Global Gaming Report Q2 2024

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Los Angeles
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3
Note: Public Markets include IPOs, SPACs, and Public FinancingsSource: CapIQ , Pitchbook & DSP Research Note: Deal count includes announced and / or closed M&A, private placement, IPOs, SPACs, and public financing dealsDrake Star did not act as financial advisor on transactions listed on this page
• We anticipate that M&A activity will continue to strengthen throughout the remainder of this year and into 2025 ,
buoyed by the broader recovery of the public gaming company market .
• While we expect big players such as Tencent, Take -Two and Playtika to be active buyers, volume of mid to small
sized deals will likely continue to increase . As predicted, PE firms have been the top buyers so far in 2024 (CVC
/Jagex , EQT/ Keywords), and we will likely see more acquisitions / take -private deal by PE firms . With limited mid
/ later stage financings available, we expect some gaming companies to opt for earlier exits . Following the
Voodoo/ BeReal deal, other gaming companies are likely to diversify in adjacent segments by acquiring mobile
app companies .
• For financings, AI, mixed reality, platform and tools continue to be hot segments .
• Following the highly successful IPO of Shift Up in Korea, we anticipate that several IPO ready companies such
as Appsflyer , Discord and EPIC starting to plan for a listing in the quarter to come .
• Gaming M&A and public market deals continued to gain momentum in Q2’24 .
• With 52 announced M&A deals and $3.5B in disclosed deal value, Q2 is the 3rd straight quarter of continued
increase in deal activity that bottomed out in Q3’23 (33 deals) . Private equity firm EQT announced the acquisition
of Keywords for $2.8B, the largest gaming deal of the year so far . Notable strategic buyers were Infinite Reality,
Miniclip / Tencent, Nintendo and Tripledot .
• Private financings seem to be stabilizing with 181 deals in Q2’24 , staying flat compared to Q1 (193 deals) . Most
capital went into blockchain gaming, accounting for 40 % of total deals and 45 % of disclosed deal value . Zentry
raised the largest round ($140 M) in the quarter, followed by Spyke ($50 M) and k-ID ($50 M) .
• Investment dollars continue to be mostly focused on early -stage companies (94 % of total deals) . Asia led with
five of the largest financings, followed by three in Europe/UK, and one each in Turkey and the U.S. Very little VC
money went to gaming studios . Bitkraft was the most active VC, followed by A16 Z, Play Ventures and vgames .
• While Konami, Logitech and Krafton are the top performers over the last 18 months in the Drake Star Gaming
Index, the broader market of gaming stocks has not recovered yet . The leading listed indie / AA game developers
/ publishers have seen a significant rebound this year . Embracer announced its plan to restructure its business
into 3 separate listed public companies . GameStop raised ~$3.1B in equity and Embracer, Take Two and MTG
raised ~$1.7B in debt .
Public Markets PP M&A
$3.5B
$0.8B
$4.8B
52
181
15

4
M&A
Public
Markets
• Embracer Group announced a transformation plan to unlock the full potential of each business segment via split into three sta nda lone public listed
