"The Digital Gaming industry continues to be a juggernaut in the face of the pandemic, with 2Q ushering in unprecedented earnings growth, soaring game and console sales, and record viewership across streaming platforms. While the momentum in the overall gaming industry is undeniable, Forbes believes that there are cracks in the façade, particularly related to the esports sector. We touch on this potential bubble on p.13 and will be publishing a report specifically on this topic in the coming month.” - JJ Lane, Head of Forbes M+A Digital Gaming Group

1. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
IndustryReport–Summer2020
C O N F I D E N T I A L
DIGITAL GAMING

2. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
Click to edit Master title style
CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
Agenda
I
Digital Gaming
Overview
II
The Forbes
M+A Group
Overview
III
Appendix
1

3. CONFIDENTIAL
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I. Digital Gaming Overview
2

4. CONFIDENTIAL
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3
DigitalGamingOverview
Digital gaming consists of console, PC, and mobile games
and encompasses esports, streaming, and sponsorships.
Gaming is becoming more mainstream, merging the
casual and competitive scenes, reaching larger audiences
than ever before.
Mobile gaming is continuing to grow in popularity as the
mobile device population continues to boom.
Digital gaming is expected to reach $164.6B in revenue in
2020.
The U.S. and China are dominating the gaming universe
with nearly 50% of revenue market share.
DIGITAL GAMING OVERVIEW
~2.7 Billion
Gamers
Worldwide
21 - 45
Most Popular
Gaming Age
+5.2 Billion
Hours Streamed
in 2Q 2020
Source(s): Newzoo, Twitch Tracker
x

5. CONFIDENTIAL
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RecordGrowthin2QbutTroubleontheHorizon?
DIGITAL GAMING OVERVIEW
Source(s): Twitch Tracker, Newzoo, Konvoy Ventures, The Esports Observers, The Verge
 Twitch users have streamed over 5 billion hours of content (over 570k years) in 2Q 2020, shattering the previous record of 3.2 billion hours in 1Q 2020
 Mixer shuts down July 22nd after only 4 years of operating; current partners and streamers will be moved to Facebook Gaming
 Video game spending reaches $6.6 billion in the first 6 months of 2020, increasing 19% from 2019
 Revenue forecast for esports drops 8% as events slow down
 The next gen consoles, Xbox Series X and PS5, are officially slated to be released in Q4 2020 and will soon start taking preorders
 Mobile gaming continues to rise in popularity
– YoY mobile gamers installed 84% more gaming apps
– Mobile gaming users increased 14% in daily average users
 Epic Games’ (developer of Fortnite) valuation reaches $17.6 billion as Sony acquires a $250 million minority stake
 Tencent’s online gaming revenue increased 31% with the rise of people playing video games
“The Digital Gaming industry continues to be a juggernaut in the face of the pandemic, with 2Q ushering in unprecedented earnings growth, soaring
game and console sales, and record viewership across streaming platforms. While the momentum in the overall gaming industry is undeniable, Forbes
believes that there are cracks in the façade, particularly related to the esports sector. We touch on this potential bubble on p.13 and will be publishing
a report specifically on this topic in the coming month.”
JJ Lane – Head of Digital Gaming Group
x

6. CONFIDENTIAL
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“I think you're going to see a long-lasting increase in demand…And I think you're seeing a
systemic shift in favor of interactive entertainment.”
~ Strauss Zelnick, CEO of Take-Two Interactive
5
DoesGamingHaveStayingPowerBeyondthePandemic?
DIGITAL GAMING OVERVIEW
Source(s): CapitalIQ, MSN Entertainment
x
$0.84
$0.22
$0.43
$2.89
$0.63 $0.75
NasdaqGS:EA NasdaqGS:TTWO NasdaqGS:ATVI2Q 2019 2Q 2020
Game Publishers Experienced Dramatic YoY EPS Growth in 2Q…
+ 246.3% + 184.6% + 75.7%
…As Did Console Manufacturers With Consumers in Search of Entertainment
“With real world sports disrupted, EA SPORTS has become the center of the emotional
connection to sports, and we've brought millions of new, returning, and existing players into
their own personal sports stories through our games.”
~ Andrew Wilson, CEO of Electronic Arts
“Knowing how long COVID-19 lasts is unimportant to our video game valuation thesis because
video game companies benefit near term and long term from rapidly rising hours played,
broadening demos, more new games tried, higher in-game spending.”
~ Laura Martin, Needham Analyst
+ 166% + 64% + 32%

