Historical Valuation by Region EV / 1 Year Forward EBITDA 35x Europe United States Rest of World 30x 25x 20x 15x 10x 5x - Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Selected Companies Europe United States Rest of World Note: NTM EBITDA derived by time-weighted estimates. 15 Forward multiples are median values for region.