companies in “ Asmodee Group,” “Coffee Stain & Friends,” and “Middle -earth Enterprises & Friends,” and raised $980M in debt financing
• Take -Two Interactive raised $600M in debt refinancing in June through the sale of senior notes
• Modern Times Group raised $95.5M in a PIPE transaction that sold 9.1% of the company to Lannebo Fonder, Evermore Investments, Atairos ,
Swedbank Robur and Active Ownership Capital
• GameStop raised $3.1B through two follow -on offerings that involved the sale of 120,000,000 shares
Fundraising
• GuildFi , rebranding as Zentry , raised $140M in a round that included new investors Spartan Capital, Synergis , LongHash Ventures DWF Labs
and existing investors Animoca , Binance Labs, Coinbase Ventures and Pantera Capital
• k-ID, a digital login system to protect children from age -inappropriate content, raised $50M lead by Andreesen Horowitz and Lightspeed Venture
Partners with participation from Okta, Z Venture Capital and existing backers Konvoy Ventures and TIRTA Ventures
• The Turkish mobile games studio Spyke raised $50M from Moon Active, known for the popular mobile game Coin Master
• Spanish video game studio Bespoke Pixel founded by Ubisoft veteran David Polfeldt raised $25M with the long -term goal of creating a game
based on original IP
• The Sandbox, a metaverse gaming platform, raised $20M in a round that included Kingsway Capital and LG Technology Ventures
*Transaction not included overall deal volume or value for Q2 ’24 Note: Drake Star did not act as financial advisor on transactions listed on this page
• Swedish private equity firm EQT and the game development services provider Keywords reached an agreement on an acquisition va lue d at
$2.8B with the goal of accelerating Keywords’ growth through both organic as well as accretive M&A strategy
• French mobile game developer Voodoo furthered its diversification into consumer apps by acquiring the social media app BeReal for $542M *
with the aim of investing additional resources and capitalizing on synergies to help the app grow
• Infinite Reality acquired Drone Racing League for $250M and Action Face , a digital avatar creation tool, for an undisclosed sum to bolster its
portfolio of brands aimed at facilitating immersive experiences
• Nintendo acquired Shiver Entertainment , the studio responsible for the Switch ports of Hogwarts Legacy and Mortal Kombat 1, from Embracer,
strengthening its development resources
• Miniclip , a subsidiary of Tencent, acquired the game developer Futurlab , known for the PC and console game PowerW ash Simulator
• CyberAgent acquired the content producer NitroPlus , known for the popular card video game Touken Ranbu, for $106M with the goal of growing
its IP -based business

5
Note: Voodoo’s acquisition of BeReal is excluded from deal volume and deal value in Q224 Source: CapIQ , Pitchbook & DSP Research
12
8
11
2
4
4
11
PC/Console Mobile
Platform/Tools Hardware
Esports Blockchain
Others
14
24
14
North America Europe Asia and Others
84
77
43 44
33
44
48
52
–
1 0
2 0
3 0
4 0
5 0
6 0
7 0
8 0
9 0
$0
$1
$2
$3
$4
$5
$6
$7
Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224
Value ($B) Deal Count

6
