1. Global Games Investment Review
Executive Summary
2012
“Amazingly complete report, great stuff!
I don’t send out a lot of unsolicited random compliments,
but you guys earned this one!”
Dr. Mike Capps*
President Epic Games
(Infinity Blade, Gears of War, Unreal, Unreal Engine)
www.digi-capital.com * Commenting on 2011 Review © Digi-Capital Limited 2012

2. Disclaimer
This document has been produced by Digi-Capital Limited and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other
person. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein
and, accordingly, Digi-Capital Limited does not accept any liability whatsoever arising directly or indirectly from the use of this document. In particular, the inclusion of any financial
projections are presented solely for illustrative purposes and do not constitute a forecast. The recipient should independently review the underlying assumptions of the financial
projections. This document is intended for initial contact with individuals and entities known to Digi-Capital Limited. This document is intended for use by the individual to whom it is sent,
it is confidential and may not be reproduced in any form, further distributed to any other person, passed on, directly or indirectly, to any other person or published, in whole or in part, for
any purpose without the prior written consent of Digi-Capital Limited. In the event that you are not the recipient indicated and you have inadvertently received this document, please delete
it immediately. This document does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to purchase, subscribe for, or otherwise acquire any
securities nor shall it or any part of it nor the fact of its distribution form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any investment decision
should be made solely on final documentation, and then only after review of the diligence materials and consideration of all relevant risks. Digi-Capital Limited does not have any
responsibility for the information contained herein and does not make any representations or warranties, express or implied, as to the adequacy, accuracy or completeness of any
statements, estimates or other information contained in this document. The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its
accuracy or completeness. This document may include forward-looking statements, including, but not limited to, statements as to future operating results and potential acquisitions and
contracts. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “anticipates”, “aims”, “could”, “may”, “should”, “expects”,
“believes”, “intends”, “plans” or “targets”. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or
implied by these forward-looking statements. No assurances can be given that the forward-looking statements in this document will be realised. Digi-Capital Limited does not intend to
update these forward-looking statements. No securities regulatory authority has approved or expressed an opinion about Digi-Capital Limited’s business prospects or any related securities.
Any such securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or any other state or federal securities laws
and may not be offered or sold in the United States of America absent registration under the Securities Act or an exemption from the registration requirements thereof. Digi-Capital Limited
and any entity referred to in this document have not and will not be registered under the United States Securities Exchange Act of 1934, as amended or the US Investment Company Act of
1940, as amended, and any related securities may not be offered or sold or otherwise transferred within the United States or to, or for the account or benefit of, U.S. persons except under
circumstances which will not require Digi-Capital Limited or any associated entity to register in the United States in accordance with the foregoing laws or any other law. Digi-Capital
Limited is authorised and regulated by the Financial Services Authority. Digi-Capital Limited is the copyright owner of this document and does not grant you any licence to copy, adapt or
distribute it, in whole or in part, without Digi-Capital Limited’s written permission to do so.
2

3. Contents (of full Games Investment Review and individual Sector Reviews)
Executive summary (free) 4
Sector Reviews
(dynamics, trends, 2012*/2011/2010 private placements and M&A, public company comparables*)
– Mobile/tablet 21
– Social/casual 39
– Massively Multiplayer Online (MMO) 58
– Console 71
– Middleware 86
– Advertising 95
About Digi-Capital 100
* As at 13th February 2012. No public company comparables for Middleware or Advertising
3

