Investor Relations

Digital Domain's parent company, Digital Domain Holdings Limited, is publicly traded on the Hong Kong Stock Exchange under stock code 547.



Digital Domain Board Changes

November 8, 2022, Hong Kong, — Digital Domain Holdings Limited (HKG: 547), the Hong Kong listed global market leader in visual effects (“VFX”) and metaverse services and 100% owner of the 30 years old Oscar-winning Digital Domain VFX production business in Los Angeles, announces changes to its Board of Directors.

Mr. Sergey Skaterschikov, the founder and managing director of IndexAtlas AG, resigns from his capacity as the non-executive board member of Digital Domain Holdings Limited. Mr. Skaterschikov was instrumental in arranging re-capitalization of Digital Domain in January 2021 and supported the company through a successful transformation of its North American operations into high growth sustainable business that is on schedule to report its all-time highest revenue in 2022.

Ms. Alla Alenikova, an American national and Swiss-based seasoned banker with vast international experience across Americas and Europe, who also served as the board member of Digital Domain Capital Partners, a Luxembourg-based investment arm of Digital Domain, will join the board of Digital Domain Holdings Limited (HKG: 547) effective on November 9, 2022.

“I would like to thank Mr. Skaterschikov for his service as the board member of Digital Domain Holdings Limited and profound positive impact he made on our company in this capacity over the recent years, and I welcome Ms Alenikova to our board”, commented Mr. Daniel Seah, the Chairman and CEO of Digital Domain Holdings Limited.


Digital Domain Names Lala Gavgavian Global President of Visual Effects Studios

LOS ANGELES September 22, 2022 Today, legendary visual effects studio Digital Domain,
announces that Lala Gavgavian has been named Global President of Visual Effects Studios,
expanding her current role as chief operating officer. Gavgavian will oversee the company’s
global VFX services, which has seen its revenues double, while netting over 30 major award
nominations/wins in the last five years alone. She succeeds John Fragomeni.

“With streaming, films, advertising, games, and the metaver
se, the demand for 3D content has
never been higher,” said Daniel Seah, chairman & CEO of Digital Domain. “For years, Lala has

been meeting this opportunity head on, building out the type of capacity
and talent pool we
need to stay competitive and esse
ntial in our clients’ eyes. With her at the helm, I have no doubt
we’ll maintain these partnerships for years to come.”

An industry vet with over 25 years of experience in VFX for film, episodics and animation,

Gavgavian is no stranger to Digital Domain.
Starting as director of human resources, talent
acquisition and development in 2007, she helped build and retain a roster of artists and

supervisors befitting one of the top studios in the world, before stepping into roles as

EVP/general manager, and then
later, COO. This time not only saw her overseeing all North
American studio operations, but opening strategic sites in Vancouver, Montreal and Hyderabad.

Gavgavian will be responsible for continued growth and expanding the company’s offerings,
including the ongoing development of
proprietary digital human capabilities that can only be
found at Digital Domain.

“Digital Domain is brimming with talent and possibilities, which is why our board has always set
such ambitious goals for its executives,” said Elizabeth Daley, Ph.D., dean of the USC School of

Cinematic Arts and board member at Digital Domain. “Lala has been a criti
cal partner to the
board and I’ve always been impressed with her ability to hit lofty objectives and nurture talent

along the way. It’s this blend of persistence and patience that make her such a valuable leader.”

Gavgavian’s promotion follows several years of achievements, capped off by
a historic 2021
that saw a VES Award win, a pair of Oscars nods (20th Century Studio’s Free Guy and Marvel
Studios and Sony Pictures’ Spider-Man: No Way Home), a recent Emmy nomination (Netflix’s
Stranger Things 4) and a handful of other awards.

Along with recognition in the fields Digital Domain has spent 30 years perfecting, it was also
recently recognized for raising the bar on
video game character animation; debuting the most
advanced autonomous human
in the world; and launching their Charlatan face-swapping
, as part of the global fight against malaria.

