0x Apr 15 Oakley Capital Parship Germany 50.0 Mrz 15 AAC Capital Corilus Netherlands 77.6 1.8x 15.0x Jan 15 Insight Venture DaWanda Germany Jan 15 KKR thetrainline.com UK 595.3 6.7x 11.8x Dez 14 Warburg Pincus Blue Yonder (minority stake) Germany 59.9 Nov 14 The Carlyle Group Dealogic UK 418.4 3.6x 9.6x Okt 14 Great Hill Parthers Momondo (majority stake) Denmark 166.5 2.4x 14.2x Okt 14 HgCapital Allocate Software UK 137.7 2.3x 13.1x Sep 14 Oakley Capital Facile.it Italy 100.0 3.3x 25.0x Sep 14 Access Industries Perform Group UK 858.1 2.8x 2.5x 21.7x 12.8x Jul 14 KKR The Hut Group (20%) UK 126.4 Jul 14 KKR Scout24 Schweiz & Omnimedia (49%) Switzerland 262.2 Jun 14 Vitruvian Partners JacTravel UK 99.7 Mai 14 Permira Teamviewer Germany 870.0 4.9x 6.8x Mai 15 ECI Partners Evans Cycles UK 135.2 Mrz 14 BC Partners CarTrawler Ireland 450.7 0.9x 20.6x Feb 14 CVC Capital Partners Avast Software Czech Republic 738.9 Jan 14 Apax Partners Trader Media Group UK 2,126.1 7.4x 12.9x Nov 13 Hellman & Friedman Scout24 Germany 2,000.0 5.9x 21.8x Okt 13 Inflexion Private Equity On The Beach Holidays UK 86.0 1.9x 6.8x Okt 13 Sequoia Capital Skyscanner UK 589.0 8.7x 23.5x Aug 13 LDC uSwitch (undisclosed stake) UK 81.6 2.4x 7.4x Jul 13 Cinven Host Europe UK 508.8 13.8x Jul 13 TPG TSL Education UK 464.8 Mrz 13 TA Associates Onlineprinters Germany Feb 13 Partners Group Softonic (30%) Spain 275.0 Okt 12 Permira Ancestry.com Israel 1,224.5 3.3x 25.4x Mai 12 KKR Fotolia (50%) France 353.7 Jan 12 Insight Venture Jagex UK Mai 11 ECI Partners CarTrawler Ireland 100.0 Apr 11 TA & Summit Bigpoint Germany 408.5 Okt 10 General Atlantic & Index Privalia Spain 70.0 Sep 10 Montagu Host Europe UK 265.8 Jul 10 Permira eDreams Spain 300.0 Mai 10 Ardian GoVoyages (majority) France 400.0 0.5x 16.2x Apr 10 DST ICQ Israel 142.2 Sources: Press articles, Capital IQ. 33 Please email Marco Rodzynek for any comments.

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NOAH Disruptor List Media, Telecom, Gaming & Social Media Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: DigitalMedia ($16.8bn) & Social Media ($6.5bn) USA –Market size: Digital Media ($30bn) & Social Media ($12.6bn) * Image messaging app and smart glasses 4,700 Music streaming service 2,700 Social media application 1,466 Cross-platform games community 554 / Multichannel media network 1,400 Fantasy league platforms 1,130 International mobile phone 546 Zynga Online games producer and developer 867 services Real-time enterprise messaging 790 Music streaming service 346 Cross-platform game engine 689 Online video service 683 Online audio sharing platform 468 Media company providing social news 496 Globalmusic publisher and music 205 Mobile messaging app 361 services Developer of publishing platforms 317 Social app for music 144 * Online media publisher 308 Social network to contact neighbors 285 Online community to review and 144 Cloud communication company 261 discover companies Cloud-based communication platform 230 Global encrypted communication 130 Question-and-answer website 226 Global WiFi network 110 Popular social magazine 211 Media player for streaming 209 Developer and publisher of 99 Global marketplace for events 198 browser games High-end precision gaming products 175 Global phone directory 93 Video platform for websites 166 Manage teamtasks and conversations 163 Provider of online movie streaming 84 services Content discovery platform 160 Developer and publisher of mobile Developer and publisher of games 159 games 76 Mobile content sharing app 158 Developer of Massively Multiplayer 67 Conferencing, meetings, and messaging 146 Online games Social publishing platform 132 Business-oriented social 60 Fashion and style website 125 networking platform Social photo sharing webstore and app 124 Technology for television 50 Delivers live virtual reality content 116 broadcasters Mobile device operating systems 105 Video and music streaming service 45 Online food network 80 Music streaming service enabling Real-time social data mining platform 72 background music for businesses 33 Workplace telecommunication 70 Developer of mobile gaming app 32 Question and answer website 68 Mobile photo-sharing and messaging 66 Cloud-based document sharing and 32 Tools to craft commercial content 66 collaboration platform SaaS for project management 63 Developer and publisher of mobile 32 games Enterprise file sharing 63 Voice over internet protocol Online anonymous community 61 peering and clearing service 32 Digital media content website 57 Cloud-based file transfer service 25 Mobile eSports tournaments 56 Mediacontent website for news 46 Developer and publisher of mobile 23 Multiplayer game developer 45 games image sharing platform 40 Location-based mobile dating app 22 Streaming and community for gamers 36 Protocol used for file sharing 36 Cross-platform games community 17 Networks that connects artists and 29 creators to brands Source: Crunchbase, eMarketer, Statista. 35 * The company went public after July 2014

