Forgame Holdings Limited Management Presentation November 2013

Happiness anytime, anywhere

2

Healthy Profit Generation

-40

115

240

154

2010 2011 2012 1H'13

52% 66%

70% 66%

48%

34%

30%

34%

95

384

777

574

2010 2011 2012 1H'13

2

Business Overview

Strong Revenue Momentum

RMB MM

RMB MM

Adjusted Net Profit / (Loss)(5)

Game Development Game Publishing

Notes

1. Market share in 2012 in terms of net revenue, according to iResearch

2. In the month of June 2013

3. As of June 30, 2013

4. Includes 15 webgames and 17 mobile games to be beta tested in Q4’13 and 2014

5. Adjusted net profit / (loss) excludes share-based compensation, fair value change of preferred shares and finance cost relating to issuance of preferred shares

Unique Model Integrating Development and Publishing

Development: No.1 Webgame Developer in China

- 24% Market Share(1)

- 24MM Monthly Active Users (“MAUs”)(2)

Publishing: Top 10 Webgame Publisher in China

- 179MM Registered Players(3)

- 79 Self-developed and Licensed Games(3)

Proven Track Record and Robust Pipeline

37 Self-developed Webgames and 4 Mobile Games

Launched as of September 30, 2013

- 1st Mobile Game, The Era of Storms, Exceeded

RMB 14MM of Gross Billings in August 2013

- Launched Charmed Westward Journey mobile

version in October 2013

32 Games in the Pipeline as of September 30, 2013(4)

Attractive Financial Performance

6

~8x

Growth

3

Evolution of the Industry

Console Games

Note

1. Cloud computing technologies-enabled games, including both webgames and smartphone mobile games

Client-based Games

Cloud-based Games(1)

Product

7

Software Internet Service

2016E Market Size: RMB 80Bn

2012 – 2016E CAGR: 13%

2016E Market Size: RMB 35Bn

2012 – 2016E CAGR: 38%

4

Clear Opportunities for Cloud-based Games

Cloud-based Games Present A Large Market Opportunity with Lower Risks

8

Hardware

Requirements High

Low and flexible

Engagement Home / Internet cafe Anywhere

Time

Commitment High

Low and flexible

Development Cycle 24 – 36 months 6 – 12 months

Upfront

Development Costs High

Low

Update

Frequency Low High

Source: iResearch

Client-based Games Cloud-based Games

5

Visionary Management and High Retention Rate of Talent 5

2 Proven Ability to Consistently Replicate Success

4 High Level of Diversification

1 Differentiated Model Integrating Development and Publishing at Scale

Investment Highlights

3 Scientific Approach to Game Development

10

6

1

Games Are Continually Optimized Based on Comprehensive Data and Feedback

3rd Party

Publishing

Partners

Live

Service

Games

3rd Party

Developers

Development

Studios

Players

Self-owned

Publishing

Platform Games

Games

Data

+ Beta Testing

In-game Data

Player -

Acquisition

Related Data

Differentiated Model Integrating Development and Publishing at Scale

12

7

Empowered by A Leading Publishing Platform

2.7 3.6

5.2

7.5

2010 2011 2012 1H'13

30 40

71

115

2010 2011 2012 1H'13

Rapidly Expanding User Base…

MAUs (MM)

… and Higher Conversion

MPUs (000s)

Accumulated 179MM Registered Players

1

Note:

1. Number of games and registered players on 91wan as of June 30, 2013

20 Self-

developed

Games

59 Licensed

Games

13

Q4’13–2014

15 new Webgames

17 new Mobile Games

Q3’13

1H’13

2012

2011

2010

Proven Ability to Consistently Replicate Success

8

Notes

1. In terms of net revenue received by webgame developers in China

2. As of June 30, 2013

Close to 1,500 R&D Professionals Dedicated to Game Development(2)

Webgames Mobile Games 2 New Games

4 New Games

2 Existing Games

8 New Games

5 Existing Games

12 New Games

12 Existing Games

12 New Games

22 Existing Games

2009

Undisputed Leadership(1)