4. Executive summary
4

5. ConsolidationVille: Social Games 1.0 M&A in 2012
Games investment and M&A more than doubled in 2011
 Private placements grew value by 96% to $2B, volume by 67% to 152 transactions, average fundraising round size by 17% to $13M
 Together with Zynga ($1B+) and Nexon ($1.2B) IPOs, investment value nearly quadrupled
 M&A grew value by 160% to $3.4B, volume by 88% to 113 transactions, average transaction size by 38% to $30.4M
 Private placement and M&A activity led by social, mobile, MMO and middleware
Social Games 1.0 M&A in 2012 – exit or consolidate (or you might miss the boat)
 Social/casual dominated investment and M&A in 2011 (57% of private placement value, 45% of M&A value)
 Zynga IPO may be the high water mark for Social Games 1.0, as it becomes harder to keep social games social (i.e. user acquisition and retention)
 Analysis comparing total games portfolio DAU and average individual game DAU shows some (e.g. Wooga, King) but not all delivering in a crowded market
 Current sector dynamics and dealflow indicates 2012 could be the year for Social Games 1.0 consolidating M&A
Social-mobile and cross-platform are the next battlegrounds for games investment and M&A
 Mobile/tablet 2nd in transaction volume (30% private placement, 27% M&A) but not value (16% private placement, 4% M&A) as an early stage market
 DeNA (2011 >$1.4B revenue at 50% operating margin) and Gree (12 months to December 2011 >$1.4B revenue at 46% operating margin) show what investment in
social-mobile games can deliver
 Mobile/tablet, social-mobile and cross-platform (iOS/Android/social network) attracting serious interest from both investors and acquirers
Free-to-play and new market entrants reinvigorating MMO* M&A and investment opportunities
 MMO 2nd (31%) in M&A value due to large scale transactions, but only 4 th (8%) in private placement value due to investment risk profile
 Nexon (>$1.1B revenue at 58% EBITDA margin in 2011) shows why the MMO market is moving towards free-to-play
 Consolidating M&A and investment opportunities through 2012 due to continued MMO market transition and growth
Asian consolidating M&A and investment hold great promise, but local knowledge and relationship gaps remain
 Strong Chinese, Japanese and South Korean games companies are looking for Western M&A and investments, but local knowledge and relationship gaps remain
 Similarly Western games companies are looking for strong Chinese, Japanese and South Korean partners, but face the opposite side of the same challenge
 By bridging relationships and different business/investment cultures, this may become one of the dominant axes for games M&A and investment
Console giants must accelerate pivot to online/mobile
 Electronic Arts has led the way with blockbuster M&A of PopCap and Playfish, yielding synergies with Sims Social
 Other cash generative console/MMO publishers have a window of opportunity for online/mobile investments and M&A before it is too late to change
Middleware is the dark horse generating significant investment and M&A
 Middleware 3rd by value in both private placements (18%) and M&A (16%) despite being lower profile than consumer games sectors
 High profile M&A from non-traditional sources such as Visa’s acquisition of PlaySpan for $190M shows the potential for middleware investors/management
 Accelerating M&A and investment in online/mobile middleware driven by growth in underlying online/mobile games markets
5 * MMO = Massively Multiplayer Online games

6. The video games market continues to transform across sectors
Mobile/tablet (iPhone/iPad/Android) Social mobile
 Single player mobile games  Multiplayer mobile games
 Played on smartphones/tablets  Played on smartphones/tablets
 Example company: Rovio  Example company: Gree
Social online Casual online
 Simple multiplayer online games  Simple single player online/download games
 Played on social networks  Played on browser or downloaded
 Example company: Zynga  Example company: Big Fish Games
Client based Massively Multiplayer Online (“MMO”) Browser based MMO
 Thousands of simultaneous online player games  Thousands of simultaneous online player games
 Played on PC/Console (via retail or digital download)  Played on browser based online MMO websites
 Example company: NCSoft  Example company: Gameforge
Console Middleware (online, mobile and console/PC)
 Retail/digital download console games  Technology for online/smartphone/tablet games
 Played on PS3, XBox360, Wii, 3DS, PSP  Software as a Service B2B business model
 Example company: Activision Blizzard  Example company: Unity
6

7. As online/mobile games both grow and fragment the market
Online/mobile growing scale and share
 2010P $22B revenue = 39% of global video games revenue
 2015F $41B revenue = 50% of global video games revenue
As consumer markets fragment
 Apple, Google grew Casual Mobile market (25B+ Apps downloaded)
 Gree, DeNA grew Social-Mobile market (170M+ users) Online/Mobile
 Tencent, Zynga, Yahoo!, Big Fish Games grew Social/Casual Web
market (1B+ users)
 Gameforge, Bigpoint grew free-to-play Browser MMO market
(500M+ registered users)
 Activision-Blizzard, Nexon, NCSoft grew Client MMO market (40m+
subscribers/users)
 Wii grew Casual Console market (89M+ Wii’s sold)
 Onlive, Gaikai growing Cloud-Gaming across web/mobile/TV (no
console)
Supported by profitable business models
 Best companies growing revenue 100%+ annually while also
generating 20-50+% EBITDA margins
 App stores: paid and free-to-play, virtual goods, advertising Hardcore Casual
 World of Warcraft: $12.99-$14.99 monthly fee
 Zynga: free-to-play, virtual goods, advertising
 Gree: free-to-play, virtual goods, advertising
 Nexon: free-to-play, virtual goods
And requiring specific skills and approaches
 Multiple, parallel game development business platforms (not “one
game” hit driven companies)
 Multiple distributors (not just Facebook) across platforms and
geographies
 Rapid, low cost game development and continuous daily
redevelopment cycles for rapid market response Console/PC
 Fast failure (cut commercial losers, back commercial winners)
 Strong analytics (to maximise commercial returns)
 Aimed at delivering true scalability and category leadership, with
profit margins increasing as revenue grows
Sources: PWC, Companies, Casual Gaming Association,
7 TechCrunch, Inside Network
Note: Online includes MMO, casual and social games. Total revenue
excludes hardware revenue