NOAH Disruptor List (Cont'd) Healthcare & Science Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: eHealth ($2.2bn) USA –Market Size: eHealth ($2.4bn) Multisensory virtual reality 109 SaaS for healthcare professionals 1,130 platform for motor rehabilitation Health insurance company 728 Online and mobile medical booking 96 Human genome research company 486 platform Collect and analyze medical metrics 422 Professional network for scientists 88 Platform for cancer care 313 and researchers Population care management 240 Healthcare application providing 85 Platform for booking doctors 223 video consultations with doctors PaaS that manage health data 222 Groupe Santiane Operator of a price comparison site 60 Platform to connects with doctors 210 for healthcare insurance * Application for healthcare costs 181 Provider of a digital platform for 48 private health insurance * Telehealth platform 173 Online healthcare platform to find Socialsolutions for the health plan 164 local physicians 46 On-demand health care concierge 163 Patient Relationship management 32 Electronic Health Record system 155 platform Health management services 141 Blood glucose meter and web 29 SaaS tomanage health business 138 software to manage diabetes Digital health program 127 Online platform providing 22 Online pharmacy 118 information on and access to drugs Health IT software and services 103 Medical Travel Platform 12 App providing chat with a physician 87 Professional network for physicians 82 Bright light headphones that fights 10 Clinical communication solutions 81 seasonal affective disorder Medical booking platform for visits 59 Developer of a film sensor that 9 Health engagement company 57 tracks sleeping conditions Patient-controlled medical records Health monitoring device via App 56 system 7 Platform forrespiratory health 48 Online platform where patients and Data science platform for scientists 40 doctors can connect 6 Healthcare software company 32 Fitness, Wearables & Sports Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size:Fitness & Wearables ($1bn) USA –Market Size: Fitness & Wearables ($1.2bn) Provider of real-time sports data 98 Wearablesto interact with digital devices 1,900 and content Smartphone app that allows users 89 Social & live streaming cycling 445 to monitor their training sessions * HD wearable and personal cameras 288 Sport media company 59 Wearable visual system for blind 45 Gym membership platform 154 and visually impaired persons Global football community 20 Platform for sports video analysis 105 Smartphone app that focuses on 17 Developer for 3D motion control devices 94 what users eat Sport wearable camera 12 Digital health services 75 Medical-grade wearable physiology Augmented reality platform & wearables 73 monitoring device 10 Wearable tech focusing on healthcare 66 Wearable technology for women 8 Software developer for smart glasses 63 Mobile marketplace for gym- 6 services Sports tracking app 41 Wearable solutions for interaction 4 with multiple screens Wearable technology producer 29 Health and sports performance 4 optimizer Blood pressure management system 22 Wearable fitness device for water 1 Sports wearable devices producer 20 sports Source: Crunchbase, Statista. 36 * The company went public after July 2014

NOAH Disruptor List (Cont'd) Education Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: eLearning ($8.1bn) USA –Market Size: eLearning ($27.1bn) Cloud-based educational software Web-based Git repository hosting 350 for the pre-university market 68 service Online university courses platform 210 Online learning platform for foreign 33 Online learning and teaching languages marketplace 173 Social network that enables its 39 E-learning solutions company 175 users to form study groups Education technology company Free game-based platform for providing lecture capture service 165 learning 27 Online training platform for developers and IT professionals 163 Online mathematics platform 23 Online courses for professionals 160 e-learning tool for academic and Adaptive learning technology 157 career development courses 20 provider online curriculum for kindergarten 150 and elementary school Online language learning platform 15 Online computer programming 120 courses Online tools for teaching science 14 Online language learning platform 108 Online community for crafters 106 featuring online classes Online language learning platform 12 Provider of liberal arts and sciences 95 education Brain training app 10 Social learning network enabling 88 teachers and students to connect Platform that enables educators 59 Interactive sheet music app 10 and employers to share credentials Allows schools to manage all their 43 apps through its platform Online university courses 7 Platform that teaches employable 43 digital skills Online programs for developing Assessment and learning analytics 40 vocational tech skills 6 company Personalized and adaptive language 31 learning platform Online learning platform 6 Online technology school for tech 12 job Home Automation & IoT Company Country Description Funding ($m) Company Description Funding ($m) Europe - Market Size: Home Automation ($1.1bn) USA –Market Size: Home Automation ($3.8bn) Network for communication of 277 Home remodeling, architecture and 614 connected objects interior design platform Provider of M2M (Machine to 100 Wireless multiroom music player 455 Machine) network software Provider of cloud-based M2M 84 connectivity platform Home monitoring via mobile app 209 Provider of tech-enable heating 66 system Platform for housing IoT 124 Location-aware smart thermostat 56 Wireless systems that facilitate 119 communication between devices WiFi and cloud-based internet 44 connectivity services to devices Smart Wi-Fi system for use in 90 Personal weather station with air households quality sensors 39 Free app that allows users to control TVs and DVRs as well as 87 POS systems for the hospitality 37 discover content industry Smart energy efficiency solutions Smart solutions for home for buildings 80 surveillance 26 Cloud management system for 75 Energy marketplace and 25 interoperability and IoT networks management of energy assets Smart home appliances and access Smart controls for all house 16 systems 73 appliances and heating Voice recognition for automobile, 60 Smart lock systems 9 home and mobile Intelligent heat controller 6 Home security solutions 57 Enables the connection of non- 3 Open source platform for managing 25 smart appliances to the network IoT"time-series" data Home automation via smartphone 3 Remote heat controller 10 Source: Crunchbase, Statista, Docebo. 37 * The company went public after July 2014

