The NOAH Bible

v People Building our Future Featuring 40 inspiring European start-up stories of innovative companies which have proven to be highly successful over recent years. We’re delighted to have hosted all of them across our NOAH Conferences! Buy onAmazon Buy onteNeues.com

Contents Title Page Title Page Cover 1 NOAH Top List: European FinTech 32-33 NOAH Hall of Fame 2 Selected Transaction Comps 34-41 Agenda 3 Strategic Buyers by Segment 34-39 The NOAH Conferences 4-8 Financial Buyers by Segment 40-41 NOAH Connect: Coming Soon! 9 Pipedrive 42 Porsche at NOAH Berlin 2019 10 NOAHDisruptor List 43-50 European Online Valuations 11 NOAH Top List: European SaaS 51-52 Universe of Public Internet Companies 12 The NOAH Conferences 53 Sector Valuations 13 The NOAH Ecosystem 54 Sector KPIs 14 Real Winners on Stage 55-56 Historical Valuation by Region 15 CHRONEXT 57 Growth Driven Valuation 16 NOAH Berlin 2019 Review 58-63 Significant European Movers 17 NOAH Berlin 2019 Overview 58 Deutsche Börse Venture Network 18 NOAH Berlin 2019 Highlights 59 Trading Comparables 19-29 Event Impressions 60-62 Advertising, Classifieds 19 Sponsors & Partners 63 Classifieds (Cont’d), Content, Digi. 20 Entertainment, E-commerce NOAH London 2018 Review 64-68 E-commerce (Cont’d) 21 NOAH London 2018 Overview 64 E-commerce (Cont’d). Education, 22 Fitness/Wearables, Gambling NOAH London 2018 Highlights 65 Gaming 23 Event Impressions 66-67 Hardware & Semiconductors 24 Sponsors & Partners 68 Hardware & Semiconductors (Cont’d), 25 Healthcare & Science, IoT, Brokerage Travel, Payments, Search 26 Target Global 69 Social, Software 27 NOAH Advisors 70 Software (Cont’d) 28 Software (Cont’d) 29 NOAH Advisors Overview 71-72 NOAH Internet Trading Comps 30 Selected NOAH Advisors Deals 73 OurCrowd 31 NOAH Resources 74 3

NOAH Conference London 30-31 October 2019 Old Billingsgate, London Connecting Capital with Entrepreneurs 400+ investment funds 120+ top speakers ~1,500 senior attendees Europe’s top entrepreneurs and C-level executives meet financial, corporate and private investors Attendees by Type Attendees by Seniority Internet Entrepreneurs and Executives 7% C-Level Investors 4% 25% Service Providers 13% 37% Owner, Founder Corporate Executives 46% 14% Investment Partner 9% Press Other 25% Other 20% NOAH19 LONDON -SELECTED CONFIRMED SPEAKERS NOAH19 LONDON PROGRAM >> VIDEO LIBRARY >> NOAH Conference BOOK TICKET >> OVERVIEW PRESENTATION 4

NOAH Conference Berlin 4-5 June 2020 STATION 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 Board Member and Executives 5% Investors 11% C-Level 24% 29% Service Providers 15% Owner, Founder Corporate Executives 52% 10% Investment Partner Other 17% 18% 19% Other HIGHLIGHTS FROM NOAH19 BERLIN PROGRAM >> VIDEO LIBRARY >> NOAH Conference BOOK TICKET >> OVERVIEW PRESENTATION 5

NOAH Conference Berlin Selected Impressions from NOAH19 Berlin STATION Berlin 6

NOAH Conference Zurich 22-23 September 2020 The Circle – Zurich Airport Goals • Connect Swiss and European startups with leading investors & corporate executives • Connect Swiss family offices with leading investors Format • 2 day conference; mainstage plus large networking and exhibition area • Mainstage: for CEOs only – startups and corporates • Highly selective, focus on senior executives • ~1,000 attendees • Startups (Swiss and international; focus on those with near-term capital needs) • Investors: family offices and funds • Corporates (Swiss and international) • Opening Reception on 21 Sep The Circle • Situated within The Circle, a new destination at Zurich Airport opening April 2020 • Over 5,000 square metres of functionspace, with a capacity of 1,500 guests • A total of 16 conference rooms 7

THE NOAH STARTUP STAGE The NOAH 2019 Startup Stage Want to meet relevant angels and VCs looking for early-stage opportunities and increase public awareness? Apply for the NOAH Startup Stage 2019 now! APPLY FOR NOAH 2019 STARTUP STAGE NOAH19 Berlin Winners Congratulations to the voted winner Twin Science as well as runners-up Colendi and mybacs, which will have the opportunity to present an update on their venture on the mainstageof our upcoming NOAH London on 30-31 October. MEET OUR WINNERS

NOAH Connect: Coming Soon! NOAH Connect: Bringing the NOAH Ecosystem Online in 2019 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) 9

We’re happy that Porsche again joined us at the NOAH Conference Berlin 2019! Porsche and High Mobility talked about Open Innovation and the Porsche NEXT Open Innovation competition at NOAH Berlin 2019. At the Porsche booth attendees had the chance to race on the Nuerburgring (at least virtually) to win a weekend with the new 911 at Porsche Drive. Or just have a coffee and network… Click here to stay in touch with Porsche →

European Online Valuations

Universe of Public Internet Companies Advertising Classifieds E-commerce Lead Gen Marketplaces Online Gaming Search Social Travel Europe United States 12

Sector Valuations EV / EBITDA 2019E September 2019 43.7x E-commerce 20.9x 18.9x Social 13.1x 18.8x Marketplace 11.4x Lead 18.2x Generation 12.3x 13.7x Travel 12.1x Search & 9.5x Portals 11.5x 8.6x Advertising 13.3x 6.5x Classifieds 15.0x 3.8x Gaming 14.7x Europe United States Note: Calculation based on sector aggregates. 13

Sector KPIs EBITDA CAGR 2018-2020E 24% 17% 12% 10% 11% 10% 8% 8% 6% 7% 8% 5% 5% 5% 4% 5% 2% 3% E-commerce Search & Social Classifieds Marketplaces Gaming Lead Travel Advertising Portals Generation Europe United States EBITDA Margin 2019E 23% 17% 12% 11% 10% 8% 10% 8% 7% 5% 5% 5% 5% 5% 4% 5% 4% 2% E-commerce Search & Social Classifieds Marketplaces Gaming Lead Travel Advertising Portals Generation Europe United States Cash Conversion: FCF / EBITDA 2019E 52% 51% 33% 33% 35% 36% 37% 30% 29% 30% 30% 27% 21% 21% 15% 16% 15% 5% Marketplaces Travel Gaming Search & Social Lead Classifieds Advertising E-commerce Portals Generation Europe United States Note: Calculation based on sector aggregates. 14

Historical Valuation by Region EV / 1 Year Forward EBITDA 35x Europe United States Rest of World 30x 25x 20x 15x 10x 5x - Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 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 2019E 40x 35x 30x 25x 20x 15x 10x 5x - - 10% 20% 30% 40% 50% 60% 70% EBITDA CAGR 2018-2020E United States EV / EBITDA 2019E 35x 30x 25x 20x 15x 10x 5x - - 5% 10% 15% 20% 25% 30% 35% EBITDA CAGR 2018-2020E Note: Size of bubble represents Enterprise Value. 16

Significant European Movers Valuations: Jul-19 vs. Aug-19 Enterprise Value (€m) * Company Apr-19 May-19 % Change Gainers 70 122 +74% 1,279 1,876 +47% 3,652 4,420 +21% 773 908 +17% 4,852 5,509 +14% Losers 413 314 -24% 513 391 -24% 634 489 -23% 138 110 -20% 20,836 17,695 -15% EV/EBITDA 2019E Company Apr-19 May-19 % Change Gainers 31.4x 50.9x +62% 8.8x 11.4x +29% 18.6x 21.2x +14% 19.4x 22.1x +14% 8.3x 9.1x +10% Losers 18.0x 6.9x -62% 15.0x 10.9x -27% 19.9x 15.3x -23% 16.2x 13.8x -14% 35.5x 30.9x -13% Source: Capital IQ (September 2019). 17 Note: * Companies with enterprise value <€100m excluded.

