Global Gaming Report Q3 2023

Oct, 2023 WIP

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$11.0B $2.9B
$4.3B
120
594
33
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
• Q4 started on a great note with the closing of the era defining Microsoft Activision deal . We expect M&A activity
to steadily increase in 2024 . Tencent, Sony, Take -Two, Savvy/ Scopely are expected to be the most active buyers
while Embracer will likely complete the divestiture of some of its studios . Several other strategics also started to
participate in M&A discussions again after a pause for several quarters
• Investors have been largely cautious this year on mid / late -stage financings . We expect a continued healthy
amount of investment in early -stage companies and an increase in mid / late -stage deals next year . AI and tools
continue to be hot segments
• We saw the first successful tech IPO this quarter and several IPO ready gaming companies are exploring the
listing in 2024 . PE firms’ interest in the gaming sector has increased given the attractive public company
valuations and we except several large acquisitions to be led by PE firms in the coming quarters
• Q3 saw some of the biggest strategics restarting their M&A consolidation, after an extended quiet period .
Tencent and subsidiaries lead the way with five deals during the quarter, most notable the majority acquisition of
Techland which is among the top 3 largest deals of the year . Playtika continued its casual gaming expansion with
two acquisitions (Innplay Labs and Youda Game)
• Goldman Sachs alongside a group of investors (General Atlantic and LEGO) made an offer to acquire Kahoot for
$1.72 B! Take Two / Rockstar Games (Cfx .re), Behavior Interactive (Codeglue ), Capcom (Swordcanes Studio)
and Roblox (Speechly ) were some of the other active strategics during the quarter . ~40 % of M&A deals were in
the PC / console segment, followed by mobile with ~21 %
• With approximately $1B raised through 185 deals, private financing value increased over Q2. Some of the
notable raises were Candivore ($100 M), Second Dinner ($90 M), Story Protocol ($54 M), Futureverse ($54 M),
Inworld AI ($50 M) and Veloce Media Group ($50 M) . ~85 % of the financings were for early -stage companies and
~15 % for mid / late -stage companies . BITKRAFT led the VC league table for the first nine months of the year,
followed by Andreessen Horowitz, Play Ventures, Griffin Gaming and Vgames
• Gaming continues to experience fresh flow of capital with Blockchain Capital closing a $580 M fund to deploy in
crypto gaming . Play Ventures raised $78 M and Alpha Protocol Ventures raised $20 M
Public Markets PP M&A

4
M&A
Public
Markets
• Embracer, amidst the launch of restructuring program, raised $182M to help revise its net debt target to $729M at the end of FY2023 -24
• Nazara, India -based gaming media platform, received over $61M from SBI Mutual Fund, Kamath Associates and NKSquared . Funding
will be used towards further investments – particularly acquiring games, esports and sports media companies
• AppLovin , mobile monetization platform, announced that lenders agreed to refinance term loan in an aggregate amount of $1.5B
Fundraising
• Candivore , the maker of the hit multiplayer match -3 puzzle game Match Masters, raised $100M through a minority acquisition by Haveli
Investments. The capital will be used to further grow Match Masters in US and bring additional games to market over time
• Second Dinner, developer of social and casual mobile games, received $90M financing at $400M pre -money valuation from Griffin
Gaming Partners and NetEase Games. Funds will be used to further pursue growth and bring new games to the market over time
• Story Protocol, an IP -collaboration platform, raised $54M in a round led by A16Z to create the infrastructure revolutionizing IP ownership
• Futureverse , a metaverse platform for creators, received $54M financing by 10T Holdings and Ripple to introduce AI into metaverse
• Inworld AI, a gaming character engine, secured $50M from Lightspeed Venture Partners, pushing its valuation past $500M . The funds
will be used to boost R&D, recruitment, infrastructure, and launch an open -source version of its engine
• Veloce Media Group, media platform for racing community in gaming, raised $50M from GEM Digital to support launch of its web3 tech
Note: Drake Star did not act as financial advisor on transactions listed on this page
• Goldman Sachs Private Equity, General Atlantic and LEGO made a $1.72B all-cash offer to acquire gamified e -learning platform Kahoot!
• Playtika acquired Youda Games’ mobile card game portfolio ( $165M ) and Innplay Labs, a mobile game studio in Israel ( $300M ) to further
strengthen its market position and expanding in the Luck Battle genre
• Tencent acquired Techlands , developer of Dying Light, and Visual Arts , Japanese game studio, further expanding its global presence
• Sumo Group acquired Midoki , a mobile game development studio, expanding its presence in live service and mobile gaming
• Supercell acquired majority stake in Ultimate Studio , a PC/console game developer, starting a new chapter of expansion beyond mobile
• Behavior Interactive acquired Codeglue , a Netherlands -based co -development studio, to establish its presence in continental Europe
• Capcom acquired Swordcanes Studio , a support studio that worked on Street Fighter 6, to bolster development and tech capabilities
• Take2/Rockstar Games acquired GTA 5 and RDR 2 modding team Cfx.re to support the community and improve the provided services
• Roblox acquired Speechly , a voice moderation startup, to further expand into voice chat -based interactions by adding AI moderation tools

89
76
61 69
83
71
84
77
43 44
33
–
2 0
4 0
6 0
8 0
1 0 0
1 2 0
1 4 0
1 6 0
1 8 0
2 0 0
$0
$5
$10
$15
$20
$25
$30
Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323
Value ($B) Deal Count
11
9
13
North America Europe Asia and others
13
7
5
3
1
4
PC/Console Mobile
Platform/Tools Hardware
Esports Blockchain
Others
5
$20
$85

6
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page
• Supercell, Tencent subsidiary and Clash of Clans
developer, acquired majority stake in Melbourn –
based Ultimate Studio
• Ultimate Studio is focused on PC and console titles.