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• The media company CyberAgent acquired the
content producer NitroPlus behind the popular IP
Touken Ranbu for $106M
• NitroPlus is active in a variety of formats including
games, animation, and novels
• The deal aligns with CyberAgent’s goal of growing
its IP -related business
• Miniclip , subsidiary of Tencent, acquired the game
developer Futurlab for an undisclosed sum
• Futurlab is the UK -based developer behind the
popular PC and console game PowerW ash
Simulator
• The deal will strengthen Miniclip’s position on PC
and Console, an area that historically has not been
its focus
• Infinite Reality acquired Drone Racing League for
$250M and Action Face for an undisclosed sum
• The acquisition of Drone Racing League bolsters
Infinite Reality’s portfolio of sports -related brands
• The acquisition of Action Face, a platform for the
creation of digital avatars, enhances Infinite
Reality’s capabilities in providing immersive digital
experiences
• EQT and Keywords reached an agreement on an
acquisition valued at $2.8B
• Keywords provides services to support game
development projects
• Bertrand Bodson , CEO of Keywords CEO, expects
the acquisition to accelerate the company’s growth
both organically and through M&A
• The UK mobile games company Tripledot acquired
Zephyr Mobile for an undisclosed sum
• Zephyr Mobile develops casual mobile games that
have been played by more than 100M people
• The deal broadens Tripledot’s portfolio of mobile
games and strengthens its position in the casual
mobile games market
• Nintendo acquired Shiver Entertainment from
Embracer
• Shiver was responsible for the Nintendo Switch
ports of the hit titles Hogwarts Legacy and Mortal
Kombat 1
• The deal bolsters Nintendo’s development
resources with a team that is very familiar with their
console platform

23
27
27
5 12 8
72
7
Hardware Others Platform/Tools
7
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
Late Mid Early
VR / AR Esports Mobile PC / Console Blockchain
170
9
$0.5B
$0.2B
$0.0B
$0.1B
$0.1B
$0.2B
$0.3B
130
202
310
183
233
212 212
199 190
167
193
181
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224
Value ($B) Deal Count

Blockchain Apr -24 140.0 – Animoca Brands, Binance Labs, Coinbase Ventures
Mobile May -24 50.0 315.0 Moon Active
Platform/Tools Jun -24 50.0 – Andreesen Horowitz, Konvoy Ventures, Lightspeed
Venture Partners
PC/Console Jun -24 25.0 – Undislcosed
Blockchain Jun -24 20.0 1,000.0 Animoca Brands, Gaingels, LG Technology Ventures
VR/AR May -24 19.9 – Japan Finance Corporation, Niigata Venture Capital
PC/Console May -24 18.8 – London Venture Partners, Novator Partners
Platform/Tools May -24 15.5 – Sega Sammy Holdings, Nomura SPARX Investment
PC/Console Apr -24 15.0 – Krafton, Tirta Ventures, Overwolf
Platform/Tools Jun -24 12.0 – AME Cloud Ventures, Eric Schmidt
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
8

9
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Investors – Undisclosed
• The funding will help the young video game
developer led by Ubisoft veteran David Polfeldt
initially create playable prototypes before pursuing
its long -term goal of creating a game based on
original IP
• Investors – Moon Active
• Moon Active purchased 15.9% of Spyke at a
valuation of $315M