Trading Comparables 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Advertising / Marketing Ad Networks Criteo (Europe) 957 63% 1.1x 1.1x 1.1x 2% 3.5x 3.7x 3.5x (1%) 30% 7.8x 7.8x 7.5x Matomy (Middle East) 14 7% 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 1.1x 1.1x 1.1x 2% 3.5x 3.7x 3.5x (1%) 30% 7.8x 7.8x 7.5x Intermediaries Trade Desk (US) 8,494 74% 20.2x 14.3x 11.0x 35% 64.3x 45.6x 35.2x 35% 31% 85.4x 61.6x 51.8x QuinStreet (US) 526 64% 1.3x 1.2x 1.1x 9% 14.3x 15.7x 10.7x 16% 8% 22.5x 25.5x 16.5x Catena Media (Europe) 376 37% 3.8x 3.6x 3.3x 7% 7.8x 8.4x 6.9x 7% 43% 8.8x 11.8x 7.9x FreakOut (AsiaPac) 248 59% 1.9x 1.3x 1.0x 36% 43.0x 54.1x 15.9x 64% 2% n/a n/a n/a Ruhnn (AsiaPac) 265 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 The Rubicon Project (US) 394 87% 3.6x 2.8x 2.4x 22% n/m 22.3x 16.6x n/a 12% n/m n/m n/m SeaChange (US) 93 89% 1.6x 1.5x 1.4x 9% n/m n/m 7.2x n/a 0% n/m n/m 13.5x Algomizer (Middle East) 22 66% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Weborama (Europe) 13 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 Marin Software (US) 18 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 Cxense (Europe) 32 38% 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 5.4x 4.1x 3.4x 20% 32.4x 29.2x 15.4x 30% 16% 38.9x 32.9x 22.4x Data and Loyalty HubSpot (US) 6,118 82% 13.3x 10.2x 8.2x 28% n/m 80.2x 59.2x 48% 13% n/a n/a n/a LiveRamp (US) 1,878 73% 2.7x 6.0x 4.5x (23%) 17.9x n/m n/m (95%) (18%) 64.6x n/m n/m Quotient Technology (US) 577 51% 1.6x 1.5x 1.3x 13% 11.0x 14.4x 10.9x 1% 10% n/m n/m n/m Marchex (US) 98 64% 1.3x 1.1x 1.0x 10% 52.8x 33.1x 23.5x 50% 3% n/m n/m n/m 1000mercis (Europe) 60 70% 0.9x 0.8x 0.8x 6% 6.4x 7.0x 6.7x (2%) 12% n/a 18.6x 16.1x Aimia (Canada) 106 74% 0.1x 1.2x 1.2x (71%) 0.7x n/m n/m n/a (23%) n/a n/a n/a Somoto (Middle East) 15 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 Mean 3.3x 3.5x 2.8x (6%) 17.8x 33.7x 25.1x 0% (1%) 64.6x 18.6x 16.1x Market Research Gartner (US) 13,760 80% 3.9x 3.6x 3.2x 9% 21.4x 22.4x 20.0x 3% 16% 35.6x 38.6x 34.0x Nielsen (US) 15,507 79% 2.6x 2.6x 2.6x 1% 9.3x 9.2x 8.9x 2% 29% 10.8x 12.9x 12.5x Ipsos (Europe) 1,898 92% 1.1x 1.0x 0.9x 8% 9.6x 8.2x 7.9x 10% 12% 9.6x 8.9x 7.9x National Research Corporation (US) 1,408 90% 12.9x n/a n/a (100%) n/a n/a n/a n/a n/a n/a n/a n/a Forrester Research (US) 738 70% 2.3x 1.8x 1.6x 20% 21.1x 28.0x 13.3x 26% 6% n/a 22.1x 16.1x comScore (US) 356 12% 0.9x 1.0x 1.0x (3%) 32.0x n/m 14.4x 49% (1%) n/m n/m n/m YouGov (Europe) 629 91% 4.4x 3.9x 3.5x 13% 23.0x 18.9x 16.2x 19% 21% 33.6x 32.8x 31.4x Intage (AsiaPac) 233 83% 0.5x n/a 0.4x 10% 5.2x 4.7x 4.8x 4% n/a n/a n/a n/a Mean 3.6x 2.3x 1.9x (5%) 17.4x 15.2x 12.2x 16% 14% 22.4x 23.1x 20.3x Agencies Omnicom (US) 20,836 95% 1.5x 1.5x 1.5x (0%) 9.7x 9.7x 9.5x 1% 16% 13.9x 13.4x 13.0x WPP (Europe) 22,272 88% 1.3x 1.5x 1.6x (11%) 8.6x 8.6x 9.0x (2%) 18% 9.6x 10.2x 10.8x Publicis Group (Europe) 13,235 81% 1.4x 1.3x 1.2x 7% 7.7x 5.9x 5.3x 21% 23% 10.2x 9.3x 8.5x Interpublic Group of Companies (US) 12,083 84% 1.7x 1.5x 1.5x 6% 10.1x 9.4x 8.8x 7% 16% 12.2x 11.4x 10.7x Dentsu (AsiaPac) 11,700 68% 1.4x 1.3x 1.3x 5% 7.9x 8.4x 7.5x 3% 16% n/a n/a n/a JCDecaux (Europe) 11,879 78% 3.3x 3.0x 2.9x 7% 20.2x 16.5x 15.8x 13% 18% 23.3x 19.3x 17.2x MDC Partners (US) 1,436 51% 1.1x n/a n/a (100%) 8.8x n/a n/a (100%) n/a n/a n/a n/a XLMedia (Europe) 114 67% 1.1x 1.3x 1.3x (6%) 3.0x 3.1x 3.0x 1% 43% 6.5x 6.1x 5.9x Mean 1.6x 1.7x 1.6x (11%) 9.5x 8.8x 8.4x (7%) 21% 12.6x 11.6x 11.0x Classifieds Diversified SoftBank Group (AsiaPac) 212,771 78% 2.7x 2.6x 2.6x 2% 8.1x 7.1x 9.1x (6%) 37% n/a n/a n/a Next Co (US) 135,565 98% 8.6x 7.8x 7.5x 7% 16.5x 14.6x 13.4x 11% 54% 28.6x 26.0x 23.8x Naspers (Africa) 62,224 67% 9.8x 14.7x 14.4x (17%) n/m n/m n/m n/a (4%) 24.4x 21.8x 17.1x Recruit Holdings (AsiaPac) 45,336 84% 2.4x 2.2x 2.1x 6% 19.2x 17.0x 15.1x 13% 13% n/a n/a n/a MercadoLibre (LatAm) 23,865 82% 18.6x 11.5x 8.4x 49% n/m n/m n/m n/a 2% n/m n/m n/m 58.com (AsiaPac) 7,073 70% 4.1x 3.6x 3.1x 16% 19.7x 17.3x 14.2x 18% 21% 22.4x 15.3x 16.4x Schibsted (Europe) 7,116 73% 3.9x 3.7x 3.4x 7% 22.0x 17.8x 14.8x 22% 21% 43.2x 42.4x 32.0x Scout24 (Europe) 6,075 93% 11.4x 9.8x 8.8x 14% 21.7x 18.9x 16.4x 15% 52% 30.7x 28.3x 23.8x Info Edge India (AsiaPac) 2,665 76% 20.2x 16.7x 13.9x 21% 62.9x 49.4x 39.9x 26% 34% 75.4x 69.7x 53.7x Just Dial (AsiaPac) 594 88% 5.4x 4.7x 4.3x 13% 22.1x 18.1x 16.5x 16% 26% 26.7x 21.0x 19.4x Mean 8.7x 7.7x 6.8x 12% 24.0x 20.0x 17.4x 14% 26% 35.9x 32.1x 26.6x Source: Capital IQ (as of 12 September 2019). 19 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Classifieds (Cont'd) Real Estate REA Group (AsiaPac) 8,706 97% 16.1x 15.3x 13.9x 7% 28.5x 28.1x 21.7x 15% 55% 46.6x 42.9x 36.4x Zillow (US) 6,096 63% 5.1x 2.7x 1.5x 83% 33.3x n/m n/m n/a (0%) 82.6x n/m n/m Rightmove (Europe) 5,206 91% 17.5x 16.1x 15.0x 8% 23.0x 21.1x 19.6x 8% 77% 28.8x 26.6x 24.6x Redfin (US) 1,425 77% 3.3x 2.1x 1.6x 42% n/m n/m n/m 33% (7%) n/m n/m n/m Fang Holdings (AsiaPac) 556 17% 2.0x 2.2x 2.2x (6%) 8.3x n/a n/a (100%) - 2.3x n/a n/a Purplebricks (Europe) 350 44% 2.5x 2.5x 2.4x 3% n/m n/m 22.9x n/a (9%) n/m n/m n/m Leju (AsiaPac) 81 72% 0.2x n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a Mean 6.7x 6.8x 6.1x 5% 23.2x 24.6x 21.4x (29%) 19% 40.1x 34.7x 30.5x Automotive Autohome (AsiaPac) 9,068 83% 9.5x 8.2x 7.1x 16% 23.5x 20.2x 16.6x 19% 41% 27.4x 24.0x 20.2x Auto Trader (Europe) 5,726 86% 15.1x 14.0x 13.4x 6% 21.7x 19.1x 17.7x 11% 74% 26.3x 23.4x 21.5x Carvana (US) 4,488 95% 2.5x 1.3x 0.9x 71% n/m n/m n/m (68%) (4%) n/m n/m n/m Cargurus (US) 3,529 60% 8.7x 6.7x 5.5x 25% n/m 60.2x 42.5x 55% 11% n/m 79.6x 58.6x Bitauto (AsiaPac) 4,065 54% 2.9x 2.9x 2.6x 6% 23.3x 24.7x 18.1x 13% 12% 8.9x 9.8x 7.1x BCA Marketplace (Europe) 2,552 98% 0.9x 0.8x 0.7x 10% 13.7x 12.5x 11.5x 9% 6% 19.4x 17.6x 15.7x Carsales.com (AsiaPac) 2,643 96% 8.8x 9.8x 9.1x (2%) 19.2x 19.5x 18.4x 2% 50% 29.3x 28.3x 25.9x Cango (AsiaPac) 688 41% 3.5x 2.1x 1.4x 59% 9.8x 3.9x 2.2x 113% 55% 13.2x 10.2x 4.4x TrueCar (US) 297 29% 0.9x 0.9x 0.9x 1% 9.4x 27.0x 17.3x (26%) 3% 34.5x n/m n/m Mean 5.9x 5.2x 4.6x 21% 17.2x 23.4x 18.0x 25% 27% 22.7x 27.6x 21.9x Recruitment Axel Springer (Europe) - 100% n/m n/m n/m 1% n/m n/m n/m (1%) 23% 22.7x 24.5x 23.6x Seek (AsiaPac) 5,530 94% 6.3x 5.3x 4.6x 17% 20.1x 19.0x 17.2x 8% 28% 37.0x 37.9x 41.1x 51job (AsiaPac) 3,146 76% 6.3x 5.7x 4.7x 16% 18.7x n/a n/a (100%) - 25.8x 22.1x 17.6x Upwork (US) 1,429 60% 6.3x 5.2x 4.3x 20% n/m n/m n/m 636% 2% n/m n/m n/m Wise Talent (AsiaPac) 735 56% 4.5x 3.8x 3.0x 23% n/m 34.6x 15.9x 215% 11% 86.2x 55.1x 28.5x HeadHunter Group (Europe) 876 95% n/a 8.0x 6.4x n/a n/a 16.1x 12.4x n/a 50% n/a 26.0x 18.0x Dice Holdings (US) 205 95% 1.4x 1.5x 1.4x (1%) 7.1x 6.5x 5.8x 11% 23% n/a n/a 12.4x Mean 5.0x 4.9x 4.1x 13% 15.3x 19.0x 12.8x 128% 19% 42.9x 33.1x 23.5x Content Providers IAC (US) 18,416 86% 4.8x 4.3x 3.7x 14% 20.7x 19.8x 15.7x 15% 21% 24.0x 26.6x 23.8x TechTarget (US) 625 100% 5.7x 5.2x 4.7x 10% 23.6x 17.3x 14.7x 27% 30% 34.1x 24.8x 20.9x Pantaflix AG (Europe) 23 6% 0.7x 0.6x 0.5x 15% 2.0x 1.9x 1.2x 25% 31% n/m n/m n/m Mean 3.7x 3.3x 3.0x 13% 15.4x 13.0x 10.5x 22% 28% 29.0x 25.7x 22.4x Digital Entertainment Netflix (US) 122,142 75% 8.5x 6.7x 5.4x 25% 67.9x 42.2x 29.5x 52% 16% n/m 85.7x 50.2x Spotify (Europe) 20,598 69% 3.8x 3.0x 2.4x 24% n/m n/m n/m n/a (1%) n/m n/m n/m Tencent Music (AsiaPac) 17,673 69% 7.1x 5.4x 4.0x 33% 30.6x 29.4x 20.3x 23% 19% 41.8x 35.0x 25.3x Roku (US) 15,522 84% 23.5x 15.6x 11.4x 44% n/m n/m n/m 66% 4% n/m n/m n/m Freenet (Europe) 4,614 87% 1.6x 1.6x 1.6x 1% 10.2x 10.7x 10.7x (3%) 15% 10.4x 11.0x 10.6x Bilibili (AsiaPac) 3,872 70% 7.3x 4.6x 3.1x 52% n/m n/m n/m n/a (10%) n/m n/m n/m Inke (AsiaPac) 1 37% 0.0x 0.0x 0.0x 8% n/a n/a n/a n/a - 2.7x 2.8x 2.5x Brave Bison (Europe) 6 41% n/a 0.2x 0.2x n/a n/a 12.3x 4.9x n/a 2% n/a 17.8x 8.0x Mean 7.4x 4.7x 3.5x 27% 36.2x 23.6x 16.4x 35% 6% 18.3x 30.4x 19.3x E-Commerce Diversified Amazon (US) 843,839 91% 4.0x 3.3x 2.8x 19% 28.2x 22.4x 17.8x 26% 15% 91.8x 74.1x 53.0x Alibaba (AsiaPac) 419,846 91% 9.2x 6.8x 5.3x 32% 27.8x 21.5x 16.8x 29% 32% 34.5x 26.0x 21.1x Meituan Dianping (AsiaPac) 41,457 94% 4.9x 3.5x 2.6x 37% n/m n/m 30.3x n/a 2% n/m n/m 56.8x Altaba (US) 32,909 88% n/m n/m n/a (100%) n/a n/a n/a n/a - n/m n/m n/a Rakuten (AsiaPac) 13,321 75% 1.5x 1.3x 1.1x 13% 6.9x 7.7x 10.5x (19%) 17% n/a n/a n/a Liberty Ventures (US) 8,788 99% 13.3x 11.1x 10.9x 11% 44.6x 43.1x 39.4x 6% 26% n/a n/a n/a Investment AB Kinnevik (Europe) 7,539 93% 57.7x 59.3x 80.3x (15%) n/m n/m n/m 21% (24%) 49.9x 26.7x 42.3x B2W (LatAm) 5,003 85% 3.4x 3.3x 2.9x 9% 51.1x 38.3x 26.2x 40% 9% n/m n/m n/m Rocket Internet (Europe) 1,172 85% 27.1x 23.0x 21.2x 13% n/m n/m n/m (44%) (39%) 20.0x 59.8x n/m Vostok New Ventures (AsiaPac) 455 83% 1.8x n/a n/a (100%) 2.7x n/a n/a (100%) n/a n/m n/a n/a Mean 13.7x 13.9x 15.9x (8%) 26.9x 26.6x 23.5x (5%) 4% 49.0x 46.7x 43.3x Personalized Cimpress (Europe) 4,568 86% 1.9x 1.8x 1.7x 4% 14.0x 11.1x 11.5x 10% 16% n/a n/a n/a Shutterfly (US) 2,417 69% 1.3x 1.2x 1.2x 6% 6.8x 8.7x 7.2x (3%) 14% 17.9x 77.9x 27.8x CEWE Stiftung (Europe) 688 88% 1.1x 1.0x 1.0x 5% 7.2x 6.7x 6.4x 6% 15% 15.1x 15.0x 14.0x Stamps.com (US) 1,148 30% 2.2x 2.4x 2.4x (5%) 5.0x 9.2x 11.4x (34%) 25% 6.1x 16.8x 20.9x Oponeo.pl (Europe) 71 63% 0.4x 0.3x 0.3x 13% 10.8x 8.8x 8.3x 14% 4% 15.8x 14.5x 13.3x Eve Sleep (Europe) 7 20% 0.2x 0.2x 0.1x 10% n/m n/m n/a (100%) (25%) n/m n/m n/m Mean 1.2x 1.1x 1.1x 5% 8.7x 8.9x 9.0x (18%) 8% 13.7x 31.1x 19.0x Source: Capital IQ (as of 12 September 2019). 20 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 E-Commerce (Cont'd) Online Food & Restaurants Delivery Hero (Europe) 7,789 92% 10.4x 5.9x 4.0x 60% n/m n/m n/m 25% (30%) n/m n/m n/m Takeaway.com (Europe) 4,937 86% 20.6x 11.9x 8.8x 53% n/m n/m 60.9x n/a 4% n/m n/m n/m Just Eat (Europe) 5,441 82% 6.2x 4.7x 3.8x 29% 28.2x 26.7x 21.0x 16% 17% 43.1x n/m 42.1x Hellofresh (Europe) 1,896 91% 1.5x 1.1x 1.0x 25% n/m n/m 24.5x n/a (0%) n/m n/m n/m Blue Apron (US) 150 29% 0.2x 0.3x 0.3x (15%) n/m n/m 12.2x n/a (1%) n/m n/m n/m Mean 7.8x 4.8x 3.6x 30% 28.2x 26.7x 29.6x 20% (2%) 43.1x ##### 42.1x Marketplaces Uber (US) 47,299 72% n/a 3.8x 2.8x n/a n/a n/m n/m n/a (22%) n/a n/m n/m eBay (US) 35,303 96% 3.6x 3.6x 3.4x 3% 10.8x 10.5x 9.8x 5% 34% 14.6x 14.1x 13.4x Lyft (US) 9,691 53% n/a 3.1x 2.4x n/a n/a n/m n/m n/a (24%) n/a n/m n/m Chewy (US) 11,075 71% n/a 2.6x 2.1x n/a n/a n/m n/m n/a (2%) n/a n/m n/m Etsy (US) 5,512 75% 10.2x 7.6x 6.1x 29% 44.4x 32.4x 24.1x 36% 23% 65.6x 44.4x 34.5x GrubHub (US) 5,725 45% 6.3x 4.6x 3.6x 31% 26.4x 26.2x 18.5x 20% 18% 38.1x 51.0x 32.0x Kakaku (AsiaPac) 4,141 92% 9.4x 8.3x 7.7x 10% 18.8x 17.3x 16.0x 8% 48% n/a n/a n/a Shutterstock (US) 998 67% 1.8x 1.7x 1.6x 6% 10.6x 10.9x 10.4x 1% 15% 24.8x 27.6x 27.9x Fiverr (Middle East) 402 44% n/a 4.3x 3.4x n/a n/a n/m n/m n/a (20%) n/a n/m n/m Care.com (US) 271 40% 1.6x 1.4x 1.3x 8% 9.4x 14.5x 12.4x (13%) 10% 12.2x 18.2x 15.9x Tuanche (AsiaPac) 141 34% 1.7x 1.5x 1.4x 9% n/a n/m n/m n/a (14%) n/a n/m n/m Liquidity Services (US) 188 90% 1.0x 0.9x n/a (100%) n/m n/m n/a (100%) 0% n/m n/m n/a MyHammer (Europe) 98 99% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Lauritz.com (Europe) 26 84% 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 RealReal (US) 1,541 56% n/a 5.5x 4.2x n/a n/a n/m n/m n/a (24%) n/a n/m n/m Tradeweb Markets (US) - 79% n/a n/m n/m n/a n/a n/m n/m n/a 44% n/a 26.5x 23.2x Mean 4.4x 3.8x 3.3x (1%) 20.1x 18.6x 15.2x (6%) 6% 31.1x 30.3x 24.5x Verticals / Players JD.com (AsiaPac) 38,100 97% 0.6x 0.5x 0.5x 18% 55.9x 25.4x 16.9x 82% 2% n/m 34.2x 26.1x Wayfair (US) 11,727 77% 1.9x 1.4x 1.1x 33% n/m n/m n/m 13% (4%) n/m n/m n/m Ocado (Europe) 10,417 93% 5.7x 5.3x 4.6x 11% n/m n/m n/m 11% 2% n/m n/m n/m Monotaro (AsiaPac) 5,564 80% 6.1x 4.9x 4.1x 21% 43.3x 36.8x 30.3x 19% 13% n/a n/a n/a Abcam (Europe) 2,572 76% 9.3x 8.4x 7.6x 11% 25.8x 22.8x 21.6x 9% 37% 36.2x 34.7x 35.3x CTS Eventim (Europe) 4,307 92% 3.5x 3.1x 3.0x 8% 18.5x 16.1x 14.8x 12% 19% 37.0x 32.2x 30.2x Proto Labs (US) 2,556 66% 6.3x 6.0x 5.5x 7% 21.9x 22.5x 19.2x 7% 27% 35.0x 38.3x 32.4x Jumia Technologies (Europe) 430 22% n/a 2.3x 1.5x n/a n/a n/m n/m n/a (100%) n/a n/m n/m 1-800-Flowers.com (US) 800 69% 0.7x 0.7x 0.6x 8% 11.1x 10.0x 8.9x 12% 7% 30.7x 24.1x 21.6x Zooplus (Europe) 908 78% 0.7x 0.6x 0.5x 15% n/m 46.8x 29.8x 152% 1% n/m n/m n/m Eventbrite (US) 1,060 47% 4.1x 3.7x 3.2x 12% 40.1x n/m 59.9x (18%) (1%) n/m n/m n/m Zur Rose Group (Europe) 725 64% 0.7x 0.5x 0.5x 20% n/m n/m 44.1x n/a (1%) n/m n/m n/m Shop Apotheke Europe (Europe) 448 66% 0.8x 0.6x 0.5x 27% n/m n/m n/m n/a (2%) n/m n/m n/m AO World (Europe) 441 55% 0.5x 0.4x 0.3x 16% n/m 89.8x 29.1x n/a 0% n/m n/m n/m Overstock.com (US) 730 92% 0.4x 0.5x 0.5x (7%) n/m n/m n/m (93%) (4%) n/m n/m n/m Cogobuy (AsiaPac) 262 40% 0.1x 0.1x n/a (100%) 1.8x n/a n/a (100%) - 1.9x n/a n/a PetMed Express (US) 250 48% 1.0x 1.0x 1.0x (2%) 5.2x 9.7x 9.0x (24%) 10% 8.3x 16.0x 13.5x Delticom (Europe) 126 33% 0.2x 0.2x 0.2x 3% 10.8x 44.9x 8.6x 13% 0% 13.5x n/m n/a LDLC.com (Europe) 106 43% 0.2x 0.2x 0.2x 5% 17.3x 15.9x 9.9x 32% 1% n/m n/m 20.6x Home24 (Europe) 80 15% 0.3x 0.2x 0.2x 19% n/m n/m n/m (56%) (8%) n/m n/m n/m U.S. Auto Parts Network (US) 66 90% 0.3x 0.3x 0.2x 1% 6.2x 32.2x 9.7x (20%) 1% n/m n/m n/m Mean 2.2x 2.0x 1.8x 6% 21.5x 31.1x 22.3x 3% 0% 23.2x 29.9x 25.7x Fashion and Flash Sales Zalando (Europe) 10,769 94% 2.0x 1.7x 1.4x 19% 44.2x 26.0x 21.6x 43% 6% n/m 96.2x 77.4x Farfetch (Europe) 2,191 31% n/m n/m n/m 56% n/m n/m n/m (8%) (15%) n/m n/m n/m Start Today (AsiaPac) 6,319 68% 6.4x 5.9x 4.9x 14% 23.8x 21.9x 17.3x 17% 27% n/a n/a n/a Vipshop (AsiaPac) 5,102 100% 0.5x 0.4x 0.4x 4% 12.0x 7.6x 6.5x 36% 6% 16.2x 11.6x 10.5x ASOS (Europe) 2,546 44% 0.9x 0.8x 0.7x 13% 15.7x 19.9x 13.1x 10% 4% 33.0x n/m 39.7x Boohoo.com (Europe) 3,305 93% 4.2x 3.0x 2.1x 42% 42.4x 29.6x 21.5x 40% 10% 66.2x 52.4x 40.7x Stitch Fix (US) 1,727 40% 1.4x 1.1x 0.9x 22% 38.9x 41.5x 38.2x 1% 3% 50.5x 62.3x 88.1x LightInTheBox (AsiaPac) 122 74% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MySale Group (AsiaPac) 17 4% 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) (9) 5% n/m n/m n/m (3%) 0.4x 0.8x n/m n/a (12%) n/m n/m 50.4x Jumei (AsiaPac) (76) 76% 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 2.6x 2.2x 1.7x 21% 25.3x 21.0x 19.7x 20% 4% 41.5x 55.6x 51.1x Source: Capital IQ (as of 12 September 2019). 21 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 E-Commerce (Cont'd) Finance and Price Comparison Moneysupermarket (Europe) 2,242 89% 5.7x 5.2x 4.8x 9% 15.6x 14.2x 13.3x 8% 36% 21.6x 20.3x 18.7x 360Finance (AsiaPac) 1,249 39% n/a 1.2x 0.8x n/a n/a n/a n/a n/a - n/a 3.7x 2.5x Hypoport (Europe) 1,577 90% 5.9x 4.8x 4.2x 19% 39.9x 29.9x 25.1x 26% 16% 65.3x 53.9x 41.0x Gruppo MutuiOnline (Europe) 743 82% 4.2x 3.5x 3.4x 11% 13.8x 13.0x 12.3x 6% 27% 38.9x 15.2x 14.6x Jiayin Group (AsiaPac) 663 64% n/a 2.0x 1.7x n/a n/a n/a n/a n/a - n/a 8.6x 6.1x Funding Circle (Europe) 103 23% 0.7x 0.5x 0.4x 21% n/m n/m n/m 7% (24%) n/m n/m n/m Jianpu Tech (AsiaPac) 363 39% 1.4x 1.0x 0.7x 48% n/m n/m 6.9x n/a 1% n/m n/m 19.8x EverQuote (US) 480 89% 3.3x 2.4x 2.0x 27% n/m n/m 94.7x n/a 1% n/m n/m n/m Pintech Technology (AsiaPac) 162 18% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MMTEC (AsiaPac) 69 19% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a iSelect (AsiaPac) 74 75% 0.6x 0.8x 0.7x (2%) 9.9x 7.1x 5.3x 37% 11% 33.8x 23.2x 12.0x HubStyle (Grupa Nokaut) (Europe) 3 65% 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) 2 41% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a LendingClub (US) - 73% n/m n/m n/m 12% n/m n/m n/m 39% 17% 29.5x n/m 43.1x Ferratum (Europe) - 60% n/m n/m n/m 15% n/m n/m n/m 22% 18% 10.6x 7.9x 6.3x Weidai (Europe) - 60% n/m n/m n/m 15% n/m n/m n/m 22% 18% 10.6x 7.9x 6.3x On Deck Capital (US) - 42% n/m n/m n/m 9% n/m n/m n/m (16%) 7% 6.8x 10.7x 9.2x Mean 3.1x 2.4x 2.1x 17% 19.8x 16.1x 26.3x 17% 10% 27.1x 16.8x 16.3x Other LendingTree (US) 4,029 74% 5.8x 4.1x 3.4x 30% 28.9x 22.3x 17.3x 29% 18% 48.9x 47.6x 29.3x Yelp (US) 2,082 70% 2.4x 2.2x 2.0x 10% 12.8x 10.3x 8.4x 23% 22% 18.6x 15.6x 13.6x eHealth (US) 1,451 67% 6.4x 4.2x 3.4x 37% 48.8x 23.7x 16.8x 70% 18% 72.3x 35.5x 26.0x Groupon (US) 1,353 72% 0.6x 0.6x 0.6x (4%) 5.3x 5.7x 5.2x 0% 11% 13.6x 13.7x 11.7x Gocompare.com (Europe) 432 70% 2.5x 2.4x 2.2x 5% 8.3x 12.4x 9.5x (7%) 20% 9.4x 16.5x 12.9x Gurunavi (AsiaPac) 206 66% 0.7x 0.8x 0.8x (3%) 4.4x 10.5x 7.6x (23%) 8% n/a n/a n/a Mean 3.1x 2.4x 2.1x 13% 18.1x 14.2x 10.8x 16% 16% 32.6x 25.8x 18.7x Education New Oriental Education (AsiaPac) 12,622 94% 5.1x 4.0x 3.2x 27% 37.0x 28.2x 19.0x 39% 14% 45.3x 37.3x 26.9x Pearson (Europe) 9,368 84% 2.0x 2.1x 2.1x (3%) 12.3x 11.3x 10.6x 8% 19% 13.7x 14.6x 13.9x Chegg (US) 3,719 70% 13.0x 10.2x 8.1x 26% 50.0x 34.6x 25.5x 40% 29% 64.7x 44.8x 34.0x IDP Education (AsiaPac) 2,421 77% 7.4x 6.6x 5.1x 20% 39.4x 30.3x 24.7x 26% 22% 62.0x 50.1x 40.0x Pluralsight (US) 1,599 46% 7.7x 5.6x 4.3x 33% n/m n/m n/m (9%) (17%) n/m n/m n/m GSX Techedu (AsiaPac) 2,549 74% n/a 10.6x 4.5x n/a n/a 79.6x 26.9x n/a 13% n/a 77.3x 27.4x 2U (US) 1,194 24% 3.2x 2.3x 1.8x 33% 74.9x n/m n/m n/a (4%) n/m n/m n/m Instructure (US) 1,328 79% 7.0x 5.7x 4.7x 22% n/m n/m n/m (43%) (5%) n/m n/m n/m K12 (US) 769 76% 0.9x 0.8x 0.8x 4% 6.0x 6.2x 6.1x (1%) 13% n/a 28.5x 27.8x American Public Education (US) 172 66% 0.6x 0.7x 0.7x (2%) 3.8x 5.5x 4.9x (13%) 12% 15.9x 27.5x 19.5x Boxlight (US) 27 46% 0.8x 0.7x 0.5x 22% n/a n/m n/m n/a (3%) n/a n/m n/m Mean 4.8x 4.5x 3.3x 18% 31.9x 28.0x 16.8x 6% 9% 40.3x 40.0x 27.1x Fitness & Wearbles Under Armour (US) 9,041 78% 1.9x 1.9x 1.8x 4% 29.0x 23.8x 19.3x 23% 8% 93.1x 59.5x 40.6x GoPro (US) 692 60% 0.7x 0.6x 0.6x 7% 54.1x 7.7x 6.6x 185% 8% n/m 11.9x 9.8x Fitbit (US) 431 55% 0.3x 0.3x 0.3x (1%) n/m n/m n/m 1% (5%) n/m n/m n/m Huami Corporation (AsiaPac) 420 55% 0.9x 0.6x 0.5x 32% 9.4x 5.9x 4.4x 46% 10% 11.0x 8.1x 7.2x Catapult Group (AsiaPac) 149 85% 2.7x 2.4x 2.1x 14% 77.9x 32.0x 16.1x 120% 7% n/m n/m n/m Mean 1.3x 1.2x 1.1x 11% 42.6x 17.4x 11.6x 75% 6% 52.1x 26.5x 19.2x Gambling Amaya (Canada) 8,590 64% 4.5x 3.7x 3.4x 15% 11.7x 10.4x 9.5x 11% 36% 8.9x 9.6x 8.1x GVC Holdings (Europe) 7,114 65% 1.8x 1.8x 1.7x 2% 8.5x 9.5x 8.3x 1% 19% 9.3x 11.7x 9.5x Paddy Power Betfair (Europe) 7,271 99% 3.5x 3.1x 2.8x 11% 14.5x 17.1x 15.5x (3%) 18% 18.5x 23.9x 21.8x Playtech (Europe) 1,844 83% 1.5x 1.2x 1.2x 13% 5.5x 4.7x 4.5x 11% 25% 7.2x 9.0x 8.0x Net Entertainment (Europe) 769 71% 4.6x 4.4x 3.3x 18% 9.7x 8.3x 6.0x 27% 53% 13.6x 14.5x 9.3x 888 Holdings (Europe) 581 66% 1.2x 1.1x 1.1x 7% 6.5x 7.4x 6.7x (2%) 16% 10.0x 15.8x 13.0x ZEAL Network (Europe) 251 72% 1.6x 1.6x 1.5x 2% 6.1x 11.9x 5.0x 10% 13% 15.1x 12.7x 12.0x Bet-at-home.com (Europe) 294 65% 2.5x 2.6x 2.5x (1%) 8.2x 9.9x 8.4x (1%) 26% 10.7x 18.0x 12.3x Raketech Group (Europe) 55 55% 2.3x 2.2x 2.1x 4% 4.4x 4.0x 4.0x 5% 55% 9.1x 6.8x 6.2x Sportech (Europe) 59 48% 0.8x 0.8x 0.8x 0% 6.8x 5.7x 5.7x 10% 14% n/a n/a n/a Mean 2.4x 2.3x 2.0x 7% 8.2x 8.9x 7.4x 7% 28% 11.4x 13.6x 11.1x Source: Capital IQ (as of 12 September 2019). 22 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Gaming MMO NetEase (AsiaPac) 27,366 94% 3.1x 3.1x 3.4x (4%) 24.4x 14.4x 11.9x 43% 21% 28.4x 20.3x 17.0x Sea Limited (US) 8,891 88% 2.1x 2.0x 1.9x 4% 11.2x 10.3x 9.7x 8% 20% 16.5x 15.0x 13.7x Nexon (AsiaPac) 7,061 83% 3.3x 3.3x 3.0x 5% 7.6x 8.1x 7.1x 4% 40% n/a n/a n/a NCsoft (AsiaPac) 7,758 97% 5.9x 5.9x 4.1x 20% 15.2x 18.1x 9.9x 24% 32% 24.7x 25.7x 14.8x HUYA (AsiaPac) 3,455 81% 5.7x 3.3x 2.5x 51% 97.6x 59.9x 24.8x 98% 6% 98.8x 55.2x 29.8x NetDragon (AsiaPac) 1,011 78% 1.6x 1.3x 1.1x 19% 17.4x 6.4x 5.5x 78% 21% 45.3x 10.9x 9.4x Rovio (Europe) 221 54% 0.8x 0.7x 0.7x 6% 4.6x 5.1x 4.9x (3%) 14% 13.9x 13.7x 12.2x WeMade (AsiaPac) 357 59% 3.8x 3.7x 2.6x 21% 71.8x n/m 19.0x 95% (1%) 49.7x n/m 40.8x Vespa Inc (AsiaPac) 41 39% 0.4x 0.3x n/a (100%) n/a 1.4x n/a n/a 23% 4.2x 3.2x n/a Changyou (AsiaPac) 232 41% 0.5x 0.6x 0.6x (5%) 2.0x 1.9x 1.5x 15% 31% 5.0x 4.7x 4.5x Mean 2.7x 2.4x 2.2x 2% 28.0x 14.0x 10.5x 40% 21% 31.8x 18.6x 17.8x Mobile and Casual Colopl (Europe) 22,810 93% 10.1x 9.3x 8.6x 8% 29.2x 26.6x 24.2x 10% 35% 43.3x 38.7x 34.5x Zynga (US) 4,691 88% 5.7x 3.9x 3.2x 34% 27.9x 18.4x 14.8x 37% 21% 39.1x 23.9x 21.5x CyberAgent (AsiaPac) 4,326 64% 1.2x 1.1x 1.0x 7% 13.3x 12.9x 10.7x 12% 9% n/a n/a n/a Youzu (AsiaPac) 1,749 60% 3.6x 3.4x 2.7x 17% 13.8x 10.2x 8.7x 25% 33% 14.5x 12.3x 10.4x DeNA (AsiaPac) 1,672 85% 1.6x 1.6x 1.4x 4% 7.5x 9.1x 7.1x 3% 18% n/a n/a n/a GREE (Europe) 1,460 98% 0.6x 0.9x 0.8x (17%) 6.9x 8.7x 8.1x (8%) 10% 10.3x 12.9x 11.9x GungHo Online (AsiaPac) 719 54% 1.1x 0.8x 0.9x 9% 3.7x 2.4x 3.1x 9% 32% n/a n/a n/a NHN Entertainment (AsiaPac) 719 67% 0.7x 0.6x 0.6x 16% 8.1x 5.4x 4.6x 33% 12% 9.7x 19.1x 11.6x Glu Mobile (US) 679 46% 2.0x 1.8x 1.6x 11% 18.7x 22.2x 11.4x 28% 8% 20.9x 22.6x 12.4x Stillfront Group (Europe) 660 79% 5.4x 3.4x 2.8x 39% 15.3x 8.6x 6.7x 51% 39% 34.4x 16.2x 11.8x SciPlay (US) 352 62% n/a 0.8x 0.7x n/a n/a 2.8x 2.2x n/a 29% n/a 2.4x 1.7x IGNIS (AsiaPac) 128 65% 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) 145 78% 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) 115 88% 1.0x 0.9x 0.9x 8% 9.1x 7.1x 6.9x 15% 12% 18.5x 12.4x 12.0x Ourgame (AsiaPac) 79 71% 0.9x 0.9x n/a (100%) n/a n/a n/a n/a - n/a n/a n/a Boyaa Interactive (AsiaPac) (142) 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 2.8x 2.3x 2.1x 3% 14.0x 11.2x 9.0x 20% 20% 23.8x 17.9x 14.2x Console & PC Activision Blizzard (US) 36,591 65% 5.4x 6.4x 5.8x (3%) 15.2x 18.2x 15.3x (0%) 35% 20.9x 24.9x 21.7x Electronic Arts (US) 22,870 81% 5.1x 4.8x 4.7x 4% 14.8x 13.9x 13.7x 4% 34% 22.3x 20.4x 19.7x Take-Two Interactive (US) 10,629 90% 4.2x 4.3x 4.2x 0% 16.7x 17.5x 16.1x 2% 24% 24.1x 25.0x 22.0x Ubisoft Entertainment (Europe) 8,380 72% 4.4x 4.6x 3.0x 20% 9.6x 11.0x 13.7x (16%) 42% 26.2x 34.3x 20.2x Bandai Namco (AsiaPac) 10,315 98% 1.7x 1.6x 1.7x 0% 11.8x 11.0x 10.3x 7% 15% n/a n/a n/a Konami (AsiaPac) 4,840 71% 3.0x 2.8x 2.4x 13% 18.7x 16.9x 13.0x 20% 16% 36.7x 39.0x 26.8x Netmarble Corp. (AsiaPac) 4,467 93% 2.1x 2.0x 2.0x 3% 8.5x 8.1x 7.1x 10% 25% n/a n/a n/a CD Projekt (Europe) 5,445 96% 65.6x 56.8x 7.4x 197% n/m n/m 9.7x 314% 31% n/m n/m 12.7x Square Enix (AsiaPac) 3,286 88% 1.7x 1.5x 1.3x 14% 11.2x 11.1x 9.1x 11% 13% n/a n/a n/a Pearl Abyss Corp. (AsiaPac) 1,854 82% 5.8x 4.0x 3.3x 34% 13.0x 11.2x 8.1x 27% 36% 15.9x 16.4x 11.6x Sega Sammy (AsiaPac) 2,421 84% 0.9x 0.8x 0.8x 9% 8.0x 6.1x 5.3x 22% 13% n/a n/a n/a Douyu International Holdings (AsiaPac) 3,110 79% n/a 3.3x 2.3x n/a n/a n/m 28.4x n/a (3%) n/a n/m 18.3x Capcom (AsiaPac) 2,057 93% 2.3x 2.3x 3.0x (13%) 10.5x 9.9x 8.8x 9% 23% n/a n/a n/a Paradox Interactive (Europe) 1,294 75% 12.6x 10.1x 8.1x 24% 22.5x 18.2x 14.1x 26% 56% 42.7x 35.9x 27.6x Marvelous (AsiaPac) 249 82% 1.1x 1.2x 1.2x (3%) n/a n/a n/a n/a - n/a n/a n/a Mean 8.3x 7.1x 3.4x 21% 13.4x 12.8x 12.3x 34% 24% 27.0x 28.0x 20.1x Source: Capital IQ (as of 12 September 2019). 