Supercell is placing a studio at a central position of
their new initiative to expand beyond mobile
• An expansion beyond mobile is a new milestone for
Supercell that means new revenue streams further
improving its earning potential
• Sumo Digital, Tencent subsidiary, acquired a British
mobile developer Midoki
• The acquisition will strengthen Sumo’s presence on
mobile platforms as well as improve its capabilities
in original, free to play live services and games -as –
service development
• As part of the acquisition Midoki will join the Sumo
Digital family of studios, largest operating business
of Sumo Group
• Playtika , a social casino and casual mobile games
pioneer, acquired Youda Games and Innplay Labs
for a combined total of up to $465M
• The acquisition of Youda Games’ card portfolio will
allow Playtika to strengthen its market position by
leveraging its unrivaled expertise to scale the games
• The acquisition of Innplay Labs is an opportunity to
expand Playtika’s presence in the Luck Battle genre
with promising and growing franchise
• Goldman Sachs Asset Management, along with
existing backers General Atlantic (current largest
shareholder) and LEGO Group’s KIRKBI Invest,
placed an all -cash offer to take Kahoot private
• The acquisition will allow Kahoot to expand a
mission -critical learning and engagement platform
and contribute to its further growth and innovation
• Group of investors is committed to support and
accelerate Kahoot’s long -term growth
• Capcom, one of the leading game developers,
acquired Japan -based Swordcanes Studio
• Swordcanes Studio was a support studio for
Capcom that worked on such titles as Street Fighter
6, Final Fantasy XVI, and Hi -Fi RUSH
• The acquisition will allow Capcom to bolster its
development and technological capabilities. Going
forward, Capcom will continue to explore the
acquisition of necessary tech capabilities
• Tencent, gaming IP and publishing behemoth,
acquired Techland and Visual Arts further pursuing
a strategy to become a global gaming powerhouse
• Tencent will assist Techland , developer of Dying
Light, to enter Chinese market and make sure that
new fantasy -action game lives up to expectations
• The acquisition allows Visual Arts, publisher for titles
created by Key, to reach wider audience global
presence and to explore new growth opportunities

196 195
130
202
310
183
233
212 211
198
185
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323
Value ($B) Deal Count
$107M
$316M
$133M
$20M
$79M $11M
$294M
$40M
30
42
32 6
15
6
39
15
$502M
$346M
$151M
157
24
4
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

eSports Feb -23 $265 .0 – Savvy Games Group
Mobile Aug -23 $100.0 – Haveli Investments
Mobile Sep -23 $90.0 ~$400.0 Griffin Gaming Partners, NetEase Games
PC/Console Mar -23 $55 .0 – Lightspeed Venture Partners, Riot Games, Bitkraft
Ventures, Andreessen Horowitz
Blockchain Sep -23 $54.0 – Andreessen Horowitz, Endeavor, 11:11 Media, Hashed,
Samsung NEXT, Mirana Ventures, Foresight Ventures
Blockchain Jul -23 $54.0 – 10T Holdings, Ripple
Platform/Tools Aug -23 $50.0 $500.0 Lightspeed Venture Partners, Samsung NEXT, M12 fund,
First Spark Ventures, LG Technology Ventures
