Video Game Briefing December 2010

Video Game Briefing

Table of Contents Recent Review: Highlights Recent Fundraising Deals Recent M&A Deals Key Developments in the game sector (global to 20 December 2010) Game Index Performance by sub-sector (LTM) Game Index Performance by region (LTM) Online Game/ Virtual World Universe Stock Comps (by sector & ranked by enterprise value): PC/ Console Game Publishers/ Developers Game Distributors/ Accessory Companies Game Outsourcing Companies Payment Companies Mobile Game Companies Online Game Companies M&A Comps (LTM & ranked by date): Mobile Game M&A Comps Game Distribution/ Accessory M&A Comps Game Technology/ Middleware M&A Comps Game Outsourcing M&A Comps Payment M&A Comps PC/ Console Game M&A Comps Online Game M&A Comps Fundraising Comps (LTM & ranked by date): PC/ Console Game Fundraising Comps Payment/ Offer/ Analytics Fundraising Comps Mobile Game Fundraising Comps Game Hardware Fundraising Comps Game Technology/ Middleware Fundraising Comps Online Game Fundraising Comps

Avista Partners

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

Video Game Briefing

About Avista Partners LLP

Avista Partners

Avista Partners is an independent investment banking firm that brings deep sector expertise, global relationships, and world class transaction experience in the digital media and luxury sectors. Our global network is based on strong relationships with senior management at companies and media investors in our core sectors including venture capitalists, private equity firms, hedge funds, family offices & institutional investors. We provide our clients with the following services: Capital Markets Advisory; Mergers & Acquisitions; Restructuring; and Financial & Strategic Advisory.
This note has been prepared and issued by Avista Partners LLP which is authorized and regulated by the FSA. Any information in this note is based on data obtained from sources considered to be reliable, but no representations or guarantees are made by Avista Partners with regard to the accuracy of the data. This note is for information purposes, it is not intended to be and should not be construed as an offer or solicitation to acquire, or dispose of, any of the securities mentioned in this note. This note is intended solely for distribution to professional and business contacts of Avista Partners. It is not intended to be distributed to private investors or private customers. Avista Partners accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this report. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without Avista Partners LLP's prior written consent.

Contact Information: Tel: +44 207 193 6780 Fax: +44 207 691 7112 Email: info@avistapartners.com 8 Grafton Street London W1S 4EL United Kingdom www.avistapartners.com

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

Video Game Briefing

Avista Partners

Recent Review Highlights: Market Cap for all public companies in global game sector is $112.1 billion Over $340m of M&A deals in global sector (Nov. 1 to Dec. 20) Over $200m raised in global sector (Nov. 1 to Dec. 20) The Payment Index is the best performing game sector index at +45.0% (LTM to 20 Dec) The Asia Game Index is the best performing regional game index at +11.0% (LTM to 20 Dec) Online Game/ Virtual World Universe has 260+ companies generating over $14.5 billion in annual revenue plus we are tracking 400+ additional new companies Recent M&A Deals
Total Transaction Date Target/Issuer Dizzywood Beijing Julun Network Information Funtank TirNua Nclipse China Cyber Port Co., Ltd. (75%) APB: All Points Bulletin Game & CJ Internet Corp AppStrip Making Fun 3GUU Mobile Entertainment (70%) Newtoy Phonetic Arts Quazal Longtail Quebec Studio Value ($mm) Buyers/Investors 2.3 18.0 293.9 29.6 SecretBuilders Giant Interactive Publishers Clearing House Rockyou Nexon China Communication Investment Reloaded Productions (Gamersfirst) O Media Holdings Co., Ltd. Tapjoy News Corp VODone LIMITED Zynga Google Ubisoft Ubisoft Implied Enterprise Implied Enterprise Value ($mm) 2.3 24.0 175.6 42.3 Value/Revenues 0.8x Implied Enterprise Value/EBITDA 3.5x Implied Enterprise Value/EBIT 4.0x 45.5x -

Online Games
12/17/2010 12/10/2010 12/06/2010 12/03/2010 12/03/2010 12/01/2010 11/16/2010 11/16/2010 11/09/2010 11/05/2010

Mobile Games
12/06/2010 12/02/2010

Game Technology
12/03/2010 11/04/2010

PC/Console Games
11/03/2010

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

Video Game Briefing

Recent Fundraising Deals
Total Transaction Date Target/Issuer Major League Gaming Beijing Baiyou Huitong Technology Funcom Tabula Digita Vostu GH Hope Island Fastpoint Games Lionside Gameground TeePee Games Oberon Media Plinga Gazillion Entertainment Baobab Planet S.L. Rocket Ninja BringIt Blue Lion Mobile Pocket Gems Mo'Minis Social Gaming Network Vindicia, Inc. Turbulenz Starbreeze Zordix Transaction Type Private Placement Private Placement Loan & Warrants Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Public Offering Private Placement Value ($mm) 10.0 10.0 10.0 2.0 30.0 12.9 3.9 1.6 5.3 0.5 16.0 60.0 3.5 1.5 5.0 4.5 2.5 20.0 5.0 3.8 -

Avista Partners

Investors Legion Enterprises and Oak Investment Partners Stelt Holding Nv Tiger Management, Accel Partners, Intel Capital, General Catalyst Partners CJ Internet Mission Ventures Sherpalo Ventures & Ron Conway Sequoia Capital, Softbank Capital, Vodafone Ventures and Novel TMT Ventures Goldman Sachs Asset Management, Oak Investment Partners, and Infinity I-China SPIL Games B.V. Temasek Holdings, Oak Investments, Hearst Corporation, Revolution Ventures, Pelion Ventures & the Abu Dhabi Media Company Grupo Intercom de Capital, SCR, S.A. angel investors Blumberg Capital, Seraph Group and Ergo Media Xange, KfW and Bertelsmann Digital Media Investments Sequoia Capital, Michael Dearing, Jeff Fluhr and Omar Hamoui Mitsui Ventures, BRM Capital, and Baruch Lebanon Columbia Capital, Greylock Partners and Novak Biddle Venture Partners FTV Capital, Bertelsmann Digital Media Investments, DCM and ONSET Ventures Sparbankstiftelsen Sknes Riskkapitalstiftelse

Location USA China Norway USA USA USA USA USA USA UK USA Germany USA Spain USA USA Germany USA Israel USA USA UK Sweden Sweden

Online Games
12/20/2010 12/14/2010 12/13/2010 12/07/2010 11/29/2010 11/29/2010 11/22/2010 11/19/2010 11/17/2010 11/16/2010 11/10/2010 11/08/2010 11/05/2010 11/04/2010 11/04/2010 11/03/2010

