Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 E-Commerce (Cont'd) Online Food & Restaurants Delivery Hero (Europe) 7,789 92% 10.4x 5.9x 4.0x 60% n/m n/m n/m 25% (30%) n/m n/m n/m Takeaway.com (Europe) 4,937 86% 20.6x 11.9x 8.8x 53% n/m n/m 60.9x n/a 4% n/m n/m n/m Just Eat (Europe) 5,441 82% 6.2x 4.7x 3.8x 29% 28.2x 26.7x 21.0x 16% 17% 43.1x n/m 42.1x Hellofresh (Europe) 1,896 91% 1.5x 1.1x 1.0x 25% n/m n/m 24.5x n/a (0%) n/m n/m n/m Blue Apron (US) 150 29% 0.2x 0.3x 0.3x (15%) n/m n/m 12.2x n/a (1%) n/m n/m n/m Mean 7.8x 4.8x 3.6x 30% 28.2x 26.7x 29.6x 20% (2%) 43.1x ##### 42.1x Marketplaces Uber (US) 47,299 72% n/a 3.8x 2.8x n/a n/a n/m n/m n/a (22%) n/a n/m n/m eBay (US) 35,303 96% 3.6x 3.6x 3.4x 3% 10.8x 10.5x 9.8x 5% 34% 14.6x 14.1x 13.4x Lyft (US) 9,691 53% n/a 3.1x 2.4x n/a n/a n/m n/m n/a (24%) n/a n/m n/m Chewy (US) 11,075 71% n/a 2.6x 2.1x n/a n/a n/m n/m n/a (2%) n/a n/m n/m Etsy (US) 5,512 75% 10.2x 7.6x 6.1x 29% 44.4x 32.4x 24.1x 36% 23% 65.6x 44.4x 34.5x GrubHub (US) 5,725 45% 6.3x 4.6x 3.6x 31% 26.4x 26.2x 18.5x 20% 18% 38.1x 51.0x 32.0x Kakaku (AsiaPac) 4,141 92% 9.4x 8.3x 7.7x 10% 18.8x 17.3x 16.0x 8% 48% n/a n/a n/a Shutterstock (US) 998 67% 1.8x 1.7x 1.6x 6% 10.6x 10.9x 10.4x 1% 15% 24.8x 27.6x 27.9x Fiverr (Middle East) 402 44% n/a 4.3x 3.4x n/a n/a n/m n/m n/a (20%) n/a n/m n/m Care.com (US) 271 40% 1.6x 1.4x 1.3x 8% 9.4x 14.5x 12.4x (13%) 10% 12.2x 18.2x 15.9x Tuanche (AsiaPac) 141 34% 1.7x 1.5x 1.4x 9% n/a n/m n/m n/a (14%) n/a n/m n/m Liquidity Services (US) 188 90% 1.0x 0.9x n/a (100%) n/m n/m n/a (100%) 0% n/m n/m n/a MyHammer (Europe) 98 99% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Lauritz.com (Europe) 26 84% 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 RealReal (US) 1,541 56% n/a 5.5x 4.2x n/a n/a n/m n/m n/a (24%) n/a n/m n/m Tradeweb Markets (US) - 79% n/a n/m n/m n/a n/a n/m n/m n/a 44% n/a 26.5x 23.2x Mean 4.4x 3.8x 3.3x (1%) 20.1x 18.6x 15.2x (6%) 6% 31.1x 30.3x 24.5x Verticals / Players JD.com (AsiaPac) 38,100 97% 0.6x 0.5x 0.5x 18% 55.9x 25.4x 16.9x 82% 2% n/m 34.2x 26.1x Wayfair (US) 11,727 77% 1.9x 1.4x 1.1x 33% n/m n/m n/m 13% (4%) n/m n/m n/m Ocado (Europe) 10,417 93% 5.7x 5.3x 4.6x 11% n/m n/m n/m 11% 2% n/m n/m n/m Monotaro (AsiaPac) 5,564 80% 6.1x 4.9x 4.1x 21% 43.3x 36.8x 30.3x 19% 13% n/a n/a n/a Abcam (Europe) 2,572 76% 9.3x 8.4x 7.6x 11% 25.8x 22.8x 21.6x 9% 37% 36.2x 34.7x 35.3x CTS Eventim (Europe) 4,307 92% 3.5x 3.1x 3.0x 8% 18.5x 16.1x 