eSports Jul -23 $50.0 – GEM Digital
Mobile Jul -23 $50.0 – Undisclosed
PC/Console Mar -23 $50 .0 $180.0 Lightspeed Venture Partners, Riot Games, Bitkraft
Ventures, Andreessen Horowitz
Platform/Tools Jun -23 $48.0 – Sony Innovation Fund, HBSE Ventures, NBCUniversal,
PayPal Ventures, 021fund, BITKRAFT, Samsung NEXT
PC/Console Mar -23 $40 .0 – Andreessen Horowitz, Nexon, Makers Fund, BITKRAFT,
Kingsway Capital, Hashed
Blockchain Jun -23 $37.0 – Animoca Brands, ARK Invest, Proof VC, Andreessen
Horowitz, W estCap , Gaingels , Signum Growth, MoonPay
Blockchain Sep -23 $33.0 $100.0 Andreessen Horowitz, Greenoaks Capital Partners
Blockchain Feb -23 $32.0 – Andreessen Horowitz
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 – Griffin Gaming Partners, NetEase
• The new funding round values Second Dinner at
around $400M. The company will use the capital
raised to further pursue growth, bring new games
to the market and expand into new markets
• Investors – Andreessen Horowitz, Endeavor,
11:11 Media, Insignia Venture Partners, Samsung
NEXT Ventures, Two Small Fish Ventures,
Hashed, Foresight Ventures, Mirana Ventures,
Alliance DAO and others
• The funding will enable Story Protocol to create
the infrastructure for a new are of creativity and IP
ownership (manage IP on the blockchain)
• Investors – Haveli Investments
• The funding gives Candivore access to capital and
top -tier operating partners and investors, it will be
used to further grow Match Masters in United
States as well as expand globally and bring
additional games to market over time
• Investors –Lightspeed Venture Partners, Stanford
University, Samsung Next, M12 fund, First Spark
Ventures, LG Technology Ventures
• The funding will enable Inworld AI to accelerate
research and development, hire top talent, invest
in infrastructure, and launch an open -source
version of its character engine
• Investors – GEM Digital
• The funding comes shortly after announcement of
VEXT, blockchain utility and governance token,
and allows Veloce Media Group to focus on
growth and expansion through acquisition of more
gaming and real -life racing properties
• Investors –10T Holdings, Ripple
• The company is developing proprietary AI content
generation tools designed to amplify various
aspects of the metaverse
• The funding will be used to continue developing
the company’s comprehensive technology,
including its Futureverse Platform

VC DEALS SELECT INVESTMENTS STAGE LOCATION
7 Seed to
Early
7 Seed to
Early
7 Seed to
Early
6 Seed to
Early
6 Seed to
Early
6 Seed to
Early
6 Seed
5 Seed to
Early
5 Seed to
Early
4 Seed to
Early
10
VC DEALS SELECT INVESTMENTS STAGE LOCATION
20 Seed to
Late
13 Seed to
Late
10 Seed to
Late
8 Seed to
Late
8 Seed to
Late
7 Seed to
Late
5 Seed to
Late
4 Seed to
Late
4 Early to
Late
3 Seed to
Late
Source: CapIQ, Pitchbook & DSP Research
Zakazane

11
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$45.0 5
$4,900.0 3
– 3
– 3
$115.0 3
$465.0 2
– 2
$775.0 1
– 1
– 1
Source: CapIQ, Pitchbook & DSP ResearchNote: Deal value only includes publicly disclosed transaction valuesDrake Star did not act as financial advisor on transactions listed on this page

12