7. CONFIDENTIAL
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66
94 100 94
Mar-20 Apr-20 May-20 Jun-20
1,218
1,790 1,756
1,629
Mar-20 Apr-20 May-20 Jun-20
1.6
2.5 2.4 2.3
Mar-20 Apr-20 May-20 Jun-20
6
LargeandEver-ExpandingMarket
DIGITAL GAMING OVERVIEW
Source(s): Twitch Tracker as of 6/30/2020, Konvoy Ventures
2.2 million
Average Concurrent Viewers
1.6 billion
Average Hours Watched
(Viewers in Millions) (Hours in Millions)
210 million
North American Gamers88.5K
Average Concurrent Streamers
(Streamers in Millions)
Average concurrent viewers on Twitch sees significant rise
in April as more people turn to video games
The number of streamers sees multiple records in April
and May
Greater than 1/3 of the North American population is
playing video games
2Q 2020 broke the record for hours watched on Twitch
x

8. CONFIDENTIAL
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7
DiverseGamingDemographics
DIGITAL GAMING OVERVIEW
($ in Millions)
x
$1.6
$1.3
2020 2019
21.0%
38.0%
26.0%
9.0%
6.0%
< 18 18 - 34 35 - 54 55 - 64 +65
Video
Game
Player Ages
73.0%
43.0%
19.0%
25.0%
Console Handheld
System
VR Device Mobile VR
Video Game Players by Age Console Spending Through 2Q is up 23% in 2020 Devices Owned by Gamers
When People Play Years Spent Playing Video Games Why People Play(1)
After Work or School
51%
Waiting for
Appointment
30%
During a Break From
Work or School
26%
During a Commute
16%
21.0%
29.0%
25.0%
9.0%
1 - 5 6 - 14 15 - 24 +25
Connect With
Family and Friends
62.5%
Relaxation
80.0% 84.5%
Brain Stimulation
Note: (1) Percentages vary based on age range and gender
Source(s): Venture Beat, Theesa

9. CONFIDENTIAL
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Source(s): Newzoo, Konvoy Ventures, Company Websites
DigitalGamingIndustryOutlook
DIGITAL GAMING OVERVIEW
U.S. and China Dominate the Global Gaming Market
($ billions)
47%
23%
4%
26%
2019 Total
$152.1B
+9.6% YoY
EUROPE, MIDDLE EAST & AFRICA
$34.7
+11.5% YoY
NORTH-AMERICA
$39.6B
+11.7% YoY
LATIN AMERICA
$5.6B
+11.1% YoY
ASIA-PACIFIC
$72.2B
+7.6% YoY
CHINA TOTAL
$36.5B
U.S. TOTAL
$36.9B
48%
of all consumer spending on
gaming in 2019 came from
the U.S. and China.
$19.3 $20.4 $21.5 $22.6
$41.5 $43.0 $47.0 $51.0
$137.9
$151.9
$165.9
$180.3
2018 2019 2020 2021
Music
Films
Videogames
Global Gaming Is on the Rise With the Help of Smartphones
($ billions)
Gaming Sales Continue To Outpace Music and Movie Sales
35% 36% 38% 40% 41%
9% 9% 8% 8% 8%31% 31% 31%
31%
31%
2%
2%
2%
1%
1%
35%
36%
38%
40%
41%
2018 2019 2020 2021 2022
Smartphone Tablet Console Browser PC Boxed/Downloaded PC
$138.7
$164.6$152.1
$178.2
($ billions)
$196.0
The Top 5 Gaming Markets Are Nearing 1 Billion Combined Players
(Players in millions)
37.5
44.6
65.9
176.1
644.0
U.K.
Germany
Japan
U.S.
China
8
x

