DIgital Gaming Report

1. CONFIDENTIAL
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IndustryReport–Winter2020
C O N F I D E N T I A L
DIGITAL GAMING

2. CONFIDENTIAL
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CONFIDENTIAL
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Agenda
I II III
Digital Gaming
Overview
The Forbes
M+A Overview
Appendix
-Valuation Support
1

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I. Digital Gaming Overview
2

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3
DigitalGamingUniverse
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 $152.1B in revenue in
2019
The U.S. and China are dominating the gaming universe
with nearly 50% of revenue market share
DIGITAL GAMING OVERVIEW
~1.1 Billion
Gamers
Worldwide
21 - 35
Most Popular
Gaming Age
+1.5 Billion
Hours Streamed
in 4Q
Source(s): Newzoo

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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 will come
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
4

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DigitalGamingUniverse(1/3)
DIGITAL GAMING OVERVIEW
Hardware Augmented & Virtual Reality Streaming and Content
Technology
Fantasy Sports and Betting
eSports Betting
5
Source(s): Konvoy Ventures

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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
6
Source(s): Konvoy Ventures

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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
7
Source(s): Konvoy Ventures

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Note: (1) Lifetime Unit Sales as of 7/22/2019; (2) The 3DS is the only primarily mobile console listed and is not generally considered an 8th generation console.
Source(s): Company Websites, Crunchbase
TheConsoleMarketisBeingDrivenbyNewHardwareandRefreshesofExistingHardware…
DIGITAL GAMING OVERVIEW
8th Generation Consoles Are Selling Strongly(1) While the 9th Generation Looks More Crowded Than Ever
75.5
41.7
43.2
92
(2)
Release Date Game Streaming?Parent Brand
“PS5”
Xbox Series X
6/28/19
9/20/19
11/19/19
Q4 2020
Q4 2020
8
8th Generation Consoles Are Selling Strongly
(Units sold in millions)
While the 9th Generation Looks More Crowded Than Ever

10. CONFIDENTIAL
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Latest 1st Party Exclusive Software Sales Numbers
…WhileSoftwareStillPullsUsersBetweenPlatforms
DIGITAL GAMING OVERVIEW
PC Gaming Market Value Forecasts
(Units sold in millions)
10.0+
10.0+
10.0+
13.3
9.3
11.3
14.5
15.4
15.7
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
9
Gaming Market Value Forecasts
4.8% CAGR
Source(s): Newzoo, Company Websites
19.0

11. CONFIDENTIAL
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Source(s): The Esports Observer, Newzoo, and CapitalIQ as of 12/31/19
TheProfessionalSceneContinuestoExpandinSize…
DIGITAL GAMING OVERVIEW
Representative Companies
Professional Esports
organization.
Operator of an Esports
community and
content platform.
Value EV/Revenue
$310M 14.1x
$14.0M 13.6x
2017 2018 2019 2022
Merchandise &
Tickets
Game Publisher
Fees
Brand Investment
Revenues
$1,796
$1,096
$865
$655
+63.9%
YoY
+26.7%
YoY+32.1%
YoY
($ millions)
Esports Revenue Growth
1
2
3
Prize Pools Awarded in 2019
$64.4M
$21.1M
$46.7M
10
22.3% CAGR

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…AndEsportsisGainingMainstreamPopularity
DIGITAL GAMING OVERVIEW
Esports Teams Are Being Valued Like Tech Companies
Who’s Watching Esports?(1)
$310 $250 $200 $150 $130 $120 $95 $90
$22 $25
$17
$11 $10 $11
$5 $5
$0
$5
$10
$15
$20
$25
$30
$0
$50
$100
$150
$200
$250
$300
$350
Value
Estimated
(Revenues 2018)
($ millions)
Mean EV/Revenue: 13.8x
Median EV/Revenue: 13.3x
192 222 245 324
143 173 198
271
2017 2018 2019 2022
Occasional Viewers eSports Enthusiasts
(Viewers in millions)
Esports Enthusiasts in 2019
Asia- Pacific 57%
European Union 16%
North America 11%
Rest of World 16%
Note(s): (1) “Enthusiasts” are defined as viewers who are amateur Esport players or watch more than once a month; (2) Percentages are as of 2017
Source(s): TwitchMetrics, Forbes, CapitalIQ, Newzoo, and Company Websites
20%
38%
12%
1%
7%
14%
7%
1%
M10-20 M21-35
M36-50 M51-65
F10-20 F21-35
F36-50 F51-65
Esports Enthusiasts Are Becoming More Diverse(1)(2)
52% of
Enthusiasts
are 21-35
Top 3 Streamed Games Hit 610M Hours Watched in 4Q 2019
11
12.3% CAGR

