(1) Number of companies with applicable multiples in Q1 2020 indexNotes: EV = Enterprise Value; financials calendarised to December year end, which can impact the multiples at the start of each year as the base is shifted forward; weekly tracking of valuation multiples commenced in July 2015, October 2014 – June 2015 tracked on a quarterly basis, therefore a linear progression has been assumed between quarters up to July 2015. The 75th percentile refers to the middle value between the median and the highest value of the relevant data set. Sources: Capital IQ and Results International analysis.