Mandalay Media Monitor Ventures

Avista Partners

Video Game Briefing Highlights:  Market Cap for all public companies in global game sector is $91.4 billion; a increase of 7% since the February Newsletter  Over $81m of M&A deals in global sector (Last 30 days)  Over $49m raised in global sector (Last 30 days)  The Online Game Index is the best performing game sector index at -14.4% (LTM)  The Asia Game Index is the best performing regional game index at -36.9% (LTM) Recent M&A Deals Announced/Initial Filing Date (Including Bids and Letters of Intent)

Target/Issuer

Total Transaction Value ($mm)

Buyers/Investors

Implied Enterprise Value ($mm)

Implied Enterprise Value/Revenues

Implied Enterprise Value/EBITDA

Implied Enterprise Value/EBIT

-

-

-

-

81.27

-

-

-

Mobile 03/23/2009

Tapatap

-

Limelife

Game Distribution/ Accessories 03/25/2009

Distribution Partners S.A.S. (66%)

81.27

NAMCO BANDAI Games Europe S.A.S.

PC, Console Games 03/18/2009

Besides Sound Production Sound Studio

-

Virtuos Ltd.

-

-

-

-

03/09/2009

Gamer.no

-

A-Pressen ASA

-

-

-

-

03/08/2009

Piczo

-

Stardoll

-

-

-

-

Online Games

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

1

Avista Partners

Video Game Briefing Recent Fundraising Deals Announced/Initial Filing Date (Including Bids and Letters of Intent)

Target/Issuer

Transaction Type

Total Transaction Value ($mm)

Investors

Game technology/Middleware 03/12/2009

Blade Games

Private Placement

4.0

California Technology Ventures

03/24/2009

Three Melons

Private Placement

0.6

Santander Bank & other investors

03/11/2009

kickflip

Private Placement

-

03/11/2009

SuperSecret

Private Placement

10.0

Opus Capital

03/10/2009

Rotohog

Private Placement

2.0

Mission Ventures, DFJ DragonFund China, and other investors

03/10/2009

OMGPOP

Private Placement

5.0

Bessemer Ventures, Spark Capital and Baseline Ventures

03/02/2009

Ludia

Private Placement

-

FremantleMedia

02/25/2009

Ironstar Helsinki

Private Placement

-

Open Ocean Capital

Private Placement

5.5

Online Games Shopping.com (California) and Naval Ravikant

PC, Console Games 03/19/2009

Zeebo Inc.

Tec Toy S.A. and QUALCOMM Inc.

Mobile Games 03/27/2009

Thumbplay, Inc.

Private Placement

6.0

i-Hatch Ventures LLC, SoftBank Capital Partners, Bain Capital, LLC, MeriTech Capital Partners & New Enterprise Associates.

03/23/2009

Ngmoco

Private Placement

10.0

Kleiner, Perkins, Caufield & Byers; Maples Investments; Norwest Venture Partners

03/11/2009

Greystripe

Private Placement

5.5

Incubic; Steamboat Ventures, LLC; Monitor Ventures

Video Game Events to be attended by Avista Partners for balance of 2009: E3 in Los Angeles, CA on 2-4 June - http://www.e3expo.com/ Gamescom in Cologne, Germany on 19-23 August - http://www.gamescom-cologne.com/ Plus we will be hosting our annual Interactive Entertainment Summit in London in late 2009 which is by invitation only. See details of the event in 2008 at: http://www.avistapartners.com/news-events.html

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

2

Avista Partners

Video Game Briefing Game Index Performance by sub-sector (LTM) The Online Game Index is the best performing game sector index at -14.4%

130.0 120.0 110.0 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 Apr/08

Apr/08

May/08

Jun/08

Game Retailers Index

Jun/08

Jul/08

Online Game Index

Aug/08

Aug/08

Sep/08

Mobile Game Index

Oct/08

Oct/08

Nov/08

PC/ Console Game Index

Dec/08

Dec/08

Jan/09

Game Distributor/ Accessory Index

Feb/09

Mar/09

Mar/09

S&P 500 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.

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

3

Avista Partners

Video Game Briefing Game Index Performance by region (LTM) The Asia Game Index is the best performing regional game index at -36.9%

140.0 130.0 120.0 110.0 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 Apr/08

Apr/08

May/08

Jun/08

Jun/08

Asia Game Index

March 2009

Jul/08

Aug/08

Aug/08

Sep/08

North America Game Index

Source: Capital IQ, Company Filings, Brokers & Press

Oct/08

Oct/08

Nov/08

Dec/08

Europe Game Index

Dec/08

Jan/09

Feb/09

S&P 500 Index

4

Mar/09

Mar/09

Avista Partners

Video Game Briefing Stock Comps (by sector & ranked by enterprise value): Stock Price (local currency) (3/30/09) PC/Console Game Publishers/ Developers Nintendo Co. Ltd. Activision Blizzard, Inc. Electronic Arts Inc. Konami Corp. Sega Sammy Holdings Inc. UBI Soft Entertainment SA Namco Bandai Holdings Inc. Square Enix Holdings Co., Ltd. Capcom Co. Ltd. Take-Two Interactive Software Inc. Koei Co. Ltd. Soft-World International Corp. Eidos plc Infogrames Entertainment SA THQ Inc. D3 Inc. Tecmo Ltd. Jowood Productions Software AG SouthPeak Interactive Corp. Mindscape SAS Yuke's Co., Ltd. Tose Co. Ltd. Majesco Entertainment Co. City Interactive sp. z o.o. CDV Software Entertainment AG Playlogic Entertainment Inc. Softstar Entertainment Inc. Starbreeze AB Nippon Ichi Software Inc Nihon Falcom Corp Eighting Co., Ltd. Interplay Entertainment Corp. Softmax Co. Ltd. Conspiracy Entertainment Holdings Inc. eGames Inc. SilverBirch Inc. Deadline Games A/S AQ Interactive, Inc.

