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Digital, Media & Monitor Q1 2019

Thomas Egli | Managing Director Tobias Schultheiss | Managing Director Sam Fuller | Managing Director Tel: +41 43 499 43 41 Tel: +49 69 20 434 64 16 Tel: +44 20 7484 40 40 [email protected] [email protected] [email protected]

Alexander Grünwald | Managing Director Christopher Jones | Managing Director Simon Lord | Managing Director Communication regarding this Tel: +41 43 499 43 43 Tel: +44 20 7484 40 40 Tel: +44 845 505 43 43 newsletter should be directed to [email protected] [email protected] [email protected] [email protected] GCA’S RECENT DIGITAL, MEDIA, INTERNET & TECHNOLOGY TRANSACTIONS

RELEVANT TRANSACTIONS CLOSED IN LAST 3 QUARTERS

2 GCA’S GLOBAL TRACK RECORD IN THE DIGITAL, MEDIA & INTERNET SECTOR

EUROPE

NORTH & CENTRAL AMERICA

ASIA

3 SUMMARY – DIGITAL, MEDIA & INTERNET SECTOR (1/2)

SECTOR PERFORMANCE & VALUATION M&A AND IPO ACTIVITY

o Share price performance was positive across all subsectors, o The number of deals in Q1 2019 increased to 266 compared to particularly for Payment (+36.6%), Marketplaces (+33.5%) and 252 in the previous year’s first quarter. E-commerce & Marketing Solutions (+29.6%) which posted the highest returns in Q1 2019. In contrast, Consumer/B2C Services o The total sector deal value (disclosed) at EUR 84.4bn was (+3.6%), Diversifieds & Portals (+7.3%), Gambling (+11.8%) and significantly higher than the previous year’s first quarter of Customer Acquisition (+12.0%) had the lowest increases. The EUR 6.0bn. FIS announced this quarter’s largest transaction by overall positive trend in media and technology stock returns acquiring Worldpay for EUR 43.6bn (11.1x Sales and 28.1x was driven by positive geopolitical signs, signals from the EBITDA), while the acquisition of First Data for EUR 41.4bn (4.8x Federal Reserve to be patient in a further increase in interest Sales and 12.5x EBITDA) by Fiserv was the second largest. Other rates and strong M&A activity level, including a number of large transactions include Liberty Holding’s acquisition by M&A deals. Expedia Group for EUR 21.7bn, the acquisitions of Ultimate Software for EUR 11.0bn and of Scout24 for EUR 6.5bn, both by o EV/EBITDA valuations (2019) significantly increased in every a Hellman & Friedman - Blackstone consortium and Ellie Mae’s subsector with Gaming (+42.9%), Social Networks & acquisition by Thoma Bravo for EUR 3.7bn. Communities (+33.2%) and Travel (+31.8%) showing the largest gains, while Consumer/B2C Services (+6.3%), Customer o 2 IPOs were completed in Q1 2019 with overall proceeds of EUR Acquisition (+10.4%) and Gambling (+10.6%) had the smallest 0.1bn, a lower value and volume compared to Q1 2018, during increase in EV/EBITDA valuations. Increased valuations can which there were 9 IPOs in the Digital, Media & Internet sector mostly be attributed to stronger market performance. with a value of EUR 0.9bn. BMIT Technologies dominates the quarter’s gross proceeds with a value of EUR 49m. o EV/Sales valuations (2019) showed an increase in nearly all subsectors. Gaming (+34.6%), Inventory-based (+33.9%) and E- o Overall, multiples have increased across nearly all subsectors commerce & Marketing Solutions (+31.0%) rose the most. mostly due to stronger market performance. Whereas M&A Consumer/B2C Services (-2.1%) was the only subsector that experienced a significant increase in terms of value, IPO posted a decline in sales valuation. activities slowed down in value and volume this quarter.

Note: Multiples based on latest available financial statements; 1) These transactions are not included in total sector deal value and volume Source: Capital IQ (01-Apr-2019); Mergermarket 4 SUMMARY – DIGITAL, MEDIA & INTERNET SECTOR (2/2)

ACQUIRED ACQUIRED ACQUIRED ACQUIRED ACQUIRED ACQUIRED

PAYMENT PROCESSING E-COMMERCE AND ONLINE FITNESS AND HUMAN CAPITAL REAL ESTATE AND CLOUD-BASED MORTGAGE SERVICES PAYMENT SOLUTIONS TRAVELING MANAGEMENT SOLUTIONS AUTOMOTIVE MARKETPLACE FINANCE PLATFORM

Transaction Value: EUR 43.6bn Transaction Value: EUR 41.4bn Transaction Value: EUR 21.7bn Transaction Value: EUR 11.0bn Transaction Value: EUR 6.5bn Transaction Value: EUR 3.7bn Seller: Public Seller: KKR Seller: Public Seller: Public Seller: Public Seller: Public EV/Sales: 11.1x EV/Sales: 4.8x EV/Sales: 1.7x EV/Sales: 9.5x EV/Sales: 10.3x EV/Sales: 7.0x EV/EBITDA: 28.1x EV/EBITDA: 12.5x EV/EBITDA: 11.3x EV/EBITDA: 88.0x EV/EBITDA: 23.7x EV/EBITDA: 59.6x Announced: 18/03/19 Announced: 16/01/19 Announced: 04/02/19 Announced: 04/02/19 Announced: 18/01/19 Announced: 12/02/19

Note: Multiples based on latest available financial statements; 1) Negative EV/EBITDA multiples considered as n/m Source: Capital IQ (01-Apr-2019); Mergermarket 5 RECENT DEVELOPMENT OF ONLINE SUBSECTOR VALUATIONS

MEDIAN TOTAL RETURN1) MEDIAN  SALES MEDIAN  EV/SALES -10MEDIAN-5 0 EBITDA5 MEDIAN  EV/EBITDA (LAST 3 MONTHS) 2019 ESTIMATE 2019 VALUATION 2019 ESTIMATE 2019 VALUATION