NOAH Disruptor List (Cont'd) Travel & Tourism Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: eTravel ($193bn) USA –Market Size:eTravel ($192bn) Booking platform for tours and 181 Marketplace for people to list and activities book accommodation 4,400 GetYourGuide Booking platform for tours and 170 activities Cloud-based platform for the Europe-focused travel search 146 business travel industry 539 website Globally expanding startup 73 Vacation property management 144 specialized in selling cruises and marketing services Ticketing platform for rail travel 69 Mobile hotel booking application 118 * Online hotel search platform 54 One Two Trip Travel booking website 48 Mobile App to predict and analyze 84 airfare Price comparison and online 39 booking portal for hotel Personalized travel 39 Online travel platform 39 recommendations Online hotel booking service 33 Online travel expense management 27 service Hotel data and analytics company 30 Travel website and browser add-on Meta-search engine for vacation for tracking and booking flight 25 30 tickets rentals Travel community for free housing Web platform helping travelers 28 lodging 24 design, estimate the cost, and book Online travel booking platform 23 A one-stop shop to find and book 17 Online marketplace for multi-day activities tours 17 Community that invites people to Zizooboats Global boat rental platform 3 dine in homes and connect with 8 hosts Members only luxury travel club N/A Marketplace for hotel reservations 7 European bus operator N/A obilet.com Online platform for bus tickets N/A Booking of airport lounges 4 Mobility – Market Size: Ride-hailing ($40bn) Company Country Description Funding ($m) Company Description Funding ($m) Europe USA Mobile app for booking taxis and 613 limos Mobile app connecting passengers 22,200 Online cab service that enables with drivers for hire users to book vehicles and 407 chauffeurs Transportation network company 4,110 Car-sharing website that connects drivers with empty seats and 335 paying passengers Mobile app that enables users to Urban logistics and delivery 278 track information on public 132 platform transport On-demand taxi hailing services for 83 Real-time traffic data and traffic licensed professional drivers speed 143 Urban transport app 50 Peer-to-peer car sharing marketplace that enables car 103 Peer-to-Peer car rental platform in 43 owners to rent out their cars France Peer-to-peer car renting platform Peer-to-Peer car sharing 172 for travelers at airports and train 22 marketplace stations Online rental platform for 19 Service that sends valets to park 76 motorhomes and campervans the carwherever itis the position Peer-to-peer car rental 18 Car rental platform that tackles queues and paperwork 60 Smartphone app enabling users to arrange carpools with the 14 community Solution to manage vehicle parking 54 App connecting users to taxi drivers 13 through new sensing technologies Cab services with flexible booking Mobile app that allows users to hail options via a mobile app and the 11 a cab, track a ride, and make 39 web payments Source: Crunchbase, Statista, Pwc (2016), Reuters. 38 * The company went public after July 2014

NOAH Disruptor List (Cont'd) Advertising, Marketing & Sales Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: Digital Advertising ($42bn) USA –Market Size: Digital Advertising ($80bn) * Online fashion retailer platform for 233 Trading solutions for advertising 346 luxury brands SaaS quote-to-cash software 329 Content discovery platform 194 operating on top publisher sites Customer life-cycle marketing 310 Cloud-based client engagement 110 Digital advertising technology 262 solutions for businesses Mobile advertising platform for 108 Customer experience management 255 telecom carriers SaaS sales lead management 251 Software discovery, distribution, 105 Email marketing 250 delivery and monetization Image-recognition that helps 99 Platform for managing social media 247 brands interact with customers Platform to connect with customers 229 Quote-to-Cash software to help 96 businesses with their sales life cycle Business intelligence solutions 157 Managingandsharing marketing 86 Ecommerce platform for brand 155 contact to sales representatives Big data analytics for marketing 75 Social media experience platform 138 and advertising Connects brands with audiences 121 Offers web personalization, digital 75 segmentation tools to marketers Offers location-based ad solutions 117 Online restaurant booking 63 Customer communication platform 116 infrastructure and marketing Distributed advertising and Clients data collecting and analysis 109 ecommerce platform 60 * Platform foradvertising tools 105 Provider of cloud marketing 55 * Inbound marketing software 101 software for B2C companies Digital customer experience & 55 Digital media trading and services 100 website analytics Cloud marketing platform 97 Mobile marketing company 53 Mobile Marketing Automation platform 95 Publisher of global enterprise 35 mobile marketing platform 93 reputation management (ERM) SaaS that allows advertisers to Digital experience management 91 manage social media campaigns 35 Platform to create ad campaigns 90 Provides marketing & analytics 34 Customer communication platform 80 solutions Specialist in real-time personalized 34 Platformto manage social media 75 advertising on the web Programmatic ad technology company 71 Web-based sales CRM & pipeline 32 management Mobile marketing solutions 68 Enterprise SEO and content 32 search engine for display ads 68 marketing platform Provider of mobile analytics 29 Programmatic media activation 66 software for marketers Ad-tech focused on audience measurement 65 SaaS -based digital partner 29 Marketing software for advertising strategy 63 marketing solution Media platform to support multi- 28 Mobile marketing automation platform 61 screen brand advertising Analytics and marketing platform 60 Location-based mobile AdTech 27 platform Ad analytics and targeting company 53 Provider of enterprise customer 24 eCommerce acceleration platform 52 data analytics software Provider of an AI media analytics 24 Big data platform for advertisers 50 platform PR analytics for enterprises 48 PoSmarketing platform delivering 23 Development platform forapps 46 targeted offers at checkout Marketing tool for publishers 23 Marketing and website optimization 46 Cloud-based branding automation Scalable virtual reality (VR) shopping 43 and digital asset management 22 Mobile customer service platform 39 Mobile advertising platform for 18 Web-based CRM for SMEs 38 offline retailers Online marketplace connecting 17 Customer service via social channels 38 brands to salespeople Enterprise Platform for Mobile Marketing 36 Ad platform that helps brands 17 Advertising automation software 33 reach their multi-screen consumers Cloud platform offering unified 15 Social media monitoring analysis services 31 solution for SMEs Monitoring and analytics for social media 31 Ad-tech company developing a 6 performance-based ad exchange Cloudbased product intelligence platform 29 Online video advertising and 5 Checkouttechnology for e-commerce 29 content syndication E-commerce optimization and Sales analytics and forecasting platform 26 customer intelligence Platform offering mobile analytics 23 Ad platform focusing on publishers E-commerce platform for businesses 17 Source: Crunchbase. 39 * The company went public after July 2014