2012

Source: iResearch

2

11

Others #1 Market

Share of 24%

3 New Games

34 Existing Games

Data-driven User Engagement and Monetization

9

3

Key Focus: Retention, Paying User Conversion and ARPPU

Ongoing Game Optimization

Identify

Potential

Solutions

Ongoing Data

Analysis

60 Seconds of

Game Play

14

Live Data Feed to the Game Analytics Engine

Detailed Analysis from

Different Angles

Official Website Registration Select Server Choose Character’s

Name Welcome Page Complete 1st Task

10

High Level of Diversification 4

Limited Title Concentration

Continued Launch of Successful Games

1H’13 Game Development Revenue

Limited Platform Concentration

Others

~20%

Low Platform Dependence -

Delivering through 350+ Platforms

Top 5 Games Others

#1 3rd Party Publishing

Partner

15

Games in

Operation 6 13 24 34

Total Revenue

79%

66%

52% 52%

21%

34%

48% 48%

0

20

40

60

80

100

2010 2011 2012 1H'13

11

Visionary Management and High Retention Rate of Talent 5

Kevin Wang

Founder, Chairman & CEO

Over 12 years of experience in the Internet industry

Former CEO of ZCOM, an e-journal platform in China

Co-founder

Executive Director

Responsible for research

and development

Seasoned entrepreneur in

the Internet industry

Jieguang

Zhuang

Co-founder

Executive Director

Responsible for

publishing and marketing

Founder of Jiyichang Network

8 years of entrepreneurial

experience Dong Liao

Co-founder

Executive Director

Responsible for research and

development

Over 7 years of experience in

the Internet industry

Kai Huang

CFO

Former Head,

Hong Kong and China

Internet Research,

UBS AG

Gary Ngan

Co-Founder

Chief Product Officer

Responsible for research

and development of

webgame products

Led the development of the

Soul Guardian franchise Tao Yang

16

President of International

Business

Responsible for overseas

expansion of Forgame

Yiwei Cheng

Our Growth Strategies

Broaden Reach into

International Markets

2

Further Expand into the

Mobile Game Market

1

Extend Game Life Cycle

and Enhance

Monetization Capabilities

6

Pursue Strategic

Acquisitions and

Partnerships

3

Launch New Games at A

Faster Pace

5

Expand Our Leading

Publishing Platform

4

17

12

Significant Mobile Game Market Opportunities

13

Leverage Established Webgame Franchise Diversify into the Casual Game Market

Strategic Investment

Published Over

350 Games(1)

Over 170MM Global Download(1)

Soul Guardian Mobile Version Charmed Westward

Journey Mobile Version

18

Note:

1. As of July 2013

13

Build Up Mobile Game Publishing Platform

Existing Webgame

Players

New Players

Self-developed

Games

Licensed

Games

Acquired

Games

Forgame

Publishing

Platform

Broaden Reach into International Markets

14

18

14

Product Strategy

- Adaption of existing hit titles into international version

- Change graphic design and storyline to fit in international market

Talent Strategy

- Build up talent pool including programming, graphic design, game development, marketing

and operating, and international business development

Marketing Strategy

- Market segmentation: Europe and US, Japan, Brazil, Russia, Middle East, South East Asia

- Market expansion by phases

Financial Overview

19

16

Attractive Revenue Momentum

Total Net Revenue

RMB MM

52%

66%

70%

67%

66%

48%

34%

30%

33%

34%

95

384

777

347

574

2010 2011 2012 1H'12 1H'13

Game Development Game Publishing

21

~8x

Growth

17

Strong Underlying Drivers for Both Game Development and Publishing

Average MPUs(1)

000s

69

240

518

758

2010 2011 2012 1H'13

ARPPU(2)(3)

RMB

60

88 87 83

2010 2011 2012 1H'13

Game Publishing

Game Development

Registered Players

MM

47

88

141

179

2010 2011 2012 1H'13

Average MPUs(1)

000s

30 40

71

115

2010 2011 2012 1H'13

ARPPU(2)

RMB

125

274 278 282

2010 2011 2012 1H'13

Notes:

1. Monthly paying users

2. Average revenue per monthly paying user

3. Based on net revenue after revenue sharing with publishing partners

26

~11x

Growth

~4x

Growth ~4x

Growth

89% 34%

28%

31% 34%

11%

66%

72%

69%

66%

40

315

698

316

510

42%

82%

90% 91% 89%

2010 2011 2012 1H'12 1H'13

18

Healthy Gross Margin

Gross Profit

RMB MM

22

Game Development Game Publishing Gross Margin

49% 23%

26%

21%

25% 28%

15%

23%

23%

28%

8%

33%

5%

4%

8%

81

275

416

166

347

2010 2011 2012 1H'12 1H'13

-40

115

240

126

154

(42%)