8. Creating the Big V: the great games market split
Value Volume
(large long-term niche) (mass market growth)
Europe
America China
Japan
Social
India
Mobile
Retail MMO South Korea
Social-mobile
Brazil
Console Free-to-play MMO
Online/mobile middleware
Users: thousands to tens of millions Users: thousands to hundreds of millions
ARPU: $-$$$ ARPU: ¢ - $$
Costs: $ millions to tens of millions Costs: $ tens of thousands to millions
Operating profit: negative to 20%+ Operating profit: negative to 70%+
Growth rates: negative to <10% Growth rates: negative to 100%+
Business model: unit sales, subscriptions, virtual goods Business model: unit sales, free, virtual goods, ads
8

9. Asia, not America, could dominate the global games market
Global Video Games Sector Revenue ($B)
Online† and mobile games
should grow total video games 90
market size to $82B and take 80
50% revenue share at $41B 70
(14% CAGR 11F-15F). The 60
historically strong pure 50
console* sector is flat to down 40
30
Asia and Europe should take 20
87% revenue share for online 10
and mobile games (China 36%, 0
Europe 20%, South Korea 2006 2007 2008 2009 2010P 2011F 2012F 2013F 2014F 2015F
12%, Japan 10% in 2015F). Console Online Mobile PC Advertising
North America remains Regional Online/Mobile Games Revenue ($B)
important 45
40
35
Chinese, Japanese and South
30
Korean domestic strength has
25
produced high volume (up to
20
20M peak concurrent users),
15
low ARPU**, cost efficient
10
games businesses with up to
5
50%+ operating margins,
0
enabling significant
2006 2007 2008 2009 2010P 2011F 2012F 2013F 2014F 2015F
investment in foreign markets
Asia Europe North America Latin America
Sources: PWC (excludes hardware revenue), Companies
9 * Note: Pure console excludes MMO
† Note: Online includes MMO, casual and social games
** Average Revenue per User

10. Games investment and M&A more than doubled in 2011
Games private placements nearly doubled in 2011* Global video games private placements* ($M)
 Private placement volume grew 67% to 152 transactions
 Private placement value grew 96% to $2B $2,000 160
 Average private placement deal size grew 17% to $13M
$1,800 140
$1,600
Together with IPOs, total games investment nearly quadrupled 120
 Zynga raised $1B+ at a $8.9B valuation $1,400
100
 Nexon raised $1.2B at $7.2B valuation $1,200
$1,000 80
Games M&A more than doubled in 2011 $800 60
 M&A volume grew 88% to 113 transactions $600
 M&A value grew 160% to $3.4B 40
$400
 Average M&A deal size grew 38% to $30.4M
$200 20
Quality investment demand still exceeds supply $0 0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
 High quality, high growth (100% annual revenue growth, 20-50%+ operating
margin) online/mobile games companies are seeking investment to accelerate Funds raised Number of investments
growth
 Outside major investment deals, online/mobile games companies still find it Global video games mergers and acquisitions ($M)
challenging to find high quality investors
 Traditional VCs becoming increasingly selective, with a recent trend towards later $3,500 120
stage games deals. This may change as online/mobile game markets evolve in 2012
$3,000 100
With global consolidation reflecting changing dynamics $2,500
80
 US Console – US Social/Casual: Electronic Arts/Popcap $1.3B
 US Media – US Social/Casual: Disney/Playdom $763M $2,000
 US Gambling – US Social/Casual: IGT/Double Down Interactive $500M 60
$1,500
 US Console – Europe Social/Casual: Electronic Arts/Playfish $400M
 Japan Mobile – US Mobile: DeNa/NgMoco:) $400M 40
$1,000
 China Social/Casual/MMO – US MMO: Tencent/Riot Est. $350M-$400M
 US Finance – US Middleware: Visa/Playspan $190M $500 20
 China MMO – China MMO: Changyou/17173.com $163M
 Japan Mobile – US Mobile: Gree/Openfeint $104M $0 0
 China MMO – US Advertising: Shanda/Mochi Media $80M 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Transaction value Number of transactions
Sources: CapitalIQ (excludes Vivendi Activision and Vivendi Universal Publishing deals), NPD
10 Group, Charttrack, GfK, Activision Blizzard, Companies, Bloomberg, VentureBeat, NY Times
Note: Funds raised/transaction value only includes disclosed or estimated amounts, including
announced earn outs where applicable
* Excludes Tencent’s $760M fund announced in January 2011