Mobile Games
12/20/2010 12/15/2010 11/22/2010 11/08/2010 11/01/2010 11/10/2010

Payment/ Offers/ Analytics Game Technology PC/ Console

12/10/2010 12/02/2010

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

Video Game Briefing

Key developments in Game Sector (global to 20 December 2010):
Date Dec-16-2010 Dec-16-2010 Dec-16-2010 Dec-16-2010 Dec-16-2010 Dec-16-2010 Dec-16-2010 Dec-15-2010 Dec-15-2010 Dec-15-2010 Dec-15-2010 Dec-15-2010 Dec-15-2010 Dec-15-2010 Dec-14-2010 Dec-14-2010 Dec-14-2010 Dec-13-2010 Dec-13-2010 Dec-13-2010 Dec-13-2010 Dec-13-2010 Dec-13-2010 Dec-13-2010 Dec-10-2010 Dec-10-2010 Dec-10-2010 Dec-09-2010 Dec-09-2010 Dec-09-2010 Dec-09-2010 Dec-09-2010 Dec-08-2010 Dec-08-2010 Dec-08-2010 Dec-07-2010 Dec-07-2010 Dec-07-2010 Dec-07-2010 Dec-07-2010 Com pany Nam e(s) Disney Interactive Media Group Take-Tw o Interactive Softw are Inc. Crystal Dynamics, Inc. NetDragon WebSoft, Inc. (SEHK:777) Nintendo Co. Ltd. (OSE:7974) Apple Inc. (NasdaqGS:AAPL) Meteor Games, LLC Dena Co. Ltd.; ngmoco, Inc.; Samsung Electronics Co. Ltd. Mochi Media Inc. Classic Media, Inc.; Ludia, Inc. GameDuell GmbH D3Publisher of America, Inc. Perfect World Co., Ltd. Microsoft Corporation (NasdaqGS:MSFT) Anchor Bay Entertainment, Inc.; Electronic Arts Inc. (NasdaqGS:ERTS) eGames Inc. (OTCPK:EGAM) Electronic Arts Inc. (NasdaqGS:ERTS) SouthPeak Interactive Corp. Majesco Entertainment Co. Bethesda Softw orks, LLC Activision Publishing, Inc. Electronic Arts Inc. (NasdaqGS:ERTS) BioWare ULC The9 Limited (NasdaqGS:NCTY) Futuremark Oy Giant Interactive Group, Inc. (NYSE:GA) Digital Chocolate, Inc. Capcom Co. Ltd. (TSE:9697) Xfire, Inc. Giant Interactive Group, Inc. (NYSE:GA) Game plc Konami Corp. (TSE:9766) Hudson Entertainment, Inc. K2 Netw ork, Inc.; Mixamo, Inc. Mindjolt Oberon Media, Inc. Disney Interactive Studios, Inc. Zoo Entertainment, Inc. Giant Interactive Group, Inc.; Huayi Brothers Media Group Glu Mobile, Inc. (NasdaqGM:GLUU) Key Developm ent Headline Releases New Visually Stunning TRON: Legacy Premium Mobile Game for the iPhone, iPod Touch and iPad Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2010 Crystal Dynamics' LARA CROFT AND THE GUARDIAN OF LIGHT App Now Available on the App Store NetDragon WebSoft, Inc. Releases English Version for Its 7th Expansion Pack Nintendo Releases Super Mario All-Stars Limited Edition Package Apple Inc. to Open Mac App Store Meteor Games, LLC Announces Executive Appointments DeNA Group and Samsung Partner to Offer DeNA's Mobage Platform to Samsung Smartphones Globally Mochi Media Launches First Sponsored Games from Mochi GAME Developer Fund Announce the Release of the 'Where's Waldo?(R) in Hollyw ood' App on the App Store GameDuell GmbH Announces Release of its Second Game Application Cleopatra's Pyramid HD for iPad Users D3publisher of America, Inc. Announces Dream Trigger(TM) 3D for the Nintendo 3Ds(TM) Handheld System Perfect World Co., Ltd. Launches Battle of the Immortals in Philippines Microsoft Corporation to Launch New Gaming System Xbox Kinect in the UK Electronic Arts Inc. and Anchor Bay Entertainment, Inc. to Release Dead Space Animated Movie eGames Inc. Releases Milkshake Madness for the iPhone Electronic Arts Inc. Unveils Pogo Games App in the App Store Southpeak Interactive Corp. Announces Tw o Worlds II to Hit North America on January 25, 2011 Majesco Entertainment Appoints Christina Glorioso as Chief Marketing Officer Bethesda Softw orks Announces Elder Scrolls V: Skyrim Activision Publishing, Inc. Reveals PROTOTYPE 2 Electronic Arts Inc. Announces Development of SSX: Deadly Descents BioWare ULC Unveils Mass Effect(TM) 3 The9 Limited to Launch Openfeint in China Futuremark Oy Releases 3DMark 11 Giant Interactive Group, Inc. to Launch First Mobile Game in Shanghai Digital Chocolate, Inc. Announces Launch of Vegas City(TM) on Apple iPhone and iPod Touch Capcom Co. Ltd. Announces 'Dead Rising' for iPhone and iPod Touch Xfire, Inc. Announces the Launch of the First Official Xfire Arcade Tournaments Giant Interactive Group, Inc. Announces Board Changes Game Closes 36 Stores and Cut 200 Jobs Konami Corp. Announces Personnel Changes Hudson Entertainment, Inc.'s Bomberman Explodes Again in Bomberman Live: Battlefest Mixamo, Inc. and GamersFirst Enter Strategic Animation Partnership MindJolt Partners w ith Broadcast Interactive Media to Deliver Hundreds of Games to More Than 11O Million Fans Oberon Media, Inc. Announces Executive Appointments Disney Interactive Studios, Inc. Announces Availability of Evolution Video Game TRON Zoo Entertainment, Inc. Releases First-Ever Hello Kitty(R) Game for Nintendo Wii(TM) System, Hello Kitty Seasons Giant Interactive Announces Joint Venture w ith Huayi Brothers to Cooperate King of Kings III Glu Mobile, Inc. Announces Availability of Family Guy: Time Warped

Avista Partners

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

Video Game Briefing

Game Index Performance by sub-sector (LTM) The Mobile Game Index is the best performing game sector index at +45.0%

Avista Partners

160.00

140.00

120.00

100.00

80.00

60.00 Dec-212009 Jan-212010 Feb-212010 Mar-212010 Apr-212010 May-212010 Jun-212010 Jul-212010 Aug-212010 Sep-212010 Oct-212010 Nov-212010

S&P 500 Index Mobile Game Index Payment Index

game Distributor/ Accessory Index Game Outsourcing Index Online Game Index

Game Retailer Index PC/ Console Game Index

Note: the companies making up each index are those listed in the corresponding comps in the following pages. The indexes are based on a weighted market cap and are rebased to 100 at the start.

Game Index Performance by region (LTM) The Asia Game Index is the best performing regional game index at +11.0% December 2010
Source: Capital IQ, Company Filings, Brokers & Press 7

Video Game Briefing

130.00

Avista Partners

120.00

110.00

100.00

90.00

80.00

70.00

60.00 Dec-212009 Jan-212010 Feb-212010 Mar-212010 Apr-212010 May-212010 Jun-212010 Jul-212010 Aug-212010 Sep-212010 Oct-212010 Nov-212010

S&P 500 Index

Europe Game Index

North America Game Index

Asia Game Index

Note: the companies making up each index are those listed in the corresponding comps in the following pages. The indexes are based on a weighted market cap and are rebased to 100 at the start.

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

Video Game Briefing

Online Game/ Virtual World Universe has 260+ plus companies with $14.5 billion+ in annual revenue
NHN Games Mail.ru Games King.com Zapak Mindjolt 6 waves Most Diverse Kabam Kongregate AOL Games Spil Games Miniclip Realnetworks Games Viacom Online Wild Tangent iwin Duowan Yahoo Games Ourgame Playfirst Tencent Games EA Online Gungho Duniu GGL Shanda Games Run Up Gamania Netease Games Bigpoint rockyou Many Players Disney Online Games Viwawa Prizee Redmoon Sky Union Vector Portfolio Diversity Macrowell Level Up Games Sony Online (SOE) Mgame Webzen

Avista Partners

Ganymede Roblox Games2win Cafe.com Fish Oberon Big Feerik Alawar Fettspielen Microsoft Online 51wan GameDuell Zynga Geewa Motion Twin Jagex Popcap 9you

MLG Gala-net Aeria

Moli Group

NcSoft

Gameforge Liveplex Gamepot Gamigo Netdragon

CJ Internet

Gigamedia Games Cubinet Vinagame

Hanbitsoft The9 ESL

Softstar Sing-Gium Chinese Gamer Gameon CIB Net Station Lizard Nexon Perfect World GameCyber WeMade Entertainment Snail Game Upjers Neowiz Games Sonokong Roc Works Gonzo Rosso SGN IGS Online Games DMII IP e-games High5 Asiasoft Burda Interactive China Cyber Port Windysoft Userjoy CDC Games Actoz Slide Linekong SZ Network Mycnx M-Etel Kingsoft Games Goorm GoodGame Ferry Game VTC Game Headlock K2/ Gamers Outspark First Aruon Garena Lyto Gravity Goa Joymax Anipark Artix OnNet X-legend Innogames Barunson Weilai Ongame Beemoov JC Entertainment Cubizone GamesCampus Ini3 Ndoors Five Minutes Gameus Gamehi Travian Shiji Tiancheng L&K C&C Media Flowplay Unalis Storm Entertainment Logic Korea Crowdstar Imperia Online Dragonfly Ogplanet Mygame.ph Cyberstep Games Masters Ankama Subagames Owlient GCREST Frogster Jumpstart Kog Studios Ntreev Object Three Rings CITVC Netempire IAHGames Redduck Software 100sea Apaja Wiseon Exagame Gamasoft Dream Execution EYA Interactive Imazic Ymir Galaxy Gate Northstar Wooga Lager Network Codemasters Online Hive7 G10 Barunson Interactive Softnyx InixsoftH-win Cipsoft Hi-win Hattrick Gamelabs NetTimeSoft Dreamwork Power Challenge Cave Min Communications Aramaru Taewool Plinga Crspace Expotato Digitalic Nowcom Games Young Internet Sulake F4 Gameart Studio CCR YedangOnline Gaia Online Allm Radiance YNK Korea G-Bits Entropia Watagame Urban Rivals Cedar Online Digipark Ice Entertainment Gnisoft Maiet IMVU Funcom ESTsoft games Apeha.ru Indy21 Entwell Wisecat Seedc Stardoll Alt1 Tri-d Second Life Wizard101 Softon IMC Games Rhaon Atoonz Zwinky Ons On Soft Fusion Fall Mind Candy eRepublik Cartoon Doll Emporium Webkinz Least Diverse Casual Casual to Hardcore Focus

Weeworld

Guangyu Huaxia

Valve Online Warner Bros. Online Games Giant Interactive

Blizzard Changyou (Sohu)