10. CONFIDENTIAL
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DigitalGamingUniverse(1/3)
DIGITAL GAMING OVERVIEW
Hardware Augmented & Virtual Reality Streaming and Content
Technology
Fantasy Sports and Betting
esports Betting
9
Source(s): Konvoy Ventures
x

11. CONFIDENTIAL
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DigitalGamingUniverse(2/3)
DIGITAL GAMING OVERVIEW
Engines
Distribution
Developers
Publishers
User Generated Content
Major Games
Game Development
Related Services
Data Analytics Peer to Peer
Sponsors and Sponsorship Services
10
Source(s): Konvoy Ventures
x

12. CONFIDENTIAL
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DigitalGamingUniverse(3/3)
DIGITAL GAMING OVERVIEW
Teams Leagues/Organizers Competitions
Community
Conferences and Exhibitions Events
Professional Scene
Tournament Platforms Coaching Service Providers
Merchandise
Communications and Forums News Reporting Venues
11
Source(s): Konvoy Ventures
x

13. CONFIDENTIAL
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$776.4
$957.5 $973.9
$1,598.2
2018 2019 2020 2023
Source(s): The Esports Observer, Newzoo, and CapitalIQ as of 6/30/2020
TheProfessionalSceneContinuestoExpandinSizeandPopularity…
DIGITAL GAMING OVERVIEW
Representative Companies
Professional esports
organization.
Game developer and
content provider
Value EV/Revenue
$400M 11.4x
$75M 30.1x
($ in thousands
esports Revenue Growth
1
2
3
Prize Pools Awarded in 1H 2020
$10.2M
$5.2M
$6.9M
12
15.5% CAGR
x

14. CONFIDENTIAL
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$400 $400 $320 $240 $210 $185 $175 $170 $165 $160
11.4x 13.8x
13.3x
6.9x
19.1x 20.6x
10.9x
21.3x
7.5x
16.0x
0.0x
5.0x
10.0x
15.0x
20.0x
$0
$100
$200
$300
$400
$500
Team
SoloMid
Cloud 9 Team Liquid FaZe Clan Immortals
Gaming Club
Gen.G Fnatic Envy Gaming G2 Sports 100 Thieves
…ButtheCurrentesportsModelMayBeaBubbleWaitingtoBurst
DIGITAL GAMING OVERVIEW
Teams Are Being Valued Like Tech Companies…
($ millions)
Median
EV/Revenue
Note(s): (1) TTM period is 7/31/2019 – 6/30/2020
Source(s): Twitch Tracker, Forbes, CapitalIQ, and Company Websites, Allied Esports
...But Fail to Generate Revenue and Appear Overvalued…
13
Value EV/Revenue
13.6x
x
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020
…While the Publicly Traded esports Companies Have Seen a Dramatic Decline Over the Last Year(1)
$88.0
$69.0
$52.0
$35.0
$2.0
MLB NHL NFL NBA Esports
esports
- 64.3%
- 39.0%
-70.8%

15. CONFIDENTIAL
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46.9
55.8
75.7
110.4
Note: (1) Lifetime Unit Sales as of 6/30/2020; (2) Projected sales through 2024
Source(s): Company Websites, Forbes, Amphere Analysis
TheConsoleMarketisBeingDrivenbyNewHardwareandRefreshesofExistingHardware…
DIGITAL GAMING OVERVIEW
8th Generation Consoles Are Selling Strongly(1) While the 9th Generation Looks More Crowded Than Ever
Projected Sales(2)
PS5Xbox Series X
Q4 2020 Q4 2020
14
Current Generation Consoles Are Selling Strongly(1)…
(Units sold in millions)
…While the 9th Generation Consoles Are Prepping For Launch
x
Release Date
Manufacturer
Name
(Units sold in millions)
37.0 66.0