• The funding will help Spyke , a developer of casual
mobile games, to develop and grow its mobile
games offerings
• Investors – Animoca Brands, Arche Fund, Binance
Labs, Coinbase Ventures, Dapper Labs, DeFiance
Capital, LongHash Ventures, The Spartan Group,
and others
• The funding will help Zentry build digital
infrastructure utilizing blockchain that connects
player progression across many games and
platforms
• Investors –Andreessen Horowitz, Konvoy
Ventures, Lightspeed Venture Partners, Okta, Tirta
Management, Z Venture Capital
• The funding will help kID develop a cross -platform
sign -in system that will help children access age –
appropriate video game experiences
• Investors – Animoca Brands, Ash Park Capital,
Gaingels , LG Technology Ventures, Sunwah
Kingsway Capital Holdings, True Global Ventures
• The funding will help The Sandbox, a subsidiary of
Animoca Brands, continue pursuing its goal of
building a metaverse platform based on user –
generated content and digital property rights
• Investors –Sega Sammy Holdings, Nomura
SPARX Investment, Accord Ventures, Pegasus
Tech Ventures, and others
• The funding will help OPENREC, a game
streaming platform, to grow its offline events as
well as develop original IP

VC DEALS SELECT INVESTMENTS LOCATION
15
13
13
11
10
9
8
7
7
6
10
VC DEALS SELECT INVESTMENTS LOCATION
17
15
9
8
6
6
6
4
3
3
Source: CapIQ, Pitchbook & DSP ResearchNote: The league tables above do not include accelerator investments

11
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$1,580.0 7
$542.2 1
$465.0 2
$460.0 2
$250.0 3
$112.1 2
$110.0 2
$42.6 3
$45.0 1
$27.0 6
Source: CapIQ, Pitchbook & DSP ResearchNote: Deal value only includes publicly disclosed transaction valuesDrake Star acted as the financial advisor to Game Circus

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COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV North America / Europe – Mobile Focused LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Light & W onder LNW US 31-Mar -24 $104.88 $9,367.1 $12,844.1 $2,988.0 $988.0 4.3x 4.0x 12.7x 10.1x 43.8x 23.9x 14% 8% 13% 28% 33.1% Playtika PLTK IL 31-Mar -24 $7.87 $2,920.8 $4,392.3 $2,562.0 $644.5 1.7x 1.7x 6.6x 5.8x 14.3x 11.4x -1% 1% -7% 18% 25.2% Modern Times Group MTG B SE 31-Mar -24 $8.06 $973.7 $724.0 $558.4 $146.5 1.3x 1.2x 4.8x 4.6x 98.4x 18.9x 9% 3% 33% 6% 26.2% GDEV GDEV CY 31-Mar -24 $2.86 $517.8 $361.0 $454.4 $43.2 0.8x 0.8x 8.2x 22.6x 12.4x 67.3x -3% -6% -50% 63% 9.5% Stillfront Group SF SE 31-Mar -24 $0.94 $466.4 $849.8 $703.3 $125.3 1.2x 1.3x 6.5x 3.4x NM 4.0x -3% -5% -25% 95% 17.8% Huuuge HUG US 31-Mar -24 $5.88 $329.3 $177.6 $278.7 $90.9 0.6x 0.7x 1.9x 2.1x 5.3x NA -9% -6% 9% 8% 32.6% Ten Square Games TEN PL 31-Mar -24 $20.38 $129.3 $112.6 $106.4 $27.4 1.1x 1.1x 4.1x 4.6x 62.7x 11.5x -17% -7% -28% 14% 25.8% G5 Entertainment G5EN SE 31-Mar -24 $10.85 $84.6 $60.8 $119.0 $10.4 0.5x 0.5x 5.8x 2.4x 7.8x 7.5x -10% -5% -11% 146% 8.7% Flexion Mobile FLEXM GB 31-Mar -24 $0.85 $47.8 $30.5 $92.0 $3.9 0.3x 0.3x 7.7x 3.6x NM 33.6x -2% 18% -27% 118% 4.3% East Side Games EAGR CA 31-Mar -24 $0.56 $45.9 $40.6 $61.7 $10.2 0.7x 0.6x 4.0x 2.6x 20.3x 9.2x -20% 12% 245% 56% 16.6%
Average 1.1x 1.2x 6.5x 6.1x 33.1x 20.8x -2% 4% 17% 56% 17.7% Median 0.8x 0.8x 6.5x 4.6x 17.3x 11.5x -3% 1% -7% 56% 17.2%