CCP

Hardcore

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

Video Game Briefing

Stock Comps (by sector & ranked by enterprise value):
Stock Price (local currency) (12/20/10) PC/Console Game Publishers/ Developers Nintendo Co. Ltd. 23,660.00 Activision Blizzard, Inc. 12.21 Electronic Arts Inc. 15.86 Sega Sammy Holdings Inc. 1,553.00 Konami Corp. 1,722.00 Namco Bandai Holdings Inc. 885.00 Square Enix Holdings Co., Ltd. 1,453.00 Take-Two Interactive Software Inc. 12.88 Ubisoft Entertainment SA 7.60 Capcom Co. Ltd. 1,322.00 Tecmo Koei Holdings Co. Ltd. 635.00 Soft-World International Corp. 141.00 THQ Inc. 6.19 Atari 2.76 City Interactive sp. z o.o. 24.20 AQ Interactive, Inc. 119,500.00 TransGaming, Inc. 0.80 Softmax Co. Ltd. 7,880.00 Yuke's Co., Ltd. 349.00 CDV Software Entertainment AG 0.20 JoWooD Entertainment AG 1.79 Majesco Entertainment Co. 0.70 Eighting Co., Ltd. 44,150.00 Mindscape SAS 1.29 SouthPeak Interactive Corp. 0.13 Nippon Ichi Software Inc 36,400.00 CyberPlanet Interactive Public Compa 1.29 Nihon Falcom Corp 20,400.00 Interplay Entertainment Corp. 0.06 Conspiracy Entertainment Holdings In 0.05 eGames Inc. 0.17 Price as % of LTM High 71.8% 97.1% 78.4% 97.9% 87.1% 89.8% 70.5% 94.6% 67.3% 69.3% 83.1% 66.2% 74.7% 53.1% 70.2% 61.9% 72.7% 95.4% 84.3% 10.0% 14.8% 54.7% 71.2% 28.7% 26.6% 68.7% 61.4% 76.1% 64.7% 29.4% 17.9% Price as % of LTM Low 117.2% 123.0% 112.8% 156.6% 133.6% 122.1% 102.1% 161.4% 125.2% 115.5% 130.7% 119.0% 185.9% 106.2% 1,216.1% 271.6% 173.9% 315.2% 118.3% 178.6% 147.8% 142.9% 144.3% 101.6% 125.0% 139.9% 110.3% 109.6% 166.7% 176.7% 141.7% Market Cap (USDm) 36,155.4 14,725.6 5,262.9 4,674.9 2,746.2 2,553.5 1,998.0 1,089.8 942.5 933.4 658.0 593.4 420.6 140.6 100.5 77.8 46.7 42.2 40.4 0.6 6.4 27.7 28.2 8.6 7.6 9.1 12.0 24.9 6.7 1.6 2.1 Enterprise Value (USDm) 24,120.0 11,876.6 3,605.9 2,965.5 2,766.1 1,713.9 1,146.2 959.9 843.2 774.9 520.6 445.6 397.8 175.8 99.5 40.5 39.6 34.8 26.1 22.1 18.7 18.4 16.8 15.7 14.2 14.2 11.2 9.0 7.0 4.6 2.5 Min Max Average Median EV/Revenue CY 2009 1.2x 3.9x 0.8x 0.6x 0.8x 0.4x 0.8x 0.7x 0.6x 0.9x 1.6x 2.0x 0.5x NA 8.8x NA 25.9x 10.3x 0.5x 1.4x 0.6x 0.2x 0.8x 0.2x 0.3x 0.6x NA 0.8x 5.1x 0.4x 0.6x 0.2x 25.9x 2.5x 0.8x CY 2010E 1.5x 2.6x 0.9x 0.7x 0.9x 0.4x 0.6x NA NA 1.0x NA 2.1x 0.5x 0.4x NA NA NA NA 0.4x NA 0.5x 0.2x NA NA NA NA NA NA NA NA NA 0.2x 2.6x 0.9x 0.7x CY 2011E 1.9x 2.6x 1.0x 0.6x 0.9x 0.4x 0.6x NA NA 0.8x 1.2x 1.7x 0.5x NA NA NA 8.6x NA NA NA 0.7x 0.3x NA NA NA NA NA NA NA 0.5x NA 0.3x 8.6x 1.5x 0.8x CY 2009 3.6x 34.4x NM 7.1x 4.7x 2.8x 4.0x 7.4x 2.2x 5.1x 5.5x 7.2x 2.7x NA 36.3x NA NM NM 2.7x NM 2.3x 5.2x 3.0x 1.8x 1.8x 4.7x NA 11.4x NM 9.3x NM 1.8x 36.3x 7.5x 4.7x EV/EBITDA CY 2010E 5.3x 7.7x 19.5x NA 7.1x 5.9x 3.2x NA NA 5.9x NA 22.6x NM 2.3x NA NA NA NA NA NA 2.5x NA NA NA NA NA NA NA NA NA NA 2.3x 22.6x 8.2x 5.9x CY 2011E 8.5x 7.5x 10.1x 3.4x 6.6x 5.0x 3.5x NA NA 4.5x 10.4x 16.9x NM NA NA NA NM NA NA NA NA NA NA NA NA NA NA NA NA 1.4x NA 1.4x 16.9x 7.1x 6.6x CY 2009 16.8x 19.1x NM 52.8x 57.2x 71.6x 21.5x NA NA 25.2x NA 17.0x NM NM NA NA NA NA 11.0x NA 2.3x NM NA NA NA NA NA NA NA NA NA 2.3x 71.6x 29.5x 20.3x

Avista Partners

P/E CY 2010E 30.0x 16.2x 31.6x 12.1x 15.4x NM 31.2x NA NA 14.4x 19.3x 13.0x NM NA NA 13.2x NM NA NA NA NM NM NA NA NA NA NA NA NA 1.3x NA 1.3x 31.6x 18.0x 15.4x CY 2011E 16.7x 15.0x 19.6x 10.2x 15.2x 30.9x 15.9x NA NA 7.6x 15.5x 11.3x 15.4x NA NA 8.2x NM NA NA NA 6.9x 5.2x NA NA NA NA NA NA NA 0.9x NA 0.9x 30.9x 13.0x 15.0x

Note: stock comps are based on calendar years and not fully diluted

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

10

Video Game Briefing

Stock Price (local currency) (12/20/10) Game Distributors/ Accessory Companies BigBen Interactive Navarre Corp. Mad Catz Interactive Inc. Digital Bros SpA CD Projekt Guillemot Corp. SA Innelec Multimdia SA 9.35 2.14 0.99 1.35 2.94 2.20 7.85 Price as % of LTM High 89.1% 79.3% 91.6% 55.4% 81.9% 68.1% 70.7% Price as % of LTM Low 134.5% 128.1% 299.7% 115.5% 241.0% 183.3% 126.6% Market Cap (USDm) 140.9 78.0 54.5 24.1 67.5 42.5 16.4 Enterprise Value (USDm) 135.5 102.2 94.1 93.9 80.0 33.4 17.1 Min Max Average Median Stock Price (local currency) (12/20/10) Game Outsourcing Companies Digital Hearts Co., Ltd. InterServ International Inc. XPEC Entertainment Inc. Tose Co. Ltd. Catalis SE Starbreeze AB 132,000.00 74.90 62.00 535.00 0.21 0.11 Price as % of LTM High 59.5% 38.4% 71.1% 78.8% 61.2% 35.5% Price as % of LTM Low 143.5% 145.2% 243.4% 116.3% 173.3% 137.5% Market Cap (USDm) 91.2 70.2 39.7 47.6 10.3 6.0 Enterprise Value (USDm) 80.7 48.8 39.4 27.0 20.3 6.0 Min Max Average Median Digital Distribution/ Payment Companies Digital River Inc. 33.91 Danal Co. Ltd. 13,000.00 Web Money Corp. 184,800.00 Socialwise, Inc. 0.51 86.7% 55.3% 74.1% 67.1% 146.0% 107.0% 192.5% 150.0% 1,346.2 185.2 128.5 32.7 981.8 163.4 48.2 32.9 Min Max Average Median Game retailers GameStop Corp. Game Group plc 21.28 0.65 82.6% 59.3% 124.3% 115.6% 3,221.7 346.3 3,288.2 446.0 Min Max Average Median EV/Revenue CY 2009 1.0x 0.2x 0.8x 0.4x NA 0.5x 0.1x 0.1x 1.0x 0.5x 0.5x CY 2010E 1.0x 0.2x NA NA NA NA 0.1x 0.1x 1.0x 0.4x 0.2x CY 2011E 1.0x 0.2x NA NA NA 0.4x 0.1x 0.1x 1.0x 0.4x 0.3x CY 2009 5.2x 3.1x 29.1x 8.7x NA 13.9x 2.1x 2.1x 29.1x 10.4x 7.0x EV/EBITDA CY 2010E 5.1x 3.8x NA NA NA NA 4.4x 3.8x 5.1x 4.4x 4.4x CY 2011E 5.3x 5.7x NA NA NA 5.1x 4.0x NA NA NA NA CY 2009 6.9x 5.8x NA NA NA NA 5.3x 5.3x 6.9x 6.0x 5.8x

Avista Partners
P/E CY 2010E 8.8x 10.7x NA NA NA 11.3x 7.9x 7.9x 11.3x 9.7x 9.7x CY 2011E 7.8x NA NA NA NA 9.0x 7.4x 7.4x 9.0x 8.1x 7.8x

CY 2008 2.3x 4.4x 5.3x 0.4x 0.4x 0.6x 0.4x 5.3x 2.2x 1.5x NA NA 0.1x NA 0.1x 0.1x 0.1x 0.1x 0.4x 0.2x 0.2x 0.4x 0.3x 0.3x

CY 2009 2.2x NA NA 0.4x 0.4x NA 0.4x 2.2x 1.0x 0.4x 2.5x 2.0x NA NA 2.0x 2.5x 2.3x 2.3x 0.4x 0.2x 0.2x 0.4x 0.3x 0.3x

CY 2010 1.7x NA NA 0.5x 0.6x NA 0.5x 1.7x 0.9x 0.6x 2.7x 1.9x NA 3.6x 1.9x 3.6x 2.7x 2.7x 0.3x 0.2x 0.2x 0.3x 0.3x 0.3x

