Paul Tustain is the founder and CEO of BullionVault, which provides online access for retail investors to buy and sell gold and silver bullion. Headquartered in London, BullionVault also has offices in Zurich and New York. Major investors include the founder (43%), business angels (20%), the World Gold Council (11%), and Rothschilds (11%). BullionVault has over 40,000 customers from around the world, with average holdings of $50,000 each in stored gold and silver bullion.

1. • Presenter : Paul Tustain , Founder & CEO
• Business : BullionVault provides internet
based retail access to the professional
bullion market’s gold and silver
• HQ : London ... also in Zurich & New York
• Major investors
o Founder (43%)
o Business Angels (20%)
o World Gold Council (11%)
o Rothschilds [via RIT] (11%)
o Staff (10%)
World’s #1 online bullion provider

3. Product
London
Zurich
New York
World’s #1 online bullion provider

4. Key Facts
• Launched 2005 • Average Customer pays
• Operates in 7 languages annually $190 commission +
$75 custody
• 38 staff
• Geo : 50% UK, 25% Eurozone,
• 40,000 customers
23% United States, 2% RoW
• Average $50,000 each
• 2008 - LBMA member
• Storing more gold than
• 2009 - Queen’s Award for
Canada’s central bank
Enterprise Innovation
• Adding 30 new clients per day,
• 2010 - World Gold Council
rising to 75 on busy days
endorsement
• 150 deposits a day
• 2011 - FastTrack 100
rising to 500 on busy days
• 2012 - TopTrack 250
• Customer half-life : 6 years
World’s #1 online bullion provider

5. Main Financial KPIs
Summary results 2007 - 2011
$USm 2007 2008 2009 2010 2011
Principal Sales 64 414 431 473 870
Agency Sales (c2c) n/a 78 389 593 1,590
Pre-tax profit 0.0 1.9 2.6 5.3 9.0
Revenue sources – 2012 (to date)
Trading Custody
Commission Turns Bullion Cash (interest)
44.9% 14.2% 34.9% 6.0%
World’s #1 online bullion provider

6. Financial Factfile
• Plan : pay running costs from custody revenues (reliable)
 & make profits with trading revenues (volatile)
• Profitable every month since Jan 2006
• Balance sheet strength : $32m net assets (100% cash and gold)
• Annual operating cost $7.6m
• £1 ord share has current net asset value of £57, of which
 £33 generated as P&L
 £23 share premium
o Paying dividends for 3 years
World’s #1 online bullion provider

7. Competition
• There are 2 significant worldwide online investment gold
businesses. BullionVault became largest in March 2012
ETF Comparison GLD IAU BullionVault
Tonnes of gold 1,231 163 30
Expense ratio 0.40% 0.25% 0.12%
Own market infrastructure No No Yes
Private delivery No No Yes
Trading Market hours Market hours 24/7
New York, New York,
Toronto, London London, Zurich
(Manager's (Customer's
Storage locations London choice) choice)
World’s #1 online bullion provider

8. Interest/Contact
• Modest selling interest from business angels – up to 20%
• No board seats
• External investors well represented on Board by both the
World Gold Council and Rothschild IT
• Contact
• e paul.tustain@BullionVault.com
• t +44 7834 451726
World’s #1 online bullion provider

9. 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

10. 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