13. CONFIDENTIAL
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StreamingViewershipContinuesClimb
DIGITAL GAMING OVERVIEW
Twitch Exceeds 1.2B Average Concurrent Viewers in 2018
(Viewership in millions)
1,246
304
41
1 2 3
LIVE
Twitch Seeing A Steady Climb in Viewers & Channels
351 536 592 748 1,069
9
16 19
25
41
-
10
20
30
40
50
-
200
400
600
800
1,000
1,200
2014 2015 2016 2017 2018
Average Concurrent
Viewers
Average Concurrent
Channels
Top Streamers Are Reaching Millions of Followers
(Viewers and Channels in thousands)
(Followers in millions)
3.9
5.2
6.5
6.6
14.6
Riot Games
Myth
Tfue
shroud
Ninja
12
Source(s): Company Websites, TwitchMetrics, Streamlabs

14. CONFIDENTIAL
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$465.7
$251.3
$189.2
Sponsorship Media Rights Advertising
Estimated 2019 Advertising Related Esports Revenues
EsportsistheHolyGrailForAdvertising
DIGITAL GAMING OVERVIEW
Select Endemic Sponsors
Select Non-Endemic Sponsors
($ millions)
13
Source(s): The Esports Observer, Forbes, CapitalIQ, Company Websites

15. CONFIDENTIAL
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12.4x
40.8x
23.1x 18.9x 11.5x
58.9x
20.8x 21.3x 14.4x
9.3x 4.8x
86.7x
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
4.6x 0.9x
6.4x 5.8x
3.9x
1.7x
14.7x
9.4x
3.4x 2.6x
1.3x 0.6x
8.1x
2.7x
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: 3.6x Game Development – Mobile Games
Game Development – Developer/Publisher
Technology - Hardware
Technology – Streaming/Content
Median EV/EBITDA
Median: 19.9x Game Development – Mobile Games
Game Development – Developer/Publisher
Technology - Hardware
Technology – Streaming/Content
14
NM NM
Source(s):CapitalIQ as of 1/23/20; Note: “NM” only applies to multiples less than zero.

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Source(s): Company Websites, Bloomberg, New York Times, Business Insider, Kotaku, CapitalIQ as of 12/31/19
SelectPrecedentTransactions
DIGITAL GAMING OVERVIEW
EV/EBITDA
Median: 10.9x
23.8x
14.1x 13.6x
12.1x 11.9x
9.8x 9.5x
7.3x
5.2x 5.0x
Quickspin Social Point Sperasoft The TrailerFarm Big Fish Games Supercell Corsair Components Cyanide The Sims Resource Snowed In Studios
Target:
Acquirer:
15

17. CONFIDENTIAL
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II. The Forbes M+A Overview
16

18. CONFIDENTIAL
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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
✓ EBITDA typically from $2M — $20M
✓ 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
17

19. CONFIDENTIAL
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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
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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.

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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

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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.
21

