Global Gaming Report Q3 2024

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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
Public Markets PP M&A
56
181
14
$2.5B
$1.1B
$1.4B • M&A activity is expected to further strengthen for the rest of this year and next, continuing its strong growth over the
last year, on the back of lowering interest rates and a gradual broader recovery in the public gaming market .
• While we expect some large transformative deals from industry leaders such as Tencent, Take -Two, Savvy/Scopely
and Playtika , the trend of strong growth in mid to small sized deal count will likely continue . W ith limited mid / late
funding available, some gaming studios will choose an earlier exit and join a larger company .
• PE firms have been a major consolidator this year (CVC /Jagex , EQT/ Keywords), and we anticipate more
acquisitions / take -private deals led by financial sponsors . We also expect more divestitures of large gaming divisions .
• For private financings, AI, mixed reality, platform and tools continue to be hot segments .
• As broader gaming markets continues to recover, we anticipate IPO ready gaming companies to start exploring their
listing ambitions in 2025 .
• With 56 announced M&A deals and $2.5B in disclosed deal value, Q3 continued the strong uptick in M&A activity for
the 4th straight quarter (70 % growth in number of deals compared to Q3 last year) .
• Playtika’s acquisition of SuperPlay for $700 M at close ($1.95 B including earn -out) was the largest deal of the quarter .
Other notable acquirers included Tencent (Aojue Digital), Warner Bros . Discovery (Player First), Krafton (Tango
Gameworks ), Capcom (Minimum Studios), Keywords (Wushu Studios), Nazara (Fusebox, Deltias Gaming) and
Infinite Reality (LandVault ).
• $1.1B was raised in private financing through 181 deals, a notable growth in deal value, but the number of deals was
similar relative to Q2. Large financings included Infinite Reality ($350 M), Hybe IM ($80 M), Gcore ($60 M), Volley
($55 M) and Saber Interactive . Investors continue to invest primarily in seed / early -stage companies (over 90 %).
Blockchain gaming attracted 32 % of all investments and platform / tools 23 %. Funding for growth stage gaming
studios continued to be challenging .
• Andreessen Horowitz and Bitkraft were the most active large gaming VCs over the last 12 months followed by Play
Ventures . Early -stage gaming and consumer investor Patron has raised $100 million for its second fund .
• Tencent backed Shift Up had a bumper IPO with stock surging around 50 % on trading debut (raised $320 M), while
Nazara raised over $100 M in equity . Embracer Group refinanced its credit line ($652 M) and Kakao Games raised
$19 8M in bonds that are exchangeable for Krafton shares owned by Kakao .
• With a gradual recovery in public markets, Drake Star Gaming Index grew 10 .2% for the first 9 months of this year .
Top performers were SEA, Konami and Krafton and laggers were Ubisoft, Corsair and Unity .

4
M&A
Public
Markets
• Embracer Group raised a $652M revolving credit facility to replace an old revolving credit facility at better terms
• Shift Up, the South Korean PC/console games developer known for the games Goddess of Victory: Nikke and Stellar Blade raised $320M in the
largest gaming IPO in South Korea since Krafton
• Kakao Games to raise $198M in convertible that are convertible to the Krafton shares for early redemption of bonds and to develop new games
• Nazara raised $108M from investors including SBI Mutual Fund to support further strategic acquisitions
Fundraising
• Infinite Reality, the Connecticut -based immersive media company, raised $350M from undisclosed private multi -family offices
• Hybe IM, the gaming subsidiary of South Korean entertainment company Hybe , raised $80M in a round led by Makers Fund to expand its
publishing and development initiatives
• Gcore , a provider of cloud services for various applications including gaming, raised a $60M Series A round led by W argaming Group
• Volley, a developer of voice -enabled games powered by AI, raised a $55M Series C round led by Microsoft’s M12 Ventures and Lightspeed
Venture Partners
• E-Pal, a platform for finding gaming companions, raised two funding rounds totaling $30M that included a16z and Galaxy Interactive
• Saber Interactive , the Florida -based PC/console developer, received an investment from Aleph Capital Partners and Crestview Partners
Note: Drake Star acted as the financial advisor to Singularity Six
• Playtika entered into an agreement to acquire mobile games developer SuperPlay for $700M at close and up to $1.95B including earn -out
with the expectation of driving company growth
• Infinite Reality acquired Landvault , a provider of tools and services for building 3D experiences, for $450M to strengthen its capabilities in
the development of immersive digital environments
• Nazara acquired the mobile games developer Fusebox for $27.2M to advance the company’s strategy of building a global IP -based
games. Nazara also acquired Deltias Gaming and close to 50% in Moonshine Technology.