16. CONFIDENTIAL
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10.0+
10.0+
13.3
16.0+
10.7
12.2
18.1
18.6
20.0
22.4
26.7
Animal Crossing Sells Nearly 23M Copies In 2Q 2020
…WhileSoftwareStillPullsUsersBetweenPlatforms
DIGITAL GAMING OVERVIEW
PC Gaming Market Value Forecasts
(Units sold in millions)
Microsoft has stopped
disclosing sales numbers
for 1st party software
Mario Kart 8
Super Smash Bros. Ultimate
Mario Odyssey
Breath of the Wild
Pokémon Let’s Go
Splatoon 2
Spider-man
Horizon: Zero Dawn
Uncharted 4
God of War
Halo 5
Gears of War 5
Forza
= Sony
= Nintendo
= Microsoft
($ billions)
$26.6
$28.0
$29.6
$31.4
$33.6
2016 2017 2018 2019 2020
15
Gaming Market Value Forecasts
4.8% CAGR
Source(s): Newzoo, Company Websites
Animal Crossing: New Horizons
x

17. CONFIDENTIAL
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5.37
6.66
7.07
8.73
14.7
summit1g
Myth
shroud
Tfue
Ninja
56 60 77 86 95 101
120 107 105 100
126
210
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2017 2018 2019 2020
737 789 952 1,044 1,120 1,162 1,287 1,267 1,265 1,206 1,468 2,370
25 27
36 39 43 46
56 49 48 45
58
96
0
20
40
60
80
100
120
0
500
1,000
1,500
2,000
2,500
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2017 2018 2019 2020
1,618 1,740 2,037 2,279 2,444 2,563 2,776 2,767 2,794 2,661
3,210
5,175
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2017 2018 2019 2020
StreamingViewershipContinuestoGrow
DIGITAL GAMING OVERVIEW
Twitch Exceeds 1.2B Average Concurrent Viewers in 2018
(Hours in millions)
Top Streamers Are Gaining Millions of Followers
(Viewers and Channels in thousands)
(Followers in millions)
16
Source(s): Twitch Tracker as of 6/30/20
Twitch Sees Sharp Increase in Average Viewers and Channels2Q Shatters Previous Record of Hours Watched
Viewers Channels
Twitch Exceeds 1.2B Average Concurrent Viewers in 2018
(Hours in millions)
Hours of Content Nearly Doubles As Streamers Are Becoming More Active
x

18. CONFIDENTIAL
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$584.1
$163.3
$543.7
$158.0
Sponsorship Media Rights
2020 2019
Sponsorship and Media Revenues Are Adjusted Down
MainstreamBrandsContinuetoInvestinVideoGames
DIGITAL GAMING OVERVIEW
Select Endemic Sponsors
Select Non-Endemic Sponsors
($ millions)
17
Source(s): The Esports Observer, Newzoo
7.4%
YoY Growth
3.3%
YoY Growth
x

19. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
46.8x
12.6x
26.9x 26.8x
21.0x
10.3x
58.3x
27.7x 23.2x
17.4x
12.4x 9.0x
43.1x
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x 14.0x
5.9x 1.1x
8.6x
6.1x 4.3x 1.5x
19.1x
10.7x
3.4x 3.4x 1.3x 0.9x
14.3x
2.1x
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x 14.0x
SelectPublicCompanies
DIGITAL GAMING OVERVIEW
Median EV/Revenue
Median: 3.9x
Game Development – Mobile Games
Game Development – Developer/Publisher
Technology - Hardware
Technology – Streaming/Content
Median EV/EBITDA
Median: 23.2x
Game Development – Mobile Games
Game Development – Developer/Publisher
Technology - Hardware
Technology – Streaming/Content
18
NM
Source(s):CapitalIQ as of 6/30/20; Note: “NM” only applies to multiples less than zero.
x

20. CONFIDENTIAL
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7.3x
5.4x 5.2x
3.9x
3.6x 3.4x
2.8x
2.0x
1.7x
0.8x
Candywriter Saber Interactive Funcom The Sims Resource Eko Software Storm8 UMG Media The TrailerFarm Snowed In Studios roccat
Source(s): CapitalIQ as of 6/30/20, Company Websites
SelectPrecedentTransactions
DIGITAL GAMING OVERVIEW
EV/Revenue
Median: 3.5x
Target:
Acquirer:
19
x