NOAH Disruptor List (Cont'd) Consumer, Retail & Marketplace Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: eCommerce ($281bn) & eService¹ ($28bn) USA –Market Size: eCommerce ($322bn) & eService¹ ($28bn) Online food ordering network 2,600 Mobile commerce platform 1,080 Online marketplace for used cars 1,100 Same-day grocery delivery company 875 Fashion from independent boutiques 722 Real estate platform 808 * Online fashion retailer 615 Food delivery service 722 Online fashion retailer 565 Cloud-based online survey tool 694 Online food ordering network 475 E-commerce of beauty products 475 * HelloFresh Meal planning and groceries shopping 364 * Retailer of home products and furniture 351 Online Russian shopping website 271 * Online marketplace for used cars 332 Retailer of furniture and homewares 237 Online home-selling service 320 Online fashion retailer 212 The Honest Company E-commerce of non-toxic household products 303 Domestic cleaning booking platform 173 * E-commerce of automobiles 300 Marketplace for second hand fashion 169 Online marketplace for professional services 273 Operator of a private sales website 141 Online retailer of lighting products 130 Online subscription fashion retailer 249 Members only online fashion club 120 E-commerce of sleeping products 240 * Online food ordering network 118 Online marketplace for second-hand goods 222 Fiverr.com Marketplace for professional services 111 Designer and seller of eyeglasses 215 Picnic Online discount supermarket 109 Onlineand offline post-it note 205 * Operator of an online real estate agency 101 Jobs and recruiting marketplace 205 Online retailer of shoes and accessories 101 Self-service ticketing platform 198 Catalogue and auction house 95 Grocery delivery service company 194 * Online retail and flash sales platform 92 Rent TheRunway Online rental of designer apparel 174 * Online food delivery portal 89 Real estate search and brokerage services 168 Market of DIY and gardening products 88 Foursquare Local search-and-discovery service mobile app 166 Online job marketplace for SMEs 86 Ticket search engine 160 Online platform for moving and logistic 75 Onlinebooking of pet sitters and dog walkers 156 Website for house furnishings 73 Search engine for GIFs 151 Online household services 73 Peer-to-Peer gift card marketplace 147 Online retailer for shoes 72 Online real estate marketplace 142 Online eyewear retailer 70 Search engine for Apps 134 Not On The High Street Curated fashion for small businesses 69 * Online shop of men's clothing and accessories 128 Online fashion and lifestyle retail store 67 * Cloud-basedcommerce platform for SMEs 122 Online fashion retailer 66 Online food deliver service 120 Platform for online classified sites 65 Job Today Hiring app 65 Career marketplace 114 Marketplace for crafting communities 61 Online employment marketplace 113 Fashion e-Commerce aggregator 61 Platform for professional legal advice 111 Booking of student accommodation 60 Booking platform of household services 111 P2P marketplace for second-hand fashion 60 Apartment rental marketplace 109 Online curated shopping service 59 Subscription delivery of beauty products 103 Online real estate portal 56 Artsy Online platform for art collections 101 Mobile app based job marketplace 54 Home improvement services platform 99 Online luxury watch retailer 52 Subscription delivery of beauty products 87 Groupalia E-commerce platform 51 Online marketplace for estate sale 85 Online seller of prescription eyewear 50 Recruiting platform 73 Online used car broker and auctioneer 48 Offers delivery of boxes of all-natural foods 59 Provider of an online real estate platform 48 Online app provides healthy organic meals 57 Food delivery services 48 Provider of food recipes and ingredients 56 Online portal for selling vehicles 45 Wine community and label recognition app 56 Retailer of apparel for plus size women 45 Recruiting platform 55 Meal kit delivery service 37 Recruiting platform 55 Leading home exchange website 37 Dollar store for a wide range of products 48 Social gifting service 33 Online retailer of custom made men's suits 47 Fashion e-commerce platform 33 Pet boarding marketplace 47 Retailer of glasses and contact lenses 33 Fashion e-commerce platform 30 Online curated shopping service 47 Retailerofsports merchandise 29 Mobile marketplacefor auto reparations 43 Booking of student accommodation 29 Booking app for premium dining experiences 40 Retailer of food recipes and groceries 28 Automation to connect Apps and product 39 Online flower marketplace 27 Onlinemarketplace of local freelance labor 38 Online cleaning service booking platform 27 Online fashion jewelry shop 36 Hire wear e-commerce website 26 E-commerce software company 35 Online marketplace for artworks 24 Drizly Online marketplace for alcoholic beverages 35 Online marketplace of luxury watches 23 Career website for college students 34 Online personnel placement platform 22 E-commerce website 33 Food-delivery app 16 Mobile shopping platform 32 Home & furniture ecommerce platform 14 Real time apartment rental platform 31 E-commerce of customized apparel 13 Online shop of lingerie and female appeal 12 Online retailer of cooking equipment 12 E-commerce for health and wellness food 5 Online classifieds and shopping platform N/A Source: Crunchbase, Statista. * The company went public after July 2014 40 Note: 1. eService does not include fitness

