1.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
The optical industry situation in Germany after 2003
Total amount of opticians
12.000
Independent opticians
10.000
Stores
2.000
Fielmann
• 580 stores
• Sells 50% of all glasses in Germany
Local opticians
• 1 pair of glasses per day
• Completely overpriced,
around 1000 euros per glasses
Online opticians
• Rapidly growing
• Hardly profitable

2.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
Step 2: The Hybrid Optician
Our sales system
Establishing a network of partner opticians
Frames are displayed in the partner opticians
stores, forming a shop in shop system
Internet marketing
Making appointments, bringing customers
directly into the partner opticians store
The partner opticians is responsible for the
sales and consultation with the use of our
sales software
The partner opticians receives 50%
commission for their services
50%
commission
Appointment
Internet
marketing
The brillen.de
network
brillen.de
shop
system
Partner optician
consultation
sales

3.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
Step 2: The Hybrid Opticians (advantages)
in comparison
to online retailers
Eye test, consultation and fitting on site
No returns
A substantially higher market volume
Lower priced advertising through higher
conversions
in comparison
to Fielmann
Lower and more attractive prices
Internet marketing is possible due to our
transparency of prices
Quick and cost-efficient distribution
Customer consultation done by the partner
optician
The high motivation of the independent
opticians

4.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
Step 1: The product
Logistic
Production
facilites
Final assembly
stage
Edging
of the lens
Frames
Lenses
Packaging
The lower price
50% cheaper than at Fielmanns
The production process
is controlled centrally
Our product
The progressive glasses
High growth potential
Mass product
The fast delivery
In less then a few days

5.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
The development of brillen.de
2013
The introduction of
the brillen.de system
The acquisition of
the first 20 partner
opticians
During 2013
75 partner opticians
Turnover of 1 Mio €
During 2013
The move to Berlin
and support of the
MBG Brandenburg
with the capital the
expand
2014
The expansion to 300
partner opticians
Turnover of 11 Mio €
Today
470 partner opticians
Turnover of
3,5 Mio € monthly
Profitability:
2014
Profitable with an estimated result of
400.00. €
2015
Plan to make 2 Mio. €

6.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
Prognosis 2016 in Germany
700 partner opticians The increase of the
frame collection
Profiting from the re-
orders of long-stan-
ding customers
High growth
potentional
New orders
Repurchases
The addition of
products

7.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
From a shop in shop system to a full store
The goal:
Shop in shop system to becoming full store
partner opticians
The concept
Low priced shop fitting concept
Finance partner
Full stores can be purchased for 20,000 €

8.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
In comparsion to brillen.de - WARBY PARKER
• 470 partner opticans stores and 12 showrooms in Germany
• 80 partner opticians stores in Spain
• 25 partner opticians stores in UK
• 15 partner opticians stores in Austria
• estimated revenue for Germany 2015 : 30 Mio €
• profitable since 2014
• privately financed from founders, family and friends
Brillen.de
• 13 stores and 6 showrooms across 14 cities in the U.S.
• estimated revenue 2015 : 115 Mio $
until now not profitable
• Company value series D 1,2 Billion $
• Total Funding 215,5 MIO $
i.g. Investors:
• General Catalyst Partners
• American Express
• Tiger Global Management
• Wellington Management
WARBY PARKER

9.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
Internationalisation: Proof of concept Spain
Since 2014
Spain
Testing purposes
80 partner opticians
Conclusion
Estimating the same progress
just like in Germany
The system can profitably
be applicable in various countries
Demand Advertising costs

10.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
Brillen.de Customer Journey
Browses for glasses
in-store (Brillen.de bran-
ded “store in store“)
Consultation & testing
Browses for glasses on-
line and makes initial
selection
Production
Selection & Purchase
Collection & Fitting
CUSTOMER
Goes to his local partner optician
Redirected to the local partner optician
Payment made via brillen.de
Glasses delivered to local
optician for fitting & pick up
Goes to www.brillen.de

11.
www.brillen.de
CREATING THE BRILLEN.DE HYBRID SYSTEM
Brillen.de Equity Story
• Management experience, qualifications
and track record
• Large total addressable market (TAM)
• Low online penetration
• Online services not just take share from offline,
but ctively grow TAM
• Fragmented optician population under pressure
from online players and large chains, in search of
a solution to support their business
• Combines best of “online” and “offline” worlds
• Attractive price point
• Wide product selection
• Partner opticians used as stores (showroo-
ming, consulting, pick up points)
• Unique combination of stellar growth and
profitability already achieved in 4 years
• Attractive gross margins highlight long
term profitability potential
• Efficient customer acquisition
• State of the art German technology production
facility
• Store network without associated costs
• Vertical integration supports cost efficiency
• Strong growth in Germany for years to come
• Massive international opportunity, with new
countries already performing
• Scalable business model at limited incremen-
tal cost
1
3
5
6
2
4
Strong Customer
Value Proposition
Large Growing Market
Driven by Online Tran-
sition
Multiple
Growth Avenues
StellarGrowthWhile
Attainingc.10%
EBITDA
StrongCustomer
ValueProposition
Efficient Vertically
Integrated “Hybrid
Optician”

12.
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 2014October 2014
May 2014 February 2013
May 2012 April 2011
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
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Selected Completed
NOAH Transactions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
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