Q3 2015 PRESENTATION

NOVEMBER 10, 2015

CAUTION REGARDING
FORWARD LOOKING STATEMENTS
Cautionary Note Regarding Forward Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable securities laws,
including, without limitation, certain financial expectations and projections. Forward-looking statements can, but may not always, be identified by the use of
words such as anticipate, plan, continue, estimate, expect, may, will, project, predict, potential, targeting, intend, could, might, would,
should, believe, objective, ongoing and similar references to future periods or the negatives of these words and expressions. These statements, other
than statements of historical fact, are based on managements current expectations and are subject to a number of risks, uncertainties, and assumptions,
including market and economic conditions, business prospects or opportunities, future plans and strategies, projections, technological developments,
anticipated events and trends and regulatory changes that affect us, our customers and our industries. Although the Corporation and management believe the
expectations reflected in such forward-looking statements are reasonable and are based on reasonable assumptions and estimates, there can be no
assurance that these assumptions or estimates are accurate or that any of these expectations will prove accurate. Forward-looking statements are inherently
subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual events to differ materially from those
expressed or implied in such statements. Specific risks and uncertainties include, but are not limited to: the heavily regulated industry in which the Corporation
carries on business; interactive entertainment and online and mobile gaming generally; current and future laws or regulations and new interpretations of
existing laws or regulations with respect to online and mobile gaming; potential changes to the gaming regulatory scheme; legal and regulatory requirements;
ability to obtain, maintain and comply with all applicable and required licenses, permits and certifications to distribute and market its products and services,
including difficulties or delays in the same; significant barriers to entry; competition and the competitive environment within the Corporations addressable
markets and industries; impact of inability to complete future acquisitions or to integrate businesses successfully; ability to develop and enhance existing
products and services and new commercially viable products and services; ability to mitigate foreign exchange and currency risks; ability to mitigate tax risks
and adverse tax consequences, including, without limitation, the imposition of new or additional taxes, such as value-added and point of consumption taxes,
and gaming duties; risks of foreign operations generally; protection of proprietary technology and intellectual property rights; ability to recruit and retain
management and other qualified personnel, including key technical, sales and marketing personnel; defects in the Corporations products or services; losses
due to fraudulent activities; management of growth; contract awards; potential financial opportunities in addressable markets and with respect to individual
contracts; ability of technology infrastructure to meet applicable demand; systems, networks, telecommunications or service disruptions or failures or cyberattacks; regulations and laws that may be adopted with respect to the Internet and electronic commerce and that may otherwise impact the Corporation in the
jurisdictions where it is currently doing business or intends to do business; ability to obtain additional financing on reasonable terms or at all; refinancing risks;
customer and operator preferences and changes in the economy; dependency on customers acceptance of its products and services; consolidation within the
gaming industry; litigation costs and outcomes; expansion within existing and into new markets; relationships with vendors and distributors; and natural events.
Other applicable risks and uncertainties include those identified under the heading Risk Factors and Uncertainties in Amayas Annual Information Form for the
year ended December 31, 2014 and in its Managements Discussion and Analysis for the period ended September 30, 2015, each available on SEDAR at
www.sedar.com, EDGAR at www.sec.gov and Amayas website at www.amaya.com, and in other filings that Amaya has made and may make with applicable
securities authorities in the future. Investors are cautioned not to put undue reliance on forward-looking statements. Any forward-looking statement speaks only
as of the date hereof, and the Corporation undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by applicable law.

