Rocket Internet SE Last Financing Round Valuations as at September 15th, 2016

Please refer to the "Important notes" tab for further important information.
Last financing round valuations are based on the respective latest third-party financing rounds, secondary transactions or, with respect to some of the stakes in the category New Businesses & Investments, the values assigned to them in
connection with their contribution to Rocket Internet SE. The valuations presented below are calculated on the basis of financing commitments, irrespective of whether the commitments have already been fully paid in. The valuations
include the investments of the latest financing rounds on the assumption that all commitments have been fulfilled entirely, i.e., they represent post-money valuations. Last financing round valuations are unaudited numbers that are
independent of the accounting treatment of our network of companies under German GAAP or IFRS.
Unless otherwise specified, the last financing round valuations are calculated including the investments committed or made in such financing round (i.e., post-money). In a post-money calculation, the last financing round valuation is
calculated based on the investment amount divided by the stake acquired or the price agreed per share multiplied by the total number of shares following the relevant financing round.
The valuations shown were often based on limited operational and historical information about the relevant entity, and reflect the specific circumstances under which the relevant investment in the company was made, including the
specific terms of the investments, such as liquidation preferences, and the insights, assumptions and expectations of the relevant investors at that point in time. Some of these valuations are no longer recent. Furthermore, circumstances
under which the valuations were made may have changed, including as a result of changes in foreign exchange rates, and some of the companies in the Rocket Internet network may not have performed in accordance with the expectations
of investors at the time of the relevant financing round and may fail to do so in the future. In addition, certain of our financing rounds may not represent the fair value of the companies in the Rocket Internet network as they were
completed with affiliates, or with investors that had already invested in Rocket Internet SE or the companies in the Rocket Internet network, at less than arms length. The last financing round valuations we have disclosed may therefore
exceed the price that third parties would be willing to pay for the relevant investment in a future financing round, a potential exit or a potential initial public offering, even one that occurred shortly after the date of the relevant last
financing round.
Cash balances shown reflect mostly the holding structures, i.e. do not include all cash that sits in the local operating entities. Signed investment commitments are considered as cash.
Latest financing round column indicates last closing of last financing round comprising investments made at the current price per share.
Sums are based on non-rounded figures.

(EUR billion)

Notes

Current stake
of Rocket
Internet SE (%) 1

Last Financing
Round Valuation

Stake-weighted
last financing
round valuation

Date of last Third-party Investor

financing round
Paricipation

Link to
Cash
Press Release Balance

Food & Groceries

Hellofresh
Delivery Hero

foodpanda

55.6%

2.63

1.46

April-16

Yes

n.a.

37.3%

2.89

1.08

December-15

Yes

n.a.

49.1%

0.57

0.28

November-15

Yes

n.a.

July-16

Yes

n.a.

n.a.

n.a.

n.a.

Food & Groceries sub-total

Fashion
Global Fashion Group

2.82

20.4%

1.03

Fashion sub-total
General Merchandise
Jumia

28.4%

n.a.

n.a.
n.a.

Westwing
5

31.8%

0.48

0.15

March-15

Yes

42.9%

0.42

0.18

September-16

Yes

April-16

Yes

Home & Living sub-total

Travel

http://rocketinternet.pr.co/135582-home24-raises-eur-20-million-in-a-funding-round

0.33

Traveloka
Travel sub-total
Regional Internet Groups

http://rocketinternet.pr.co/132730-global-fashion-group-raises-eur-330-million-in-funding-round

0.21

General Merchandise sub-total

Home & Living

Home24

0.21

39.3%

0.28

0.11

n.a.