• Daybreak Games, a subsidiary of the Swedish gaming company EG7, acquired the American PC/console developer Singularity Six ,
adding the game Palia to its portfolio of live -service multiplayer titles
• Warner Bros. Games acquired Player First Games , the developer of MultiVersus , a fighting game featuring Warner Bros. characters
• Series Entertainment acquired San Francisco based mobile games developer Pixelberry Studios from Nexon as part of its strategy of
integrating its generative AI technology into video game development

5
Note: Voodoo’s acquisition of BeReal is excluded from deal volume and deal value in Q224 Source: CapIQ , Pitchbook & DSP Research
20
11 3 1
11
4
6
PC/Console Mobile
Platform/Tools Hardware
Esports Blockchain
Others
15
21
20
North America Europe Asia and Others
77
43 44
33
44
48
52
56
–
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
$7
Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324
Value ($B) Deal Count

6
Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star acted as the financial advisor to Singularity Six
• Warner Bros. Games acquired Player First Games,
the developer of MultiVersus , a fighting game
featuring Warner Bros. characters
• Warner Bros. Games has served as the publisher
for MultiVersus , which released in 2022
• The acquisition adds to the development capabilities
of Warner Bros. Games
• Infinite Reality acquired Landvault , a provider of
tools and services for building 3D experiences, for
$450M
• This acquisition enhances Infinite Reality’s
capabilities in the development of immersive digital
environments
• The deal is the latest in a series of acquisitions that
Infinite Reality has recently engaged in
• Nazara acquired the UK -based mobile games
developer Fusebox for $27.2M
• Fusebox is known for its story -driven games based
on the Love Island reality TV show
• The deal is part of Nazara’s strategy of building a
global IP -based gaming business supported by its
operations in India
• Playtika entered into an agreement to acquire
mobile games developer SuperPlay for $700M at
close and up to $1.95B including earn -out
• SuperPlay was founded by former Playtika
employees and is known for the games Dice
Dreams and Domino Dreams
• The deal is expected to drive growth for Playtika ,
expand its mobile portfolio, and bring an
experienced team of developers into the company
• Series Entertainment acquired San Francisco based
mobile games developer Pixelberry Studios
• Pixelberry is known for the interactive narrative
game Choices
• The acquisition is part of Series Entertainment’s
strategy to leverage its generative AI technology in
game development
• Daybreak Games, a subsidiary of the Swedish
gaming company EG7, acquired the PC/console
developer Singularity Six
• Singularity Six is known for the free -to-play MMO
Palia
• This acquisition aligns with EG7’s experience and
expertise in operating live -service multiplayer
games

$0.6B
$0.2B
$0.4B
169
10
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
24
29
42 7
58
17
$0.2B
$0.6B
$0.2B
212 212
202
189
170
192 188 181
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324
Value ($B) Deal Count

Others Jul -24 350.0 5,100.0 Undisclosed
Mobile Aug -24 80.0 – Makers Fund, Hybe
Platform/Tools Jul -24 60.0 – Wargaming Group, Constructor Capital
PC/Console Jul -24 55.0 – M12, Lightspeed Venture Partners
Hardware Jul -24 31.5 – Dark Matter Partners
Platform/Tools Sep -24 30.0 – Andreessen Horowitz, Galaxy Interactive
Platform/Tools Aug -24 28.0 – Netflix, Dell Technologies Capital
Mobile Aug -24 27.2 – NCSoft
Blockchain Jul -24 18.0 – Pantera Capital, Makers Fund
Platform/Tools Jul -24 16.0 – Radical Ventures, Toyota Ventures
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
• Hybe IM, the gaming subsidiary of South Korean
entertainment company Hybe , raised $80M in a
round led by Makers Fund
• Hybe IM aims to use the funds to expand its
publishing and development initiatives
• E-Pal, a platform for finding gaming companions,
raised two funding rounds totaling $30M that
included Andreessen Horowitz and Galaxy
Interactive
• The funding will be mainly used for the
development of an AI -enabled blockchain platform
called Balance
• Saber Interactive, the Florida -based PC/console
developer, received an investment from Aleph
Capital Partners and Crestview Partners
• The company will use the funds to pay off debts
related to its buyout from the Embracer Group
earlier this year
• Infinite Reality, the Connecticut -based immersive
media company, raised $350M from a private
multi -family office
• The company announced that the funds will be
used immediately to drive growth
• Gcore , a provider of cloud services for various
applications including gaming, raised a $60M
Series A round led by W argaming Group
• Gcore aims to use the funds to grow its AI
capabilities through efforts that include the
procurement of Nvidia GPUs
• Volley, a developer of voice -enabled games
powered by AI, raised a $55M Series C round led
by Microsoft’s M12 Ventures and Lightspeed
Venture Partners
• The investment will be used in the development of
non -player characters powered by large language
models and speech recognition technology

VC DEALS SELECT INVESTMENTS LOCATION
10
8
8
8
8
6
6
5
4
4
10
Source: CapIQ, Pitchbook & DSP ResearchNote: The league tables above do not include accelerator investments. Drake Star did not act as financial advisor on transact ions listed on this page.