CAUTION REGARDING
NON-IFRS FINANCIAL MEASURES
Non-IFRS and Non-US GAAP Measures
This presentation contains non-IFRS and non-U.S. GAAP financial measures, specifically Adjusted Net Earnings, Adjusted Net Earnings per Diluted Share,
Adjusted EBITDA, and the pro-forma equivalents of such measures for comparative periods, Adjusted Net Debt, Adjusted Net Leverage Ratio, Capital
Expenditures, and Unadjusted Unlevered Free Cash Flow. The Corporation believes these non-IFRS and non-U.S. GAAP financial measures will provide
investors with useful supplemental information about the financial performance of its business, enables comparison of financial results between periods where
certain items may vary independent of business performance, and allows for greater transparency with respect to key metrics used by management in
operating its business. Although management believes these financial measures are important in evaluating Amaya, they are not intended to be considered in
isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS or U.S. GAAP. They are not recognized
measures under IFRS or U.S. GAAP and do not have standardized meanings prescribed by IFRS or U.S. GAAP. These measures may be different from nonIFRS and non-U.S. GAAP financial measures used by other companies, limiting its usefulness for comparison purposes. Moreover, presentation of certain of
these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided
herein have an actual effect on the Corporations operating results.
Currency
Unless otherwise noted, all references to$ and CAD are to the Canadian dollar, US$ and USD are to the U.S. dollar and and EUR are to the Euro.

The USD to CAD exchange rates used in certain slides herein are as follows: Q3 2015 1.3066; YTD 2015 1.2598; Q3 2014 1.0889; and YTD 2014
1.0942., and as at September 30, 2015 - 1. 3345
B2C Business Historical Measures
All historical information and financial measures relating to Amayas B2C business prior to Amayas acquisition of Amaya Group Holdings (IOM) Limited
(formerly known as Oldford Group Limited) and its subsidiaries (collectively, Rational Group) on August 1, 2014 presented in, or due to lack of information
omitted from, the Corporations documents filed on SEDAR at www.sedar.com and Edgar at www.sec.gov, including the Corporations Management
Information Circular, dated June 30, 2014, for the annual and special meeting of shareholders of the Corporation held on July 30, 2014, the Corporations
Business Acquisition Report, as amended and restated on July 27, 2015, and this presentation, including all financial information of the B2C business, has
been provided in exclusive reliance on the information made available by Rational Group and their respective representatives. Although the Corporation has no
reason to doubt the accuracy or completeness of Rational Groups information provided therein and herein, any inaccuracy or omission in such information
could result in unanticipated liabilities or expenses, increase the cost of integrating Amaya and Rational Group or adversely affect the operational plans of the
combined entities and its results of operations and financial condition.

CORPORATE / OPERATIONS HIGHLIGHTS

Corporate Highlights

Completed previously announced divestitures of B2B businesses in Q3 2015.

From proceeds as well as cash generated by B2C business in YTD 2015:

Repaid US$529 million in gross debt, reducing annualized interest costs by ~US$62 million, or
~US$0.30 per diluted share

Annualized interest expense now ~US$136 million, excluding hedges; LTM Unadjusted Unlevered Free
Cash Flow of US$332 million

Repurchased and cancelled 1.46 million common shares for aggregate price of ~$45 million

Set aside US$59 million for deferred payment of purchase price for Oldford Group (US$108
million in total set aside thus far)

~$180 million in available cash and available-for-sale investments above player deposit
liabilities at September 30, 2015

Operational Highlights

Executed on initiatives to grow customer base and cash flow in 2016:

REGULATION

Received approval to begin operating PokerStars and Full Tilt brands in New Jersey and received
licenses in Romania and Ireland

Continued to invest in lobbying to achieve regulation of online poker/gaming in ex-EU jurisdictions

MARKETING/R&D

Launched poker marketing campaigns featuring superstars Cristiano Ronaldo and Neymar Jr and
increased bonuses/promotions to attract new and reactivated poker customers

R&D investments towards new poker products planned for 2016 launch to bridge the gap between real
money gaming and skilled video gaming/social gaming markets

POKER CHANGES

Announced comprehensive plan to increase engagement and retention of new and casual poker
players

CASINO/SPORTSBOOK ROLLOUT

Continued to roll out more games across platforms and geographies in online casino and online
sportsbook in preparation for launch of external marketing to attract new customers, with plans to
cross-sell them into poker
6

