Sector Valuations EV / EBITDA 2018E March 2018 44.6x E-commerce 22.9x 40.3x Marketplaces 11.8x Search & 18.4x Portals 11.6x 14.2x Social 12.2x 12.5x Classifieds 12.6x Lead 8.2x Generation 8.3x 5.8x Travel 20.1x 2.6x Gaming 9.3x 2.6x Advertising 10.5x Europe United States Note: Calculation based on sector aggregates. 12