NOAH Disruptor List (Cont'd) Insurance & Finance Company Country Description Funding ($m) Company Description Funding ($m) Europe – Transaction Value: Fintech ($640bn) USA –Transaction Value: Fintech ($769bn) E-commerce payment solutions 600 Lending and wealth management services 1,880 Peer-to-Peer money transfer service 396 Lending marketplace to SMB 373 Online credit platform 654 Lending using online data 282 Installment loans at the point of sale 620 Online banking services 268 Online, mobile and PoS payment 266 * Credit card processing platform 591 Online peer-to-peer loan marketplace 198 Mobile payments company 292 Web and mobile payment services 440 Loan facilities for students 217 Online credit and financial management 420 Online international money transfer 188 * Online loans secured with luxury assets 184 Peer-to-peer lending company 392 Peer-to-peer invoice finance platform 157 Marketplace for lending 355 Home banking on mobile 150 Online payday lender 145 Cloud-based mobile payment and marketing 307 App-based mobile digital banking services 145 Blockchain-based social payment app 136 Smart automated investing service 275 Peer-to-Peer lending platform 128 Cross-border payment platform 270 Financial solution to SMB 119 Zopa Peer-to-Peer money lending service 112 Personal finance and payment automation 259 Regulatory financial software 111 Financial lending and data company 239 Online business loans to companies 98 Online investment management firm 90 Bitcoin wallet and exchange service company 225 Global mobile foreign money transfer app 86 Mobile-delivered health insurance 82 Online investment advisory platform 215 Social trading and investment marketplace 73 Online car insurance provider 206 Digital bank 70 Web-based bitcoin platform 70 Investment management platform 206 Interest rate comparison site 64 Automated investment service firm 205 Cloud-based platform for payments 59 Online Peer-to-Peer lending platform 59 * Platform forbusiness lenders and borrowers 190 Short-term finance to SMEs 59 Operator of an online lending platform 58 Financial lending platform to SMEs 182 Consumer loans comparison platform 53 Online Peer-to-Peerinsurance 180 Fintech company offering online banking 53 Lending platform for postgraduates 53 Low-cost stock brokerage 176 Digital investment management service 50 Online marketplace for real estate lending 166 Provider of consumer fintech solutions 48 Worldwide money transfer 47 Online loans backed by car ownership 155 Platform forbank-to-bank payments 47 Mobile point-of-sales company (mPOS) 44 SaaS treasury and payment solutions 153 Offers products around fixed deposits 44 Marketplace for alternative investments 133 International student payment solution 43 Platform for digital subscription payments 42 Financial management and accounting 131 Banking-as-a-Platform service 42 Online and mobile payment solutions 126 SaaS for managing contractors' payments 40 Payment platform 40 Online-only direct lender of loans 112 Machine learning for insurance fraud 40 Peer-to-Peer lending platform 38 Short term invoice financing to SME 108 Risk management for financial institutions 37 Distributed ledger technology solutions 107 Platformfor algorithmic trading strategy 34 Online insurance brokerage 34 Online investment platform 102 Product insurance for e-commerce 33 Mobile payment platform 100 Property crowd funding platform 32 Bitcoin mining equipment 32 International payments 94 Peer-to-peer foreign currency swap 32 Mobile app for personal finance 31 Global mobile payments network 87 Quick-to-access personal finance 30 Online marketplace investing in rental homes 75 Independent investment advisory services 30 Mobile payments with loyalty and rewards 30 Online payment service provider 74 Marketplace for business loans in SME 27 Personal finance website 69 International payment 27 Low-cost stock trading platform 23 Peer-to-peer digital currency 63 Online alternative investment platform 20 Automation for financial agreement process 18 Credit scoring and credit risk 62 Mobile insurance broker 18 Online lending marketplace 51 Mobile personal finance app for savings 17 Android NFC reader for cashless payments 17 SaaS suite of enterprise software for SMEs 50 Insurance robo-advisor 15 Online asset management fund 49 E-trading financial technology 15 Secure in-app payments 14 Fundraising platform 48 Prepaid debit card and mobile banking 11 App and card reader to create PoS 11 Bitcoin wallet 40 Cybersecurity for credit card fraud 8 Online marketplace for real estate investing 36 Fraud prevention platform 6 Platform for retail investors 5 Financial search engine for equity investors 35 Anti-fraud company for payment 5 Online investing platform 20 Provider of eWalletsolution 3 Source: Crunchbase. 41 * The company went public after July 2014

NOAH Disruptor List (Cont'd) Cloud, SaaS, & Enterprise Software – Market Size: Cloud Services ($204bn) Company Country Description Funding ($m) Company Description Funding ($m) Europe USA (Cont.) Web hosting, cloud computing, and servers 279 * B2B application delivery platform 259 Enterprise cyber threat defense software 180 SaaS for property management 255 Developer of cloud-based contract center 141 Storing, managing and analyzing data 248 Electronic voting and electoral modernization 126 Software and hosted service for big data 247 Software asset management and cloud spend 120 Provider of website usage and traffic analysis 112 Commerce platform for selling cloud services 246 * Security and digital identification technologies 110 Cloud-based open platform for applications 243 Six Degree Group Provider of managed data services 106 SaaS for subscription billing and payments 243 Online procurement marketplace 101 SaaS product design platform 235 Security software development company 100 * Provider of identity protection for enterprises 229 Provider of database software 98 B2B cloud computing services company 220 Software-driven storage for unstructured data 92 * Financial and accounting management 220 * Cloud-based email management software 90 SaaS-based software analytics platform 215 SaaS solution for sensitive-data management 81 Providerof analytics and decision science 211 User experience management tools 75 Copy data visualization 208 Data analytics for securityand optimization 74 Customs brokerage and freight forwarder 204 Enterprise Content Management (ECM) 69 Cloud-based enterprise resource planning 194 Provider of SaaS-based office application suite 68 Developer of distributed database technology 190 Cloud platform for application developers 67 Analysis using data from social media 183 Provider of SaaS-based social media tools 65 Web performance and security company 182 Provider of web governance software 55 Cybersecurity products and services 177 Provider of cloud-based HR software 53 HR, payroll and benefits management 176 Java development platform on a PaaS 51 Database platform for business 173 Cloud-based document management software 45 * Platform for business spend management 169 Provider of music hardware and software 44 Mobile Device Management solutions (MDM) 164 Online B2B intelligence tools through platform 42 Object storage platform to build cloud storage 159 SaaS for retailers to replace the PoS 42 Domain name registration service 155 Software licensor and IT service provider 40 Search engine for big data apps 151 Cloud-based applications for small business 38 Cloud-based customer support software 149 Online business management platform 36 Cyber security for business 148 Web analytics and data intelligence platform 35 Monitoring for dynamic cloud infrastructures 148 Web-based business process management 34 Cloud-based waste and recycling solutions 145 Developer of big data software for telecom 34 SaaS-based Technology Business 136 Delivery and logistic management software 31 IaaS company for software developers 123 Workplace and office management 30 Operating system for datacenters 122 Robotic process automation software 30 Cloud-based security company 122 Provider of mobile analytics software 29 Data virtualization software 120 Audio technology for entertainment industry 28 Security and information platform 118 Process mining and big data analysis SaaS 28 Provider of location-related information 116 Provider of DIY website building software 28 * Cloud access security broker 107 Online HR management 25 Cloud-based automation platform 105 Solution for global supply chain risks 24 Big data search and analytics software 104 Open source data analytics software 21 * Data integration, quality and management 102 Ocean freight price comparison platform 21 Business intelligence for monetarization 101 Client feedback platform via PoS terminal 19 Backup, recovery and business continuity 100 SaaS HR and project analytics 19 Business analytics software 94 Platform for connecting different cloud apps 16 Content management and collaboration 89 Anti-malware software products 15 Anti fraud technology for e-commerce 89 Online job matching platform 14 * Online customer support service company 86 IP phone systems and communication solutions 11 Mobile App development platform 85 Provider of an open source graph database 80 USA Cloud-based integrated suite of small business 80 Developer of enterprise business software 2,500 Real-time employee engagement platform 80 Software for visualizing and analyzing data 2,030 Database platform for real-time analytics 78 Cloud platform to drive software innovation 1,700 Analytics platform for the mobile and web 77 Security and systems management solution 1,202 Provider of SaaS presentation software 73 * Platform for data management and analytics 1,040 Cloud monitoring with real-time analytics 66 Cloud file storage 690 Securityfor digital personas and transactions 62 SaaS-based business intelligence platform 672 PaaS for enterprise application development 62 SaaS for HR management and automation 584 Music artist-ticketing and content discovery 61 * Online file sharing and content management 559 Cloud-based recruiting optimization platform 60 Cloud-based electronic signature platform 512 Cloud-based data analytics and integration 60 Online research and insights platform 400 Provider of payroll software and services 57 SaaS log management and analytics service 355 Payroll, benefits and compliance software 53 Cloud-based software provider for sales taxes 320 Password and digital wallet management app 53 * Cloud-based database solutions 311 Cloud identity and access management 53 Planning and performance management 300 Cloud-based HR management software 47 Data access for recovery and development 292 Monitoring and analyzing cloud expenses 40 Managed hosting platform for WordPress 291 Development of enterprise software 38 Cyber security provider 282 Research to test usability and user experience 36 Cybersecurity technology firm 281 SaaS-based solutionsfor creating websites 36 SaaS-based solutions for creating websites 279 Cloud-based multi-channel retail management 36 Data center and cloud security company 268 Cloud-based recruitment software for SMEs 34 Source: Crunchbase, Gartner. 42 * The company went public after July 2014