11. With most activity in social, mobile, MMO & middleware*
Sector private placements 2011* Sector M&A 2011*
1,200
1,600
Transaction Value ($M)
Transaction Value ($M)
1,000 Social/Casual** 1,400
MMO Social/Casual
1,200
800
1,000
600 800
Mobile
400 600 Middleware
MMO Middleware
400
200Console/PC Mobile
200 Advertising Console/PC
Advertising
- -
0 10 20 30 40 50 60 0 5 10 15 20 25 30 35
Transaction Volume Transaction Volume
Selected private placements* Selected M&A*
Deal Deal
Sector Date Target Investors Sector Date Target Acquirer
value value
MMO 19 Jan12 $85m Social/Casual 13 Jan 12 $500m
Social/Casual 17 Oct 11 $30m Social/Casual 12 Jul 11 $1,300m
Mobile 04 Dec 11 $26m MMO 26 Apr 11 $350m
Social/Casual 01 Aug 11 $35m Mobile 22 Apr 11 $104m
Middleware 20 Jul 11 $30m Middleware 09 Feb 11 $190m
Est. $350M-
Social/Casual 26 May 11 7 investors $85m MMO 04 Feb 11
$400M
Mobile 10 Mar 11 $42m Mobile 12 Oct10 $400m
*See full Review and individual Sector Reviews for detailed private placements, M&A, and public company valuations+
Sources: CapitalIQ (excludes Vivendi Activision and Vivendi Universal Publishing deals), NPD
11 Group, Charttrack, GfK, Activision Blizzard, Companies, Bloomberg, VentureBeat
Note: Funds raised/transaction value only includes disclosed or estimated amounts, including
announced earn outs where applicable
+ As at 13 February 2012 ** Excludes Tencent’s $760M fund announced in January 2011

12. Online/mobile independents: invest for growth or exit now
Consolidation Curve for Video Games Potential Consolidators+
Sector Sector Sector Growth Sector Sector
Asian Games Media/Other
Consolidation Launch for Scale Consolidation Equilibrium
High Console/PC
Client based MMO
Social/Casual Online
• International growth platforms • Synergy with core business
• IP for strong domestic markets • Leverage distribution platforms
Browser based MMO
Medium Online/Mobile Games Console Games
Mobile
Middleware Social-Mobile
Advertising
Low
• Synergy with core business • Investment in growth markets
• Diversify revenue streams • Diversify revenue streams
- VC Investment - Growth equity - Leveraged - Limited Expected
- Some small investment buyouts M&A/ Deal
M&A - High volume, - Low volume, investment Activity*
mid-market large scale - Cost focus Also potential private equity/IPO exits
strategic M&A strategic M&A - Alliances or
spinoffs
12
* Note: some outlier deals may occur, e.g. Microsoft/Massive acquisition
+ Note: highlighted companies are for illustrative purposes only

