Ecommerce, Marketplaces & Classifieds: Company presentation by Dimitrios Ploutarchos, Keatz at the NOAH Conference Berlin 2019, 13-14 June, STATION.

1. Building the World’s Leading
Cloud Kitchen Business

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3. © Keatz 2018 Page
Food delivery will be a $365bn market by 2030,
growing > 20% annually.
2
UBS Research, June 2018

4. © Keatz 2019 Page08•06•2019 3Market overview
The three waves of food delivery innovation
The last unsolved part in food delivery is the preparation of food itself
I. II. III.
Delivery enabled marketplacesAggregators Cloud kitchens

5. © Keatz 2018 Page
Brick-and-mortar restaurants fail to serve
the increasing appetite for delivery food
4

6. © Keatz 2018 Page08•06•2019
Our Mission: To be your neighbourhood’s best-
loved delivery restaurants
5
• Our brands are both sold on
DSPs (Deliveroo, UberEats,
etc.) and our own channels
• Delivery done by food-delivery
platforms or 3rd party providers
such as Stuart
• Kitchens house multiple brands
and are delivery only, no
pickup, no front-of-the-house
area

7. © Keatz 2019 Page08•06•2019
Our portfolio of distinctly positioned food brands,
designed for delivery.
6Brand portfolio
GreenGurus
Smart Bowls & Fresh Wraps
VeganStreets
Eat Good in the Hood
MoodyMonkey
Thai Food with a Twist
GringoBurritos
The Most Wanted Burrito
Tamaka Bowls & Bites
Fresh East-Asian Flavours
OnoOno Poké
Pacific Ocean Bowls

8. Being delivery-only allows us to
respond to new food trends quickly

9. © Keatz 2019 Page08•06•2019
We strive to become the technological leader in
on-demand food preparation
8
Preparing food at lower lead times, higher quality consistency and lower labour costs.
Average delivery times
Convenience is next to quality the most
important aspect for consumers. Low meal
prep times drive delivery speed.
Brick & Mortar
Dominos
Keatz 26 m
38 m
48 m
Q2-18 Q3-18 Q4-18 Q1-19
1,9
1,7
2,1
2,4
Q2-18 Q3-18 Q4-18 Q1-19
78 % 79 %
76 % 77 %
82 % 83 %
86 %
90 %
Orders per man-hour
Constant increase in productivity driven by
both hard & software innovation.
Average review scores
Constant increase in customer feedback.
Increasing the gap to the market
benchmark.

10. © Keatz 2019 Page08•06•2019
Food & Paper
Market. &
Distribution
EBITDA
Profitabel UEs, growing towards +20% EBITDA
9
• Food & Paper costs are decreasing with
increasing scale and further outsourcing of
production items
• Labor displays biggest margin potential today.
We target < 20% labour costs in the short-run.
Additional savings are possible through further
automation and robotics.
• Rent & overhead substantially lower compared
to brick & mortar restaurants
30% 30%
Kitchen profitability steady state
Revenue Labour Rent
20%
25%
5%
20%
30%
25%
10%
5%
Keatz
Fast-Casual (Delivery)
Margin advantages over traditional
delivery restaurants

11. © Keatz 2019 Page08•06•2019 10
We have built a product customers love
and a highly replicable model, which we
are now rolling out across the globe!
• Outstanding retention / customer reviews
compared to B&M restaurants
• Highly scalable model
• EUR 20m raised to date
• 10m revenue run-rate Q4/ 2019
• + 20% EBITDA Margin at scale
• Today: 54 Restaurants (9 kitchens, 6 brands)
• 2022: >1,000 Restaurants
• Active in Spain, Germany and Netherlands

12. © Keatz 2019 Page08•06•2019 11
Dimitrios Ploutarchos
Co-Founder - dimitri@keatz.com
Thank You!

13. 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 10th 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
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE®
The NOAH Advisors Core Banking Team
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Associate
Lukas Schlund
Analyst
December 2014 October 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
October 2016
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
December 2016
August 2017
Financial Advisor to Silver Lake
Financial Advisor to EMK Capital
Investment in
Acquisition of a Majority Stake in
by
by
at a valuation of $200m
November 2019 July 2019
September 2018
Financial Advisor to MagicLab
Financial Advisor to AU10TIX
and its shareholders
Financial Advisor to 10bis
and its shareholders
Acquisition of a 79% stake in $60m Investment in
Sale of 100% in
by
at a valuation of ~$3 billion
at a valuation of $260m by
for €135m to
10Bis