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III. Appendix
23

25. CONFIDENTIAL
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SoftwareasaService(“SaaS”)IndustryReport
SelectDigitalGamingM&ATransactions(1/2)
VALUATION SUPPORT
24
Source(s):CapitalIQ as of 1/23/20
Date Target Buyer / Investor(s) Target Description Target Category Transaction Type EV / Revenue EV / EBITDA
Nov-19 UMG Media Torque Esports Corp. UMG Media operates as an esports company in North America. Professional Scene Merger/Acquisition 2.8x na
Mar-19 ROCCAT TBC Holding Company ROCCAT manufactures computer components and accessories. Hardware Merger/Acquisition 0.8x na
Jan-19 The Sims Resource Enthusiast Gaming Properties The Sims Resource comprises female video gaming content. Community Merger/Acquisition 3.9x 5.2x
Dec-18 Small Giant Games Zynga Small Giant Games develops mobile games. Game Development Merger/Acquisition 5.4x na
Nov-18 Ludomade ShareRoot Ludomade operates as a mobile gaming development agency. Game Development Merger/Acquisition 0.5x na
Sep-18 Eko Software BigBen Interactive Eko Software produces and develops console video games. Game Development Merger/Acquisition 3.6x na
Sep-18 The TrailerFarm Keywords Studios The TrailerFarm produces trailers for the marketing and support of
video games.
Community Merger/Acquisition 2.0x 12.1x
Jul-18 Snowed In Studios Keywords Studios Snowed In Studios operates as a video game and interactive media
development studio.
Game Development Merger/Acquisition 1.7x 5.0x
Jul-18 Tangelo Games Third Eye Capital Tangelo Games develops and publishes social and mobile gaming for
PC, Mac, and mobile.
Game Development Merger/Acquisition 2.9x na
May-18 Cyanide BigBen Interactive Cyanide develops video games for gaming consoles. Game Development Merger/Acquisition 3.5x 7.3x
Jan-18 Fuel Powered Animoca Brands Fuel Powered operates a social gaming platform. Community Merger/Acquisition 2.5x na

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SoftwareasaService(“SaaS”)IndustryReport
SelectDigitalGamingM&ATransactions(2/2)
VALUATION SUPPORT
25
Source(s):CapitalIQ as of 1/23/20
Date Target Buyer / Investor(s) Target Description Target Category Transaction Type EV / Revenue EV / EBITDA
Dec-17 Sperasoft Keywords Studios Sperasoft offers game development, art studio, and online services. Game Development Merger/Acquisition 1.7x 13.6x
Nov-17 Big Fish Games Aristocrat Technologies Big Fish Games produces and distributes paid, casual free-to-play,
and casino-style games.
Game Development Merger/Acquisition 2.2x 11.9x
Nov-17 Multiplay Unity Technologies Multiplay, a gaming services company, engages in gaming events
and esports businesses.
Game Development Merger/Acquisition 4.2x na
Jul-17 Corsair Components EagleTree Capital Corsair Components manufactures and markets high-performance
PC peripherals and components.
Hardware Merger/Acquisition na 9.5x
Jun-17 Kongregate Modern Times Group Kongregate operates an online gaming portal. Game Development Merger/Acquisition 1.6x na
May-17 Space Ape Supercell Space Ape develops Internet-based mobile and tablet games. Game Development Merger/Acquisition 1.0x na
May-17 GameSim Keywords Studios GameSim provides products and service for gaming and
entertainment.
Game Development Merger/Acquisition 1.2x na
Feb-17 Social Point Take-Two Interactive Social Point develops mobile, action, social, and strategy free-to-play
online games.
Game Development Merger/Acquisition 3.1x 14.1x
Jun-16 Supercell Tencent Holdings Supercell develops mobile games for tablets and smartphones. Game Development Merger/Acquisition 3.9x 9.8x
May-16 Quickspin Playtech Quickspin operates a games studio that develops and supplies video
slots.
Game Development Merger/Acquisition 8.3x 23.8x
Median 2.6x 10.9x
Mean 2.8x 11.2x