23 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Hardware & Semiconductors Apple (US) 927,456 96% 3.9x 3.9x 3.7x 3% 13.0x 13.5x 12.9x 0% 29% 17.0x 18.7x 17.8x Samsung (AsiaPac) 187,572 99% 1.0x 1.1x 1.0x 0% 2.8x 4.4x 3.8x (14%) 24% 7.1x 15.0x 11.5x IBM (US) 144,309 93% 2.0x 2.0x 2.0x 1% 8.5x 8.9x 8.3x 1% 23% 10.1x 11.1x 10.6x Sony (AsiaPac) 71,474 93% 1.0x 1.0x 1.0x 1% 7.0x 7.0x 6.7x 2% 14% n/a n/a n/a Hitachi (AsiaPac) 45,409 99% 0.6x 0.6x 0.5x 3% 4.7x 4.7x 4.4x 3% 12% n/a n/a n/a Philips (Europe) 43,013 99% 2.4x 2.2x 2.1x 6% 14.5x 12.7x 11.4x 13% 18% 26.8x 21.6x 19.0x Nintendo (AsiaPac) 33,952 98% 3.5x 3.3x 3.0x 7% 16.6x 13.1x 11.3x 21% 26% n/a n/a n/a Motorola (US) 29,484 91% 4.5x 4.1x 3.9x 7% 17.6x 15.2x 13.7x 13% 27% 22.7x 20.2x 17.9x HP (US) 26,362 89% 0.9x 1.0x 1.0x (2%) 5.4x 5.5x 5.6x (2%) 18% 8.5x 8.6x 8.9x Hewlett Packard Enterprise (US) 26,362 89% 0.9x 1.0x 1.0x (2%) 5.4x 5.5x 5.6x (2%) 18% 8.5x 8.6x 8.9x Nokia (Europe) 26,547 82% 1.2x 1.1x 1.1x 4% 10.0x 10.0x 7.3x 17% 11% 21.1x 20.3x 13.0x Fujitsu (AsiaPac) 17,534 95% 0.5x 0.5x 0.6x (3%) 4.9x 7.8x 7.0x (16%) 7% n/a n/a n/a Lenovo (AsiaPac) 11,268 73% 0.2x 0.2x 0.2x 3% 7.2x 5.7x 5.4x 15% 4% 16.3x 11.5x 11.4x Toshiba (AsiaPac) 11,798 87% 0.5x 0.4x 0.4x 8% 11.8x 6.8x 6.2x 38% 6% n/a n/a n/a Sharp (AsiaPac) 11,159 52% 0.5x 0.5x 0.5x 1% 7.4x 8.6x 7.7x (2%) 6% n/a n/a n/a Quanta Computer (AsiaPac) 6,675 91% 0.2x 0.2x 0.2x 6% 10.5x 9.0x 8.2x 14% 2% 14.6x 13.9x 12.6x Unisplendour (AsiaPac) 9,412 95% n/a 1.3x 1.1x n/a n/a 18.9x 14.8x n/a 7% n/a n/a n/a LG (US) 5,182 44% 1.5x 1.5x 1.5x 1% 10.5x 12.7x 8.9x 9% 12% 11.2x 19.3x 8.9x Pegatron Corporation (AsiaPac) 4,491 80% 0.1x 0.1x 0.1x 1% 5.2x 5.2x 4.5x 7% 2% 10.8x 11.6x 11.1x ASUSTeK Computer (AsiaPac) 2,755 77% 0.3x 0.3x 0.3x (5%) 6.6x 8.9x 7.0x (3%) 3% 16.2x 14.5x 12.3x Foxconn (AsiaPac) 1,156 85% 0.3x 0.3x 0.3x (6%) 3.7x 4.1x 3.6x 2% 8% 10.0x 10.5x 10.0x Acer (AsiaPac) 988 68% 0.1x 0.1x 0.1x 1% 7.2x 6.9x 5.9x 10% 2% 16.3x 16.3x 14.5x Sonos (US) 1,196 85% 1.1x 1.0x 0.9x 10% 17.9x 14.0x 12.1x 22% 7% n/m 32.7x 25.5x nLIGHT (US) 428 60% 2.5x 2.7x 2.3x 3% 15.8x 34.4x 19.7x (10%) 8% 35.6x n/m 41.9x Viomi Technology (AsiaPac) 393 52% 1.2x 0.7x 0.5x 63% 15.3x 7.7x 4.6x 81% 9% 21.1x 10.4x 6.3x Niu Technologies (AsiaPac) 513 62% 2.7x 1.9x 1.2x 51% n/m 22.9x 9.2x n/a 8% n/m 26.0x 13.2x One Stop Systems (US) 36 66% 1.1x 0.7x 0.6x 33% 40.2x 14.7x 8.5x 118% 5% n/a 17.7x 11.7x Mean 1.3x 1.3x 1.2x 7% 10.8x 10.7x 8.3x 13% 12% 16.1x 16.2x 14.4x Computer Peripherals & Storage Hon Hai Precision (AsiaPac) 28,450 76% 0.2x 0.2x 0.2x 3% 5.6x 5.6x 5.2x 4% 3% 10.1x 9.5x 9.3x Western Digital (US) 23,691 100% 1.3x 1.7x 1.5x (6%) 4.2x 9.6x 5.8x (15%) 18% 5.3x 46.4x 12.9x Seagate (Europe) 15,533 100% 1.5x 1.7x 1.7x (5%) 6.8x 9.4x 8.3x (10%) 18% 8.6x 14.4x 11.9x NetApp (US) 10,469 64% 1.9x 2.0x 2.0x (3%) 7.5x 8.7x 7.8x (2%) 23% 11.6x 13.9x 12.8x Zebra Technologies (US) 11,343 83% 3.0x 2.8x 2.7x 6% 14.6x 12.8x 11.9x 11% 22% 18.1x 15.2x 14.1x Logitech (Europe) 5,835 90% 2.4x 2.2x 2.1x 7% 17.8x 15.8x 15.5x 7% 14% 23.1x 20.0x 18.2x Shenzen Huiding (AsiaPac) 2,755 77% 0.3x 0.3x 0.3x (5%) 6.6x 8.9x 7.0x (3%) 3% 16.2x 14.5x 12.3x Pure Storage (US) 3,673 61% 2.9x 2.4x 2.0x 21% 29.1x 29.4x 18.3x 26% 8% 70.6x 76.4x 37.6x Lite-On (AsiaPac) 2,379 98% 0.4x 0.4x 0.4x (2%) 5.8x 5.5x 5.1x 7% 8% 15.0x 13.2x 12.6x PCI-Suntek (AsiaPac) 2,080 75% 2.9x 2.7x 2.2x 15% 53.1x 21.7x 21.5x 57% 13% 44.1x n/a n/a Chicony (AsiaPac) 1,870 96% 0.7x 0.7x 0.6x 7% 9.1x 7.3x 6.9x 15% 9% 16.8x 11.0x 12.0x Phison Electronics (AsiaPac) 1,281 87% 1.1x 1.0x 1.0x 2% 8.2x 8.0x 7.6x 4% 13% 13.0x 13.3x 12.5x Synaptics (US) 1,280 80% 0.9x 1.1x 1.1x (12%) 6.4x 9.4x 8.6x (14%) 12% 7.9x 12.8x 10.8x Mean 1.5x 1.5x 1.4x 2% 13.4x 11.7x 10.0x 7% 13% 20.0x 21.7x 14.7x Source: Capital IQ (as of 12 September 2019). 24 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Hardware & Semiconductors (Cont'd) Semiconductors Intel (US) 229,830 89% 3.6x 3.7x 3.6x (0%) 7.9x 8.1x 7.7x 1% 45% 11.1x 12.0x 11.9x Taiwan Semiconductor (AsiaPac) 182,015 97% 6.0x 5.9x 5.4x 6% 9.2x 9.4x 8.2x 6% 63% 19.5x 20.7x 17.5x Broadcom (US) 136,595 93% 7.1x 6.7x 6.2x 7% 11.0x 12.2x 11.0x (0%) 55% 12.7x 12.6x 11.0x Texas Instruments (US) 110,458 100% 7.7x 8.3x 7.9x (1%) 16.0x 17.7x 16.6x (2%) 47% 21.3x 23.1x 21.3x Qualcomm (US) 89,825 88% 4.7x 5.1x 4.1x 7% 16.4x 16.7x 11.6x 19% 30% 19.7x 25.8x 17.0x NVIDIA (US) 96,289 63% 9.0x 9.9x 8.2x 5% 26.1x 33.5x 24.9x 2% 29% 27.4x 34.6x 26.0x ASML (Europe) 95,010 100% 8.8x 8.1x 7.3x 10% 27.6x 29.1x 21.0x 15% 28% 36.7x 37.3x 26.9x Analog Devices (US) 43,189 93% 7.7x 8.1x 7.7x (0%) 16.8x 18.1x 16.5x 1% 45% 19.5x 22.6x 21.1x Applied Materials (US) 44,713 98% 2.9x 3.4x 3.1x (2%) 9.7x 13.6x 11.7x (9%) 25% 11.3x 17.5x 14.3x SK hynix (AsiaPac) 48,716 98% 1.6x 2.5x 2.3x (18%) 2.3x 5.6x 4.3x (27%) 45% 3.5x 24.1x 12.0x Micron (US) 49,717 98% 1.7x 2.8x 2.6x (18%) 2.6x 5.7x 5.8x (33%) 48% 3.7x 12.8x 13.9x AMD (US) 29,391 85% 5.0x 4.8x 3.9x 14% 40.2x 30.7x 19.9x 42% 16% 62.3x 43.6x 25.7x Microchip Technology (US) 29,430 94% 6.3x 6.1x 5.7x 6% 15.4x 15.2x 14.1x 5% 40% 14.3x 15.4x 13.3x Xilinx (US) 22,597 74% 8.7x 7.4x 6.7x 14% 24.9x 23.0x 21.4x 8% 32% 32.1x 27.5x 25.5x Infineon (Europe) 20,545 83% 2.6x 2.5x 2.3x 7% 9.0x 10.1x 8.0x 6% 25% 19.3x 21.7x 19.0x Marvell Technology Group (AsiaPac) 16,829 94% 6.5x 6.9x 6.0x 4% 20.2x 26.0x 19.6x 1% 27% 24.1x 37.0x 23.2x Renesas Electronics (AsiaPac) 15,985 88% 2.5x 2.6x 2.4x 3% 10.1x 12.5x 9.4x 4% 21% n/a n/a n/a Maxim Integrated Products (US) 13,862 91% 6.1x 7.1x 6.7x (4%) 14.5x 20.1x 17.4x (9%) 35% 20.2x 28.1x 24.8x STMicroelectronics (Europe) 16,230 99% 1.9x 1.9x 1.8x 5% 8.6x 9.1x 7.7x 5% 21% 14.9x 19.0x 15.1x ASE Group (AsiaPac) 13,470 93% 1.2x 1.1x 1.0x 8% 6.4x 6.4x 5.7x 6% 17% 13.1x 19.2x 13.2x MediaTek (AsiaPac) 13,198 96% 1.9x 1.8x 1.6x 7% 19.0x 14.5x 11.9x 26% 13% 27.6x 24.9x 19.7x Skyworks Solutions (US) 12,137 87% 3.5x 4.1x 3.8x (3%) 8.0x 9.4x 8.4x (3%) 43% 11.2x 14.0x 12.7x ON Semiconductor (US) 10,017 85% 1.9x 2.0x 1.9x (1%) 8.2x 8.9x 8.2x 0% 23% 10.0x 12.7x 11.4x SMIC (AsiaPac) 9,421 98% 3.1x 3.4x 3.0x 2% 10.1x 10.3x 8.8x 7% 33% 64.0x 77.9x 73.8x Sanan Optoelectronics (AsiaPac) 7,026 80% 6.2x 7.2x 5.2x 9% 11.3x 13.6x 10.3x 5% 53% 16.9x 17.8x 14.4x United Microelectronics (AsiaPac) 4,472 85% 1.0x 1.1x 1.0x 0% 2.6x 2.9x 2.9x (5%) 36% 14.7x 20.3x 15.3x ROHM (AsiaPac) 5,189 98% 1.5x 1.6x 1.5x 0% 6.1x 6.8x 5.8x 3% 24% n/a n/a n/a Mean 4.3x 4.6x 4.1x 2% 13.8x 15.0x 12.2x 3% 31% 22.2x 26.2x 20.9x Healthcare & Science Quintiles (US) 36,834 92% 3.9x 3.7x 3.4x 7% 18.4x 16.9x 15.4x 9% 22% 25.6x 22.9x 20.9x Cerner (US) 19,905 89% 4.1x 3.8x 3.6x 6% 14.0x 13.2x 11.6x 10% 29% 26.5x 25.3x 22.0x ResMed (US) 18,410 95% 8.2x 7.4x 6.8x 10% 27.3x 24.1x 21.9x 12% 31% 36.8x 36.1x 31.0x M3 (AsiaPac) 13,200 89% 14.3x 12.5x 10.9x 15% 48.6x 42.7x 37.0x 15% 29% n/a n/a n/a Teladoc (US) 4,429 78% 11.8x 9.0x 7.2x 28% n/m n/m 77.1x 120% 5% n/m n/m n/m Allscripts (US) 2,315 70% 1.2x 1.4x 1.4x (7%) 6.2x 8.5x 7.6x (9%) 17% 13.3x 15.2x 13.4x Evolent Health (US) 798 24% 1.4x 1.1x 0.9x 23% 37.0x n/m 16.9x 48% (1%) n/m n/m n/m HealthStream (US) 664 84% 3.2x 2.9x 2.9x 5% 18.0x 17.2x 18.2x (1%) 17% 69.6x 75.2x 86.5x Health Catalyst (US) 1,667 68% n/a 12.2x 10.0x n/a n/a n/m n/m n/a (20%) n/a n/m n/m Change Healthcare (US) 1,392 86% n/a 0.5x 0.4x n/a n/a n/a 1.5x n/a - n/a 3.3x 3.1x CPSI (US) 419 70% 1.6x 1.7x 1.6x (0%) 10.3x 9.6x 9.0x 7% 18% 10.4x 10.2x 9.3x Mean 5.5x 5.1x 4.5x 10% 22.5x 18.9x 21.6x 23% 13% 30.4x 26.9x 26.6x Internet of Things (IoT) Forescout Technologies (US) 1,442 77% 5.5x 4.3x 3.5x 24% n/m n/m 80.9x n/a (1%) n/m n/m n/m Impinj (US) 641 82% 5.9x 4.8x 4.1x 20% n/m n/m n/m n/a (1%) n/m n/m n/m ShotSpotter (US) 281 43% 9.0x 7.2x 5.4x 29% 94.2x 33.1x 20.4x 115% 22% n/m n/m 60.1x Mean 6.8x 5.4x 4.4x 13% - 33.1x 50.6x 31% 6% - - 60.1x Online Brokerage Charles Schwab (US) 46,092 82% n/m n/m n/m 4% n/m n/m n/m 4% 49% 16.8x 15.8x 16.1x TD Ameritrade (US) 23,927 85% n/m n/m n/m 2% n/m n/m n/m 7% 53% 13.4x 12.5x 12.6x E*TRADE (US) 17,105 79% n/m n/m n/m 0% n/m n/m n/m (2%) 54% 10.5x 10.7x 11.3x IG Group (Europe) 3,430 67% n/m n/m n/m (1%) n/m n/m n/m (9%) 42% 11.4x 14.4x 14.1x Plus500 (Middle East) 1,921 45% n/m n/m n/m (24%) n/m n/m n/m (33%) 51% 2.8x 7.5x 6.5x Alfa Financial Software (Europe) 1,051 52% 3.1x 3.0x 2.9x 4% 10.2x 8.9x 8.2x 12% 34% 16.3x 14.1x 12.8x Up Fintech (AsiaPac) 1,051 19% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a SwissQuote (Europe) n/m 58% n/m n/m n/m 8% n/a n/a n/a n/a - 12.5x 15.4x 11.7x Interactive Brokers (US) n/m 63% n/m n/m n/m 4% n/m n/m n/m 6% 97% 24.1x 22.7x 20.0x Mean 3.1x 3.0x 2.9x (0%) 10.2x 8.9x 8.2x (2%) 48% 13.5x 14.1x 13.2x Source: Capital IQ (as of 12 September 2019). 25 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Online Travel OTAs Priceline Group (US) 81,185 99% 6.2x 5.9x 5.4x 7% 15.8x 15.2x 13.9x 6% 39% 20.2x 19.6x 18.1x Ctrip.com (AsiaPac) 20,105 75% 5.0x 4.4x 3.7x 16% 30.5x 21.8x 17.3x 33% 20% 30.5x 27.0x 19.8x Expedia (US) 21,030 91% 2.1x 1.9x 1.7x 9% 12.1x 10.3x 9.3x 14% 19% 25.2x 21.1x 18.1x TripAdvisor (US) 4,672 60% 3.2x 3.2x 2.9x 4% 12.4x 10.9x 9.9x 12% 29% 24.4x 22.2x 19.2x Kakaku.com (AsiaPac) 4,141 92% 9.4x 8.3x 7.7x 10% 18.8x 17.3x 16.0x 8% 48% n/a n/a n/a MakeMyTrip (AsiaPac) 2,071 74% 3.6x 3.1x 2.5x 20% n/m n/m n/m n/a (13%) n/m n/m n/m Webjet (AsiaPac) 1,037 71% 5.0x 4.1x 3.6x 18% 15.8x 11.1x 9.4x 30% 37% 27.1x 15.7x 14.6x Trivago (Europe) 1,322 59% 1.4x 1.5x 1.4x (1%) n/m 17.1x 14.4x n/a 9% n/m 33.4x 30.7x eDreams ODIGEO (Europe) 727 91% 1.4x 1.3x 1.2x 6% 6.7x 5.7x 5.2x 13% 23% 16.6x 8.1x 6.6x On The Beach (Europe) 538 71% 4.2x 3.2x 2.9x 20% 13.6x 11.9x 10.1x 16% 27% 17.3x 16.2x 13.8x Despegar.com (LatAm) 374 56% 0.8x 0.8x 0.7x 8% 6.2x 14.5x 6.2x (0%) 6% 28.3x n/m 28.8x Lastminute.com (Europe) 234 89% 0.8x 0.7x 0.7x 6% 8.9x 3.9x 3.9x 50% 18% 36.4x 11.1x 11.0x Hostelworld (Europe) 116 50% 1.4x 1.5x 1.4x 0% 5.6x 5.7x 5.5x 1% 26% 8.5x 9.8x 9.5x Tuniu (AsiaPac) 185 44% 0.6x 0.6x 0.6x 4% n/m n/m 41.3x n/a (13%) n/m n/m 91.3x Travelzoo (US) 141 59% 1.4x 1.4x 1.3x 3% 16.6x 12.0x 10.5x 26% 11% 38.5x 24.8x 20.8x HolidayCheck (Europe) 118 70% 0.9x 0.8x 0.7x 10% 11.7x 11.2x 7.0x 30% 7% 48.4x 93.6x 28.9x Mean 3.0x 2.7x 2.4x 9% 13.4x 12.1x 12.0x 18% 18% 26.8x 25.2x 23.6x GDS Amadeus IT (Europe) 32,513 82% 6.5x 5.9x 5.5x 9% 16.0x 14.6x 13.5x 9% 40% 26.6x 24.6x 22.7x Sabre Corp (US) 8,596 88% 2.4x 2.4x 2.3x 4% 8.5x 9.9x 9.2x (4%) 24% 15.2x 23.0x 18.5x Mean 4.5x 4.1x 3.9x 6% 12.2x 12.2x 11.3x 13% 16% 20.9x 23.8x 20.6x Payments PayPal (US) 105,933 88% 7.6x 6.6x 5.6x 16% 29.3x 24.5x 20.6x 19% 27% 42.4x 32.9x 29.4x Shopify (Canada) 33,702 87% 35.2x 24.2x 18.0x 40% n/m n/m n/m 67% 4% n/m n/m n/m Square (US) 22,776 57% 16.0x 11.1x 8.3x 39% 98.6x 60.8x 39.9x 57% 18% n/m 67.4x 45.1x Adyen (Europe) 17,609 85% 52.3x 35.5x 25.9x 42% n/m 62.1x 44.7x 58% 57% n/m 91.3x 66.2x Wirecard (Europe) 16,884 78% 8.2x 6.3x 5.0x 28% 29.8x 21.5x 16.2x 36% 29% 51.3x 35.2x 25.8x Ingenico (Europe) 7,445 98% 2.8x 2.2x 2.1x 16% 15.1x 12.5x 11.4x 15% 18% 20.4x 17.3x 15.7x Q2 Holdings (US) 3,305 87% 15.2x 11.6x 9.5x 26% n/m n/m 95.8x 41% 6% n/m n/m n/m Qiwi (Europe) 762 92% 3.0x 2.4x 2.0x 24% 10.4x 5.8x 4.5x 52% 41% 24.3x 14.3x 10.4x Boku (Europe) 318 65% 10.6x 7.4x 5.1x 43% 68.5x 38.4x 17.2x 99% 19% n/a n/a 35.3x 9F (AsiaPac) 1,135 67% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Intershop Communic. (Europe) 41 58% 1.3x 1.2x 0.9x 20% n/m n/m 9.3x n/a (9%) n/m n/m 30.9x Seamless Distribution (Europe) 16 79% 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 15.2x 10.8x 8.2x 29% 42.0x 32.2x 28.8x 49% 21% 34.6x 43.1x 32.4x Search / Portals Alphabet (US) 669,323 95% 5.4x 4.6x 3.9x 18% 14.8x 12.5x 10.8x 17% 36% 28.8x 23.0x 21.8x Tencent (AsiaPac) 392,139 87% 9.5x 8.0x 6.5x 22% 25.3x 21.6x 18.4x 17% 37% 37.6x 31.8x 25.9x Baidu (AsiaPac) 28,705 47% 2.1x 2.1x 1.8x 8% 8.7x 16.3x 11.4x (13%) 13% 11.4x 23.9x 17.1x Naver (AsiaPac) 16,418 98% 3.8x 3.2x 2.8x 16% 17.8x 19.8x 14.5x 11% 16% 31.8x 43.5x 29.5x Yandex (Europe) 10,648 89% 6.5x 4.4x 3.4x 38% 21.4x 14.5x 10.5x 42% 30% 38.4x 26.5x 18.3x Yahoo! Japan (AsiaPac) 12,016 73% 1.5x 1.4x 1.4x 3% 6.9x 7.2x 6.6x 2% 20% n/a n/a n/a Wirtualna Polska (Europe) 501 99% 3.9x 3.2x 2.8x 17% 12.7x 10.8x 9.8x 13% 29% 22.1x 18.6x 16.1x Sogou (AsiaPac) 889 65% 0.9x 0.8x 0.7x 8% 9.0x 7.8x 6.1x 21% 11% 20.2x 24.3x 18.6x Phoenix New Media (AsiaPac) 59 61% 0.3x 0.3x 0.3x 10% n/m n/m n/m (73%) (4%) n/m n/m n/m Sohu.com (AsiaPac) (182) 53% n/m n/m n/m 3% n/m n/m n/m 114% 4% n/m n/m n/m Mean 3.8x 3.1x 2.6x 14% 14.6x 13.8x 11.0x 15% 19% 27.2x 27.4x 21.0x Source: Capital IQ (as of 12 September 2019). 26 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Social Networking Facebook (US) 450,003 90% 9.0x 7.1x 5.8x 24% 15.1x 13.1x 10.6x 19% 54% 24.8x 23.2x 20.2x Twitter (US) 27,312 94% 10.1x 8.5x 7.3x 17% 26.2x 23.0x 19.4x 16% 37% 54.8x 17.2x 35.7x Match Group (US) 20,296 80% 13.0x 10.8x 9.2x 19% 34.6x 28.3x 23.0x 23% 38% 48.2x 37.8x 31.1x Snap (US) 18,373 86% 17.4x 11.9x 8.9x 40% n/m n/m n/m n/a (15%) n/m n/m n/m Pinterest (US) 13,011 81% n/a 12.8x 9.5x n/a n/a n/m n/m n/a (3%) n/a n/m n/m Weibo (AsiaPac) 9,551 62% 6.1x 5.8x 5.1x 10% 16.8x 16.2x 14.3x 8% 36% 18.3x 17.9x 15.5x Daum Kakao (AsiaPac) 7,597 96% 4.1x 3.2x 2.7x 23% 43.3x 28.3x 19.9x 47% 11% n/m 71.9x 42.7x LINE (AsiaPac) 8,359 84% 4.7x 4.2x 3.6x 15% 60.7x n/m 43.5x 18% (6%) n/a n/a n/a Momo (AsiaPac) 5,718 70% 3.2x 2.7x 2.3x 17% 12.2x 12.7x 8.3x 21% 21% 14.5x 12.4x 10.2x Mail.ru (Europe) 4,530 81% 4.7x 3.7x 3.1x 23% 16.6x 10.7x 8.9x 37% 34% 25.4x 20.1x 15.6x YY (AsiaPac) 2,468 67% 1.2x 0.8x 0.6x 39% 6.4x 8.2x 5.9x 4% 9% 10.3x 15.3x 10.6x SINA (AsiaPac) 3,234 62% 1.7x 1.6x 1.5x 8% 6.7x 6.3x 5.3x 13% 26% 14.5x 17.5x 14.6x XING (Europe) 1,590 75% 6.9x 5.7x 4.9x 18% 21.3x 18.9x 15.7x 16% 30% 49.2x 45.5x 34.6x Meitu (AsiaPac) 639 30% 1.5x 4.4x 3.9x (38%) n/m n/m n/m (83%) (30%) n/a n/m n/m ASKUL Corp. (AsiaPac) 1,093 84% 0.3x 0.3x 0.3x 5% 13.1x 11.5x 8.7x 23% 3% n/a n/a n/a MeetMe (US) 250 56% 1.5x 1.3x 1.2x 14% 8.7x 6.8x 6.0x 20% 19% 9.5x 7.2x 6.1x Renren (AsiaPac) 139 35% 0.3x n/a n/a (100%) n/m n/a n/a (100%) n/a n/a n/a n/a Mixi (AsiaPac) 300 80% 0.2x 0.3x 0.4x (23%) 0.7x 1.7x 2.6x (48%) 20% n/a n/a n/a MOGU (AsiaPac) 66 11% 0.5x 0.5x 0.4x 9% n/a n/m n/m n/a (24%) n/a n/m n/m Super League Gaming (US) 22 42% n/a 15.3x 2.3x n/a n/a n/m n/m n/a (734%) n/a n/m n/m Mean 4.8x 5.3x 3.8x 7% 20.2x 14.3x 13.7x 2% (25%) 26.9x 26.0x 21.5x Software Cloud Infrastructure, Hosting & VoIP VeriSign (US) 20,962 86% 19.1x 18.8x 17.9x 3% 26.6x 26.4x 25.0x 3% 71% 39.8x 35.7x 34.0x Twilio (US) 12,362 75% 21.7x 12.2x 9.2x 54% n/m n/m n/m 103% 7% n/m n/m n/m GoDaddy (US) 11,937 77% 5.0x 4.4x 4.0x 12% 19.1x 18.9x 15.5x 11% 23% 23.0x 18.9x 15.7x Akamai Technologies (US) 13,608 98% 5.6x 5.3x 4.9x 6% 13.9x 12.7x 11.6x 9% 41% 24.6x 20.9x 19.2x RingCentral (US) 9,186 87% 15.2x 11.6x 9.4x 27% n/m 90.7x 72.2x 34% 13% n/m n/m n/m United Internet (Europe) 9,086 80% 1.8x 1.7x 1.6x 4% 7.6x 6.9x 6.5x 8% 25% 15.0x 14.8x 13.0x j2 Global (US) 4,954 99% 4.5x 4.1x 3.8x 9% 11.2x 10.0x 9.3x 10% 41% 14.4x 13.0x 12.1x New Relic (US) 2,930 52% 7.3x 5.7x 4.6x 26% 47.9x 40.0x 32.2x 22% 14% n/m 97.6x 71.3x Nutanix (US) 4,181 49% 3.7x 3.8x 3.0x 12% n/m n/m n/m 164% (32%) n/m n/m n/m Vonage (US) 3,341 90% 3.5x 3.1x 2.8x 12% 20.7x 23.0x 20.6x 0% 13% 36.0x 44.8x 48.0x Qualys (US) 2,623 83% 10.4x 9.0x 7.8x 15% 26.0x 22.5x 19.5x 15% 40% 45.8x 36.7x 32.2x FireEye (US) 2,769 68% 3.7x 3.5x 3.2x 6% 26.7x 29.6x 21.1x 12% 12% n/m n/m 76.0x Endurance International (US) 2,416 60% 2.3x 2.4x 2.3x (0%) 8.1x 8.6x 8.4x (2%) 28% 6.1x n/a n/m 8x8 (US) 2,013 86% 6.6x 5.4x 4.4x 23% n/m n/m n/m 68% (10%) n/m n/m n/m Switch (US) 2,178 95% 5.9x 5.4x 4.8x 11% 12.1x 10.6x 9.5x 13% 51% n/m 72.6x 34.7x Presidio (US) 2,034 91% 0.8x 0.7x 0.7x 5% 10.1x 9.7x 8.8x 7% 8% 10.6x 10.1x 9.1x Fastly (US) 2,557 85% n/a 14.6x 11.2x n/a n/a n/m n/m n/a (12%) n/a n/m n/m Acacia Communications (US) 2,105 95% 6.9x 5.1x 4.3x 27% 59.1x 28.5x 21.5x 66% 18% 78.2x 36.3x 29.0x Bandwith (US) 1,388 79% 7.6x 6.5x 5.5x 18% n/m n/m n/m n/a (3%) n/m n/m n/m Carbonite (US) 998 36% 3.7x 2.4x 2.1x 33% 12.0x 8.2x 7.2x 29% 29% 9.6x 7.7x 6.8x Econocom Group (Europe) 1,172 63% 0.4x 0.4x 0.4x 1% 7.9x 6.1x 6.6x 9% 7% 11.4x 10.2x 7.4x SecureWorks (US) 1,000 58% 2.1x 2.0x 1.9x 5% 93.6x n/m 94.3x (0%) 1% n/m n/m n/m Tucows Inc. (Canada) 658 66% 2.1x 2.1x 1.9x 4% 15.8x 15.5x 12.5x 12% 14% n/a n/a n/a Sonus Networks (US) 630 78% 1.1x 1.2x 1.2x (1%) 8.6x 7.6x 6.9x 12% 15% 10.5x 9.7x 8.0x Aquantia (US) 392 97% 3.5x 7.0x 3.5x (1%) 83.8x n/m n/m n/a (67%) n/m n/m n/m Tintri (US) 34 83% 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 5.5x 4.7x 13% 26.9x 20.9x 21.5x 28% 14% 25.0x 30.6x 27.8x Source: Capital IQ (as of 12 September 2019). 27 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Software (Cont'd) Applications Microsoft (US) 898,215 97% 8.4x 7.5x 6.7x 12% 19.9x 17.2x 15.4x 14% 44% 31.0x 26.9x 24.8x Oracle (US) 186,994 89% 5.2x 5.2x 5.1x 1% 11.1x 11.0x 10.8x 1% 47% 13.9x 14.5x 14.2x SAP (Europe) - 87% n/m n/m n/m 10% n/m n/m n/m 12% 37% 24.9x 22.4x 20.1x Adobe (US) 122,698 89% 15.1x 12.1x 10.3x 21% n/a 27.0x 22.4x n/a 45% 40.0x 35.1x 28.3x VMware (US) 58,983 74% 7.3x 6.5x 5.9x 11% 18.9x 16.7x 15.4x 11% 39% 24.5x 23.1x 20.8x Intuit (US) 60,586 91% 10.4x 9.5x 8.5x 11% 27.5x 26.7x 23.4x 8% 35% 42.0x 38.3x 33.9x Autodesk (US) 31,809 87% 13.8x 10.8x 8.9x 25% 96.5x 40.8x 25.9x 93% 26% n/m 55.5x 34.1x Constellation Software (Canada) 18,857 97% 6.7x 6.0x 5.1x 14% 26.4x 22.1x 18.7x 19% 27% 34.5x 33.4x 26.5x Check Point Software Technologies (Midd1le4 ,E0a6s1t) 84% 8.1x 7.8x 7.6x 4% 15.2x 15.1x 14.5x 2% 51% 18.9x 18.5x 18.3x Symantec (US) 16,531 94% 3.8x 3.8x 3.7x 2% 8.5x 8.6x 8.1x 2% 44% 14.2x 13.9x 13.0x Citrix (US) 11,824 86% 4.4x 4.4x 4.2x 3% 12.0x 12.7x 11.9x 0% 34% 16.1x 17.4x 15.8x Sage Group (Europe) 8,623 81% 4.2x 4.0x 3.7x 6% 14.7x 15.5x 14.5x 1% 26% 21.2x 22.3x 20.5x MongoDB (US) 6,537 70% 29.5x 18.3x 14.1x 44% n/m n/m n/m (30%) (13%) n/m n/m n/m Ceridian HCM Holding (US) 7,170 89% 10.7x 9.7x 8.6x 11% 52.8x 42.6x 35.7x 22% 23% n/m n/m 69.4x SolarWinds (US) 6,785 89% 9.0x 7.9x 7.1x 13% 18.6x 16.7x 14.7x 12% 47% 31.3x 22.7x 19.6x Nemetschek (Europe) 5,453 79% 11.9x 9.8x 8.5x 18% 44.4x 34.7x 29.5x 23% 28% 70.2x 55.6x 47.3x Trend Micro (AsiaPac) 4,499 66% 3.3x 3.2x 3.1x 3% 10.0x 10.0x 9.6x 2% 32% n/a n/a n/a Teradata (US) 3,546 67% 1.8x 2.0x 1.9x (3%) 11.8x 10.0x 8.5x 18% 20% 25.8x 22.3x 15.9x PagerDuty (US) 1,865 52% n/a 12.6x 9.8x n/a n/a n/m n/m n/a (14%) n/a n/m n/m LogMeIn (US) 3,339 72% 3.1x 2.9x 2.8x 5% 8.3x 9.0x 9.3x (5%) 33% 12.4x 13.7x 14.5x Appian (US) 2,895 77% 14.4x 12.2x 10.5x 17% n/m n/m n/m (29%) (10%) n/m n/m n/m MicroStrategy (US) 954 97% 2.1x 2.2x 2.0x 2% 28.5x 25.4x 21.2x 16% 8% n/a n/a n/a Carbon Black (US) 1,647 99% 8.7x 7.4x 6.3x 18% n/m n/m n/m (28%) (15%) n/m n/m n/m CooTek (AsiaPac) 232 37% 1.9x 1.7x 1.0x 40% 19.1x n/m 5.8x 81% (22%) 27.2x n/m 7.9x Rosetta Stone (US) 425 72% 2.7x 2.5x 2.1x 14% n/m 76.6x 22.3x n/a 3% n/a n/a n/a Live Chat Software (Europe) 204 91% 8.6x 7.1x 6.5x 15% 12.3x 11.0x 10.1x 10% 65% 16.7x 14.6x 14.0x BIMobject (Europe) 88 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 Gridsum (AsiaPac) 132 31% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Perion (Middle East) 128 72% 0.6x 0.5x 0.5x 2% 4.9x 5.5x 4.8x 1% 10% n/a 9.5x 8.0x NIC (Africa) - 69% n/m n/m n/m 6% n/a n/a n/a n/a - 4.6x 4.3x 3.9x Mean 7.8x 6.8x 5.9x 12% 23.1x 21.7x 16.0x 11% 23% 26.1x 24.4x 22.4x Call Centre Wipro (AsiaPac) 13,889 81% 1.9x 1.8x 1.8x 3% 10.3x 9.0x 9.2x 6% 20% 17.1x 14.6x 15.6x Teleperformance (Europe) 14,097 95% 3.2x 2.7x 2.5x 13% 18.2x 14.1x 13.1x 18% 19% 28.5x 23.7x 21.7x Genpact (AsiaPac) 7,914 89% 2.9x 2.5x 2.3x 13% 17.5x 14.2x 13.1x 16% 18% 21.8x 19.0x 17.0x Tech Mahindra (AsiaPac) 6,741 83% 1.6x 1.5x 1.4x 6% 8.7x 9.0x 8.3x 2% 17% 14.3x 15.1x 14.5x Conduent Incorp. (US) 2,965 30% 0.6x 0.7x 0.8x (11%) 5.1x 6.7x 6.9x (14%) 11% 6.7x 11.1x 11.6x Five9 (US) 2,978 84% 13.1x 10.5x 9.0x 21% 79.8x 60.6x 48.4x 28% 17% n/m 73.8x 59.6x WNS Holdings (AsiaPac) 2,776 92% 3.9x 3.6x 3.2x 10% 20.7x 15.2x 12.8x 27% 23% 22.8x 20.0x 18.5x TTEC Holdings (US) 2,238 95% 1.6x 1.5x 1.4x 7% 12.5x 11.8x 11.0x 7% 13% 28.5x 25.5x 22.5x Sykes Enterprises (US) 1,326 99% 0.9x 0.9x 0.9x 2% 9.3x 8.9x 8.0x 7% 10% 14.5x 14.7x 13.6x Atento (Europe) 713 37% 0.4x 0.5x 0.4x (2%) 4.1x 4.2x 4.1x (0%) 11% 3.8x n/a n/a Firstsource Solutions (AsiaPac) 494 67% 1.0x 1.0x 0.9x 7% 7.3x 6.1x 5.5x 15% 16% 9.3x 9.0x 8.2x Hinduja Solutions (AsiaPac) 185 69% 0.3x 0.3x 0.3x 14% 3.7x 2.5x 2.3x 28% 11% 7.1x 6.7x 5.7x China Customer (AsiaPac) 132 62% 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 2.6x 2.3x 2.1x 7% 16.4x 13.5x 11.9x 12% 16% 15.9x 21.2x 19.0x Source: Capital IQ (as of 12 September 2019). 28 View Our Internet Trading Comps

Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Software (Cont'd) Software as a Service (SaaS) Salesforce.com (US) 122,489 92% 10.2x 8.0x 6.5x 26% 42.3x 30.1x 25.3x 29% 27% 66.7x 55.5x 46.3x Workday (US) 35,278 75% 13.9x 10.8x 8.8x 25% 83.0x 54.4x 41.7x 41% 20% n/m 94.0x 68.7x Zoom (US) 19,271 76% n/a 36.0x 25.7x n/a n/a n/m n/m n/a 13% n/a n/m n/m Veeva Systems (US) 17,887 81% 23.1x 18.5x 15.6x 21% 63.7x 46.9x 40.1x 26% 40% 85.9x 62.6x 53.7x Slack (US) 11,739 61% n/a 21.3x 15.3x n/a n/a n/m n/m n/a (25%) n/a n/m n/m Okta (US) 11,160 75% 31.5x 21.9x 16.7x 37% n/m n/m n/m (46%) (9%) n/m n/m n/m CrowdStrike (US) 13,391 68% n/a 32.8x 23.1x n/a n/a n/m n/m n/a (15%) n/a n/m n/m Mohawk (US) 11,412 66% 1.3x 1.3x 1.2x 1% 7.4x 8.3x 7.7x (2%) 15% 10.1x 13.0x 11.8x Paycom (US) 10,759 82% 21.2x 16.3x 13.2x 27% 50.6x 38.7x 31.5x 27% 42% 77.4x 60.2x 48.2x Xero (US) 10,519 83% 1.2x 1.3x 1.3x (5%) 6.7x 7.2x 7.0x (2%) 18% 7.9x 7.6x 7.5x Zendesk (US) 7,772 78% 14.5x 10.6x 8.1x 34% n/m n/m 86.0x 70% 7% n/m n/m n/m Dropbox (US) 7,511 73% 6.0x 5.0x 4.4x 17% 25.4x 22.2x 17.8x 19% 23% 53.9x 46.3x 34.5x Zscaler (US) 5,322 55% 25.0x 16.7x 12.9x 39% n/m n/m n/m 199% 9% n/m n/m n/m DocuSign (US) 9,967 99% 15.8x 11.6x 9.3x 31% n/m n/m 93.1x 63% 7% n/m n/m n/m Coupa (US) 7,604 87% 33.1x 22.6x 17.6x 37% n/m n/m n/m 85% 10% n/m n/m n/m Wix.com (Middle East) 5,495 81% 10.1x 7.9x 6.3x 26% 53.6x 49.9x 35.6x 23% 16% n/m n/m 72.4x Alteryx (US) 6,422 77% 35.2x 19.0x 14.2x 58% n/m n/m 96.6x 583% 12% n/m n/m n/m RealPage (US) 5,690 95% 7.2x 6.3x 5.7x 12% 27.2x 22.3x 19.2x 19% 28% 43.4x 35.2x 29.3x Medidata Solutions (US) 5,024 93% 8.7x 7.5x 6.5x 16% 36.3x 31.1x 25.8x 19% 24% 55.2x 46.3x 39.8x SmartSheet (US) 3,742 74% 23.6x 15.5x 11.2x 45% n/m n/m n/m 29% (16%) n/m n/m n/m Avalara (US) 4,607 80% 19.1x 13.9x 11.2x 31% n/m n/m n/m n/a (0%) n/m n/m n/m Paylocity (US) 4,422 88% 11.8x 9.5x 7.9x 22% 49.3x 33.4x 27.5x 34% 28% 65.6x 59.6x 49.0x Avast (Europe) 5,011 93% 7.0x 6.4x 6.0x 9% 12.7x 11.5x 10.8x 9% 55% 16.9x 14.3x 13.1x Parsons (US) 3,436 91% n/a 1.0x 0.9x n/a n/a 12.7x 11.2x n/a 8% n/a 25.5x 22.0x Dynatrace Holdings (US) 6,599 77% n/a 14.6x 11.9x n/a n/a n/a 47.8x n/a - n/a n/a 70.3x Medallia (US) 2,791 59% n/a 8.0x 6.6x n/a n/a n/m n/m n/a 1% n/a n/m n/m Blackbaud (US) 4,595 88% 6.0x 5.7x 5.4x 5% 27.3x 27.9x 26.9x 1% 20% 36.9x 41.4x 37.6x Cornerstone Ondemand (US) 2,998 90% 6.3x 5.8x 5.1x 11% 35.4x 27.0x 20.3x 32% 22% 72.6x 48.9x 33.2x Five9 (US) 2,978 84% 13.1x 10.5x 9.0x 21% 79.8x 60.6x 48.4x 28% 17% n/m 73.8x 59.6x Everbridge (US) 1,995 67% 15.0x 11.1x 8.7x 31% n/m n/m n/m n/a 2% n/m n/m n/m BlackLine (US) 2,414 89% 11.7x 9.4x 7.8x 23% n/m n/m 77.6x 61% 8% n/m n/m n/m Altair Engineering (US) 2,093 76% 6.1x 5.0x 4.4x 18% 62.6x 38.6x 29.8x 45% 13% ##### 52.9x 48.5x Box (US) 2,547 70% 4.6x 4.1x 3.6x 13% n/m 52.6x 28.6x 93% 8% n/m n/m 68.9x Pivotal Software (US) 3,112 61% 5.2x 4.5x 3.8x 16% n/m n/m 80.1x n/a (2%) n/m n/m n/m SVMK (US) 2,220 89% 9.7x 8.0x 6.6x 21% 41.9x 66.9x 51.7x (10%) 12% n/m n/m n/m Yext (US) 1,624 68% 7.9x 6.0x 4.6x 31% n/m n/m n/m (10%) (13%) n/m n/m n/m SPS Commerce (US) 1,368 82% 6.1x 5.4x 5.0x 11% 29.5x 22.3x 19.2x 24% 24% 51.8x 40.3x 35.5x SailPoint (US) 1,725 62% 7.9x 6.8x 5.9x 16% 62.3x 81.4x 51.1x 10% 8% 84.2x n/m 71.1x LivePerson (US) 2,075 92% 9.2x 7.9x 6.6x 18% n/m n/m n/m 10% 1% n/m n/m n/m Blucora (US) 1,319 59% 2.6x 2.0x 1.7x 22% 12.3x 10.6x 8.9x 18% 19% 12.6x 11.7x 9.5x Zuora (US) 1,435 58% 6.8x 5.7x 4.8x 18% n/m n/m n/m (21%) (12%) n/m n/m n/m Cloudera (US) 2,216 46% 3.1x 3.2x 2.9x 5% 68.7x n/m 38.5x 34% 1% n/m n/m n/m Talend (US) 1,031 53% 5.6x 4.6x 3.8x 21% n/m n/m n/m (30%) (8%) n/m n/m n/m Benefitfocus (US) 895 43% 3.8x 3.3x 2.9x 16% n/m 77.3x 37.2x 75% 4% n/m n/m n/m Tufin Software (Middle East) 459 56% n/a 4.7x 3.8x n/a n/a n/m n/m n/a (6%) n/a n/m n/m Domo (US) 392 36% 3.1x 2.6x 2.3x 16% n/m n/m n/m (34%) (54%) n/m n/m n/m Synchronoss (US) 446 66% 1.5x 1.4x 1.3x 6% 43.5x 14.6x 11.6x 94% 10% n/m n/m n/m Cardlytics (US) 829 95% 6.1x 4.8x 3.6x 30% n/m n/m 81.6x n/a (2%) n/m n/m n/m ChannelAdvisor (US) 208 67% 1.8x 1.8x 1.7x 2% 28.5x 13.0x 10.6x 64% 14% n/m 22.4x 17.0x Veritone (US) 48 40% 2.0x 1.0x 0.8x 55% n/m n/m n/m (5%) (78%) n/m n/m n/m EQS Group (Europe) 100 82% 2.8x 2.6x 2.4x 8% n/m 31.0x 20.4x 305% 8% n/m n/m 71.6x Powerbridge Tech. (AsiaPac) 33 56% n/a 1.1x 0.8x n/a n/a 20.0x 16.3x n/a 5% n/a 9.7x 5.7x Black Pearl Digital (Europe) (0) 9% 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 10.6x 9.1x 7.3x 21% 41.3x 33.8x 36.7x 50% 7% 52.6x 41.1x 41.0x Source: Capital IQ (as of 12 September 2019). 29 View Our Internet Trading Comps