North America / Europe – PC / Console Focused Electronic Arts EA US 31-Mar -24 $139.33 $37,024.9 $35,958.9 $7,562.0 $1,982.0 4.8x 4.8x 17.2x 13.7x 29.8x 18.8x 2% -1% 1% 33% 26.2%
Take -Two Interactive TTWO US 31-Mar -24 $155.49 $27,211.3 $29,969.3 $5,349.6 $507.5 5.6x 5.3x 50.5x 37.3x NM 62.1x 0% 5% -13% 58% 9.5% CD Projekt CDR PL 31-Mar -24 $34.56 $3,452.9 $3,198.1 $322.1 $124.2 10.0x 17.3x 25.9x 50.8x 27.2x 72.6x 41% -42% 27% 49% 38.5% Embracer Group EMBRAC B SE 31-Mar -24 $2.20 $2,966.4 $4,655.6 $3,960.3 -$378.7 1.2x 1.2x NM 4.5x NM 6.8x NA -3% NA NA -9.6% Ubisoft UBI FR 31-Mar -24 $21.90 $2,791.3 $4,191.9 $2,482.4 $402.6 1.7x 1.6x 9.3x 3.4x 16.5x 12.7x 27% 7% -46% NA 16.2% Keywords Studios KW S GB 31-Dec -23 $29.22 $2,335.8 $2,461.4 $862.7 $142.5 2.9x 2.6x 15.7x 12.7x NM 22.0x 13% 15% 13% 41% 16.5% Paradox Interactive PDX SE 31-Mar -24 $13.40 $1,415.0 $1,305.9 $247.0 $87.5 5.2x 5.9x 14.2x 9.2x 28.2x 21.4x 33% -11% 2% 60% 35.4% PlayW ay PLW PL 31-Mar -24 $83.82 $553.2 $505.0 $71.2 $42.0 7.2x 7.0x 12.4x 13.7x 19.5x NA 6% 2% -6% 11% 59.0% Team17 Group TM17 GB 31-Dec -23 $3.48 $500.3 $450.7 $202.7 $46.2 2.2x 2.2x 9.7x 8.6x NM 12.7x 12% 2% -12% 14% 22.8% Remedy Entertainment REMEDY FI 31-Dec -23 $18.81 $255.0 $229.5 $37.5 -$21.9 6.3x 3.7x NM 21.2x NM NM -22% 70% NA 151% -58.3% Devolver Digital DEVO US 31-Dec -23 $0.38 $168.7 $127.3 $92.4 -$6.5 1.4x 1.2x NM 16.7x NM 36.6x -31% 16% NA 217% -7.0% People Can Fly PCF PL 31-Mar -24 $4.69 $168.4 $143.7 $43.2 $1.4 3.4x 3.1x 54.5x NM NM NA 10% 8% -82% NA 3.2% Digital Bros DIB IT 31-Mar -24 $9.66 $137.9 $183.6 $112.8 $35.8 1.6x 1.4x 5.2x 3.8x NM 11.4x -24% 19% -37% 36% 31.8% Frontier Developments FDEV GB 30-Nov -23 $3.05 $117.8 $120.2 $120.4 -$32.0 1.0x 1.1x NM 3.7x NM NA -22% -6% NA 202% -26.6% EG7 EG7 SE 31-Mar -24 $1.30 $115.0 $78.9 $180.4 $33.0 0.4x 0.5x 2.2x 2.2x 14.7x 10.7x -6% -9% -36% 6% 18.3% Nacon NACON FR 31-Mar -24 $1.25 $109.7 $211.8 $180.9 $7.5 1.2x 1.0x 19.8x 2.7x 6.1x 6.7x 8% 15% -51% NA 4.1% Bloober Team BLO PL 31-Mar -24 $5.52 $106.5 $102.5 $26.6 $8.9 3.9x NA 11.2x NA 30.8x NA 42% NA NA NA 33.3% PulluP Entertainment ALPUL FR 31-Mar -24 $9.92 $81.6 $236.9 $202.1 $67.8 1.2x 1.0x 3.5x 2.4x 0.0x 4.8x -4% 18% 6% 48% 33.5% CI Games CIG PL 31-Mar -24 $0.43 $78.4 $82.6 $64.6 $11.2 1.3x 2.4x 7.3x 4.1x 23.2x 17.2x 379% -45% NA 79% 17.4% Starbreeze AB STAR B SE 31-Mar -24 $0.03 $47.6 $22.0 $62.1 $24.1 0.4x 1.3x 0.9x 3.5x 2.1x NM 407% -73% NA 74% 38.8% Skonec Entertainment A276040 KR 31-Mar -24 $2.91 $36.5 $21.8 $4.1 -$4.5 5.5x NA NM NA NM NA 53% NA NA NA -109.8% Snail Games SNAL US 31-Mar -24 $0.86 $31.6 $19.1 $61.6 -$7.9 0.3x 0.2x NM 0.9x NM 2.2x 3% 64% NA NA -12.8% tinyBuild TBLD US 31-Dec -23 $0.07 $28.7 $26.2 $44.7 -$32.5 0.6x 0.6x NM NM NM NM -29% -4% NA 97% -72.7% Thunderful Group THUNDR SE 31-Mar -24 $0.21 $14.8 $75.9 $263.1 $12.5 0.3x 0.3x 5.8x 2.6x NM 0.9x -10% -8% -59% 132% 4.8% Zordix MAXENT B SE 31-Mar -24 $0.11 $5.8 $47.2 $119.6 -$2.2 0.4x 0.4x NM 2.6x NM 0.3x 10% NA NA NA -1.8%
Average 2.8x 2.9x 15.6x 10.5x 18.0x 18.8x 37% 2% -21% 77% 4.4% Median 1.6x 1.4x 11.2x 4.1x 19.5x 12.7x 7% 2% -12% 58% 16.2%
Source: CapIQ, As of June 30, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM

13