0.11
6

Africa Internet Group

28.4%

1.24

0.35

April-16

Yes

Asia Pacific Internet Group

50.0%

0.36

0.18

April-14

Yes

http://www.asiapacificinternetgroup.com/about-us

Middle East Internet Group

50.0%

0.16

0.08

March-15

Yes

http://www.meig.com/about-us

Regional Internet Groups sub-total

New Businesses and Investments
New Businesses and Investments sub-total
Memo: Rocket Internet SE net cash balance
Selected Portfolio Companies cash balance
Regional Internet Groups cash balance

0.61
6,9
10
11
12

1.04
1.3
0.6
0.5

Notes:
1 Direct and indirect stake as of September 15th, 2016. Ownership stakes are shown on a non-fully diluted basis (unless stated otherwise).
2 The stake in, and valuation of, Delivery Hero is shown on a fully diluted basis. Cash reflects status as of June 2016.
3 Shows direct and indirect stake of Rocket Internet SE in Global Fashion Group (beneficial interest including RICP). Before completion of last management roll-over steps agreed in the context of creation of Global Fashion Group, Rocket
Internets direct and indirect stake after the transaction is 20.6% (beneficial interest including RICP).
4 In August 2016, Africa eCommerce Holding GmbH, the holding company of Jumia, was merged into Africa Internet Holding GmbH. In June 2016, all business models in Africa were renamed around the Jumia brand. Rocket's LPV in Jumia
is now reflected in Rocket's LPV Africa Internet Group
5 Rocket Internets direct and indirect stake in Home24 (beneficial interest including RICP).
6 The Rocket valuation of Latin America Internet Group is computed as sum-of-the-parts and belongs to the sector New Businesses and Investments; it includes the Rocket LPV of the companies Easy Taxi, Carmudi, Lamudi and Clickbus,
in which Rocket Internet does not hold a direct stake.
7 Africa Internet Group is held through AEH New Africa eCommerce I GmbH, RICP and directly (21.7%). AEH New Africa eCommerce II GmbH is the sole shareholder of AEH New Africa eCommerce I GmbH. Rocket Internet SE holds a direct
stake of 71.2% in AEH New Africa eCommerce II GmbH. AEH New Africa eCommerce I GmbH in turn holds 8.9% in Africa Internet Group. In August 2016, Africa eCommerce Holding GmbH, the holding company of Jumia, was merged into
Africa Internet Holding GmbH.
8 Companies Easy Taxi, Carmudi, Lamudi, Daraz and Wadi in which Rocket does not hold a direct stake, but only an indirect one through the Regional Internet Groups have additional cash balances of EUR 0.1 billion.
9 Rockets valuation of remaining stakes in Lazada (EUR 154m) and Linio (EUR 7m) is shown under New Businesses & Investments.
10 Status as at end of August 2016. Net cash represents (i) gross cash minus (ii) convertible bond outstanding and (iii) commitments plus (iv) loans outstanding after impairment and write-down.
11 Status as at end of August 2016. Selected Portfolio Companies include: Hellofresh, Delivery Hero, foodpanda, Global Fashion Group, Westwing and Home24.
12 Status as at end of August 2016.

