The document provides an overview of Consort Partners, an international strategic marketing, public relations and social media company founded in 2004. It discusses Consort Partner's entrepreneurial roots in building new and established businesses across technology, media and finance markets in the US, Europe and Asia. Consort employs senior journalists, PR and marketing experts with an international network to leverage on behalf of clients. The second part of the document introduces NOAH Advisors, a European investment banking boutique focused on internet companies, and discusses some of their recent transaction experience.

1. Hello San Francisco!
June 2012

2. 6 Months Ago: We Thought This is Much Easier
2

3. But with a Little Help We Managed
Consort Partners Overview
 Founded in 2004, Consort Partners is an
international strategic marketing, social media and
public relations company with a track record of
building the profiles and awareness of new and
established businesses alike
 Consort Partners has its entrepreneurial roots in
creating, building, and leading high-profile
companies across technology, media, and finance
markets across the US, Europe and Asia
 Consort employs senior journalists, PR and
marketing experts who have an international
network of business leaders, journalists, thought-
leaders, opinion formers, financiers and analysts
that they can leverage on behalf of our clients.
Consort Partners is a privately-held company owned
100% by the founders and is based in the Bay Area,
Kathy Johnson, Founder of Consort Partners with operations in Austin, New York, and London
3

4. So Today… We Are Proud to Be Here
Guys, It is Really Finally
Let’s Go! Hot Here Here!
4

5. Who and What is NOAH

6. NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique Selected Completed NOAH Transactions
May 2012 April 2012
Unique Industry Know-How Core Investment Banking Competence
Sale of a 100%-stake in
 100% focused on Internet companies, covering  The NOAH team has 25+ years of media
150 million growth equity investment from
over 25 sub-verticals in this highly complex investment banking experience
industry - Routine execution of M&A and financing for a 50% stake alongside Fotolia’s Founders and
to
- 15+ years active coverage of leading European transactions with sizes of several billion euros
Internet companies and investors  The team has been working together closely for 7 Additional $150 million senior debt financing
Total $300 million investment
 Deep understanding of industry dynamics and years (including 6 years at Lehman Brothers) Financial Advisor to Fotolia and its Shareholders Financial Advisor to Toprural and its Shareholders
thinking of industry leaders  8 successfully completed NOAH Advisors
 Ability to add value beyond banking advice transactions underline successful transfer of
- Facilitates overall process and minimizes competencies to the Internet sector November 2011 July 2011
management distraction Sale of a majority stake in Sale of a majority stake in
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs!
 NOAH Advisors is globally very well connected  The NOAH team are entrepreneurs and focused to
to
and has direct access to virtually all key players in on growing the business and establishing a Quants Financial Services AG
the industry reputation for excellence Exclusive Financial Advisor to
- Knowledge of and strong relationships with  Full commitment to deliver top quality results in grupfoni and its Shareholders Advisor to EnGrande
potential buyers’ key decision makers short time frames
- Coverage of over 500 companies and 4,000  Highly success-based compensation structures
individuals align interests of clients and NOAH Advisors, and April 2011 April 2011
- Proactively finds and unlocks attractive demonstrate conviction to deliver top results Sale of a majority stake in
investment opportunities for leading have acquired a majority stake in
investors (e.g. Bigpoint)
 Annual NOAH Conference to
for $350m from
The NOAH Advisors Core Team
Exclusive Advisor to Advisor to Yatego
Summit Partners and TA Associates
Marco Yoram Jan
Rodzynek Wijngaarde Brandes
December 2009 April 2009
Managing Director Director Director
Partial sale of $80m partial sale of
and Founder
to
to
Contact Details Contact Details Contact Details Valuing Softonic at €175m
marco.rodzynek@noah-advisors.com yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com
Advisor to Softonic Advisor to Fotolia
UK Mobile: +44 77 85 330 330 UK Mobile: +44 79 17 084 784 German Mobile: +49 174 2010 984
Swiss Mobile: + 41 79958 1512