13. There is an opportunity for dedicated online/mobile game funds
Investing in quality online/mobile games companies* Example Fund Structure
 50-100% annual revenue growth
 20-50%+ operating margin or potential
 $1M+ revenue
 Domestic strength with East/West ambitions (Asia to the West or the West to Asia) Limited Partners
 Strong management teams, intellectual property and commercial track records with clear exit Investors
strategies
 Specific sector focus+
 Casual/social online Tencent, Shanda,
Giant Interactive,
 iPhone/iPad, other smartphone/tablet The9 and Perfect
 Social-mobile World have invested
 Browser based MMO in dedicated funds
 Online/smartphone/tablet middleware
 Cloud gaming Game Fund
 Gamification $100M+ funds committed
5 year investment period
With clear investment strategy 10 year fund lifetime
 $5M average investment ($1-10M range)
 VC ROI targets (30%+ IRR, 5-10x money multiple)
 Direct Western and Asian investments
 Co-investment with Tier 1 partners
 Clear exit paths via trade sale to strategic game and media corporates as market consolidates
 IPO potential depending on market conditions General Partners
Source, invest in, oversee
And industry standard fund structure and exit portfolio companies
 $100M+ committed funds
 2012-2016 investment period (aim to invest 75%+, remainder for follow on rounds)
 2012-2021 fund lifetime
 Committed funds fee basis
 Average 2% annual management fee Portfolio Companies
 20% General Partners carry
 Return of funds invested before carry
 Return of fees before carry
* Equity investments, not project funding/publishing of individual games
13 + Not pure console or retail MMO due to investment risk
Note: example is for illustrative purposes only

14. There are potential growth and consolidation opportunities*
For major online/mobile games companies
Sector Mobile Social/Casual MMO Console Middleware Advertising
Opportunities  Small to mid-  Small to mid-  Highly selective  Acquire  Mid-market  Limited organic
market tactical market tactical large scale M&A for economically online/ mobile investment
tuck-in or strategic tuck-in or strategic international challenged AAA middleware  Small strategic
roll-up M&A roll-up M&A growth platforms independents to strategic roll-up M&A
 Selective large  Highly selective or to bring leading repurpose for high M&A  Avoid large,
scale M&A for large scale M&A for IPs into strong quality online/  Small tactical value destroying
international international domestic markets mobile games M&A to deepen M&A
growth platforms growth platforms  Mid-market  Avoid large, value technology
or to bring leading or to bring leading strategic roll-up destroying M&A platform and/or
IPs into strong IPs into strong M&A cut costs
domestic markets domestic markets  Avoid large, value  Invest in game
 Avoid large, value  Avoid large, value destroying M&A fund
destroying M&A destroying M&A  Highly selective
 Organic investment  Organic investment new IP investment
in mobile and in social, with focus in client based
social-mobile, with on cross-platform MMO, preferably
focus on cross-  Leverage IPs from leveraging existing
platform (iOS, social to cross- IPs
Android, Facebook, platform social-  Focused new IP
Tencent, Renren, mobile investment in
Gree, DeNA, other)  Commercial browser based
 Leverage IPs from partnerships with MMO, preferably
mobile to cross- brand owners for leveraging existing
platform social- licensed social/ IPs
mobile casual games  Commercial
 Commercial  Invest in game partnerships with
partnerships with fund brand owners for
brand owners for licensed MMOs
licensed mobile  Invest in game
and social-mobile fund
games
 Invest in game
fund
14 * Note: opportunities are for illustrative purposes only

15. There are potential growth and consolidation opportunities*
For major console games companies
Sector Mobile Social/Casual MMO Console Middleware Advertising
Opportunities  Small to mid-  Small to mid-  Highly selective  Core franchise  Mid-market  Limited organic
market M&A market tactical large scale M&A for organic investment strategic online/ investment
 Avoid large, value tuck-in or roll-up international  Limited new IP mobile  Small strategic
destroying M&A M&A growth platforms investment until 8th middleware M&A
 Organic investment  Avoid large, value or to bring leading generation roll-up M&A  Avoid large,
to leverage existing destroying M&A IPs into strong consoles  Small tactical value destroying
IPs in mobile and  Organic investment domestic markets  Avoid large, value M&A to deepen M&A
social-mobile with to leverage existing  Avoid large, value destroying M&A technology
focus on cross- IPs in social/ destroying M&A  Acquire platform or cut
platform casual with focus  Mid-market economically costs
 Commercial on cross-platform strategic M&A challenged AAA  Invest in game
partnerships with  Commercial  Highly selective independents to fund
brand owners for partnerships with new IP investment control internal
licensed mobile brand owners for in client based costs or repurpose
and social-mobile licensed social/ MMO, preferably for high quality
games casual games leveraging existing online/mobile
 Invest in game  Invest in game IPs games
fund fund  Focused new IP  Commercial
investment in partnerships with
browser based brand owners for
MMO with focus on licensed console
cross-platform games
potential,  Strategic review of
preferably underperforming
leveraging existing assets with
IPs potential
 Commercial redeployment to
partnerships with online/mobile or
brand owners for disposals through
licensed MMOs M&A
 Invest in game
fund
15 * Note: opportunities are for illustrative purposes only