30%

31% 36%

27%

2010 2011 2012 1H'12 1H'13

19

Strategic Spending Targets for Long-term Positioning

Operating Expenses(1)

RMB MM, as % of Revenue

23

Notes:

1. Does not include other income (losses)

2. Adjusted net profit / (loss) excludes share-based compensation, fair value change of preferred shares and finance cost relating to issuance of preferred shares

Adjusted Net Profit / (Loss)

RMB MM

Margin Adjusted Net Profit / (Loss)(2)

Administrative

R&D S&M

Number

of New

Games 4 8 12 12 4

20

Adjusted Net Margin Analysis

36

(2)

(3)

(5)

(4)

5 1 27

0

10

20

30

40

AdjustedNet Margin

(1H'12)

Increase in Cost ofRevenue as % of

Revenue

Increase in R&DExpenses as % of

Revenue

Increase in S&MExpenses as % of

Revenue

Increase in G&AExpenses as % of

Revenue

Adjustment forIncrease in SBCas % of Revenue

Others AdjustedNet Margin

(1H'13)

%

24

Note

1. Adjusted net profit excludes share-based compensation, fair value change of preferred shares and finance cost relating to issuance of preferred shares

(1) (1)

Appendix A: Additional Company Information

22

Income Statement Summary

RMB MM

2010 2011 2012 1H’12 1H’13

Revenue 95 384 777 347 574

% YoY Growth N.A. 304% 102% N.A. 65%

Game Development 50 252 541 232 379

% of Revenue 52% 66% 70% 67% 66%

Game Publishing 45 132 236 116 194

% of Revenue 48% 34% 30% 33% 34%

Gross Profit 40 315 698 316 510

% Gross Margin 42% 82% 90% 91% 89%

Adjusted EBITDA(1) (39) 144 297 156 202

% EBITDA Margin (41%) 37% 38% 45% 35%

Operating Profit (40) 41 284 152 164

% Margin (43%) 11% 37% 44% 29%

Adjusted Net Profit(2) (40) 115 240 126 154

% Adjusted Net Margin (42%) 30% 31% 36% 27%

Net Profit (40) 18 218 122 (243)

% Net Margin (42%) 5% 28% 35% (42%)

Notes:

1. Adjusted EBITDA excludes share-based compensation

2. Adjusted net profit excludes share-based compensation, fair value change of preferred shares and finance cost relating to issuance of preferred shares

23

Selected Balance Sheet Items

2010 2011 2012 1H’13

Cash and Cash Equivalents(1) 13 86 313 398

Trade Receivable 20 46 84 91

Other Assets 74 123 125 179

Total Assets 108 255 522 668

Trade Payable 14 12 10 20

Deferred Revenue(2) 91 112 135 107

Other Payables and Accruals 10 19 42 58

Convertible Redeemable Preferred Shares 0 0 451 810

Other Liabilities 13 17 21 16

Total Liabilities 128 159 659 1,010

Total (Deficit) / Equity (20) 95 (137) (342)

Total Equity and Liabilities 108 255 522 668

Receivable Days 79 44 40 29

Payable Days 92 62 47 57

RMB MM

Notes:

1. Including short-term investment

2. Including both current and non-current deferred revenue

Foga Tech Limited (HK)

Guangzhou Feidong Software Technology Co., Ltd

24

Post-IPO Corporate Structure – Post-Greenshoe(1)

Ledong Technology Limited (HK)

Contractual Arrangements

100.00%

100.00% Offshore

PRC

Notes

1. Assuming pre-IPO options are not exercised

PRC Operational Entities

Forgame Holdings Limited (Cayman)

100.00%

Ignition

(Delaware

U.S.)

0.92%

Qiming

(Cayman)

3.01%

TA Associates

(Cayman)

10.47%

Kai Huang

7.17%

Tao Yang

0.80%

Kevin Wang

16.65%

Dong Liao

11.12%

Jieguang

Zhuang

15.82%

Public

Investors

34.04%

Reputable Private Equity / Venture Capital Shareholders

25

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3

Disclaimer