CY 2008 12.2x 14.3x 29.2x 3.9x 3.5x 4.2x 3.5x 29.2x NA NA NA NA 8.3x NA 8.3x 8.3x 8.3x 8.3x 4.0x 1.9x 1.9x 4.0x 3.0x 3.0x

CY 2009 NA NA NA NA 28.4x NA 28.4x 28.4x 28.4x 28.4x 9.4x 16.8x NA NA 9.4x 16.8x 13.1x 13.1x 4.1x 2.2x 2.2x 4.1x 3.1x 3.1x

CY 2010 NA NA NA NA NA NA 0.0x 0.0x #DIV/0! #NUM! 14.8x 11.1x NA 141.3x 11.1x 141.3x 55.7x 14.8x 3.9x 3.5x 3.5x 3.9x 3.7x 3.7x

CY 2008 NA NA NA 53.8x NM NA 53.8x 53.8x 53.8x 53.8x 19.7x 36.7x NA NA 19.7x 36.7x 28.2x 28.2x 9.4x 3.4x 3.4x 9.4x 6.4x 6.4x

CY 2009 21.3x NA NA 45.1x NM NA 21.3x 45.1x 33.2x 33.2x 39.6x 15.2x NA NM 15.2x 39.6x 27.4x 27.4x 8.0x 7.2x 7.2x 8.0x 7.6x 7.6x

CY 2010 15.1x NA NA 19.9x 6.9x NA 6.9x 19.9x 14.0x 15.1x NA NA NA NA 0.0x 0.0x NA NA 7.3x 6.0x 6.0x 7.3x 6.6x 6.6x

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

11

Video Game Briefing

Stock Price (local currency) (12/20/10) Game Technology Image Metrics, Inc. Mobile Game Companies Dena Co. Ltd. Gree, Inc. GameLoft SA GAMEVIL Inc. Com2uS Corporation Glu Mobile, Inc. Artificial Life, Inc. Hudson Soft Company G-mode Co. Ltd. NeuMedia, Inc. Price as % of LTM High Price as % of LTM Low Market Cap (USDm) Enterprise Value (USDm) CY 2008 CY 2009 CY 2010 CY 2008 CY 2009 CY 2010 CY 2008

Avista Partners

CY 2009

CY 2010

1.07

35.5%

137.5%

17.0

26.4

NA

NA

NA

NA

NA

NA

NA

NA

NA

3,095.00 1,123.00 4.96 28,200.00 13,200.00 1.93 1.03 314.00 49,450.00 0.34

99.7% 71.1% 95.6% 67.5% 68.4% 70.2% 60.2% 63.7% 45.3% 53.1%

184.4% 128.3% 165.3% 117.3% 128.8% 227.1% 147.1% 130.3% 247.3% 226.7%

5,577.0 3,053.4 487.0 134.7 108.9 86.0 65.7 108.1 66.9 12.3

5,054.4 2,850.3 456.0 98.0 75.7 74.8 66.2 61.3 42.4 13.9 Min Max Average Median

12.6x NA 2.8x 8.1x 3.2x 0.8x 3.0x 0.3x NA 0.6x 0.3x 12.6x 3.9x 2.9x

12.2x 10.9x 2.6x NA 2.8x 0.9x NA 0.3x NA NA 0.3x 12.2x 5.0x 2.7x

4.2x 5.2x 2.5x 3.8x 2.2x 1.2x 1.7x NA NA NA 1.2x 5.2x 3.0x 2.5x

26.9x NA 33.3x 19.2x 9.5x NM 5.1x 1.6x NA NM 1.6x 33.3x 15.9x 14.3x

22.8x 18.8x 21.8x NA 13.7x 18.4x NA NA NA NA 13.7x 22.8x 19.1x 18.8x

9.0x 9.4x 14.9x 6.5x 6.8x NM NA NA NA NA 6.5x 14.9x 9.3x 9.0x

48.1x 35.0x 47.8x NA 23.7x NM NA 9.1x NA NA 9.1x 48.1x 32.8x 35.0x

17.4x 17.2x 34.1x 10.3x 12.8x NM 4.5x NA NA NA 4.5x 34.1x 16.0x 15.0x

13.2x 12.6x 24.6x 7.9x 8.9x NM 3.8x NA NA NA 3.8x 24.6x 11.8x 10.7x

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

12

Video Game Briefing

Stock Price (local currency) (12/20/10) Online Game Companies NetEase.com, Inc. NCSoft Shanda Interactive Entertainment Lt Shanda Games Limited Changyou.com Limited Perfect World Co., Ltd. NEOWIZ Games Corporation Chinese Gamer International Giant Interactive Group, Inc. Kingsoft Corporation Limited China Communication Telecom Serv Shenzhen Zhongqingbaowang Netw GungHo Online Entertainment, Inc. GameHi Co.,Ltd. UserJoy Technology Co. Ltd. Gamania Digital Entertainment Co., CJ Internet Corp. Webzen Inc. Dragonfly GF Co., Ltd JCEntertainment Corporation Frogster Interactive Pictures AG Asiasoft Corporation Public Compan Mgame Corp. HanbitSoft, Inc. Wemade Entertainment Co., Ltd. Wayi International Digital Entertainm YD Online Corp. Barunson Games Corporation. Gala Incorporated NetDragon WebSoft, Inc. Cave Co. Ltd. Softstar Entertainment Inc. ESTsoft Corp. Liveplex Co. Ltd. Ynk Korea Inc. Actoz Soft Co., Ltd. Funcom N.V. M-etel Co., Ltd GameOn Co Ltd. CyberStep, Inc. Joymax Company Ltd. Star Vault AB Gravity Co., Ltd GigaMedia Ltd. The9 Limited 35.62 218,000.00 38.91 6.28 28.37 22.72 46,050.00 258.00 6.62 3.98 2.04 23.26 276,900.00 1,460.00 255.00 47.85 16,300.00 7,730.00 13,100.00 18,400.00 27.30 10.00 6,660.00 3,870.00 34,100.00 32.80 3,200.00 1,890.00 34,250.00 3.23 181,800.00 27.30 11,000.00 2,390.00 2,750.00 10,250.00 4.60 7.15 61,100.00 41,100.00 12,600.00 0.57 1.80 1.46 6.31 Price as % of LTM High 81.6% 79.3% 64.9% 57.4% 77.9% 50.9% 81.1% 58.8% 80.2% 53.9% 82.9% 66.2% 87.9% 62.4% 52.8% 76.2% 94.2% 52.9% 66.8% 95.3% 97.2% 88.5% 55.3% 49.6% 51.0% 82.0% 41.3% 77.3% 46.6% 63.5% 74.5% 56.3% 53.1% 73.8% 70.7% 49.3% 72.4% 45.7% 54.1% 41.0% 47.5% 12.7% 80.0% 37.5% 72.9% Price as % of LTM Low 136.2% 183.2% 107.1% 125.9% 114.2% 109.5% 163.9% 134.4% 109.8% 110.6% 300.0% 124.9% 199.1% 146.0% 127.2% 121.1% 166.3% 113.3% 131.4% 554.2% 174.4% 180.2% 123.6% 124.4% 101.6% 197.6% 104.2% 177.5% 173.0% 107.3% 263.5% 100.0% 112.2% 158.3% 111.3% 114.7% 148.4% 178.7% 132.8% 182.7% 108.2% 114.0% 133.3% 106.6% 170.5% Market Cap (USDm) 4,625.4 3,729.6 2,240.4 1,791.8 1,463.0 1,138.6 841.1 741.1 1,505.8 573.6 313.4 452.8 380.2 208.8 267.1 264.6 321.7 214.0 144.3 160.8 91.8 101.3 65.7 73.5 247.5 77.0 41.6 45.5 43.5 218.5 44.7 33.2 45.0 48.1 19.0 78.9 41.0 3.9 70.6 9.7 72.9 1.7 50.0 80.8 158.5 Enterprise Value (USDm) 3,309.8 3,222.0 1,342.4 1,314.7 1,170.9 913.2 828.2 650.5 648.4 378.7 337.5 336.5 328.4 254.1 246.2 236.3 231.8 148.9 144.2 140.0 82.2 74.4 72.0 70.1 69.6 61.0 53.8 46.8 42.9 40.9 40.5 37.3 35.7 33.6 27.3 25.8 25.4 8.7 5.0 4.7 2.8 1.6 (13.8) (18.9) (66.4) Min Max Average Median EV/Revenue EV/EBITDA P/E CY 2009 7.3x 11.7x 2.6x 2.7x 5.8x 4.3x 4.2x 13.7x 2.8x 3.1x 7.0x 42.8x 2.6x 7.1x 16.1x 2.1x 1.4x 6.6x 5.3x 11.1x 25.2x 1.6x 1.5x 1.3x 1.1x 3.4x 0.9x 7.7x 1.0x 0.5x 1.2x 5.5x 1.8x 3.3x 2.4x 0.3x NA 1.5x NA 0.5x 0.1x NA NA NA NM 0.1x 42.8x 5.8x 3.1x CY 2010E 6.1x 8.3x 1.8x 1.9x 4.4x 2.9x 3.5x 10.1x 3.4x 2.6x NA NA 2.6x NA 12.7x 1.7x 1.2x 6.2x NA NA 4.2x 1.7x 1.5x NA NA NA 1.0x NA NA 0.4x NA NA 1.4x NA NA 0.2x NA NA NA NA NA NA NA NA NM 0.2x 12.7x 3.6x 2.6x CY 2011E 4.1x 6.5x 1.6x 2.0x 3.6x 2.5x 2.3x 8.5x 3.3x 2.3x NA 25.9x 2.9x NA 6.0x 1.4x 1.1x 4.6x 4.6x 6.5x 2.4x 1.6x 1.2x NA 0.8x 2.9x 0.7x NA NA 0.5x 1.1x 3.7x NA 0.0x NA NA NA NA NA NA NA NA NA NA NM 0.0x 25.9x 3.7x 2.5x CY 2009 11.3x 58.5x 5.4x 6.8x 9.9x 8.0x 15.7x 27.1x 4.4x 8.1x NM 63.7x 14.8x 16.3x 49.6x 13.5x 5.9x NM 8.8x NM NM 8.4x 6.2x NM 2.5x 16.8x 4.1x NM 5.7x 1.2x 5.0x NM 4.0x NM 23.1x 1.8x NM 5.4x NM NM 0.2x NM NA NA NM 0.2x 63.7x 13.8x 8.1x CY 2010E 10.4x 19.0x 3.9x 4.6x 6.8x 5.2x 11.4x 15.2x 5.1x 5.9x NA NA NA NA 31.6x NA 4.6x 32.2x NA NA 15.3x 7.0x 7.1x NA NA NA NA NA NA 3.4x NA NA 3.5x NA NA 1.1x NA NA NA NA NA NA NA NA NM 1.1x 32.2x 10.2x 6.8x CY 2011E 8.1x 13.0x 6.0x 5.6x 5.6x 5.7x 8.1x 16.0x 5.3x 5.7x NA 62.0x NA NA 15.4x NA 4.5x 13.1x 8.3x 40.4x 9.3x 5.0x 3.8x NA 1.9x 10.4x NA NA NA 4.0x NA 19.6x NA NA NA NA NA NA NA NA NA NA NA NA NM 1.9x 62.0x 12.0x 8.1x CY 2009 17.5x 27.6x 11.5x 8.1x 9.9x 7.7x 18.5x 19.5x 12.6x 9.8x NA NA 29.6x NA 40.6x 21.3x 13.6x 22.6x NA NA 35.2x 20.7x 15.3x NA NA NA 6.6x NA NA 18.2x NA NA 6.7x NA NA 9.8x NM NA 8.2x NA NA NA NA NA NM 6.6x 40.6x 17.0x 15.3x