1 Champions 24.3% (0.4%) 22.1% (1.4%) 22.4%

2 Inventory-based 19.0% (0.2%) 33.9% 0.0% 15.1%

Marketplaces 33.5% (0.5%) 21.5% (1.1%) 23.0%

Travel 19.1% (0.7%) 24.8% 2.4% 31.8%

3 Diversifieds & Portals 7.3% (0.2%) 6.1% (1.5%) 13.3%

Content Monetization 20.1% (1.7%) 14.2% (1.1%) 14.8%

Social Netw. & Cmtys 17.7% 0.1% 29.8% (3.9%) 33.2%

Gaming 23.1% 1.4% 34.6% (4.4%) 42.9%

Gambling 11.8% (1.4%) 7.5% (2.8%) 10.6%

4 Classifieds 21.1% (0.2%) 15.1% (1.2%) 15.0%

Customer Acquisition 12.0% 0.1% 10.7% (0.3%) 10.4%

Oth. Online Marketing 21.2% (0.4%) 24.6% (6.5%) 19.9%

E-comm. & Mktg. Solutions 29.6% 0.5% 31.0% (6.9%) 19.9%

5 Consumer/B2C Services 3.6% (1.0%) (2.1%) (4.8%) 6.3%

Payment 36.6% 0.4% 26.2% (1.1%) 29.9%

Note: Multiples with values over 50x deemed not meaningful and excluded from analysis; 1) Median total return based on share prices adjusted for cash dividends, stock splits, rights offerings and spin-offs Source: Capital IQ (01-Apr-2019) 6 M&A AND IPO OVERVIEW IN THE DIGITAL, MEDIA & INTERNET SECTOR1) (1/3)

TRANSACTIONS

Number of 500 transactions Internet Software and Services 333 311 Internet Retail 279 266 66 243 252 252 250 72 217 227 47 65 48 71 56 57 68 267 239 204 210 196 187 160 159 208 0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 183) Q1 19

90 84.4 Size of Internet Software and Services transactions 16.0 Internet Retail 2) 11.5 (in EURbn) 7.6 9.2 7.4 10 4.6 6.0 6.8 0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 183) Q1 194)

90 84.4 Over 1000m 16.0 500 - 1000m 11.5 250 - 500m 7.6 9.2 7.4 6.8 10 4.6 6.0 Under 250m 0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 183) Q1 194)

Note: 1) Target located in or ; 2) Includes only transactions for which financial details are publicly available; 3) Not including Red Hat and Tribune Media acquisitions; 4) Not including Liberty Expedia Holdings, Ultimate Software and Ellie Mae acquisitions Source: Capital IQ (01-Apr-2019) 7 M&A AND IPO OVERVIEW IN THE DIGITAL, MEDIA & INTERNET SECTOR1) (2/3)

TRANSACTIONS WITH EUROPEAN TARGETS IN Q4 2018

Origins of Origins of North America 2) targets RoE 19% buyers 14% 25% RoW3) 9%

Denmark 4% 18% Sweden 5% Poland Europe 5% 13% 77% Spain 5% 6% TRANSACTIONS WITH NORTH AMERICAN TARGETS IN Q4 2018

Origins of Origins of Europe RoW3) 3% targets 11% buyers 11%

United States North America 89% 86%

Note: 1) Target located in Europe or North America; 2) RoE = Rest of Europe; 3) RoW = Rest of the World Source: Capital IQ (01-Apr-2019) 8 M&A AND IPO OVERVIEW IN THE DIGITAL, MEDIA & INTERNET SECTOR1) (3/3)

IPOs

Number of 15 IPOs Internet Software and Services 11 Internet Retail 10 9 8 7 7 5 5 3 2 2

0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

Value of IPO 4 3.52) Internet Software and Services proceeds Internet Retail (in EURbn) 3 2.1 2 1.8 1.1 0.8 0.9 1 0.6 0.0 0.1 0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

Note: 1) Company located in Europe or North America; 2) Includes Snap’s IPO of EUR 3.2bn Source: Capital IQ (01-Apr-2019) 9 DIGITAL, MEDIA & INTERNET: HOW WE DEFINE THE UNIVERSE

1 Champions 2 E-commerce & Travel

Champions Inventory based Marketplaces Travel

# of companies 11 # of companies 24 # of companies 11 # of companies 12 Combined EV Combined EV Combined EV Combined EV (EURbn) 4'639.6 (EURbn) 106.0 (EURbn) 104.2 (EURbn) 55.7

3 Content & Communities

Social Network Diversified & Portals Content Monetization Gaming Gambling & Communities

# of companies 18 # of companies 6 # of companies 12 # of companies 15 # of companies 12 Combined EV Combined EV Combined EV Combined EV (EURbn) 715.6 Combined EV (€bn) 21.1 (EURbn) 70.0 (EURbn) 117.5 (EURbn) 40.3

4 Marketing & Classifieds

Customer E-commerce & Classifieds Other Online Marketing Acquisition Mrkt. solutions

# of companies 13 # of companies 19 # of companies 11 # of companies 8 Combined EV Combined EV Combined EV Combined EV (EURbn) 60.5 (EURbn) 45.0 (EURbn) 14.4 (EURbn) 28.9

5 Consumer/B2C Services & Payment

Consumer/ Payment Overall B2C Services

# of companies 9 # of companies 6 # of companies 187 Combined EV Combined EV Combined EV (EURbn) 62.4 (EURbn) 135.3 (EURbn) 6'216.6

Notes: “Champions” are companies from all sectors with a market capitalization of over EUR 50bn Source: Capital IQ (01-Apr-2019) 10 ONLINE SUBSECTOR VALUATIONS 2019 AND 2020

MEDIAN EV/SALES MEDIAN EV/EBITDA MEDIAN SALES GROWTH YOY MEDIAN EBITDA MARGIN

6.4x 15.1x 18.1% 30.8% 1 Champions 4.9x 13.7x 17.7% 29.6% 1.0x 13.7x 17.5% 3.8% 2 Inventory-based 0.8x 13.3x 18.2% 5.1% 3.6x 13.3x 11.2% 25.5% Marketplaces 3.4x 12.3x 11.9% 26.7% 1.7x 11.5x 3.3% 18.1% Travel 1.5x 8.8x 9.1% 19.0% 1.8x 10.7x 6.8% 22.1% 3 Diversifieds & Portals 1.7x 9.0x 6.0% 22.9% 2.4x 9.5x 9.2% 24.1% Content Monetization 2.1x 9.1x 10.8% 25.2% 2.5x 10.1x 18.5% 21.8% Social Netw. & Cmtys 2.1x 8.7x 15.4% 22.2% 3.3x 12.7x 16.8% 20.2% Gaming 2.8x 10.1x 10.7% 22.4% 2.1x 8.2x 7.3% 22.3% Gambling 1.9x 7.4x 6.3% 22.7%