21. CONFIDENTIAL
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II. The Forbes M+A Overview
20

22. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
TheForbesM+AGroup
THE FORBES M+A OVERVIEW
Senior-level
attention and
transaction
leadership
Focused,
dedicated
transaction
teams
Vertical and
industry
focused
expertise
Unbiased,
trusted
advisory
services
Quality of
service and
execution over
quantity
Track record
of successful
outcomes
✓ Founded in 2004 with offices located in Denver, Colorado & Salt Lake
City, Utah
✓ Transaction sizes ranging from $10M — $200M
✓ Nationwide clientele with global market reach
✓ Nationwide clientele with global market reach
✓ Swarm transactions with senior advisors, with more than $85B and
250 years of combined experience
Rocky Mountain West boutique investment banking advisory firm focused on closely held companies with strong growth stories
and market dominant products or services.
Focused on Excellence in Execution…
Middle
Market
Leader
21

23. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
TheForbesM+ATransactionTeam
THE FORBES M+A OVERVIEW
Head of Digital
Gaming Group
303.872.6445
JJ.Lane@ForbesMA.com
Industry leading veterans that possess a
depth and breadth of experience across
both M&A and private industry as founders,
operators, advisors, and executives.
JJ Lane
Bob Forbes
President
Bill Nack
Partner / Managing
Director
Dan Pellegrino
Partner / Managing
Director
Jon Wiley
Partner / Managing
Director
Garit Lawson
Managing Director
Steve Quisenberry
Managing Director
James Morgan
Managing Director
Doug Freyschlag
Director
Blake Shear
Director
JJ Lane
Vice President
Cassie Dobos
Associate
Bryce Dietz
Analyst
Jarred Olson
Analyst
Liam Narozanick
Analyst
John Kiernan
Analyst
22

24. CONFIDENTIAL
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23
SoftwareasaService(“SaaS”)IndustryReport
TheForbesM+AGroupAdvantage
THE FORBES M+A OVERVIEW
EVERY DETAIL COUNTS.™
In managing the ownership transition of a closely-held company, the old adage that
“the devil is in the details” is widely underestimated.
At THE FORBES M+A GROUP, we are hyper vigilant about details – not only based on
the merits of the phrase above but because, as our tagline reveals, we recognize the
“deals” are also in those details. The best deals. The ones that offer the most
strategic and financial value to all of the key stakeholders involved in the transaction.
We fully grasp and
internalize clients’
goals.
We understand clients’
businesses exhaustively
and tell their stories
meticulously.
We design a
comprehensive
blueprint of each
client’s best future.
We find ideal targets,
not just the easy ones,
and compel them to
compete.
We advocate fiercely
for our clients,
creating extraordinary
outcomes.

25. CONFIDENTIAL
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24
SoftwareasaService(“SaaS”)IndustryReport
WhatClientsandAdvisorsSay
THE FORBES M+A OVERVIEW
“Their industry knowledge, relationships
with buyers, extensive transaction
experience, and adaptive and creative
deal making were essential in achieving
an outcome that met our goals.”
~ Tres Coors, CEO of Novelty Lights
“Their guidance was invaluable
as we reviewed offers and
negotiated a deal structure that
was exactly what we needed.”
~ Doug Larson, President at
Eldorado Artesian Springs
“Forbes is like a bulldog with a
rag in its mouth. If there is a deal
that serves the interests of their
client, those guys don’t let go
until it crosses the finish line.”
~ Bob Roth, Partner at Kutak Rock
“They exceeded every expectation
by taking the time to understand
our objectives, delivering the best
possible partner and terms.”
~ Christine Crane, CEO of BoldLeads
“We wanted to entrust the
business to an advisor with
similar core values and high-
quality standards.”
~ Tom Tolkacz, CEO of Swingle
“PASCO selected The Forbes M+A
Group amongst competing advisory
firms because of their reputation for
identifying excellent strategic
partners.”
~ Ryan Zeiger, CEO of PASCO
“From identifying the perfect
buyer, to maximizing our value,
and ultimately continuing our
legacy, the Forbes M+A team was
there from start to finish.”
~ Stephanie White, CEO of Top Gun
“The Forbes M+A Group was
recommended to us as a
company that would truly partner
with us to achieve our goals.”
~ Mike Franklin, President of
TouchSource

