Trading Comparables 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 Advertising / Marketing Ad Networks Criteo (Europe) 1,242 51% 1.6x 1.5x 1.3x 11% 5.2x 5.1x 4.3x 9% 29% 11.7x 12.3x 10.2x Taptica (Middle East) 277 73% 1.1x 0.7x 0.7x 31% 7.3x 6.3x 5.6x 14% 12% 10.3x 9.3x 8.2x Matomy (Middle East) 110 56% 0.4x 0.4x 0.3x 6% 4.3x 3.2x 2.9x 21% 11% n/a n/a n/a Mean 1.1x 0.9x 0.8x 16% 5.6x 4.9x 4.3x 15% 17% 11.0x 10.8x 9.2x Intermediaries Trade Desk (US) 1,823 84% 7.3x 5.5x 4.4x 29% 24.5x 18.9x 13.9x 33% 29% 35.9x 30.5x 22.7x QuinStreet (US) 512 99% 1.9x 1.7x 1.5x 13% 30.6x 19.5x 15.0x 43% 8% 69.2x 30.5x 22.9x FreakOut (AsiaPac) 172 33% 1.8x 1.3x 1.0x 35% 25.5x 15.4x 11.2x 51% 8% n/a n/a n/a RhythmOne (US) 123 38% 0.4x 0.3x 0.2x 43% 9.8x 2.4x 1.7x 140% 11% n/a n/a n/a SeaChange (US) 62 76% 0.9x 0.9x n/a (100%) 13.7x 9.4x n/a (100%) 10% 34.6x 19.6x n/a Weborama (Europe) 45 96% n/a 1.2x 1.0x n/a 7.7x 5.9x 4.5x 31% 20% 55.7x 34.3x 19.4x Cxense (Europe) 34 42% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Marin Software (US) 13 46% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Netccentric (AsiaPac) (1) 27% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a The Rubicon Project (US) (28) 31% n/m n/m n/m (10%) 7.9x 1.4x 22.5x (41%) (22%) n/m n/m n/m Mean 2.5x 1.8x 1.6x 2% 17.1x 10.4x 11.5x 22% 9% 48.9x 28.7x 21.7x Data and Loyalty HubSpot (US) 3,540 96% 11.7x 9.0x 7.2x 27% n/m n/m 68.2x 70% 9% n/m n/m n/m Acxiom (US) 2,067 95% 2.8x 2.6x 2.4x 8% 14.7x 12.8x 10.9x 16% 20% 40.7x 28.5x n/a Quotient Technology (US) 863 78% 3.3x 2.7x 2.3x 20% 22.6x 15.3x 11.2x 42% 18% 59.0x 29.8x 19.5x Aimia (Canada) 317 20% 0.2x 0.3x 0.3x (12%) 2.0x 2.3x 2.4x (9%) 14% 2.5x 2.4x 2.7x 1000mercis (Europe) 102 70% 1.7x 1.6x 1.3x 14% 8.2x 7.5x 6.2x 16% 21% n/a n/a n/a Marchex (US) 13 77% 0.2x 0.2x n/a (100%) 23.0x 11.5x n/a (100%) 2% n/m n/m n/a Somoto (Middle East) 26 58% 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 3.3x 2.7x 2.7x (7%) 14.1x 9.9x 19.8x 6% 14% 34.1x 20.3x 11.1x Market Research Nielsen (Europe) 15,945 74% 3.0x 2.9x 2.8x 4% 9.6x 9.5x 8.8x 4% 30% 12.3x 12.3x 11.0x Gartner (US) 11,335 86% 4.2x 3.4x 3.0x 18% 19.9x 17.9x 15.9x 12% 19% 35.8x 30.9x 25.7x Ipsos (Europe) 1,789 86% 1.0x 1.0x 1.0x 2% 8.7x 8.6x 8.1x 4% 12% 11.1x 10.6x 9.8x National Research Corp. (US) 653 88% 6.8x 6.3x n/a (100%) 20.6x 18.7x n/a (100%) 33% 37.8x 34.1x n/a comScore (US) - 84% n/m n/m n/a (100%) n/m n/m n/a (100%) 28% 14.0x 10.9x n/a Forrester Research (US) 528 91% 2.0x 1.8x 1.7x 7% 16.9x 16.1x 11.7x 21% 11% 34.5x 31.0x 18.7x YouGov (Europe) 414 100% 3.2x 3.0x 2.7x 10% 20.9x 