“I’m honored Daniel and the Board have entrusted me with this opportunity to lead Digital
Domain, both as COO and president during this momentous time of expansion for the
company,” said Gavgavian. “In the last few years, our studio has experienced tremendous
growth and achieved beautiful, groundbreaking visuals. We are booked solid across film,
episodics, games and more and I am very proud to continue that journey and champion our
best-in-class talent across our global footprint.


Digital Domain Reports Strong Revenue Growth, Narrows Business Focus Emphasizing Profitability

August 31, 2022, Hong Kong Los Angeles, — Digital Domain Holdings Limited ( “Digital
Domain” or the “Company”), the global market leader in visual effects, post-production and
metaverse technologies (listed in Hong Kong HKG: 547) reports strong growth across for its core
visual effects and post-production business in each of North America, India and Greater China,
benefitting from substantial investments in production capacity upgrades and continuous content
production boom worldwide.

Digital Domain is reporting HKD 482,726,000 in revenues for the six months period ending June
30, 2022, 16% increase to the same period of 2021, with North America being the largest
geographic segment with 90% of global revenues and 15% topline growth in the first half of 2022.

“Following new share issuances in 2021, our strategy was to invest in and focus on the core
business of visual effects and post-production, and our market leading virtual humans technology,
and now this strategy is paying off with six consecutive quarters of double-digit topline growth”,
commented Mr. Daniel Seah, CEO of Digital Domain.

Digital Domain enjoys strong and growing pipeline of production contracts from the world’s
leading content production companies from both Hollywood studios and streaming platforms, and
continues to grow its production capacity in all of its key locations in the USA, Canada, India and
Mainland of China. Canada is becoming the largest production hub in the industry given the
consistent and competitive tax rebates policy that incentivizes North American studios to re-
allocate their production budgets from the USA to Canada’s facilities. This trend well-fits Digital
Domain’s global production capacity footprint.

“We are on schedule to have the record year in terms of revenue for 2022 in our 29 years of history,
with the new scale and improved cost structure allowing Digital Domain to improve overall
operating performance of its core business this year, thus making strides towards sustainable
profitability, commented Mr. Seah.

With strong performance of Digital Domain’s core business, the Company has managed to
stabilize its net loss at HKD126,453,000 for the six months period ending June 30, 2022, only
3% increase to the same period of 2021.



LOS ANGELES, Aug. 03, 2022 (GLOBE NEWSWIRE) For Marvel Studios’ latest
episodic series,
Ms. Marvel, the production faced an interesting, and somewhat rare
challenge. Unlike some of the characters in the Marvel Cinematic Universe (MCU) that are
firmly established through decades of exposure, the titular character in the Disney+
exclusive series is a relatively new creation. That gave the production a little more flexibility
when adapting her powers for a liveaction audience, and allowed the showrunners to work
with Oscar and Emmywinning VFX studio,
Digital Domain, to reinvent Ms. Marvel’s
powers for a new audience.

“From the start, we knew that Ms. Marvel’s abilities were going to change for her liveaction
debut, but everyone involved still wanted to honor the comics,” said Aladino Debert, VFX
supervisor for Digital Domain. “We went through several iterations with the production to
find a balance that will impress people watching on TV, and still look great when the
character makes the jump to the big screen.”

The AllNew Ms. Marvel

Debuting in 2013, the character of Ms. Marvel, aka Kamala Khan, has quickly become a
fanfavorite, making her a natural choice to join the MCU. But rather than simply adapting
her powers from the comics which include physical elongation, growth and body morphing
the production reinterpreted her abilities to involve the generation and manipulation of a
cosmic “Noor” energy, or “hard light.” That gave the team at Digital Domain a starting point.

Building on the new origins, the team at Digital Domain went through several iterations of
Kamala Khan’s (played by Iman Vellani) powers to offer a look that would suggest an

“otherworldly” source, while still honoring the comic history. The result was a crystalline
manifestation that radiated energy, highlighted by an internal luminescence, created in
Houdini. The team then began experimenting with color schemes, settling on a blueish
purple base, which highlighted Kamala’s idolization of the character Captain Marvel, while
still being unique.

