NOAH Top Picks - Presentation by Michael Gross, Vice Chairman of WeWork at the Axel Springer NOAH Conference Berlin 2016, Tempodrom on the 9th of June 2016.

1. INTRODUCTION

2. 10 - 11 November 22 - 23 June
Save The Date
www.noah-conference.com

3. WEWORK OVERVIEW
• Founded in 2010 in NYC by Adam Neumann & Miguel McKelvey
• 1,400+ employees | 75+ locations | 17 major markets
• 50,000+ WeWork members + 5,000 Commons members
• Full occupancy at stable locations
• Backed by leading institutional and private equity investors
• 60+ committed landlord partners
KEY FACTS
METROPOOL | AMSTERDAM
ALDGATE TOWER | LONDON
DUBNOV | ISRAEL
FULTON CENTER | NYC
ESTABLISHED IN KEY MARKETS
CURRENTLY OPEN
OPENING IN Q2 2016
OPENING IN Q3 & Q4 2016
Seattle
Portland
San Francisco
Los Angeles
Denver
Mexico City
Shanghai
Philadelphia
Chicago
Atlanta
Boston
New York City
Washington D.C.
Hong Kong
Seoul
Sydney
Atlanta
Miami
Montreal
London
Tel Aviv
Amsterdam
Melbourne
Toronto
Berlin
5,000
10
2010
850
1,900 3,900
5,300
16,100
41,500
2012 20142011 2013 2015
20
30
40
50
60
10,000
15,000
20,000
35,000
25,000
40,000
30,000
45,000
GROWING RAPIDLY
WeWorkMembers
Locations

4. WeWork EMEA
4 Cities / 18 locations (July 1)
12,500 members (July 1)
London 10 sites; AmDam 2; Israel 4;
Berlin 1 (1 more in this year)
Paris announced H2 2016, opening in 2017
Largest WeWork site:
Moorgate, London
(182k usable Sq Ft; 3,000+ members)
EUROPEAN LOCATIONS
CURRENT LOCATIONS
TARGET MARKETS

5. THE WORKFORCE IS CHANGING
The growing independent workforce is creating an unprecedented demand for
flexible, community-based workspace.
(1) Millennials defined as all people aged 15 – 34
Source: U.S. Census Bureau International Data Base; Intuit 2020 Report, Twenty Trends that Will Shape the Next Decade
UNITED STATES GLOBAL (EXCLUDING US)
18M Independent Workforce
2015
31M Independent Workforce Estimated 240M (20%) Independent Workforce
2020

6. ENTERPRISES ALREADY USING US
Corporations around the world are immersing themselves in the WeWork
community to expand their global footprint, connect with today’s workforce,
and innovate the ways in which they do business.

8. 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 8th year
Over 40 years of combined relevant M&A
experience
Routine execution of M&A and financing
transactions with sizes of several billion
euros
22 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
September 2015
December 2014
September 2014
October 2014
May 2014
February 2013 May 2012
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
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
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Growth equity investment from
for a 30% stake alongside Softonic’s Founders
and Angel Investors at a valuation of €275m
Exclusive Financial Advisor to
Softonic and its shareholders
150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing
Total $300 million investment
Financial Advisor to Fotolia and its Shareholders
Selected Completed
NOAH Transactions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE
May 2016
Investment in
by
Exclusive Financial Advisor to
10Bis and its Shareholders
®