Gfinity Esports1

A Leading International Esports Business

PREPARED BY GFINITY NOVEMBER 2019

Gfinity Esports2

Key investment highlights

01

0403

02A leading international esports business

Trusted independent esports partner

Leverage and create value with partners

Revamped growth strategy delivering

Gfinity Esports3 Gfinity Esports3

Growth of esports, fuelled by digitisation mega trend

1972

1st official video game competition - Spacewar

1980

Atari Space Invaders Championship

1981

Twin Galaxies formed – tracked top players scores on Space Invaders & Donkey Kong

1996

Battle by the Bay, first major Street Fighter tournament

2000’s

Explosion of internet cafes

2009

League of Legends launched 2010-12

Starcraft II, DOTA2, Counter Strike launched

2012

Gfinity founded 2017

F1 esports first full season

2019

Inaugural ePremier League

1997

Quake’s Red Annihilation, 2000+ entrants

Cyberathlete Professional League founded

2004

First FIFA Interactive World Cup 2010

Growth of Multi-player Online Battle Arena MOBA games

2011

Twitch founded

2014

Twitch acquired for $970m by Amazon

2018

Overwatch League media rights $45m

Dec ‘9516m internet

users

Dec ‘051,018m internet users

Dec ‘153,366m

internet users

March ‘194,383m internet

Fnatic, Team Dignitas, Optic Gaming, SK Telecom T1 and TSM esports teams founded

Gfinity Esports4

2.2 BILLION

People globally who play

video games

Large and growing global audience and market

2017 2018 2019e 2020e 2021e 2022e0

100

200

300

400

500

600

143

192

222

335

395

454

518

580

645

253

285

316

347

173 201 233 264 297

m

Esports enthusiasts Occasional viewers

0

30

60

90

120

150

180

USDm

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

6 3 5 9 1319

36

61

93

112

151

0

200

400

600

800

1000

1,200

1,400

1,600

1,800

2,000

2,200

USDm

2017 2018 2019e 2020e 2021e 2022e

Dedicated esports fan growth Prize money development Esports revenue growth

Media rights

Merch & tickets

Advertising Sponsorships Publisher fee

655865

1,096

1,3401,566

1,79072

823

231

161

501

395 MILLION

Global number of players

& enthusiasts in

2018

737

The number of major

global Esports events

in 2018

$151 MILLION

Prize money broke

$150 million mark for the

first time in 2018

$1.80 BILLION

Projected Esports

revenue by 2022

32%

Global Esports revenue

increase during 2018

Gfinity Esports5 Gfinity Esports5

Consumer always decides

SPENDMOBILE

EXPOSURE

PLAY WATCH

TALK

MOTIVATION

SOCIALISTA49%

ATHLETE4%

CONTROLLER21%

ASPIRER18%

WATCHER8%

Complex consumer landscape

• 900 million esports and competitive gaming engaged consumers

• Not a homogenous group

Proprietary solutions to generate long term sustainable value for the wider audience beyond smaller group of hardcore fans:

- insights led- targeted - clear vision of behaviours and motivations

*Consumer segmentation/definition proprietary to Gfinity

900 Million

Gfinity Esports6

Sports Rights Holders

Brands

Gfinity Esports6

Gfinity uniquely positioned in fragmented esports ecosystem

Consumers

Media

In a world of co-dependency Gfinity’s value is unparalleled in creating compelling experiences for next generation of digital consumers

The fragmented ecosystem requires end-to-end esports solution to build large sustainable new revenue streams. Gfinity delivers this:

Esports platform and expertise that drives engagement and profitability

Publishers

Access to proven esports and entertainment formats engaging a young audience

Media

Solutions that future proof franchise, connecting with valuable and hard to reachdemographic

Sports Rights Holders

Solutions that deliver memorable experiences, connects to hard to reach younger consumers

Ability to play, compete, be part of communities, and be entertained by engagingcontent

Brands

Consumers

Publishers

Gfinity Esports7 Gfinity Esports7

What we do

Esports Solutions

Strategic Client Management Design; Develop; Deliver

What We Do

Our Approach

What We Deliver

Our Difference

Online/offlinecompetitions Tournament Live & ancillary

content

Competitive gaming

entertainment

Build community &engagement

Holistic solution development

Consumer insights

Proprietary tech platform Tribe World class

production

Creating long term, new business verticals in the virtual world

Advisory services

Long term value creation

Gfinity Esports8 Gfinity Esports8

Opportunity - evolution of financial model

Monetisation Of Esports Solutions

Other RevenuesMedia Rights AdvertisingSponsorship

Service Provision Partnership Model

Esports Solution

Publishers Rights Holders

Brands

Esports Solution

Publishers

Rights Holders

Brands

Gfinity contracted to create solution. Business client monetises Gfinity and partners own/co-own, create IP. Monetise and share commercial rights

Tickets, merch, virtual items, subscription

Gfinity Esports9

Significant growth over past year driven through Strategic Client Management

9

• *Delivered celebrity-based Twitch Prime Crown

Cup on behalf of Amazon

• Completed season 2 of Formula 1 Esports

Pro Series

- Contracted to deliver 3rd season of

growing Pro-Series programme in 2019

- Appointed production partner for ‘Making

an Esports Champion’ online TV Series*

• Appointed tournament operator for inaugural

ePremier League programme

- Incremental services provided to a number of

clubs including Liverpool, Tottenham Hotspur

and Chelsea

- Reappointed for second season of programme

in 2019/20*

• Partner to EA SPORTS™ for 5 events as part

of FIFA 19 Global Series • Delivered all tournament operation services in

respect of Forza Racing Championship global

esports programme and European leg of Halo

Championship Series, on behalf of Microsoft

• Engaged by IndyCar to provide strategic

consultancy to develop an esports strategy

• Engaged by Truxtun Capital to design and

develop Esports programme in conjunction with

State of Qatar to coincide with 2022 FIFA World

Cup’