FINANCIAL

Financial Highlights1 Revenue

Consolidated revenues on CAD and IFRS basis
Three Months Ended Sep. 30,
$000s

CAD Revenues

Nine Months Ended Sep. 30,

2015

2014

2015

2014

324,663

299,520

981,534

924,189

Revenues increased 8% in CAD to ~$325 million in Q3 2015 vs Q3 2014

Casino revenues were ~14% in Q3 2015

Poker revenues comprised almost entirely the remainder

Sportsbook revenues were negligible

Q3 2015 IFRS revenue

breakdown (CAD)

7%

13%

17%

IFRS figures do not normalize for VAT or Restricted Jurisdictions

63%

Americas

European Union

Other Europe

Rest of world

1 All 2014 figures are presented on a pro forma basis, which assumes that the acquisition of Amayas B2C business occurred as of the first day of such financial period
2 For each jurisdiction in which the Corporations B2C business operates, 2015 dollar figures are adjusted to their 2014 constant currency equivalent by using a factor that is derived from the percentage
change in the exchange rate of the applicable jurisdictions currency relative to USD during the comparative period. The sum of each such equivalent is then compared to IFRS figures for the applicable
comparative financial period in 2014. During the quarter, the Corporation estimates the decline in purchasing power of our consumer base was a result of an average 19% decline in the value of its
customers local currencies relative to USD, which was partially offset by the translation into its CAD reporting currency.

Financial Highlights1 Constant Currency

B2C Business USD Revenues on Constant Currency/Normalization Basis
USD
$MILLIONs

Three Months Ended

Sep. 30,

FX Impact
(Negative)

2015

2014

B2C Poker

216

261

(57)

B2C Total

252

263

(62)

YoY %
Change

Nine Months Ended

Sep. 30,

FX Impact
YoY %
Change
(Negative)

2015

2014

4.5%

698

804

(183)

10%

19%

778

810

(197)

20%

B2C business revenues increased ~19% in Q3 2015 vs Q3 2014 on a constant currency2

basis and normalizing3 for VAT and Extraordinary Events4 related to real money operations in
Portugal, Greece, and certain additional smaller markets

Significant impact on USD revenues due to ~19% decline in value of customers

deposits vs the US dollar

1 All 2014 figures are presented on a pro forma basis, which assumes that the acquisition of Amayas B2C business occurred as of the first day of such financial period
2 For each jurisdiction in which the Corporations B2C business operates, 2015 dollar figures are adjusted to their 2014 constant currency equivalent by using a factor that is derived from the percentage change
in the exchange rate of the applicable jurisdictions currency relative to USD during the comparative period. The sum of each such equivalent is then compared to IFRS figures for the applicable comparative
financial period in 2014. During the quarter, the Corporation estimates the decline in purchasing power of our consumer base was a result of an average 19% decline in the value of its customers local currencies
relative to USD, which was partially offset by the translation into its CAD reporting currency.
3 Normalizing as defined by the Corporation means, in the case of VAT, adding back the particular dollar amount at issue to the referenced financial measure, and, in the case of the Extraordinary Events,
excluding the particular dollar amount at issue from the referenced financial measure for such Extraordinary Events for all periods referenced
4 The Extraordinary Events included (i) the temporary suspension of real-money operations in Portugal as of July 2015 in anticipation of a new regulatory and licensing regime, (ii) the impairment of real-money
operations in Greece as a result of the severe economic slowdown in that country and the capital controls and banking restrictions imposed by its government in 2015, and (iii) the suspension of operations in
approximately 30 other jurisdictions following Amayas acquisition of the Rational Group in 2014. For Q3 2014, revenues attributable to Portugal, Greece and the other suspended jurisdictions were
approximately US$9 million, the significant majority of which were from Portugal and Greece.

