Travel - Presentation by Axel Schmiegelow, Founder & CEO of iTravel at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com

1. Leisure Travel Booking reinvented
Disintermediating Tour Operators and OTAs

2. this is how we want to travel

3. this is what we’re being sold...

4. comparing prices online is not the
key to a great vacation

5. why can’t I ask a website to show
me all the places I would like?

6. ~20 hours of confusion

7. Online Leisure Travel is broken:
• Prices aren’t real until you place an inquiry
• You have to know where you want to go
• There is no single point of booking for hotel,
transport, and experiences

8. you never book alone...
• you want to lounge with your partner
and discuss the trip
• you want your vacation to fulfill multiple demands
• You want to know how it will be
pictures, feedback from friends, other real infos

9. Paradigm Shift
Personalized Discovery
Across Devices
Multiple Criteria
Full Booking Services
Experience-based inventory

10. Personalized Discovery

11. Lounge with your partner, browse,
be inspired, and book!

12. “Flipboard” of travel - browse trip ideas
Drag & Drop to
the timeline

13. Plan all aspects of your trip:

14. Booking access on all devices!

15. > 40% margin to
be redistributed
Hotel Net DMC / Tour Online / Market
Rate Incoming Operator Offline Rate
Margin Margin Retail
Cut out the middlemen!

16. Disrupt and
grow!
200 Bil. $ Market
catering to user needs
superior interface design
3 year lead in technology
international growth initiated
in D, CH, A, UK, US

17. !900,000!!!!
!800,000!!!!
!700,000!!!!
!600,000!!!!
!500,000!!!!
10x in 3
months
!400,000!!!!
!300,000!!!!
!200,000!!!!
Offer!Volume!
!100,000!!!!
Booking!Volume!
Cash!Flow!
!"!!!!!!
CW!35!
CW!37!
CW!38!
CW!39!
CW!41!
CW!45!
CW!47!
CW!48!
CW49!
CW!51!
CW!1!
CW!2!
CW!3!
CW!4!
CW!5!
CW!6!
CW!7!
CW!8!
CW!9!
CW!11!
CW!36!
CW!40!
CW!42!
CW!43!
CW!44!
CW!46!
CW!50!
CW!52!
CW!10!
CW!12!
Value Proposition meets huge demand!

18. 30,000,000
27.6 Mil.
25,000,000
20,000,000
16.9 Mil.
Bookings (€)
15,000,000 Revenue (€)
Cash Flow (€)
10,000,000 Net Margin (€)
EBITDA (€)
5,000,000
2,019,320 2,371,915
0
2010/11 2011/12 (e) 2012/13 (p) 2013/14 (p)
-5,000,000
On a path to growth!

20. 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

21. Introduction to the NOAH Conference Overview of the NOAH Conference 2011
 The NOAH Conference is an annual Internet event taking place once a
Summary Overview Conference Program
year in London, focused on top management from Internet start-ups to
global media companies as well as senior investment professionals  NOAH ‘11 took place on 9-10 November 2011 at Old
 NOAH’s goal is to create a marketplace for the European Internet eco- Billingsgate in London
system to discuss key trends, generate business and facilitate  Fantastic line-up of 90 speakers from 20 countries in keynotes,
investment transactions presentations and panels over 2 full days
 Over the past 3 years numerous high-profile speakers presented at  1,150 attendees from 35 countries – 57% from Internet
NOAH, including over 100 CEOs companies, 26% from investors, 15% from corporates (media
 The NOAH Conference was founded in 2009 by Marco Rodzynek and is companies, advisors, PR and recruiting) and 2% press
organised by the NOAH Advisors team with sponsorship from some of representatives from leading on- and offline publications
the world’s leading financial investors  NOAH party with additional guests from London and a great
live band on the evening of the first day
NOAH ‘12 on 6-7 November – Save the Date  Extremely positive feedback from numerous attendees, on
twitter and in the press
 The conference will again take place at Old Billingsgate in London
 Registration will open in early 2012 Selected Conference Impressions
 For updates, please check: www.noah-conference.com
Event Sponsors Strategic Sponsors