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19 June 2014
Page 1 of 5
19 June 2014
Ragnarok Corporation N.V.
Pater Euwensweg 31
Willemstad, Curacao
To Whom This May Concern,
RE: GAME PAYOUT DATA ANALYSIS FOR RAGNAROK CORPORATION N.V.
This letter pertains to GLI Test Labs Canada ULC (GLI)’s Game Payout Data Analysis
of Pinnacle Sports’ (http://www.pinnaclesports.com/casino) production payout data from
two providers, Multislot and Global Gaming Labs (GGL). The data was gathered by
Pinnacle Sports and submitted it to GLI for analysis. During this evaluation, GLI was
requested to analyze live payout data and calculate the Actual Percent Return to Player
(%RTP).
As requested by Pinnacle Sports, GLI analyzed the production payout data for the
month of May 2014. The following table shows the games and the Actual %RTP
calculated by GLI.
May 2014
Game
GLI Calculated Actual
%RTP
(Live) American Roulette
(Live) Baccarat
(Live) Blackjack
(Live) European Roulette
(Live) Live Poker/Casino Hold’Em
(Rng) BlackJack Multihand
(Rng) Blackjack Single Deck
(Rng) BlackJack Singlehand
(Rng) Spanish Blackjack
(Rng) Baccarat
(Rng) Roulette
(Rng) Roulette Single-Zero
(Rng) Pai Gow Poker
(Rng) Craps
(Rng) (VP) Aces and Eights
(Rng) (VP) Deuces Wild
(Rng) (VP) Deuces Wild - 25 Line
(Rng) (VP) Double Bonus
(Rng) (VP) Double Double Bonus
(Rng) (VP) Jacks or Better
(Rng) (VP) Jacks or Better - 25 Line
(Rng) (VP) Jokers Wild
(Rng) (VP) Jokers Wild - 25 Line
(Rng) 5-Reel Fire
(Rng) Arabian Oasis
94.058%
97.468%
100.288%
96.147%
92.329%
98.175%
93.377%
98.140%
98.121%
99.397%
97.061%
98.274%
99.225%
95.611%
95.704%
95.049%
86.183%
112.821%
87.893%
93.479%
104.641%
121.295%
94.483%
98.241%
93.560%
This is not an official Evaluation Report and is provided for informational purposes only.
MA-00-RAG-14-02
19 June 2014
MA-00-RAG-14-02-00
Page 2 of 5
Game
GLI Calculated Actual
%RTP
(Rng) Bank Robbery
(Rng) Barnyard Bucks
(Rng) Big Game Safari
(Rng) BigTopCircus
(Rng) Caribbean Paradise
(Rng) Cash Garden
(Rng) Champions
(Rng) ChessMate
(Rng) Cinema Classics
(Rng) Construction Cash
(Rng) Critters
(Rng) Diamond Diggin
(Rng) Easter Egg Hunt
(Rng) Forest Fairies
(Rng) Fortunate Saloon
(Rng) Fruity Fortune Plus
(Rng) Goblins Hideout
(Rng) Golden Legacy
(Rng) Golf'n Monkeys
(Rng) Happy Hour
(Rng) JackBots Slots
99.191%
88.737%
92.930%
91.838%
96.215%
89.480%
98.920%
97.066%
99.266%
92.903%
104.156%
102.099%
76.859%
97.002%
92.566%
94.385%
85.328%
96.725%
93.446%
95.555%
97.391%
Game
(Rng) Lost Ruins Treasure
(Rng) Lucky Mermaid Slots
(Rng) Lucky Pets
(Rng) Matsuri
(Rng) Mayan Secret
(Rng) Merry Christmas
(Rng) Moby Dick
(Rng) Nordic Quest
(Rng) Precious Stones
(Rng) RocknRolls
(Rng) SlapShot
(Rng) Slot And Pepper
(Rng) Slot Wheels
(Rng) SlotBoss
(Rng) Sportsfishing
(Rng) Sweets And Spins
(Rng) Tropical Aquarium
(Rng) Undefined
(Rng) Video Bingo
(Rng) Video Keno
(Rng) Vintage Toy Room
GLI Calculated Actual
%RTP
109.909%
93.282%
105.177%
98.297%
90.768%
98.112%
96.442%
97.939%
88.401%
94.080%
101.570%
91.133%
94.137%
87.187%
83.877%
89.324%
90.068%
0.000%
94.088%
87.073%
72.825%
These values are based on historical records, and do not necessarily represent expected future payouts. The
Calculated Actual %RTP is computed by summing all monies won (for all games within a category) and dividing
by the total money bet on the same games.