Financial Highlights
FX impact on net gaming revenues

Decline in global currencies vs USD impacts on net gaming revenues (NGR)1 in major markets

Direct translation impact in segregated markets in which gameplay occurs in Euros

Indirect impact in non-segregated markets in which gameplay occurs almost entirely in USD

NGR excluding VAT in many major markets either grew or declined less than local currency decline vs USD

Region
SHARED LIQUDITY
MARKETS

Market

Currency

European Union

EU countries in
Eurozone

Euro

European Union

UK

British Pound

YoY % change in NGR in

USD*

7%

YoY % change in currency value YoY % Change of NGR on Local

vs USD
Currency basis*

-16%

27%

10%

-7%

18%

-16%

15%

European Union

Denmark

Danish Krone

-4%

European Union

Hungary

Hungarian Forint

20%

-16%

43%

7%

-24%

41%

European Union

Norway

Norwegian Krone

European Union

Poland

Polish Zloty

1%

-16%

21%

European Union

Romania

Romanian Leu

-2%

-16%

17%

2%

-18%

24%

European Union

Sweden

Swedish Krona

Other Europe

Belarus

Belarusian Ruble

-19%

-37%

27%

-23%

-42%

34%

Other Europe

Russia

Russian Ruble

Other Europe

Switzerland

Swiss Franc

73%

-5%

83%

Ukranian Hryvnia

-10%

-42%

56%

-35%

41%

Other Europe

Ukraine

Americas

Brazil

Brazilian Real

-8%

Americas

Canada

Canadian Dollar

-25%

-17%

(9)%

Australian Dollar

-23%

-21%

(2)%

Euro

-18%

-16%

(2)%

Rest of World

Australia

SEGREGRATED MARKETS
European Union

Italy, France, Spain

* Excluding Portugal and Greece, and impact of VAT

1 NGR

excludes certain other real money gaming revenues and other non-real money gaming revenues, which increased on a absolute US dollar basis in Q3 2015 vs Q3 2014

10

Financial Highlights1 Adjusted EBITDA

Three Months Ended Sep. 30,
2015

% of
Revenues

2014

% of
Revenues

2015

% of
Revenues

2014

% of
Revenues

141,249

43.5%

130,536

43.6%

420,724

42.9%

378,517

41.0%

$000s except percentages

Adjusted EBITDA

Nine Months Ended Sep. 30,

Adjusted EBITDA increased 8% in Q3 2015 from Q3 2014

Growth driven by increased revenues

Headwinds included:

Forex

Approximately $10 million in taxes, notably VAT and gaming duties in the United Kingdom and Bulgaria, not
imposed in Q3 2014

Loss of contribution from Portugal and Greece

Q3 2015 adjustments included ~$38M in one-time and non recurring charges:

~$9 in back taxes related to obtaining Romanian license

~$3M related to termination of employment agreements

~$8M in deferred employee bonuses

~$2M in New Jersey license application costs

~$6M in non-recurring portion of lobbying & legal expenses in the U.S.,

Russia, and elsewhere

~$1.5M in donations (primarily Nepal Earthquake)

~$7M in non-recurring professional fees related to corporate

development activities, regulatory and government relations, and SOX
implementation

~$1.6M in office shutdown costs and license transfer fees

1 All 2014 figures are presented on a pro forma basis, which assumes that the acquisition of Amayas B2C business occurred as of the first day of such financial period. Adjusted EBITDA is a non-US
GAAP and non-IFRS measures. Please refer to the appendix of this presentation for reconciliation.

11

Financial Highlights1 Adjusted EPS

Three Months Ended Sep. 30,

Nine Months Ended Sep. 30,

2015

2014

2015

2014

Adjusted Net Earnings

90,543

79,830

260,915

218,709

Adjusted Net Earnings per Diluted Share

$0.44

$0.38

$1.25

$1.05

$000s except percentages and per share figures

Adjusted Net Earnings per Diluted Share increased 16% in Q3 2015

from Q3 2014

Share count denominator used is 208 million shares (assumption used in 2015
guidance)

1 All 2014 figures are presented on a pro forma basis, which assumes that the acquisition of Amayas B2C business occurred as of the first day of such financial period. Adjusted Net Income and Adjusted
EPS are non-US GAAP and non-IFRS measures. Please refer to the appendix of this presentation for reconciliation.

