Operating Data Zynga Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	690	765	741	-	-	-	-	-
Revenue (%)
EBITDA	-	-	-162	-92	-52	-	-	-	-	-
EBITDA (%)
EBIT	-	-	-245	-146	-94	-	-	-	-	-
EBIT (%)
Depreciation	-	-	83	54	42	-	-	-	-	-
Depreciation (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	690	765	741
Revenue (%)
EBITDA	-	-	-162	-92	-52
EBITDA (%)
EBIT	-	-	-245	-146	-94
EBIT (%)
Depreciation	-	-	83	54	42
Depreciation (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
Revenue (%)
EBITDA	-	-	-	-	-
EBITDA (%)
EBIT	-	-	-	-	-
EBIT (%)
Depreciation	-	-	-	-	-
Depreciation (%)

Balance Sheet Data Zynga Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	-	-	917	987	852	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	90	80	77	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	15	61	48	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-9	-8	-10	-	-	-	-	-
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	-	-	917	987	852
Cash (%)
AccountReceivable	-	-	90	80	77
AccountReceivable (%)
Inventories	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	15	61	48
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-9	-8	-10
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-	-	-
CapitalExpenditure (%)

Weighted Average Cost Of Capital Zynga Inc.

Share Price	$ 6.06
Diluted Shares Outstanding	875
Cost of Debt
Tax Rate	-2.9
After-tax Cost of Debt	-
Risk Free Rate
Market Risk Premium
Cost of Equity	5.63
Total Debt	0.00
Total Equity	5,326.74
Total Capital	5,326.74
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Zynga Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	690	765	741	-	-	-	-	-
EBITDA	-	-	-162	-92	-52	-	-	-	-	-
EBIT	-	-	-245	-146	-94	-	-	-	-	-
TaxesRate	-	-	3.0	6.2	-2.9	-	-	-	-	-
EBIAT	-	-	-237.6	-137.0	-96.7	-	-	-	-	-
Depreciation	-	-	83	54	42	-	-	-	-	-
AccountReceivable	-	-	-90	10	3	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-	-	-	-	-	-
AccountsPayable	-	-	15	46	-13	-	-	-	-	-
AccruedLiabilities	-	-	-	-	-	-	-	-	-	-
CapitalExpenditure	-	-	-9	-8	-10	-	-	-	-	-
UFCF	-	-	-221	-28	-63	-	-	-	-	-
WACC
PV UFCF						-	-	-	-	-
SUM PV UFCF										-

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	690	765	741
EBITDA	-	-	-162	-92	-52
EBIT	-	-	-245	-146	-94
TaxesRate	-	-	3.0	6.2	-2.9
EBIAT	-	-	-237.6	-137.0	-96.7
Depreciation	-	-	83	54	42
AccountReceivable	-	-	-90	10	3
Inventories	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-
AccountsPayable	-	-	15	46	-13
AccruedLiabilities	-	-	-	-	-
CapitalExpenditure	-	-	-9	-8	-10
UFCF	-	-	-221	-28	-63
WACC
PV UFCF
SUM PV UFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
TaxesRate	-	-	-	-	-
EBIAT	-	-	-	-	-
Depreciation	-	-	-	-	-
AccountReceivable	-	-	-	-	-
Inventories	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-
AccountsPayable	-	-	-	-	-
AccruedLiabilities	-	-	-	-	-
CapitalExpenditure	-	-	-	-	-
UFCF	-	-	-	-	-
WACC
PV UFCF	-	-	-	-	-
SUM PV UFCF					-

Terminal Value Zynga Inc.

Growth in perpetuity method:
Long term growth rate
WACC (%)	5.6
Free cash flow (t+1)	0.00
Terminal Value	0.00
Present Value of Terminal Value	0.00

Intrinsic Value Zynga Inc.

Enterprise Value	-
Net Debt	-852
Equity Value	-
Shares Outstanding	879
Equity Value Per Share	-

Results Unlevered DCF Zynga Inc.

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
3.6 (%)	-	-	-	-	-	-	-	-	-
4.1 (%)	-	-	-	-	-	-	-	-	-
4.6 (%)	-	-	-	-	-	-	-	-	-
5.1 (%)	-	-	-	-	-	-	-	-	-
5.6 (%)	-	-	-	-	-	-	-	-	-
6.1 (%)	-	-	-	-	-	-	-	-	-
6.6 (%)	-	-	-	-	-	-	-	-	-
7.1 (%)	-	-	-	-	-	-	-	-	-
7.6 (%)	-	-	-	-	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
3.6 (%)	-	-	-	-	-
4.1 (%)	-	-	-	-	-
4.6 (%)	-	-	-	-	-
5.1 (%)	-	-	-	-	-
5.6 (%)	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
6.1 (%)	-	-	-	-
6.6 (%)	-	-	-	-
7.1 (%)	-	-	-	-
7.6 (%)	-	-	-	-

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Discounted Cash Flow (DCF) Analysis Unlevered

Zynga Inc. (ZNGA)