18.0x 15.2x 17% 17% 30.5x 26.9x n/a Intage (AsiaPac) 313 78% 0.8x 0.8x 0.7x 5% 7.3x 7.0x 6.5x 6% 11% n/a n/a n/a Mean 3.0x 2.7x 2.0x (19%) 14.9x 13.7x 11.0x (17%) 20% 25.1x 22.4x 16.3x Agencies WPP (Europe) 21,556 62% 1.2x 1.2x 1.2x 1% 7.3x 7.5x 7.3x (0%) 16% 9.0x 9.3x 9.0x Omnicom (US) 15,142 83% 1.2x 1.2x 1.1x 3% 7.9x 7.7x 7.3x 4% 15% 13.9x 13.0x 12.6x Publicis Group (Europe) 13,490 81% 1.4x 1.4x 1.4x 0% 8.0x 8.0x 7.7x 2% 18% 12.3x 11.9x 11.3x Dentsu (AsiaPac) 11,732 71% 1.7x 1.5x 1.4x 8% 8.6x 8.6x 7.7x 5% 18% n/a n/a n/a Interpublic Group of Comp. (US) 7,891 87% 1.2x 1.2x 1.2x 4% 8.5x 8.0x 7.7x 5% 15% 15.9x 13.2x 12.5x JCDecaux (Europe) 6,499 78% 1.9x 1.8x 1.7x 3% 10.9x 10.5x 9.7x 6% 17% 26.5x 24.7x 21.9x MDC Partners (US) 1,188 55% 1.0x 0.9x 0.9x 5% 7.2x 6.7x 6.1x 8% 14% 13.6x 12.3x 8.0x Asatsu-DK (AsiaPac) 1,004 92% 0.4x 0.4x 0.4x 1% 17.3x n/a n/a (100%) - n/a n/a n/a Mean 1.2x 1.2x 1.2x 3% 9.5x 8.2x 7.6x (9%) 14% 15.2x 14.0x 12.5x Classifieds Diversified Naspers (Africa) 103,834 83% 17.4x 16.6x 14.6x 9% n/m n/m n/m 90% 10% 45.4x 31.4x 22.0x Recruit Holdings (AsiaPac) 31,880 90% 2.0x 1.8x 1.7x 9% 15.9x 14.8x 12.3x 14% 12% n/a n/a n/a Axel Springer (Europe) 8,825 92% 2.5x 2.7x 2.6x (2%) 13.6x 11.8x 10.8x 12% 23% 24.7x 22.7x 19.8x 58.com (AsiaPac) 9,841 94% 7.9x 6.3x 5.2x 24% 40.0x 27.6x 19.6x 43% 23% 52.4x 32.5x 23.2x Schibsted (Europe) 5,468 82% 3.1x 2.9x 2.7x 7% 20.2x 15.5x 12.8x 26% 18% 49.5x 31.3x 23.1x Scout24 (Europe) 4,576 98% 9.5x 8.7x 8.0x 9% 18.5x 16.1x 14.2x 14% 54% 26.8x 23.8x 20.9x Info Edge India (AsiaPac) 1,729 86% 14.0x 11.9x 10.2x 17% 56.2x 41.6x 33.7x 29% 29% n/m 56.4x 42.2x Next Co (Europe) 8,249 87% 1.7x 1.7x 1.7x 1% 8.2x 8.3x 8.3x (1%) 21% 10.9x 11.1x 11.1x Just Dial (AsiaPac) 372 68% 3.9x 3.6x 3.3x 9% 19.9x 17.0x 15.2x 14% 21% 22.6x 20.1x 17.6x Mean 1.1x 1.1x 1.1x 3% 10.7x 8.3x 7.8x (18%) 12% 17.8x 16.0x 13.8x Real Estate REA Group (AsiaPac) 6,716 96% 14.6x 12.4x 11.1x 15% 25.5x 21.4x 18.7x 17% 58% 41.3x 33.9x 28.9x Zillow (US) 8,594 95% 9.8x 8.0x 6.8x 20% 44.7x 34.0x 26.0x 31% 24% n/m 64.0x 43.8x Rightmove (Europe) 4,336 91% 15.6x 14.2x 13.1x 9% 20.6x 18.7x 17.3x 9% 76% 26.1x 23.4x 21.8x Redfin (US) 1,251 63% 4.2x 3.3x 2.6x 28% n/m n/m 52.1x 1021% 1% n/m n/m n/m Fang Holdings (AsiaPac) 2,159 91% 5.8x 5.4x 4.7x 10% 49.6x 17.5x 11.5x 108% 31% 99.7x 23.2x 14.0x Mitula (Europe) 48 39% 2.2x 2.0x 1.5x 20% 6.2x 6.3x 3.9x 26% 31% 11.5x 17.5x 7.3x Leju (AsiaPac) 37 41% 0.1x 0.1x 0.1x 24% n/m n/m n/a (100%) (6%) n/m 18.4x 57.6x Mean 6.9x 6.3x 5.5x 9% 24.1x 19.1x 15.9x 27% 23% 33.2x 28.7x 22.5x Source: Capital IQ (as of 22 March 2018). 19