12

Financial Highlights1 Cash Flow

~$1.04 billion generated from cash flow from operations and proceeds from
sales of B2B business over last 12 months (LTM):

~$695 million in long term debt repaid

~$144 million set aside for deferred payment portion of Oldford Group purchase price

~$45.5 million used to buy back AYA common shares for cancellation

~$40 million used for capital expenditures

Adjusted Net Debt stood at US$2.36 billion at September 30, 2015

LTM Adjusted EBITDA was US$461 million

Annualized interest expense is ~US$136 million, excluding hedging

LTM Unadjusted Unlevered Free Cash Flow generated was ~US$332 million

~$180 million in available cash and investments above player deposit

liabilities at September 30, 2015

1 Adjusted Net Debt, Adjusted EBITDA and Unadjusted Unlevered Free Cash Flow are non-US GAAP and non-IFRS measures. Please refer to the appendix of this presentation for reconciliation.

13

2015 Guidance Update

Revenue & Adjusted EBITDA

Previous Guidance

Revised Guidance

Revenues

$1.446 - $1.564 billion

$1.289 $1.339 billion

Adjusted EBITDA

$600 - $650 million

$552 - $572 million

Revised guidance primarily due to:

More significant negative impact from the general strengthening of the U.S. dollar relative to certain foreign
currencies, primarily the Euro, and the 19% decline in the purchasing power of our customer base

Recent strategic decision to delay the rollout of significant aspects of our new online sportsbook offering
across geographies while we enhance the consumer product experience

Temporary cessation of our operations in Portugal and Greece

Revenues (in millions)

Previous Guidance - Based on midpoint of range

Strategic delay of sportsbook rollout net of taxes
Current expected 2015 foreign exchange impact
Previously anticipated 2015 foreign exchange impact
Portugal and Greece
Incremental customer deposits as a result of foreign
exchange impact
Cost savings
Revised Guidance - Based on midpoint of range
1 The

Adjusted EBITDA (in millions)

USD
1,194
(53)
(263)
120
(17)

USD>CAD at
1.26
1,504
(67)
(331)
151
(21)

496
(35)
(116)
48
(7)

USD>CAD at
1.26
625
(44)
(146)
60
(9)

62

78

49

62

1,043

1,314

11
446

14
562

USD

Adjusted
EBITDA
Margin
41.5%

42.8%

Corporation estimates that its customers compensate for the reduced purchasing power of their local currencies relative to the USD caused by foreign exchange fluctuations by depositing greater
amounts in their respective local currencies.

14

2015 Guidance Update

Pro Forma Adjusted Net Income and Adjusted Net Leverage Ratio

Previous Guidance

Revised Guidance

Pro Forma Adjusted Net

Earnings1

$367 - $415 million, or $1.76 - $2.00

per Diluted Share

$345 - 365 million, or $1.66 to $1.75

per Diluted Share

Adjusted Net Leverage Ratio2

4.0 - 4.5 as at December 31, 2015

5.19 5.37 as at December 31, 2015

Revised guidance primarily due to:

Reduction of Adjusted EBITDA guidance for full year 2015

1 Pro

Forma Adjusted Net Earnings as defined by the Corporation means Adjusted Net Earnings that is pro forma as if the divestiture of the entire B2B business occurred at December 31, 2014. Pro
Forma Adjusted Net Earnings is a non-IFRS and non-U.S. GAAP measure. Diluted Share count used is 208 million.
2 Adjusted Net Leverage Ratio as defined by the Corporation means Adjusted Net Debt divided by Adjusted EBITDA. Adjusted Net Debt as defined by the Corporation means total financial leverage
minus cash (with cash including funds in excess of working capital requirements set aside for the deferred payment that is in Restricted Cash in the Q3 Financials) plus current investments less
customer deposits liabilities, and after giving effect to the divestiture of the entire B2B business (which was anticipated as it related to the previous guidance). This does not assume potential cash from
the exercise of warrants with maturity dates extending beyond 2015. Adjusted Net Leverage Ratio and Adjusted Net Debt are non-IFRS and non-U.S. GAAP measures.