16. There are potential growth and consolidation opportunities*
For independent games companies
Sector Mobile Social/Casual MMO Console Middleware Advertising
Opportunities  VC or growth  VC or growth  VC or growth  Exit to major  Mid-market  VC or growth
equity fundraising equity fundraising equity fundraising games consolidator strategic online/ equity
 Exit to major  Exit to major  Exit to major  Strategic review of mobile fundraising
games consolidator games consolidator games consolidator underperforming middleware  Exit to major
 Organic investment  Private equity  Private equity assets with roll-up M&A games
in mobile and buyout buyout potential  VC or growth consolidator
social-mobile, with  Organic investment  Highly selective redeployment to equity  Mid-market
focus on cross- in social/casual new IP investment online/mobile or fundraising strategic
platform with focus on in client based disposals through  Exit to major advertising roll-
 Leverage IPs from cross-platform MMO, preferably M&A games up M&A
mobile to cross-  Leverage IPs from leveraging existing  Core franchise consolidator  Small tactical
platform social- social/casual to IPs organic investment  Private equity M&A to deepen
mobile cross-platform  Focused new IP (if possible) buyout technology
 Commercial social-mobile investment in  Limited new IP  Small tactical platform and/or
partnerships with  Commercial browser based investment until 8th M&A to deepen cut costs
brand owners for partnerships with MMO with focus on generation technology
licensed mobile brand owners for cross-platform consoles platform and/or
and social-mobile licensed social/ potential,  Commercial cut costs
games casual and social- preferably partnerships with
mobile games leveraging existing brand owners for
IPs licensed console
 Commercial games
partnerships with
brand owners for
licensed MMOs
16 * Note: opportunities are for illustrative purposes only

17. There are potential growth and consolidation opportunities*
For venture capital firms
Sector Mobile Social/Casual MMO Console Middleware Advertising
Opportunities  Portfolio company  Portfolio company  Portfolio company  Portfolio company  Portfolio  Portfolio
M&A to major M&A to major M&A to major M&A (if any) to company M&A company M&A
games games games major games to major games to major games
consolidators consolidators consolidators consolidators consolidators consolidators
 Investment in early  Investment in early  Investment in early  Investment in  Selective
to late stage mobile to late stage to late stage early to late investment in
and social-mobile, social/casual with browser based stage advertising
with focus on focus on cross- MMO with focus on online/mobile platforms
cross-platform platform cross-platform middleware
 Investment in  Investment in  Investment in with focus on
mobile and social- social/casual browser based cross-platform
mobile strategic strategic roll-ups MMO strategic roll-  Investment in
roll-ups  Follow-on ups online/mobile
 Follow-on investments in  Highly selective middleware
investments in portfolio investment in strategic roll-
portfolio companies pivoting client based MMO ups
companies pivoting from social/casual
from mobile to to cross-platform
cross-platform social-mobile
social-mobile
17 * Note: opportunities are for illustrative purposes only

18. There are potential growth and consolidation opportunities*
For private equity firms
Sector Mobile Social/Casual MMO Console Middleware Advertising
Opportunities  Portfolio company  Portfolio company  Portfolio company  Portfolio company  Portfolio  Portfolio
M&A to major M&A to major M&A to major M&A (if any) to company M&A company M&A
games games games major games to major games to major games
consolidators consolidators consolidators consolidators consolidators consolidators
 Selective growth  Growth equity or  Growth equity or  Selective growth
equity investments LBO investment in LBO investment in equity
in mobile and social/casual with browser based investment in
social-mobile, with focus on cross- MMO with focus on online/mobile
focus on cross- platform cross-platform middleware
platform  Growth equity  Growth equity with focus on
 Selective growth investment in investment in cross-platform
equity investments social/casual browser based  Selective growth
in mobile and strategic roll-ups MMO strategic roll- equity
social-mobile ups investment in
strategic roll-ups  Highly selective online/mobile
growth equity middleware
investment in strategic roll-
client based MMO ups
18 * Note: opportunities are for illustrative purposes only

