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        Investment Case following completion of the acquisition of Gamesys Limited?

        Delivering attractive financial benefits to the enlarged and renamed business combination, Gamesys Group plc

        • The acquisition of Gamesys Limited brings with it a business which has a history of delivering high growth; double-digit growth in net revenues and adjusted EBITDA over the past three years, accompanied by strong cash generation.
        • The acquisition is expected to be double-digit earnings-accretive (before one-off transaction and integration costs) in the first full financial year following completion.
        • Annualised cost savings from the acquisition estimated to be single-digit millions Sterling in the first full financial year following completion.
        • The pro forma net leverage ratio for newly created Gamesys Group plc is c.3.1x and the balance sheet is expected to de-lever significantly in the medium to long-term.

        Diversified brand portfolio with international expansion opportunities

        • Gamesys Limited brings a portfolio of complementary, market-leading and high growth games content and brand licences, including Virgin Games, Virgin Casino, Monopoly Casino and Heart Bingo.
        • The acquisition diversifies the Group’s portfolio of brands and creates a platform for international growth, particularly with the globally recognised brands of Virgin and Monopoly.

        Executive Team with a track record of creating shareholder value

        • The Executive Team of the Group has been enhanced by the appointments of Lee Fenton as Group CEO and Robeson Reeves as Group COO. Both individuals have proven track records of building and operating high-growth online gaming businesses and have longstanding relationships with the existing JPJ team.
        • As a result of the acquisition, the enlarged Group has in excess of 1,000 highly skilled employees with strong technology development, and best in class digital marketing and data capabilities.

        Greater operational control and enhanced development capabilities

        • Following its 2015 acquisition of the Jackpotjoy brands, JPJ continued to source content, platform and operational support from Gamesys. As a result of the acquisition, the enlarged Group will have ownership of its technology platform and operations, together with a reduced reliance on third party providers.
        • The previously planned alternative to the acquisition was ‘Internalisation’, under which JPJ would onboard operational staff from Gamesys. Not only would this have been a significant distraction but would still have left both companies separate and potentially with conflicting strategies. The acquisition ensures full strategic alignment, business continuity and minimalised execution risk.
        • The enlarged Group will also benefit from enhanced operational control as a result of technological and strategic alignment.

        Increased scale enhances player experience and profitability

        • Increased scale and liquidity create the conditions for a virtuous cycle, leading to opportunities to increase growth and profitability.
        • Greater scale can lead to optimised marketing and campaign targeting, which increases player retention and wallet-share opportunities, and better positions the Company to respond to regulatory developments.

        Commitment to responsible gambling

        • Gamesys Group plc reflects the merging of two cultures, both of which are committed to promoting a culture of responsible gambling through building long-term and sustainable relationships with customers.