NOAH Partners

NOAH Top List: Europe SaaS Players Company Location Business Overview Founded KeyInvestors Funding Develops and delivers cloud 2000 contact center solutions €130.8m Platform and management software provider for doctors 2013 €78.4m in Europe SaaS solution for sensitive- 2000 data management €73.7m Increases the productivity of sales while providing 2011 €72.8m marketing with relevant data on sales interactions Process mining and big data 2011 analysis SaaS €71.9m Social media monitoring system summarizing content 2007 €60.2m on the web Online restaurant booking infrastructure and marketing 2005 €58.3m service Provider of SaaS-based office 2005 €55.2m application suite Provider of cloud marketing 2000 software for B2C companies €51.2m Provider of web governance 2003 €51.0m software Online healthcare platform enabling patients to find local 2011 €45.9m physicians online Provider of cloud-based HR 2007 €44.0m software SaaS enabling retailers to 2013 digitize their point of sale €38.4m Content management system that enables cross-platform, 2011 €36.4m multi-device publishing Developer of cloud-based applications for small 2009 €35.2m business Source: Company websites, CrunchBase, NOAH Advisors. 44

NOAH Top List: Europe SaaS Players (Cont’d) Company Location Business Overview Founded KeyInvestors Funding SaaS platform that allows advertisers to launch and 2010 measure social media €33.0m campaigns Web-based sales CRM & 2010 pipeline management €32.0m Web-based business process 2009 management €31.0m Provider of SaaS solutions for 2010 digital partner marketing €25.3m Process mining and big data 2011 analysis SaaS €24.4m Online platform that offers cost-effective package 2011 €21.7m delivery services SaaS and cloud-based supply chain risk management 2013 €21.7m solution Seamless integration of a Marketplace with an existing 2011 €20.9m or embryonic website Largest source of free private company information in the 2011 €20.4m UK and Ireland Cloud-based branding automation and digital asset 2013 €19.8m management Enables airlines to leverage their online, offline and 2011 €17.6m offsite customer data Online service to drive direct hotel bookings for the hotel 2013 €17.1m industry SaaS platform for HR and 2011 project analytics €17.0m Emailing platform that improves the deliverability of 2010 €16.2m emails Powers marketers to understand and engage with 2012 €15.3m their customers Source: Company websites, CrunchBase, NOAH Advisors. 45

The NOAH Conferences

The NOAH Ecosystem Three Conferences, One Mission: Empower the European Digital Ecosystem The NOAH Ecosystem * c * Includes only a small sample of companies regularly 47 attending NOAH Conferences.

Real Winners on Stage $50bn+ Exits have Presented on the NOAH Stage M&A Jun-16 (2016) US Mega Fund Raise 62,500 Jun-16 (2009) US 26,200 Nov-13 (2009) Sweden Multiple Mega Fund Raises 13,000 Sep-15 (2009) UK 8,931 May-11 (2009) Luxembourg 8,000 Nov-15 (2011) Ireland 5,900 May-17 (2016) The Netherlands 3,270 May-17 (2017) Germany Mega Fund Raise 2,800 Jan-14 (2011) UK 2,800 Oct-15 (2013) Russia 2,729 Nov-13 (2013) Germany 2,500 Aug-15 (2013) Sweden Multiple Mega Fund Raises 2,250 Sep-17 (2016) UK Mega Fund Raise 2,000 Sep-15 (2011) The Netherlands Mega Multiple FundRaises 2,000+ Nov-12 (2010) USA 1,800 Mar-15 (2009) UK 1,550 Jan-14 (2010) France (minority) 1,500 Jul-16 (2009) The Netherlands 1,300 Sept-14 (2009) UK 1,200 Jun-13 (2011) USA 1,100 Feb-14 (2012) Czech Republic 1,000 May-14 (2016) Czech Republic 870 Jan-11 (2011) France 846 Dec-14 (2009) France 800 Feb-14 (2009) UK (controlling) 800 Mar-17 (2005) UAE 650 Feb-15 (2015) Germany (52%) 706 Jan-15 (2011) UK 680 May-08 (2016) Germany 644 Mar-14 (2016) Ireland 620 Oct-15 (2017) UK Exponent. Electra 617 Apr-11 (2011) Germany (60%) 600 May-15 (2013) Turkey 589 48