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Sony 6758 JP 31-Mar -24 $84.79 $103,472.3 $124,136.3 $86,084.9 $10,231.8 1.5x 1.6x 12.1x 9.3x 17.4x 16.7x 19% -4% -3% 39% 11.9% Nintendo 7974 JP 31-Mar -24 $53.19 $61,922.5 $47,926.6 $11,053.3 $3,615.1 4.6x 5.3x 13.4x 17.9x 20.3x 27.8x 4% -13% 6% 21% 32.7% NEXON 3659 JP 31-Mar -24 $18.49 $15,463.6 $11,774.7 $2,695.4 $755.8 4.6x 4.0x 17.1x 12.7x 47.2x 21.3x 5% 17% -14% 30% 28.0% Konami Holdings 9766 JP 31-Mar -24 $71.99 $9,758.2 $8,412.7 $2,382.2 $684.5 3.8x 3.4x 13.0x 12.0x 26.5x 23.9x 15% 9% 48% 9% 28.7% Krafton A259960 KR 31-Mar -24 $204.28 $9,181.1 $6,839.2 $1,516.3 $672.2 4.6x 3.8x 11.0x 9.3x 19.3x 17.9x 9% 20% 8% 12% 44.3% Capcom 9697 JP 31-Mar -24 $18.85 $7,885.6 $7,182.9 $1,007.6 $405.3 7.6x 6.8x 18.8x 15.3x 29.2x 25.1x 21% 12% 13% 23% 40.2% Square Enix 9684 JP 31-Mar -24 $30.04 $3,603.5 $2,200.8 $2,355.9 $265.2 1.0x 1.1x 8.8x 6.0x 38.9x 16.2x 4% -7% -22% 47% 11.3% Sega Sammy 6460 JP 31-Mar -24 $14.85 $3,207.3 $2,847.2 $3,093.4 $481.6 1.0x 1.0x 6.1x 6.6x 15.9x 12.1x 20% -2% 22% 4% 15.6% NetMarble A251270 KR 31-Mar -24 $38.97 $3,192.9 $4,230.2 $1,848.9 $83.7 2.3x 1.9x 11.0x 18.9x NM 42.6x -6% 21% 23% 175% 4.5% NCSoft A036570 KR 31-Mar -24 $130.55 $2,651.2 $1,633.7 $1,264.2 $140.2 1.3x 1.3x 11.8x 8.5x 23.5x 18.8x -25% 6% -63% 40% 11.1% Pearl Abyss A263750 KR 31-Mar -24 $32.04 $1,967.8 $1,776.4 $247.9 $6.9 7.3x 4.8x NM 50.2x NM NM -12% 52% -76% NA 2.8% Kakao Games A293490 KR 31-Mar -24 $14.88 $1,216.8 $1,719.7 $760.6 $121.7 2.3x 2.1x 13.6x 14.2x NM 25.6x -10% 12% -32% 2% 16.0% DeNA 2432 JP 31-Mar -24 $9.92 $1,104.1 $1,001.6 $904.0 $47.6 1.2x 1.2x 38.3x 13.4x NM 23.4x 1% 1% -31% 66% 5.3% W eMade Entertainment A112040 KR 31-Mar -24 $30.95 $1,040.3 $1,197.5 $500.5 -$60.1 2.5x 1.6x NM 13.9x NM 14.1x 58% 50% NA 247% -12.0% GungHo Online 3765 JP 31-Mar -24 $16.86 $891.5 $161.0 $795.5 $178.0 0.2x 0.2x 1.0x 1.0x 10.7x 11.5x 7% -5% -9% 4% 22.4% DOUBLEUGAMES A192080 KR 31-Mar -24 $33.45 $652.3 $513.5 $444.6 $177.8 1.2x 1.0x 3.0x 2.8x 5.8x 6.1x -2% 13% 21% 5% 40.0% DoubleDown Interactive DDI KR 31-Mar -24 $13.06 $646.9 $381.2 $319.4 $125.4 1.2x 1.1x 3.0x 3.2x 6.0x 6.5x 2% 6% 25% 5% 39.2% Gree 3632 JP 31-Mar -24 $3.31 $566.6 $240.9 $445.1 $63.7 0.6x 0.6x 4.0x 7.2x 11.1x 21.3x -12% -9% -19% 44% 14.3% NHN Entertainment A181710 KR 31-Mar -24 $15.06 $495.7 $406.1 $1,730.5 $107.6 0.2x 0.2x 3.8x 2.6x NM 9.8x 9% 13% 21% 52% 6.2% Vespa A299910 KR 31-Mar -24 $68.90 $324.3 $332.1 $0.4 -$1.9 65.2x NA NM NA NM NA -80% NA NA NA -473.6% Com2uS A078340 KR 31-Mar -24 $27.76 $317.0 $363.3 $531.7 $0.3 0.7x 0.7x NM 10.8x NM 12.2x -2% 6% -94% NA 0.1% GAMEVIL Inc. A063080 KR 31-Mar -24 $18.14 $119.4 $215.7 $120.9 $1.0 1.8x NA NM NA NM NA 26% NA -85% NA 0.8% JOYCITY A067000 KR 31-Mar -24 $1.56 $108.8 $157.4 $112.8 $22.3 1.4x 1.3x 7.3x 9.3x 20.6x 11.1x -5% 13% 144% 22% 19.7% Me2on A201490 KR 31-Mar -24 $1.71 $53.5 $85.7 $80.5 $20.7 1.1x NA 4.2x NA 10.6x NA -1% NA -10% NA 25.7% T3 Entertainment Inc. A204610 KR 31-Mar -24 $0.82 $51.0 $1.9 $36.6 $6.7 0.1x NA 0.3x NA 14.3x NA -34% NA -27% NA 18.4%