29,530.00 9.48 17.31 1,501.00 910.00 12.65 955.00 1,582.00 1,629.00 7.13 680.00 95.00 0.32 2.77 2.72 58,500.00 588.00 7.60 0.92 7.90 228.00 568.00 1.12 6.80 2.49 0.40 12.15 0.45 34,000.00 20,700.00 42,250.00 0.06 1,725.00 0.02 0.12 0.03 1.70 33,400.00

Price as % of LTM High

Price as % of LTM Low

Market Cap (USDm)

Enterprise Value (USDm)

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

46.7% 55.3% 34.1% 34.9% 65.3% 38.1% 67.0% 48.2% 50.2% 30.2% 43.5% 83.8% 48.9% 39.2% 13.0% 21.0% 55.1% 60.6% 31.7% 47.9% 43.5% 56.5% 89.3% 61.4% 17.9% 23.3% 56.7% 97.8% 20.4% 55.7% 41.5% 23.1% 67.4% 8.5% 17.1% 4.9% 4.7% 17.8%

138.0% 131.0% 131.3% 120.5% 154.2% 140.9% 128.9% 123.7% 123.9% 151.6% 120.2% 181.6% 399.0% 240.7% 136.3% 151.2% 122.7% 144.4% 172.7% 116.4% 138.1% 117.6% 347.2% 109.3% 188.3% 350.0% 151.9% 183.4% 109.9% 125.0% 147.1% 137.5% 230.9% 200.0% 120.0% 166.7% 161.0% 155.6%

38,815.5 13,934.9 6,014.8 2,088.6 2,277.8 1,687.4 2,442.2 2,174.3 1,148.4 677.1 551.6 380.0 120.6 99.9 203.9 12.6 158.3 34.1 34.2 32.2 26.7 47.9 37.9 23.1 8.7 16.2 11.0 20.2 6.9 23.4 23.7 5.8 8.5 0.5 1.4 1.9 0.4 23.2

26,550.3 10,932.9 3,753.8 2,080.6 1,864.6 1,586.4 1,452.9 1,443.4 1,089.9 529.2 492.0 270.8 125.3 113.8 88.9 62.7 62.1 44.7 42.5 34.5 33.7 29.3 27.4 21.6 20.8 20.8 19.9 14.4 9.6 8.0 7.8 6.3 4.7 3.0 1.7 1.5 0.4 (8.7)

1.89x 8.10x 1.19x 0.80x 0.45x 1.05x 0.35x 1.04x 1.59x 0.56x 1.74x 1.64x 0.54x NA 0.09x 0.58x 0.58x 1.42x 1.46x 0.57x 0.61x 0.55x 0.50x 2.92x 0.96x 2.06x 2.03x 1.89x NA 0.65x 0.39x 1.05x 1.32x 0.34x 0.47x 0.87x NA NA

1.24x 3.66x 0.82x 0.59x 0.38x NA 0.30x 0.81x 1.32x 0.37x 1.57x 1.54x 0.87x NA 0.10x NA NA NA NA 0.48x 0.62x 0.46x 0.42x NA NA NA NA NA 0.46x 0.61x 0.38x NA NA NA NA NA NA NA

1.46x 3.28x 0.90x 0.67x 0.43x NA 0.33x 0.94x 1.09x 0.45x 1.54x 1.24x 0.48x NA 0.11x NA NA NA NA 0.43x 0.56x 0.45x 0.37x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

1.61x 3.23x 0.80x 0.67x 0.43x NA 0.32x 0.89x 1.07x 0.39x 1.52x 1.19x NA NA 0.10x NA NA NA NA 0.44x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

6.5x 45.4x NM 5.5x 5.1x 3.2x 2.6x 4.8x 10.0x 22.6x 6.4x 5.8x NM NA 0.4x 9.8x 3.1x 9.5x 13.1x 4.8x 2.2x 3.8x 5.9x 8.5x 5.3x 15.0x NM 28.6x NA 2.4x 1.3x 1.4x NM 9.9x NM NM NA NA

4.4x 19.2x 12.4x 4.0x 5.6x NA 2.3x 5.1x 5.5x 3.2x 6.4x 18.8x NA NA NM NA NA NA NA 4.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

5.0x 16.0x 8.4x 4.2x 3.8x NA 3.0x 4.7x 5.4x 10.3x 8.4x 17.6x NA NA NM NA NA NA NA 3.7x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

5.3x 15.3x 5.0x 4.2x 3.1x NA 3.0x 4.0x 5.3x 33.7x 6.3x 16.3x NA NA 1.6x NA NA NA NA 2.6x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

14.4x 55.5x NM 14.3x NM 13.7x 15.1x 20.3x 26.5x NM 8.4x 14.0x NM NA 63.7x NM 18.5x 1.1x 12.0x 12.0x 3.6x 15.6x NM 16.8x 2.9x 13.8x NM 62.6x NA 11.2x 7.4x 1.0x NM NM NM NM NA NA

17.0x 15.1x 38.0x 8.7x NM NA 11.2x 17.1x 17.1x 8.7x 37.5x 11.3x NM NA NM NA NA NA NA 14.9x NM 14.3x 62.5x NA NA NA NA NA 25.2x 17.0x 7.4x NA NA NA NA NA NA NM

12.8x 14.6x 34.7x 11.2x 60.9x NA 16.8x 17.9x 12.3x 25.6x 15.2x 8.7x NA NA NM NA NA NA NA 12.9x 7.1x 18.0x 15.6x NA NA NA NA NA NA NA NA NA NA NA NA NA NA 20.8x

12.3x 14.5x 12.8x 10.7x 14.6x NA 15.0x 13.6x 11.5x 7.9x 10.3x 7.7x NA NA 11.7x NA NA NA NA 7.0x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 9.0x

Min Max Average Median

0.09x 8.10x 1.22x 0.87x

0.10x 3.66x 0.85x 0.60x

0.11x 3.28x 0.87x 0.56x

0.10x 3.23x 0.97x 0.80x

0.4x 45.4x 8.7x 5.7x

2.3x 19.2x 7.6x 5.3x

3.0x 17.6x 7.5x 5.2x

1.6x 33.7x 8.1x 5.0x

1.0x 63.7x 18.4x 14.0x

7.4x 62.5x 20.2x 16.0x

7.1x 60.9x 19.1x 15.4x

7.0x 15.0x 11.3x 11.6x

EV/Revenue

EV/EBITDA

(1) Weighted average Note: stock comps are based on calendar years and not fully diluted

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

5

P/E

Avista Partners

Video Game Briefing Stock Price (local currency) (3/30/09) Game Distributors/ Accessory Companies Digital Bros SpA BigBen Interactive Navarre Corp. Mad Catz Interactive Inc. Innelec Multimédia SA Guillemot Corp. SA

Game retailers GameStop Corp. Game Group plc

Mobile Game Companies GameLoft SA Hudson Soft Company Mandalay Media Inc. Com2uS Corporation Artificial Life, Inc. Glu Mobile, Inc. G-mode Co. Ltd.