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 Playtika PLTK IL 30-Jun-23 $9.63 $3,529.4 $5,075.4 $2,578.0 $682.4 2.0x 1.9x 7.2x 6.2x 11.5x 12.1x -2% 1% 12% 21% 26.5% Modern Times Group MTG B SE 30-Jun-23 $6.78 $842.7 $532.6 $515.8 $111.3 1.0x 1.0x 4.7x 4.1x 33.4x 20.8x 9% 5% -4% 17% 21.6% Rovio ROVIO FI 30-Jun-23 $9.72 $740.2 $583.5 $330.8 $39.8 1.8x 1.7x 11.4x 9.6x 25.0x 21.3x -3% 8% -19% 57% 12.0% Stillfront Group SF SE 30-Jun-23 $1.47 $713.2 $1,148.5 $721.6 $167.1 1.6x 1.7x 6.7x 4.2x 10.7x 4.9x 15% -4% 8% 64% 23.2% GDEV GDEV CY 30-Jun-23 $2.82 $556.4 $417.4 $461.0 $38.3 0.9x NA 13.7x NA NM NA -6% NA -51% NA 8.3% SciPlay SCPL US 30-Jun-23 $22.77 $484.3 $660.9 $729.2 $193.0 0.9x 0.9x 3.4x 3.2x 23.0x 21.7x 18% 3% 13% 8% 26.5% Huuuge HUG US 30-Jun-23 $5.92 $473.0 $243.0 $296.1 $96.0 0.9x 0.9x 2.6x 2.8x 8.6x 8.6x -14% -9% 77% 11% 32.4% Media and Games Invest M8G SE 30-Jun-23 $1.14 $182.0 $593.0 $387.4 $101.7 1.6x 1.7x 5.8x 6.1x NM 24.3x 14% -9% 54% 2% 26.2% Ten Square Games TEN PL 30-Jun-23 $19.44 $141.2 $118.7 $119.7 $24.9 1.1x 1.0x 5.2x 4.8x 9.5x 11.6x -15% 3% -39% 7% 20.8% G5 Entertainment G5EN SE 30-Jun-23 $14.50 $116.9 $99.2 $129.8 $17.1 0.8x 0.8x 5.8x 3.3x 12.0x 7.7x 5% -2% 15% 77% 13.2% Flexion Mobile FLEXM GB 30-Jun-23 $1.06 $59.8 $44.1 $91.5 $5.7 0.5x 0.4x 7.8x 4.7x NM 8.3x 48% 26% NA 70% 6.3% Popreach POPR CA 30-Jun-23 $0.15 $41.7 $98.4 $149.7 $22.6 0.7x 0.5x 4.3x 5.0x NM 14.8x NA 20% NA 12% 15.1% MAG Interactive MAGI SE 31-May -23 $1.41 $37.5 $30.3 $37.1 $3.9 0.8x 0.8x 7.7x 7.0x NM NM 19% 3% NA NM -2.2% East Side Games EAGR CA 30-Jun-23 $0.35 $28.3 $27.3 $72.9 $4.4 0.4x 0.4x 6.3x 2.6x 32.7x 18.8x -15% -1% 16% NM 6.0%
Average 1.1x 1.1x 6.6x 4.9x 18.5x 14.6x 6% 3% 7% 31% 16.8% Median 0.9x 0.9x 6.0x 4.7x 12.0x 13.5x 5% 3% 12% 17% 17.9%
North America / Europe – PC / console Focused Activision Blizzard ATVI US 30-Jun-23 $93.63 $73,667.9 $64,133.9 $8,706.0 $2,322.0 7.4x 6.9x 26.4x 17.3x 34.3x 22.8x 14% 6% -7% 59% 26.7% Electronic Arts EA US 30-Jun-23 $120.40 $32,617.8 $32,232.8 $7,583.0 $1,986.0 4.3x 4.4x 14.9x 13.1x 37.3x 18.2x 5% -2% 14% 24% 26.2% Take -Two Interactive TTWO US 30-Jun-23 $140.39 $23,842.6 $26,449.7 $5,532.2 $1,158.9 4.8x 4.7x 20.7x 26.5x NM 38.8x 46% 2% NM 14% 20.9% Ubisoft UBI FR 31-Mar -23 $32.56 $4,111.9 $5,143.8 $1,971.2 $889.9 2.6x 2.2x 5.8x 4.5x NM 17.0x -15% 20% NA NM -23.0% CD Projekt CDR PL 30-Jun-23 $28.66 $2,863.6 $2,705.8 $221.4 $94.3 13.1x 13.0x 30.7x 24.9x 38.9x 40.6x 13% 1% 30% 24% 42.6% Embracer Group EMBRAC B SE 30-Jun-23 $2.01 $2,693.0 $4,390.0 $3,803.6 $632.5 1.2x 1.1x 6.4x 4.6x 3.5x 4.9x NA 4% NA 53% 16.6% Paradox Interactive PDX SE 30-Jun-23 $21.07 $2,225.3 $2,159.4 $209.3 $101.2 10.4x 8.5x 20.6x 12.8x 33.2x 28.4x 40% 23% 25% 68% 48.4% Keyword Studios KW S IE 30-Jun-23 $18.88 $1,492.3 $1,556.4 $822.2 $128.4 2.0x 1.7x 11.3x 8.7x 43.6x 14.9x 27% 13% 14% 44% 15.6% PlayW ay PLW PL 30-Jun-23 $97.29 $642.1 $599.2 $67.4 $43.2 9.7x 8.0x 15.2x 12.1x 25.6x NA 4% 19% -3% 23% 64.2% Team17 Group TM17 GB 30-Jun-23 $3.23 $465.5 $416.0 $195.6 $47.1 2.2x 2.3x 9.0x 6.8x 19.2x 9.9x 48% -5% 8% 36% 24.1% Remedy Entertainment REMEDY FI 30-Jun-23 $25.35 $342.0 $316.0 $40.8 -$10.5 8.0x 6.5x NM NM NM NM -24% 24% NA 