Select Transaction Comparables (Cont’d) Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward E-commerce (Cont'd) Feb 15 Rocket Internet Delivery Hero (30%) Germany 496.0 Nov 14 Photobox Hofmann Spain Sep 14 Neiman Marcus Mytheresa.com Germany 150.0 15.0x Aug 14 Delivery Hero Pizza.de Germany 300.0 Jun 14 Axel Springer Car & Boat Media (51%) France 72.0 2.9x Jun 14 Monitise Markco Media UK 68.8 Jun 14 Bestseller M&M Direct UK 177.0 1.2x May 14 Naspers markafoni Turkey 146.0 May 14 Tripadvisor LaFourchette France 100.0 10.0x Apr 14 Afk Systema Ozon.ru (21.6%) Russia 108.6 Apr 14 Takeaway.com Lieferando Germany 50.0 Feb 14 Rocket Internet La Nevera Roja Spain 80.0 20.0x Oct 13 eBay Shutl UK 145.1 Sep 13 Delticom Tirendo Germany 50.0 Aug 12 AXA Private Equity Bestsecret.com Germany 223.2 Jun 12 Naspers Netretail (79%) Netherlands 213.3 Feb 12 Ahold Bol.com Netherlands 350.0 Dec 11 Quants Grupfoni (55%) Turkey Sep 11 Google DailyDeal Germany 130.0 Sep 11 Rakuten Ozon.ru Russia Jul 11 Photobox Moonpig UK 136.3 3.2x Mar 11 Privalia Dress for Less Germany 175.0 Oct 10 Amazon BuyVIP Spain 70.0 0.8x 0.4x Jun 10 Rakuten PriceMinister France 200.0 5.0x Apr 10 Richemont Net-a-Porter UK 434.5 2.9x Lead Generation Feb 18 NuCom Group Verivox Germany 46.7 Oct 17 HomeServe Checkatrade UK 61.0 Sep 17 Zoopla Money.co.uk UK 154.2 Oct 16 Consortium of Firms Käuferportal (42%) Germany Mar 16 NS Intressenter (Owners) PriceRunner Sweden Jun 15 NuCom Group Verivox (80%) Germany 262.5 5.8x Apr 15 Zoopla uSwitch UK 260.1 3.0x 11.7x Dec 14 eSure Gocompare (50%) UK 241.5 1.7x 7.3x Jun 12 Moneysupermarket MoneySavingExpert UK 108.0 Feb 11 EasyVoyage Dealchecker. TravelJungle. FSI Travel UK 10.0 Jul 10 Expedia (Tripadvisor) HolidayLettings UK 36.0 15.0x Travel May 19 Oravel Stays Private @Leisure Netherlands 352.9 14.7x Feb 19 Peugeot TravelCar France Dec 18 Airbnb Luckey Homes France Nov 18 BlaBlaCar Ouibus France Apr 17 AccorHotels VeryChic France Feb 17 Priceline Group Momondo Group UK 586.0 5.7x Dec 16 Ctrip Skyscanner UK 1,622.7 9.5x 51.2x May 16 TUI Group Transat France France 54.0 Apr 16 Cinven Partners Hotelbeds Spain 1,163.5 1.1x 16.9x Apr 16 TravelSky Technology OpenJaw Technologies Ireland Apr 16 AccorHotels OneFineStay UK 212.0 Mar 16 Trainline Captain Train France 165.0 Jan 16 Yahoo Japan (et all) Skyscanner UK 1.5 9.3x 50.6x Jan 16 Michelin Bookatable UK 108.0 Nov 15 LBO France Fram France Nov 15 Quicket BookitNow! Germany Oct 15 ProSiebenSat.1 Etraveli Sweden 235.0 3.4x 11.1x Mar 15 Bravofly Lastminute.com UK 104.4 0.9x Oct 13 Uvet Viaggio Turismo Flygpoolen Sweden Apr 13 Hostelworld HostelBookers.com UK 59.0 2.8x 12.1x Mar 13 HRS hotel.de (remaining 15%) Germany 102.3 2.2x 78.7x Mar 13 NC2 Media Lonely Planet UK 60.4 Dec 12 Expedia trivago (61.6%) Germany 774.4 7.7x 26.0x Oct 12 Bravofly Rumbo Spain 60.0 1.0x 5.3x Aug 12 LOET Trading, Bankhaus Metzler Travel24 (46%) Germany 52.0 2.2x 12.2x Jan 12 Dnata World Travel TravelRepublic UK Oct 11 HRS hotel.de (61.59%) Germany 61.0 1.5x 1.3x 55.4x 50.8x May 11 LBO France Promovacances France 200.0 10.0x Mar 11 Kuoni Gullivers Travel Associates UK 503.0 2.4x 8.4x Feb 11 Odigeo (AXA and Permira) Opodo UK 450.0 3.1x 11.1x Sources: Press articles, Capital IQ. 35 Please email Marco Rodzynek for any comments.