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Retail ($6.1bn) 2010 68% $4.2bn 32% $1.9bn US Europe 1,300 781 689 502 271 205 195 194 179 118 Zalando Just Eat Privalia ozon.ru Farfetch HelloFresh WestWing Takeaway.com 2011 2011 2001 2006 1998 2009 2000 2012 2005 334 275 254 225 225 211 122 116 112 65 Etsy Instacart JustFab Jet One Kings Lane HARRY'S Honest Co. Warby Parker GrubHub Nasty Gal 2012 2010 2014 2006 2009 2011 2010 2004 Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered. A competitive, fragmented space driven by strong vertical champions Food delivery E-commerce Food delivery E-commerce E-commerce E-commerce E-commerce Food delivery E-commerce Food delivery E-commerce Food delivery E-commerce E-commerce E-commerce E-commerce E-commerce E-commerce Food delivery E-commerce 7 Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded Funding - Europe vs. US Most Active Investors in Europe Most Active Investors in the US Presenting at 2008 2011

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