NASDAQ-100 Technology Sector Index - Total enterprise value / NTM revenue multiple in time Median multiple Average for top revenue e ciency quartile 30 Last 10 year average median Last 10 year average top quartile multiple e l 25 p i t l u m e u n e 20 v e r M T N / 15 e u l a v e s i r 10 p r e t n e l a t o 5 T 0 5 5 6 6 7 7 8 8 9 9 1 1 2 3 3 4 4 2 0 0 1 1 1 1 1 1 1 1 1 1 2 2 1 1 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 3 1 3 1 3 1 3 1 3 1 3 1 1 3 1 1 3 3 3 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Notes: Sources: Where revenue e昀케ciency is the total of unlevered free cash flow margin and revenue growth. S&P Capital IQ Platform, as of date 31 October 2023, for illustrative purposes only. Valuations back at 5- and 10-year averages Re昀氀ecting the multiple compression of the public markets, valuations in the private sphere are also returning to normalised pricing levels, once again highlighting 2021 within the broader context as an exceptional year. Valuations across stages in Europe are now hovering around 5- and 10-year long-term averages. The notable stage exception is Seed, where despite a levelling off of median Seed pre-money valuations in 2023, pricing has not yet displayed a correction to long-term averages in the same way that has been evident at every stage from Series A and later. This shift back toward longer-term averages in Europe mirrors what is happening in the US. Notably, however, median valuations in Europe continue to be 30-60% lower than in the US across all stages. 33 | Executive summary