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NOAH Top List: European FinTech 1 Company Location Business Overview Founded KeyInvestors Funding A lending platform for small 2010 businesses (LON:FCH) €1,513m Provides e-commerce payment solutions for 2005 €689.5m merchants and shoppers Provides money transfer service for individuals and 2011 €687.7m businesses Helps customers manage their bank accounts through 2013 €456.4m their smartphones Online big data scoring technology and machine- 2012 €442.6m learning algorithms services Provides digital and commercial banking services 2014 €413.3m for merchants and businesses Online service that lets people send money to friends 2010 €362.9m and family living abroad Provide free international money transfers and global 2015 €299.4m fee-free spending for users Provides mobile payment services for businesses and 2010 individuals €273.2m acquired by Paypal Offers peer-to-peer loans with low rates, flexible terms, 2005 €264.1m and no early repayment fees A digital-only bank platform 2015 acquired by Addison Group €237.1m Provides multichannel payment services for 2006 €236.7m merchants (AMS:ADYEN) Online peer-to-peer loan 2007 marketplace €176.3m Provides discreet loans secured exclusively against 2008 €164.1m luxury assets Operates a pan-European online marketplace for 2012 €158.4m savings and investments Note 1: Exchange rates as of 19. 06. 2019 32 Source: Company websites, CrunchBase, NOAH Advisors.