Avista Partners

CY 2010E 14.9x 22.7x 21.3x 9.4x 8.6x 8.6x 12.4x 21.5x 13.0x 8.7x NA 59.6x 17.1x NA 17.6x 28.6x 19.6x 8.8x 12.1x 59.0x 21.3x 12.7x 7.6x NA 6.6x 24.1x 3.6x NA NA 36.1x NM NM NA NA NA NA NM NA NM NA NA NA NA 1.6x NM 1.6x 59.6x 18.3x 13.9x

CY 2011E 12.0x 15.9x 17.7x 9.1x 7.6x 7.9x 10.0x 16.3x 11.2x 7.3x NA 47.5x 14.3x NA 15.9x 18.5x 10.0x 5.4x 8.6x 11.6x 10.8x 11.4x 6.5x NA 5.2x NA 2.9x NA NA 14.9x 6.2x 7.9x NA NA NA NA NM NA 14.8x NA NA NA NA 9.1x NM 2.9x 47.5x 12.0x 10.4x

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

13

Video Game Briefing

M&A Comps (LTM & ranked by date): Mobile Game M&A Comps:
Total Transaction Date 12/06/2010 12/02/2010 10/20/2010 10/12/2010 09/14/2010 08/30/2010 08/27/2010 07/07/2010 07/01/2010 06/21/2010 05/12/2010 05/05/2010 03/23/2010 02/22/2010 01/29/2010 01/13/2010 Target/Issuer 3GUU Mobile Entertainment (70%) Newtoy Chillingo ngmoco Gameview Studios Socialdeck Sammy Networks Co. Ltd. (45.25%) Viva Red Company (51%) Tapulous Beijing Ourpalm Co. Ltd. (22%) Stumptown Game Machine Hands-On Mobile (Hombre Division) Sennari (assets) Freeverse Astraware Ltd. Letang Game Ltd (50.01%) Value ($mm) Buyers/Investors 29.6 29.0 400.0 103.7 4.1 21.8 9.2 VODone LIMITED Zynga Electronic Arts DeNA DeNA Google Sega Sammy Holdings Moqizone Holding, Corp. The Walt Disney Company Huayi Brothers Media Group ngmoco GoTV Networks Connect 2 Media ngmoco Howard Tomlinson and David Oakley Linktone Implied Enterprise 42.3 29.0 400.0 140.4 4.6 99.3 11.7 Implied Enterprise 1.1x 11.1 Implied Enterprise Value/EBITDA 2.8x Implied Enterprise Value/EBIT 45.5x -

Avista Partners

Value ($mm) Value/ Revenues

Game Distribution/ Accessory M&A Comps:

Total Transaction Date 12/21/2009 12/07/2009 12/04/2009 Target/Issuer Jack of All Games BigBen Interactive (10.54%) Trilogy (Assets) Value ($mm) Buyers/Investors 43.3 Synnex Vincent Bollor and Sbastien Bollor Gem Distribution Implied Enterprise Implied Enterprise Value ($mm) 43.3 Value/Revenues 0.15 Implied Enterprise Value/EBITDA Implied Enterprise Value/EBIT -

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

14

Video Game Briefing

Game Technology/Middleware M&A Comps:
Total Transaction Date 12/03/2010 11/04/2010 10/29/2010 10/27/2010 08/05/2010 08/03/2010 07/21/2010 06/30/2010 06/28/2010 05/05/2010 Target/Issuer Phonetic Arts Quazal Canesta New Game Technologies FacePro HeroEngine & HeroCloud technologies Illuminate Labs Character-FX Effect Games LLC Tag Networks Value ($mm) Buyers/Investors Google Ubisoft Microsoft Havok Image Metrics Idea Fabrik plc Autodesk Image Metrics Dextrose AG ActiveVideo Networks Implied Enterprise Implied Enterprise Value ($mm) Implied Enterprise Value/ Revenues Value/ EBITDA Implied Enterprise Value/ EBIT -

Avista Partners

Payment M&A Comps:

Total Transaction Date Target/Issuer Value ($mm) Buyers/Investors 10.0 1,800.0 33.0 Google Digital River Visa Inc. Welsh, Carson, Anderson & Stowe Offerpal Media Incomm Strategic Design Network Danal Co. SponsorPay China Cyber Port (International) Company Limited 08/13/2010 Jambool 05/05/2010 fatfoogoo 04/21/2010 Cybersource Corporation 04/15/2010 GlobalCollect 03/22/2010 Tapjoy 03/10/2010 Zeevex 02/24/2010 Payout Hub 02/24/2010 BilltoMobile 02/09/2010 GratisPay 01/11/2010 Beijing Shentong Yijia Technology Service Company Limited Implied Enterprise 12.4 1,672.0 33.0 Implied Enterprise 6.3x Implied Enterprise 31.8x Implied Enterprise 95.5x -

Value ($mm) Value/ Revenues Value/ EBITDA Value/ EBIT

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

15

Video Game Briefing

PC/ Console Game M&A Comps:
Total Transaction Date 11/03/2010 10/28/2010 09/22/2010 09/15/2010 08/12/2010 08/13/2010 07/22/2010 07/16/2010 07/14/2010 07/12/2010 05/07/2010 04/08/2010 04/05/2010 03/31/2010 03/02/2010 02/23/2010 01/25/2010 01/15/2010 01/07/2010 Target/Issuer Longtail Quebec Studio Tango Gameworks The Games Company (selected assets) Blue Castle Studios Arkane Studios FeelPlus Inc. and Artoon Co., Ltd. (minority stake) Ubisoft Ubisoft (15%) dtp entertainment AG Cavia (remaining minority stake) Slitherine Software Sector3 Pty Ltd Codemasters (50%) IRP GmbH Media Molecule Rocksteady Studios (68.4%) Rising Star Games (50%) Mamba Games Southpeak Interactive (minority stake) Value ($mm) Buyers/Investors 117.0 4.2 Ubisoft Zenimax Media Kalypso Media Capcom Zenimax Media AQ Interactive Harbinger Capital Partners LLC Beaufort Capital Fund Management Business AQ Interactive Matrix Games Trickstar Games Reliance Big Entertainment Ltd. SouthPeak Interactive Corp. Sony Computer Entertainment Warner Bros Intergrow Lace Digital Media Sales Koch Media Implied Enterprise 4.2 Implied Enterprise Implied Enterprise Implied Enterprise Value ($mm) Value/ Revenues Value/ EBITDA Value/ EBIT

Avista Partners

Game Hardware M&A Comps:

Total Transaction Date 05/13/2010 Target/Issuer 3DiJoy Corporation (24%) Value ($mm) Buyers/Investors 10.0 6.0 Mad Catz China Digital TV Holding Co.
Total Transaction Date 01/13/2010 Target/Issuer Grafit (concept art studio) Value ($mm) Buyers/Investors Virtuos Ltd.

