0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16

NTM

-Tim

e W

eigh

ted

Rev

enue

Mul

tiple

Social Marketplaces Ecommerce Digital Media/Gaming Travel High Growth SaaS

3.3 x3.9 x

2.3 x2.5 x

0.9 x

4.2x