Sector KPIs EBITDA CAGR 2018-2020E 24% 17% 12% 10% 11% 10% 8% 8% 6% 7% 8% 5% 5% 5% 4% 5% 2% 3% E-commerce Search & Social Classifieds Marketplaces Gaming Lead Travel Advertising Portals Generation Europe United States EBITDA Margin 2019E 23% 17% 12% 11% 10% 8% 10% 8% 7% 5% 5% 5% 5% 5% 4% 5% 4% 2% E-commerce Search & Social Classifieds Marketplaces Gaming Lead Travel Advertising Portals Generation Europe United States Cash Conversion: FCF / EBITDA 2019E 52% 51% 33% 33% 35% 36% 37% 30% 29% 30% 30% 27% 21% 21% 15% 16% 15% 5% Marketplaces Travel Gaming Search & Social Lead Classifieds Advertising E-commerce Portals Generation Europe United States Note: Calculation based on sector aggregates. 14