MERGER ARBITRAGE 25 February 2016 DOWNSIDE & BREAK ANALYSIS DOWNSIDE AND BREAK ANALYSIS Deal Break analysis and Market implied probability Selected Peer Group Analysis Last Price Price on announcement Perf (%) Market cap (USD bn) Weighting GAMELOFT SE UBISOFT ENTERTAINMENT 2 4.96 2 3.31 7.08% 3 ,070.62 62.7% STARBREEZE AB 1 5.40 1 5.20 1.32% 3 05.56 6.2% RNTS MEDIA NV 1 .95 2 .07 -5.71% 2 45.58 5.0% REDCENTRIC PLC 1 83.25 1 86.00 -1.48% 3 72.41 7.6% WEBZEN INC 2 06.50 2 07.00 -0.24% 8 99.99 18.4% Peers weighted average performance 4.08% 4,894.16 100% Deal Break peer performance adjustment calculation Break Peer Adjustement Adj. break PriceAdjusted break GAMELOFT SE - 1.35 4.08% 5.70 - 1.13 VIVENDI - 0.00% 1 8.14 - Break target currency - 1.35 - 1.13 Downside -19.77% -16.49% Market Implied probability of deal closing n/m Source: Makor, Bloomberg 16 | P a g e