Freemium Business Models = All In…Just Getting Started Select Publicly Traded Pure-Play Freemium Businesses* >10MM Paid Subscribers (3/19) >$1B Annual Revenue (2018) $1B+ Primary Revenue Monetization 1st Year Drivers Gaming Nexon 2011 Paid Items / Ads / Gaming Epic Games 27MM** Subscriptions (Private Company) King Digital 2013 Paid Items / Ads / Subscriptions Supercell 2014 Paid Items / Enterprise Dropbox 13MM** Subscriptions Mixi 2015 Paid Items Netmarble 2016 Paid Items Consumer Spotify 100MM** Epic Games 2018 Paid Items / Subscriptions (Private Company) Enterprise Dropbox 2017 Subscriptions Consumer Spotify 2014 Subscription / Ads Pandora 2015 Subscription / Ads MatchGroup 2016 Subscription / Ads *Excluding China companies where Freemium business models are more mature owing to higher maturity of digital payments, particularly microtransactions / Excludes diversified companies (such as Apple / Amazon / Microsoft ) owing to significant revenue contribution from non-freemium businesses / Includes private company Epic owing to scale. Internet Trends **Epic = Midpoint of 23-31MM estimate for Battle Pass subscribers per Timothy O’Shea @ Jeffries (3/19)…not confirmed by Epic Games. Source: CapitalIQ (including currency 114 2019 conversion) = Nexon / King (2018 Revenue as part of Activision) / Pandora / Mixi / Match Group / Dropbox / Netmarble. Spotify = Wall Street Journal / Company reports. Supercell = Venture Beat.