VC DEALS SELECT INVESTMENTS LOCATION
15
15
13
10
9
5
4
4
4
3

VC DEALS SELECT INVESTMENTS LOCATION
20
13
13
11
10
9
9
8
8
8
11
INVESTOR DEALS SELECT INVESTMENTS LOCATION
38
8
6
6
6
4
4
4
4
4
Source: CapIQ, Pitchbook & DSP ResearchNote: The league tables above do not include accelerator investments. Drake Star did not act as financial advisor on transact ions listed on this page.

12
COMPANY DISCLOSED DEAL
VALUE ($M) # OF DEALS SELECT DEALS
$1,950 1
$785.0 4
$542.2 1
$460.0 1
– 3
$187.7 6
$110.0 1
$97.1 2
$40.0 1
$27.0 5
Source: CapIQ, Pitchbook & DSP Research
Note: Deal value only includes publicly disclosed transaction values. Drake Star did not act as financial advisor on transact ions listed on this page.

13
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 30-Jun-24 $90.73 $8,040.9 $11,639.9 $3,077.0 $1,033.0 3.8x 3.5x 11.0x 8.9x 27.4x 18.7x 13% 8% 11% 26% 33.6% Playtika PLTK IL 30-Jun-24 $7.92 $2,946.1 $4,326.9 $2,546.2 $633.7 1.7x 1.7x 6.6x 5.7x 13.6x 10.9x -1% 1% -10% 19% 24.9% Modern Times Group MTG B SE 30-Jun-24 $7.79 $932.4 $690.8 $561.3 $150.9 1.2x 1.2x 4.3x 4.3x NM 21.2x 7% 2% 34% 3% 26.9% GDEV GDEV CY 30-Jun-24 $24.51 $443.8 $337.8 $443.2 $54.7 0.8x 0.8x 6.0x 11.8x 9.9x 20.5x -4% -1% 43% 47% 12.3% Stillfront Group SF SE 30-Jun-24 $0.64 $308.2 $752.3 $700.4 $119.3 1.0x 1.1x 5.8x 3.1x NM 3.0x -5% -7% -30% 95% 17.0% Huuuge HUG US 30-Jun-24 $4.72 $264.4 $158.9 $272.8 $83.0 0.6x 0.6x 1.8x 2.2x 4.0x 5.9x -8% -10% -14% 15% 30.4% Ten Square Games TEN PL 30-Jun-24 $24.91 $158.0 $135.6 $102.4 $24.3 1.3x 1.3x 5.4x 4.8x 10.0x 7.8x -15% 1% -22% 11% 23.7% G5 Entertainment G5EN SE 30-Jun-24 $9.00 $70.2 $51.1 $115.9 $9.7 0.4x 0.4x 5.0x 2.0x 7.2x 6.5x -12% -5% -37% 150% 8.4% East Side Games EAGR CA 30-Jun-24 $0.53 $42.9 $37.2 $60.5 $10.1 0.6x 0.5x 3.7x 2.3x 15.0x 7.9x -14% 17% 138% 60% 16.6%
Average 1.3x 1.2x 5.5x 5.0x 12.5x 11.4x -4% 1% 13% 47% 22% Median 1.0x 1.1x 5.4x 4.3x 10.0x 7.9x -5% 1% -10% 26% 24%
North America / Europe – PC / Console Focused Electronic Arts EA US 30-Jun-24 $143.44 $37,896.8 $37,315.8 $7,298.0 $1,797.0 5.1x 4.9x 19.7x 12.8x 33.8x 18.0x -4% 5% -11% 62% 24.6%
