Freemium Gaming = Social / Often Mobile / Can Be Transient Nexon ) HearthStone ) 10MM 20% ine 6MM 30% ine ) L L r ) a d d e ar e B B R R ( ( lue lue B ( B ( s Total 5MM 10% Total r 3MM 15% s e f f s o er o U % Us % id r r a e e s aid s P U P U id 0 0% id 0 0% a a P 2015 2016 2017 2018 P 2015 2016 2017 2018 Zynga ) Rovio ) 2MM 3.0% ine 1.0MM 2% ine L L ) ) r d r d a e a e B R B ( R ( lue lue B B ( ( Total s 1MM 1.5% s Total r f r 0.5MM 1% e o e f s o s % U U % r id e id r a s a e P U P s U id 0 0.0% a id P 0 0% a 2015 2016 2017 2018 2015 2016 2017 2018 P Paid Users Paid % of Total Users Source: Nexon = Annual Company Filings. HearthStone = Activision Blizzard Filings + Morgan Stanley estimates. Zynga = Zynga Annual Filings. Rovio = Rovio Annual Reporting. Note Paid users refers to users who upgrade to unlock premium features such as ad-free game play. Internet Trends Paid Users % of Total = share of payers in a period divided by total active users in the same period. 104 2019