7. Fotolia - Europe’s Largest Internet LBO 2012
May 2012 NOAH Advisors’ Role
 Fotolia has been a close relationship of NOAH
$150 million growth equity investment from
Advisors for over 3 years
 In April 2009, NOAH Advisors advised the Fotolia
founders in their sale of a majority stake to TA
for a 50% stake alongside Fotolia’s Founders and Associates
 NOAH had worked intensively with Fotolia and its
shareholders on various strategic opportunities and
introduced the deal to KKR, with whom NOAH has as
Additional $150 million senior debt financing long-standing institutional relationship
Total $300 million investment
 NOAH Advisors acted as exclusive M&A financial
Exclusive Financial Advisor to advisor to Fotolia and its shareholders, and
Fotolia and its shareholders
facilitated a fast execution based on in-depth
knowledge the company, and intelligence around
the best potential investor candidates
7

8. #1 Regional Advisor DACH by Real Deals
8

9. The Need of NOAH San Francisco

10. So Why Are We Here?
Because …
 We love the Internet
 Clients asked us to expand the NOAH Conference to reach
more US companies and investors
 Most of you don't like to travel
 Europe matters:
There are ~100 European Internet Companies
valued at over €200m+
10

11. Europe Matters!
A significant number of companies are valued at over €200 million
11
Note: selected examples.

12. European Internet Pioneers & Global Leaders
Some business models were invented or most successfully executed in Europe
Company Segment Company Segment
 Innovative payment platform  Remote access
 Largest pure-play fashion Retailer  Open-source database
 Enterprise software  FX
 Social networking for people you
 Vertical ad network (soccer)
don’t know
 Betting  VoIP
 Free to play online gaming  Legal music service
 Toolbars  Global hotel comparison leader
 Freemium anti-virus  Private sales
 Payment instalments  Personal loans
12

13. Public Internet Valuations – US vs. Europe
European Internet companies are valued at a significant discount compared to the US
Internet EV / EBITDA 2012E Internet EV / EBITDA 2013E
15.0x
12.0x
49% Premium
40% Premium
10.1x 8.6x
US Europe US Europe
Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. 13

14. Europe Is Unique
Countries & Poupulation Investors
 10 Largest countries:  Less VC money available and harder to get
- 50m+: Germany (81.5m), France (65.3m), funding
U.K. (62.7m), Italy (61.0m)
- 20-50m: Spain (46.8m), Ukraine (45.1m),  Serial entrepreneurs and angel investors
Poland (38.4m), Romania (21.9m), dominate the scene as in the US
- 10-20m: Netherlands (16.8m), Portugal
 Cultural differences, e.g. not anyone wants
(10.8m)
to get rich, different work ethics / intensity
 10 Largest cities, many local markets: levels
- 3m+: London (7.8m), Berlin (3.5m), Madrid
(3.3m)
- 1m+: Rome (2.8m), Paris (2.2m), Hamburg
(1.8m), Warsaw (1.8m), Budapest (1.7m),
Vienna (1.7m), Bucharest (1.6m)
 Proximity to Russian and Eastern European
market
14

15. Lets Compare the US and European Internet Success Stories

16. NOAH Study – Companies Included
The market cap of post-2000 Internet bubble IPOs is ~4x larger in the US than in Europe
US Market Cap: $96bn European Market Cap: $27bn
Nov-09 Nov-11
Oct-01 Feb-12 Oct-10
Feb-12 Mar-12 Jan-11
Dec-10 Aug-06
Nov-10 Jul-07
May-12 Nov-11 Jun-11
Jul-10 Apr-11 Mar-06
May-11 May-09
Nov-05 Mar-05 Dec-06
Jun-11 Feb-10 May-10
May-11 Dec-09 May-08
Feb-12 Jul-11 Dec-11 IPO Date = EBITDA Negative
Note: Market caps as of 15-Jun-12.
16

17. Company Size and Valuation Growth
 US company universe valued 3.5x higher than European one
 However, EU companies performed 3.3x better since IPO than the US group
 European Internet IPOs are cheaper than US Internet IPOs
Average Market Cap ($bn) Average Share Price Performance since IPO
 Average market cap of across sampled firms  Average share price increase since IPO of sampled firms
6.0 46%
1.7 14%
US Europe US Europe
Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. We excluded Asos, up (8,145% since IPO)
17

18. VC Funding is Less Developed in Europe
 European public companies have relied less on VC money than US ones
 VC investment per company and in % of current market cap significantly
lower in Europe compared to the US
 However, there are also fewer winners in Europe (less exits)
Average VC Funding Raised ($m) VC Funding as % of Market Cap
 Average amount of venture capital raised across sampled  Average of venture capital raised as a percentage of current
firms market capitalisation of sampled firms
367
21.1%
Including
Tradedoubler (165%)
& Ocado (53%)
6.1%
69
1.6%
US Europe US Europe
Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors.
18