As Kamala fully embraces her potential, artists refined and smoothed the look of her powers
to suggest that they had become an extension of her. In a nod to her comic counterpart, she
discovers the ability to shape the hard light to enlarge (or “embiggen”) herself, using light
constructs to create the sense of stretching and expanding her limbs and hands. To depict
the largerthanlife Ms. Marvel, Digital Domain created a giant version of the character in
Maya, then finished the scene by encasing her in the glow of hard light using Houdini.

There and Back Again
Digital Domain also handled several environments in Ms. Marvel, including a pivotal
location. In the closing moments of episode four, “Seeing Red,” Kamala is accidentally
transported back in time. Finding herself somewhere new, she climbs onto a nearby
structure. The camera then pulls back to reveal that she is in a crowded rail station decades
in the past, surrounded by dozens of trains and thousands of desperate refugees on the eve
of the infamous Partition of India.

To create the multishot sequence, Digital Domain began with real footage of a modernday
train station with a small group of extras. Using that as a template, artists then extended the
scene to create a massive sense of scale, including buildings for the station and
background, and dozens of additional train cars and steam locomotives, all art directed to
look at home in 1947. To create the crowds, Digital Domain used scans of a handful of
actors in periodappropriate clothing, which they ran through Houdini’s crowd tool to add
people to nearly every open space. Artists then added steam from the engines, before
rendering everything in Mantra.

Duplicates and Destruction
While Digital Domain contributed shots to all six episodes, the bulk of its work appears in
the final one, “No Normal.” After a chase through Jersey City, Ms. Marvel’s hometown, the
episode culminates in a superpowered finale that required several VFX tricks, including
shapechanging characters, digidoubles, violent explosions and more.

With heavily armed agents from the Department of Damage Control closing in on Ms.
Marvel and her friends, the group decides to make a last stand at the local high school and
set several traps. Along with an onslaught of softballs and smokescreens, the group
unleashes a devastating trap based on a famous chemistry experiment known as “elephant
toothpaste .” In a real high school lab, responsible teachers tend to ensure a moderate
reaction, but for the episode the heroes go bigger much, much bigger. That led artists to
create an expanding gray, bubbling CG foam substance, then animate it as it expands
through the lab, through hallways and down staircases, knocking over the pursuing agents
as it goes.

The confrontation soon comes down to a threesided fight, with government agents against
the similarly lightpowered character Kamran (played by Rish Shah), and Ms. Marvel trying
to keep them both in check to protect the crowd of onlookers. With Kamran beginning to
lose control, Digital Domain was tasked with showing the damaging effects of his powers.
Artists began by depicting a pulsating shockwave of energy, causing a combination of
digital debris and CG damage to nearby objects. With each new pulse, his hard light powers
send craggy tentacles in every direction, featuring an amber/gold coloration to differentiate
them from Kamala’s powers. With Kamran at the epicenter of a growing disaster, Ms.
Marvel takes the brunt of the onslaught while defending the crowd. For both visual cohesion
and safety, both performers were digitally augmented with partial digidoubles.

Working from fullbody scans of Vellani, artists at Digital Domain created a fullbody
duplicate. The photorealistic doubles allowed the showrunners to place the characters in
dangerous situations, while eliminating any distractions from the liveaction footage
including wrinkled fabric, exposed seams and any other imperfections that might have taken
away from the actual performances.

The team at Digital Domain also used digidoubles for Ms. Marvel earlier in the series,
including a memorable training montage on a roof where she jumped from one floating
platform to another. Artists used the technique again in the finale to depict her running
above the streets of Jersey City on hardlight platforms (while obeying all traffic laws). The
sequence also features a combination of clean plates and digitallygenerated backgrounds
to bring Kamala’s home to life.

A digidouble was also used during the closing moments of the season, in what would
become one of the defining images of the show. Shortly after the final confrontation, Ms.
Marvel sits on a lamppost and looks out over the city as her hair blows in the wind. To
create the iconic shot, Vellani was filmed sitting on a physical light post prop surrounded
entirely by greenscreens, while a wind machine blew. The water, dock and cars are all
purely digital, along with the buildings on the Jersey City shoreline, which were created
using LiDAR scans of physical locations in Atlanta. A plate of New York City was then
added before the full sequence was rendered in VRay.