Take -Two Interactive TTWO US 30-Jun-24 $153.71 $26,942.7 $29,968.5 $5,403.1 $487.8 5.5x 5.3x 51.9x 37.5x NM 57.5x -2% 4% -14% 64% 9.0% CD Projekt CDR PL 30-Jun-24 $45.33 $4,529.2 $4,407.4 $330.7 $132.5 12.7x 23.3x 31.7x 50.7x 31.0x 78.1x 48% -45% 49% 37% 40.1% Embracer Group EMBRAC B SE 30-Jun-24 $2.60 $3,512.5 $5,140.2 $3,757.6 -$459.0 1.3x 1.3x NM 4.5x NM 7.0x NA 0% NA NA -12.2% Keywords Studios KW S GB 30-Jun-24 $32.65 $2,628.7 $2,799.9 $865.3 $130.0 3.1x 2.8x 18.0x 14.4x NM 24.9x 3% 9% -1% 44% 15.0% Paradox Interactive PDX SE 30-Jun-24 $17.73 $1,872.4 $1,765.9 $234.0 $79.0 7.2x 7.5x 20.8x 12.3x 59.2x 27.9x 10% -3% -23% 74% 33.8% Ubisoft UBI FR 31-Mar -24 $11.26 $1,472.3 $2,930.3 $2,482.4 $402.6 1.1x 1.3x 6.2x 2.7x 8.1x 22.4x 27% -10% -46% 160% 16.2% Team17 Group TM17 GB 30-Jun-24 $3.62 $520.9 $452.4 $211.6 $52.0 2.0x 2.1x 8.1x 8.1x NM 12.2x 4% -4% 11% 1% 24.6% PlayW ay PLW PL 30-Jun-24 $76.27 $503.4 $441.8 $73.3 $41.9 5.8x 5.7x 9.9x 14.0x 16.2x NA 10% 1% -4% 28% 57.2% Remedy Entertainment REMEDY FI 30-Jun-24 $18.89 $256.4 $235.1 $42.1 -$15.8 5.4x 3.4x NM 23.4x NM 94.1x 5% 57% NA 161% -37.6% Pullup Entertainment ALPUL FR 31-Mar -24 $24.87 $205.0 $366.6 $202.1 $64.8 1.8x 1.0x 5.5x 2.6x NM 6.4x -3% 72% 1% 108% 32.1% Devolver Digital DEVO US 30-Jun-24 $0.41 $191.6 $158.6 $100.1 $2.6 1.5x 1.5x 54.3x 22.1x NM 34.4x -20% 7% NA 173% 2.6% People Can Fly PCF PL 31-Mar -24 $3.77 $135.7 $109.8 $43.2 $1.4 2.5x 2.0x 39.8x NM NM NA 10% 24% -82% NA 3.2% Digital Bros DIB IT 30-Jun-24 $9.38 $133.8 $167.6 $126.4 $43.9 1.3x 1.2x 3.7x 3.1x NM 8.6x 0% 8% -6% 19% 34.7% EG7 EG7 SE 30-Jun-24 $1.50 $132.8 $109.1 $168.6 $26.8 0.6x 0.6x 3.5x 2.7x 31.7x 12.1x -16% 6% -49% 42% 15.9% Frontier Developments FDEV GB 31-May -24 $3.21 $124.0 $112.8 $113.6 -$8.2 0.9x 1.0x NM 2.7x NM NM -15% -1% NA NA -7.2% Bloober Team BLO PL 31-Mar -24 $5.77 $111.2 $107.1 $26.6 $8.9 3.9x NA 11.1x NA 30.8x NA 42% NA NA NA 33.3% Nacon NACON FR 31-Mar -24 $0.97 $102.5 $208.7 $180.9 $7.5 1.1x 1.0x 18.8x 2.5x 4.6x 6.0x 8% 15% -51% NA 4.1% CI Games CIG PL 30-Jun-24 $0.42 $77.1 $86.5 $69.9 $9.7 1.2x 2.4x 8.3x 4.1x 16.3x 16.1x 480% -50% NA 106% 13.8% Starbreeze AB STAR B SE 30-Jun-24 $0.03 $39.4 $17.4 $62.3 $22.3 0.3x 1.0x 0.7x 3.3x 3.4x NM 364% -74% NA 78% 35.7% Skonec Entertainment A276040 KR 30-Jun-24 $3.09 $38.8 $24.1 $3.5 -$4.5 6.5x NA NM NA NM NA 3% NA NA NA -128.1% Snail Games SNAL US 30-Jun-24 $0.72 $26.5 $13.5 $73.3 -$0.8 0.2x 0.1x 15.6x 0.7x NM 3.8x 35% 32% NA NA -1.0% tinyBuild TBLD US 30-Jun-24 $0.05 $20.3 $10.9 $40.2 -$22.5 0.3x 0.3x NM NM NM NM -30% 5% NA 99% -55.9%
Average 3.1x 3.3x 18.2x 11.8x 23.5x 26.8x 44% 3% -17% 78% 7% Median 1.8x 1.5x 13.3x 4.5x 23.5x 17.1x 4% 5% -11% 69% 15%