NOAH Top List: European FinTech (Cont’d) 1 Company Location Business Overview Founded KeyInvestors Funding A digital marketplace for 2015 insurance €141.1m Online payday lender that offers short-term personal 2007 €141.1m cash loans Online investment service specializing in investments, 2011 €131.6m ISAs and pensions Open Banking platform for deposits connecting banks 2011 €127.8m and depositors in Europe Loan portal and makes personal loans transparent, 2007 €118.7m fair and affordable Provides global omni-channel payments services for 2007 IPO businesses €112.1m acquired by Nuvei Operates as a direct lender to 2014 SMEs €100.5m Banking platform allowing companies to offer their own 2016 €95.1m financial products Provides a bank and financial management services via an 2013 €83.2m APP and products for users Online banking platform that offers quick current account 2013 €71.6m opening for all EU residents Provides online international 2012 money transfer services €58.7m Note 1: Exchange rates as of 19. 06. 2019 Source: Company websites, CrunchBase, NOAH Advisors. 33

Select Transaction Comparables Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Classifieds Nov 16 Novasol Wimdu Germany Aug 16 Randstad Monster US 383.3 0.6x 0.7x 4.0x 6.8x Mar 16 Swiss Mobiliar Scout24 Schweiz (50% stake) Switzerland Mar 16 Scout24 Switzerland Gratis-Inserate.ch Switzerland Dec 15 Axel Springer Axel Springer Digital Classifieds (15%) Germany Nov 15 CarTrade CarWale (Axel Springer) Germany 83.2 Oct 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 Dec 14 Axel Springer Axel Springer Digital Classifieds (15%) Germany 2,973.0 Oct 14 Next Co. Trovit.com Spain 80.0 4.5x 13.6x Jun 14 Yandex auto.ru Russia 128.9 May 14 Stepstone Evenbase UK 110.0 2.5x 22.0x May 14 Axel Springer Yad2.co.il Israel 165.0 Mar 14 Schibsted Mlanuncios Spain 50.0 Feb 14 Schibsted Milanuncios Spain 100.0 Mar 13 Naspers Avito (18.6%) Russia 2,351.3 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 19 Marks and Spencer Ocado (50%) UK 1,535.0 15.6x Nov 18 KAR CarsOnTheWeb Belgium 156.0 Aug 18 Zur Rosen Group PromoFarma Spain Jul 18 Takeaway 10bis Israel 135.0 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 Mar 17 GeoPost Stuart France Feb 17 Showroomprivé Beauté Privée France Dec 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 May 16 eBay Ticketbis Spain 148.0 6.6x May 16 ProSiebenSat.1 Commerce Stylight (78%) Germany 80.0 May 16 TripAdvisor HouseTrip Switzerland May 16 Temasek Holdings Pte Ltd; EurazeoF SaArf;e ItDcGh CUaKp Litimal iPteadrtners 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 Oct 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 May 15 Michelin Black Circles UK 67.2 1.9x May 15 Delivery Hero Yemek Sepeti (88.6%) Turkey 594.7 33.0x 66.1x Apr 15 Michelin Allopneus (40%) France 150.0 Mar 15 YOOX Net-a-Porter (merger) UK 3,120.0 2.4x 29.3x Mar 15 Rocket Internet FoodPanda (52%) Germany 104.0 Mar 15 Verisk Analytics Wood Mackenzie UK 2,605.2 8.1x 17.3x Mar 15 Recruit Holdings Quandoo (92.9%) Germany 213.8 50.9x Mar 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 Sources: Press articles, Capital IQ. 34 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 E-commerce (Cont'd) 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 May 14 Naspers markafoni Turkey 146.0 May 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 Oct 13 eBay Shutl UK 145.1 Sep 13 Delticom Tirendo Germany 50.0 Aug 12 AXA Private Equity Bestsecret.com Germany 223.2 Jun 12 Naspers Netretail (79%) Netherlands 213.3 Feb 12 Ahold Bol.com Netherlands 350.0 Dec 11 Quants Grupfoni (55%) Turkey Sep 11 Google DailyDeal Germany 130.0 Sep 11 Rakuten Ozon.ru Russia Jul 11 Photobox Moonpig UK 136.3 3.2x Mar 11 Privalia Dress for Less Germany 175.0 Oct 10 Amazon BuyVIP Spain 70.0 0.8x 0.4x Jun 10 Rakuten PriceMinister France 200.0 5.0x Apr 10 Richemont Net-a-Porter UK 434.5 2.9x Lead Generation Feb 18 NuCom Group Verivox Germany 46.7 Oct 17 HomeServe Checkatrade UK 61.0 Sep 17 Zoopla Money.co.uk UK 154.2 Oct 16 Consortium of Firms Käuferportal (42%) Germany Mar 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 Dec 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 Travel May 19 Oravel Stays Private @Leisure Netherlands 352.9 14.7x Feb 19 Peugeot TravelCar France Dec 18 Airbnb Luckey Homes France Nov 18 BlaBlaCar Ouibus France Apr 17 AccorHotels VeryChic France Feb 17 Priceline Group Momondo Group UK 586.0 5.7x Dec 16 Ctrip Skyscanner UK 1,622.7 9.5x 51.2x May 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 Mar 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 Oct 15 ProSiebenSat.1 Etraveli Sweden 235.0 3.4x 11.1x Mar 15 Bravofly Lastminute.com UK 104.4 0.9x Oct 13 Uvet Viaggio Turismo Flygpoolen Sweden Apr 13 Hostelworld HostelBookers.com UK 59.0 2.8x 12.1x Mar 13 HRS hotel.de (remaining 15%) Germany 102.3 2.2x 78.7x Mar 13 NC2 Media Lonely Planet UK 60.4 Dec 12 Expedia trivago (61.6%) Germany 774.4 7.7x 26.0x Oct 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 Oct 11 HRS hotel.de (61.59%) Germany 61.0 1.5x 1.3x 55.4x 50.8x May 11 LBO France Promovacances France 200.0 10.0x Mar 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 Sources: Press articles, Capital IQ. 35 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 Marketplaces Jan 18 Brille24 Lensspirit Germany Jun 17 Baloise Group MOVU Switzerland Jun 17 Hoffman Contorion Germany 100.0 May 15 Recruit Holdings Wahanda (70%) UK 218.1 28.7x Mar 15 Gruppo MutuiOnline 7Pixel (74.85%) Italy 74.2 4.9x 9.4x Feb 15 Tamedia Ricardo Switzerland 228.7 6.0x Dec 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 Oct 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 May 19 The Rank Group Stride Gaming UK 96.8 1.2x 1.1x 7.6x 6.7x Dec 18 Ubisoft i3D.net Netherlands Dec 18 Playtika Wooga Germany 90.9 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 May 17 MTG InnoGames (30%) Germany 260.0 2.0x May 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 Oct 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 May 16 CVC Capital Partners Sisal Italy 1,000.0 1.3x 5.5x May 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 Mar 16 Shandong Hongda Mining Co. Jagex UK 270.1 3.6x 10.3x Mar 16 Youzu Bigpoint Germany 80.0 Nov 15 Activision Blizzard King.com UK 4,539.5 2.4x 5.6x Oct 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 Dec 14 CVC Capital Partners Sky Gaming UK 1,068.6 Oct 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 Oct 13 SoftBank Supercell & GungHo (51%) Finland 2,217.9 4.2x 3.5x 7.2x Sources: Press articles, Capital IQ. 36 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 May 18 Oracle Grapeshot UK 454.0 Mar 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 0.0 Jun 16 Spearhead Smaato Germany 132.2 May 16 FreeWheel Media StickyADStv France 87.7 Mar 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 Mar 15 Cheetah Mobile MobPartner France 54.9 Oct 14 Publicis Matomy (24.9%) Israel 383.0 1.9x 1.4x 26.9x 12.9x Oct 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 Sep 19 team.blue REGISTER.it Italy 400.0 3.8x Aug 19 Mobileum WeDo Consulting Portugal 86.5 Jul 19 Saxo Bank BinckBank Netherlands 209.95 Jun 19 Accenture SinnerSchrader Germany 138.75 2.1x 17.5x Jun 19 Silverfleet Capital Partners Microgen Financial Systems UK 58.2 2.7x May 19 Nuvei SafeCharge UK 689.0 5.5x 4.8x 23.8x 18.6x Apr 19 SEEK FutureLearn UK 116.2 Apr 19 Getaround Drivy France 268.1 Apr 19 Pure Storage Compuverde Sweden 53.6 Apr 19 Xing Honeypot Germany 57.0 Mar 19 Roper Technologies The Foundry Visionmongers UK 478.5 Mar 19 Raisin MHB-Bank Germany Mar 19 SVMK Inc. Usabilla Netherlands 70.8 Jan 19 Mastercard Earthport UK 242.0 Jan 19 Bridgestone Europe TomTom Telematics Netherlands 910.0 Jan 19 Cedacri OASI Diagram Italy 151.0 Jan 19 Iliad Jaguar Network France 133.0 3.2x 10.6x Jan 19 MCS Solutions Axxerion Netherlands 75.0 Jan 19 DXC Technology Luxoft Holding Switzerland 1,805.7 2.2x 2.1x 20.6x 14.6x Jan 19 Alibaba Group Data Artisans Germany 90.0 Dec 18 Saxo Bank BlinckBank Netherlands 436.0 Dec 18 Coinify BetterCoins Denmark Nov 18 Deltatre Massive Interactive UK 83.6 Nov 18 Legrand Netatmo France Nov 18 Infineon Siltectra Germany 124.0 Nov 18 ForeScout Security Matters Netherlands 102.7 Oct 18 Kape Technologies ZenMate Israel Jul 18 Orange Basefarm Norway 350.0 Jul 18 Scout24 Finanzcheck.de Germany 285.0 Jul 18 Ultimate Software PeopleDoc France 272.7 Sep 18 Munich Re Relayr Germany 272.7 Jul 18 Stamps.com MetaPack UK 197.0 Jun 18 Enel X Ufinet International Spain 142.1 Jun 18 Nets Dotcard Poland 69.0 May 18 Iron Mountain EvoSwitch Netherlands 193.3 May 18 VASCO Digital Dealflo UK 47.9 May 18 PayPal iZettle Sweden 1,864.9 May 18 LoopUp MeetingZone UK 67.2 Feb 18 LexisNexis ThreatMetrix UK 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 Dec 17 Ascential Clavis Technology Ireland 157.2 Dec 17 Scheidt & Bachmann ecopark Germany 0.0 Sources: Press articles, Capital IQ. 37 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) Dec 17 Apple Shazam UK 452.0 Dec 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 May 17 Moody's Bureau van Dijk Netherlands 3,000.0 11.6x 22.7x May 17 United Internet Drillisch Germany 2,800.0 May 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 Mar 17 Ekinops OneAccess France 60.0 1.0x Mar 17 Alibaba WayRay Switzerland Mar 17 Intel Mobileye Israel 14,359.5 42.7x 30.6x 80.1x 55.6x Mar 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 Dec 16 Thundersoft Rightware Finland Dec 16 Megafon (63.8%) Mail.ru Russia 1,075.8 1.8x Dec 16 Huawei Toga Networks Israel 139.9 Dec 16 Go Daddy Host Europe Group Germany 1,690.0 6.3x 15.2x Dec 16 CA Technologies Automic Austria 600.0 8.9x Oct 16 Boomreach Hippo NV Netherlands Oct 16 The Economist Signal Noise UK Oct 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 May 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 May 16 Volkswagen Gett Israel May 16 eBay ExpertMaker AB Sweden May 16 Microsoft Solair Italy May 16 New Signature Dotnet Solutions UK 0.3x 3.5x Apr 16 Rakuten Cabify Spain 283.1 Apr 16 Nokia Withings France 170.0 Apr 16 Zoopla Property Software Holdings UK 94.8 4.7x 14.7x Apr 16 Altor Infotheek Netherlands Mar 16 Aconex Conject Germany 65.0 Mar 16 Visma Fortnox Sweden 146.0 9.2x 45.4x Mar 16 Facebook Masquerade Belarus Mar 16 Freenet Media Broadcast Germany 295.0 Mar 16 MasterCard VocaLink UK 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 Sources: Press articles, Capital IQ. 38 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) Jan 16 Seat Pagine Gialle Italiaonline Italy 450.6 Dec 15 Laird Novero Germany 65.0 Dec 15 Ströer SE Statista (81.3%) Germany 79.3 Dec 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 Oct 15 Trinity Mirror Local World UK 307.5 5.0x Oct 15 Google Digisfera Portugal Oct 15 Vivendi Telecom Italia (stake increase toI t2a0l%y ) 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 May 15 Oculus VR Surreal Vision UK May 15 Visma e-conomic DK 200.0 5.9x May 15 AVG Privax HMA! UK 52.9 Apr 15 Playtech TradeFX UK 458.0 4.0x 8.1x Mar 15 Optimal Payments Skrill UK 1,100.0 9.0x Mar 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 Dec 14 Host Europe Intergenia Germany 210.0 Dec 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 Mar 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 UK 365.3 Dec 13 Klarna Sofort Germany 110.0 Dec 13 Dassault Systemes RealTime Techology (84%) Germany 179.8 2.0x 13.3x Oct 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 May 12 Perform Group RunningBall Switzerland 120.0 7.4x 16.6x May 12 NTT DOCOMO Buongiorno Italy 223.9 1.0x 10.9x May 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. 39 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 Jun 19 KKR Axel Springer Germany 8,509.7 2.7x 2.6x 13.7x 11.3x May 19 Silverfleet Capital Microgen Financial Systems UK 58.2 2.9x Apr 19 Activa Capital Medisys France 50.0 Apr 19 CPP & HgCapital Visma Norway 750.0 Apr 19 Francisco Partners EG Denmark 495.7 Mar 19 BlackRock eFront France 1,151.0 Feb 19 Bowmark Capital LLP Tax Systems plc UK 101.4 6.6x 6.4x 16.5x 13.0x Jan 19 Hellman, Blackstone Scout24 Germany 5,697.8 10.6x 9.5x 22.8x 18.1x Jun 18 Siris Capital Travelport UK Jul 18 EQT Banking Circle Denmark Jun 18 Warburg Pincus Constructionline UK Feb 18 Silver Lake ZPG UK Feb 18 Eli Global Finanzen.de Germany Oct 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 Goldman Sachs Meilleurtaux France 260.0 13.0x Feb 17 KKR Travelopia UK 364.0 0.3x 7.3x Feb 17 TA Associates Think Project! Germany Dec 16 General Atlantic Hemnet (majority stake) Sweden 208.8 Dec 16 General Atlantic Zoopla (majority stake) Sweden 200.3 Oct 16 Dirk Ströers Media Ventures Stylebop (majority stake) Germany Oct 16 Permira Schustermann & Borenstein Germany Oct 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 TPG TRANSPOREON Germany 300.0 Aug 16 Bridgepoint Cruise.co.uk UK 62.1 0.5x Jul 16 KKR Epicor Software Singapore 2,985.1 3.3x 13.5x May 16 General Atlantic Argus Media (majority stake) UK 1,301.3 Apr 16 EQT Sitecore Denmark 1,000.0 5.0x 20.0x Mar 16 Apax Partners InfoVista France Mar 16 HgCapital Raet Netherlands 470.0 3.2x Mar 16 Riverside Guestline UK Mar 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 Oct 15 Rockaway Capital Netretail and Heureka (from NasCpzeercsh) Republic 200.0 Oct 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 Mar 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 Dec 14 Warburg Pincus Blue Yonder (minority stake) Germany 59.9 Nov 14 The Carlyle Group Dealogic UK 418.4 3.6x 9.6x Oct 14 Great Hill Parthers Momondo (majority stake) Denmark 166.5 2.4x 14.2x Oct 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 (4Sw9%it)zerland 262.2 Jun 14 Vitruvian Partners JacTravel UK 99.7 Sources: Press articles, Capital IQ. 40 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 May 14 Permira Teamviewer Germany 870.0 4.9x 6.8x May 15 ECI Partners Evans Cycles UK 135.2 Mar 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 Oct 13 Inflexion Private Equity On The Beach Holidays UK 86.0 1.9x 6.8x Oct 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 Mar 13 TA Associates Onlineprinters Germany Feb 13 Partners Group Softonic (30%) Spain 275.0 Oct 12 Permira Ancestry.com Israel 1,224.5 3.3x 25.4x May 12 KKR Fotolia (50%) France 353.7 Jan 12 Insight Venture Jagex UK May 11 ECI Partners CarTrawler Ireland 100.0 Apr 11 TA & Summit Bigpoint Germany 408.5 Oct 10 General Atlantic & Index Privalia Spain 70.0 Sep 10 Montagu Host Europe UK 265.8 Jul 10 Permira eDreams Spain 300.0 May 10 Ardian GoVoyages (majority) France 400.0 0.5x 16.2x Apr 10 DST ICQ Israel 142.2 Sources: Press articles, Capital IQ. 41 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: Digital Media ($16.8bn) & Social Media ($6.5bn) USA –Market size: Digital Media ($30bn) & Social Media ($12.6bn) * Image messaging app and smart glasses 4,900 Music streaming service 2,800 Multichannel media network 1,700 Cross-platform games community 604 Social media application 1,500 Real-time enterprise messaging 1,400 Social app for music 585 Fantasy league platforms 1,061 Zynga Online games producer and developer 867 International mobile phone 544 services Cross-platform game engine 727 Online video service 683 Music streaming service 532 Media company providing social news 496 Online audio sharing platform 468 Cloud-based communication platform 461 Social network to contact neighbors 408 Globalmusic publisher and music 205 Mobile messaging app 369 services Global marketplace for events 332 Online community to review and 193 Developer of publishing platforms 317 discover companies * Online media publisher 308 Global encrypted communication 130 Cloud communication company 261 Global WiFi network 116 Developer and publisher of games 259 Question-and-answer website 226 Video and music streaming service 109 Manage teamtasks and conversations 213 Popular social magazine 211 Developer and publisher of 101 Media player for streaming 209 browser games High-end precision gaming products 175 Global phone directory 99 Video platform for websites 166 Provider of online movie streaming Multiplayer game developer 165 services 88 Conferencing, meetings, and messaging 161 Developer and publisher of mobile 76 Content discovery platform 160 games Enterprise file sharing 138 Developer of Massively Multiplayer 66 Fashion and style website 133 Online games Social publishing platform 132 Business-oriented social 60 Social photo sharing webstore and app 124 networking platform Technology for television Workplace telecommunication 120 broadcasters 57 Mobile content sharing app 118 Delivers live virtual reality content 116 Developer of mobile gaming app 40 Online food network 115 Music streaming service enabling 39 Mobile device operating systems 115 background music for businesses SaaS for project management 112 Developer and publisher of mobile 32 Cross-platform entertainment network 109 games Real-time social data mining platform 72 Voice over internet protocol 32 peering and clearing service Digital media content website 72 Question and answer website 68 Cloud-based file transfer service 25 Mobile photo-sharing and messaging 66 Cloud-based document sharing and 25 Tools to craft commercial content 66 collaboration platform Online anonymous community 61 Developer and publisher of mobile 23 Mobile eSports tournaments 53 games Mediacontent website for news 46 Location-based mobile dating app 22 image sharing platform 40 Streaming and community for gamers 36 Cross-platform games community 17 Protocol used for file sharing 36 Source: Crunchbase, eMarketer, Statista. 43 * The company went public after July 2014