15

CORPORATE / OPERATIONS

Aggregate Customers/Active Users

B2C business added an aggregate of 1.85 million real-money and play-money

customer registrations during the quarter

Registered customers ~97 million as of September 30, 2015 (~9% YoY growth)

The aggregate number of unique1 customers who played a real money online offering
during the quarter was approximately 2.2 million, of which approximately 94% played on
PokerStars

1 Unique

~3% decline from Q3 2014 driven by temporary cessation of operations in Portugal and Greece

as defined by the Corporation means a customer who played on only one of the platforms and excludes any duplicate counting.

17

Estimated Online Poker Market Share*

PokerStars comprised ~68%, Full Tilt ~3% in YTD 2015

Market share increase in 2015 driven by introduction of PokerStars Spin & Gos
tournament variant in H2 2014; tournaments increased ~40% on PokerStars from
Q3 2014 to Q3 2015

Tournaments majority of our online poker gross gaming revenue

75%
71%
70%
68%
64%

65%

60%

55%

54%

55%

56%

50%

45%

2010

2011

2012

2013

2014

YTD 2015

* Company estimates are of global real money online poker market share, in terms of cash game and tournament players based on various industry data sources including PokerScout, Sharkscope and various
gaming regulators. Full Tilt market share only included as of January, 2013 following acquisition by Rational Group and relaunch of brand, which had previously shut down in June 2011

18

PokerStars Registrations/ Deposits (Q3 2015 vs Q3 2014)

Strong YoY quarterly growth in player

registrations

PokerStars Mobile Growth

70%
60%

Primarily due to global marketing initiatives and

increase in bonuses and promotions

50%
40%
30%
20%
10%

Excluding Extraordinary Events:

Unique depositors to real money platform

increased ~3%

0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015
Mobile % Total New Accounts
Mobile % Total Average Monthly Real Money
Poker Uniques

19

PokerStars Real Money Online KPIs (Q3 2015 vs Q3 2014)

Excluding Extraordinary Events:

Quarterly real money active uniques increased ~3% to 2.07 million in Q3 2015

Real money gaming revenue for all verticals per real money active unique
increased ~13% to ~$148 due to:

Addition of online casino

Shift in game mix to Spin & Gos

CAD. Excludes revenues from play money/social offerings, events and live rooms, and certain other income

20

PokerStars Online Poker Update

Efficient marketing and significant increase in bonuses and promotions resulted in growth in
customer registrations and real money active uniques

PokerStars has announced comprehensive plan to increase engagement and retention among
new and casual players and make poker more enjoyable. Goals include:

Ensuring all players compete on a more level playing field, including by stopping data mining and limiting
third-party software tools

Eliminating hunting of new and casual players through automated table selection or player targeting

Increasing retention by enabling new real money players to learn the game over longer period of time,
improve win rates, and reduce speed of loss

Improving consumer experience and speed-of-play, including through reducing high volume play

Enhancing bonuses and promotions, and visibility of rewards program

21

PokerStars Poker Roadmap

Develop and roll out new products created towards mobile users and video
gamers

Increase the engagement of our players through additional promotional tools

and protection of our ecosytsem

Product/Platform

Q3 2015

Upcoming Quarters

Cristiano Ronaldo and Neymar Jr. marketing

campaign launch and related poker
engagement promotion
VIP Steps redesigned presentation of VIP
system to improve visibility of our loyalty
program
3d party software restrictions
Development of innovative poker variant
aimed at mobile users

German SH license (June)

New Jersey
Portugal

Geography

Beta launch of innovative poker

variant aimed at mobile users
Roll out of VIP Club changes
and product features to improve
poker ecosystem
New engagement tool: Instant
bonus functionality