Source: CapIQ, As of September 30, 2024, 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 Japan/Korea LTM LTM LTM NTM LTM NTM LTM NTM LTM NTM LTM NTM LTM Sony 6758 JP 30-Jun-24 $19.39 $117,247.8 $142,500.7 $81,240.1 $9,905.1 1.6x 1.6x 12.0x 9.2x 17.4x 17.4x 12% -3% 7% 39% 12.2% Nintendo 7974 JP 30-Jun-24 $53.30 $62,054.1 $46,963.9 $9,058.2 $2,595.8 4.6x 4.8x 15.0x 16.2x 22.8x 28.5x -17% -4% -30% 0% 28.7% NEXON 3659 JP 30-Jun-24 $19.75 $16,387.5 $12,512.0 $2,708.6 $819.7 4.1x 3.2x 14.1x 10.1x 34.7x 17.1x 10% 28% -5% 34% 30.3% Konami Holdings 9766 JP 30-Jun-24 $101.53 $13,762.6 $12,403.1 $2,348.0 $747.7 4.7x 4.3x 14.7x 14.5x 30.4x 27.2x 20% 9% 54% 2% 31.8% Krafton A259960 KR 30-Jun-24 $260.77 $11,851.2 $9,605.1 $1,711.0 $800.8 5.4x 4.7x 11.9x 10.1x 17.8x 15.6x 29% 14% 37% 14% 46.8% Capcom 9697 JP 30-Jun-24 $23.23 $9,715.8 $8,876.0 $858.8 $312.8 9.2x 7.1x 25.3x 16.1x 39.6x 26.8x 0% 30% 0% 57% 36.4% Square Enix 9684 JP 30-Jun-24 $39.75 $4,771.1 $3,196.1 $2,117.2 $298.5 1.3x 1.4x 9.5x 8.5x 35.5x 20.4x -4% -4% 21% 13% 14.1% Sega Sammy 6460 JP 30-Jun-24 $19.96 $4,277.5 $3,831.2 $2,886.8 $436.5 1.2x 1.2x 7.6x 7.7x 15.5x 13.8x 8% -4% -11% 2% 15.1% NetMarble A251270 KR 30-Jun-24 $45.30 $3,711.8 $4,569.1 $1,932.9 $194.3 2.3x 2.1x 7.3x 15.6x NM 23.6x 3% 6% NA 43% 10.1% NCSoft A036570 KR 30-Jun-24 $145.42 $2,905.7 $1,950.2 $1,181.1 $120.8 1.6x 1.5x 14.5x 10.0x 19.7x 26.6x -21% 2% -60% 55% 10.2% Pearl Abyss A263750 KR 30-Jun-24 $29.39 $1,805.1 $1,603.0 $244.2 $12.6 6.3x 5.1x NM 23.3x 73.7x NM -8% 23% -39% NA 5.1% DeNA 2432 JP 30-Jun-24 $12.45 $1,385.9 $1,283.9 $836.5 $14.2 1.4x 1.3x NM 17.3x NM 25.9x -1% 3% -72% NA 1.7% GungHo Online 3765 JP 30-Jun-24 $21.51 $1,200.2 $655.3 $691.9 $151.6 0.8x 0.9x 3.8x 4.3x 13.1x 13.8x -12% -2% -25% 10% 21.9% Kakao Games A293490 KR 30-Jun-24 $13.32 $1,090.1 $1,634.5 $716.1 $97.6 2.2x 2.1x 14.4x 13.1x NM 30.1x -7% 2% -27% 22% 13.6% W eMade Entertainment A112040 KR 30-Jun-24 $25.89 $870.1 $986.9 $496.9 -$54.6 1.9x 1.7x NM 32.6x NM 38.3x 44% 11% NA 153% -11.0% DoubleDown Interactive DDI KR 30-Jun-24 $16.50 $817.6 $521.4 $332.5 $134.8 1.6x 1.5x 3.8x 3.9x 7.1x 7.3x 8% 5% -23% 1% 40.5% DOUBLEUGAMES A192080 KR 30-Jun-24 $38.07 $754.7 $575.3 $447.5 $186.5 1.2x 1.1x 2.9x 2.8x 5.8x 5.9x 2% 11% 26% 4% 41.7% Gree 3632 JP 30-Jun-24 $3.27 $558.7 $174.1 $381.1 $39.3 0.4x 0.4x 3.9x NA 17.5x 18.8x 0% 5% 0% NA 10.3% NHN Entertainment A181710 KR 30-Jun-24 $12.99 $427.6 $359.2 $1,722.5 $114.3 