Implied Enterprise 10.0 25.0

Implied Enterprise -

Implied Enterprise Implied Enterprise -

Implied Enterprise Implied Enterprise -

Implied Enterprise Implied

Value ($mm) Value/ Revenues Value/ EBITDA Value/ EBIT

06/01/2010 Tritton Technologies

Game Outsourcing M&A Comps:

Enterprise Value ($mm) Value/ Revenues Value/ EBITDA Value/ EBIT

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

16

Video Game Briefing

Online Game M&A Comps:
Total Transaction Date 12/17/2010 12/10/2010 12/06/2010 12/03/2010 12/03/2010 12/01/2010 11/16/2010 11/16/2010 11/09/2010 11/05/2010 10/22/2010 10/18/2010 10/05/2010 10/01/2010 09/29/2010 09/29/2010 09/24/2010 09/14/2010 09/09/2010 08/17/2010 08/11/2010 08/06/2010 08/05/2010 08/05/2010 08/03/2010 08/02/2010 08/02/2010 07/19/2010 07/27/2010 07/19/2010 07/08/2010 07/08/2010 07/07/2010 07/02/2010 06/25/2010 06/14/2010 06/07/2010 06/03/2010 06/01/2010 05/27/2010 05/27/2010 05/20/2010 Target/Issuer Dizzywood Beijing Julun Network Information Technology Co., Funtank TirNua Nclipse China Cyber Port Co., Ltd. (75%) APB: All Points Bulletin Game & Assets CJ Internet Corp AppStrip Making Fun Wonderhill Ludia (51%) Bonfire Studios Vivaty Barunson Interactive (50.8%) CPMStar Dextrose AG Backstage Technologies Eyedentity Conduit Labs Gamehi (22.8%) Slide Beijing Globallink Computer Technology (50%) & Unoh Frogster (60%) Xfire ImpactGames Playdom Kongregate MMO-Champion spotsonfire GmbH Metaplace Social Express Joymax Company Ltd. (25.46%) Hive7 Mytopia RockYou Asia Challenge Games Radon Labs Gamehi (29.3%) Infocomm Asia Holdings (52%) XPD Media Value ($mm) Buyers/Investors 2.3 18.0 293.9 10.2 95.0 48.0 27.7 68.6 763.2 57.7 48.0 59.8 23.0 SecretBuilders Giant Interactive Publishers Clearing House Rockyou Nexon China Communication Investment Reloaded Productions (Gamersfirst) O Media Holdings Co., Ltd. Tapjoy News Corp Kabam FremantleMedia Zynga Microsoft Gravity Game Show Network Zynga RealNetworks Shanda Games Zynga Nexon Google Zynga Gameforge Titan Gaming Hybrid Learning The Walt Disney Company Gamestop Curse GoodGame Studios Playdom MTV Networks Wemade Entertainment Co., Ltd. Playdom 888 Holdings RockYou Zynga Bigpoint GmbH Nexon Gigamedia Zynga Implied Enterprise 2.3 24.0 175.6 20.1 95.0 210.5 86.2 763.2 162.8 48.0 204.1 44.2 Implied Enterprise 0.8x 7.0x 4.8x 4.4x 5.9x 6.0x 4.9x Implied Enterprise 3.5x 14.6x 27.6x 12.4x Implied Enterprise 4.0x 17.4x 34.5x 21.0x Value ($mm) Value/ Revenues Value/ EBITDA Value/ EBIT

Avista Partners

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

17

Video Game Briefing

Online Game M&A Comps (continued):
Total Transaction Date 05/20/2010 05/20/2010 05/18/2010 05/18/2010 05/17/2010 05/14/2010 05/11/2010 05/04/2010 04/30/2010 04/26/2010 04/26/2010 04/21/2010 04/21/2010 04/20/2010 04/15/2010 04/12/2010 04/09/2010 03/31/2010 Target/Issuer Cyber Revolutionary Space Co. (48.94%) IF Co., Ltd. (50%) Acclaim Games Runic Games (increase to majority stake) Perfect Storm Network Technology Stunlock Studios (minority stake) Nextplay (65%) Ndoors (67%) Chengdu Ye Net Science and Technology Development Merscom LabPixies Irata Labs Shenzhen Domain Computer Network Co. (29%) Turbine Inc. NHN Games CIB Development Sdn Bhd Qian Wan Technology Co. Ltd. (80%) Three Melons Value ($mm) Buyers/Investors 10.7 31.8 8.4 8.8 20.8 214.4 11.9 0.1 0.7 21.0 20.0 8.0 7.3 3.9 2.0 3.0 6.5 4.3 80.0 NEOWIZ Games Corporation Aromasoft Corporation Playdom Perfect World Dokomo Network Technology Funcom NCSoft Nexon Perfect World Playdom Google News Corp Shenzhen Tencent Computer System Co. Warner Bros. Webzen CIB Interactive Sdn Bhd Long Shapiro Core Information Services Limited Playdom Hansathan Piyachatwongs Perfect World Co., Ltd. The9 Limited Travian Games Platform G Playdom Hi5 Networks UBM TechWeb Game Network High Amuse Limited Wemade Entertainment Break Media Zynga Almaz Capital Partners CJ Internet Wemade Entertainment Linden Research PrismOne Group iEntertainment Network Shanda Games Saints Capital Shanda Games Chess.com Implied Enterprise 21.8 63.6 46.5 214.4 11.9 0.1 10.9 21.0 8.0 7.3 12.5 2.0 13.0 11.5 12.3 80.0 Implied Enterprise 10.2x Implied Enterprise Implied Enterprise Value ($mm) Value/ Revenues Value/ EBITDA Value/ EBIT

Avista Partners

03/30/2010 Cyber Planet Interactive Company Limited (6.82%) 03/26/2010 C&C Media Co., Ltd. 03/22/2010 Red 5 Studios (majority stake) 03/03/2010 northworks Software 03/03/2010 Mindjolt 03/03/2010 Offbeat Creations 02/24/2010 Big Six Games 02/23/2010 Game Advertising Online 02/22/2010 Raxco Assets Corp. 02/18/2010 YNK Japan (31.6%) 02/11/2010 FileFront 02/11/2010 Serious Business 02/03/2010 Alawar (23%) 02/03/2010 Seed9 Entertainment (56.33%) 02/02/2010 YNK Japan (35%) 01/29/2010 Enemy Unknown AB 01/21/2010 Professional Interactive Entertainment (GGL) 01/13/2010 01/11/2010 Thriller New Media Mochi Media

01/11/2010 Linden Research (undisclosed stake) 01/08/2010 Shanghai Hongli Digital Technology (Goldcool Games) 12/21/2009 Chesspark.com (domain name)

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

18

Video Game Briefing

Fundraising Comps (LTM & ranked by funding amount): PC/ Console Game Fundraising Comps:
Total Transaction Date 12/10/2010 12/02/2010 10/25/2010 10/06/2010 07/21/2010 07/20/2010 05/20/2010 05/19/2010 04/27/2010 04/23/2010 03/19/2010 03/17/2010 02/22/2010 02/04/2010 12/21/2009 12/21/2009 Target/Issuer Starbreeze Zordix Conspiracy Entertainment Zenimax Media Ubisoft SouthPeak Interactive Corp. (OTCBB:SOPK) Red Redemption CyberPlanet Interactive Public Co. Mindscape Paradox Interactive eGames Inc. Interplay Entertainment Corp Darkworks Square Enix Games Factory Online Jerry Bruckheimer Games Transaction Type Public Offering Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement IPO PIPE Private Placement Private Placement Private Placement Private Placement Fixed-Income Offering Private Placement Private Placement
Total Transaction Date 10/06/2010 09/13/2010 08/05/2010 07/31/2010 06/08/2010 05/17/2010 04/21/2010 Target/Issuer Movinto Fun Zeebo Inc. Iron Will Innovations Beijing eedoo Technology Ltd. Inspired Instruments Zeebo Inc. Qualtr Inc. Transaction Type Value ($mm) Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement 0.5 15.0 3.0 1.3 13.5 8.0 Investors SamInvest Mitt AB, Sting Capital AB & angel investors Lenovo Group Ltd. and Legend Capital Kevin Kent and JR deSouza Matrix Partners and Pilot House Ventures Location Sweden USA Canada China USA USA USA

Avista Partners

Value ($mm) 3.8 0.2 150.0 40.0 5.5 1.2 3.0 5.3 0.5 1.0 5.4 400.6 -

Investors Sparbankstiftelsen Sknes Riskkapitalstiftelse Alpha Capital AG ; Whalehaven Capital Fund Limited Providence Equity Societe Generale de Financement du Quebec AQR Capital Management, LLC , AQR Funds - Diversified Arbitrage Fund, CNH CA Master Account L.P. , Cnh Partners & Terry Phillips Angel Investors Investment AB Spiltan Dot Corp Dveloppement & Partenariat Value8 NV Jerry Bruckheimer

Location Sweden Sweden USA USA France USA UK Thailand France Sweden USA USA France Japan Netherlands USA

Game Hardware Fundraising Comps:

