Select Transaction Comparables (Cont’d) Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Lead Generation Feb 18 NuCom Group Verivox Germany 46.693 Okt 17 HomeServe Checkatrade UK 61.02 Sep 17 Zoopla Money.co.uk UK 154.2 Okt 16 Consortium of Firms Käuferportal (42%) Germany Mrz 16 NS Intressenter (Owners) PriceRunner Sweden Jun 15 NuCom Group Verivox (80%) Germany 262.5 5.8x Apr 15 Zoopla uSwitch UK 260.1 3.0x 11.7x Dez 14 eSure Gocompare (50%) UK 241.5 1.7x 7.3x Jun 12 Moneysupermarket MoneySavingExpert UK 108.0 Feb 11 EasyVoyage Dealchecker. TravelJungle. FSI Travel UK 10.0 Jul 10 Expedia (Tripadvisor) HolidayLettings UK 36.0 15.0x Mai 10 Priceline TravelJigsaw UK 93.7 Travel Apr 17 AccorHotels VeryChic France Feb 17 Priceline Group Momondo Group UK 586.0 5.7x Dez 16 Ctrip Skyscanner UK 1,622.7 9.5x 51.2x Mai 16 TUI Group Transat France France 54.0 Apr 16 Cinven Partners Hotelbeds Spain 1,163.5 1.1x 16.9x Apr 16 TravelSky Technology OpenJaw Technologies Ireland Apr 16 AccorHotels OneFineStay UK 212.0 Mrz 16 Trainline Captain Train France 165.0 Jan 16 Yahoo Japan (et all) Skyscanner UK 1.5 9.3x 50.6x Jan 16 Michelin Bookatable UK 108.0 Nov 15 LBO France Fram France Nov 15 Quicket BookitNow! Germany Okt 15 ProSiebenSat.1 Etraveli Sweden 235.0 3.4x 11.1x Mrz 15 Bravofly Lastminute.com UK 104.4 0.9x Okt 13 Uvet Viaggio Turismo Flygpoolen Sweden Apr 13 Hostelworld HostelBookers.com UK 59.0 2.8x 12.1x Mrz 13 HRS hotel.de (remaining 15%) Germany 102.3 2.2x 78.7x Mrz 13 NC2 Media Lonely Planet UK 60.4 Dez 12 Expedia trivago (61.6%) Germany 774.4 7.7x 26.0x Okt 12 Bravofly Rumbo Spain 60.0 1.0x 5.3x Aug 12 LOET Trading, Bankhaus Metzler Travel24 (46%) Germany 52.0 2.2x 12.2x Jan 12 Dnata World Travel TravelRepublic UK Okt 11 HRS hotel.de (61.59%) Germany 61.0 1.5x 1.3x 55.4x 50.8x Mai 11 LBO France Promovacances France 200.0 10.0x Mrz 11 Kuoni Gullivers Travel Associates UK 503.0 2.4x 8.4x Feb 11 Odigeo (AXA and Permira) Opodo UK 450.0 3.1x 11.1x Marketplaces Jan 18 Brille24 Lensspirit Germany Jun 17 Baloise Group MOVU Switzerland Jun 17 Hoffman Contorion Germany 100.0 Mai 15 Recruit Holdings Wahanda (70%) UK 218.1 28.7x Mrz 15 Gruppo MutuiOnline 7Pixel (74.85%) Italy 74.2 4.9x 9.4x Feb 15 Tamedia Ricardo Switzerland 228.7 6.0x Dez 14 Adobe Fotolia Europe 645.5 Social Networking Sep 17 The Meet Group LOVOO Germany 83.8 2.2x Jun 17 Snapchat Zenly France 186.4 Okt 16 eDarling Attractive World France Sep 16 ProSiebenSat.1 Parship (51%) Germany 300.0 Sep 14 mail.ru Vkontakte (remaining 48%) Russia 1,598.5 0.5x 2.1x Apr 13 Elsevier B.V. Mendeley UK 64.9 Gaming Feb 18 THQ Nordic Koch Media Germany 121.0 0.7x 11.5x Nov 17 Stillfront Goodgames Germany 270.0 1.9x 7.8x Nov 17 Zynga Peak Games Turkey 85.0 Aug 17 Aristocrat Technologies Plarium Israel 420.8 Mai 17 MTG InnoGames (30%) Germany 260.0 2.0x Mai 17 Supercell Space Ape Games UK Feb 17 Take-Two Social Point Spain 234.6 Jan 17 Zhejiang Jinke Entertainment Outfit7 Slovenia 1,000.0 Okt 16 MTG Innogames (35% + 16% Optional) Germany 260.0 Jul 16 Giant Network Technologies Playtika Israel 3,930.1 6.1x 4.9x 16.0x Jul 16 Hydra Industries Inspired Gaming Group UK 238.7 Jul 16 Playtech Best Gaming Technology Austria 138.0 Jul 16 Gamigo Aerial Games Germany Jun 16 Tencent Supercell (84%) Finland 9,687.6 4.7x 11.6x Mai 16 CVC Capital Partners Sisal Italy 1,000.0 1.3x 5.5x Mai 16 Cherry AB ComeOn (49%) Malta 80.0 Apr 16 CVC Capital Partners Tipico (60%) Malta 1,666.0 3.3x 16.7x Apr 16 NYX OpenBet UK 337.8 Mrz 16 Shandong Hongda Mining Co. Jagex UK 270.1 3.6x 10.3x Mrz 16 Youzu Bigpoint Germany 80.0 Nov 15 Activision Blizzard King.com UK 4,539.5 2.4x 5.6x Okt 15 Vivendi Ubisoft France 1,809.5 1.2x 9.8x Jul 15 MTG Turtle Entertainment (74%) Germany 105.4 Jun 15 Betsson Europe-Bet Georgia 75.8 1.6x 4.3x Jun 15 SoftBank Supercell & GungHo (additional 22%) Finland 5,033.1 Feb 15 Tencent Miniclip (majority stake) Switzerland Feb 15 Intertain Group Gamesys UK 569.0 Dez 14 CVC Capital Partners Sky Gaming UK 1,068.6 Okt 14 Intertain Group Dumarca Malta 89.1 Sep 14 Microsoft Mojang Sweden 1,932.3 7.6x 19.5x Jun 14 Amaya Rational Group UK 3,616.2 4.5x 11.7x Jun 14 Bally Dragonplay Israel 73.2 3.3x 10.0x Jun 14 Webedia JeuxVideo France 90.0 Jan 14 Zynga NaturalMotion UK 388.7 8.8x 63.6x Okt 13 SoftBank Supercell & GungHo (51%) Finland 2,217.9 4.2x 3.5x 7.2x Sources: Press articles, Capital IQ. 30 Please email Marco Rodzynek for any comments.