0.2x 0.2x 3.0x 2.1x NM 10.7x 9% 10% 15% 43% 6.6% Com2uS A078340 KR 30-Jun-24 $31.90 $364.4 $518.7 $484.1 $3.5 1.0x 0.9x NM 12.5x NM 15.4x -12% 12% NA NA 0.7% Vespa A299910 KR 30-Jun-24 $72.29 $341.3 $349.5 $1.6 -$2.8 15.6x NA NM NA NM NA 93% NA NA NA -169.3% GAMEVIL A063080 KR 30-Jun-24 $16.98 $112.0 $210.4 $120.5 $4.6 1.7x NA 55.3x NA NM NA 24% NA NA NA 3.9% JOYCITY A067000 KR 30-Jun-24 $1.36 $95.1 $150.0 $112.2 $20.5 1.3x 1.2x 6.8x 10.1x 18.6x 12.5x 1% 7% 65% 31% 18.3% T3 Entertainment A204610 KR 30-Jun-24 $1.00 $62.3 $13.1 $38.5 $6.6 0.3x NA 1.6x NA 15.3x NA -23% NA -17% NA 17.1% Me2on A201490 KR 30-Jun-24 $1.74 $54.4 $88.1 $75.5 $19.5 1.1x NA 4.3x NA 11.8x NA -6% NA -10% NA 25.8%
Average 2.9x 2.3x 11.6x 12.0x 23.3x 19.8x 6% 8% -5% 31% 11% Median 1.6x 1.5x 8.6x 10.1x 17.8x 18.1x 1% 6% -7% 22% 14% China (Shenzhen listed)Quihoo 360 601360 CN 30-Jun-24 $1.26 $8,791.2 $5,526.2 $1,134.5 -$53.3 4.7x 4.2x NM NM NM NM -10% 704% NA NA -4.7% Beijing Kunlun 300418 CN 30-Jun-24 $5.35 $6,592.4 $6,844.2 $686.9 -$6.7 9.6x 8.7x NM 41.2x 89.4x 57.5x 2% 11% NA NA -1.0% 37Games 002555 CN 30-Jun-24 $2.55 $5,613.3 $4,816.7 $2,479.5 $405.9 1.9x 1.8x 11.4x 9.6x 14.7x 13.0x 12% 3% 8% 19% 16.4% Kingnet Network 002517 CN 30-Jun-24 $1.70 $3,604.7 $3,177.4 $670.7 $213.8 4.6x 4.0x 14.2x 10.6x 16.5x 12.4x 32% 13% 15% 36% 31.9% Giant Network 002558 CN 30-Jun-24 $1.68 $3,185.8 $2,932.7 $400.1 $131.9 7.1x 6.2x 21.2x 12.3x 19.1x 15.1x 20% 14% 74% 74% 33.0% Perfect W orld 002624 CN 30-Jun-24 $1.37 $2,722.8 $2,472.4 $838.1 -$20.2 2.8x 2.4x NM 17.1x NM 30.4x -26% 20% NA NA -2.4% Ourpalm 300315 CN 30-Jun-24 $0.79 $2,132.6 $1,760.6 $136.4 $4.7 12.5x 11.6x NM 28.8x 89.6x 51.5x -3% 7% -62% NA 3.4% Youzu Interactive 002174 CN 30-Jun-24 $1.32 $1,192.3 $1,092.2 $203.9 $56.3 5.2x 4.4x 18.2x 21.1x 57.8x 28.7x -18% 18% NA 11% 27.6% Dalian Zeus 002354 CN 30-Jun-24 $0.49 $811.4 $768.3 $209.3 $2.9 3.5x NA NM NA NM NA -20% NA NA NA 1.4% ZQ Games 300052 CN 30-Jun-24 $2.10 $550.6 $566.8 $34.7 -$2.4 15.8x 13.6x NM NM NM NM 4% 16% NA 68% -7.0%
Average 6.8x 6.3x 16.2x 20.1x 47.8x 29.8x -1% 90% 9% 42% 10% Median 4.9x 4.4x 16.2x 17.1x 38.4x 28.7x -1% 14% 12% 36% 2%
Source: CapIQ, As of September 30, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 1 00 are denoted as NM

15
