Travel - Presentation by Malte Siewert, Managing Director of Trivago at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com

1. Malte Siewert // Managing Director
San Francisco // June 26th 2012

2. Short overview of trivago
Company
• Founded in April 2005
• Over 130 employees from over 25 countries
Homepage
• 27 country sites
• > 125m clicks in 2011
• > 540.000 Hotels & 140.000 attractions
• > 28m Hotel evaluations
• Success
• Over 50m € revenue 2011
• Awards: Red Herring Gewinner, travolution
Award, fvw test winner, Guardian winner…
Private and business customers use trivago to find the most favourable
i (cheapest & best) offer in the heterogeneous online hotel business
2

3. trivago consolidates the quotes of all major hotel websites
500.000 Hotels worldwide
in own database
Complete integration
Of over 100 booking websites,
for example:
u.v.m.

4. …compares all prices…
Quotebenchmark on citylevel Quotebenchmark on hotellevel
● Sorting via popularity, rating, price and distance ● Direct benchmark of all available quotes
● Filtering via price and category ● Saving potential at first glance
● Displaying of Hotels on maps ● Criteria: Price, Breakfast, Terms&Conditions,
Availability
i trivago allows for an overall average saving of 32%

5. …benchmarks all ratings…
Highest information
value for one hotel
trivago shows in
addition to own rating
also external
partnerratings
trivago integrates the ratings of different websites in one single rating and
i links the source pages

6. …and forwards the customer afterwards to its partners
1 2 3
Choose the best Get forwarded to Book your Hotel
Hotel Partner page room
trivago forwards consumers to the best partner page - Consumers cannot
i book their hotel rooms directly via trivago
page 6

7. Trivago makes money by provision payments
1 2 3
Choose the best Get forwarded to Book your Hotel
Hotel Partner page room
In the unlikely event that consumers are forwarded to a partner page and do
i not book their hotel room, trivago still earns its provision payment
page 7

8. Who are trivago’s biggest competitors
Business model: Business model:
• Lead generation • Lead generation & ads
• Ad based • Own booking engine
• Price comparison, meta search • Price comparison, metasearch
Scope: Scope:
• Hotels, flights, rental properties • Hotels, flights, rental cars, vacation packages
• 555k hotels
Business model: Business model:
• Lead generation (ad-free) • Lead generation
• Price comparison • Price comparison
Scope: Scope:
• Hotels • Experiment stage, so far:
• 40-50 booking sites • Few partner booking sites & 1st direct connects
8

9. The US market shows great opportunities
Hotel market development
US Hotel KPI‘s 2009 to 2013
 Revenue Per Available Room Night $120 62%
(RevPar) – 4.53% CAGR 2009 to $100 60%
$80 58%
2013 $60
$40 56%
 Average Daily Rate (ADR) – 2.45% 54%
$20
CAGR to 2013 $- 52%
 Average Occupacy – 1.81% CAGR
to 2013
 Hotel Booking Volume – 1.6% RevPar ADR Occupancy %
CAGR average over 20 years
Improving industry Hotel booking volume
$110
fundamentals expected
Billions
through 2016, resulting in $105
long term growth $100
opportunities
$95
Booking Volume
9

10. The market entry to the US is done in 3 steps
Three tiered approach to market entry
1. Online Organic
1. Immeidate traffic
Develop targeted online 2. Offline Organic generation with high
organic marketing efforts
through SEM, SEO, Social flexibility
Media – create basis for Develop offline advertising
branded customer
3. Strategic Acquisition 2. Provide improved
efforts through multi-
development channel offline advertising data for US based
- Highly targeted – grow trivago.com brand Upon development of traffic
(customer specific) awareness userbase growth, acquire
- Geographically targeted either technological 3. Grow branded traffic
- Low cost and
commitment - Higher cost commitment
capacity (mobile app), through regional TV
marketing strength (travel ads
- Transparent results - Less tranparent results media outlet), or direct
- SEM higher conversion (transparency is improved traffic/revenue/partners 4. Strategic acquisition
rate (15%) through basline numbers (metasearch competitor)
revealed in phase 2) - Significant financial
- Lower conversion rate commitment
(5%) - Highest uncertainty
- Fastest growth
opportunity
10

11. 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

12. 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