LPV Report

Status as at
September 15th, 2016

Rocket Internet SE

Rocket Internet SE Last Financing Round Valuations as at April 30th, 2016

Please refer to the "Important Notes" tab for further important information.
Last financing round valuations are based on the respective latest third-party financing rounds, secondary transactions or, with respect to some of the stakes in the category New Businesses & Investments, the values assigned to them in
connection with their contribution to Rocket Internet SE. The valuations presented below are calculated on the basis of financing commitments, irrespective of whether the commitments have already been fully paid in. The valuations
include the investments of the latest financing rounds on the assumption that all commitments have been fulfilled entirely, i.e., they represent post-money valuations. Last financing round valuations are unaudited numbers that are
independent of the accounting treatment of our network of companies under German GAAP or IFRS.
Unless otherwise specified, the last financing round valuations are calculated including the investments committed or made in such financing round (i.e., post-money). In a post-money calculation, the last financing round valuation is
calculated based on the investment amount divided by the stake acquired or the price agreed per share multiplied by the total number of shares following the relevant financing round.
The valuations shown were often based on limited operational and historical information about the relevant entity, and reflect the specific circumstances under which the relevant investment in the company was made, including the
specific terms of the investments, such as liquidation preferences, and the insights, assumptions and expectations of the relevant investors at that point in time. Some of these valuations are no longer recent. Furthermore, circumstances
under which the valuations were made may have changed, including as a result of changes in foreign exchange rates, and some of the companies in the Rocket Internet network may not have performed in accordance with the expectations
of investors at the time of the relevant financing round and may fail to do so in the future. In addition, certain of our financing rounds may not represent the fair value of the companies in the Rocket Internet network as they were
completed with affiliates, or with investors that had already invested in Rocket Internet SE or the companies in the Rocket Internet network, at less than arms length. The last financing round valuations we have disclosed may therefore
exceed the price that third parties would be willing to pay for the relevant investment in a future financing round, a potential exit or a potential initial public offering, even one that occurred shortly after the date of the relevant last
financing round.
Cash balances shown reflect mostly the holding structures, i.e. do not include all cash that sits in the local operating entities. Signed investment commitments are considered as cash.
Latest financing round column indicates last closing of last financing round comprising investments made at the current price per share.
Sums are based on non-rounded figures.

(EUR billion)

Notes

Current stake
of Rocket
Internet SE (%) 1

Last Financing
Round Valuation

Stake-weighted
last financing
round valuation

Date of last Third-party Investor

financing round
Paricipation

Link to
Cash
Press Release Balance

Food & Groceries

Hellofresh
Delivery Hero

foodpanda

56.0%

2.63

1.47

April-16

Yes

n.a.

37.3%

2.89

1.08

December-15

Yes

n.a.

49.1%

0.57

0.28

November-15

Yes

n.a.

Expected Completion:
Q2 16

Yes

http://rocketinternet.pr.co/127283-global-fashion-group-raises-eur-300-million-in-funding-round

Food & Groceries sub-total

Fashion
Global Fashion Group

2.83

3,4

18.2%

1.00

0.18

Fashion sub-total
General Merchandise

0.18

Lazada

8.8%

1.75

0.15

April-16

Yes

http://rocketinternet.pr.co/126166-rocket-internet-sells-9-1-stake-in-lazada-for-usd-137-million

Jumia

16.7%

0.44

0.07

November-14

Yes

http://rocketinternet.pr.co/90959-africa-ecommerce-holding-gmbh-financing-round-of-eur-120-

Linio

21.9%

0.37

0.08

December-15

General Merchandise sub-total

Home & Living

n.a.

0.31

Westwing

31.8%

0.48

0.15

March-15

Yes

n.a.

Home24

44.6%

0.98

0.44

March-16

Yes

http://www.home24.de/presse/

35.7%

0.01

0.00

December-13

n.a.

25.2%

0.16

0.04

April-15

http://travelbird.de/presse/2015/05/06/travelbirdsichert-weitere-165-millionen-euro/

Home & Living sub-total

Travel
Traveloka

0.59

Travelbird
Travel sub-total
Regional Internet Groups

0.04
9

Africa Internet Group

10

25.8%

1.06

0.27

April-16

Yes

n.a.

Asia Pacific Internet Group

11

50.0%

0.36

0.18

April-14

Yes

http://www.asiapacificinternetgroup.com/about-us

Middle East Internet Group

11

50.0%

0.16

0.08

March-15

Yes

http://www.meig.com/about-us

Regional Internet Groups sub-total

New Businesses and Investments
New Businesses and Investments sub-total
Memo: Rocket Internet SE net cash balance
Selected Portfolio Companies cash balance
Regional Internet Groups cash balance