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-24 $57.22 $525,972.6 $534,621.0 $86,754.9 $29,320.9 6.1x 5.5x 16.5x 13.4x 26.0x 17.3x 8% 9% 34% 31% 33.8% NetEase NTES CN 30-Jun-24 $93.51 $60,266.6 $45,706.7 $14,689.6 $4,342.1 3.1x 2.8x 10.4x 10.3x 15.3x 12.3x 8% 8% 23% 1% 29.6% Sea Limited SE SG 30-Jun-24 $94.28 $54,148.8 $52,456.4 $14,468.0 $374.7 3.6x 3.0x 76.4x 22.8x NM 33.8x 14% 20% -64% NA 2.6% International Games System 3293 TW 30-Jun-24 $31.04 $8,748.3 $8,318.1 $496.4 $272.1 16.4x 13.0x 29.9x NA 37.2x 29.3x 24% 26% 29% NA 54.8% G-bits Network 603444 CN 30-Jun-24 $34.81 $2,498.2 $2,038.7 $522.3 $186.4 3.8x 3.5x 10.5x 9.0x 18.2x 17.2x -24% 8% -36% 17% 35.7% YY YY CN 30-Jun-24 $36.24 $2,069.7 -$509.6 $2,266.6 $132.8 NM NM NM NM 9.0x 12.4x -2% 1% -21% 58% 5.9% XD 2400 CN 30-Jun-24 $3.28 $1,581.6 $1,335.9 $530.7 $22.8 2.5x 1.8x 43.7x 9.1x NM 15.9x 7% 38% NA NA 4.3% HUYA HUYA CN 30-Jun-24 $5.10 $1,161.3 $264.4 $858.7 -$39.0 0.3x 0.3x NM 8.0x NM 18.3x -24% 4% NA 182% -4.5% Nazara 543280 IN 30-Jun-24 $11.75 $899.6 $771.9 $136.0 $15.3 5.7x 5.2x 51.9x 42.2x 0.0x NA 1% 10% 7% 20% 11.2% NetDragon 777 CN 30-Jun-24 $1.50 $797.3 $744.6 $924.9 $150.0 0.8x 0.8x 4.5x 3.2x 12.8x 7.7x -8% -2% -23% 50% 16.2% iDreamSky 1119 CN 30-Jun-24 $0.35 $581.2 $755.3 $227.3 -$33.5 3.3x 1.6x NM NA NM 7.0x -29% 98% NA NA -14.8% Gamania Digital Entertainment 6180 IN 30-Jun-24 $2.46 $431.0 $377.2 $321.0 $26.9 1.1x 0.9x 13.2x 5.3x 6.5x 12.9x -2% 22% -53% 160% 8.4% Zengames Technology 2660 IN 30-Jun-24 $0.37 $374.9 $113.2 $271.9 $102.1 0.4x NA 1.1x NA 4.3x NA -9% NA -18% NA 37.6% CMGE Technology Group 302 IN 30-Jun-24 $0.12 $356.0 $373.4 $317.0 $22.3 1.2x 0.9x 15.5x 10.1x NM 17.5x -24% 27% 65% 60% 7.0% Archosaur Games 9990 CN 30-Jun-24 $0.29 $230.9 -$18.1 $130.1 -$31.0 NM NM NM NM NM NM 44% 12% NA 54% -23.8% FriendTimes 6820 IN 30-Jun-24 $0.08 $170.7 $81.0 $132.3 -$18.7 0.6x 0.4x NM 21.9x NM 12.5x -27% 42% NA 119% -14.2% Ourgame 6899 KY 30-Jun-23 $0.02 $26.4 -$0.6 $42.4 -$6.7 NM NA NM NA NM NA 95% NA NA NA -15.8%
Average 3.5x 3.0x 24.9x 14.1x 14.4x 16.5x 3% 22% -5% 68% 10% Median 2.8x 1.8x 15.5x 10.1x 12.8x 15.9x -2% 12% -18% 54% 7% Hardware, Platforms, Advertising & ToolsNVIDIA NVDA US 28-Jul-24 $121.44 $2,978,923.2 $2,954,138.2 $96,307.0 $61,184.0 30.7x 19.5x 48.0x 30.0x 56.9x 35.9x 195% 57% NA 61% 63.5% Dell DELL US 2-Aug -24 $118.54 $83,214.7 $104,040.7 $91,839.0 $8,726.0 1.1x 1.0x 11.4x 8.8x 21.8x 13.4x -2% 9% -4% 35% 9.5% Applovin APP US 30-Jun-24 $130.55 $43,636.2 $46,693.4 $3,955.8 $1,649.5 11.8x 9.8x 28.3x 17.3x 55.5x 33.3x 37% 21% 122% 64% 