4 6.2x 18.5x 14.2% 35.1% Classifieds 5.1x 15.2x 17.3% 36.5% 3.8x 13.7x 13.5% 15.3% Customer Acquisition 3.5x 12.6x 12.4% 16.8% 1.3x 11.4x 9.3% 13.4% Oth. Online Marketing 1.1x 9.5x 10.7% 13.8%

E-comm. & Mktg. Solutions 1.9x 16.6x 23.5% 11.1% 1.6x 11.4x 18.1% 13.4%

5 Consumer/B2C Services 2.4x 11.1x 9.8% 15.1% 2.3x 10.0x 7.0% 17.0%

Payment 5.4x 16.5x 12.6% 35.0% 4.6x 13.4x 12.2% 37.1%

2019 2020 2019 2020 2018-19 2019-20 2019 2020

Note: Multiples values over 50x deemed not meaningful and excluded from analysis; Source: Capital IQ (01-Apr-2019) 11 ONLINE SUBSECTOR PERFORMANCE

MEDIAN 3 YEAR PERFORMANCE MEDIAN 1 YEAR PERFORMANCE MEDIAN 3 MONTH PERFORMANCE

1 Champions 131.2% 27.0% 24.3%

2 Inventory-based 18.3% (15.2%) 19.0%

Marketplaces 72.0% 24.6% 33.5%

Travel 30.2% (2.8%) 19.1%

3 Diversifieds & Portals 9.3% (2.5%) 7.3%

Content Monetization 71.6% 9.1% 20.1%

Social Netw. & Cmtys 64.2% (7.5%) 17.7%

Gaming 57.8% 1.7% 23.1%

Gambling (21.5%) (23.7%) 11.8%

4 Classifieds 27.3% (2.3%) 21.1%

Customer Acquisition 31.3% 11.1% 12.0%

Oth. Online Marketing 90.9% 11.0% 21.2%

E-comm. & Mktg. Solutions 85.9% (6.4%) 29.6%

5 Consumer/B2C Services 41.0% 1.3% 3.6%

Payment 115.1% 25.5% 36.6%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 12 GCA DIGITAL, MEDIA & INTERNET GROUP: LOCAL CONTACTS

Zurich Alexander Grünwald Munich Dr. Martin Kühner Frankfurt Sascha Pfeiffer Switzerland Managing Director Germany Managing Director Germany Managing Director [email protected] [email protected] [email protected] +41 43 499 43 43 +49 89 413 120 +49 69 204 346 415

Thomas Egli Georg Schultze Tobias Schultheiss Managing Director Director Managing Director [email protected] [email protected] [email protected] +41 43 499 43 41 +49 89 413 12 124 +49 69 204 346 416

Manchester Phil Adams Milan Carlo Dawan London Christopher Jones UK Group CEO Italy Managing Director UK Managing Director [email protected] [email protected] [email protected] +44 845 505 43 03 +39 02 76 01 73 40 +44 20 7484 4040

Simon Lord Alessandro Soprano Sam Fuller Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] +44 845 505 43 04 +39 02 76 01 73 40 +44 20 7484 40 40

13 APPENDIX: SECTOR CONSTITUTION 1: CHAMPIONS

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Alibaba CN 418'071 422'672 9.2x 6.8x 4.9x 35.7x 22.0x 16.6x 25.8% 30.8% 29.6% 37% Alphabet US 741'745 648'012 5.3x 4.4x 3.8x 18.0x 12.3x 10.7x 29.5% 36.0% 35.7% 18% .com US 794'536 801'704 3.9x 3.3x 2.8x 32.4x 21.3x 16.5x 11.9% 15.3% 16.8% 18% Apple US 804'000 829'235 3.6x 3.6x 3.4x 11.7x 12.4x 11.5x 30.4% 29.1% 29.6% 2% CN 53'079 45'073 3.3x 2.8x 2.4x 10.2x 14.6x 10.5x 32.1% 19.5% 23.4% 16% US 429'277 393'065 7.9x 6.4x 5.3x 15.1x 12.1x 10.0x 52.3% 53.0% 53.1% 22% US 814'162 776'545 7.4x 6.7x 6.1x 17.6x 15.7x 13.7x 41.9% 42.7% 44.5% 10% US 142'847 148'701 10.6x 8.2x 6.6x n/m n/m 37.0x 10.7% 15.3% 18.0% 26% PayPal US 110'409 104'069 7.6x 6.5x 5.5x 42.7x 24.9x 20.9x 17.7% 26.1% 26.4% 17% Booking US 70'604 72'735 5.6x 5.2x 4.8x 14.1x 13.6x 12.4x 39.8% 38.6% 38.3% 9% CN 392'000 397'830 9.6x 7.4x 5.8x 26.3x 22.2x 17.5x 36.4% 33.4% 33.4% 28%

Mean 6.7x 5.6x 4.7x 22.4x 17.1x 16.1x 29.9% 30.9% 31.7% 18.4% Median 7.4x 6.4x 4.9x 17.8x 15.1x 13.7x 30.4% 30.8% 29.6% 17.9%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 15 2: E-COMMERCE & TRAVEL (1/2)