These values contain the Actual %RTP calculation of the data provided only. GLI did not consider any game
specific features or functionality and makes no judgement on whether the how closely the game performs to the
intended Theoretical %RTP. Should a more extensive investigation of the live transaction data be required,
please contact GLI for more information.
GLI’s compliance evaluation of the Pinnacle Sports Payout Data was related only to the technical scope of work
elements discussed herein. This specifically excludes any other features or functions provided by the submission
not related to these elements.
All testing results are based on information and materials submitted by Pinnacle Sports to GLI throughout the
duration of the project. There are inherent limitations to performing testing within a laboratory environment, and
within a finite time period. As a result of these limitations, anticipating all possible configurations, scenarios and
events which could potentially occur in the live environment was not feasible.
The recipient, by its acceptance of this report or analysis, will be deemed to have acknowledged and agreed to all
of the “terms and conditions” set forth below. If the recipient does not agree to all of such terms and conditions,
GLI withdraws the certification provided or analysis established by this report and the recipient must immediately
return to GLI all copies of this report and make no reference to this report for any purpose at any time.
This is not an official Evaluation Report and is provided for informational purposes only.
MA-00-RAG-14-02
19 June 2014
MA-00-RAG-14-02-00
Page 3 of 5
Subject to the limitations outlined above, GLI confirms that the payout percentages listed above have been
correctly calculated based on the amounts wagered and won for the month of May 2014.
Sincerely,
Ms. Mavis Chan
Quality Assurance Administrator
GLI TEST LABS CANADA ULC
This is not an official Evaluation Report and is provided for informational purposes only.
MA-00-RAG-14-02
19 June 2014
MA-00-BTV-14-02-00
Page 4 of 5
Terms and Conditions
This Report is issued solely for the benefit of the Client for use only for and limited to the specific jurisdiction or
standards referenced in the Report. This Report may not be relied upon for any reason by any person or entity
other than the Client including, but not necessarily limited to, the manufacturer or developer of the items, a nonGLI Laboratory, or a Regulator not named in the Report (“a Third Party”).
Any report produced by GLI is proprietary to GLI and the Client, because it contains confidential information of
commercial value, the exposure of which to third parties could adversely affect both GLI and the Client.
Accordingly, such confidential information is supplied in confidence, on the strict condition that no part of it will be
reprinted or reproduced or transmitted to any parties external to the original contract without the prior written
approval of the Parties. In particular, it will not be exposed to any person or organization which may be in
competition with any of the Parties without the prior written approval of that Party. The testing performed by GLI is
proprietary to GLI and/or various regulators. No third party may use, rely or refer to a GLI evaluation report, test
report, certification document or test results without written permission of GLI and the respective regulator.
Notwithstanding the above, the Parties may disclose confidential information if required to do so by regulatory
agencies, pursuant to the laws and regulations of an applicable jurisdiction or by an order of a properly
designated Court of Law in a relevant jurisdiction. However, in either case the Parties agree to immediately notify
the other party of such a request.
The certification or analysis results established by this report applies exclusively to tests conducted on the specific
items submitted, by the manufacturer or any other party, which are described on page one of this report. It is the
responsibility of the manufacturer and/or developer of the items submitted to apply for, obtain and maintain all
necessary gaming licensure in each jurisdiction in which they do business, including state and tribal jurisdictions,
where applicable. Any electrostatic test methods used by GLI Test Labs are intended only to simulate techniques
observed in the field being used to attempt to disrupt the integrity of Electronic Gaming Devices. During the
course of the testing, GLI Test Labs checks for marks, symbols or documents indicating that a device has
undergone product safety or RoHS compliance testing, if required. GLI Test Labs also performs a cursory review
of information accompanying the items submitted, where possible and when provided, for evidence that the items
have undergone compliance testing for Electromagnetic Interference (EMI), Radio Frequency Interference (RFI),
Magnetic Interference, Liquid Spills, Power Fluctuations, Electrostatic Immunity, Electromagnetic Compatibility
and Environmental conditions. Compliance with any such regulations related to the aforementioned testing is the
sole responsibility of the manufacturer and/or developer of the items submitted; GLI Test Labs accepts no
responsibility, makes no representations and disclaims any liability with respect to all such non-gaming testing.