2.00 4.90 0.38 0.21 11.92 1.11

Price as % of LTM High

Price as % of LTM Low

Market Cap (USDm)

Enterprise Value (USDm)

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

42.1% 61.7% 21.4% 40.7% 61.9% 46.5%

121.4% 131.1% 182.6% 220.0% 116.5% 113.8%

36.6 70.0 15.2 18.2 24.9 20.9

134.2 91.9 62.8 53.1 35.4 (26.2)

0.69x 0.80x 0.10x 0.62x 0.15x NA

0.63x 0.73x 0.09x NA NA NA

0.60x 0.66x 0.11x NA 0.13x NA

NA 0.61x NA NA NA NA

8.4x 6.1x 2.0x 5.1x 5.9x NA

7.7x NA 2.3x NA NA NA

6.8x 3.2x 2.8x NA 4.2x NA

NA 3.0x NA NA 3.2x NA

6.6x 6.1x 3.9x 3.9x 9.6x 0.6x

6.9x NA 2.2x NA NA NA

5.3x 3.6x 3.0x NA 5.3x NA

NA 4.1x NA NA NA NA

Min Max Average Median

0.10x 0.80x 0.47x 0.62x

0.09x 0.73x 0.49x 0.63x

0.11x 0.66x 0.38x 0.37x

0.61x 0.61x 0.61x 0.61x

2.0x 8.4x 5.5x 5.9x

2.3x 7.7x 5.0x 5.0x

2.8x 6.8x 4.3x 3.7x

NA NA NA NA

0.6x 9.6x 5.1x 5.0x

2.2x 6.9x 4.6x 4.6x

3.0x 5.3x 4.3x 4.5x

4.1x 4.1x 4.1x 4.1x

EV/Revenue

EV/EBITDA

Stock Price (local currency) (3/30/09)

Price as % of LTM High

Price as % of LTM Low

Market Cap (USDm)

Enterprise Value (USDm)

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

24.41 1.56

47.1% 48.4%

164.6% 146.5%

4,559.8 720.6

4,527.3 835.1

0.64x 0.28x

NA NA

NA NA

NA NA

7.2x 4.1x

NA NA

NA NA

NA NA

15.9x 7.8x

NA NA

NA NA

NA NA

Stock Price (local currency) (3/30/09)

Price as % of LTM High

Price as % of LTM Low

Market Cap (USDm)

Enterprise Value (USDm)

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

1.71 823.00 0.85 9,450.00 0.70 0.53 7,500.00

43.4% 40.4% 13.7% 96.9% 26.2% 8.0% 14.2%

131.0% 110.9% 178.0% 252.5% 125.9% 209.1% 141.5%

161.2 171.7 34.7 66.8 32.5 13.6 10.6

145.2 126.3 51.5 42.9 32.8 18.6 (13.0)

1.00x 0.81x NA 1.76x 5.65x 0.28x NA

1.29x 0.01x NA 1.79x NA 0.21x NA

NA NA NA 1.53x NA 0.25x NA

NA NA NA 1.25x NA 0.24x NA

14.7x 5.5x NA 5.1x 107.2x NM NA

NA 0.0x NA 5.1x NA 8.1x NA

NA NA NA 4.1x NA 6.1x NA

NA NA NA 3.4x NA 4.6x NA

NM 5.9x NM 9.5x 27.0x NM NM

NA 0.1x NA 10.2x NA NM NM

NA NA NA 8.2x NA NM NA

NA NA NA 6.7x NA NM NA

Min Max Average Median

0.28x 5.65x 1.90x 1.00x

0.01x 1.79x 0.82x 0.75x

0.25x 1.53x 0.89x 0.89x

0.24x 1.25x 0.74x 0.74x

5.1x 107.2x 33.1x 10.1x

0.0x 8.1x 4.4x 5.1x

4.1x 6.1x 5.1x 5.1x

3.4x 4.6x 4.0x 4.0x

5.9x 27.0x 14.1x 9.5x

0.1x 10.2x 5.1x 5.1x

8.2x 8.2x 8.2x 8.2x

6.7x 6.7x 6.7x 6.7x

EV/Revenue

EV/EBITDA

EV/Revenue

Source: Capital IQ, Company Filings, Brokers & Press

P/E

EV/EBITDA

(1) Weighted average Note: stock comps are based on calendar years and not fully diluted

March 2009

P/E

6

P/E

Avista Partners

Video Game Briefing Stock Price (local currency) (3/30/09)

Price as % of LTM High

Price as % of LTM Low

Market Cap (USDm)

Enterprise Value (USDm)

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

CY 2007

CY 2008

CY 2009

CY 2010

Online Game Companies Netease.com Inc. 21.75 Shanda Interactive Entertainment Ltd. 34.82 NCSoft 79,500.00 Giant Interactive Group, Inc. 7.28 Perfect World Co., Ltd. 12.69 Chinese Gamer International 151.00 NEOWIZ Games Corporation 38,850.00 CJ Internet Corp. 16,500.00 GigaMedia Ltd. 5.44 GungHo Online Entertainment, Inc. 111,100.00 Gamania Digital Entertainment Co., Ltd. 29.60 NetDragon WebSoft, Inc. 3.40 YedangOnline Corp. 6,850.00 The9 Limited 12.93 Actoz Soft Co., Ltd. 10,850.00 HanbitSoft, Inc. 3,310.00 Webzen Inc. 8,690.00 Asiasoft Corporation Public Company Limited 6.85 GameOn Co Ltd. 83,000.00 Gala Incorporated 36,000.00 Frogster Interactive Pictures AG 5.30 Eolith Co. Ltd. 530.00 Ynk Korea Inc. 3,640.00 Netelusion Limited 0.05 Funcom N.V. 3.90 AQ Interactive, Inc. 33,400.00 JCEntertainment Corporation 1,960.00 Gravity Co., Ltd 0.63

90.6% 91.7% 98.0% 40.2% 42.3% 94.0% 92.0% 91.3% 31.3% 29.2% 91.2% 31.0% 66.6% 48.5% 80.5% 46.6% 51.0% 55.7% 57.5% 56.2% 85.0% 40.2% 21.7% 34.7% 7.8% 17.8% 21.3% 32.0%

164.0% 186.2% 398.7% 138.2% 161.5% 323.7% 462.4% 275.3% 235.2% 168.1% 300.9% 180.7% 164.6% 151.0% 161.5% 157.6% 271.8% 130.5% 154.9% 117.6% 214.5% 130.8% 121.7% 340.0% 188.3% 155.6% 160.9% 177.8%

3,027.1 2,551.9 1,365.2 1,561.7 748.1 453.2 311.1 275.9 335.5 148.0 151.6 287.1 96.8 370.9 74.1 53.1 80.7 56.6 92.5 36.0 20.3 17.6 7.1 8.4 34.5 23.2 14.6 17.8

2,204.5 2,141.3 1,187.5 753.0 545.4 393.8 298.2 275.9 269.6 125.2 125.0 100.5 95.9 45.5 44.9 36.3 35.7 32.1 31.2 30.3 19.7 17.6 7.1 4.5 (3.8) (8.7) (11.1) (28.3)

7.28x 6.34x 3.37x 3.60x 5.78x 10.55x 1.55x 1.57x 1.62x 1.87x 1.16x 1.14x 1.31x 0.26x 0.81x 0.54x 1.18x 0.62x 0.52x 1.22x 3.39x 0.66x 0.34x 1.31x NA NA NA NA

4.91x 4.16x 6.44x 3.29x 2.61x 9.87x 2.35x 1.82x 1.36x 0.96x 1.41x 1.28x 1.67x 0.18x NA 0.41x 1.59x 0.69x 0.38x NA NA NA NA NA NA NA NA NA

4.46x 3.29x 4.28x 3.12x 2.08x 6.82x 1.95x 1.65x 1.24x 1.04x 1.30x 1.20x 1.45x 0.16x NA 0.32x 1.41x 0.70x 0.37x NA NA NA NA NA NA NA NA NA