Inventory-based

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

1-800-FLOWERS.COM US 1'049 907 0.8x 0.8x 0.8x 12.6x 11.4x 10.7x 6.7% 7.0% 7.1% 5% AO World GB 530 501 0.5x 0.4x 0.4x n/m n/m 19.6x 0.0% 0.8% 1.8% 18% ASOS GB 3'138 3'088 1.1x 0.9x 0.8x 17.4x 19.4x 13.3x 6.3% 4.9% 6.1% 17% Blue Apron US 171 224 0.4x 0.4x 0.4x n/m n/m 10.2x -11.6% 0.8% 4.1% -5% boohoo group GB 2'582 2'415 2.9x 2.0x 1.6x 29.6x 21.1x 16.7x 10.0% 9.4% 9.4% 37% Boozt SE 381 356 1.3x 1.0x 0.8x 31.6x 21.7x 14.5x 4.2% 4.7% 5.7% 27% CJ ENM CO KR 3'935 5'549 2.1x 1.5x 1.4x 9.1x 8.9x 8.0x 22.6% 17.0% 17.9% 20% Cnova FR 1'222 1'423 0.7x n/a n/a n/m n/a n/a 1.2% n/a n/a n/a Cogobuy Group CN 498 508 0.7x n/a n/a 37.1x n/a n/a 1.9% n/a n/a n/a Delticom DE 78 135 0.2x 0.2x 0.2x 11.7x 9.5x 8.1x 1.8% 2.0% 2.3% 7% Mango Excellent Media CN 6'121 5'843 4.6x 3.7x 3.0x 21.1x 9.6x 11.4x 21.6% 38.7% 26.0% 24% JD.com CN 40'334 39'709 0.6x 0.5x 0.5x n/m 31.7x 20.1x -0.2% 1.7% 2.3% 18% Ocado Group GB 11'056 10'997 5.9x 5.4x 4.5x n/m n/m n/m 2.2% 2.9% 6.1% 14% Overstock.com US 466 413 0.3x 0.3x 0.2x n/m n/m n/m -10.5% -4.3% -0.1% 4% PetMed Express US 422 339 1.3x 1.3x 1.2x 7.0x 7.2x 6.5x 19.1% 18.2% 18.8% 4% Qliro Group SE 148 151 0.5x 0.5x 0.5x n/m 10.0x 5.6x 0.6% 4.9% 8.2% 3% Rocket Internet DE 3'528 1'030 23.8x 21.0x 20.7x n/m n/m n/m -101.1% -109.2% -124.3% 7% Shop Apotheke Europe NL 452 480 0.9x 0.7x 0.5x n/m n/m n/m -2.8% -1.4% 0.3% 27% ZOZO JP 4'881 4'992 5.3x 4.5x 3.7x 20.2x 16.0x 13.9x 26.2% 27.8% 26.7% 19% Stitch Fix US 2'504 2'257 1.8x 1.5x 1.2x 45.0x n/m 31.0x 4.1% 2.3% 3.7% 27% Vipshop CN 4'965 4'281 0.4x 0.4x 0.3x 9.3x 7.9x 6.5x 4.1% 4.6% 5.1% 7% US 12'103 12'066 2.0x 1.5x 1.2x n/m n/m n/m -6.0% -3.0% -1.3% 31% DE 8'683 7'630 1.4x 1.2x 1.0x 44.2x 24.7x 19.3x 3.2% 4.8% 5.1% 20% zooplus DE 708 698 0.5x 0.4x 0.4x n/m 41.7x 23.4x 0.4% 1.1% 1.6% 18%

Mean 2.5x 2.3x 2.1x 22.8x 17.2x 14.1x 0.2% 1.6% 1.5% 15.9% Median 1.0x 1.0x 0.8x 20.2x 13.7x 13.3x 2.0% 3.8% 5.1% 17.8%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 16 2: E-COMMERCE & TRAVEL (2/2)

Marketplaces MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

B2W - Companhia Digital BR 4'424 4'841 3.2x 2.9x 2.5x n/m 32.2x 22.1x 0.7% 8.9% 11.4% 13% Cars.com US 1'386 1'980 3.4x 3.4x 3.2x 12.9x 11.3x 9.8x 26.1% 30.2% 32.7% 2% Copart US 12'652 12'995 7.8x 7.0x n/a 20.4x 17.9x n/a 38.1% 39.0% n/a n/a eBay US 30'736 34'593 3.6x 3.6x 3.4x 12.9x 10.3x 9.7x 28.0% 34.7% 34.6% 4% Etsy US 7'266 6'961 12.9x 9.9x 8.0x n/m 39.8x 30.1x 16.2% 24.7% 26.7% 27% Infibeam Avenues IN 368 347 2.0x 1.3x n/a 9.0x 5.0x n/a 22.9% 25.5% n/a n/a MercadoLibre AR 20'881 20'986 16.3x 11.5x 8.4x n/m n/m n/m -1.6% 4.0% 7.9% 40% JP 10'922 12'891 1.5x 1.3x 1.1x 11.5x 8.8x 9.1x 12.7% 14.7% 12.6% 13% Scout24 DE 4'967 5'713 10.4x 9.4x 8.4x 24.0x 18.1x 15.6x 43.2% 51.7% 53.6% 11% Shutterstock US 1'460 1'255 2.3x 2.0x 1.9x 26.4x 11.7x 10.6x 8.5% 17.5% 17.7% 10% Trade Me Group NZ 1'549 1'647 10.4x 9.8x 9.3x 18.2x 14.8x 14.1x 57.3% 65.9% 65.9% 6%

Mean 6.7x 5.6x 5.1x 16.9x 17.0x 15.1x 22.9% 28.8% 29.2% 14.1% Median 3.6x 3.6x 3.4x 15.6x 13.3x 12.3x 22.9% 25.5% 26.7% 11.5% Travel

