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NOAH - October 2019

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Digital is changing the fashion customer journey
The future of ‘Finding’ is still to be defined in fashion, and it is a $100Bn+ opportunity.
1. Discovery
“I love that style”
2. Finding
“I’m looking for something to buy”
3. Buying
“I will buy it”
?
Brands
PAST FUTURE
2
Magazines
e.g. Vogue
Social Media
Malls
e.g. Simon Group
Retailers
e.g. Barneys
e.g. Instagram
e.g. Fendi

4.
3
Create the leading platform
the world’s fashion shoppers
use to find what to buy.
Our mission:

5.
2000
10%
1%
25%
2025
Leaders
defined
here
20192010
Leaders have won, hard
to disintermediate
4
Penetration of
online fashion
The race is on to be the way shoppers ‘find’ fashion online
Winners will be the multi-brand platforms, and they will be crowned in the next five years
Offline models move online Native Digital Platforms emerge Leaders are defined and set

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5
Hotels
Fragmented Merchants Consumer Platform
Music
TV
Fashion
This will play out in fashion
Platforms with comprehensive selections win verticals
Category leaders give consumers the best way to ‘find’ and ‘discover’.

7.
US Inventory
1M
2M
3M
4M
5M
Net-A-Porter Revolve Saks Fifth Avenue Ssense Neiman Marcus Nordstrom Farfetch Lyst
4.00
0.240.120.060.030.030.030.02
Inventory continues to grow increasing our ability to help customers find what they are looking for.
Lyst has the largest fashion inventory
1. Customer proposition: Most comprehensive selection
6

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Brands Curators
Department Stores
& Marketplaces:
Gucci
Saint Laurent
Balenciaga
Maison Margiela
Prada
Burberry
Alexander McQueen
Lanvin
Kenzo
J.W. Anderson
Dolce & Gabbana
Lanvin
Fendi
+ hundreds more
24S
Net-a-Porter
Matches Fashion
Mr. Porter
Browns
My Theresa
Goop
Revolve
Flannels
END Clothing
Ssense
Tessabit
Luisa via Roma
+ hundreds more
Neiman Marcus
Farfetch
Nordstrom
Saks Fifth Avenue
Bergdorf Goodman
Lane Crawford
Selfridges&Co
Harvey Nichols
Harrods
Yoox
Shopbop
Lord & Taylor
El Corte Ingles
+ dozens more
We partner
with the
world’s leading
brands & retailers
including:
7

9.
Luxury Brand A is one of the top global
fashion houses today, with revenues
over $1Bn+.
Lyst is their top digital partner in UK and
France.
In the UK alone Lyst generates 50% of their
brand’s ecommerce revenues.
15%
35% 50%
Lyst Other Direct
% Share of UK e-commerce
Case study: Luxury Brand A
depends on Lyst to
power its ecommerce
8Note: Figures based on public reporting and publicly available traffic sources

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Fashion Retailer B is one of the largest
global fashion ecommerce pure-plays,
with a market cap of over $1Bn+.
Lyst drives 18% of Fashion Retailer B’s
online revenue in the UK, and 15% of
their revenue in the USA.
Case study: Fashion Retailer B
depends on Lyst for revenue
9Note: Figures based on public reporting on FY2018 and traffic sources
0%
5%
10%
15%
20%
UK USA
Traffic from Lyst Revenue from Lyst

11.
Customers can rely on Lyst
to show them every price
for an item, directly from
each brand or retailer.
We show every price but never alter prices
2. Customer proposition: Right price
$690
$685
$695
Neiman Marcus
Farfetch
Net-a-porter
Pigalle 100 Black Pumps
$685-695
10

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Lyst tailors the experience to the customer
3. Customer proposition: Fully personalised
Each user shares their fashion
preferences when they first use the
App, allowing Lyst to customise the
experience uniquely to them.
Powered by machine learning
Every interaction and user
behaviour optimises the app
further for each user.
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We offer the best tools to find fashion
4. Customer proposition:Most powerful search
Lyst search is powered by proprietary technology that delivers the most
relevant search result and analyses patterns to inspire new searches
Proprietary
algorithms
Bidding
systems
Predictive
models
Personalisation
& user research
+ + +
With data from 80M+ shoppers and 8M items
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Over 80m+ customers used Lyst last year
Luxury Shopper
13
52%
10%
38%
$90 AOV
Aspirational Shopper
$270 AOV
Contemporary
Shopper
$450 AOV
Our customers are fashion lovers: 56% look at fashion online daily

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14
Last year we
launched 10 new
international
sites…
RussiaSwitzerland Austria Japan
France Germany Spain Italy Belgium
Netherlands

16.
Global coverage of orders (last 6 months)
Regional Split
North America 44%
Europe 46%
Asia Pacific 7%
Middle East 2%
Africa & Latin America 1%
Countries with orders
Countries with no orders
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17.
80%
of app users have
recommended Lyst to
a friend
The “Very Disappointed” score is a product market fit metric developed by
Sean Ellis former Growth lead for Dropbox & Eventbrite
0% 10% 20% 30% 40% 50% 60%
55%
51%
48%
23%
How would you feel if you could no longer use …?
Customers *really* love Lyst
% who would be very disappointed:
16

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Top-of-class engagement among app VICs
App sessions per month25x
VICs are highly engaged - using the App 25x a month - ie almost daily.
VICs (Very Important Customers) generate 50% of app revenue, and
purchase almost monthly through Lyst.
50% Share of app revenues (2019)
AOV$550
VICs are luxury shoppers - 95% of their spend on Lyst is luxury.
Most-purchased brands
on Lyst by VICs
– Gucci
– Off White
– Saint Laurent
– Prada
– Balenciaga
– Valentino
– Givenchy
– Dolce & Gabbana
– Fendi
– Maison Margiela
Purchases at full price70%
VICs care about new season, only 30% of purchases made on sale.
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Lyst app is growing triple digit organically
Growth driven by product improvements and word of mouth, not paid marketing.
YOY Growth - App Revenues
100%
200%
300%
2018-Q
3
2018-Q
4
2019-Q
1
2019-Q
2
235%
114%
89%
47%
18

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Our core business is profitable
with leading unit economics
Our business model see us take a
CPA% of each successful purchase.
Our strong customer value prop, and
the largest fashion inventory online,
drives best-in-class acquisition costs
and immediately profitable unit
economics.
Blended Customer
Acquisition Cost
$0
$5
$10
2019 YTD
$10
One Month Customer
Acquisition Cost Recovery
0%
110%
220%
July 2019
203%

21.
20
Financing
Current investors include:
LVMH, Accel, Balderton,
Draper Esprit and 14W
To date raised:
$80M

22.
Thank you.
chris@lyst.com
Chris Morton
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23.
Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 10th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
30 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE®
The NOAH Advisors Core Banking Team
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Associate
Lukas Schlund
Analyst
December 2014 October 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
October 2016
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
December 2016
August 2017
Financial Advisor to Silver Lake
Financial Advisor to EMK Capital
Investment in
Acquisition of a Majority Stake in
by
by
at a valuation of $200m
November 2019 July 2019
September 2018
Financial Advisor to MagicLab
Financial Advisor to AU10TIX
and its shareholders
Financial Advisor to 10bis
and its shareholders
Acquisition of a 79% stake in $60m Investment in
Sale of 100% in
by
at a valuation of ~$3 billion
at a valuation of $260m by
for €135m to
10Bis