Average 4.8x 2.1x 10.1x 11.7x 19.8x 18.2x 0% 10% -7% 45% -1.9% Median 1.4x 1.3x 9.9x 9.3x 18.3x 17.3x 2% 9% -9% 23% 15.6% China (Shenzhen listed)Quihoo 360 601360 CN 31-Mar -24 $1.06 $7,397.5 $3,888.3 $1,220.0 -$31.4 3.2x 2.7x NM 29.2x NM NM -2% NA NA NA -2.6% Beijing Kunlun 300418 CN 31-Mar -24 $4.44 $5,434.8 $5,697.1 $679.4 $38.3 8.4x 7.5x NM 32.8x 46.9x 42.0x 3% 13% -72% NA 5.6% 37Games 002555 CN 31-Mar -24 $1.80 $3,950.2 $2,962.4 $2,428.1 $379.2 1.2x 1.1x 7.8x 5.8x 11.5x 8.5x 9% 8% -15% 35% 15.6% Kingnet Network 002517 CN 31-Mar -24 $1.31 $2,778.8 $2,415.8 $643.7 $224.5 3.8x 3.1x 10.7x 7.4x 12.8x 9.4x 27% 23% 20% 46% 34.9% Giant Network 002558 CN 31-Mar -24 $1.30 $2,464.8 $2,249.4 $431.1 $141.1 5.3x 5.0x 16.7x 10.3x 14.5x 12.4x 58% 6% 114% 56% 32.7% Perfect W orld 002624 CN 31-Mar -24 $1.05 $2,065.4 $1,828.3 $999.4 $16.6 1.8x 1.6x 50.7x 8.9x 62.0x 13.7x -3% 18% -89% NA 1.7% Ourpalm 300315 CN 31-Mar -24 $0.57 $1,559.8 $1,205.0 $137.3 $4.6 8.8x 8.4x NM 22.9x 69.0x 40.1x -12% 5% -74% NA 3.4% Youzu Interactive 002174 CN 31-Mar -24 $1.04 $942.3 $857.5 $205.9 $0.0 4.2x 3.0x 40.7x 23.4x NM 22.7x -22% 40% 0% NA 0.0% Dalian Zeus 002354 CN 31-Mar -24 $0.41 $680.8 $642.6 $229.5 $5.9 2.8x NA 79.1x NA NM NA -4% NA NA NA 2.6% ZQ Games 300052 CN 31-Mar -24 $1.65 $432.8 $448.5 $37.5 -$2.1 12.0x 11.1x NM NM NM NM 1% 8% NA 63% -5.7%
Average 5.2x 4.8x 34.3x 17.6x 36.1x 21.3x 6% 15% -17% 50% 8.8% Median 4.0x 3.1x 28.7x 16.6x 30.7x 13.7x 0% 11% -15% 51% 3.0%
Source: CapIQ, As of June 30, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM

14
COMPANY NAME TICKER COUNTRY LTM PRICE MCAP EV REVENUE EBITDA EV/REVENUE EV/EBITDA PRICE/EARNINGS REVENUE GROWTH EBITDA GROWTH EBITDA / REV China, South East Asia (US and HKG listed) & India LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Tencent Holdings 700 CN 31-Mar -24 $47.69 $439,178.1 $442,391.1 $85,663.0 $27,484.2 5.2x 4.8x 15.0x 12.7x 25.2x 15.9x 9% 9% 34% 27% 32.1% NetEase NTES CN 31-Mar -24 $95.58 $61,600.7 $46,925.6 $14,579.8 $4,245.2 3.2x 2.9x 10.9x 11.2x 14.8x 12.9x 7% 11% 25% 0% 29.1% Sea Limited SE SG 31-Mar -24 $71.42 $41,019.4 $39,878.4 $13,756.8 $593.6 2.9x 2.5x 43.6x 20.9x NM 27.4x 9% 16% NA 222% 4.3% International Games System 3293 TW 31-Mar -24 $41.71 $5,877.0 $5,478.7 $470.1 $253.8 11.8x 9.3x 21.9x NA 27.8x 21.5x 22% 27% 27% NA 54.0% YY YY CN 31-Mar -24 $30.09 $1,785.0 -$713.2 $2,248.8 $148.8 NM NM NM NM 5.8x 12.7x -5% 2% -27% 40% 6.6% G-bits Network 603444 CN 31-Mar -24 $24.50 $1,764.7 $1,369.1 $549.5 $203.5 2.5x 2.6x 6.7x 6.4x 12.0x 14.8x -22% -3% -30% 6% 37.0% XD Inc. 2400 CN 31-Dec -23 $2.41 $1,138.1 $935.2 $478.0 $8.1 2.0x 1.5x 53.9x 10.3x NM 19.6x -1% 37% NA NA 1.7% HUYA HUYA CN 31-Mar -24 $3.95 $899.4 -$84.3 $905.2 -$40.2 NM NM NM NM NM 12.3x -25% 4% NA 147% -4.4% NetDragon 777 CN 31-Dec -23 $1.51 $802.9 $723.7 $1,001.4 $158.5 0.7x 0.7x 4.3x 3.0x 10.4x 6.0x -10% 4% -29% 55% 15.8% Nazara 543280 IN 31-Mar -24 $10.42 $798.0 $669.6 $136.6 $15.4 4.9x 4.2x 44.3x 30.9x 0.0x NA 4% 15% 42% 41% 11.2% iDreamSky 1119 CN 31-Dec -23 $0.38 $591.5 $741.1 $270.3 -$3.0 2.7x 1.6x NM NA NM 8.0x -26% 71% NA NA -1.1% Gamania Digital Entertainment 6180 IN 31-Mar -24 $2.56 $449.5 $347.7 $315.5 $39.4 1.1x 0.8x 8.8x 5.0x 22.9x 10.6x -8% 32% -37% 81% 12.5% Zengames Technology 2660 IN 31-Dec -23 $0.37 $374.2 $101.0 $290.4 $116.2 0.3x NA 0.9x NA 3.7x NA 17% NA 14% NA 40.0% CMGE Technology Group 302 IN 31-Dec -23 $0.12 $320.7 $361.1 $367.5 $16.9 1.0x 0.9x 18.7x 3.9x NM 4.8x -4% 18% -19% NA 4.6% FriendTimes 6820 IN 31-Dec -23 $0.11 $228.1 $115.1 $148.9 -$10.4 0.8x 0.6x NM 4.9x NM 10.8x -31% 35% NA NA -7.0% Archosaur Games Inc. 9990 CN 31-Dec -23 $0.17 $134.0 -$139.2 $128.1 -$42.6 NM NM NM NM NM 40.6x 56% 32% NA 117% -33.3% Ourgame 6899 KY 30-Jun-23 $0.02 $26.2 -$0.6 $42.4 -$6.7 NM NA NM NA NM NA 95% NA NA NA -15.8% FingerTango 6860 CN 31-Dec -23 $0.01 $19.7 -$73.1 $91.1 $0.5 NM NA NM NA 20.4x NA -22% NA NA NA 0.5%