• Broadcast rights contract with Facebook

and headline sponsorship with Dominos for

Season 4 of Gfinity Elite series

• Delivered Europe’s largest ever Call of Duty

event from Copperbox arena in conjunction

with Activision Blizzard

• Created Esports content series on behalf of

HP Omen

*Denotes 2019/20 activites

Gfinity Esports10

Delivering a step change in revenue and gross profit

- Grown size and number of strategic clients

- Deepened existing client relationships

- Delivering consultancy programmes for new partners

- Leveraging our investments in people, products and technology

- Building Gfinity community

- Focused deployment of resources to value add areas

FY17 FY18 FY19 Medium Term

Focus on strategic client management...

+82%

+82%

...driving gross profit growth

FY17 FY18 FY19

Partner service delivery Owned content/ shared rights

Consulting fees Community income

Community

Service Delivery

Owned Content

Consultancy

2.7m

4.3m

7.9m

(£0.4m)

(£3.4m)

£1.0m

Medium Term

Charts are for illustrative purposes only and not to scale

Gfinity Esports11

Leveraging scalable cost base

- Opex largely fixed as already invested in people, products and technology

- Costs broadly stable despite significant business growth

- Reprioritisation of resources to areas driving greatest strategic value:

o Investment in commercial capability, community and proprietary technology

- Medium term opex in £10m to £12m range

Stable Opex

2017 2018 2019

2017 2018 2019

4.6

8.79.6

Revenue Growth

Operating Cost Growth

Gfinity Esports12 Gfinity Esports12

Building an engaged Gfinity community• Created Gfinity Media Distribution Channel (MDC) to compete favourably with other gaming titles • Centred on gamer insights; built by team of passionate gamers

3 year ambition: 100 million gamers/mth organically reached; 25 publisher and brand partners; significant source of future revenue

REALSPORT

• Organic• News • Opinions • Tutorials • Video & podcast • Long-form shows• Collaborations

Content Revenue streams

• Ad-serving• Website ‘takeovers’• Social asset ‘takeovers’ • Organic community

build consultancy

Future

• More games• More writers• More languages• More creative

formats• More commercial

partners•

•

Website; Facebook; Instagram; Twitter.Primary audience: • Esports enthusiasts

Website; Facebook; Instagram; Twitter.Primary audience: • Casual gamers

Gfinity Esports13

Senior Leadership Team

GrahamWallace

BryanHealy

PaulKent

AmandaLawson

JonathanHall

CHIEF EXECUTIVE OFFICER

GLOBAL HEAD OF CLIENT SERVICESGLOBAL HEAD OF ESPORTS SOLUTIONS

P R E V I O U S LY

P R E V I O U S LYC O M P E T I T I V E G A M I N G P R E V I O U S LY

P R E V I O U S LY

MTV

Manchester City FCGlasgow Rangers FC

UFCWMGFIFA 2010 World Cup

20+ Years Experience in designing Esports solutions

UFC

ITV Sport

Saracens RFC

PA Consulting

Arthur Andersen

GLOBAL HEAD OF CONTENT

CHIEF FINANCIAL OFFICER

IMG

P R E V I O U S LY

HeinekenAmerican Express

GLOBAL BRAND & MARCOMNS OFFICER

John Clarke

Burson-Marsteller PR

GrahamWallaceEXECUTIVE CHAIRMAN

P R E V I O U S LY

GLOBAL BRAND OFFICER

UFC

Manchester City

Garry Cook

CHIEF EXECUTIVE OFFICER

P R E S I D E N T

Michael Jordan Brand, NIKE

Gfinity Esports14

Summary

Connecting major publishers, rights holders, brands and media companies to an engaged global audience of 900 million

Trusted partner to some of world’s most recognised brands

End to end esports solution capability, underpinned by quality of people, processes and proprietary esports technology

Reaching 25 million gamers per month via own media distribution channels

Introduction of new leadership team in 2018, delivering on financial commitments

15

Appendix

Gfinity Esports16

Case Study - Igniting a motorsports esports revolution

Formula 1 Esports Motorsport Opportunities The Future

Design, develop and deliver long term strategic

esports solutions

Creating new consumer touch points

Proprietary solution for each rights holder to connect

with young and digital consumers

3 seasons designed, developed and delivered by

Gfinity

Creation of new virtual business vertical

New audience – 70% under the age of 34

1.1bn number of motorsport fans

275 million gamers love motorsports

Portfolio of global solutions targeting younger

audience

Proprietary IP and partner IP bridging the gap

between the real and virtual

Mainstream approach to expand addressable market

and grow number of fans

Gfinity Esports17

Case Study - Igniting a football esports revolution

EA Sports FIFA Other Football The Future

Gfinity designing, developing and delivering solutions

for a growing number of additional football rights

holders

Football clubs and leagues need solutions to address

the next generation fan

Multi-year relationship, growing 4x since inception

World class delivery of an increasing number publisher

owned esports programme

From Service Provision to include limited commercial

rights (tournament sponsorship)

675 million gamers who love football

Bridging the gap to 3.5bn soccer fans

Portfolio of global solutions targeting younger

audience

Leverage strong brands to grow Esports reach and

value

- New competitive gaming entertainment formats:

- Creative partner concepts

- Owned formats (IP) with commercial rights