To the Shareholders of
Gaming VC Holdings S.A.
13-15 Avenue de la Liberté
REPORT OF THE RÉVISEUR D’ENTERPRISES
Report on the annual accounts
We have audited the accompanying annual accounts of GAMING VC HOLDINGS S.A., which comprise the
balance sheet as at December 31, 2008, and the profit and loss account for the year then ended, and a
summary of significant accounting policies and other explanatory notes to the annual accounts.
Board of Director’s responsibility for the annual accounts
The Board of Directors is responsible for the preparation and fair presentation of these annual accounts in
accordance with Luxembourg legal and regulatory requirements relating to the preparation of the annual
accounts. This responsibility includes: designing, implementing and maintaining internal control relevant to
the preparation and the fair presentation of annual accounts that are free from material misstatement,
whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Responsibility of the Réviseur d’entreprises
Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our
audit in accordance with International Standards on Auditing as adopted by the Institut des réviseurs
d’entreprises. Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the annual accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
annual accounts. The procedures selected depend the judgement of the réviseur d’entreprises, including the
assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In
making those risks assessments, the réviseur d’entreprises considers internal control relevant to the entity’s
preparation and fair presentation of the annual accounts in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our
In our opinion, the annual accounts give a true and fair view of the financial position of GAMING VC
HOLDINGS S.A. as of December 31, 2008, and of the results of its operations for the year then ended in
accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the annual
Report on other legal and regulatory requirements
The management report, which is the responsibility of the board of directors, is consistent with the annual
Luxembourg, April 20, 2009
Grant Thornton Lux Audit S.A.