NOAH Disruptor List (Cont'd) Healthcare & Science Company Country Description Funding ($m) Company Description Funding ($m) Europe – MarketSize: eHealth ($2.2bn) USA –Market Size: eHealth ($2.4bn) Online and mobile medical booking 267 Health insurance company 1,300 platform SaaS for healthcare professionals 1,100 Online healthcare platform to find 141 Human genome research company 786 local physicians Platform to connects with doctors 517 Multisensory virtual reality 110 Collect and analyze medical metrics 487 platform for motor rehabilitation Professional network for scientists PaaS that manage health data 377 and researchers 88 Platform for cancer care 313 Healthcare application providing Social solutions for the health plan 252 video consultations with doctors 85 Population care management 240 Groupe Santiane Operator of a price comparison site 51 Platform for booking doctors 223 for healthcare insurance On-demand health care concierge 217 Patient Relationship management 32 Health management services 202 platform * Application for healthcare costs 184 Blood glucose meter and web 29 * Telehealth platform 173 software to manage diabetes Provider of a digital platform for SaaS to manage health business 163 private health insurance 28 App providing chat with a physician 161 Online platform providing Electronic Health Record system 158 information on and access to drugs 22 Health IT software and services 128 Online platform where patients and 17 Digital health program 127 doctors can connect Online pharmacy 118 Medical Travel Platform 12 Clinical communication solutions 104 Healthcare software company 98 Bright light headphones that fights 10 Professional network for physicians 82 seasonal affective disorder Professional network for physicians 81 Patient-controlled medical records 8 system Medical booking platform for visits 71 Developer of a film sensor that Platform for respiratory health 70 tracks sleeping conditions 8 Health engagement company 57 Fitness, Wearables & Sports Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: Fitness & Wearables ($1bn) USA –Market Size: Fitness & Wearables ($1.2bn) Sport media company 116 Wearablesto interact with digital devices 2,600 Smartphone app that allows users 109 to monitor their training sessions Social & live streaming cycling 995 Provider of real-time sports data 94 * and content HD wearable and personal cameras 288 Wearable visual system for blind 86 Gym membership platform 239 and visually impaired persons Wearable technology for women 54 Platform for sports video analysis 109 Smartphone app that focuses on 22 what users eat Developer for 3D motion control devices 94 Global football community 20 Digital health services 75 Mobile marketplace for gym- 19 services Augmented reality platform & wearables 73 Medical-grade wearable physiology 13 Wearable tech focusing on healthcare 66 monitoring device Sport wearable camera 12 Software developer for smart glasses 63 Health and sports performance 5 Sports wearable devices producer 46 optimizer Wearable solutions for interaction 4 Wearable technology producer 46 with multiple screens Wearable fitness device for water 1 Sports tracking app 42 sports Source: Crunchbase, Statista. 44 * 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 ($27.1bn) Cloud-based educational software Web-based Git repository hosting 350 for the pre-university market 68 service Online university courses platform 313 Free game-based platform for 59 Online training platform for learning developers and IT professionals 193 Social network that enables its 39 Adaptive learning technology 182 users to form study groups provider online curriculum for kindergarten 182 Online tools for teaching science 35 and elementary school E-learning solutions company 178 Online learning platform for foreign 33 Online learning and teaching 173 languages marketplace Education technology company 165 Online mathematics platform 25 providing lecture capture service Online courses for professionals 160 Online learning platform 22 Provider of liberal arts and sciences 120 education E-learning tool for academic and Online computer programming 120 career development courses 19 courses Online language learning platform 108 Online language learning platform 16 Online community for crafters 108 featuring online classes Online language learning platform 15 Social learning network enabling 78 teachers and students to connect Platform that enables educators 66 Brain training app 11 and employers to share credentials Platform that teaches employable 48 digital skills Interactive sheet music app 10 Allows schools to manage all their 43 apps through its platform Online programs for developing Assessment and learning analytics 40 vocational tech skills 7 company Personalized and adaptive language 31 learning platform Online university courses 6 Online technology school for tech 12 job Home Automation & IoT Company Country Description Funding ($m) Company Description Funding ($m) Europe - Market Size: Home Automation ($1.1bn) USA –MarketSize: Home Automation ($3.8bn) Network for communication of 311 Home remodeling, architecture and 614 connected objects interior design platform Provider of cloud-based M2M 131 Wireless multiroom music player 455 connectivity platform Location-aware smart thermostat 125 Home monitoring via mobile app 209 Provider of M2M (Machine to 100 Machine) network software Platform for housing IoT 124 Provider of tech-enable heating 71 Wireless systems that facilitate system communication between devices 124 Energy marketplace and 45 management of energy assets Open source platform for managing 120 WiFi and cloud-based internet IoT"time-series" data connectivity services to devices 44 Cloud management system for interoperability and IoT networks 101 Personal weather station with air 39 quality sensors Smart Wi-Fi system for use in POS systems for the hospitality households 90 industry 37 Free app that allows users to Smart solutions for home control TVs and DVRs as well as 87 surveillance 35 discover content Smart controls for all house Smart energy efficiency solutions 81 appliances and heating 18 for buildings Smart home appliances and access 73 Intelligent heat controller 6 systems Smart lock systems 4 Home security solutions 57 Enables the connection of non- 3 Voice recognition for automobile, 25 smart appliances to the network home and mobile Home automation via smartphone 1 Remote heat controller 10 Source: Crunchbase, Statista, Docebo. 45 * 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) GetYourGuide Booking platform for tours and 655 Marketplace for people to list and activities book accommodation 4,400 Europe-focused travel search 296 website Cloud-based platform for the Booking platform for tours and 247 business travel industry 536 activities Globally expanding startup 120 Vacation property management 208 specialized in selling cruises and marketing services Web platform helping travelers 109 design, estimate the cost, and book Mobile App to predict and analyze 183 Ticketing platform for rail travel 69 airfare Online marketplace for multi-day 67 Mobile hotel booking application 127 tours * Online hotel search platform 54 A one-stop shop to find and book 40 One Two Trip Travel booking website 48 activities Online hotel booking service 33 Personalized travel 39 recommendations Hotel data and analytics company 30 Online travel expense management 38 Meta-search engine for vacation 27 service rentals Travel website and browser add-on Online travel platform 24 for tracking and booking flight 27 tickets Online travel booking platform 22 Travel community for free housing 23 lodging Global boat rental platform 10 obilet.com Online platform for bus tickets 7 Marketplace for hotel reservations 17 Members only luxury travel club N/A Community that invites people to dine in homes and connect with 8 European bus operator N/A hosts Price comparison and online Booking of airport lounges 4 booking portal for hotel N/A Mobility – Market Size: Ride-hailing ($40bn) Company Country Description Funding ($m) Company Description Funding ($m) Europe USA Mobile app for booking taxis and 813 Mobile app connecting passengers limos with drivers for hire 22,700 Online cab service that enables users to book vehicles and 477 chauffeurs Transportation network company 4,900 Car-sharing website that connects drivers with empty seats and 449 paying passengers Urban logistics and delivery Mobile app that enables users to platform 678 track information on public 132 transport On-demand taxi hailing services for Peer-to-peer car sharing licensed professional drivers 83 marketplace that enables car 443 owners to rent out their cars Urban transport app 50 Peer-to-Peer car sharing marketplace 187 Peer-to-Peer car rental platform in 43 France Real-time traffic data and traffic Peer-to-peer car renting platform speed 168 for travelers at airports and train 22 stations Service that sends valets to park 76 Peer-to-peer car rental 20 the car wherever itis the position Online rental platform for 19 Car rental platform that tackles motorhomes and campervans queues and paperwork 65 Smartphone app enabling users to arrange carpools with the 14 Solution to manage vehicle parking community through new sensing technologies 54 App connecting users to taxi drivers 11 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. 46 * 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 – MarketSize: Digital Advertising ($42bn) USA –MarketSize: Digital Advertising ($80bn) * Provider of mobile analytics 256 Trading solutions for advertising 346 software for marketers SaaS quote-to-cash software 329 Online fashion retailer platform for 233 luxury brands Digital media trading and services 327 Content discovery platform 194 Customer experience management 325 operating on top publisher sites Image-recognition that helps 131 Customer life-cycle marketing 310 brands interact with customers Clients data collecting and analysis 284 Cloud-based client engagement 110 solutions for businesses Digital advertising technology 262 Mobile advertising platform for 108 SaaS sales lead management 251 telecom carriers Software discovery, distribution, Email marketing 250 delivery and monetization 105 Platform for managing social media 247 Quote-to-Cash software helping 96 Customer communication platform 241 businesses’ sales life cycle Web-based sales CRM & pipeline 91 Platform to connect with customers 229 management Ecommerce platform for brand 219 Managing and sharing marketing 89 contact to sales representatives Mobile Marketing Automation platform 175 Big data analytics for marketing 75 Business intelligence solutions 157 and advertising Offers web personalization, digital 75 Social media experience platform 138 segmentation tools to marketers Offers location-based ad solutions 134 Online restaurant booking 63 Connects brands with audiences 121 infrastructure and marketing Distributed advertising and 60 Platform to manage social media 111 ecommerce platform Platform for advertising tools 105 Digital customer experience & 60 website analytics Inbound marketing software 101 Provider of cloud marketing 55 Mobile marketing solutions 101 software for B2C companies Mobile marketing company 53 Big data platform for advertisers 98 Cloud marketing platform 97 Provider of an AI media analytics 43 Digital experience management 91 platform SaaS -based digital partner 37 Platform to create ad campaigns 90 marketing solution Programmatic media activation 87 Cloud platform offering unified 37 solution for SMEs Customer communication platform 80 Publisher of global enterprise 35 Mobile marketing automation platform 76 reputation management (ERM) SaaS that allows advertisers to 35 Programmatic ad technology company 71 manage social media campaigns Development platform for apps 69 Provides marketing & analytics 34 solutions search engine for display ads 68 Specialist in real-time personalized 34 Ad-tech focused on audience measurement 65 advertising on the web Enterprise SEO and content Marketing software for advertising strategy 63 marketing platform 32 eCommerce acceleration platform 63 Media platform to support multi- 28 Sales analytics and forecasting platform 61 screen brand advertising Location-based mobile AdTech 27 Analytics and marketing platform 60 platform Ad analytics and targeting company 60 PoSmarketing platform delivering 23 targeted offers at checkout mobile marketing platform 50 Marketing tool for publishers 23 E-commerce platform for businesses 49 Online marketplace connecting PR analytics for enterprises 48 brands to salespeople 23 Marketing and website optimization 46 Provider of enterprise customer 22 Scalable virtual reality (VR) shopping 43 data analytics software Cloud-based branding automation 22 Mobile customer service platform 39 and digital asset management Web-based CRM for SMEs 38 Mobile advertising platform for 18 offline retailers Customer service via social channels 38 Ad platform helping brands reach 17 Enterprise Platform for Mobile Marketing 36 their multi-screen consumers Ad-tech company developing a 6 Advertising automation software 33 performance-based ad exchange Social media monitoring analysis services 33 Online video advertising and 5 Monitoring and analytics for social media 31 content syndication E-commerce optimization and Cloud based product intelligence platform 31 customer intelligence Checkout technology for e-commerce 29 Ad platform focusing on publishers Platform offering mobile analytics 23 Source: Crunchbase. 47 * 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 Food delivery services 2,000 Online food ordering network 1,500 Same-day grocery delivery company 1,900 Online marketplace for used cars 1,100 Online home-selling service 1,500 Fashion from independent boutiques 702 Mobile commerce platform 1,300 Online fashion retailer 565 Real estate platform 1,200 * Online fashion retailer 523 HelloFresh* Meal planning and groceries shopping 364 Cloud-based online survey tool 1,100 * E-commerce of automobiles 960 Online Russian shopping website 271 Retailer of furniture and homewares 237 Platform for professional legal advice 811 Online fashion retailer 212 The HonestCompany E-commerce of non-toxic household products 503 Market of DIY and gardening products 212 Foursquare Local search-and-discovery mobile app 390 Food-delivery app 175 E-commerce of beauty products 375 * Domestic cleaning booking platform 173 * Retailer of home products and furniture 358 Online retailer of lighting products 134 Rentthe Runway Online rental of designer apparel 341 Marketplace for second hand fashion 131 * Online marketplace for used cars 340 Website for house furnishings 131 E-commerce of sleeping products 340 Operator of a private sales website 130 Self-service ticketing platform 332 Members only online fashion club 120 Online booking of pet sitters and dog walkers 311 Second-hand fashion P2P marketplace 119 Designer and seller of eyeglasses 291 * Online food ordering network 118 Fiverr Marketplace for professional services 111 Online and offline post-it note 290 Picnic Online discount supermarket 109 Online marketplace for professional services 273 * Operator of an online real estate agency 101 Online marketplace for second-hand goods 261 Meal kit delivery service 100 Online subscription fashion retailer 260 Catalogue and auction house 95 Recruiting platform 255 Online fashion and lifestyle retail store 95 * Cloud-based commerce platform for SMEs 253 Online platform for moving and logistic 93 Online employment marketplace 219 * Online retail and flash sales platform 92 Real estate search and brokerage services 209 Online job marketplace for SMEs 86 Jobs and recruiting marketplace 205 Online retailer of shoes and accessories 83 Grocery delivery service company 199 Job Today Hiring app 81 Search engine for Apps 165 Online household services 73 Ticket search engine 160 Online retailer for shoes 72 Search engine for GIFs 151 Online eyewear retailer 70 Peer-to-Peer gift card marketplace 147 Booking of student accommodation 70 Online real estate marketplace 142 * Online food delivery portal 69 NotOn The High Street Curated fashion for small businesses 69 Career marketplace 133 * Online shop of men's clothing 128 Online fashion retailer 66 Online food deliver service 125 Platform for online classified sites 65 Booking platform of household services 111 Marketplace for crafting communities 61 Apartment rental marketplace 109 Fashion e-Commerce aggregator 61 Recruiting platform 105 Online curated shopping service 59 Mobile app based job marketplace 57 Subscription delivery of beauty products 103 Online real estate portal 56 Artsy Online platform for art collections 101 Online luxury watch retailer 52 Home improvement services platform 99 Online seller of prescription eyewear 50 Mobile shopping platform 98 Online used car broker and auctioneer 48 Subscription delivery of beauty products 87 Online real estate platform 48 Online marketplace for estate sale 85 Food delivery services 48 Online curated shopping service 79 Online portal for selling vehicles 45 Dollar store for a wide range of products 78 Leading home exchange website 43 Real time apartment rental platform 78 Online personnel placement platform 43 Career website for college students 74 Groupalia E-commerce platform 40 Recruiting platform 73 Social gifting service 37 Drizly Online marketplace for alcoholic beverages 70 Fashion e-commerce platform 37 Mobile marketplace for auto reparations 67 Retailer of apparel for plus size women 35 Automation to connect Apps and product 63 Online flower marketplace 35 Fashion e-commerce platform 33 Offers delivery of boxes of all-natural foods 59 Retailer of glasses and contact lenses 33 Online app provides healthy organic meals 57 Retailer of sports merchandise 30 Provider of food recipes and ingredients 56 Booking of student accommodation 29 Wine community and label recognition app 56 Retailer of food recipes and groceries 28 Online retailer of custom made men's suits 47 Hire wear e-commerce website 26 Pet boarding marketplace 47 Online marketplace for artworks 24 Booking app for premium dining experiences 40 Online marketplace of luxury watches 23 Online marketplace of local freelance labor 38 Online cleaning service booking platform 19 Online fashion jewelry shop 36 Home & furniture ecommerce platform 19 E-commerce software company 35 E-commerce of customized apparel 13 E-commerce website 33 Online retailer of cooking equipment 12 Online shop of lingerie and female appeal 12 Online classifieds and shopping platform n/a E-commerce for health and wellness food 5 Source: Crunchbase, Statista. * The company went public after July 2014 48 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) Lending platform for postgraduates 1,300 Lending and wealth management services 2,500 E-commerce payment solutions 775 Peer-to-Peer money transfer service 691 Online credit platform 1,800 Fintech company offering online banking 513 Financial lending and data company 1,600 Lending using online data 497 Online banking services 473 * Platform for business lenders and borrowers 1,100 Loan facilities for students 459 Online Peer-to-Peer lending platform 435 Installment loans at the point of sale 1,000 Lending marketplace to SMB 423 Online credit and financial management 868 Online international money transfer 408 Global mobile foreign money transfer app 336 Web and mobile payment services 785 Marketplace for business loans in SME 310 * Credit card processing platform 591 Zopa Peer-to-Peer money lending service 297 Digital bank 293 Low-cost stock brokerage 539 Mobile payments company 292 * Online, mobile and PoSpayment 266 Bitcoin wallet and exchange service company 525 Blockchain-based social payment app 246 Online Peer-to-Peer insurance 480 Social trading and investment marketplace 223 Home banking on mobile 219 Financial lending platform to SMEs 432 Online peer-to-peer loan marketplace 198 Marketplace for lending 415 Online loans secured with luxury assets 184 Short-term finance to SMEs 184 * Peer-to-peer lending company 392 Interest rate comparison site 178 App-based mobile digital banking services 171 Online-only direct lender of loans 362 Online payday lender 159 Personal finance and payment automation 347 Online insurance brokerage 158 Online investment management firm 145 Cloud-based mobile payment and marketing 307 Offers products around fixed deposits 144 International student payment solution 143 Online car insurance provider 296 Peer-to-Peer lending platform 133 Smart automated investing service 275 Operator of an online lending platform 133 Peer-to-peer invoice finance platform 122 Cross-border payment platform 270 Platform for bank-to-bank payments 122 Online investment advisory platform 265 Financial solution to SMB 119 Online business loans to companies 113 Credit scoring and credit risk 217 Banking-as-a-Platform service 108 Mobile app for personal finance 106 Financial management and accounting 216 Machine learning for insurance fraud 100 Online investment platform 207 Regulatory financial software 93 Provider of consumer fintech solutions 85 Investment management platform 206 Independent investment advisory services 83 Automated investment service firm 205 Mobile-delivered health insurance 80 Web-based bitcoin platform 70 Online and mobile payment solutions 186 Cloud-based platform for payments 68 Worldwide money transfer 66 Online marketplace for real estate lending 166 Product insurance for e-commerce 60 Online loans backed by car ownership 155 Mobile payments with loyalty and rewards 60 Peer-to-Peer lending platform 58 SaaS treasury and payment solutions 153 Consumer loans comparison platform 53 Marketplace for alternative investments 133 Payment platform for merchants 51 Digital investment management service 50 Short term invoice financing to SME 108 Risk management for financial institutions 50 Mobile personal finance app for savings 47 Mobile payment platform 108 Mobile point-of-sales company (mPOS) 44 Distributed ledger technology solutions 107 Insurance robo-advisor 44 Platform for digital subscription payments 42 Personal finance website 105 Payment platform 40 Low-cost stock trading platform 35 International payments 94 Property crowd funding platform 32 Global mobile payments network 87 Bitcoin mining equipment 32 Peer-to-peer foreign currency swap 32 Online marketplace investing in rental homes 75 Quick-to-access personal finance 30 Online payment service provider 74 International payment 30 Online alternative investment platform 20 Peer-to-peer digital currency 73 Anti-fraud company for payment 19 Automated financial agreement process 18 Online lending marketplace 54 SaaS for managing contractors' payments 17 SaaS suite of enterprise software for SMEs 50 Android NFC reader for cashless payments 17 Mobile insurance broker 16 Online asset management fund 49 Fraud prevention platform 16 Fundraising platform 48 E-trading financial technology 15 Platform for algorithmic trading strategy 14 Bitcoin wallet 40 Secure in-app payments 14 Prepaid debit card and mobile banking 11 Financial search engine for equity investors 37 Cybersecurity for credit card fraud 8 Online investing platform 20 Payment service partner for businesses - Source: Crunchbase. 49 * 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.) Robotic process automation software 1,000 Web performance and security company 332 Web hosting, cloud computing, and servers 292 HR, payroll and benefits management 316 Provider of mobile analytics software 256 * Cloud-based database solutions 311 Enterprise cyber threat defense software 230 IaaS company for software developers 305 * Security and identification technologies 194 Data analytics for security and optimization 156 Planning and performance management 300 Storage for unstructured data 152 Cybersecurity products and services 297 Developer of cloud-based contract center 141 Search engine for big data apps 296 Electronic voting and electoral modernization 130 Cloud-based waste and recycling solutions 296 SaaS for retailers to replace the PoS 123 Managed hosting platform for WordPress 291 Java development platform on a PaaS 121 SaaS for property management 282 Software asset management and cloud spend 120 Domain name registration service 282 Provider of website usage and traffic analysis 112 SaaS-based solutions for creating websites 279 Provider of cloud-based HR software 103 Cloud-based open platform for applications 273 Online procurement marketplace 101 SaaS-based Technology Business 261 Security software development company 100 * B2B application delivery platform 259 Provider of database software 98 Cyber security provider 255 * Cloud-based email management software 90 Cloud-based customer support software 249 Six Degrees Group Provider of managed data services 86 Storing, managing and analyzing data 248 SaaS solution for sensitive-data management 81 Operating system for datacenters 247 Process mining and big data analysis SaaS 78 Commerce platform for selling cloud services 246 User experience management tools 75 SaaS for subscription billing and payments 243 Cloud-run document management software 75 * Provider of identity protection for enterprises 229 Enterprise Content Management (ECM) 69 B2B cloud computing services company 220 SaaS-based office application suite 68 * Financial and accounting management 220 Cloud platform for application developers 67 SaaS-based software analytics platform 215 Provider of SaaS-based social media tools 65 Provider of analytics and decision science 211 Provider of web governance software 55 Cloud-based enterprise resource planning 194 Web-based business process management 53 Developer of distributed database technology 190 Software licensor and IT service provider 50 Anti fraud technology for e-commerce 185 Anti-malware software products 45 Cloud identity and access management 175 Online HR management 45 Content management and collaboration 174 Provider of music hardware and software 44 Database platform for business 173 Developer of big data software for telecom 43 Object storage platform for cloud storage 173 Online B2B intelligence tools 42 * Platform for business spend management 169 Cloud-based applications for small business 38 Mobile Device Management solutions (MDM) 164 Online business management platform 36 Big data search and analytics software 162 Recruitment CRM and marketing software 35 Password and digital wallet management app 162 Web analytics and data intelligence platform 35 Provider of an open source graph database 160 MetaPack Delivery and logistic management software 33 Cyber security for business 148 Workplace and office management 30 Monitoring for dynamic cloud infrastructures 148 Ocean freight price comparison platform 29 Cloud-based security company 122 Audio technology for entertainment industry 28 Data virtualization software 120 Provider of DIY website building software 28 Security and information platform 118 Solution for global supply chain risks 24 Provider of location-related information 118 Open source data analytics software 21 Business intelligence for monetarization 116 Client feedback platform via PoS terminal 19 Cloud-based recruiting optimization platform 110 SaaS HR and project analytics 19 Database platform for real-time analytics 108 Platform for connecting different cloud apps 16 * Cloud access security broker 107 Online job matching platform 14 Cloud-based automation platform 105 * Data integration, quality and management 102 USA Backup, recovery and business continuity 100 Developer of enterprise business software 4,000 Payroll, benefits and compliance software 93 Software for visualizing and analyzing data 2,030 Security for digital personas and transactions 92 Cloud platform to drive software innovation 1,700 * Cloud file storage 1,700 Business analytics software 89 Customs brokerage and freight forwarder 1,304 * Online customer support service company 86 * Platform for data management and analytics 1,040 Mobile App development platform 85 Security and systems management solution 782 Cloud-based recruitment software for SMEs 84 SaaS-based business intelligence platform 690 Provider of payroll software and services 83 SaaS for HR management and automation 584 Cloud-based integrated suite 80 Analysis using data from social media 577 Real-time employee engagement platform 80 * Online file sharing and content management 559 Analytics platform for the mobile and web 77 Data access for recovery and development 553 Provider of SaaS presentation software 73 Cloud-based electronic signature platform 537 Cloud monitoring with real-time analytics 66 Software and hosted service for big data 497 Music artist-ticketing and content discovery 61 Cybersecurity technology firm 481 Cloud-based data analytics and integration 60 PaaS for enterprise application development 422 Cloud-based retail management 55 Online research and insights platform 400 Cloud-based HR management software 51 Copy data visualization 353 SaaS product design platform 350 Monitoring and analyzing cloud expenses 40 Cloud-based software provider for sales taxes 341 Development of enterprise software 38 SaaS log management and analytics service 340 Research usability and user experience 36 Data center and cloud security company 332 SaaS-based solutions for creating websites 36 Source: Crunchbase, Gartner. 50 * The company went public after July 2014