19. Valuation Drivers in the Context of a Company’s
Development Stage: How NOAH sees the World
Market
Management Technology Users / KPIs Revenues EBITDA
Leadership
Increasing valuations – However Multiples Get More Reasonable (in Theory)
Decreasing Execution Risk and Benefit of the Doubt (Less to Hope for)
(GROWTH * MARGIN) Predictability = Valuation Multiple
19

20. A Look at the Largest VC Backed Companies
Over-promised and under-delivered? They jumped several hurdles in our valuation chain
VC Capital Raised ($bn) Share Price Performance since IPO
2,240 (21%)
1,140 (50%)
860 (44%)
510 (22%)
471 (44%)
Source: Bloomberg, FactSet, 4-traders & NOAH Advisors.
20

21. High Profile Venture Backed Companies
European VC is waking up or rather has been awakened by many US investors
Company Last Round Raised Selected Investors Company Last Round Raised Selected Investors
Mar-11 $218m Feb-09 $65m
June-11 $188m Jan-12 $63m
Dec-11 $166m Apr-12 $62m
Feb-12 $145m Mar-11 $59m
Jul-07 $130m Feb-12 $58m
Apr-12 $129m Jun-09 $53m
Sep-07 $117m Jun-12 $47m
May-11 $114m May-10 $23m
Feb-12 ~$100m
Sources: Crunchbase, NOAH Advisors.
21

