FUN Valuation Overview (Perpetual Growth Exit Method) February 2009

1 Summary of FUN Valuation Methodology SPE Internal DCF values FUN at $180 - $210MM Prior 3 year forecast (2008 through 2010) is now dated based on 2008 actual performance and revised 2009 budget – 2008 actual revenues were below budget by 14% – 2009 budgeted revenue is below prior forecast by 22% As a basis for an SPE internal valuation exercise, we reduced the prior revenue forecast for 2010 by 22% then applied declining revenue growth rates for 2011 through 2014 DCF included sensitivities applied to revenue growth through 2014 and perpetual growth rate for exit – Analyzed 2010 revenue growth starting at 20-30% with growth slowing by 5% per year thereafter – Used perpetuity growth rates of 2-5% (with a discount rate of 16.5%)

2 Base Case FUN Valuation

3 Valuation Sensitivity

FUN Valuation Overview [Include Comps and Exit Multiple] February 2009

5 Summary of FUN Valuation Methodology SPE Internal DCF values FUN at $180 - $205MM Prior 3 year forecast (2008 through 2010) is now dated based on 2008 actual performance and revised 2009 budget – 2008 actual revenues were below budget by 14% – 2009 budgeted revenue is below prior forecast by 22% As a basis for an SPE internal valuation exercise, we reduced the prior revenue forecast for 2010 by 22% then applied declining revenue growth rates for 2011 through 2014 DCF included sensitivities applied to revenue growth and exit multiples – Analyzed 2010 revenue growth starting at 20-30% with growth slowing by 5% per year thereafter – Used exit multiples with a 10%-25% discount to exit multiples in similarly sized deals to account for the fact that we are acquiring a minority stake  Direct M&A comps had EBITDA multiples of 9.1x and revenue multiples of 2.3x  Results in exit EBITDA multiples of 6.8 – 8.2x and exit revenue multiples of x – As direct M&A comps are dated; validated small company exit multiples by confirming they are reasonable relative to current multiples for public game and internet companies  9.1x EBITDA multiple for M&A comps implies a 7% control premium relative to current average internet EBITDA multiple of 8.5x  2.3x Revenue multiple for M&A comps implies 64% control premium relative to current average internet Revenue multiple of 1.4

6 Base Case FUN Valuation

7 Valuation Sensitivity

8 Exit Multiples from Directly Comparable Transactions (Per Liberty / FUN Acquisition Proxy)

9 Trading Multiples for Internet and Video Game Companies (1) As of market close February 2, 2009 (2) FY ends March 2009 Values in MM