Sector Valuations EV / EBITDA 2019E September 2019 43.7x E-commerce 20.9x 18.9x Social 13.1x 18.8x Marketplace 11.4x Lead 18.2x Generation 12.3x 13.7x Travel 12.1x Search & 9.5x Portals 11.5x 8.6x Advertising 13.3x 6.5x Classifieds 15.0x 3.8x Gaming 14.7x Europe United States Note: Calculation based on sector aggregates. 13