Real Winners on Stage (Cont’d) $50bn+ Exits have Presented on the NOAH Stage M&A (Cont’d) May-16 (2014) Israel (undisclosed %) 575 Apr-16 (2013) Spain 570 Feb-17 (2012) UK 550 Sep-15 (2015) USA 440 Jul-14 (2013) Switzerland Multiple Mega Fund Raises 400+ Feb-13 (2009) Spain 345 Jan-11 (2010) UK 312 Sep-16 (2016) Germany (51%) 300 Jul-12 (2012) Czech Republic 250 Apr-16 (2014) UK 241 Aug-15 (2014) Austria 240 May-14 (2012) Israel 228 Mar-15 (2013) Germany 219 May-14 (2010) Turkey 200 Apr-17 (2017) US 200 Aug-17 (2017) Israel 200 Oct-14 (2012) Germany 190 Sep-15 (2012) UK 176 Nov-17 Cards Games Studio (2013) Turkey Zynga 100 IPO Current Market Cap ($m) Jul-15 (2017) US IPO 99,985 Sep-14 (2013) Germany IPO 11,507 Oct-10 (2009) UK IPO 7,421 Jun-17 (2016) Germany IPO 6,612 May-14 (2017) US IPO 5,038 Oct-14 (2013) Germany IPO 4,261 Oct-15 (2015) UK IPO 3,947 Nov-13 (2012) Israel IPO 3,782 Dec-16 (2012) Germany IPO 2,728 Nov-17 (2015) Germany IPO 2,037 Sept-16 (2017) The Netherlands IPO 2,030 Oct-13 (2011) France IPO 2,011 Apr-14 (2017) UK IPO 1,265 Apr-14 (2013) Spain IPO 421 49

NOAH Tel Aviv 2018 Review Key Facts Haoman17 Dates: 13-14 March 2018 Location: Haoman 17, Shalma Road 38, Tel Aviv-Yafo, Israel Audience: 800 # of Speakers: 80 # of Stages: 1 # of Exhibitors: 5 Key Links Program >> Speaker Book >> Investor Book >> Request Invite >> Speaker Highlights 51

Venue & Networking Impressions See more pictures 52

Main Stage Impressions See more pictures 53

NOAH Partners – Tel Aviv 2018 Founding Partners Event Partners Industry Partners Media Partners 54

NOAH London 2017 Review Key Facts Old Billingsgate Dates: 2-3 November 2017 Location: Old Billingsgate, 16 Lower Thames Street London EC3R 6DX # of Speakers: 100+ # of Stages: 3 # of Exhibitors: 16 Caterer: Noura Key Links Program >> Videos >> Photos >> Infographic >> Speaker Book >> Investor Book >> Partner Book >> Request Invite >> References 55

NOAH London 2017 Highlights 660+ CEOs 100+ Speakers Attendees by Country Attendees by Type UK Internet Entrepreneurs and 18% 33% Germany 3% 2% Executives 9% 47% Investors 4% Switzerland Corporate Executives 4% Spain 14% 4% Poland Service Providers 5% USA Press 32% Other 25% Other Speaker Highlights 56

Venue & Networking Impressions See more pictures 57

Main Stage Impressions See more pictures 58

NOAH Partners - London 2017 Strategic Partners Premium Partners Event Partners Media Partners 59

NOAH Berlin 2017 Review Key Facts The Tempodrom Dates: 22-23 June 2017 Location: Tempodrom, Möckernstraße 10, 10963 Berlin Audience: 3,296 # of Speakers: 110+ # of Stages: 3 # of Exhibitors: 38 Caterer: Käfer Service The Tempodromis one of Berlin’s premier and most historic event venues, located between Mitte and Kreuzberg Key Links Video Library >> NOAH17 Berlin Impressions >> Full Program >> Request Invite >> Ground Floor The Terrace Seating for up to 3,000 guests in the main and 5,500 sqm outdoor space will be covered in lounge 1,000 sqm indoor space areas, exhibition stands and catering booths. 60

NOAH Berlin 2017 Highlights 3,296 Attendees 110+ Speakers 76 Partners 18 Workshops Attendees by Country Attendees by Type Corporate Executives 5% 1% Germany 18% 15% 21% Great Britain Internet Entrepreneurs 3% and Executives Switzerland 5% Investors US 8% Service Providers 18% 66% Press Other 41% Other Speaker Highlights 61

Venue & Networking Impressions See more pictures 62

Colosseum Impressions See more pictures 63

NOAH Partners - Berlin 2017 Strategic Partners Premium Partners Event Partners Media Partners 64

Target Global Portfolio

NOAH Advisors Overview

NOAH Advisors Overview Unique Industry Know-How Strong Investment Banking Competence ▪ 100% focused on Internet companies in 25 verticals ▪ The NOAH team has 20+ years of media investment - Covering 250 leading European Internet companies, banking experience 200 Investors and 50 Corporates - Routine execution of M&A and financing ▪ Deep understanding of industry dynamics transactions with sizes of several billion euros ▪ Ability to add value beyond banking advice ▪ 25 successfully completed NOAH Advisors transactions - Facilitates overall process and minimizes underline successful transfer of M&A competencies to management distraction the Internet sector Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs! ▪ NOAH Advisors is globally well connected and has ▪ The NOAH team are entrepreneurs and focused on direct access to virtually all key players in the industry growing the business and establishing a reputation for - Knowledge of and strong relationships with potential excellence ▪ Ability to deliver top results in short time frames buyers’ key decision makers - Database of over 2k companies and 30k individuals ▪ Highly success-based compensation structures align - Proactively finds and unlocks attractive investment interests of clients and NOAH Advisors, and opportunities for leading investors demonstrate conviction to deliver top results ▪ Annual NOAH Conference in its 7th year ▪ Creative deal solutions The NOAH Advisors Core Banking Team Marco Rodzynek Jan Brandes Founding Managing Director Managing Director [email protected] [email protected] +41 799 581 512 +49 174 2010 984 Nikhil Parmar Aleksander Skwarczek Director Analyst [email protected] [email protected] +44 7521 835 241 +48 692 270 613 Selected Completed NOAH Transactions August 2017 December 2016 October 2016 September 2016 Acquisition of a Majority Stake in Investmentin Investmentin Acquisition of a Majority Stake in by by by by from 84% Ownership at a valuation of $200m Exclusive Financial Advisor to at a valuation of €300m Financial Advisor to EMK Capital Financial Advisor to Silver Lake KäuferPortal and its Shareholders Financial Advisor to Oakley Capital December 2014 October 2014 September 2014 May 2014 Sale of 100% of Sale of 100% of Sale of controlling stake in sold 100% of for €800m to to for €80m to for $228m to a joint venture between Exclusive Financial Advisor to Fotoliaand Exclusive Financial Advisor to Trovit Exclusive Financial Advisor to Facile.it Exclusive Financial Advisor to the Selling Shareholders and its Shareholders and its Shareholders Yad2 and its Shareholders 67