91% -25.8% People Can Fly PCF PL 30-Jun-23 $8.68 $311.8 $284.7 $33.4 $0.3 8.5x 6.0x NM NM NM NM 15% -9% NA NA NM CI Games CIG PL 30-Jun-23 $1.39 $253.4 $264.3 $11.9 -$1.8 23.8x 4.3x NM 5.6x NM 10.6x -44% NM NA NM -15.4% Focus Interactive ALFOC FR 31-Mar -23 $29.64 $183.1 $200.7 $210.9 $64.4 1.0x 0.8x 3.2x 2.4x 24.6x 8.6x 36% 20% 38% 35% 30.5% Digital Bros DIB IT 30-Jun-23 $12.74 $181.8 $236.1 $128.7 $47.4 1.9x 1.6x 5.1x 4.0x 18.2x 8.1x -11% 21% -20% 29% 36.8% EG7 EG7 SE 30-Jun-23 $1.93 $170.7 $133.3 $192.7 $51.1 0.7x NA 2.5x NA 66.1x NA 20% NA NM NA 26.5% Devolver Digital DEVO US 30-Jun-23 $0.31 $135.7 $73.4 $125.4 $12.6 0.6x 0.8x 5.6x 9.1x NM NM 20% -25% NA NM -24.8% Nacon NACON FR 31-Mar -23 $1.48 $128.6 $207.3 $169.5 $15.5 1.3x 1.0x 11.8x 2.8x 10.0x 5.7x 0.04% 25% -4% NM 9.1% Bloober Team BLO PL 30-Jun-23 $5.52 $106.5 $101.9 $20.9 $6.9 5.2x NA 15.9x NA 30.5x NA 27% NA 5% NA 32.9% Frontier Developments FDEV GB 31-May -23 $2.70 $104.3 $93.3 $129.5 -$6.0 0.7x 0.7x NM 3.3x NM NM -8% 2% NA NM -4.6% Starbreeze AB STAR B SE 30-Jun-23 $0.05 $81.3 $70.2 $13.2 $0.9 5.4x 1.7x 78.6x 2.2x NM 3.4x 17% NM NA NM -3.2% Skonec Entertainment A276040 KR 30-Jun-23 $5.71 $71.6 $53.8 $3.6 -$3.6 15.2x 10.5x NM NA NM NM -16% 45% NA NA NM Thunderful Group THUNDR SE 30-Jun-23 $0.69 $48.7 $94.7 $306.2 $31.5 0.3x 0.3x 2.8x 2.5x 5.6x 2.4x 1% -1% 0.03% 22% 10.3% Snail Games SNAL US 30-Jun-23 $1.14 $41.8 $48.7 $54.3 -$10.2 0.9x 0.4x NM 1.6x NM 2.1x -41% NM NA NM -18.8% Zordix MAXENT B SE 30-Jun-23 $0.51 $22.0 $54.2 $106.5 $7.2 0.5x 0.5x 7.5x 4.4x NM NM 35% -2% -86% NM 1.1% tinyBuild TBLD US 30-Jun-23 $0.10 $20.5 $7.3 $57.8 -$21.6 0.1x 0.1x NM 1.6x NM 8.9x -7% -16% NA 121% -37.4% Average 5.1x 3.7x 15.5x 8.1x 27.9x 14.4x 8% 8% 1% 46% 11.7% Median 2.4x 2.0x 11.3x 4.6x 28.0x 9.9x 13% 4% 5% 36% 16.1% Source: CapIQ, As of September 30, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 1 00 are 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 30-Jun-23 $81.95 $101,062.8 $124,580.5 $84,889.4 $9,563.5 1.5x 1.6x 12.5x 9.0x 17.0x 16.7x 24% -4% -9% 49% 11.3% Nintendo 7974 JP 30-Jun-23 $41.71 $48,560.9 $35,499.8 $12,142.0 $4,145.2 3.0x 3.6x 8.5x 10.3x 14.7x 22.1x 4% -17% 2% 14% 34.1% NEXON 3659 JP 30-Jun-23 $17.90 $15,288.0 $11,412.4 $2,746.3 $955.7 4.3x 3.8x 13.1x 11.1x 20.6x 18.9x 30% 12% 29% 11% 34.8% Capcom 9697 JP 30-Jun-23 $36.05 $7,539.3 $6,864.5 $999.8 $459.0 7.1x 6.7x 15.4x 14.9x 24.5x 25.2x 66% 5% 90% 3% 45.9% Konami Holdings 9766 JP 30-Jun-23 $52.80 $7,158.1 $6,098.0 $2,179.0 $491.5 2.9x 2.6x 12.8x 9.2x 29.0x 19.8x 4% 12% -19% 39% 22.6% Krafton A259960 KR 30-Jun-23 $111.87 $5,165.3 $2,939.8 $1,391.9 $611.8 2.2x 2.3x 5.1x 5.3x 15.2x 16.6x -4% -4% -0.1% 7% 44.0% Square Enix 9684 JP 30-Jun-23 $34.31 $4,115.2 $2,912.1 $2,448.8 $274.9 1.2x 1.2x 10.9x 7.4x 16.5x 15.8x 1% -0.5% -38% 47% 11.2% Sega Sammy 6460 JP 30-Jun-23 $18.47 $4,077.6 $3,276.6 $2,984.9 $547.8 1.1x 1.1x 6.1x 6.2x 10.2x 12.6x 32% 2% 80% 0.2% 18.4% Ncsoft A036570 KR 30-Jun-23 $165.28 $3,356.5 $2,229.7 $1,572.6 $317.9 1.4x 1.5x 7.2x 9.5x 15.5x 18.4x -23% -0.3% -37% 24% 20.2% NetMarble A251270 KR 30-Jun-23 $31.27 $2,562.4 $3,923.0 $1,964.4 $45.3 2.0x 1.8x 37.3x 14.4x NM 70.4x -2% 15% -72% NM 2.3% Pearl