0.53
9
12
13
14

0.85
1.3
0.9
0.5

Notes:
1 Direct and indirect stake as of end of April 2016. Ownership stakes are shown on a non-fully diluted basis (unless stated otherwise).
2 Ownership and valuation shown on a fully diluted basis. Cash reflects status as of March 2016.
3 Financing round still in progress and final agreements not yet signed. Assumes full pro rata take up by all existing investors. Figures are preliminary and subject to change upon transaction completion. Funding round is an internal
funding round and does not involve a third party. The latest independent 3rd party validated valuation was based on the roll up into GFG holding company in December 2014.
4 Ownership and an independent valuation shown on a fully diluted basis. Anticipates completion of last roll-over step in creation of the Global Fashion Group.
5 Ownership and valuation shown on a fully diluted basis. The last financing round valuation is USD 2bn, converted to EUR using FX rate as at 30/04/2016: EUR/USD = 1.14.
6 Reflects only the stake in Jumia held indirectly through Jumia's holding company and not the 16.0% stake held through Africa Internet Group.
7 Reflects stake in Linio held directly through Rocket Internet SE and indirectly through Linio's holding company.
8 Included with the pre-Rocket Internet IPO contribution value.
9 The Rocket Internet SE Last Financing Round Valuatio of Latin America Internet Group is computed as sum-of-the-parts and belongs to the sector New Businesses and Investments; it includes the Rocket LPV of the companies Easy Taxi,
Carmudi, Lamudi and Clickbus, in which Rocket Internet does not hold a direct stake, as well as the value of Global Fashion Group held through Latin America Internet Group.
10 Includes Rocket Internet participation through Rocket Internet Capital Partners fund.
11 Companies Easy Taxi, Carmudi, Lamudi, Daraz and Wadi in which Rocket does not hold a direct stake, but only an indirect one through the Regional Internet Groups have additional cash balances of EUR 0.1 billion.
12 Status as of end of April 2016. Net cash represents (i) gross cash minus (ii) convertible bond outstanding and (iii) commitments plus (iv) loans outstanding after impairment and write-down.
13 Status as of end of April 2016. Selected Portfolio Companies include: Hellofresh, Delivery Hero, foodpanda, Global Fashion Group, Lazada, Linio, Westwing and Home24.
14 Status as of end of April 2016.

LPV Report

Status as at April 30th, 2016

Rocket Internet SE

Rocket Internet SE Last Financing Round Valuations as at March 31st, 2016

Please refer to the "Important notes" tab for further important information.
Last financing round valuations are based on the respective latest third-party financing rounds, secondary transactions or, with respect to some of the stakes in the category New Businesses & Investments, the values assigned to them in
connection with their contribution to Rocket Internet SE. The valuations presented below are calculated on the basis of financing commitments, irrespective of whether the commitments have already been fully paid in. The valuations
include the investments of the latest financing rounds on the assumption that all commitments have been fulfilled entirely, i.e., they represent post-money valuations. Last financing round valuations are unaudited numbers that are
independent of the accounting treatment of our network of companies under German GAAP or IFRS.
Unless otherwise specified, the last financing round valuations are calculated including the investments committed or made in such financing round (i.e., post-money). In a post-money calculation, the last financing round valuation is
calculated based on the investment amount divided by the stake acquired or the price agreed per share multiplied by the total number of shares following the relevant financing round.
The valuations shown were often based on limited operational and historical information about the relevant entity, and reflect the specific circumstances under which the relevant investment in the company was made, including the
specific terms of the investments, such as liquidation preferences, and the insights, assumptions and expectations of the relevant investors at that point in time. Some of these valuations are no longer recent. Furthermore, circumstances
under which the valuations were made may have changed, including as a result of changes in foreign exchange rates, and some of the companies in the Rocket Internet network may not have performed in accordance with the expectations
of investors at the time of the relevant financing round and may fail to do so in the future. In addition, certain of our financing rounds may not represent the fair value of the companies in the Rocket Internet network as they were
completed with affiliates, or with investors that had already invested in Rocket Internet SE or the companies in the Rocket Internet network, at less than arms length. The last financing round valuations we have disclosed may therefore
exceed the price that third parties would be willing to pay for the relevant investment in a future financing round, a potential exit or a potential initial public offering, even one that occurred shortly after the date of the relevant last
financing round.
Cash balances shown reflect mostly the holding structures, i.e. do not include all cash that sits in the local operating entities. Signed investment commitments are considered as cash.
Latest financing round column indicates last closing of last financing round comprising investments made at the current price per share.
Sums are based on non-rounded figures.