22

PokerStars Online Casino Update

~14% of revenues in Q3 2015 (6% in Q1, 11% in Q2)

EBITDA* margins of >60%

Profits supporting increased poker bonuses and promotions, sportsbook rollout, and
increased expenses including additional personnel and IT costs, gaming duties and
lobbying for regulation of online poker/gaming

External marketing to begin in 2016, margins anticipated to remain >40%

Partial casino offering now available in jurisdictions comprising ~53% of real

money active uniques

Cannot offer real money online casino in >40% of jurisdictions for compliance reasons

Full games offering not yet available on mobile; web casino testing
commenced to small number of users

>300,000 customers played real money casino in Q3 2015

Sequential decline driven by losses of Portugal and Greece markets, 6 th and 7th largest
casino markets in Q2 2015

* EBITDA defined here means earnings before interest, income taxes, depreciation and amortization

23

PokerStars Casino Roadmap

X-sell core channels to be completed: (BJ, RLT, Live, Slots) x (Desktop, Mobile)

Rollout of web casino will enable initiation of casino as customer acquisition channel

During Q3 2015
Game Type

Platform

Geography

Upcoming Quarters

Video Poker
Continued expansion of
slots portfolio

In-house jackpot system (video

poker followed by slots)
Innovative table game variant

Initial launch of slots on

mobile
Live casino on Mobile
Web Casino alpha testing

Web Casino launch

Standalone casino mobile app
New mobile content providers to
boost mobile games portfolio

Slots launched in Spain

Mobile Italy
Live Casino Italy

24

PokerStars Online Sportsbook Update

Limited availability to PokerStars active customers during Q3 2015

>100,000 real money active uniques in Q3 2015

~13% cross-sell, double-digit cross-sell in top three markets (UK, Germany, Spain)

Positive early stage KPIs

Strong retention on month-to-month basis

Turnover up ~180% from start to end of quarter

Margin of ~8%

Net revenues negligible due to soft launch and CRM bonuses/promotions,

notably in UK

EBITDA* loss due to launch costs (in house team, third party supplier costs)

* EBITDA defined here means earnings before interest, income taxes, depreciation and amortization

25

PokerStars Sportsbook Roadmap

Continue to close product gap, primarily through the addition of more sports

Optimisation to improve site performance (load and session times), user

experience and user interface
Q3 2015

Upcoming Quarters

Game Type &

Features

Cricket
Horse Racing
New Product: Enhanced Odds
Innovation

Platform

HTML5 Design enabled launch

across desktop, web and mobile

New Brand & Domain

Sports Mobile App added to
channels for access.

Geography

Addition of Hungary (July) and

Germany (August)

Progressed from 10 Sports, up to

26 sports including Poker and
eSports Betting

Romania
Italy
Portugal
France
Denmark
Others

26

OUTLOOK

Outlook

New Jersey launch

Additional regulation anticipated

Changes to poker ecosystem and VIP rewards scheme

R&D: Launch of new poker products, standalone casino, new sports

brand and domain

28

APPENDIX

Adjusted EBITDA/EPS Reconciliation

$000's except per share figures
Net income (loss) from continuing operations

Q3 2015

Q3 2014

YTD Q3 2015

YTD Q3 2014

(52,743)

25,340

(10,155)

60,643

Financial expenses

67,289

4,886

180,669

4,109

Current income taxes

1,269

2,639

5,440

2,639

Deferred income tax expense (recovery)

10,845

(7,738)

18,958

(11,437)

Depreciation of property and equipment

2,601

1,379

7,023

1,994

Amortization of intangible assets

39,032

24,203

111,943

25,346

Amortization of deferred development costs

150

73

441

204

1,493

EBITDA

73,080

(9,430)
42,845

14,234
0

3,028

Pro-forma B2C EBITDA

4,637
0

328,553

236,089
322,615

Termination of employment agreements

2,714

658

10,545

809

Non-recurring professional fees

6,666

11,067

Loss (Gain) on disposal of assets

(18)