22. Financial Investors at the NOAH Conference 2011
Venture Capital (€5-20m) Growth Capital (€20-250m) Private Equity (€250-1,000+m)
Fund Attendees Key Contact Fund Attendees Key Contact Fund Attendees Key Contact
Harry Nelis (hnelis@accel.com) John Meeks (jmeeks@ta.com) Stefan Götz (sgoetz@hf.com)
11 Sonali de Rycker (sderycker@accel.com) 7 Ajit Nedungadi (ajit@ta.com) 9 Zita Saurel (zita@hf.com)
Adam Valkin (avalkin@accel.com) Morgan Seigler (mseigler@ta.com) Blake Kleinman (bkleinman@hf.com)
Dominique Vidal (dom@indexventures.com) Scott Collins (scollins@summitpartners.com) Philipp Freise (freip@kkr.com)
9 Ben Holmes (benh@indexventures.com) 5 Christian Strain (cstrain@summitpartners.com) 4 Lucian Schoenefelder (lucian.schoenefelder@kkr.com)
Jan Hammer (jan@indexventures.com) Vincent Lambert (vlambert@summitpartners.com) Vania Schlogel (vania.schlogel@kkr.com)
Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com) Konrad Stoebe (konrad.stoebe@warburgpincus.com) Dominik Stein (dominik.stein@eqt.de )
3 Eugene Mizin (eugene.mizin@mangrove-vc.com) 5 Steven Klooster (steven.klooster@warburgpincus.com) 4 Christian Schuette (christian.schuette@eqt.de)
Guillaume Durao (guillaume.durao@mangrove-vc.com) Johannes Korp (johannes.korp@warburgpincus.com) Anil Hansjee (anil@hansjee.net)
Pawel Chudzinski (pawel@pointninecap.com) Frank Seehaus (fs@actoncapital.de)
Kai Romberg (kai.romberg@hgcapital.com)
3 Lukasz Gadowski (lukasz@teameurope.net) 3 Jan-Gisbert Schultze (jgs@actoncapital.de)
3 Dan Groen (dan.groen@hgcapital.com)
Kolja Hebenstreit (kolja@teameurope.net) Benedikt Sudbrock (bs@actoncapital.de)
Sascha Kaumann (sascha.kaumann@hgcapital.com)
Roberto Bonanzinga (rbonanzinga@balderton.com) Fabio Giuseppetti (giuseppetti@palamon.com)
2 Karim Tabet (karim.tabet@provequity.co.uk)
Dharmash Mistry (dmistry@balderton.com ) 3 Daniel Mytnik (mytnik@palamon.com)
Ricardo Caupers (caupers@palamon.com) 3 Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)
Marcel Rafart (marcel.rafart@nautacapital.com) Andrew Tisdale (andrew.tisdale@provequity.co.uk)
2 Javier Rubio (javier.rubio@nautacapital.com) Marco Brockhaus (brockhaus@brockhaus-pe.com) Karl Peterson (kpeterson@tpg.com)
Pär-Jörgen Pärson (pjp@northzone.com) 2 Jan Daniel Neumann (neumann@brockhaus-pe.com)
2 3 Anand Tejani (atejani@tpg.com)
Hans Otterling (hans@northzone.com) Jean Baptiste Brian (jbbrian@tpg.com)
Andrin Bachmann (andrin.bachmann@pitoncap.com) Chris Caulkin (ccaulkin@generalatlantic.com)
2 Greg Lockwood (greg.lockwood@pitoncap.com) 2 David Lisewski (dlisewski@generalatlantic.com) Tripp Lane (tripp.lane@apax.com)
2 Frank Ehmer (frank.ehmer@apax.de)
Alexander Ribbink (alexander@primeventures.com)
2 Rogier Taphoorn (rogier@primeventures.com) Sarah Pinto (spinto@greathillpartners.com)
2 Peter Garran (pgarran@greathillpartners.com)
Hubert Deitmers (hubert.deitmers@endeit.com) Andrea Valeri (valeri@blackstone.com)
2 Martijn Hamann (martijn.hamann@endeit.com)
2 Lance Toler (lance.toler@blackstone.com)
Alex Gonthier (gonthier@@wellington-partners.com) Jim Quagliaroli (jim@spectrumequity.com)
2 2 Jeff Haywood (jeff@spectrumequity.com)
Christian Thaler-Wolski (thaler@wellington-partners.com) Stefan Franssen (stefan.franssen@gmtpartners.com)
2 Natalie Tydeman (natalie.tydeman@gmtpartners.com)
1 Emanuele Levi (emanuele.levi@360capitalpartners.com)
Daniel O’Keefe (dokeefe@tcv.com )
1 Mike Chalfen (mike.chalfen@adventventures.com)
2 Woody Marshall (wmarshall@tcv.com)
Hinrich Stahl (hs@maryland-gmbh.de)
1 Mattias Ljungman (mattias@atomicoinvestments.com)
2 Helge Luetzen (hl@maryland-gmbh.de)
Stephen Byrne (stephen.byrne@vitruvianpartners.com)
1 Michael Eisenberg (michael@benchmark.com)
2 Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com)
Michael Korzinstone (michael.korzinstone@silverlake.com)
1 Alon Lifshitz (alon@blumbergcapital.com) 2 John Flynn (john.flynn@silverlake.com)
1 Ian Noel (iannoel@bonsaigrupo.com)
1 Fabian Wasmus (fabian.wasmus@eqt.de)
Expansion Capital
1 Nic Brisbourne (nic@dfjesprit.com) 1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com)
1 Sebastien Briens (sebastien.briens@hgcapital.com)
1 Ben Tompkins (bt@edenventures.co.uk) Mercury
1 Bernard Vogel (bv@endeavourvision.com) 1 Jens Hagen (jhagen@uk.adventinternational.com)
1 Harley Miller (HMiller@insightpartners.com)
1 Davor Hebel (davor@fgpe.com)
1 Stephen Lowery (stephen.lowery@frogcapital.com) 1 Jörg Mohaupt (jmohaupt@accind.com)
1 Christoph Haschka (christoph.haschka@macquarie.com)
1 Torsten Kreindl (t.kreindl@grazia.com )
1 Laurel Bowden (lbowden@greylock.com)
1 Michael Black (michael.black@bridgepoint.eu)
1 Mark Joseph (mark.joseph@oakleycapital.com)
1 Martin Weber (martin.weber@holtzbrinck.net)
1 Johan Englund (johan.englund@industrifonden.se)
1 Pueo Keffer (pkeffer@redpoint.com) 1 Jason Khaksar (jason.khaksar@carlyle.com)
1 Baris Aksoy (baris.aksoy@intel.com)
1 Tomasz Czechowicz (czechowicz@mci.eu)
1 Richard Yen (ryen@saban.com) 1 Andrew Young (andrew.young@permira.com)
1 Thomas Preuss (preuss@neuhauspartners.com)
1 Phillippe Collombel (pcollombel@partechventure.com)
1 Morgan Callagy (callagym@vss.com)
1 Tony Askew (tony.askew@reedelsevier.com )
1 Olivier Sichel (osichel@sofinnova.fr)
1 Mauro Pretolani (mauro.pretolani@tlcom.co.uk)
22