(EUR billion)

Notes

Current stake
of Rocket
Internet SE (%) 1

Last Financing
Round Valuation

Stake-weighted
last financing
round valuation

Date of last Third-party Investor

financing round
Paricipation

Link to
Cash
Press Release Balance

Food & Groceries

Hellofresh
Delivery Hero

foodpanda

56.4%

2.60

1.47

September-15

Yes

37.3%

2.89

1.08

December-15

Yes

49.1%

0.57

0.28

November-15

Yes

August-15

Yes

http://rocketinternet.pr.co/105266-rocket-internet-participates-in-financing-round-of-global-fas

Food & Groceries sub-total

Fashion
Global Fashion Group

http://rocketinternet.pr.co/111235-new-funding-round-values-hellofresh-at-eur-2-6-billion

2.83

22.5%

3.04

0.68

Fashion sub-total
General Merchandise

0.68

Lazada

22.8%

1.00

0.23

November-14

Yes

http://rocketinternet.pr.co/91318-lazada-group-secures-eur-200-million-of-funding-from-temase

Yes

http://rocketinternet.pr.co/90959-africa-ecommerce-holding-gmbh-financing-round-of-eur-120-

Jumia

16.7%

0.44

0.07

November-14

Linio

21.9%

0.37

0.08

December-15

General Merchandise sub-total

Home & Living

n.a.

0.38

Westwing

31.8%

0.48

0.15

March-15

Yes

n.a.

Home24

44.6%

0.98

0.44

March-16

Yes

http://www.home24.de/presse/

Home & Living sub-total

Travel
Traveloka

0.59

Travelbird
Travel sub-total
Regional Internet Groups

35.7%

0.01

0.00

December-13

n.a.

25.2%

0.16

0.04

April-15

http://travelbird.de/presse/2015/05/06/travelbirdsichert-weitere-165-millionen-euro/

0.04
7

Africa Internet Group

27.1%

1.01

0.27

March-16

Yes

Asia Pacific Internet Group

50.0%

0.36

0.18

April-14

Yes

http://www.asiapacificinternetgroup.com/about-us

Middle East Internet Group

50.0%

0.16

0.08

March-15

Yes

http://www.meig.com/about-us

Regional Internet Groups sub-total

New Businesses and Investments
New Businesses and Investments sub-total
Memo: Rocket Internet SE net cash balance
Selected Portfolio Companies cash balance
Regional Internet Groups cash balance

http://rocketinternet.pr.co/125723-africa-internet-group-and-orange-partner-to-drive-growth-in

