Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 E-Commerce (Cont'd) Other Verticals JD.com (AsiaPac) 48,457 84% 0.2x 0.1x 0.1x 28% 10.0x 6.3x 3.1x 79% 2% 11.9x 7.9x 4.5x Wayfair (US) 4,833 69% 1.3x 0.9x 0.8x 30% n/m n/m n/m (90%) (2%) n/m n/m n/m CTS Eventim (Europe) 2,915 85% 2.9x 2.7x 2.5x 8% 13.6x 12.3x 11.0x 11% 22% 29.9x 27.7x 24.6x Monotaro (AsiaPac) 3,421 91% 5.1x 4.1x 3.5x 21% 34.6x 28.2x 23.3x 22% 15% n/a n/a n/a Ocado (Europe) 4,072 86% 2.5x 2.2x 2.0x 12% 39.0x 38.6x 31.6x 11% 6% n/m n/m n/m Abcam (Europe) 2,777 94% 10.7x 9.8x 8.9x 10% 32.3x 24.8x 22.1x 21% 39% 43.0x 36.6x 32.8x Proto Labs (US) 2,596 96% 9.3x 7.2x 6.4x 21% 32.7x 25.5x 23.5x 18% 28% 57.6x 42.2x 36.3x Overstock.com (US) 952 50% 0.6x 0.6x 0.6x 7% n/m n/m n/m n/a (5%) n/m n/m n/m Zooplus (Europe) 1,134 81% 1.0x 0.8x 0.7x 22% n/m 60.4x 37.2x 79% 1% n/m n/m 70.1x PetMed Express (US) 672 77% 3.1x 2.8x 2.6x 10% 17.1x 14.7x n/a (100%) 19% 28.4x 20.7x 17.4x 1-800-Flowers.com (US) 560 96% 0.6x 0.6x n/a (100%) 8.3x 7.8x n/a (100%) 8% 29.7x 21.6x n/a Cogobuy (AsiaPac) 1,045 38% 0.8x 0.7x 0.5x 30% 13.1x 10.6x 7.0x 36% 6% 11.3x 9.4x 6.6x AO World (Europe) 601 81% 0.7x 0.6x 0.5x 12% n/m n/m 24.1x n/a 1% n/a n/m 46.3x Shop Apotheke Europe (Europe) 491 65% 1.7x 0.9x 0.7x 58% n/m n/m 55.6x n/a 0% n/m n/m n/m Delticom (Europe) 146 59% 0.2x 0.2x 0.2x 9% 11.3x 9.5x 8.1x 18% 2% 39.4x 26.3x 18.2x LDLC.com (Europe) 133 50% 0.3x 0.2x 0.2x 12% 9.2x 7.8x 6.2x 22% 3% 17.7x 16.2x 11.5x U.S. Auto Parts Network (US) 67 52% 0.3x 0.3x 0.2x 4% 5.9x 5.5x 4.8x 11% 5% n/a 26.3x 19.2x Mean 2.8x 2.4x 2.8x (9%) 18.0x 14.2x 29.3x (19%) 5% 30.7x 24.1x 19.8x Fashion and Flash Sales Zalando (Europe) 10,016 89% 2.2x 1.8x 1.5x 22% 37.2x 30.5x 23.8x 25% 6% 85.8x 72.8x 54.1x Start Today (AsiaPac) 6,246 70% 8.8x 6.7x 5.5x 27% 25.2x 21.1x 17.2x 21% 32% n/a n/a n/a ASOS (Europe) 6,611 90% 3.0x 2.3x 1.8x 29% 43.2x 31.9x 24.8x 32% 7% 86.4x 68.0x 53.8x Vipshop (AsiaPac) 8,543 89% 0.1x 0.1x 0.1x 26% 3.1x 2.4x 1.7x 36% 5% 3.9x 3.0x 2.3x Yoox Net-A-Porter (Europe) 5,008 99% 2.4x 2.1x 1.8x 17% 29.4x 24.2x 18.3x 27% 9% 89.6x 70.7x 48.1x Boohoo.com (Europe) 1,807 45% 3.7x 2.2x 1.6x 53% 36.8x 24.3x 18.1x 43% 9% 57.5x 44.8x 36.1x Stitch Fix (US) 1,431 69% n/a 1.3x 1.1x n/a n/a 38.7x 35.3x n/a 3% n/a n/m n/m MySale Group (AsiaPac) 174 85% 0.5x 0.5x n/a (100%) 14.9x 11.5x n/a (100%) 4% 41.5x 34.4x n/a LightInTheBox (AsiaPac) 79 68% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Windeln.de (Europe) 45 56% 0.2x 0.2x 0.2x 6% n/m n/m 17.0x n/a (7%) n/m n/m 90.7x Jumei (AsiaPac) 25 70% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 0.9x 0.7x 0.7x 2% 11.0x 9.2x 19.3x (5%) 4% 25.8x 20.6x 20.3x Finance and Price Comparison IG Group (Europe) - 95% n/m n/m n/m 2% n/m n/m n/m 0% 51% 16.2x 14.5x 14.3x Moneysupermarket (Europe) 1,745 78% 4.5x 4.5x 4.2x 3% 