3.86x 2.89x 3.86x 2.62x 1.63x 5.97x 1.75x 1.47x 1.02x 1.03x 1.29x 1.01x 1.38x 0.15x NA 0.29x 1.19x 0.68x 0.32x NA NA NA NA NA NA NA NA NA

12.3x 12.8x 16.1x 5.0x 11.1x 21.3x 5.8x 5.1x 6.1x 64.7x 5.8x 1.7x 5.9x 0.7x 5.1x NM NM 2.5x 2.1x 15.1x NM NM NM NM NM NA NA NM

7.3x 8.9x 27.5x 5.2x 5.0x 17.4x 8.8x 5.5x 5.6x NA NA 4.0x 6.4x 0.5x NA 2.5x NM 2.5x NA NA NA NA NA NA NA NA NA NA

7.0x 7.4x 13.0x 5.4x 3.9x 11.3x 7.0x 5.1x 4.8x NA NA 2.7x 5.1x 0.6x NA 1.7x 5.1x 2.8x NA NA NA NA NA NA NA NA NA NA

6.2x 6.7x 11.5x 4.8x 3.0x 10.1x 6.1x 4.5x 3.8x NA NA 2.3x 4.8x 0.6x NA 1.5x 3.7x 2.7x NA NA NA NA NA NA NA NA NA NA

18.8x 14.1x 28.8x 9.6x 15.4x 23.4x 11.9x 10.0x 9.6x NM 12.7x 4.7x 7.7x 11.6x 6.6x NM NM 5.1x 9.6x NM NM NM NM NM 14.7x NA 1.8x NM

15.3x 14.9x 59.6x 11.8x 8.7x 22.0x 20.1x 12.6x 9.1x NM 15.9x 11.1x 8.4x 6.7x NA 4.7x NM 8.9x 9.3x NA NA NA NA NA NM NM NA NA

12.8x 12.5x 24.5x 11.5x 6.9x 13.6x 13.7x 9.5x 8.5x 17.7x 12.8x 9.5x 6.8x 9.2x NA 3.0x 15.9x 10.4x 7.2x NA NA NA NA NA NM 20.8x NA NA

11.5x 11.3x 18.5x 10.2x 5.7x 12.1x 11.1x 7.9x 6.4x 12.3x 13.2x 8.3x 6.7x 9.2x NA 2.7x 11.4x 9.6x 5.9x NA NA NA NA NA 2.3x 9.0x NA NA

Min Max Average Median

0.26x 10.55x 2.45x 1.31x

0.18x 9.87x 2.52x 1.63x

0.16x 6.82x 2.05x 1.43x

0.15x 5.97x 1.80x 1.34x

0.7x 64.7x 11.1x 5.8x

0.5x 27.5x 7.6x 5.5x

0.6x 13.0x 5.5x 5.1x

0.6x 11.5x 4.8x 4.5x

1.8x 28.8x 12.0x 10.8x

4.7x 59.6x 15.0x 11.4x

3.0x 24.5x 11.9x 11.5x

2.3x 18.5x 9.3x 9.4x

EV/Revenue

EV/EBITDA

(1) Weighted average Note: stock comps are based on calendar years and not fully diluted

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

7

P/E

Avista Partners

Video Game Briefing M&A Comps (LTM & ranked by date): Mobile Game M&A Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/23/2009 02/26/2009

Target/Issuer Tapatap

Total Transaction Value ($mm) -

Implied Enterprise Value/EBITDA -

Implied Enterprise Value/EBIT -

-

-

-

-

09/12/2008

0.2

-

-

-

09/10/2008

Reaxion Corporation

-

PressOK Entertainment

-

-

-

-

08/13/2008

Hands On Mobile Europe

-

Connect 2 Media

-

-

-

-

07/16/2008

Gaelco Móviles

-

Player X

-

-

-

-

06/03/2008

Jia-Shi

-

LemonQuest

-

-

-

-

05/21/2008

Hands-On Mobile Korea

Electronic Arts Inc. (NasdaqGS:ERTS)

-

-

-

-

04/10/2008

ZIO Interactive, Inc.

nTels Co., Ltd. (KOSE:A069410)

-

-

-

-

0.2

29.0 -

Palmpay China (Holdings) Limited (SEHK:8047) Oniontech

Implied Enterprise Value/Revenues -

Media Magic Technology Ltd. Guangzhou Oniontech

March 2009

-

Buyers/Investors Limelife

Implied Enterprise Value ($mm) -

Source: Capital IQ, Company Filings, Brokers & Press

8

Avista Partners

Video Game Briefing Game Distribution/ Accessory M&A Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/25/2009

Target/Issuer Distribution Partners S.A.S. (66%)

02/04/2009

Crave and SVG Distribution

8.1

Fillpoint

09/09/2008

Distribution Partners S.A.S. (34% of Infogrames Entertainment SA, European and Asian Distribution Operations)

42.5

NAMCO BANDAI Games Europe

07/22/2008

Proein SA

05/13/2008

Koei Net Co. Ltd. (JASDAQ:2697)

Total Transaction Value ($mm) 81.27

16.24

Implied Enterprise Value ($mm) 81.27

Buyers/Investors NAMCO BANDAI Games Europe S.A.S.

Implied Enterprise Value/EBITDA -

Implied Enterprise Value/EBIT -

-

-

-

-

42.5

-

-

-

-

-

-

-

95.29

0.515

8.29

8.3

Koch Media Koei Co. Ltd. (TSE:9654)

Implied Enterprise Value/Revenues -

Game Retailer M&A Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 11/07/2008

Target/Issuer Micromania

07/02/2008

The Gamesman Limited

March 2009

Total Transaction Value ($mm) 636.0 -

Buyers/Investors GameStop Corp. (NYSE:GME)

Implied Enterprise Value ($mm) 636.0

Implied Enterprise Value/ Revenues 0.9x

GameStop Corp. (NYSE:GME)

-

-

Source: Capital IQ, Company Filings, Brokers & Press

9

Implied Enterprise Value/ EBITDA -

Implied Enterprise Value/ EBIT -

Avista Partners

Video Game Briefing Game Technology/Middleware M&A Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 02/17/2009

Target/Issuer Vyk Games

Total Transaction Value ($mm) -

01/08/2009

Cambridge Animation Systems

11/21/2008

Sinjisoft Corp. (16.24%)

8.9

R&S Networks Co

10/23/2008

Softimage Co.

35.0

Autodesk

09/11/2008

Sinjisoft Corp. (9.66%)

3.9

Myung Su Lim

March 2009

-

Buyers/Investors Digini Toon Boom Animation Inc.