Details of the testing methods used, excluded testing, and actual data showing the testing results are available to
the Recipient(s) upon written request.
This is not an official Evaluation Report and is provided for informational purposes only.
MA-00-RAG-14-02
19 June 2014
MA-00-RAG-14-02-00
Page 5 of 5
GLI TEST LABS WARRANTS TO THE RECIPIENT THAT ALL SERVICES PROVIDED BY GLI TEST LABS
HEREUNDER HAVE BEEN PERFORMED IN ACCORDANCE WITH ESTABLISHED AND RECOGNIZED
TESTING PROCEDURES AND WITH REASONABLE CARE IN ACCORDANCE WITH APPLICABLE LAWS. GLI
TEST LABS DOES NOT MAKE, AND EXPRESSLY DISCLAIMS, ALL OTHER WARRANTIES OF ANY KIND,
EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF NONINFRINGEMENT, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
WITHOUT LIMITING ANY OF THE FOREGOING, UNDER NO CIRCUMSTANCES SHOULD THE
CERTIFICATION OR ANALYSIS RESULTS ESTABLISHED BY THIS REPORT BE CONSTRUED TO IMPLY
ANY ENDORSEMENT OR WARRANTY REGARDING THE FUNCTIONALITY, QUALITY OR PERFORMANCE
OF THE SUBJECT HARDWARE OR SOFTWARE, AND NO PERSON OR PARTY SHALL STATE OR IMPLY
ANYTHING TO THE CONTRARY. THE LIABILITY AND OBLIGATIONS OF GLI TEST LABS HEREUNDER, AND
THE REMEDY OF THE RECIPIENT, UNDER OR IN CONNECTION WITH THIS AGREEMENT SHALL BE
LIMITED TO, AT GLI TEST LAB’S OPTION, REPLACEMENT OF THE SERVICES PROVIDED OR THE
REFUND BY GLI TEST LABS OF ANY MONIES RECEIVED BY IT FOR THE SERVICES PROVIDED. IN NO
EVENT SHALL GLI TET LABS BE RESPONSIBLE TO THE RECIPIENT OR ANY THIRD PARTY FOR ANY
CONSEQUENTIAL, INCIDENTAL, DIRECT, INDIRECT OR SPECIAL DAMAGES, INCLUDING WITHOUT
LIMITATION DAMAGES FOR LOST PROFITS OR REVENUE, BUSINESS INTERRUPTION, OR PUNITIVE
DAMAGES, EVEN IF GLI TEST LABS HAD BEEN ADVISED OF THE POTENTIAL FOR SUCH DAMAGES AND
WHETHER SUCH DAMAGES ARISE IN CONTRACT, NEGLIGENCE, TORT, UNDER STATUTE, IN EQUITY,
AT LAW OR OTHERWISE. ALL RIGHTS AND REMEDIES OF THIRD PARTIES RELATING TO PRODUCTS
AND SERVICES THAT ARE THE SUBJECT OF THE CERTIFICATION OR ANALYSIS RESULTS
ESTABLISHED BY THIS REPORT SHALL BE THE EXCLUSIVE RESPONSIBILITY OF THE RECIPIENT AND
GLI TEST LABS EXPRESSLY DISCLAIMS ANY LIABILITY WHATSOEVER IN CONNECTION WITH SUCH
THIRD PARTY RIGHTS AND REMEDIES. GLI TEST LABS AND THE RECIPIENT ACKNOWLEDGE AND
AGREE THAT THE SERVICES PROVIDED BY GLI TEST LABS HEREUNDER COULD NOT BE RENDERED
BY GLI TEST LABS UNDER THE TERMS PROVIDED HEREIN WITHOUT AN INCREASE IN COST IF GLI
TEST LABS WAS REQUIRED TO PROVIDE ANY WARRANTIES IN ADDITION TO, OR IN LIEU OF, OR WAS
REQUIRED TO ASSUME ANY LIABILITY IN EXCESS OF, THE FOREGOING.
If you should have any questions regarding this information, please feel free to contact our office.
Sincerely,
GLI TEST LABS CANADA ULC
FM-QA-039
This is not an official Evaluation Report and is provided for informational purposes only.
MA-00-RAG-14-02
Template Revision Date: 9 June 2014

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