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

19

Video Game Briefing

Payment/ Offer/ Analytics Fundraising Comps:
Total Transaction Date 11/01/2010 10/06/2010 08/19/2010 08/16/2010 08/09/2010 07/15/2010 06/29/2010 06/09/2010 05/27/2010 04/27/2010 04/13/2010 04/09/2010 04/01/2010 03/25/2010 03/03/2010 03/02/2010 02/18/2010 02/03/2010 01/21/2010 01/19/2010 Target/Issuer Vindicia, Inc. SponsorPay Playspan IGA Worldwide SupersonicAds Matomy Kontagent SponsorPay Boku Zong Social Growth Technologies Kontagent Billing Revolution C$ cMoney Inc. Kwedit Venmo Danal Co Kwedit Rixty Boku Transaction Type Value ($mm) Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement PIPE Private Placement Private Placement Private Placement Private Placement 20.0 18.0 2.0 1.0 4.5 4.6 15.0 0.2 1.0 0.5 15.0 3.3 0.4 26.0 3.0 1.2 25.0 Total Transaction Date Target/Issuer Transaction Type Value ($mm) Private Placement 8.0 Investors Location Jafco Asia, Hotung Investment Holdings & Tokio Marine Investment Services China 08/03/2010 Ultizen Games

Avista Partners

Investors FTV Capital, Bertelsmann Digital Media Investments, DCM and ONSET Ventures Investitionsbank Berlin (IBB) Vodafone Ventures, Softbank Bodhi Fund, Menlo Ventures, Novel TMT Ventures, STIC, and others T-Venture, Kreos Capital and Easton Capital Michael van Swaaij & other investors Ilan Shiloah and Nir Tarlovsky Altos Ventures, Maverick Capital and Larry Braitman Hasso Plattner Ventures, Kite Ventures, and Team Europe Ventures Andreessen Horowitz Matrix Partners angel investors Jameson Hsu, Greg Thomson, Mike Sego, Naval Ravikant and Extreme Venture Partners angel investors Kodiak Capital Group Maveron LLC Betaworks, Lerer Media Ventures and RRE Ventures True Ventures, Maples Investments, Endeavor Capital Management, Fenwick & West, LLP, Kapor Capital & angel investors Javelin Venture Partners, Accelerator Ventures, First Round Capital, Freestyle Capital, Nueva Ventures & Soft Tech VC DAG Ventures, Benchmark Capital, Index Ventures, and Khosla Ventures LTI Global, Inc and PayLetter, Inc.

Location USA Germany USA USA UK Israel USA Germany USA USA USA USA USA USA USA USA South Korea USA USA USA USA

12/21/2009 Open Network Entertainment

Game Outsourcing Fundraising Comps:

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

20

Video Game Briefing

Mobile Game Fundraising Comps:
Transaction Date 12/20/2010 12/15/2010 11/22/2010 11/08/2010 10/27/2010 10/20/2010 10/20/2010 10/12/2010 09/30/2010 09/24/2010 09/23/2010 09/21/2010 09/21/2010 09/16/2010 08/26/2010 08/11/2010 07/19/2010 07/13/2010 07/08/2010 07/06/2010 06/29/2010 06/23/2010 06/09/2010 06/08/2010 05/26/2010 05/17/2010 04/30/2010 04/22/2010 04/06/2010 03/20/2010 02/22/2010 02/06/2010 12/22/2009 12/21/2009 Target/Issuer Blue Lion Mobile Pocket Gems Mo'Minis Social Gaming Network Kiip.me Aurora Feint Beijing Downjoy Information Tech Ozura World Tonchidot Astro Ape MocoSpace Connect2Media PerBlue Leti Games Ghana Ltd. Green Mobile Ngmoco Playhaven Tribeflame Oy Aurora Feint Glu Mobile Foursquare PapayaMobile KwiqApps Digital Chocolate Ogmento Booyah Moblyng Istpika Beijing Moca World Technology Happy Blue Fish Studio Ngmoco Fliptrack Portable Zoo Monstrous Company Transaction Type Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Line of Credit Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Value ($mm) 5.0 4.5 2.5 0.3 3.0 12.0 30.0 12.0 3.5 0.8 1.0 4.0 13.5 20.0 4.0 3.5 20.0 2.65 2.00 0.27 25.00 1.00 0.15 0.4 Investors Xange, KfW and Bertelsmann Digital Media Investments Sequoia Capital, Michael Dearing, Jeff Fluhr and Omar Hamoui Mitsui Ventures, BRM Capital, and Baruch Lebanon Columbia Capital, Greylock Partners and Novak Biddle Venture Partners True Ventures, Paige Craig, Rohan Oza, Keith Belling, Joe Stump, Chris Redlitz and Doug Chertok Intel Capital Qiming Venture Partners Inovisi Infracom KDDI, Recruit, SPiRE, DCM, Itochu Technology Ventures (ITV), and JAFCO Dena Co. Ltd. SoftBank Capital Acuity Capital Management Limited , North West Interim Venture Capital Fund , YFM Private Golden Angels & other angel investors Meltwater Foundation CyberAgent Investment, Inc. Google Ventures Tandem Entrepreneurs Petteri Laitala and Aboa Venture Management Oy The9 Greenway Capital, GGV Capital, New Enterprise Associates & others Andreessen Horowitz, Union Square Ventures and O'Reilly AlphaTech Ventures DCM Bridge Capital Holding Chart Venture Partners, CNF Investments and angel investors Accel Partners, Kleiner Perkins Caufield & Byers and DAG Ventures Mohr Davidow Ventures and Deep Fork Capital GMO VenturePartners Infinity Venture Partners Logoden Participations and other business angels Institutional Venture Partners, Kleiner Perkins, Norwest Venture Parters & Maples Investments Don Traeger -

Avista Partners

Location Germany USA Israel USA USA USA China Hong Kong Japan USA USA UK USA Ghana Vietnam USA USA Finland USA USA USA China USA USA USA USA USA Japan China USA USA USA USA USA

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

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Video Game Briefing

Game Technology/Middleware Fundraising Comps:
Total Transaction Date 11/10/2010 09/13/2010 09/10/2010 08/31/2010 08/23/2010 07/26/2010 07/20/2010 07/15/2010 07/14/2010 07/14/2010 06/22/2010 06/08/2010 05/25/2010 05/24/2010 05/17/2010 05/13/2010 05/13/2010 05/10/2010 03/24/2010 03/11/2010 02/01/2010 01/26/2010 01/25/2010 01/22/2010 01/05/2010 12/23/2009 Target/Issuer Turbulenz Extreme Reality (XTR) Ltd. in3Depth Systems SA Xaitment Musemantik Geomerics Gaikai Allegorithmic SAS Gendai Games Vivox, Inc. Neurosky Big Door Media Image Metrics Limited Gaikai Turiya Media OnLive Inc. (2.6%) OnLive Inc. (2.6%) Sifteo Ayalogic Image Metrics Limited Vivox, Inc. Scaleform Localize Direct Tangentix Gaikai Transgaming Transaction Type Value ($mm) Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement 5.0 10.2 1.6 0.2 3.6 1.9 1.0 2.0 11.8 5.0 0.8 10.0 9.0 0.5 8.0 6.8 0.2 0.35 5.0 8.5 Investors Extreme Reality (XTR) Ltd. Belgacom SA and S.R.I.W. Techno s.a. Triangle Venture Capital Group and ERP Startfonds Scottish Enterprise & Angel Investor Intel Capital and Limelight Networks Sofimac Partners and an angel investor DFJ Mercury, Steamboat Ventures, DFJ Frontier, ff Asset Management, Paul Bricault, Paige Craig, Tom McInerney, Josh Resnick & Mark Suster Peacock Equity WR Hambrecht + Co., Marubeni Corp. and TUVC Foundry Group Saffron Hill Ventures Guernsey LTD and Genesis Opportunity Fund Rustic Canyon Partners, Benchmark Capital and Triplepoint Capital Firstmark Capital BT Belgacom Foundry Group and True Ventures angel investors IDG Ventures, Canaan Partners, GrandBanks Capital Inc., and Benchmark Capital TeknoSeed Enterprise Ventures -

Avista Partners

Location UK Israel Belgium Germany UK UK USA France USA USA USA USA USA USA USA USA USA USA USA USA USA USA Sweden UK USA Canada