11.8x 12.1x 11.4x 2% 37% 17.3x 17.1x 15.9x Hypoport (Europe) 778 80% 4.0x 3.6x 3.2x 12% 24.6x 20.7x 18.1x 17% 17% 40.9x 32.7x 28.1x LendingClub (US) - 55% n/m n/m n/m 18% n/m n/m n/m 73% 12% n/m 43.0x 21.5x Ferratum (Europe) - 80% n/m n/m n/m 30% n/m n/m n/m 38% 17% 27.6x 17.1x 13.9x Gruppo MutuiOnline (Europe) 475 79% 3.0x n/a n/a (100%) 10.5x 10.0x 9.4x 6% n/a 19.0x n/a n/a On Deck Capital (US) - 82% n/m n/m n/m 11% n/m n/m n/m 179% 8% n/m 18.8x 12.3x iSelect (AsiaPac) 116 45% 0.9x 0.9x 0.8x 10% 6.1x 5.2x 4.5x 16% 16% 12.4x 10.5x 8.9x Jianpu Tech (AsiaPac) 624 64% 0.5x 0.4x 0.2x 74% n/m n/m 2.9x n/a (7%) n/m n/m 4.3x HubStyle (Grupa Nokaut) (Europe) 3 22% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Comperia (Europe) 4 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 1.4x 1.0x 0.9x (10%) 20.9x 20.9x 22.4x (21%) 3% 41.6x 33.3x 49.0x Lead Gen LendingTree (US) 3,507 89% 7.1x 5.5x 4.4x 27% 38.1x 28.7x 22.0x 32% 19% 82.2x 51.7x 37.4x Yelp (US) 2,253 89% 3.3x 2.9x 2.5x 15% 17.6x 15.1x 11.9x 22% 19% 40.6x 33.7x 25.5x Groupon (US) 1,580 77% 0.7x 0.7x 0.7x (2%) 8.1x 7.3x 6.7x 10% 10% 34.8x 20.6x 17.1x Gocompare.com (Europe) 584 93% 3.4x 3.0x 2.8x 10% 13.7x 10.8x 9.8x 18% 27% 17.3x 13.3x 12.0x Gurunavi (AsiaPac) 451 59% 1.6x 1.6x 1.5x 2% 7.3x 7.6x 6.9x 3% 21% n/a n/a n/a eHealth (US) 197 52% 1.4x 1.1x 0.9x 22% n/m 11.7x 7.0x n/a 9% n/m 15.2x 8.6x Mean 1.5x 0.7x 0.6x 3% 12.5x 12.1x 9.8x 43% 7% 25.1x 19.9x 17.7x Education New Oriental Education (AsiaPac) 9,806 84% 5.9x 4.4x 3.5x 31% 35.6x 30.1x 20.8x 31% 15% 45.2x 36.6x 28.0x Pearson (Europe) 7,575 98% 1.4x 1.6x 1.6x (5%) 9.3x 9.6x 8.8x 3% 17% 13.9x 15.4x 13.3x 2U (US) 3,561 95% 15.3x 10.9x 8.2x 36% n/m n/m n/m 64% 4% n/m n/m n/m Chegg (US) 1,748 92% 8.5x 7.2x 5.9x 20% 47.6x 28.5x 21.0x 50% 25% 83.7x 42.5x 31.5x Instructure (US) 1,154 94% 9.0x 6.8x 5.4x 30% n/m n/m n/m (28%) (11%) n/m n/m n/m Capella Education (US) 714 89% 2.0x 1.9x 1.9x 3% 10.2x 9.9x 9.2x 5% 20% 24.2x 19.5x 18.1x K12 (US) 368 70% 0.5x 0.5x n/a (100%) 3.9x 4.0x n/a (100%) 13% 28.2x 45.4x n/a Cambium Learning Group (US) 425 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a American Public Education (US) 429 94% 1.8x 1.8x 1.7x 1% 10.4x 9.8x 9.3x 6% 18% 39.0x 27.5x 25.1x Boxlight (US) 30 38% 1.4x 1.1x n/a (100%) n/a n/a n/a n/a - n/m n/m n/a Mean 2.0x 1.7x 1.5x 8% 11.8x 10.8x 8.7x 19% 16% 29.5x 20.6x 16.2x Fitness & Wearables Under Armour (US) 5,799 67% 1.4x 1.4x 1.3x 5% 22.1x 21.5x 17.0x 14% 6% 74.1x 84.2x 48.2x Huami Corp. (AsiaPac) 519 87% 0.3x 0.2x 0.2x 42% 4.2x 3.1x 2.1x 40% 7% 3.7x 2.6x 1.8x GoPro (US) 474 40% 0.5x 0.5x 0.5x (4%) n/m n/m 21.9x n/a (1%) n/m n/m n/m Fitbit (US) 444 70% 0.3x 0.4x 0.4x (3%) n/m n/m n/m (11%) (5%) n/m n/m n/m Mean 1.5x 1.4x 1.7x (38%) 9.1x 8.6x 9.1x (17%) 13% 30.2x 28.2x 19.8x Source: Capital IQ (as of 22 March 2018). 21