4,135

205

4,135

Loss (Gain) on sale of subsidiary

(6,742)

16,319

(6,742)

(29,334)

Loss (Gain) from investments

36,922

(679)

33,241

(1,687)

118

12,130

277

20,446

9,039

1,587

9,039

5,485

Pro-forma B2C one-time costs

28,509
0

41,991
0

Adjusted EBITDA
Current income tax expense

Stock-based compensation

Acquisition-related costs
Impairment
Other one-time costs

7,050

141,249

40,604
130,536

420,724

45,444
378,517

(1,269)

(2,639)

(5,440)

(2,639)

Depreciation and amortization (net of amortization of purchase price allocation

intangibles)

(3,337)

(2,304)

(8,403)

(4,192)

Interest (net of interest accretion)

(46,100)

(30,945)

(145,966)

(32,092)

0
90,543

(14,818)
79,830

0
260,915

(120,885)
218,709

Pro-forma B2C current income taxes, depreciation, amortization, and interest

Adjusted net income
Diluted shares as at September 30, 2015

208,000,000

208,000,000

208,000,000

208,000,000

Adjusted Net Earnings per Diluted Share

0.44

0.38

1.25

1.05

30

Unadjusted Unlevered Free Cash Flow (US$)

LTM
Operating Cash flow from continuing operations

363,964

Capex
Deferred development costs
Additions to property and equipment
Acquired intangible assets
Total CAPEX per FS

Unlevered Free Cash Flow

(18,565)
(10,536)

(3,111)
(32,212)

331,751

31

Adjusted Net Debt Reconciliation

Debt & Player Liabilities

First Lien USD Loan
First Lien EUR Loan
Second Lien USD Loan
Non-convertible debenture (TSX:AYA.DB.A)
Customer Deposits

Interest
LIBOR +4.00% with 1.00% LIBOR floor
EURIBOR plus 4.25% with 1.00% EURIBOR floor
LIBOR +7.00% with 1.00% LIBOR floor
7.50%

USD
2,046,745
323,446
210,000
22,480
442,280

Cash & Investments

Cash
Cash - Restricted Cash - Deferred Payment
Amount
Investments
Adjusted Net Debt *

-247,495
-107,660
-330,222
2,359,574

* Adjusted Net Debt is a non-US GAAP and non-IFRS financial measure and is defined by Amaya as total financial leverage minus cash (with cash including funds in excess of working capital
requirements set aside for the contingent consideration (i.e., the deferred purchase price payment for the B2C business) plus current investments less customer deposits, each as presented in the
Amayas unaudited interim consolidated financial statements for the period ending September 30, 2015), and after giving effect to the divestitures of our B2B businesses.
Based on US Dollar to Canadian dollar exchange rate at September 30, 2015 of 1.3344985

32

Fully Diluted Capital Structure

(as of September 30, 2015)

Common Shares/
Common Shares
Equivalent

Basic Common Shares Outstanding

132,782,033

Securities Convertible into Common Shares

Common Share Purchase Warrants - weighted average exercise
price of $5.14

15,497,316

Convertible Preferred shares*

50,403,556

Stock Options** weighted average exercise price of $20.10

10,559,122

Fully Diluted Shares Outstanding

209,242,027

* At September 30, 2015, there were 1,139,249 convertible preferred shares outstanding, each with an initial principal price per preferred share of C$1,000 and convertible, at the holder's option, initially
into approximately 41.67 common shares of the Corporation based on the conversion price of C$24 per common share, in each case, subject to dilution adjustments and including a 6% annual accretion
to the conversion ratio, compounded semi-annually, over a 3 year period up to August 1, 2017. Calculation included herein is based on a conversion ratio of 44.20417 as of September 30, 2015.
** 3,774,707 stock options were exercisable as at September 30, 2015, with a weighted average exercise price of $9.81

33

Q3 2015 PRESENTATION
NOVEMBER 10, 2015
34