Source: Capital IQ, Company Filings, Brokers & Press

Implied Enterprise Value/ EBITDA -

Implied Enterprise Value ($mm) -

Implied Enterprise Value/ Revenues -

-

-

-

-

54.8

35.3

-

-

-

-

-

-

40.4

20.5

-

-

10

Implied Enterprise Value/ EBIT -

Avista Partners

Video Game Briefing PC/ Console Game M&A Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/18/2009 02/12/2009 02/12/2009 02/04/2009 02/04/2009 01/20/2009 11/28/2008 11/20/2008 11/18/2008 11/14/2008 11/10/2008 11/10/2008 05/11/2008 10/30/2008 10/10/2008 09/24/2008 09/12/2008 08/14/2008 07/17/2008 07/07/2008 07/02/2008 07/01/2008 06/16/2008 05/06/2008 04/28/2008 04/23/2008 04/15/2008

Target/Issuer Besides Sound Production Sound Studio D3 Inc. Eidos plc (LSE:EID) Snowblind Action pants Southlogic Studios Midway Games Wanako Games Tecmo Swordfish Studios Budcat Creations Massive Entertainment Enterrise Avalon Style Entertainment Gamecock Media Group Yuke's Co., Ltd. FreeStyleGames Limited Ilion Animation Studios and Pyro Studios SL Buka Entertainment Green Screen Interactive Software Red Mile Entertainment Inc. Babel Media Ltd. Ignition Entertainment Limited Game Factory Interactive Ltd. Lighthouse Interactive Game Publishing B.V. Destination Software GameLoft, Video Game Development Studio

04/07/2008

GAMESTAR (CHINA)

March 2009

Total Transaction Value ($mm) 80.42 152.88 195.9 217.2 5.65 3.93 -

Source: Capital IQ, Company Filings, Brokers & Press

Buyers/Investors Virtuos Ltd. Namco Bandai Square Enix Ltd. Warner Bros Ubisoft Ubisoft National Amusements Artificial Mind & Movement Koei Codemasters Activision Publishing, Inc. Ubisoft Capcom 1C Company SouthPeak Interactive Corp. Trad Activision Publishing, Inc. LaNetro Zed, S.A. 1C Company Driftwood Ventures SilverBirch Inc. (TSXV:SVB) D.E. Shaw & Co; Quatrro BPO Solutions IG Interactive Entertainment Limited Russobit SilverBirch Inc. (TSXV:SVB) Green Screen Interactive Software Ubisoft

Implied Enterprise Value ($mm) 62.1 124.7 185.6 99.3 4.01 3.93 -

Disney Interactive Studios

-

11

Implied Enterprise Value/ Revenues 0.4 0.645 1 0.8 0.401 -

Implied Enterprise Value/ EBITDA 27.5 2.21 5.6 -

Implied Enterprise Value/ EBIT 3.37 6.5 -

Avista Partners

Video Game Briefing Online Game M&A Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/09/2009 03/08/2009 02/24/2009 02/10/2009 01/29/2009 01/16/2009 01/12/2009 01/08/2009 01/06/2009 12/29/2008 12/24/2008 12/20/2008 12/18/2008 12/15/2008 12/09/2008 12/02/2008 12/01/2008 11/28/2008 11/17/2008 10/29/2008 10/21/2008 09/24/2008 09/23/2008 09/03/2008 09/04/2008 08/31/2008 08/18/2008 06/09/2008 05/27/2008 05/20/2008 05/15/2008 05/03/2008 04/28/2008 04/21/2008 04/20/2008 04/01/2008

March 2009

Target/Issuer Gamer.no Piczo Gastronaut MMO Cluster (49%) MyMMOShop Octopi Boonty Tutup Ziff Davis Media Inc., The 1 UP Network Onetel, Inc. Net Games Ltd. Peak Virtual Entertainment, Inc. Onetel, Inc. TAG Networks, Inc. Cryptic Studios, Inc. J2MSoft Inc. Netelusion Limited Actoz Soft Co., Ltd. Moli Group InterServ International Reflexive Entertainment GameTap Candystand.com Webzen Inc. gamigo AG Portable Gaming Netzwerk True Games Interactive, Bigpoint GmbH Dalian Kingsoft Interactive Entertainment Co., Ltd. NeoWiz Japan Corporation Shanghai Magicgrids Networks ThreeSF, Inc. It Can Talk Systems, Inc. GameHi Inc. Esgut F4

Total Transaction Value ($mm) 10.0 -

Implied Enterprise Value/ EBITDA -

Implied Enterprise Value ($mm) 10.0 -

Implied Enterprise Value/ Revenues -

Q&S & SI Tech. Co. Ltd. (KOSE:A052880) Yedioth Ahronoth Ray Flame Entertainment, Inc.

15.6 1.0 -

-

-

-

1.69 74.8 4.9 15.0 26.4 110.0 4.4

Q&S & SI Tech. Co. Ltd. (KOSE:A052880) ActiveVideo Networks, Inc. Infogrames Entertainment SA (ENXTPA:IFG) Electronic Arts Inc. (NasdaqGS:ERTS) Agni Inc. Pte Ltd. Shanda Interactive Entertainment Ltd. Celestial Asia Securities Perfect World Amazon Metaboli S.A. Funtank, LLC NHN Games Co., Ltd. AS Venture GmbH 4Players GmbH IG Interactive Entertainment Limited GMT Communications Partners, Peacock Equity Fund Chengdu Kingsoft Interactive Entertainment Co

15.1 74.8 144.2 15.0 151.0 110.0 14.8

4.4 6.0 -

-

-

10.0 7.8

Gameon Co. Ltd. (TSE:3812) SK Telecom Co. Ltd. (KOSE:A017670)

10.0 26.0

-

-

-

170.0 78.1

Electronic Arts Inc. (NasdaqGS:ERTS) gamerDNA, Inc. DaeyuVesper Co. Ltd., (KOSE:A041140) Social Gaming Network Serendipity Investment SAS

170.0 390.5

-

-

-

2.2 1.0 -

Buyers/Investors A-Pressen ASA Stardoll PopCap Games MMO Life My MMO Sony Nexway Mind Candy UGO Entertainment, Inc.

Source: Capital IQ, Company Filings, Brokers & Press

12

Implied Enterprise Value/ EBIT -

Avista Partners

Video Game Briefing Fundraising Comps (LTM & ranked by funding amount): PC/ Console Game Fundraising Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/24/2009 03/19/2009 01/21/2009 12/10/2008 11/14/2008 10/06/2008 10/02/2008 09/24/2008 09/04/2008 08/18/2008 08/07/2008 08/06/2008 08/05/2008 08/01/2008 07/21/2008 06/15/2008

Target/Issuer OnLive Zeebo Inc. Gamervision LLC Infogrames Entertainment Entertainment Arts Research Inc. SilverBirch Inc. (TSXV:SVB) Smoking Gun Interactive Inc. 2015, Inc. Zoo Digital Group Plc CDV Software Entertainment AG (DB:OGG1) The Gameland company New Concept Gaming Limited trade-a-game GmbH Tabula Digita, Inc. Heatwave Interactive, Inc. OOO Noviy Disk

Transaction Type Private Placement Private Placement Private Placement Public Offering Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement

06/04/2008 05/31/2008 05/12/2008

Virgin Play, S.A. Zenimax Media SouthPeak Interactive Corp. (OTCBB:SOPK)

Private Placement Private Placement Private Placement

3.9 9.9 12.5

05/05/2008 04/25/2008 04/01/2008 03/31/2008

U-Play Studios Sci Entertainment CDV Software Entertainment AG (DB:OGG1) eGames Inc.