14.8x 12% 19% 37.0x 32.2x 30.2x Proto Labs (US) 2,556 66% 6.3x 6.0x 5.5x 7% 21.9x 22.5x 19.2x 7% 27% 35.0x 38.3x 32.4x Jumia Technologies (Europe) 430 22% n/a 2.3x 1.5x n/a n/a n/m n/m n/a (100%) n/a n/m n/m 1-800-Flowers.com (US) 800 69% 0.7x 0.7x 0.6x 8% 11.1x 10.0x 8.9x 12% 7% 30.7x 24.1x 21.6x Zooplus (Europe) 908 78% 0.7x 0.6x 0.5x 15% n/m 46.8x 29.8x 152% 1% n/m n/m n/m Eventbrite (US) 1,060 47% 4.1x 3.7x 3.2x 12% 40.1x n/m 59.9x (18%) (1%) n/m n/m n/m Zur Rose Group (Europe) 725 64% 0.7x 0.5x 0.5x 20% n/m n/m 44.1x n/a (1%) n/m n/m n/m Shop Apotheke Europe (Europe) 448 66% 0.8x 0.6x 0.5x 27% n/m n/m n/m n/a (2%) n/m n/m n/m AO World (Europe) 441 55% 0.5x 0.4x 0.3x 16% n/m 89.8x 29.1x n/a 0% n/m n/m n/m Overstock.com (US) 730 92% 0.4x 0.5x 0.5x (7%) n/m n/m n/m (93%) (4%) n/m n/m n/m Cogobuy (AsiaPac) 262 40% 0.1x 0.1x n/a (100%) 1.8x n/a n/a (100%) - 1.9x n/a n/a PetMed Express (US) 250 48% 1.0x 1.0x 1.0x (2%) 5.2x 9.7x 9.0x (24%) 10% 8.3x 16.0x 13.5x Delticom (Europe) 126 33% 0.2x 0.2x 0.2x 3% 10.8x 44.9x 8.6x 13% 0% 13.5x n/m n/a LDLC.com (Europe) 106 43% 0.2x 0.2x 0.2x 5% 17.3x 15.9x 9.9x 32% 1% n/m n/m 20.6x Home24 (Europe) 80 15% 0.3x 0.2x 0.2x 19% n/m n/m n/m (56%) (8%) n/m n/m n/m U.S. Auto Parts Network (US) 66 90% 0.3x 0.3x 0.2x 1% 6.2x 32.2x 9.7x (20%) 1% n/m n/m n/m Mean 2.2x 2.0x 1.8x 6% 21.5x 31.1x 22.3x 3% 0% 23.2x 29.9x 25.7x Fashion and Flash Sales Zalando (Europe) 10,769 94% 2.0x 1.7x 1.4x 19% 44.2x 26.0x 21.6x 43% 6% n/m 96.2x 77.4x Farfetch (Europe) 2,191 31% n/m n/m n/m 56% n/m n/m n/m (8%) (15%) n/m n/m n/m Start Today (AsiaPac) 6,319 68% 6.4x 5.9x 4.9x 14% 23.8x 21.9x 17.3x 17% 27% n/a n/a n/a Vipshop (AsiaPac) 5,102 100% 0.5x 0.4x 0.4x 4% 12.0x 7.6x 6.5x 36% 6% 16.2x 11.6x 10.5x ASOS (Europe) 2,546 44% 0.9x 0.8x 0.7x 13% 15.7x 19.9x 13.1x 10% 4% 33.0x n/m 39.7x Boohoo.com (Europe) 3,305 93% 4.2x 3.0x 2.1x 42% 42.4x 29.6x 21.5x 40% 10% 66.2x 52.4x 40.7x Stitch Fix (US) 1,727 40% 1.4x 1.1x 0.9x 22% 38.9x 41.5x 38.2x 1% 3% 50.5x 62.3x 88.1x LightInTheBox (AsiaPac) 122 74% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MySale Group (AsiaPac) 17 4% 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) (9) 5% n/m n/m n/m (3%) 0.4x 0.8x n/m n/a (12%) n/m n/m 50.4x Jumei (AsiaPac) (76) 76% 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 2.6x 2.2x 1.7x 21% 25.3x 21.0x 19.7x 20% 4% 41.5x 55.6x 51.1x Source: Capital IQ (as of 12 September 2019). 21 View Our Internet Trading Comps