Select Transaction Comparables (Cont’d) Strategic Buyers Financial Buyers Target Adjusted Revenue Multiple EBITDA Multiple Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Date Acquiror Target Country EV (€m) LTM Forward LTM Forward Country EV (€m) LTM Forward LTM Forward Feb 18 Eli Global Finanzen.de Germany Okt 17 Hellman & Friedman Nets Group Denmark 4,290.0 Jul 17 Marlin Equity Partners ABIT Europe Germany Jul 17 Equistone DefShop Germany Jul 17 Gilde Buy Out Partners Albumprinter Netherlands Jun 17 TCV Pracuj Group (minority stake) Polish Jun 17 CVC Capital Partners Etraveli Sweden 508.0 14.0x Jun 17 Investcorp ABAX Norway 188.7 Apr 17 Propellerhead Verdane Sweden 20.9 2.0x Feb 17 Vitruvian Partners OAG UK 204.8 Feb 17 KKR Travelopia UK 364.0 0.3x 7.3x Feb 17 TA Associates Think Project! Germany Dez 16 General Atlantic Hemnet (majority stake) Sweden 208.8 Dez 16 General Atlantic Zoopla (majority stake) Sweden 200.3 Okt 16 Dirk Ströers Media Ventures Stylebop (majority stake) Germany Okt 16 Permira Schustermann & Borenstein Germany Okt 16 Cinven, Permira, Mid Europa Allegro Poland 3,033.7 Sep 16 Inflexion Private Equity Group IMD UK Sep 16 Permira Personal & Informatik Germany Sep 16 Bregal Unternehmerkapital Onlineprinters Germany Aug 16 Bridgepoint Cruise.co.uk UK 62.1 0.5x Jul 16 KKR Epicor Software Singapore 2,985.1 3.3x 13.5x Mai 16 General Atlantic Argus Media (majority stake) UK 1,301.3 Apr 16 EQT Sitecore Denmark 1,000.0 5.0x 20.0x Mrz 16 Apax Partners InfoVista France Mrz 16 HgCapital Raet Netherlands 470.0 3.2x Mrz 16 Riverside Guestline UK Mrz 16 Rockaway Capital Invia Czech Republic 76.0 Feb 16 Elbrus Capital Headhunter Russia 120.9 Feb 16 Various Skyscanner UK 1,421.4 Feb 16 Vitruvian Partners Unifaun Group Sweden Feb 16 EQT Kuoni Switzerland 1.5 2.8x 14.8x Okt 15 Rockaway Capital Netretail and Heureka (from Naspers) Czech Republic 200.0 Okt 15 Exponent. Electra PhotoBox UK 546.2 Sep 15 Blackstone Ideal Shopping Direct UK Aug 15 SevenVentures Billiger-Mietwagen Germany 70.0 4.2x 7.9x Jul 15 Apax Partners idealista (70%) Spain 150.0 ~17x Jul 15 HGGC Selligent France 200.0 Jun 15 Charlesbank Six Degrees Group UK 223.3 2.0x Apr 15 Oakley Capital Parship Germany 50.0 Mrz 15 AAC Capital Corilus Netherlands 77.6 1.8x 15.0x Jan 15 Insight Venture DaWanda Germany Jan 15 KKR thetrainline.com UK 595.3 6.7x 11.8x Dez 14 Warburg Pincus Blue Yonder (minority stake) Germany 59.9 Nov 14 The Carlyle Group Dealogic UK 418.4 3.6x 9.6x Okt 14 Great Hill Parthers Momondo (majority stake) Denmark 166.5 2.4x 14.2x Okt 14 HgCapital Allocate Software UK 137.7 2.3x 13.1x Sep 14 Oakley Capital Facile.it Italy 100.0 3.3x 25.0x Sep 14 Access Industries Perform Group UK 858.1 2.8x 2.5x 21.7x 12.8x Jul 14 KKR The Hut Group (20%) UK 126.4 Jul 14 KKR Scout24 Schweiz & Omnimedia (49%) Switzerland 262.2 Jun 14 Vitruvian Partners JacTravel UK 99.7 Mai 14 Permira Teamviewer Germany 870.0 4.9x 6.8x Mai 15 ECI Partners Evans Cycles UK 135.2 Mrz 14 BC Partners CarTrawler Ireland 450.7 0.9x 20.6x Feb 14 CVC Capital Partners Avast Software Czech Republic 738.9 Jan 14 Apax Partners Trader Media Group UK 2,126.1 7.4x 12.9x Nov 13 Hellman & Friedman Scout24 Germany 2,000.0 5.9x 21.8x Okt 13 Inflexion Private Equity On The Beach Holidays UK 86.0 1.9x 6.8x Okt 13 Sequoia Capital Skyscanner UK 589.0 8.7x 23.5x Aug 13 LDC uSwitch (undisclosed stake) UK 81.6 2.4x 7.4x Jul 13 Cinven Host Europe UK 508.8 13.8x Jul 13 TPG TSL Education UK 464.8 Mrz 13 TA Associates Onlineprinters Germany Feb 13 Partners Group Softonic (30%) Spain 275.0 Okt 12 Permira Ancestry.com Israel 1,224.5 3.3x 25.4x Mai 12 KKR Fotolia (50%) France 353.7 Jan 12 Insight Venture Jagex UK Mai 11 ECI Partners CarTrawler Ireland 100.0 Apr 11 TA & Summit Bigpoint Germany 408.5 Okt 10 General Atlantic & Index Privalia Spain 70.0 Sep 10 Montagu Host Europe UK 265.8 Jul 10 Permira eDreams Spain 300.0 Mai 10 Ardian GoVoyages (majority) France 400.0 0.5x 16.2x Apr 10 DST ICQ Israel 142.2 Sources: Press articles, Capital IQ. 33 Please email Marco Rodzynek for any comments.