19. There are potential growth and consolidation opportunities*
For major media, technology and telecoms companies
Sector Mobile Social/Casual MMO Console Middleware Advertising
Opportunities  Strategic M&A to  Strategic M&A to  Strategic M&A to  Strategic review of  Small tactical  Small tactical
leverage core leverage core leverage core underperforming M&A to deepen M&A to deepen
brands, brands, brands, assets with technology technology
distribution distribution distribution potential platform or cut platform or cut
platforms and platforms and platforms and redeployment to costs costs
technology technology technology online/mobile or  Invest in game  Avoid large,
 Avoid large, value  Avoid large, value  Avoid large, value disposals through fund value destroying
destroying M&A destroying M&A destroying M&A M&A M&A
 Commercial  Commercial  Commercial  Commercial  Limited organic
partnerships with partnerships with partnerships with partnerships with investment
games companies games companies games companies games companies
for licensed mobile for licensed for licensed MMO for licensed
and social-mobile social/casual games console games
games games  Avoid standalone  Limited organic
 Avoid standalone  Avoid standalone organic investment investment
organic investment organic investment due to different
due to different due to different core competencies
core competencies core competencies  Invest in game
 Invest in game  Invest in game fund
fund fund
19 * Note: opportunities are for illustrative purposes only

20. Detailed contents (of full Games Investment Review and individual Sector Reviews)
1. Executive summary 2. Mobile/tablet sector review
a) Games global market overview a) Global sector size
i. Market segmentation i. Mobile games revenue (2006-2015F)
ii. Global games revenue by sector (2006-2015F) ii. Smartphone/tablet sales by OS (2010-2015F)
iii. Online/mobile games revenue (2006-2015F) iii. Mobile broadband subscribers (2006-2011F)
b) Games global investment and M&A market overview b) Sector segmentation
i. Games private placements (1998-2011) c) Mobile user Lifetime Value economics
ii. Games M&A (1998-2011) d) Mobile user acquisition approach
iii. Games sector private placements by sector (2011) e) iOS vs Android
iv. Games sector M&A by sector (2011) i. Total apps available
v. Games sector consolidation curve ii. Games share of Top 300 apps (US paid and free)
vi. Potential games market consolidators iii. Game genre share
c) Potential games sector investment/M&A opportunities** f) DeNA and Gree analysis
i. By sector (mobile, social/casual, MMO, console, middleware, i. Revenue, EBITDA, users
advertising) g) Public company comparables including 2010, 2011(A/F) and 2012F
ii. By company type (major online/mobile games, major console Revenue and EBITDA multiples (Com2Us, DeNA, Gameloft, Gamevil,
games, independent games, venture capital, private equity, Glu Mobile, Gree, Mixi)
major technology, media and telecoms) h) Sector M&A transactions (2010, 2011, 2012*) including target,
acquirer and deal value (where available)
i) Sector private placement transactions (2010, 2011, 2012*)
including target, acquirer and deal value (where available)
j) Potential sector investment/M&A opportunities** by company type
(major online/mobile games, major console games, independent
games, venture capital, private equity, major technology, media and
telecoms)
20 * At 13th February 2012
** For illustrative purposes only

21. Detailed contents (of full Games Investment Review and individual Sector Reviews)
3. Social/casual sector review 4. MMO sector review
a) Sector size a) Sector market share
i. Global social games revenue (2010-2014E) i. By game
ii. Casual players vs payers male:female ratio ii. By genre
iii. Social player age profile (UK) b) Sector segmentation
b) Sector segmentation c) Nexon analysis
i. Top 40 Facebook social games company market share i. Revenue
ii. Social network average developer revenue shares (Facebook, ii. Revenue vs EBITDA
Tencent, RenRen, Sina Weibo, Mixi) iii. Game franchise lifetime revenues
iii. Total games portfolio DAU vs average DAU per game (Top 40 iv. Regional revenues
Facebook games publishers) d) Public company comparables including 2010, 2011(A/F) and 2012F
c) Zynga analysis revenue and EBITDA multiples (Activision Blizzard, ChangYou,
i. Major game DAU curves Giant Interactive, NCSoft, Nexon, Netease, Perfect World, Shanda
ii. Financials vs users Games, Sohu, Tencent)
d) Paying players in social games analysis (average spend, share of e) Sector M&A transactions (2010, 2011, 2012*) including target,
revenue, share of paying players) acquirer and deal value (where available)
e) Value chain f) Sector private placement transactions (2010, 2011, 2012*)
f) Tencent analysis including target, acquirer and deal value (where available)
i. Games revenue g) Potential sector investment/M&A opportunities** by company type
ii. Chinese games market share (major online/mobile games, major console games, independent
g) Public company comparables including 2010, 2011(A/F) and 2012F games, venture capital, private equity, major technology, media and
revenue and EBITDA multiples (Electronic Arts, G5 Entertainment, telecoms)
Gigamedia, Real Networks, Zynga, Asiasoft, Gamania, Kingsoft,
Tencent)
h) Sector M&A transactions (2010, 2011, 2012*) including target,
acquirer and deal value (where available)
i) Sector private placement transactions (2010, 2011, 2012*)
including target, acquirer and deal value (where available)
j) Potential sector investment/M&A opportunities** by company type
(major online/mobile games, major console games, independent
games, venture capital, private equity, major technology, media and
telecoms)
21 * At 13th February 2012
** For illustrative purposes only