26. CONFIDENTIAL
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SoftwareasaService(“SaaS”)IndustryReport
TrustedbytheWorld’sTopFinancialInstitutions
THE FORBES M+A OVERVIEW
Forbes has developed strategic partnerships with some of the largest financial institutions in the world with its
strong reputation for servicing the middle market.
25

27. CONFIDENTIAL
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Click to edit Master title style
CONFIDENTIAL
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26
2020

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III. Appendix
27

29. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
Date Target Buyer / Investor(s) Target Description Target Category Transaction Type
Implied EV
($ in millions) EV / Revenue EV / EBITDA
Jun-20 Peak Games Zynga Peak Games develops multiplayer mobile games in Turkey and the
Middle East and North Africa (MENA) region.
Mobile Games Merger/Acquisition $1,934.0 na na
Jun-20 Ready At Dawn Studios Facebook Technologies Ready At Dawn Studios develops video games. Game Development Merger/Acquisition na na na
Jun-20 Gaming licenses of Majesco
Entertainment Company
Ziggurat Interactive Gaming licenses of Majesco Entertainment Company including
BloodRayne.
Game Development Merger/Acquisition na na na
Jun-20 LetsGoRacing Torque Esports LetsGoRacing comprises a YouTube channel that broadcasts
motorsport and esports racing content.
Community Merger/Acquisition $1.6 na na
Apr-20 PierPlay Scopely PierPlay engaged in development of mobile video games. Game Development Merger/Acquisition na na na
Apr-20 3DO games catalog of Prism
Entertainment
Ziggurat Interactive 3DO games catalog of Prism Entertainment comprises game
licenses.
Game Development Merger/Acquisition na na na
Apr-20 Candywriter Stillfront Group Candywriter develops and publishes mobile games. Game Development Merger/Acquisition $204.0 7.3x 12.7x
Feb-20 DriverDB Torque Esports DriverDB AB provides data to racing drivers and general motorsport
industry.
Community Merger/Acquisition $0.8 na na
Apr-20 Hypixel Studios Riot Games Hypixel Studios designs and develops computer games. Game Development Merger/Acquisition na na na
Apr-20 Moneyweek Torque Esports Moneyweek operates an online motor sports community for
motorsport enthusiasts, industry influencers, and Formula 1 teams,
as well as former drivers.
Community Merger/Acquisition $0.5 na na
Mar-20 MTD Gaming Ainsworth Game Technology MTD Gaming develops and supplies computer games. Game Development Merger/Acquisition $26.0 na na
Feb-20 Saber Interactive Embracer Group Saber Interactive develops online interactive games in the United
States.
Game Development Merger/Acquisition $596.2 5.4x 9.2x
Feb-20 Kolibri Games Ubisoft Entertainment Kolibri Games operates as a mobile games company. Mobile Games Merger/Acquisition na na na
Jan-20 Phoenix Labs Garena Online Private Phoenix Labs develops games for personal computers. Game Development Merger/Acquisition na na na
Jan-20 Streamlabs Logitech International Streamlabs develops Streamlabs application that provides in-stream
popup alerts.
Community Merger/Acquisition $130.3 na na
SoftwareasaService(“SaaS”)IndustryReport
SelectDigitalGamingM&ATransactions(1/2)
VALUATION SUPPORT
28
Source(s):CapitalIQ as of 6/30/20
x

30. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
Date Target Buyer / Investor(s) Target Description Target Category Transaction Type
Implied EV
($ in millions) EV / Revenue EV / EBITDA
Jan-20 Streamlabs Logitech International Streamlabs develops Streamlabs application that provides in-stream
popup alerts.
Community Merger/Acquisition $130.3 na na
Jan-20 Funcom Tencent Cloud Europe Funcom develops and publishes massively multiplayer online games
for PCs and consoles worldwide.
Game Development Merger/Acquisition $1,223.5 5.2x 11.3x
Jan-20 FoxNext Games Scopely FoxNext develops virtual and augmented reality, mobile,
console/personal computer games, and location-based
entertainment for studio's film and television operations.
Game Development Merger/Acquisition na na na
Jan-20 Storm8 Stillfront Group Storm8 develops social mobile games for the iPhone, iPod Touch,
and Android devices.
Mobile Games Merger/Acquisition $403.9 3.4x 6.6x
Dec-19 Typhoon Studios Google Typhoon Studios is an independent game developer. Game Development Merger/Acquisition na na na
Dec-19 Scuf Gaming International Corsair Components Scuf Gaming International manufactures and markets video game
controllers for gamers.
Hardware Merger/Acquisition na na na
Nov-19 UMG Media Torque Esports UMG Media operates as an esports company in North America. Professional Scene Merger/Acquisition $4.8 2.8x na
Oct-19 Fullcube ReKTGlobal Fullcube develops a platform for subscription management. Community Merger/Acquisition $4.2 na na
Aug-19 Insomniac Games Sony Interactive Entertainment Insomniac Games develops various games for PlayStations. Game Development Merger/Acquisition $229.0 na na
Jun-19 Greenlit Content ReKTGlobal Greenlit Content provides web development and content creation
services for video gaming industry.
Community Merger/Acquisition na na na
Jun-19 Infinite Esports & Entertainment Immortals Infinite Esports & Entertainment owns and operates an esports
organization and provides a gaming platform, which creates a roster
of online game players and competes in online championship
Community Merger/Acquisition $100.0 na na
Mar-19 Mellanox Technologies NVIDIA Mellanox Technologies, a fabless semiconductor company, designs,
manufactures, markets, and sells interconnect products and
solutions.
Hardware Merger/Acquisition $6,401.0 6.3x 28.7x
Mar-19 ROCCAT TBC Holding Company ROCCAT manufactures computer components and accessories. Hardware Merger/Acquisition $18.9 0.8x na
Jan-19 The Sims Resource Enthusiast Gaming Properties The Sims Resource comprises female video gaming content. Community Merger/Acquisition $20.6 3.9x 5.2x
Median $50.0 3.0x 10.6x
Mean $690.4 3.2x 12.0x
SoftwareasaService(“SaaS”)IndustryReport
SelectDigitalGamingM&ATransactions(2/2)
VALUATION SUPPORT
29
Source(s):CapitalIQ as of 6/30/20
x

31. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 6/30/2020 High Cap Value LTM LTM
Game Development - Publisher/Developer
Microsoft Corporation (NasdaqGS:MSFT) $197.88 91% $1,543,306 $1,489,689 10.7x 23.2x
Tencent Holdings Limited (SEHK:700) $62.99 11% $609,684 $622,940 11.0x 30.9x
Sony Corporation (TSE:6758) $68.64 1% $83,575 $98,288 1.3x 9.0x
Activision Blizzard, Inc. (NasdaqGS:ATVI) $75.69 92% $58,480 $55,175 8.6x 26.8x
Nintendo Co., Ltd. (TSE:7974) $446.74 1% $53,052 $41,767 3.4x 12.4x
Electronic Arts Inc. (NasdaqGS:EA) $132.61 94% $38,125 $33,610 6.1x 21.0x
Take-Two Interactive Software, Inc. (Nasdaq:TTWO) $138.37 89% $15,127 $13,303 4.3x 26.9x
BANDAI NAMCO Holdings Inc. (TSE:7832) $53.12 1% $11,548 $9,837 1.5x 10.3x
Ubisoft Entertainment SA (ENXTPA:UBI) $78.53 97% $10,080 $10,475 6.0x 106.2x
Square Enix Holdings Co., Ltd. (TSE:9684) $51.39 1% $6,020 $4,876 2.0x 13.1x
Capcom Co., Ltd. (TSE:9697) $36.59 1% $3,882 $3,346 4.4x 14.1x
Mean 44% $221,171 $216,664 5.4x 26.7x
Median 11% $38,125 $33,610 4.4x 21.0x
SoftwareasaService(“SaaS”)IndustryReport
PubliclyTradedCompanies(1/3)
VALUATION SUPPORT
$ millions, except per share data
30
Source(s):CapitalIQ as of 6/30/20; Note: “NM” only applies to multiples less than zero.
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 6/30/2020 High Cap Value LTM LTM
Game Development - Mobile Games
Zynga Inc. (NasdaqGS:ZNGA) $9.56 91% $9,125 $8,582 5.9x 46.8x
Glu Mobile Inc. (NasdaqGS:GLUU) $9.21 85% $1,544 $1,470 3.5x 274.5x
Rovio Entertainment Oyj (HLSE:ROVIO) $6.27 91% $460 $331 1.1x 12.6x
Mean 88.8% $3,710 $3,461 3.5x 111.3x
Median 90.6% $1,544 $1,470 3.5x 46.8x
x

32. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
SoftwareasaService(“SaaS”)IndustryReport
PubliclyTradedCompanies(2/3)
VALUATION SUPPORT
$ millions, except per share data
31
Source(s):CapitalIQ as of 6/30/20; Note: “NM” only applies to multiples less than zero.
x
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 6/30/2020 High Cap Value LTM LTM
Professional Scene
Torque Esports Corp. (TSXV:GAME) $0.55 9% $60 $75 NM NM
Allied Esports Entertainment Inc. (NasdaqCM:AESE) $2.09 33% $60 $69 2.7x NM
Super League Gaming, Inc. (NasdaqCM:SLGG) $2.40 30% $25 $20 18.8x NM
Gfinity plc (AIM:GFIN) $0.02 49% $18 $15 1.7x NM
Mean 30% $41 $45 7.7x NM
Median 31% $42 $45 2.7x NM
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 6/30/2020 High Cap Value LTM LTM
Technology - Hardware
Microsoft Corporation (NasdaqGS:MSFT) $197.88 91% $1,543,306 $1,489,689 10.4x 22.7x
Alphabet Inc. (NasdaqGS:GOOG.L) $1,396.88 88% $966,497 $866,072 5.2x 17.9x
NVIDIA Corporation (NasdaqGS:NVDA) $372.56 86% $233,696 $224,920 19.1x 58.3x
Sony Corporation (TSE:6758) $68.64 1% $83,575 $98,288 1.3x 9.0x
Advanced Micro Devices, Inc. (Nasdaq:AMD) $51.16 83% $61,616 $60,930 8.4x 60.1x
Nintendo Co., Ltd. (TSE:7974) $446.74 1% $53,052 $41,766 3.4x 12.4x
Seagate Technology plc (NasdaqGS:STX) $47.99 75% $12,423 $14,977 1.4x 8.6x
Logitech International S.A. (SWX:LOGN) $64.41 91% $10,961 $10,264 3.3x 24.8x
Plantronics, Inc. (NYSE:PLT) $14.58 34% $563 $2,017 1.2x 14.0x
Razer Inc. (SEHK:1337) $0.20 11% $1,678 $1,159 1.4x NM
Turtle Beach Corporation (NasdaqGM:HEAR) $14.85 78% $215 $208 0.9x 17.4x
Mean 58% $269,780 $255,481 5.1x 24.5x
Median 78% $53,052 $41,766 3.3x 17.7x

33. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S u m m e r 2 0 2 0
SoftwareasaService(“SaaS”)IndustryReport
PubliclyTradedCompanies(3/3)
VALUATION SUPPORT
32
$ millions, except per share data
Source(s):CapitalIQ as of 6/30/20; Note: “NM” only applies to multiples less than zero.
x
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 6/30/2020 High Cap Value LTM LTM
Technology - Streaming & Content
Sea Limited (NYSE:SE) $109.08 84% $50,722 $49,714 19.6x NM
Bilibili Inc. (NasdaqGS:BILI) $45.30 88% $16,093 $15,586 14.3x NM
HUYA Inc. (NYSE:HUYA) $18.99 67% $4,098 $2,655 2.1x 43.1x
Mean 80% $23,638 $22,652 12.0x 43.1x
Median 84% $16,093 $15,586 14.3x 43.1x
Aggregate Metrics
Mean 55% $171,333 $164,754 6.0x 36.6x
Median 77% $11,986 $11,889 3.5x 21.0x