Abyss A263750 KR 30-Jun-23 $34.62 $2,121.6 $1,979.2 $276.6 $21.5 7.3x 4.7x NM 21.8x NM 21.8x -9% 54% -54% NM 7.8% Kakao Games A293490 KR 30-Jun-23 $18.91 $1,543.6 $2,164.0 $806.9 $140.5 2.7x 2.2x 72.6x 10.0x NM 17.3x -22% 27% -36% 57% 17.4% DeNA 2432 JP 30-Jun-23 $10.06 $1,120.1 $898.5 $942.6 $57.1 1.0x 0.9x 11.6x 9.2x 26.9x 16.9x 4% 15% -49% 76% 6.1% GungHo Online 3765 JP 30-Jun-23 $15.80 $946.6 $167.9 $875.2 $224.8 0.2x 0.2x 0.8x 0.8x 7.1x 8.0x 26% -0.3% 9% 1% 25.7% W eMade Entertainment A112040 KR 30-Jun-23 $27.41 $917.0 $1,043.5 $361.9 -$85.9 2.9x 1.9x NM NM NM NM 11% 56% NA 90% -23.7% Gree 3632 JP 30-Jun-23 $3.98 $679.8 $448.6 $521.8 $88.7 0.9x 1.0x 5.2x 7.6x 11.1x 21.0x 1% -13% 6% 32% 17.0% NHN Entertainment A181710 KR 30-Jun-23 $16.90 $569.6 $411.6 $1,657.3 $104.2 0.3x 0.2x 4.5x 3.2x 44.7x 18.2x 6% 15% -6% 27% 6.3% DOUBLEUGAMES A192080 KR 30-Jun-23 $29.71 $491.0 $399.1 $460.9 $154.7 0.9x 0.9x 2.6x 2.6x NM 5.5x 1% 4% 6% 0.2% 33.6% DoubleDown Interactive DDI KR 30-Jun-23 $8.48 $420.2 $216.2 $307.8 $174.2 0.7x 0.7x 1.2x 2.0x NM 4.7x -9% 3% NM 38% 56.6% Com2uS A078340 KR 30-Jun-23 $33.21 $387.7 $550.1 $616.1 -$4.2 0.9x 0.8x NM 14.9x 10.6x 10.1x 32% 9% NA NM -0.7% JOYCITY A067000 KR 30-Jun-23 $1.97 $135.1 $195.0 $116.5 $13.0 1.7x 1.7x 15.3x 9.9x 36.0x 12.5x -13% 4% 21% 55% 11.2% GAMEVIL Inc. A063080 KR 30-Jun-23 $19.80 $130.3 $241.0 $101.8 $1.3 2.4x 1.7x NM 16.1x NM NA 1% 45% -94% NM 1.3% T3 Entertainment Inc. A204610 KR 30-Jun-23 $0.96 $64.3 $16.2 $52.3 $8.3 0.3x NA 2.2x NA 8.4x NA -5% NA -10% NA 15.9% Me2on A201490 KR 30-Jun-23 $2.03 $63.4 $76.0 $84.4 $22.6 0.9x NA 3.4x NA 11.1x NA 1% NA -8% NA 26.8% Vespa A299910 KR 30-Jun-23 $2.35 $18.3 $26.3 $0.9 -$1.3 30.1x NA NM NA NM NA -95% NA NA NA NM
Average 3.2x 2.0x 12.4x 9.3x 18.8x 18.6x 3% 11% -9% 32% 18.6% Median 1.5x 1.6x 7.8x 9.2x 15.5x 17.1x 1% 4% -8% 29% 17.2% EsportsSkillz SKLZ US 30-Jun-23 $5.10 $108.0 -$112.7 $190.6 -$90.4 NM NM NM NM NM NM -49% -7% NA 40% -47.4% Enthusiast Gaming Holdings Inc. EGLX CA 30-Jun-23 $0.34 $53.2 $63.9 $143.5 -$29.7 0.5x 0.4x NM NM NM NM -4% 9% NA 97% -20.7% W ellplayed Rizest Inc. 9565 JP 31-Jul-23 $12.44 $33.9 $33.4 $15.9 $2.0 2.2x NA 16.8x NA NM NA NA NA NA NA NA Esports Technologies EBET US 30-Jun-23 $0.95 $14.2 $52.7 $48.2 -$3.2 1.1x NA NM NA NM NA NM NA NA NA -6.6% FaZe Holdings Inc. FAZE US 30-Jun-23 $0.17 $12.7 -$6.7 $59.7 -$59.5 NM NA NM NA NM NA -4% NA NA NA NM Super League Enterprise, Inc. SLE US 30-Jun-23 $1.74 $6.0 $3.4 $20.0 -$21.1 0.2x 0.1x NM NM NM NM NM 50% NA 34% NM Esports Entertainment Group GMBL MT 31-Mar -23 $0.11 $5.9 $30.1 $31.9 -$18.9 0.9x 2.0x NM NM NM NM NM -53% NA 18% -59.4% Guild Esports Plc GILD GB 31-Mar -23 $0.01 $4.4 $7.2 $8.7 -$6.8 0.8x NA NM NA NM NA NM NA NA NA NM
Average 0.9x 0.8x 16.8x NM NM NM -16% NM NA 47% -27.9% Median 0.8x 0.4x NM NM NM NM -6% 1% NA 37% -20.7%