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Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 1/23/2020 High Cap Value LTM LTM
Game Development - Publisher/Developer
Microsoft Corporation (NasdaqGS:MSFT) $166.19 99% $1,271,874 $1,220,835 9.4x 21.3x
Tencent Holdings Limited (SEHK:700) $50.13 12% $471,176 $478,942 9.6x 26.4x
Sony Corporation (TSE:6758) $72.94 1% $89,219 $105,479 1.3x 9.3x
Activision Blizzard, Inc. (NasdaqGS:ATVI) $60.32 97% $46,195 $44,206 6.4x 18.9x
Nintendo Co., Ltd. (TSE:7974) $399.88 1% $47,450 $38,980 3.4x 14.4x
Electronic Arts Inc. (NasdaqGS:EA) $112.92 99% $33,134 $29,502 5.8x 23.1x
Take-Two Interactive Software, Inc. (Nasdaq:TTWO) $130.44 96% $13,846 $12,483 3.9x 40.8x
BANDAI NAMCO Holdings Inc. (TSE:7832) $60.93 1% $13,349 $11,796 1.7x 11.5x
Ubisoft Entertainment SA (ENXTPA:UBI) $70.24 82% $8,501 $8,985 4.6x NM
Square Enix Holdings Co., Ltd. (TSE:9684) $50.97 1% $6,044 $4,985 1.9x 14.3x
Capcom Co., Ltd. (TSE:9697) $27.96 1% $2,965 $2,505 2.9x 11.1x
Mean 45% $182,159 $178,063 4.6x 19.1x
Median 12% $33,134 $29,502 3.9x 16.7x
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 1/23/2020 High Cap Value LTM LTM
Game Development - Mobile Games
Zynga Inc. (NasdaqGS:ZNGA) $6.53 94% $6,044 $5,376 4.6x NM
Glu Mobile Inc. (NasdaqGS:GLUU) $6.24 53% $924 $864 2.2x 257.7x
Rovio Entertainment Oyj (HLSE:ROVIO) $5.30 70% $408 $280 0.9x 12.4x
Mean 72.4% $2,459 $2,173 2.6x 135.1x
Median 69.8% $924 $864 2.2x 135.1x
SoftwareasaService(“SaaS”)IndustryReport
PubliclyTradedCompanies(1/2)
VALUATION SUPPORT
$ millions, except per share data
26
Source(s):CapitalIQ as of 1/23/20; Note: “NM” only applies to multiples less than zero.

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Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 1/23/2020 High Cap Value LTM LTM
Technology - Hardware
Microsoft Corporation (NasdaqGS:MSFT) $166.19 99% $1,271,874 $1,220,835 9.4x 21.3x
Alphabet Inc. (NasdaqGS:GOOG.L) $1,487.55 99% $1,024,645 $918,341 5.9x 20.8x
NVIDIA Corporation (NasdaqGS:NVDA) $251.72 99% $154,750 $147,529 14.7x 58.9x
Sony Corporation (TSE:6758) $72.94 1% $89,219 $105,479 1.3x 9.3x
Advanced Micro Devices, Inc. (Nasdaq:AMD) $51.34 99% $57,586 $57,488 9.5x 103.2x
Nintendo Co., Ltd. (TSE:7974) $399.88 1% $47,450 $38,980 3.4x 14.4x
Seagate Technology plc (NasdaqGS:STX) $61.61 100% $16,488 $18,913 1.9x 10.9x
Logitech International S.A. (SWX:LOGN) $48.57 103% $8,058 $7,435 2.6x 20.8x
Plantronics, Inc. (NYSE:PLT) $31.20 58% $1,236 $2,714 1.4x 9.5x
Razer Inc. (SEHK:1337) $0.17 8% $1,574 $1,056 1.3x NM
Turtle Beach Corporation (NasdaqGM:HEAR) $8.79 46% $124 $146 0.6x 4.8x
Mean 65% $243,000 $228,992 4.7x 27.4x
Median 99% $47,450 $38,980 2.6x 17.6x
SoftwareasaService(“SaaS”)IndustryReport
PubliclyTradedCompanies(2/2)
VALUATION SUPPORT
27
Source(s):CapitalIQ as of 1/23/20; Note: “NM” only applies to multiples less than zero.
$ millions, except per share data
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 1/23/2020 High Cap Value LTM LTM
Technology - Streaming & Content
Sea Limited (NYSE:SE) $44.25 98% $20,730 $19,085 11.4x NM
Bilibili Inc. (NasdaqGS:BILI) $22.00 90% $7,341 $6,754 8.1x NM
HUYA Inc. (NYSE:HUYA) $18.22 61% $4,160 $2,840 2.7x 86.7x
Gfinity plc (AIM:GFIN) $0.03 49% $15 $14 1.4x NM
Mean 74% $8,061 $7,173 5.9x 86.7x
Median 75% $5,750 $4,797 5.4x 86.7x
Aggregate Metrics
Mean 59% $162,634 $155,615 4.6x 35.7x
Median 70% $13,846 $12,483 3.4x 18.9x