22. Detailed contents (of full Games Investment Review and individual Sector Reviews)
5. Console sector review 6. Games middleware sector review
a) Sector size a) Value Chain
i. Global console games revenue by region (2006-2015F) b) Sector M&A transactions (2010, 2011, 2012*) including target,
b) Console games economics acquirer and deal value (where available)
i. Development costs vs sales c) Sector private placement transactions (2010, 2011, 2012*)
ii. Major franchise sales including target, acquirer and deal value (where available)
iii. Publisher economics d) Potential sector investment/M&A opportunities** by company type
iv. Financing models (major online/mobile games, major console games, independent
c) Value chain games, venture capital, private equity, major technology, media and
d) Sector segmentation telecoms)
e) Public company comparables including 2010, 2011(A/F) and 2012F
revenue and EBITDA multiples (Activision Blizzard, Electronic Arts, 7. Games advertising sector review
Gamestop, Take Two Interactive, THQ, Capcom, Konami, Namco
Bandai, Nintendo, Sega Sammy, Square Enix, Atari, Game Group, a) Sector size
Gameloft, Ubisoft) i. Global games advertising revenue (2006-2015F)
f) Sector M&A transactions (2010, 2011, 2012*) including target, b) Sector M&A transactions (2010, 2011, 2012*) including target,
acquirer and deal value (where available) acquirer and deal value (where available)
g) Sector private placement transactions (2010, 2011, 2012*) c) Sector private placement transactions (2010, 2011, 2012*)
including target, acquirer and deal value (where available) including target, acquirer and deal value (where available)
h) Potential sector investment/M&A opportunities** by company type d) Potential sector investment/M&A opportunities** by company type
(major online/mobile games, major console games, independent (major online/mobile games, major console games, independent
games, venture capital, private equity, major technology, media and games, venture capital, private equity, major technology, media and
telecoms) telecoms)
22 * At 13th February 2012
** For illustrative purposes only

23. Full Games Investment Review and individual Sector Reviews
Reports
Global Games Investment Review 2012 (102 pages) $999 Buy Now
(includes all individual Sector Reviews below)
Individual Sector Reviews
(dynamics, trends, 2012*/2011/2010 private placements and M&A, public company comparables*)
Mobile/Tablet Games Review 2012 (17 pages) $499 Buy Now
Social/Casual Games Review 2012 (18 pages) $499 Buy Now
MMO Games Review 2012 (12 pages) $499 Buy Now
Console Games Review 2012 (14 pages) $499 Buy Now
Games Middleware Review 2012 (8 pages) $249 Buy Now
Games Advertising Review 2012 (4 pages) $99 Buy Now
* As at 13th February 2012. No public company comparables for Middleware or Advertising
23

24. About Digi-Capital
24

25. About Digi-Capital
Digi-Capital is a digital investment bank focused on games
• Focused on high growth games companies across America, Europe and Asia (China, Japan, South Korea)
• Video games, digital media, digital services, mobile, software and media industry specialist
• Regulated by the Financial Services Authority with US SEC Regulation 15a-6 coverage
• UK and China, US operating relationship
Managing high growth digital companies’ and investors’ investment banking needs
• Fundraising/investment
• Exit/sale
• Merger
• Acquisition
• Venture partner
• Restructuring
Leveraging broad experience
• Investment banking, software engineering and corporate
Working with leading clients and high growth independents
Global video games Global media Global media Global online casual games
Global business media Global online games Media, communications, tech Global growth private equity
focused private equity
Mobile social games iPhone/iPad games and apps Cross-platform transmedia games Social games
25

26. Global Games Investment Review
Executive Summary
2012
Contact: tim.merel@ digi-capital.com
www.digi-capital.com © Digi-Capital Limited 2012