Historical Valuation by Region EV / 1 Year Forward EBITDA 35x Europe United States Rest of World 30x 25x 20x 15x 10x 5x - Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 15 15 15 16 16 16 17 17 17 18 Selected Companies Europe United States Rest of World Note: NTM EBITDA derived by time-weighted estimates. 15 Forward multiples are median values for region.