Average 3.0x 2.7x 20.8x 10.9x 14.3x 15.6x 4% 21% 0% 74% 10.4% Median 2.5x 2.1x 15.0x 8.3x 13.4x 12.8x -3% 16% -2% 48% 5.6% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 28-Apr-24 $123.54 $3,036,037.7 $3,015,836.7 $79,774.0 $49,275.0 37.8x 23.2x 60.8x 35.4x 72.2x 42.5x 208% 63% 709% 73% 61.8% Dell DELL US 3-May -24 $137.91 $97,820.1 $118,147.1 $89,747.0 $8,632.0 1.3x 1.2x 13.1x 10.4x 28.2x 16.5x -8% 10% -2% 32% 9.6% Hewlett Packard HPE US 30-Apr-24 $21.17 $27,514.1 $36,820.1 $28,312.0 $4,893.0 1.3x 1.2x 7.0x 6.3x 15.5x 10.6x -4% 9% -4% 19% 17.3% Applovin APP US 31-Mar -24 $83.22 $27,380.5 $30,469.6 $3,625.8 $1,401.1 8.4x 6.8x 21.7x 12.7x 50.0x 25.7x 25% 24% 100% 71% 38.6% Roblox RBLX US 31-Mar -24 $37.21 $23,813.6 $23,216.3 $2,945.2 -$1,050.1 7.9x 5.5x NM 38.9x NM NM 26% 43% NA 157% -35.7% Logitech LOGN CH 31-Mar -24 $96.73 $14,842.4 $13,393.0 $4,298.5 $682.1 3.1x 3.1x 19.0x 17.6x 24.9x 27.5x -5% 2% 14% 12% 15.9% ASUS 2357 TW 31-Mar -24 $15.33 $11,386.3 $10,285.8 $15,407.2 $654.4 0.7x 0.6x 14.6x 13.0x 16.1x 14.7x -3% 18% NA 23% 4.2% Unity U US 31-Mar -24 $16.26 $6,355.4 $7,778.6 $2,147.3 -$221.1 3.6x 4.2x NM 17.7x NM 20.1x 37% -13% NA 299% -10.3% MSI 2377 TW 31-Mar -24 $5.48 $4,629.2 $3,970.8 $5,848.4 $290.1 0.7x 0.6x 13.4x 9.7x 20.0x 13.4x 9% 11% -5% 44% 5.0% Acer 2353 TW 31-Mar -24 $1.44 $4,335.4 $3,447.3 $7,746.6 $175.2 0.5x 0.4x 17.4x 14.1x 25.0x 22.7x -1% 6% 13% 41% 2.3% Corsair Gaming CRSR US 31-Mar -24 $11.04 $1,147.1 $1,275.1 $1,443.2 $49.1 0.9x 0.8x 18.5x 11.0x NM 15.6x 7% 7% NA 137% 3.4% Verve Group M8G SE 31-Mar -24 $2.12 $395.4 $742.7 $389.7 $106.8 1.9x 1.7x 7.0x 5.5x 7.6x 14.1x 1% 14% -20% 164% 27.4% Atari ALATA FR 30-Sep -23 $0.12 $52.5 $76.3 $12.9 -$10.5 5.8x NA NM NA NM NA -8% NA NA NA -81% Flexion Mobile FLEXM GB 31-Mar -24 $0.85 $47.8 $30.5 $92.0 $3.9 0.3x 0.3x 7.7x 3.6x NM 33.6x -2% 18% -27% 118% 4.3% GLOE 9565 JP 31-Oct-23 $13.57 $37.1 $36.7 $14.9 $0.4 2.6x NA NM NA NM NA 0% NA 0% NA 2.5% Enthusiast Gaming EGLX CA 31-Mar -24 $0.09 $14.2 $30.0 $117.1 -$21.0 0.3x 0.4x NM 11.7x NM NM -20% -31% NA 112% -17.9%
Average 4.6x 3.4x 17.4x 14.2x 28.8x 21.4x 17% 14% 74% 91% 3.3% Median 1.3x 1.2x 14.0x 11.7x 24.9x 18.3x 0% 11% 0% 71% 4.3%
Source: CapIQ, As of June 30, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 100 ar e denoted as NM

15
Source: CapIQ, Pitchbook & DSP Research, as of June 30, 2024*Drake Star Gaming index is not a fund and is an equal weighted index of top 30 gaming companies (listed on the chart above) on native exchange with market cap of over $1B
69.4%
46.2% 45.3%
35.1% 34.4%
24.3% 24.1% 15.1%
Sea Keywords Konami CD Projekt
KRAFTON Tencent Capcom S&P500
92.40%
67.17%
18.30%
Devolver Digital Team17 tinyBuild
Source: CapIQ, YTD performance as of July 19, 2024
Source: CapIQ , YTD performance as of July 19, 2024

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