NOAH Berlin June 2017

GET YOUR TICKET TODAY!www.noah-conference.com

6-7Old Billingsgate, London Tempodrom, Berlin

JUN20182-3 NOV2017

SAVE THE DATE

Today customers have more sources of purchase inspiration than ever before

Magazines, Movies, TV, Instagram, Snapchat, Facebook… etc.

2

Once they know what they want, how can they get it?

3

Supply is fragmented, TAM over $250bn

Source: Bain and Company (Luxury Goods Worldwide Market Study 2016), Euromonitor, Barclays (European General Retail and E-Commerce: Fashion e-commerce)

Share of the Global Personal Luxury

Goods market, 2016

29%

23%23%

11%

8%

6%

Airport Online Off-price storesBoutiques Department stores Monobrand stores

Western Europe - Share of the online Apparel &

Footwear market, 2015

2%3%3%4%

5%

6%

6%

7%

64%

Others Amazon Otto Group ZalandoeBay Next Shop Direct Vente PriveeAsos

4

Lyst helps people find and buy more of the fashion they love.

5

E25-45Years Old

$500 - $1000Monthly Spend On Fashion

50% of timeShopping On Her Phone or Tablet

Our Shopper

She lives in the city: NY, LA or London and loves

fashion but doesn’t have much time to shop.

She shops online during the week and

in-store on the weekend.

6 6

We aggregate and structure 4 million products

from the world’s top fashion brands & stores.

7

Shop the Widest Inventory in Fashion

+10,000 Brands

Including…

8

Best Search in Fashion

Lyst also learns more about the user every time it is used

9

10

Rich Product Pages We’re the only site that shows you everywhere you can get the fashion you love.

We make sure you find the right item in the right size, and you don’t overpay.

Unique Value Proposition

Inspire Fashion Search Compare Order/ service

11

Net-A-Porter

Amazon

Google

Pinterest

Leading the Vertical with Search

We’ve seen this before.

Fragmented Merchants Consumer Platform

Hotels

Restaurants

Airlines

Property

Fashion brands & stores

This is why the founder of indeed.com is one of our investors.12

These billion dollar companies give you the easiest way to

search the vertical they own.

13

Lyst is doing this for Fashion, becoming the leading fashion

search platform globally.

14

2016 Facts & Figures

$215 million2016 GMV with 60% from US

4 millionFashion Products. We NEVER take inventory

65 million2016 Annual Shoppers

$250Average Order Value. Mostly luxury fashion.

+10,000Department stores, boutiques and

fashion brands including:

Saint Laurent Burberry Gucci Saks Lane Crawford Alexander McQueen Neiman Marcus Bloomingdales Matches Fashion Net-a-Porter

15

60% of GMV comes from repeat visitors that month.

(and 28% of shoppers return the following week)

16

Top 10 Customers in 2016:

On average each placed 69 orders/ year

On average $1,400 / order

Totalling $1m in GMV

17

Rapidly Reaching Scale and Profitability

Gross Merchandise Value ($m) EBITDA Margin (%)

80

160

240

320

2012 2013 2014 2015 2016 2017e

18

-300%

-250%

-200%

-150%

-100%

-50%

0%

50%

FY 2015 FY 2016

+105% CAGR ’13-16

22,500

45,000

67,500

90,000

50%

100%

150%

200%

250%

300%

350%

400%

1 month Customer Acquisition Cost Recovery Cohort size

2015 2016

19

Extremely Attractive Unit Economics

Our CAC there is $6

20

Most of our customer acquisition comes from the USA, which is the most competitive market globally.

Global Footprint Last 12 Months (%GMV)

North America61%

Latin America

<1%

Africa<1%

Europe27%

Asia11%

21

Financing To Date

Seed Round

$1.5 M

From Accel, 14W,

Venrex & various angels.

January 2011

Series A

$5 M

From Accel, 14W,

DFJ Esprit & others.

June 2012

Series B

$14 M

From Accel, Balderton,

DFJ Esprit, 14W & others.

December 2013

22

Series C

$40 M

From Accel, LVMH*,

Steadfast, 14W & others.

April 2015

*LVMH investment made through controlling shareholder Groupe Arnault.

Thank you.

Chris Morton

chris@lyst.com

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 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

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

December 2014

September 2014

October 2014

May 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

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

Unique Industry Know-How

Unmatched Network and Relationships

Strong Investment Banking Competence

Full Commitment - We Are Entrepreneurs!

EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE

September 2016

October 2016December 2016

May 2016

Investment in

by

Financial Advisor to Oakley Capital Exclusive Financial Advisor to 10Bis and its Shareholders

®

Marco RodzynekManaging Director & Founder

marco.rodzynek@noah-advisors.com

Jan BrandesManaging Director

jan.brandes@noah-advisors.com

Justus LumpeManaging Director

justus.lumpe@noah-advisors.com

The NOAH Advisors Core Banking Team

Nikhil ParmarDirector

nikhil.parmar@noah-advisors.com

10Bis

Acquisition of a Majority Stake in

by

from

at a valuation of €300m

Investment in

Exclusive Financial Advisor to KäuferPortal and its Shareholders

by

84% Ownership

Financial Advisor to Silver Lake

Investment in

by