Good morning. My name is Deborah Taylor and I'm an MD within Equity Capital Markets. I'm really pleased to have you joining our team, and we are really looking forward to working with you. It's a great time to be joining the team as we are currently working on a really exciting project for one of our clients, Epic Games, and they're a private online gaming company.

Now the company is planning an IPO and we are the lead advisors on the deal. We are still at an early stage in the process, and the CEO has sent us an email yesterday asking for more information on how the company is likely to be valued by the market.

Now, in terms of your task for today, I would like you to put together some analysis and responses to the questions sent by the CEO using current market data. Now, these questions are as follows. Firstly, Epic Games is both a consumer business and a technology business. How do EV multiples for consumer sectors compare with those of technology sector? And why? Secondly, what are the current EV multiples for Epic Games publicly traded competitors, and which of these are the closest comps for Epic Games? It's worth flagging that our team have already identified Electronic Arts, Take-Two, Roblox and Unity Software as their major competitors. However, you should also be aware that this is a really active sector for M&A, so please ensure that acquisitions or disposals don't distort your multiples analysis. Thirdly, what is an appropriate EV to EBITDA multiple for Epic games and what is their implied enterprise value? To help us with our analysis, the CEO has sent us their latest management numbers and forecasts, which I've uploaded onto an Excel file on our team's shared drive. Please include your analysis and response in the same Excel file below the management data. I expect this work to take you about an hour, so please drop me an email when it's ready for review. Thanks so much and I'll catch up with you later. Bye.