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

22

Video Game Briefing

Online Game & Virtual World Fundraising Comps:
Total Transaction Date 12/20/2010 12/14/2010 12/13/2010 12/07/2010 11/29/2010 11/29/2010 11/22/2010 11/19/2010 11/17/2010 11/16/2010 11/10/2010 11/08/2010 11/05/2010 11/04/2010 11/04/2010 11/03/2010 10/29/2010 10/21/2010 10/18/2010 10/18/2010 10/15/2010 10/14/2010 10/14/2010 10/13/2010 10/12/2010 10/12/2010 10/11/2010 10/11/2010 10/06/2010 10/04/2010 09/30/2010 09/16/2010 09/15/2010 09/13/2010 09/09/2010 09/02/2010 08/24/2010 08/20/2010 08/20/2010 08/16/2010 08/16/2010 08/13/2010 Target/Issuer Major League Gaming Beijing Baiyou Huitong Technology Funcom Tabula Digita Vostu GH Hope Island Fastpoint Games Lionside Gameground TeePee Games Oberon Media Plinga Gazillion Entertainment Baobab Planet S.L. Rocket Ninja BringIt Hang Ten Interactive Vertigo Diversion Gamersband Soshi Games Kabongo Neonga Gamervision PlayFirst, Inc. Online Warmongers Virdual CyberSports Military Entertainment BoomBang Games Spacetime Studios Quyou iWin Ismole Green Man Gaming Up Web Game GmbH GameCrush FlowPlay, Inc. Kabam Kima Labs Ayeah Games Inc. Empire Avenue Transaction Type Value ($mm) Private Placement Private Placement Loan & Warrants Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement 10.0 10.0 10.0 2.0 30.0 12.9 3.9 1.6 5.3 0.5 16.0 60.0 3.5 1.5 2.6 0.3 0.5 1.1 2.8 1.5 9.2 5.0 0.7 6.8 0.4 5.2 0.2 4.0 0.7 0.8 Investors Legion Enterprises and Oak Investment Partners Stelt Holding Nv Tiger Management, Accel Partners, Intel Capital, General Catalyst Partners CJ Internet Mission Ventures Sherpalo Ventures & Ron Conway Sequoia Capital, Softbank Capital, Vodafone Ventures and Novel TMT Ventures Goldman Sachs Asset Management, Oak Investment Partners, and Infinity I-China SPIL Games B.V. Temasek Holdings, Oak Investments, Hearst Corporation, Revolution Ventures, Pelion Ventures & the Abu Dhabi Media Company Grupo Intercom de Capital, SCR, S.A. angel investors Blumberg Capital, Seraph Group and Ergo Media Modena Technologies Capital Partners Tornante Company Petit Poucet Screen WM High-Tech Grunderfonds, Creative Industries Berlin & other investors Mayfield Fund, Trinity Partners, Rustic Canyon ventures and Comerica Arktos Entertainment Group Generis Capital Partners and Didier Fraisse Big Bang Ventures & other investors Nexon Insight Venture Partners SIG Asia Investments Eden Ventures, Creative Capital Fund and angel investors RapidTainment AG and High-Tech Grnderfonds Management GmbH Scott & Cyan Banister, Anthem Venture Partners, Crosscut Ventures, Paige Craig and Christina Brodbeck Intel Capital SV Angel (Ron Conway), The Washington Post Company, Naval Ravikant, Owen Van Natta and other angel investors Lead Dog Ventures and Eureeka Ventures W Media Ventures and angel investors

Avista Partners

Location USA China Norway USA USA USA USA USA USA UK USA Germany USA Spain USA USA USA Argentina USA France UK USA Germany USA USA USA France UK USA Spain USA China USA China UK Germany USA USA USA USA USA Canada

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

23

Video Game Briefing

Online Game & Virtual World Fundraising Comps (continued):
Total Transaction Date 08/09/2010 08/05/2010 08/04/2010 07/21/2010 07/16/2010 07/14/2010 07/13/2010 06/29/2010 06/23/2010 06/22/2010 06/21/2010 06/18/2010 06/16/2010 06/15/2010 06/15/2009 06/07/2010 06/04/2010 06/03/2010 06/02/2010 06/01/2010 05/20/2010 05/19/2010 05/18/2010 05/18/2010 05/13/2010 05/12/2010 05/10/2010 05/07/2010 04/30/2010 04/30/2010 04/20/2010 04/16/2010 04/15/2010 04/13/2010 04/06/2010 04/01/2010 04/01/2010 04/01/2010 Target/Issuer Mentez Ismole Ryzing LLC Expedite 5 (Zattikka) Ze Frank Games We R Interactive hi5 Plinga Heyzap Weka Entertainment/ Caf.com Playdom Social Gaming Network Worlize Zynga Machinima, Inc. RockYou Rezzable Productions Side-kick Novel Inc. Planet Fassa Young Internet GmbH KTM Advance Titan Gaming Innogames Eutechnyx Inquisitive Minds Woozworld Gamehi YNK Korea Beijing Xin Yu Brothers Internet Wowxunyou.com Sichuan Xunyou Network Technology Hairy Entertainment Blue Frog Gaming Tabula Digita Tiny Speck ZinkyZonk FreshPlanet Transaction Type Value ($mm) Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement IPO Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Bond Sale PIPE Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement 1.4 5.5 0.5 14.0 3.0 3.1 33.0 2.0 0.15 150.0 9.0 10.0 1.9 0.6 0.2 2.5 1.0 8.9 2.6 3.0 6.1 1.4 5.9 14.6 0.6 1.2 3.7 5.0 0.05 1.5

Avista Partners

Investors Insight Venture Partners SIG Partners Kielvest Capital and SeventySix Capital & other investors Notion Capital, Harald Ludwig & other investors Andreessen Horowitz, Founder Collective, SV Angel, betaworks, Lerer Ventures, First Round Capital, CrossCut Ventures, Joshua Schachter & Gary Vaynerchuck Peter Mead,Fru Hazlitt and Eric Fellner Crosslink Capital and Mohr Davidow Rocket Internet, Robert Klingel GmbH + Co KG, Seventure Partners &Presse-Druck- Und Verlags-Gmbh Union Square Ventures, Naval Ravikant and Chris Dixon OTC Asset Management, R Capital Management, Seventure Partners, Entrepreneur Venture & new investors Steamboat Ventures, Bessemer Venture Partners and New World Ventures Tomorrow Ventures and Lars Hinrichs Angel investors Softbank Corp. Redpoint Ventures Softbank John Griffin and Ian Smith Wekix, Kima Ventures and angel investors Nairbo Investment Inc.; McLean Capital, LLC Rocket Internet and Holtzbrinck Ventures CM-CIC Capital Priv SAM Venture Partners, Tomorrow Ventures and angel investors Fidelity Growth Partners Prime Technology Ventures Harrison Metal Capital iNovia Capital and ID Capital Sequoia Capital China angel investors TrustBridge Partners, ICON Dongli, Shenzhen Fortune Venture Capital & Chengdu Xinxing Business Start-up angel investors angel investors Intel Capital Accel Partners and Andreessen Horowitz EM Media SoftTech VC, Kima Ventures, CapISF, Laurent Kratz, Pierre Gerard, Jacques-Antoine Granjon and Ilan Benhaim

Location USA China USA UK USA UK USA Germany USA France USA USA USA USA USA USA UK Israel USA USA Germany France USA Germany UK USA Canada Korea Korea China China China USA USA USA USA UK USA

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

24

Video Game Briefing

Online Game & Virtual World Fundraising Comps (continued):
Total Transaction Date 03/29/2010 03/26/2010 03/26/2010 03/25/2010 03/24/2010 03/23/2010 03/22/2010 03/17/2010 03/16/2010 03/16/2010 03/09/2010 03/04/2010 03/03/2010 03/03/2010 03/03/2010 03/03/2010 02/26/2010 02/24/2010 02/23/2010 02/18/2010 02/11/2010 02/08/2010 02/07/2010 01/25/2010 01/20/2010 01/20/2010 01/20/2010 01/18/2010 01/15/2010 01/07/2010 01/05/2010 01/04/2010 12/31/2009 12/24/2009 12/22/2009 12/21/2009 12/21/2009 12/21/2009 12/21/2009 Target/Issuer Moqizone Holding Renaissance 2.0 Media (Secret Builders) Lianyi Interactive Up Web Game GmbH Avatar Reality Possibility Space Double Fusion MetroGames World Golf Tour Nival Network Shanghai Youqu Network Technology Co Power Challenge Playnatic Entertainment Exponential Entertainment Freeze Tag Platform G (Mindjolt) Plinga Music Mastermind China Cyber Port (International) Company Moonshoot Shenzhen Zhongqingbaowang Network YNK Korea MiniMonos Drimmi 6waves Shanghai Storm Information Technology Netelusion Limited CITVC Netempire Entertainment Co. Ltd. Sparkplay Media, Inc. CCP DNA Games Bluehole Studio taguin SCVNGR Curse, Inc. Platogo Ouat Entertainment Fantasy Age Blue Duck Education Transaction Type Value ($mm) Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement PIPE Private Placement IPO PIPE Private Placement Private Placement Private Placement Private Placement PIPE Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement 5.6 2.3 30.0 4.2 1.5 5.0 10.0 7.0 10.0 1.7 0.3 22.0 4.9 25.8 6.6 109.8 8.5 0.6 17.5 20.0 1.6 19.0 2.8 16.3 2.0 15.5 0.3 4.0 6.0 1.4 40.0 1.0

Avista Partners

Investors The Entrepreneurs Fund III and angel investors Northern Light Venture Capital Swiss RapidTainment AG and German High-Tech Grunderfonds Kolohala Ventures and Henk Rogers Jerusalem Venture Partners Playdom JAFCO Ventures, Battery Ventures, Panorama Capital DST, 1C Company and Sergey Orlovskiy Delixi Group Corporation IQ Capital Partners LLP and Benchmark Capital Parta Group Band of Angels and other angel investors Angel Investors Austin Ventures Seventure Partners Angel Investors Full Ocean Development Limited and Amazing International Holdings Alsop Louie Partners and TL Ventures Venture Accelerator Nelson and Seed Co-Investment Fund Mangrove Capital Partners and ABRT Fund Insight Venture Partners Shenzhen Fortune Venture Capital Management K-net Investment and Stone Bridge Capital various angels including: Franois Derbaix, Jos Luis Vallejo, Juan Pan, Carlos Blanco and Axel Serena Google Ventures & Highland Capital Ventech Capital, AGF Private Equity, and SoftTech VC Seedcamp and city of Viennas Departure program Fonds d'Investissement de Bretagne, S.A.S. and Galia Gestion Toby Rowland

Location Hong Kong USA China Germany USA China USA USA USA Russia China Russia USA USA USA Germany USA USA USA China South Korea New Zealand Russia Hong Kong China China USA Iceland USA South Korea Spain USA USA Austria France China London, UK

December 2010

Source: Capital IQ, Company Filings, Brokers & Press

25