NOAH Top List: Europe SaaS Players Company Location Business Overview Founded KeyInvestors Funding Platform and management software provider for doctors 2013 €236.2m in Europe Develops and delivers cloud 2000 contact center solutions €130.8m Online healthcare platform enabling patients to find local 2011 €124.4m physicians online SaaS enabling retailers to 2013 digitize their point of sale €109.4m Process mining and big data 2011 analysis SaaS €96.2m Provider of cloud-based HR 2007 €91.1m software 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 Content management system that enables cross-platform, 2011 €70.5m multi-device publishing Social media monitoring system summarizing content 2007 €60.2m on the web Provider of SaaS-based office 2005 €60.1m application suite Online restaurant booking infrastructure and marketing 2005 €58.3m service Provider of cloud marketing 2000 software for B2C companies €51.2m Provider of web governance 2003 €51.0m software Developer of cloud-based applications for small 2009 €35.2m business Source: Company websites, CrunchBase, NOAH Advisors. 51

NOAH Top List: Europe SaaS Players (Cont’d) Company Location Business Overview Founded KeyInvestors Funding Seamless integration of a Marketplace with an existing 2011 €82.4m or embryonic website Web-based sales CRM & 2010 pipeline management €81.0m Process mining and big data 2011 analysis SaaS €65.8m Web-based business process 2009 management €46.5m Largest source of free private company information in the 2011 €36.5m UK and Ireland Provider of SaaS solutions for 2010 digital partner marketing €35.0m SaaS platform that allows advertisers to launch and 2010 measure social media €33.0m campaigns Online platform that offers cost-effective package 2011 €21.7m delivery services SaaS and cloud-based supply chain risk management 2013 €21.7m solution Online service to drive direct hotel bookings for the hotel 2013 €21.1m industry 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 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. 52

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 54 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 Fund Raises 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 55

Real Winners on Stage (Cont’d) $50bn+ Exits have Presented on the NOAH Stage M&A (Cont’d) May-16 (2014) Israel (undisclosed %) 575 Apr-16 (2013) Spain 570 Feb-17 (2012) UK 550 Sep-15 (2015) USA 440 Jul-14 (2013) Switzerland Multiple Mega Fund Raises 400+ Feb-13 (2009) Spain 345 Jan-11 (2010) UK 312 Sep-16 (2016) Germany (51%) 300 Jul-12 (2012) CzechRepublic 250 Apr-16 (2014) UK 241 Aug-15 (2014) Austria 240 May-14 (2012) Israel 228 Mar-15 (2013) Germany 219 May-14 (2010) Turkey 200 Apr-17 (2017) US 200 Aug-17 (2017) Israel 200 Oct-14 (2012) Germany 190 IPO Current Market Cap ($m) Jul-15 (2017) US IPO 136,539 May-19 (2016) US IPO 74,604 Apr-18 (2009) Sweden IPO 26,795 Jun-18 (2011) Netherlands IPO 20,138 May-14 (2017) US IPO 10,140 Oct-10 (2009) Germany IPO 9,543 Jun-17 (2016) Germany IPO 7,734 Nov-13 (2012) Israel IPO 7,386 Sep-14 (2013) Germany IPO 4,978 Oct-15 (2015) UK IPO 4,969 Sept-16 (2017) The Netherlands IPO 4,791 Apr-14 (2017) UK IPO 4,269 Oct-14 (2013) Germany IPO 3,842 Nov-17 (2015) Germany IPO 1,380 Dec-16 (2012) Germany IPO 1,323 Oct-13 (2011) France IPO 1,189 Apr-14 (2018) UK 56 IPO 658 Jun-18 (2016) Germany IPO 96 56

NOAH Partners

NOAH Berlin 2019 Review Key Facts STATION Berlin ➔ Dates: 13-14 June 2019 ➔ Location: Luckenwalder Str. 4-6, 10963 Berlin, Germany ➔ Audience: 4,000 ➔ # of Speakers: 400+ ➔ # of Stages: 5 ➔ # of Exhibitors: 52 ➔ Caterer: Käfer Service Key Links Video Library >> Live Blog >> Full Program >> Speaker Book >> Floor Plan - Overview Networking & Exhibition Space 58

NOAH Berlin 2019 Highlights 4,000 Attendees 400+ Speakers 5 Stages 79 Partners Attendees by Country Attendees by Type Germany Internet Entrepreneurs 11% 5% 52% 21% and Executives Great Britain Investors Switzerland 2% US 2% Service Providers 15% Poland 5% 56% Israel 5% Corporate Executives Other 9% 17% Other Speaker Highlights 59

Venue & Networking Impressions 60

Stages Impressions 61

Stages Impressions (Cont’d) 62

NOAH Partners Strategic Partners Premium Partners Event Partners Media Partners 63

NOAH London 2018 Review Key Facts Old Billingsgate ➔ Dates: 30-31 October 2018 ➔ Location: Old Billingsgate, 16 Lower Thames Street London EC3R 6DX ➔ # of Speakers: 120+ ➔ # of Stages: 3 ➔ # of Exhibitors: 15 ➔ Caterer: Noura Key Links Program >> Videos >> Speaker Book >> Investor Book >> Service Provider Book >> Startup Book >> References 64

NOAH London 2018 Highlights Attendees by Country Attendees by Type 25% UK Internet Entrepreneurs and 27% Germany 4% 7% 37% Executives Investors USA 13% Service Providers 3% Spain 4% Switzerland Corporate Excutives 5% 24% Poland 14% Press 12% Other 25% Other Speaker Highlights 65

Venue & Networking Impressions 66

Main Stage Impressions 67

NOAH Partners Strategic Partners Premium Partners Knowledge Sponsor Event Partners Media Partners 68

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 ▪ 30 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 Nikhil Parmar Olek Skwarczek Lukas Schlund Director Associate Analyst Selected Completed NOAH Transactions September 2018 July 2018 August 2017 December 2016 Sale of 100% in Sale of 100% in Acquisition of a Majority Stake in Investmentin 10Bis to by by for €135m to at a valuation of $200m Financial Advisor to 10bis and its Exclusive Financial Advisor to Financial Advisor to EMK Capital Financial Advisor to Silver Lake shareholders PromoFarmaand its shareholders October 2016 December 2014 October 2014 May 2014 Investmentin Sale of 100% of Sale of 100% of sold 100% of by for €800m to for €80m to for $228m to a joint venture between 84% Ownership Exclusive Financial Advisor to Exclusive Financial Advisor to Fotolia and Exclusive Financial Advisor to Trovit Exclusive Financial Advisor to KäuferPortal and its Shareholders the Selling Shareholders and its Shareholders Yad2 and its Shareholders 71

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: Marcos Toran Dr. Gerhard Cromme Managing Director Chairman Partnerships With NOAH Advisors With NOAH Advisors since Jun-17 since May-19 • 6+ years experience in the digital payments world, including Head of • Chairman of the Supervisory Board of Siemens AG Ecommerce at Santander Bank • Former Chairman of the Executive Board and later Chairman of the Supervisory board of ThyssenKrupp AG • 7+ years advising and creating startups over +5 countries • Board memberships include: Compagnie de Saint-Gobain, Allianz SE, Deutsche Lufthansa AG, E.ON AG, BNP Paribas S.A., Suez S.A., Volkswagen AG, ABB Ltd., Thales S.A. and Axel Springer AG Nikhil Parmar Olek Skwarczek Lukas Schlund Director Associate Analyst With NOAH Advisors With NOAH Advisors since With NOAH Advisors since Jul-12 Sep-15 since Feb-18 • BSc in Economics and MSc in Economics • M&A / corporate finance at IPOPEMA • Investment banking and Venture Capital experience (with specialisation in Finance) from the Securities, EY and KPMG from SevenVentures, aws Founders Fund, GP London School of Economics • Completed M&A deals include: Bullhound and BNP Paribas • Completed M&A deals include: • Graduated in Management from EBS Business School and KEDGE Business School Marco Maria del Gema Alba Irma Bombach Mar Pérez Camperio Gabriela Julio Paula Livia Goetz Clauss Fernández García Marina Maria Victor Nina Khrolovich Navarro Siurana Smolnikova Tadeusz Priscilla Daniel Szymkiewicz Tenggara Paweł Wasowicz Wójcik 72

Selected NOAH Advisors Deals September 2018 July 2018 August 2017 December 2016 Sale of 100% in Sale of 100% in Acquisition of a Majority Stake in Investment in 10Bis to by by for €135m to at a valuation of $200m Exclusive Financial Advisor to Financial Advisor to 10bis and its PromoFarma and its shareholders Financial Advisor to EMK Capital Financial Advisor to Silver Lake shareholders October 2016 September 2016 May 2016 November 2015 Investment in Acquisition of a Majority Stake in Investment in 10Bis $5m fundraising and NOAH as the by Lead Investor by from by 84% Ownership Exclusive Financial Advisor to at a valuation of €300m KäuferPortal and its Shareholders Financial Advisor to Oakley Capital Exclusive Financial Advisor to Exclusive Financial Advisor to 10Bis and its Shareholders Pipedrive August 2015 September 2015 July 2015 December 2014 $14m fundraising and NOAH as the Sale of 70% stake in Primary funding for Sale of 100% of Lead Investor from for $800m to to Exclusive Financial Advisor to Aloha Exclusive Financial Advisor to Exclusive Financial Advisor to Drushim and its Shareholders Advisor to BIScience Fotolia and the Selling Shareholders October 2014 September 2014 August 2014 May 2014 Sale of 100% of Sale of controlling stake in sold 100% of sale to for €80m to to for $228m to JV between Exclusive Financial Advisor to Trovit Exclusive Financial Advisor to Advisor to the Selling Shareholders Exclusive Financial Advisor to Yad2 and its Shareholders Facile.it and its Shareholders and its Shareholders February 2013 May 2012 April 2012 November 2011 Sale of 100% in Sale of a majority stake in Growth equity investment from $150 million growth equity investment from to for a 30% stake alongside for a 50% stake alongside Fotolia’s to Founders and TA Associates Softonic’s Founders and Angel Additional $150 million senior debt Quants Financial Services AG Investors at €275m valuation financing Exclusive Financial Advisor to Exclusive Financial Advisor to Financial Advisor to Toprural Exclusive Financial Advisor to Softonic and its shareholders Fotolia and its Shareholders and its Shareholders grupfoni and its Shareholders 73

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