Private Placement Private Placement Private Placement Private Placement

0.8 119.0 0.9

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

Total Transaction Value ($mm) 5.5 3.5 57.9 0.4 0.9 2.3 0.5 6.0 7.5 -

Investors Warner Bros., Autodesk and Maverick Capital Tec Toy S.A. and QUALCOMM Inc. Aberdeen Gould -

Troika Capital Partners-Private Equity Merseyside Special Investment Fund DuMont Venture Holding; Madsack MediaLab Ascend Venture Group SynCom Ventures Delta Private Equity Partners, Trigon Capital, Investment Arm, Martinson Trigon Venture Axón Capital, S.A. Providence Equity Hummingbird Management; Pentagram Partners; Anima S.G.R.p.A; Vestal Venture Capital Brockhaus Private Equity GmbH -

13

Avista Partners

Video Game Briefing Mobile Game Fundraising Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/27/2009

Target/Issuer Thumbplay, Inc.

Transaction Type Private Placement

03/23/2009

Ngmoco

Private Placement

10.0

03/11/2009 12/02/2008 10/23/2008 09/10/2008 09/10/2008 08/27/2008 08/13/2008 07/31/2008 06/27/2008 06/25/2008 06/23/2008 05/21/2008 05/06/2008

Greystripe Kiloo Mandalay Media Inc. (OTCBB:MNDL) Mpowerplayer, Inc. SkillPod Media (Pty) Ltd InGame Ad Interactive Technology Limited Connect2Media Ngmoco Mobi Limited (ASX:MBI) XENDEX Holding GmbH In-Fusio S.A. Artificial Life, Inc. (OTCBB:ALIF) CEC Unet Plc (AIM:CECU)

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

5.5 4.5 2.5 5.6 0.1 3.6 4.8 3.2

Total Transaction Value ($mm) 6.0

Investors i-Hatch Ventures LLC, SoftBank Capital Partners, Bain Capital, LLC, MeriTech Capital Partners & New Enterprise Associates. Kleiner, Perkins, Caufield & Byers; Maples Investments; Norwest Venture Partners Incubic; Steamboat Ventures, LLC; Monitor Ventures Firmainvest Trinad Capital LP; ValueAct SmallCap Management, L.P. New Atlantic Ventures; CIT GAP Funds; LaunchBox Digital Convergence Partners Investments WPP plc (LSE:WPP) Acuity Capital Kleiner Perkins Caufield & Byers PONTIS Occam Capital -

Game Technology/Middleware Fundraising Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/12/2009 02/18/2009

Target/Issuer Blade Games SC2X

Transaction Type Private Placement Private Placement

02/16/2009 02/09/2009 01/10/2009 12/16/2008 12/04/2008 10/07/2008 10/07/2008 10/01/2008 07/28/2008 03/31/2008 03/31/2008

Emergent Game Technologies Ideaworks3D New Game Technologies Image Metrics Limited Novint Technologies Inc. (OTCBB:NVNT) Phonetic Arts Limited CogniSafe Blade Games EmSense Corporation Sinjisoft Corp. (KOSE:A078700) Novint Technologies Inc. (OTCBB:NVNT)

Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

Total Transaction Value ($mm) 4.0 1.2 12.5 2.2 6.5 0.6 7.5 0.6

Investors California Technology Ventures Aquitaine Création Investissement, BP Creation SCR, GSO Capital Partners, Naxicap Partners, OTC Asset Management Hopewell Ventures ARM Holdings plc (LSE:ARM) Enterprise Ireland, Ray Nolan, Sean Baker, AIB Seed Capital Fund & Cecil Ryan Saffron Hill ventures IQ Capital Fund, IQ Capital Partners, NW Brown Ventures 21Ventures California Technology Ventures Foundry Group R&S Networks Co., Ltd. (KOSE:A046430) -

14

Avista Partners

Video Game Briefing Online Game & Virtual World Fundraising Comps: Announced/Initial Filing Date (Including Bids and Letters of Intent) 03/11/2009 03/11/2009 03/10/2009 03/10/2009 03/02/2009 02/25/2009 02/16/2009 02/10/2009 02/03/2009 01/23/2009 01/23/2009 01/23/2009 01/07/2009 01/07/2009 12/17/2008 12/17/2008 12/17/2008 12/16/2008 28/11/2008 11/25/2008 11/18/2008 11/06/2008 10/28/2008 10/27/2008 10/27/2008 10/22/2008 10/14/2008 10/13/2008 10/10/2008 10/10/2008 10/07/2008 10/06/2008 10/06/2008 10/01/2008 10/01/2008 10/01/2008 09/23/2008 09/18/2008

March 2009

Target/Issuer kickflip SuperSecret Rotohog OMGPOP Ludia Ironstar Helsinki Virtual Fairground My Sapient MMO Life BV Sauma Technologies Gamervision Ohai Major League Gaming Play Hard Sports The Multiverse Network, Inc. iLemon Group Inc. PlayDo AB DotBlu Frogster PlaySpan Casual Collective Machinima, Inc. Playfish Games Campus Cologne GmbH Crispy Gamer Metaplace Booyah Farbflut Entertainment GmbH TwoFish Inc. Kirkland North Inc. MindFuse Inc. Oberon Media GigaOmniMedia, Inc. Second Interest Ray Flame Entertainment Inc. Taatu Trion World Network, Inc. Challenge Games, Inc.

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 Public Offering 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

Source: Capital IQ, Company Filings, Brokers & Press

Total Transactio n Value ($mm) 10.0 2.0 5.0 4.0 0.9 1.3 0.5 3.5 7.5 8.0 2.4 4.3 2.0 16.8 1.0 3.9 17.0 8.2 6.7 4.5 4.5 0.2 1.0 20.0 4.5 0.5 0.8 2.5 70.0 10.0

Investors Shopping.com (California) and Naval Ravikant Opus Capital Mission Ventures, DFJ DragonFund China, and other investors Bessemer Ventures, Spark Capital and Baseline Ventures FremantleMedia Open Ocean Capital NorthStar Equity Investors Klaas Kersting, Alexander Roesner Tekes and Aloitusrahasto Vera Oy August Capital; Rustic Canyon Partners Oak Investment Partners New Enterprise Associates; TriplePoint Capital, LLC; Valhalla Partners GSR Ventures Management Co. Ltd. Northzone Ventures; Miniclip Limited D. E. Shaw & Co., L.P.; Maples Investments Easton Capital, Menlo Ventures Lightspeed Ventures MK Capital Accel Partners, Index Ventures Intelligent Ventures Constellation Ventures Charles River Ventures Kleiner Perkins Caufield & Byers Rustic Canyon Partners; Venrock; TriplePoint Capital Harrison Metal Capital Keiretsu Forum angels Infinity Equity Alloy Ventures, Inc.; True Ventures Angel investors InnoBridge Ventures BAMS Angels Fund Act II Capital Globespan Capital Partners; Sequoia Capital