41.7% Roblox RBLX US 30-Jun-24 $44.26 $28,644.1 $28,070.4 $3,158.0 -$973.9 8.9x 6.2x NM 37.6x NM NM 30% 44% NA 177% -30.8% Hewlett Packard HPE US 31-Jul-24 $20.46 $26,570.8 $35,404.8 $29,020.0 $4,909.0 1.2x 1.1x 6.7x 6.0x 14.5x 9.9x -2% 10% -5% 19% 16.9% Logitech LOGN CH 30-Jun-24 $89.45 $13,669.2 $12,119.8 $4,412.2 $750.6 2.6x 2.7x 14.8x 15.2x 19.1x 22.3x 1% 1% 33% 6% 17.0% ASUS 2357 TW 30-Jun-24 $17.41 $12,932.4 $12,171.4 $16,062.8 $946.6 0.7x 0.6x 11.7x 12.4x 12.8x 15.2x 5% 21% NA 1% 5.9% Unity U US 30-Jun-24 $22.62 $8,976.9 $10,305.1 $2,063.1 -$273.8 5.0x 6.0x NM 29.1x NM 33.5x 14% -17% NA NA -13.3% MSI 2377 TW 30-Jun-24 $5.48 $4,628.5 $4,004.5 $5,921.7 $277.4 0.7x 0.6x 13.6x 9.4x 19.2x 13.3x 17% 8% 10% 50% 4.7% Acer 2353 TW 30-Jun-24 $1.28 $3,861.8 $3,110.7 $7,897.6 $188.0 0.4x 0.4x 14.2x 11.2x 21.8x 18.6x 9% 9% 59% 44% 2.4% Corsair Gaming CRSR US 30-Jun-24 $6.96 $724.9 $913.3 $1,379.0 $26.9 0.7x 0.7x 19.7x 11.0x NM 14.9x -1% -1% -47% NA 2.0% Atari ALATA FR 31-Mar -24 $0.12 $52.7 $101.2 $22.2 -$5.8 4.4x NA NM NA NM NA 104% NA NA NA -26.2% Flexion Mobile FLEXM GB 30-Jun-24 $0.78 $43.8 $25.7 $94.9 $4.4 0.3x 0.2x 5.6x 2.7x NM 58.1x 4% 19% -20% 104% 4.6% GLOE 9565 JP 31-Oct-23 $9.04 $24.7 $24.5 $14.9 $0.4 1.5x NA 61.5x NA NM NA 0% NA 0% NA 2.5% Enthusiast Gaming EGLX CA 30-Jun-24 $0.11 $16.7 $32.4 $95.5 -$16.5 0.3x 0.6x NM 14.7x NM NM -31% -41% NA 113% -17.3%
Average 4.7x 3.8x 21.4x 15.8x 27.7x 24.4x 25% 11% 16% 61% 6% Median 1.2x 1.0x 14.2x 12.4x 20.5x 18.6x 5% 9% 0% 50% 5%
Source: CapIQ, As of September 30, 2024, in $M except share price, EV/EBITDA and P/E multiples less than 0 and greater than 1 00 are denoted as NM

16
Source: CapIQ, Pitchbook & DSP Research, as of September 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
-80.00%
-60.00%
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
Sea, 133.6%
Konami, 94.8%
KRAFTON, 73.5%
Keywords, 54.4%
CD Projekt, 53.2%
Tencent, 52.6%
Capcom, 42.9%
Sega, 42.7%
DeNA, 28.3%
S&P 500, 20.5%
Drake Star Gaming Index, 10.2%
Square Enix, 9.9%
Nintendo, 5.4%
NEXON, 5.0%
EA, 4.9%
NetEase, 4.7%
Sony, 2.3%
Netmarble, 0.4%
Pearl Abyss, -2.3%
Roblox, -4.7%
Take-Two, -4.8%
Logitech, -5.3%
Embracer, -5.7%
Playtika, -8.1%
MTG, -9.1%
Paradox, -20.1%
NCSoft, -22.1%
Kakao, -33.6%
Wemade, -45.3%
Unity, -47.0%
Corsair, -51.6%
Ubisoft, -56.0% Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24

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