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Besttone Holding CN 1'612 1'304 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Ctrip.com CN 22'301 22'806 5.5x 4.6x 3.9x 47.9x 25.6x 20.1x 11.6% 18.1% 19.5% 19% Despegar.com AR 919 638 1.4x 1.3x 1.1x 10.6x 11.5x 8.4x 12.8% 11.5% 13.5% 10% eDreams ODIGEO LU 293 719 1.3x 1.3x 1.3x 7.6x 5.7x 5.3x 17.8% 23.1% 23.6% 3% Expedia Group US 15'781 18'298 1.8x 1.7x 1.5x 16.2x 9.2x 8.2x 11.3% 18.1% 18.5% 10% lastminute.com NL 207 179 0.6x 0.6x 0.6x 12.1x 6.8x 6.0x 5.1% 9.1% 10.1% 1% MakeMyTrip IN 2'507 2'239 4.8x 3.5x 2.8x n/m n/m n/m -27.4% -11.3% 1.0% 32% On the Beach Group GB 640 540 3.9x 2.8x 2.5x 12.6x 10.3x 8.8x 30.7% 26.9% 28.9% 24% TripAdvisor US 6'496 5'972 4.1x 3.9x 3.5x 28.3x 14.2x 12.6x 14.7% 27.2% 28.0% 8% trivago DE 1'347 1'312 1.4x 1.4x 1.4x n/m 18.2x 13.9x -0.8% 7.9% 9.7% 3% Tuniu CN 543 367 1.2x 1.2x 1.1x n/m n/a n/a -6.2% n/a n/a 5% AU 1'253 1'279 3.5x 4.6x 3.9x 20.7x 13.1x 10.2x 16.9% 35.5% 38.4% -6%

Mean 2.7x 2.4x 2.1x 19.5x 12.7x 10.4x 7.9% 16.6% 19.1% 9.9% Median 1.8x 1.7x 1.5x 14.4x 11.5x 8.8x 11.6% 18.1% 19.0% 8.4%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 17 3: CONTENT & COMMUNITIES (1/4)

Diversifieds & Portals

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

CBS US 16'030 24'795 1.9x 1.8x 1.7x 8.9x 8.1x 7.3x 21.5% 22.1% 23.3% 6% Comcast US 162'665 260'860 3.1x 2.6x 2.5x 9.7x 8.5x 8.0x 31.8% 30.7% 31.0% 12% CyberAgent JP 4'496 4'399 1.3x 1.2x 1.1x 15.2x 14.6x 11.3x 8.4% 8.2% 10.0% 6% Discovery US 17'134 33'340 3.5x 3.3x 3.2x 8.2x 8.0x 7.8x 43.0% 41.7% 40.7% 6% IAC/InterActiveCorp US 15'661 16'355 4.3x 3.8x 3.4x 22.4x 16.6x 13.3x 19.2% 23.1% 25.3% 13% Kakao KR 6'755 5'767 3.0x 2.6x 2.2x 35.9x 24.2x 18.3x 8.5% 10.6% 12.3% 16% Lions Gate Entertainment US 2'951 5'807 1.7x 1.7x 1.6x 14.0x 10.7x 9.3x 12.2% 15.7% 16.9% 4% Mail.ru Group CY 4'710 4'563 5.1x 3.7x 3.1x n/m 11.2x 9.0x 1.6% 32.6% 35.0% 27% NAVER KR 14'257 12'540 2.9x 2.5x 2.2x 13.3x 13.1x 10.5x 21.5% 18.8% 20.6% 15% Phoenix New Media CN 269 203 1.1x 0.9x 0.9x n/m 26.0x 23.3x -6.4% 3.5% 3.8% 12% ProSiebenSat.1 Media DE 2'885 5'483 1.4x 1.3x 1.3x 6.8x 5.8x 5.6x 20.2% 22.8% 22.4% 4% Sony JP 47'670 46'515 0.7x 0.7x 0.6x 5.5x 4.7x 4.6x 12.4% 14.3% 14.1% 3% The Walt Disney Company US 180'326 199'416 3.8x 3.0x 2.6x 12.8x 11.4x 9.6x 29.4% 26.1% 27.1% 20% Fox US 20'387 18'753 1.9x 1.8x 1.7x 8.4x 8.6x 7.1x 22.7% 21.5% 23.6% 7% Viacom US 10'623 18'397 1.6x 1.6x 1.5x 6.8x 6.7x 6.6x 23.4% 23.5% 22.9% 3% Yahoo Japan JP 11'041 9'087 1.2x 1.1x 1.1x 5.6x 6.1x 5.2x 21.2% 18.8% 21.1% 5% Altaba US 37'253 39'927 n/m n/m n/a n/m n/a n/a 75.7% n/a n/a n/a NL 9'835 9'385 5.4x 4.1x 3.3x 20.9x 13.2x 9.7x 25.8% 30.8% 33.6% 29%

Mean 2.6x 2.2x 2.0x 13.0x 11.6x 9.8x 21.8% 21.5% 22.6% 11.0% Median 1.9x 1.8x 1.7x 9.7x 10.7x 9.0x 21.4% 22.1% 22.9% 7.0%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 18 3: CONTENT & COMMUNITIES (2/4)

Content Monetization

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Cookpad JP 237 70 0.7x 0.7x 0.7x 3.4x 6.6x 4.2x 21.6% 11.3% 17.4% 0% Leaf Group US 184 157 1.1x 1.0x 0.9x n/m n/m 33.4x -8.4% 0.7% 2.7% 12% GoDaddy US 11'935 13'390 5.6x 5.0x 4.5x 40.4x 19.1x 16.8x 14.0% 26.3% 27.0% 12% TechTarget US 404 395 3.6x 3.3x 3.0x 20.9x 12.2x 10.3x 17.4% 27.3% 29.3% 10% TEGNA US 2'719 5'223 2.7x 2.7x 2.3x 7.5x 9.0x 6.7x 35.5% 30.3% 34.8% 7% Yelp US 2'562 1'888 2.2x 2.1x 1.8x 42.6x 9.5x 7.8x 5.3% 21.9% 23.5% 10%

Mean 2.7x 2.5x 2.2x 23.0x 11.3x 13.2x 14.2% 19.6% 22.5% 8.4% Median 2.4x 2.4x 2.1x 20.9x 9.5x 9.1x 15.7% 24.1% 25.2% 10.1% Social Networks and Communities