15

Avista Partners

Video Game Briefing Online Game & Virtual World Fundraising Comps (continued): Announced/Initial Filing Date (Including Bids and Letters of Intent) 09/11/2008 09/08/2008 09/03/2008 09/03/2008 09/01/2008 08/28/2008 08/26/2008 08/11/2008 08/05/2008 08/05/2008 08/05/2008 07/29/2008 07/23/2008

Target/Issuer Big Fish Games, Inc. Shanda Interactive Entertainment Raptr Moggle RobotGalaxy Webcarzz Dizzywood Knowledge Adventure Six Degrees Games, Inc. Nonoba LOLapps Garena Zynga Game Network

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

07/17/2008

PlaySpan, Inc.

Private Placement

5.0

07/16/2008 07/14/2008 07/14/2008 07/14/2008 07/11/2008 07/10/2008 07/10/2008 07/08/2008 07/03/2008 07/03/2008 06/27/2008 06/19/2008 06/09/2008 06/06/2008 06/03/2008 06/03/2008 05/19/2008 05/13/2008

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

11.0 1.0 7.2 7.0 4.5 4.7 17.5 1.0 1.5 10.0 10.0 3.0 0.7 1.9 25.0

05/13/2008 05/07/2008 05/02/2008

GameFactory, Inc. Gaia Online Atomic Moguls Social Gaming Network Monte Cristo Multimedia Riot Games Challenge Games, Inc. Youg Internet GmbH Gameduell Virtual Tweens I’m in Like With You Mochi Media Bihu.com 8D World, Inc. Lumos Labs Erepublik Hanbitsoft Linekong Online (Beijing) Entertainment Tech Co., Ltd. Social Gaming Network Giantrealm Bigfoot Networks, Inc.

Private Placement Private Placement Private Placement

15.0 5.5 8.8

05/02/2008 05/01/2008 05/01/2008

World Golf Tour Kongregate Caspian Learning

Private Placement Private Placement Private Placement

3.0 2.8

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

Total Transaction Value ($mm) 83.3 175.0 12.0 12.0 5.0 4.0 1.0 5.0 7.0 1.7 4.5 2.0 29.0

Investors General Catalyst Partners; Balderton Capital; Salmon River Capital Institutional buyers Accel Partners Bachmann Industries Meakem Becker Venture Capital European Founders Fund Azure Capital Partners Clearstone Venture Partners; Prism VentureWorks Mangrove Capital Partners Polaris Venture Partners Government of Singapore Institutional Venture Partners; Kleiner, Perkins, Caufield & Byers; Avalon Ventures; Union Square Ventures; Foundry Group Menlo Ventures; Easton Capital Investment Group; STIC International; Novel TMT Ventures Limited Institutional Venture Partners Second Avenue Partners Jeff Bezos Expeditions Arts Alliance Benchmark Capital Sequoia Capital Wellington Partners Angel investors Spark Capital Shasta Ventures Spark Capital Pequot Ventures Angel investors New Enterprise Associates; Northern Light Venture Capital Greylock Partners Softbank North Bridge Venture Partners; Palomar Ventures; Venio Capital Partners Panorama Capital Jeff Bezos Expeditions 16

Avista Partners

Video Game Briefing Online Game & Virtual World Fundraising Comps (continued):

Announced/Initial Filing Date (Including Bids and Letters of Intent) 04/30/2008 04/24/2008 04/24/2008 04/23/2008 04/22/2008 04/22/2008 04/18/2008 04/12/2008 04/08/2008 04/02/2008 04/01/2008 04/01/2008 04/01/2008 04/01/2008 04/01/2008 04/01/2008 03/31/2008

March 2009

Total Transaction Value ($mm) 40.0

Target/Issuer Turbine, Inc.

Transaction Type Private Placement

Play Hard Sports Soft-World International Corp. (GTSM:5478) G10 Entertainment Korea Corp. Nurien Software Corp.

Private Placement Private Placement

5.0 -

New Enterprise Associates -

Private Placement

38.0

The9

Private Placement

15.0

Globespan Capital Partners; New Enterprise Associates; Northern Light Venture Capital; Qiming Venture Partners

Chengdu Seasky Digital Entertainment Co., Ltd. gamerDNA, Inc. Bunchball Holdfast Online Technology Co. Ltd. Eximion BV Metaversum GmbH Akoha Numedeon Northworks Club Cooee Serious Business Metaboli S.A.

Private Placement

3.0

Perfect World

Private Placement Private Placement Private Placement

3.0 4.0 -

Flybridge Capital Partners Granite Ventures -

Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement Private Placement

2.0 1.0 4.0 7.9

Techno Stars Grazia Equity GmbH; Balderton Capital Angel investors BankInter's Venture Capitol Group High Tech Gründerfonds Aurelia Private Equity Lightspeed Ventures -

Source: Capital IQ, Company Filings, Brokers & Press

Investors Columbia Capital LLC; Highland Capital Partners; Polaris Venture Partners, Inc.; Time Warner Investments; Tudor Ventures; GGV Capital

17

Avista Partners

Video Game Briefing Key developments in Game Sector (global for last 10 days to 27 March 2009): Key Developments By Date Mar-27-2009 Mar-27-2009 Mar-26-2009 Mar-26-2009 Mar-25-2009 Mar-25-2009 Mar-25-2009 Mar-25-2009 Mar-25-2009 Mar-25-2009 Mar-25-2009 Mar-25-2009 Mar-25-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-24-2009 Mar-23-2009 Mar-23-2009 Mar-23-2009 Mar-23-2009 Mar-23-2009 Mar-23-2009 Mar-23-2009 Mar-23-2009 Mar-22-2009 Mar-20-2009 Mar-20-2009 Mar-20-2009 Mar-19-2009 Mar-19-2009 Mar-19-2009 Mar-19-2009 Mar-19-2009 Mar-19-2009 Mar-19-2009 Mar-19-2009 Mar-19-2009 Mar-18-2009

March 2009

Company Name(s)

Key Development Headline

Telekinesys Research Limited Asiasoft Corporation Public Company Limited Telekinesys Research Limited Nintendo Of America, Inc.; THQ Inc. Square Enix Holdings Co., Ltd. Activision Publishing, Inc.; Glu Mobile, D3 Inc. (JASDAQ:4311) Electronic Arts Inc.; The9 Limited Phenomic Game Development GmbH & Asiasoft Corporation Public Company Limited Perfect World Co., Ltd.