0.53
0.91
10
11
12

1.3
0.5
0.5

Notes:
1 Direct and indirect stake as of end of March 2016. Ownership stakes are shown on a non-fully diluted basis (unless stated otherwise).
2 Ownership and valuation shown on a fully diluted basis. Cash reflects status as of December 2015.
3 Anticipates completion of last roll-over step in creation of the Global Fashion Group. Overall Rocket Internet's ownership is 24.8% if including the stake held through Latin America Internet Group.
4 Reflects only the stake in Jumia held indirectly through Jumia's holding company and not the 16.8% stake held through Africa Internet Group.
5 Reflects stake in Linio held directly through Rocket Internet SE and indirectly through Linio's holding company
6 Included with the pre-Rocket Internet IPO contribution value.
7 The Rocket Internet SE Last Financing Round Valuation of Latin America Internet Group is computed as sum-of-the-parts of Easy Taxi, Carmudi, Lamudi and Clickbus, in which Rocket Internet does not hold a direct stake, as well as the
value of Global Fashion Group held through Latin America Internet Group. Latin America Internet Group's value has been included in the category New Businesses and Investments.
8 Includes Rocket Internet participation in Rocket Internet Capital Partners fund
9 Companies Easy Taxi, Carmudi, Lamudi, Daraz and Wadi in which Rocket does not hold a direct stake, but only an indirect one through the Regional Internet Group have additional cash balances of EUR 0.1 billion.
10 Status as of end of March 2016. Net cash represents (i) gross cash minus (ii) convertible bond outstanding and (iii) commitments plus (iv) loans outstanding after impairment and write-down and (v) proceeds from the sale of La Nevera
Roja and Pizzabo.
11 Status as of end of March 2016. For the purpose of cash balance - Selected Portfolio Companies include: Hellofresh, Delivery Hero, foodpanda, Global Fashion Group, Lazada, Linio, Westwing and Home24.
12 Status as of end of March 2016.

LPV Report

Status as at March 31st, 2016

Rocket Internet SE

Important Notes
Last financing round valuations are subject to significant limitations and should not be read as an indication for the price that third
parties would be willing to pay in a future financing round, a potential exit or a potential initial public offering, even one that occurred
shortly after the date of the relevant last financing round.
Stake-weighted last financing round valuations are not indicative for the proceeds we may receive in the event of an exit from a
network company, such as a sale of a network company to a third party. In such an exit, we may receive no proceeds or only a share in
the proceeds that is significantly lower than the stake-weighted last financing round valuation. The market valuation of Rocket Internet
SE (i.e., the stock price of Rocket Internet SE) indicates that, at least currently, the valuation attributed to Rocket Internet SE is
significantly lower than the total valuations of the companies that make up the Rocket Internet network. The divergence between the
valuation of Rocket Internet SE and the valuation of the companies that make up the Rocket Internet network may continue in the
future and even become more pronounced.

In most of our companies other shareholders or other stakeholders have or will have the right to request shares to be issued to them at
a value lower than fair market value or even at nominal value. Instances in which shareholders may get further shares could be in
addition to financing rounds at a lower valuation than previous financing rounds, i.e. downrounds, in which case certain shareholders
may even be allocated a multiple of their respective original investment as preferred return, the breach of warranties given by the
relevant company to other investors in connection with their investment, the conversion of shareholder loans or the contribution by
employees or other parties of their shares or interests in subsidiaries of the relevant company against issuance of new shares in the
company (i.e. roll-up). Further economic dilution might result from liquidation preferences, phantom shares, options, warrants and
minority stakes or interests held by employees and other parties in subsidiaries of the relevant company. In general, we are often not in
the position to block the issuance of further shares in the relevant company, which is why our economic interest is subject to
continuous changes.

Certain of our shareholders agreements relating to the companies in the Rocket Internet network also provide investors with so-called
downround protections rights. These rights entitle the relevant investors to receive compensation shares if a future financing round
values the company lower than the valuation during the round in which the investors originally invested. Because this compensation is
paid in the form of shares in the relevant company, the interest of investors that do not receive compensation shares or that receive
only a small number of shares compared to their overall holding, which typically includes Rocket Internet SE, will be diluted if these
rights are triggered. The participation quotas shown may differ compared to respective figures shown in the mandatory part of Rocket
Internet SEs annual report 2014 and 2015 or other financial statements or information, reports or notes of Rocket Internet SE for
reasons other than additional financing rounds (i.e., reflection of different points in time). Such time-independent differences can be
caused by e.g. the consideration of unallocated trust shares, which have for accounting purposes been allocated to the Group, by the
elimination of treasury shares when calculating ownership interests for accounting purposes as well as by agreements in which signing
and closing do not occur simultaneously.

LPV Report

IMPORTANT NOTES

Rocket Internet SE