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

DeNA JP 1'934 1'125 1.1x 1.1x 1.1x 6.1x 5.4x 5.1x 17.9% 20.4% 22.0% -1% Gree JP 870 173 0.3x 0.3x 0.3x 2.7x 3.8x 2.9x 11.1% 8.2% 9.8% 2% LINE JP 7'435 6'660 4.0x 3.4x 2.9x n/m n/m 25.9x -0.2% -1.3% 11.1% 18% The Meet Group US 337 345 2.2x 1.8x 1.6x 17.1x 9.9x 8.7x 12.7% 18.5% 18.8% 15% mixi JP 1'524 395 0.3x 0.3x 0.4x 0.9x 1.4x 1.7x 32.8% 23.3% 22.3% -10% Momo CN 7'530 6'698 3.8x 3.1x 2.6x 14.4x 11.7x 9.5x 26.2% 26.4% 27.7% 19% SINA CN 3'930 3'629 1.9x 1.7x 1.4x 7.8x 6.1x 4.9x 24.8% 27.0% 28.4% 18% Snap US 13'380 12'255 11.6x 8.9x 6.9x n/m n/m n/m -97.1% -21.5% -3.5% 30% US 22'796 19'686 7.3x 6.3x 5.5x 28.6x 17.3x 14.7x 25.4% 36.5% 37.7% 14% Weibo CN 13'185 12'347 8.1x 6.7x 5.6x 21.8x 18.4x 15.2x 37.0% 36.7% 36.5% 20% Xing SE DE 1'835 1'790 7.7x 6.5x 5.7x 28.3x 20.1x 16.8x 27.2% 32.1% 33.6% 17% YY CN 6'385 4'902 2.3x 1.7x 1.3x 12.8x 10.3x 7.3x 18.3% 16.1% 18.2% 33%

Mean 4.2x 3.5x 2.9x 14.1x 10.4x 10.3x 11.3% 18.5% 21.9% 14.7% Median 3.1x 2.5x 2.1x 13.6x 10.1x 8.7x 21.5% 21.8% 22.2% 17.4%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 19 3: CONTENT & COMMUNITIES (3/4)

Gaming

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Activision Blizzard US 32'090 30'571 4.6x 5.3x 4.8x 13.7x 14.5x 12.4x 33.4% 37.0% 39.1% -3% Changyou.com CN 823 1'019 2.4x 2.5x 2.6x 8.5x 10.0x 10.1x 27.7% 24.8% 25.8% -5% Electronic Arts US 27'425 23'710 5.0x 5.3x 5.0x 15.6x 16.5x 14.8x 32.1% 32.0% 33.7% 0% Glu Mobile US 1'404 1'317 4.0x 3.3x 2.8x n/m 26.0x 17.6x 0.0% 12.6% 16.1% 19% Gree JP 870 173 0.3x 0.3x 0.3x 2.7x 3.8x 2.9x 11.1% 8.2% 9.8% 2% GungHo JP 2'373 1'805 2.4x 2.1x 2.3x 8.1x 8.3x 8.5x 30.2% 25.3% 27.4% 3% Kingsoft CN 3'059 2'292 2.9x 2.1x 1.7x n/m 17.5x 12.6x 3.5% 11.8% 13.3% 32% Ncsoft KR 8'198 7'254 5.4x 4.8x 3.8x 14.4x 12.7x 9.0x 37.3% 37.9% 41.7% 19% NEOWIZ KR 236 142 0.8x 0.8x 0.7x 7.3x 5.8x 5.1x 11.5% 13.3% 14.4% 7% NetDragon Websoft CN 1'254 1'092 1.6x 1.4x 1.2x 11.4x 9.4x 7.5x 14.3% 14.5% 16.1% 17% NetEase CN 29'977 26'071 2.9x 2.4x 2.0x 19.7x 19.0x 16.2x 14.9% 12.5% 12.2% 22% NEXON JP 12'308 8'563 4.2x 4.0x 3.7x 9.4x 9.7x 8.6x 44.7% 41.5% 42.7% 7% Ubisoft Entertainment FR 8'656 8'997 4.7x 3.7x 4.5x 10.3x 9.2x 8.8x 45.3% 40.5% 51.4% 2% Wemade Co.,Ltd. KR 645 561 5.6x 4.7x 4.2x n/m 46.7x 26.2x -24.7% 10.1% 16.1% 15% US 4'410 3'981 4.9x 3.7x 3.0x n/m 18.2x 13.4x 6.3% 20.2% 22.4% 28%

Mean 3.5x 3.1x 2.8x 11.0x 15.1x 11.6x 19.2% 22.8% 25.5% 11.0% Median 4.0x 3.3x 2.8x 10.3x 12.7x 10.1x 14.9% 20.2% 22.4% 7.1%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 20 3: CONTENT & COMMUNITIES (4/4)

Gambling

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

888 GI 667 545 1.1x 1.1x 1.0x 6.3x 6.8x 6.3x 18.0% 15.9% 16.3% 5% Bet-At-Home.com DE 418 351 2.6x 3.0x 2.9x 10.0x 11.0x 10.2x 25.8% 27.6% 28.3% -5% GVC GB 3'941 6'099 1.8x 1.5x 1.5x 16.2x 8.0x 7.1x 11.0% 18.5% 20.5% 10% International Game Technology GB 2'449 10'262 2.4x 2.4x 2.3x 7.9x 6.7x 6.5x 30.0% 35.8% 35.9% 1% JPJ Group GB 605 941 2.5x 2.5x 2.3x 7.5x 8.3x 8.1x 33.7% 29.9% 29.0% 4% Kindred Group MT 2'081 2'118 2.0x 1.8x 1.6x 8.8x 9.2x 8.5x 22.6% 19.5% 19.0% 11% NetEnt SE 785 737 4.3x 4.2x 3.8x 9.4x 8.4x 7.7x 45.7% 49.5% 49.2% 7% Paddy Power Betfair IE 5'334 5'749 2.6x 2.4x 2.1x 10.9x 13.3x 11.3x 24.1% 17.7% 18.9% 11% Playtech IM 1'611 1'818 1.5x 1.1x 1.1x 6.9x 4.5x 4.4x 21.3% 25.0% 24.8% 16% The Rank Group GB 725 716 0.9x 0.8x 0.8x 6.0x 5.1x 4.9x 14.8% 15.6% 15.9% 7% The Stars Group CA 4'430 9'050 5.0x 3.7x 3.5x 19.2x 10.3x 9.4x 26.0% 36.3% 36.8% 20% William Hill GB 1'641 1'886 1.0x 1.0x 0.9x 6.4x 7.3x 6.4x 15.5% 13.7% 14.4% 3%