Source: CapIQ, As of September 30, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 1 00 are 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 30-Jun-23 $39.10 $367,943.8 $380,689.6 $80,559.4 $20,407.6 4.7x 4.2x 18.3x 12.3x 13.9x 15.7x 5% 12% 17% 52% 25.3% NetEase NTES CN 30-Jun-23 $100.16 $62,642.2 $50,236.3 $13,628.6 $3,541.6 3.7x 3.3x 13.9x 11.5x 18.5x 16.7x 6% 13% 18% 24% 26.0% Sea Limited SE SG 30-Jun-23 $43.95 $24,909.1 $23,879.9 $12,744.3 $1,041.2 1.9x 1.7x 17.1x 14.1x 92.1x 27.7x 8% 7% NA 62% 8.2% G-bits Network 603444 CN 30-Jun-23 $50.11 $3,609.9 $3,225.8 $690.3 $294.5 4.7x 4.2x 11.0x 9.9x 18.2x 16.4x 6% 13% 10% 11% 42.7% YY YY CN 30-Jun-23 $38.11 $2,362.5 -$341.3 $2,322.6 $167.4 NM NM NM NM 10.0x 18.8x -8% 1% -41% 15% 7.2% NetDragon 777 CN 30-Jun-23 $1.85 $982.4 $692.3 $1,007.5 $192.2 0.7x 0.6x 3.4x 4.1x 9.4x 8.5x -8% 8% -26% 11% 19.1% XD Inc. 2400 CN 30-Jun-23 $1.81 $855.9 $634.5 $495.0 $10.2 1.3x 1.1x 62.1x 7.7x NM 20.8x 23% 20% NA NM -0.1% Nazara Nazara IN 30-Jun-23 $10.05 $737.7 $696.0 $136.8 $17.2 5.2x 4.0x 35.0x 32.8x NM NM 57% 27% 28% 48% 10.6% HUYA HUYA CN 30-Jun-23 $2.84 $683.6 -$557.6 $1,137.8 -$70.8 NM NM NM NM NM NM -22% -16% NA 12% -6.2% iDreamSky 1119 CN 30-Jun-23 $0.39 $607.9 $812.5 $341.1 -$148.2 2.4x 2.3x NM NA NM 24.9x -7% 6% NA NA -43.5% Archosaur Games Inc. 9990 CN 30-Jun-23 $0.34 $271.5 $8.8 $90.5 -$86.5 0.1x 0.1x NM NA NM 12.4x -6% 111% NA NA -95.6% Ourgame 6899 KY 30-Jun-23 $0.03 $31.4 $4.7 $44.2 -$6.7 0.3x NA NM NA NM NA 95% NA NA NA -15.8% FingerTango 6860 CN 30-Jun-23 $0.01 $19.4 -$66.7 $103.7 -$2.5 NM NA NM NA NM NA 4% NA NA NA -2.4% Digital Hollywood 2022 CN 30-Jun-23 $0.00 $7.8 -$13.7 $9.8 -$6.7 NM NA NM NA NM NA -24% NA NA NA -69.1% Average 2.5x 2.4x 23.0x 13.2x 27.0x 18.0x 9% 18% 1% 30% -6.7% Median 2.1x 2.3x 17.1x 11.5x 16.0x 16.7x 5% 12% 13% 20% 3.5%
China (Shenzhen listed)Quihoo 360 601360 CN 30-Jun-23 $1.35 $9,429.8 $6,248.1 $1,268.6 -$94.4 5.0x 4.2x NM NA NM NM -9% NM NA NA -7.4% 37Games 002555 CN 30-Jun-23 $2.97 $6,581.1 $5,512.8 $2,216.5 $368.1 2.5x 2.1x 15.0x 10.2x 19.4x 14.5x -4% 19% -35% 48% 16.6% Beijing Kunlun 300418 CN 30-Jun-23 $5.25 $6,384.3 $6,479.2 $677.3 $118.6 9.6x 9.4x 50.7x 40.6x 53.4x 45.0x 2% 2% -4% 35% 17.5% Kingnet Network 002517 CN 30-Jun-23 $1.73 $3,679.1 $3,337.3 $509.1 $186.2 6.6x 5.2x 17.8x 13.8x 23.4x 17.9x 9% 27% 1% 31% 36.6% Perfect W orld 002624 CN 30-Jun-23 $1.81 $3,579.0 $3,496.5 $1,131.6 $102.6 3.1x 2.7x 28.5x 13.6x 40.8x 18.3x -0.3% 13% -24% NM 9.1% Giant Network 002558 CN 30-Jun-23 $1.77 $3,370.5 $3,146.3 $333.3 $71.4 9.5x 6.8x 43.4x 17.3x 23.5x 19.7x 12% 39% -30% NM 21.4% Ourpalm 300315 CN 30-Jun-23 $0.66 $1,800.8 $1,399.5 $141.1 $10.5 10.0x 9.9x NM 28.0x 65.8x 53.3x -21% 1% 59% NA 7.4% Youzu Interactive 002174 CN 30-Jun-23 $1.61 $1,451.6 $1,378.1 $248.5 -$17.4 5.6x 4.4x NM 18.7x NM 34.0x -27% 26% NA NM -7.0% Dalian Zeus 002354 CN 30-Jun-23 $0.73 $1,201.8 $1,144.2 $261.0 -$6.1 4.4x NA NM NA NM NA -5% NA NA NA -2.3% ZQ Games 300052 CN 30-Jun-23 $2.36 $618.0 $625.4 $33.4 -$3.3 18.8x 15.3x NM NM NM NM -27% 23% NA NM -9.9% Average 7.5x 6.7x 31.1x 20.3x 37.7x 29.0x -7% 19% -5% 38% 8.2% Median 6.1x 5.2x 28.5x 17.3x 32.2x 19.7x -5% 21% -14% 35% 8.3%
Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 30-Jul-23 $434.99 $1,074,425.3 $1,069,356.3 $32,681.0 $12,379.0 32.7x 15.0x 84.8x 31.8x NM 29.2x 10% 8% 16% NM 37.9% Dell DELL US 4-Aug -23 $68.90 $49,844.1 $69,585.1 $93,616.0 $8,194.0 0.7x 0.7x 8.1x 7.3x 26.7x 10.8x -12% -1% -6% 17% 8.8% Hewlett Packard HPE US 31-Jul-23 $17.37 $22,283.4 $33,628.4 $29,655.0 $5,236.0 1.1x 1.2x 5.9x 6.1x 21.0x 8.4x 6% -1% 13% 5% 17.7% Roblox RBLX US 30-Jun-23 $28.96 $17,861.7 $17,476.3 $2,432.8 -$1,029.1 7.2x 4.7x NM 50.4x NM NM 10% 51% NA 134% -42.3% Applovin APP US 30-Jun-23 $39.96 $13,897.9 $16,281.4 $2,881.0 $798.0 5.7x 4.9x 20.2x 10.9x NM 36.4x -1% 16% 41% 87% 27.7% Unity U US 30-Jun-23 $31.39 $12,036.7 $13,489.4 $1,807.7 -$569.7 7.5x 5.7x NM 27.8x NM 36.6x 48% 32% NA 185% -31.5% Logitech LOGN CH 30-Jun-23 $69.20 $10,943.3 $9,790.5 $4,353.5 $564.5 2.3x 2.4x 17.1x 16.9x 35.2x 27.0x -18% -8% -31% 3% 13.0% ASUS 2357 TW 30-Jun-23 $11.40 $8,470.9 $7,463.8 $16,007.8 -$4.9 0.5x 0.5x NM 12.2x 83.9x 13.9x -10% 7% NA NM -0.03% MSI 2377 TW 30-Jun-23 $5.10 $4,305.7 $3,446.1 $5,269.6 $263.5 0.7x 0.6x 13.0x 8.6x 21.2x 12.9x -21% 11% -58% 58% 5.0% Acer 2353 TW 30-Jun-23 $1.13 $3,385.3 $2,460.8 $7,553.7 $123.4 0.3x 0.3x 17.2x 12.3x 37.4x 21.8x -26% 10% -71% 68% 1.6% Corsair Gaming CRSR US 30-Jun-23 $14.53 $1,493.4 $1,619.7 $1,389.9 $51.1 1.2x 1.0x 22.1x 13.9x NM 21.2x -11% 12% 64% NM 3.7% Flexion Mobile FLEXM GB 30-Jun-23 $1.06 $59.8 $44.1 $91.5 $5.7 0.5x 0.4x 7.8x 4.7x NM 8.3x 48% 26% NA 70% 6% Bidstack BIDS GB 30-Jun-23 $0.004 $4.6 $2.1 $6.6 -$13.1 0.3x NA NM NA NM NA 35% NA NA NA NM Versus Systems VS CA 30-Jun-23 $0.21 $2.2 -$5.7 $0.7 -$10.8 NM NM NM NM NM NM -41% 76% NA 21% NM Average 4.7x 3.1x 21.8x 16.9x 37.5x 20.6x 1% 18% -4% 65% 4.0% Median 1.1x 1.1x 17.1x 12.3x 30.9x 21.2x -6% 11% 3% 63% 5.6% Source: CapIQ, As of September 30, 2023, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 1 00 are denoted as NM

-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
VanEck Video Game Tech ETF, 20.3% S&P 500, 11.7% Drake Star Gaming Index, 6.6% Wedbush ETFMG Video Game Tech, -3.4%
15
Source: CapIQ, Pitchbook & DSP Research, as of September 30, 2023
Note: Drake Star Gaming Index is a custom index (not a fund) that represents top 25 select gaming companies (listed on the next page) with ~1B or higher market cap and is an equal weighted index
Jan 1, 2023

-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
Applovin, 279.5%
Sega, 38.2%
Netease, 37.9%
Take2, 34.8%
Konami, 32.1%
Capcom, 27.9%
Activision, 22.3%
Ubisoft, 16.5%
Playtika, 13.2%
S&P 500, 11.7%
Pearl Abyss, 11.1%
Unity, 9.8%
Paradox, 8.2%
Drake Star Gaming Index, 6.6%
Roblox, 1.8%
EA, -1.5%
CD Projekt, -3.4%
Tencent, -8.3%
Stillfront, -8.7%
NEXON, -9.7%
Krafton, -10.4%
Square Enix, -16.4%
Netmarble, -30.3%
Kakao Games, -43%
Keyword Studios, -43.2%
Ncsoft, -50.3%
Embracer, -53.7%
16
Source: CapIQ, Pitchbook & DSP Research, as of September 30, 2023 Jan 1, 2023
330.0%

17
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Drake Star is the marketing name for the global investment bank Drake Star Partners Limited and its
subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In
the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC ..Drake Star UK
Limited (FRN 942020) is an appointed representative of Kession Capital Ltd (FRN582160), which is
authorized and regulated by the Financial Conduct Authority . © 2023 Drake Star Partners Limited.
For more information, visit www.drakestar.com.
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