INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF GAMING VC HOLDINGS S.A.
To the Shareholders of Gaming VC Holdings S.A.
13-15, Avenue de la Liberté L-1931 LUXEMBOURG
Report of the Réviseur d'Entreprises
Report on the consolidated financial statements
We have audited the accompanying consolidated financial statements of Gaming VC Holdings S.A. and its
subsidiaries (the "Group"), which comprise the consolidated balance sheet as at December 31, 2009 and the
consolidated statements of income, comprehensive income, changes in equity and cash flows for the year
then ended, and a summary of significant accounting policies and other explanatory notes.
Board of Directors' responsibility for the consolidated financial statements
The Board of Directors is responsible for the preparation and fair presentation of these consolidated financial
statements in accordance with International Financial Reporting Standards as adopted by the European
Union. This responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of consolidated financial statements 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 consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des
Reviseurs d'Entreprises. Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the judgement of the Reviseur
d'Entreprises, including the assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments, the Reviseur d'Entreprises
considers internal control relevant to the entity's preparation and fair presentation of the consolidated
financial statements 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
consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial
position of the Group as of December 31, 2009, and of its financial performance and its consolidated cash
flow for the year then ended in accordance with International Financial Reporting Standards as adopted by
the European Union.
Report on other legal and regulatory requirements
The consolidated management report, which is the responsibility of the Board of Directors, is in accordance
with the consolidated financial statements.
Luxembourg, April 16, 2010 Thierry Remacle
Grant Thornton Lux Audit S.A.