Mean 2.3x 2.1x 2.0x 9.6x 8.2x 7.6x 24.0% 25.4% 25.7% 7.5% Median 2.2x 2.1x 1.9x 8.4x 8.2x 7.4x 23.3% 22.3% 22.7% 6.8%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 21 4: MARKETING & CLASSIFIEDS (1/3)

Classifieds

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

51job CN 4'622 3'733 7.5x 6.2x 5.1x 22.6x 17.8x 14.0x 33.3% 35.1% 36.5% 21% 58.com CN 8'903 8'395 4.8x 4.0x 3.5x 22.4x 20.3x 15.2x 21.5% 20.0% 22.7% 18% Auto Trader Group GB 5'663 6'053 15.3x 14.3x 13.7x 21.9x 19.6x 18.3x 69.7% 73.3% 74.9% 6% Autohome CN 10'887 9'580 10.0x 8.2x 6.9x 24.4x 19.0x 15.7x 40.9% 43.4% 44.0% 20% Bitauto CN 1'002 4'434 3.2x 2.9x 2.4x n/m 22.0x 15.1x 3.9% 13.0% 16.0% 14% .com AU 1'945 2'201 7.2x 6.8x 6.3x 17.1x 15.2x 14.1x 42.4% 44.6% 44.7% 7% Fang CN 586 1'038 3.7x 3.1x 2.7x 15.7x 8.4x 7.0x 23.6% 37.2% 37.8% 18% Info Edge () IN 2'884 2'698 20.2x 17.1x 14.2x n/m 49.9x 40.4x 32.0% 34.3% 35.2% 19% REA Group AU 6'222 6'381 10.7x 10.5x 9.4x 21.0x 18.0x 15.7x 51.1% 58.0% 60.0% 7% Rightmove GB 5'361 5'353 17.1x 15.8x 14.7x 22.7x 20.6x 19.2x 75.4% 76.6% 76.7% 8% SaraminHR KR 188 157 2.3x 2.1x 1.9x 9.5x 7.7x 6.4x 24.4% 27.1% 29.2% 11% SEEK AU 3'840 4'714 5.2x 4.5x 4.0x 19.1x 15.3x 13.5x 27.0% 29.4% 29.4% 14% Zillow Group US 6'407 5'778 4.9x 3.2x 2.4x n/m n/m n/m 1.9% 2.6% 4.4% 41%

Mean 8.6x 7.6x 6.7x 19.6x 19.5x 16.2x 34.4% 38.0% 39.3% 15.7% Median 7.2x 6.2x 5.1x 21.5x 18.5x 15.2x 32.0% 35.1% 36.5% 14.2%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 22 4: MARKETING & CLASSIFIEDS (2/3)

Customer Acquisition

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

ANGI Homeservices US 6'997 6'930 6.9x 5.6x 4.6x 34.0x 26.8x 19.8x 20.2% 21.1% 23.2% 22% Care.com US 530 463 2.7x 2.4x 2.1x 37.5x 15.5x 12.6x 7.2% 15.3% 16.8% 13% Catena Media MT 337 465 4.4x 3.8x 3.3x 9.3x 7.7x 6.4x 47.7% 49.3% 52.2% 15% Delivery Hero DE 6'195 5'531 7.3x 5.0x 3.5x n/m n/m n/m -17.3% -23.5% -3.6% 44% eHealth US 1'246 1'238 5.5x 4.6x 3.9x n/m 29.1x 20.4x 8.5% 15.7% 19.0% 19% Groupon US 1'810 1'268 0.5x 0.6x 0.6x 9.4x 5.3x 4.9x 5.7% 11.1% 11.8% -4% Grubhub US 5'718 5'822 6.5x 4.8x 3.8x 40.4x 26.1x 17.7x 16.0% 18.3% 21.3% 31% Gruppo MutuiOnline IT 691 758 4.1x 3.7x 3.5x 14.0x 13.2x 12.4x 29.1% 28.2% 28.4% 8% Gurunavi JP 269 213 0.8x 0.8x 0.8x 4.6x 5.7x 5.2x 17.0% 14.2% 15.3% 0% HolidayCheck Group DE 162 132 1.0x 0.9x 0.8x 23.5x 10.9x 7.6x 4.1% 7.9% 10.4% 10% iSelect AU 92 79 0.7x 0.7x 0.7x 11.7x 5.0x 4.5x 6.0% 13.9% 14.5% 4% Just Eat GB 6'001 5'917 6.5x 4.8x 4.0x 30.4x 28.3x 20.2x 21.4% 17.0% 19.9% 27% Kakaku.com JP 3'553 3'402 8.0x 7.3x 6.7x 15.9x 14.8x 13.5x 50.2% 49.2% 49.6% 9% LendingTree US 4'141 4'383 6.4x 4.8x 4.0x 49.0x 23.4x 19.0x 13.1% 20.4% 21.3% 26% Moneysupermarket.com GB 2'266 2'231 5.4x 4.9x 4.7x 16.2x 13.7x 12.8x 33.0% 35.9% 36.4% 7% Quotient Technology US 830 681 2.0x 1.6x 1.4x 37.3x 11.2x 9.0x 5.3% 14.7% 15.5% 19% Takeaway.com NL 3'994 4'054 17.5x 10.1x 8.1x n/m n/m n/m -10.7% 6.4% 13.8% 47% Travelzoo US 133 117 1.2x 1.1x 1.1x 13.4x 10.9x 8.9x 8.8% 10.2% 12.1% 5% trivago DE 1'347 1'312 1.4x 1.4x 1.4x n/m 18.2x 13.9x -0.8% 7.9% 9.7% 3%

Mean 4.7x 3.6x 3.1x 23.1x 15.6x 12.3x 13.9% 17.5% 20.4% 16.1% Median 4.4x 3.8x 3.5x 16.2x 13.7x 12.6x 8.8% 15.3% 16.8% 13.0%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 23 4: MARKETING & CLASSIFIEDS (3/3)