CD Projekt RED Licenses Telekinesys Research Limited's Havok Complete Update to Asiasoft Corporation Public Company Limited’s Equity Buyback in the amount of 320,000 shares on March 27, 2009 AMD Demonstrates Optimized Executions of Havok Middleware on AMD Platforms THQ Inc. and Nintendo Of America Inc. Executes an Add on Content Addendum to the Confidential License Agreement Square Enix Co. Ltd. to Release Two New Downloadable Titles Glu Mobile Inc. Announces Expanded Global Partnership with Activision Publishing Cartoon Network Enterprises and D3Publisher Sign Exclusive, Worldwide Videogame Publishing Agreement for The Secret Saturdays The9 Limited and Electronic Arts Inc. Announce Open Beta Test for EA Sports FIFA Online 2 to Begin on 22 April 2009 in China Phenomic Ships Battleforge to Retail Outlets Across North America and Europe Update to Asiasoft Corporation Public Company Limited’s Equity Buyback in the amount of 86,500 shares on March 25, 2009

ZAPiT Games, Inc. Linekong Online (Beijing) Entertainment Tech Co., Ltd.; Shanda Interactive Entertainment Electronic Arts Inc. (NasdaqGS:ERTS) OnLive THQ Inc. (NasdaqGS:THQI) JAKKS Pacific Inc.; THQ Inc. EA Mobile LLC Majesco Entertainment Co. Activision Blizzard, Inc. (NasdaqGS:ATVI) The9 Limited (NasdaqGS:NCTY) Asiasoft Corporation Public Company Bigfoot Networks, Inc.; Raptr Inc.; Vivox, Electronic Arts Inc. (NasdaqGS:ERTS) Telekinesys Research Limited Sony Computer Entertainment America, PopCap Games, Inc. RedOctane Inc. Bigfoot Networks, Inc. Perfect World Co., Ltd. Digital River Inc.; Playxpert LLC Majesco Entertainment Co. Silverstar Holdings Ltd. (OTCPK:SSTR.F) Playlogic Entertainment Inc. Playlogic Entertainment Inc. Electronic Arts Inc. (NasdaqGS:ERTS) Electronic Arts Inc. (NasdaqGS:ERTS) Mad Catz Interactive Inc. (AMEX:MCZ) Rockstar Games, Inc. Activision Publishing, Inc.; Treyarch GameLoft SA (ENXTPA:GFT) Webzen Inc. (KOSE:A069080) PlayFirst, Inc. Player X Unity Technologies

Perfect World Co. Ltd. Launches 'Battle Song of the Elves' ZAPiT Games to Introduce PlayGameWave.com Online Gaming Portal Linekong Online (Beijing) Entertainment Tech Co., Ltd. and Shanda Interactive Entertainment Ltd. to Jointly Operate The Legend of Kung-Fu Electronic Arts Inc. Announces Availability of Command & Conquer Red Alert 3: Ultimate Edition Worldwide OnLive Revolutionizes Video Games: State-of-the-Art Games Play Over the Internet without High-End Hardware THQ Inc. and Sleepy Giant Announce Premium Edition of GONG! Goal or No Goal Online Soccer Game Exclusively Available at Target THQ Inc. and JAKKS Pacific Inc. Announce WWE(R) Legends of WrestleMania(R) EA Mobile Scrabble Now Available on iPhone and iPod Touch with Facebook Connect Majesco Entertainment Announces 'Karmastar' Game for iPhone and iPod Touch Activision Blizzard Inc. Appoints Dan Rosensweig to Head Up its Guitar Hero Business The9 Limited to Launch Self-Developed Webgame ; Announces Earnings Results for the Fourth Quarter Ended December 31, 2008 Update to Asiasoft Corporation Public Company Limited’s Equity Buyback in the amount of 162,000 shares on March 23, 2009 Bigfoot Networks Partners with Teamspeak, Vivox and Raptr to Enhance Killer Xeno Gaming Network Platform Electronic Arts Inc. to Release Need for Speed SHIFT Telekinesys Research Introduces Havok AI Sony Computer Entertainment America Announces Exclusive Game Development Deal with LightBox Interactive, Inc PopCap Launches Bookworm for iPhone on Apple's App Store Activision Publishing Inc. Appoints Dan Rosensweig as President and Chief Executive Officer of RedOctane Inc Bigfoot Networks Launches Killer Xeno(TM), Second-Generation Gaming Network Card Perfect World Launches Open Beta Testing for 'Battle of the Immortals' on April 2, 2009 Digital River and PLAYXPERT Sign Joint Marketing Agreement Majesco Entertainment Co. Appoints Keith Mccurdy to its Board of Directors Silverstar Holdings Receives Default Notices from Holders of Secured Convertible Debentures Playlogic Entertainment Inc. Announces Executive Changes Playlogic Entertainment Inc. Revised Earnings Guidance for the Fiscal Year 2008 ; Announces Impairment Changes Electronic Arts Inc. Announces New Downloadable Game Mode Called FIFA 09 Ultimate Team Electronic Arts Inc. Launches SCRABBLE on Handheld Video Game Platforms Mad Catz Interactive Inc. Announces Amendment to its Credit Facility Rockstar Games Announces Midnight Club: Los Angeles South Central Downloadable Content Now Available on Xbox LIVE and PlayStation Network Activision Publishing Inc. and Treyarch Corporation Announce the Call of Duty(R): World at War Map Pack 1 GameLoft SA Reports Consolidated Earnings Results for the Full Year Ended December 31, 2008 Webzen Inc. Reports Earnings Results for the Full Year of 2008 PlayFirst Inc. Announces the Release Dates for Wandering Willows(TM) Sony Ericsson Mobile Communications Signs up Player X to Aggregate Video Content Unity Technologies Announces Availability of Unity 2.5 for Windows

Source: Capital IQ, Company Filings, Brokers & Press

18

Avista Partners

Video Game Briefing About Avista Partners LLP

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: Paul Heydon Managing Director Tel: +44 203 178 6866 Fax: +44 207 691 7112 Email: [email protected] 8 Grafton Street London W1S 4EL United Kingdom www.avistapartners.com

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

19

Avista Partners

Video Game Briefing Addition/change/correction/deletion notice

Please CORRECT my information on your distribution list. Please make the appropriate changes to my information as detailed below. Please CHANGE my name on your distribution list. I would like to substitute another individual at my firm. Please use the information listed below to change your records. Please DELETE my name from your distribution list. My contact information is listed below. Please ADD my name to your distribution list. Please use the information listed below to add to your records.

Name

___________________________________________________________________________________________ Titleeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee ___________________________________________________________________________________________ Address ___________________________________________________________________________________________ City, State/Region, Post Code, Country Phone Email

___________________________________________________________________________________________ Fax ___________________________________________________________________________________________ ___________________________________________________________________________________________ (If your name is to be substituted with another listed above, please print your name here.) ___________________________________________________________________________________________

March 2009

Source: Capital IQ, Company Filings, Brokers & Press

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