Significant European Movers Valuations: Jan-18 vs. Feb-18 Enterprise Value (€m) * Company Jan-18 Feb-18 % Change Gainers 3,180 4,087 +29% 1,263 1,623 +29% 2,231 2,794 +25% 913 1,124 +23% 3,442 3,939 +14% Losers 768 397 -48% 2,073 1,578 -24% 5,707 4,452 -22% 592 491 -17% 5,953 4,969 -17% EV/EBITDA 2017E Company Jan-18 Feb-18 % Change Gainers 22.4x 30.5x +36% 7.7x 10.2x +32% 4.0x 5.0x +27% 41.8x 51.3x +23% 30.5x 34.2x +12% Losers 13.5x 6.2x -54% 11.5x 8.1x -30% 27.1x 19.5x -28% 16.2x 11.8x -27% 34.5x 30.5x -12% Source: Capital IQ (March 2018). 17 Note: * Companies with enterprise value <€100m excluded.