Other Online Marketing

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

1000mercis FR 80 77 1.1x 1.0x 1.0x 8.2x 7.8x 7.0x 13.8% 13.4% 13.8% 8% Blucora US 1'479 1'658 3.3x 3.1x 2.9x 17.7x 14.7x 13.2x 18.7% 21.2% 22.0% 7% comScore US 755 898 2.4x 2.3x 2.1x n/m 44.7x 21.1x -17.5% 5.2% 10.0% 7% Criteo FR 1'147 847 0.4x 0.9x 0.9x 4.2x 3.2x 2.8x 9.9% 29.8% 31.3% -31% LivePerson US 1'661 1'602 7.2x 6.2x 5.2x n/m n/m n/m 1.0% 3.9% 8.5% 17% Otello NO 212 188 0.8x 0.8x 0.5x 22.2x 3.5x 2.6x 3.4% 22.0% 20.5% 21% OPT Holding JP 316 269 0.4x 0.3x 0.3x 12.3x 11.4x 10.0x 3.1% 3.1% 3.2% 10% QuinStreet US 600 545 1.4x 1.3x 1.1x 23.3x 11.7x 8.9x 5.9% 10.7% 12.1% 13% RhythmOne US 156 145 0.5x 0.4x 0.4x 3.8x 2.7x 2.6x 12.1% 14.9% 15.4% 9% The Trade Desk US 8'146 7'962 18.7x 13.8x 10.8x n/m 46.8x 35.2x 24.2% 29.5% 30.6% 32% Telaria US 269 226 4.6x 3.9x 3.3x n/m n/m 25.3x -18.9% 3.5% 13.1% 18%

Mean 3.7x 3.1x 2.6x 13.1x 16.3x 12.9x 5.1% 14.3% 16.4% 10.1% Median 1.4x 1.3x 1.1x 12.3x 11.4x 9.5x 5.9% 13.4% 13.8% 10.3%

E-commerce & Marketing Solutions MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Brightcove US 274 248 1.7x 1.6x 1.5x n/m 47.6x 20.6x -5.2% 3.5% 7.3% 6% Baozun CN 2'154 2'155 3.0x 2.2x 1.8x 39.9x 22.0x 13.9x 7.5% 10.1% 12.7% 31% Cafe24 KR 797 740 5.7x 4.5x 3.8x 43.3x 24.9x 17.7x 13.2% 18.0% 21.5% 22% HubSpot US 6'120 5'877 12.8x 10.1x 8.2x n/m n/m n/m -6.9% 12.1% 14.0% 25% InnerWorkings US 160 264 0.3x 0.3x 0.2x 30.0x 6.9x 5.6x 0.9% 3.7% 4.4% 3% Limelight Networks US 329 284 1.6x 1.5x 1.3x 19.1x 9.6x 7.0x 8.5% 15.6% 18.7% 11% Quotient Technology US 830 681 2.0x 1.6x 1.4x 37.3x 11.2x 9.0x 5.3% 14.7% 15.5% 19% CA 20'421 18'656 19.5x 14.0x 10.7x n/m n/m n/m -6.4% 3.7% 5.7% 35%

Mean 5.8x 4.5x 3.6x 33.9x 20.4x 12.3x 2.1% 10.2% 12.5% 19.1% Median 2.5x 1.9x 1.6x 37.3x 16.6x 11.4x 3.1% 11.1% 13.4% 20.7%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 24 5: CONSUMER/B2C SERVICES & PAYMENT

Consumer / B2C Services

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Chegg US 3'900 3'736 13.0x 10.6x 8.7x n/m 35.9x 27.6x 5.7% 29.6% 31.7% 22% Cimpress NL 2'208 3'284 1.4x 1.3x 1.2x 13.6x 9.7x 8.7x 10.1% 13.4% 14.4% 5% CTS Eventim DE 4'043 3'276 2.6x 2.4x 2.4x 16.6x 12.4x 11.4x 15.9% 19.3% 20.9% 5% Live Nation Entertainment US 12'125 13'031 1.4x 1.2x 1.2x 21.4x 15.7x 14.1x 6.3% 7.9% 8.2% 8% Proto Labs US 2'607 2'489 6.3x 5.7x 5.0x 24.4x 20.4x 17.1x 25.7% 27.9% 29.4% 12% Qurate Retail US 6'316 12'414 1.0x 1.0x 0.9x 7.0x 6.5x 5.9x 14.1% 15.0% 16.0% 3% Shutterfly US 1'230 1'814 1.0x 0.9x 0.9x 7.5x 6.3x 5.4x 13.9% 15.1% 17.0% 6% Technology LU 22'562 21'070 4.0x 3.2x 2.5x n/m n/m n/m -0.3% -2.4% -0.2% 25% Stamps.com US 1'282 1'256 2.4x 2.5x 2.3x 6.4x 9.1x 8.0x 37.7% 27.7% 29.4% 1%

Mean 3.7x 3.2x 2.8x 13.8x 14.5x 12.3x 14.3% 17.1% 18.5% 9.7% Median 2.4x 2.4x 2.3x 13.6x 11.1x 10.0x 13.9% 15.1% 17.0% 6.0% Payment

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Intuit US 61'385 60'565 10.9x 9.8x 8.9x 38.2x 27.4x 24.3x 28.5% 36.0% 36.6% 11% Global Payments US 19'515 23'805 7.9x 6.0x 5.5x 20.3x 16.7x 14.6x 39.1% 35.8% 37.7% 20% SafeCharge International Group GG 530 444 3.6x 3.1x 2.8x 15.4x 12.0x 10.6x 23.4% 26.1% 26.2% 14% Qiwi CY 816 272 0.7x 0.9x 0.8x 3.6x 2.8x 2.0x 18.2% 34.2% 40.3% -9% Wirecard DE 13'537 12'495 6.1x 4.7x 3.8x 22.1x 16.2x 12.1x 27.5% 29.1% 31.0% 27% Worldpay US 30'582 37'759 10.8x 9.9x 9.1x 27.4x 19.7x 17.5x 39.4% 50.4% 51.9% 9%

Mean 6.7x 5.8x 5.1x 21.1x 15.8x 13.5x 29.4% 35.3% 37.3% 11.9% Median 7.0x 5.4x 4.6x 21.2x 16.5x 13.4x 28.0% 35.0% 37.1% 12.4%

Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (01-Apr-2019) 25