Growth Driven Valuation Europe EV / EBITDA 2019E 40x 35x 30x 25x 20x 15x 10x 5x - - 10% 20% 30% 40% 50% 60% 70% EBITDA CAGR 2018-2020E United States EV / EBITDA 2019E 35x 30x 25x 20x 15x 10x 5x - - 5% 10% 15% 20% 25% 30% 35% EBITDA CAGR 2018-2020E Note: Size of bubble represents Enterprise Value. 16