NOAH Advisors Overview (Cont’d) The NOAH Advisors Team Marco Rodzynek Jan Brandes Founding Managing Director Managing Director Apr-09 With NOAH Advisors since Aug-10 [email protected] [email protected] Mobile: +41 799 58 1512 Mobile: +49 174 2010 984 • Lehman Brothers, 1998 - April 2009 • Lehman Brothers, 2005 – May 2010 (acquired by Nomura end 2008) (Nomura from end 2008) - Head of Internet, Media Investment Banking - Media/TMT Investment Banking • 40+ completed M&A deals ($95bn+), including: • 20+ completed M&A deals, including: Justus Lumpe Jaime Jiménez Dr. Gerhard Cromme Managing Director Managing Director Chairman With NOAH Advisors With NOAH Advisors With NOAH Advisors since Dec-15 since Jan-18 since Jun-17 • Lehman Brothers / Nomura, • Executive with +18 years of experience • Chairman of the Supervisory Board of Siemens AG Industrials, 2005-2012 leading global Digital Companies • Former Chairman of the Executive Board and later • Selected transactions include: • SVP and Co-Founder for Softonic Chairman of the Supervisory board of ThyssenKrupp International, CEO for iContainers AG • Active Business Angel and Advisor • Board memberships include: Compagnie de Saint- • MBA and PDD by the IESE Business Gobain, Allianz SE, Deutsche Lufthansa AG, E.ON School AG, BNP Paribas S.A., Suez S.A., Volkswagen AG, ABB Ltd., Thales S.A. and Axel Springer AG Nikhil Parmar Aleksander Skwarczek Director Analyst With NOAH Advisors With NOAH Advisors since since Jul-12 Sep-15 • BSc in Economics and MSc in Economics (with specialisation in • M&A / corporate finance at IPOPEMA Securities, EY and KPMG Finance) from the London School of Economics • Completed M&A deals include: • Completed M&A deals include: Marco Bombach Maria del Mar Pérez Creative Director CTO With NOAH Advisors since With NOAH Advisors Jun-10 since Feb-17 • Digital content creation, creative concept development, covering • 9+ years experience in software development the full audio-visual production chain, content distribution and • BSc in Computer Engineering optimization Gema Alba Paula García Martina Grivnova New Media Designer VP NOAH Partnerships VP Conference Management With NOAH Advisors With NOAH Advisors With NOAH Advisors since Jun-15 since Jan-16 since May-17 • 12+ years experience in visual and user • Sales & Marketing, QP Magazine @ • Ba in International Business and interface design, and UI development The Telegraph, London Management from European Business • Client Service, Global Forest Partners, School London NH, USA Marina Khrolovich Daniel Wasowicz Assistant Head of Data Team With NOAH Advisors since With NOAH Advisors Jan-12 since Feb-16 • Manager in International Business Department of SOE • Assistant Director of Sales in HERMES POLAND "Belaeronavigation“ • Business Owner’s assistant in Ledkos • Economics and Industrial Management, Belarusian State University of Informatics and Radioelectronics 68

Selected NOAH Advisors Deals August 2017 December 2016 October 2016 September 2016 Acquisition of a Majority Stake in Investment in Investment in Acquisition of a Majority Stake in by by by by from 84% Ownership at a valuation of $200m Exclusive Financial Advisor to at a valuation of €300m Financial Advisor to EMK Capital Financial Advisor to Silver Lake KäuferPortaland its Financial Advisor to Oakley Shareholders Capital May 2016 November 2015 August 2015 September 2015 Investment in $5m fundraising and NOAH as $14m fundraising and NOAH as Sale of 70% stake in 10Bis the Lead Investor the Lead Investor by to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to 10Bis and its Shareholders Pipedrive Aloha Drushimand its Shareholders July 2015 December 2014 October 2014 September 2014 Primary funding for Sale of 100% of Sale of 100% of Sale of controlling stake in from for $800m to for €80m to to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Advisor to BIScience Fotolia and the Selling Trovit and its Shareholders Facile.it and its Shareholders Shareholders August 2014 May 2014 February 2013 May 2012 sold 100% of Growth equity investment from $150 million growth equity investment from sale to for $228m to JV between for a 30% stake alongside Softonic’s for a 50% stake alongside Fotolia’s Founders and Angel Investors at Founders and TA Associates €275m valuation Additional $150 million senior debt financing Advisor to the Selling Shareholders Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Yad2 and its Shareholders Softonic and its shareholders Fotolia and its Shareholders April 2012 November 2011 July 2011 July 2011 Sale of 100% in Sale of a majority stake in Sale of a majority stake in have acquired a majority stake in to to to for $350m from Quants Financial Services AG at a valuation of €40m Financial Advisor to Toprural Exclusive Financial Advisor to Exclusive Advisor to and its Shareholders grupfoniand its Shareholders Exclusive Advisor to EnGrande Summit Partners and TA Associates 69

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