Ms. Marvel is available now, exclusively on



LOS ANGELES June 15, 2022 Awardwinning video game developer Supermassive
has earned a reputation for creating some of the most immersive gaming experiences
ever made, in part thanks to a heavy emphasis on building from real performances that bring its
digital characters to life. For its latest title,
The Quarry, it went further than ever before, and
turned to Oscarwinning VFX powerhouse
Digital Domain to help create one of the most visually
immersive, photorealistic games of all time. But to get there, the VFX studio first had to expand
and grow its awardwinning tools, and invent a new one along the way.

“Right from the start we were blown away by Supermassive Games’ ambition, and we knew our
experience with feature films put us in a unique position to help,” said Aruna Inversin, creative
director and visual effects supervisor for Digital Domain. “We started with the same tools we use
to create movies and episodics, then adapted them for game development. Basically, we came
up with a new, faster way to animate photorealistic digital characters.”

The Quarry is an interactive survivalhorror experience fueled by the performances of an award
winning, ensemble cast. Photorealistic digital versions of several wellknown Hollywood
veterans react throughout the story with the same level of nuance and emotion seen in a live
action film, but with the added bonus of having the players control the circumstances and
actions. Will they choose to investigate the sounds in the distance, or hide? Will they help out
the others, or try to survive on their own? There are several outcomes, and survival is far from

“It was important for us to make every movement and reaction as realistic as possible, to create
an immersive experience where players truly feel the weight of their decisions and connect to
the characters,” said Will Byles, game director for The Quarry. “We wanted to get as close to the
likeness of the actors as possible, both in terms of the super high detail scans and the subtleties
and nuances of their performances. With its history of awardwinning VFX and pioneering digital
human work, Digital Domain was the best choice for this.”

Expanding on the idea of The Quarry as an interactive cinematic experience, there is even a
“Movie Mode” option that allows users to tweak the personality traits and actions of each
character, and then sit back and watch it all play out. Additional filters can further enhance the
experience by adding an 8mmstyle “Indie Horror” film grain, a retro VHS “80s Horror” look and
a blackandwhite Classic Horror filter.

Building a Better Slasher

To help bring photorealistic facial animation to a new level, the VFX studio famous for its work
on SpiderMan: No Way Home, Stranger Things, WandaVision and countless others, began by
conducting a series of facial scans of every cast member. That gave the team at Digital Domain
an accurate template to work from, as well as a comprehensive library of facial shapes and
expressions for each performer. The data was then sent on to the artists at Supermassive
Games, who created the looks for the ingame characters.

Next, it was time for the performances. Each cast member reported to Digital Domain’s
performance capture stage in LA, where they slipped on a full mocap suit and a facial capture
rig. They then performed their roles individually or in small groups (in adherence with COVID
safety protocols), acting out several versions of the story to create multiple branching narratives
including dozens of death scenes for each character.

Game developers are no stranger to using mocap and facial rigs to help create digital
characters, but with help from Digital Domain, The Quarry went several steps further than most.
In total, the cast underwent an incredible 42 days of motion capture, resulting in 32 hours of
captured footage.

From Thanos to The Quarry
With the digital characters from Supermassive Games ready and the liveaction performances
recorded, the combined data was then fed through Digital Domain’s Masquerade facial capture
system a tool initially developed for Thanos in Avengers: Infinity War. Since its critically
acclaimed debut, the system has evolved for use in projects beyond just feature films.

Masquerade 2.0
can analyze liveaction footage, combine that with the individual and unique
library of that performer’s facial shapes and then blend it all together with the CG character.
Utilizing machine learning, it can then create a photorealistic CG version of the performance and
fully animate it, all in record time. For The Quarry, that ensured that each performance seen in
the game includes every facial movement, every emotive reaction and every bit of nuance from
the talented cast.

“Masquerade is an incredibly powerful system, but ultimately it’s the performances that really
make The Quarry stand out,” said Paul “Pizza” Pianezza, Digital Domain senior producer. “We
wanted to ensure that our tools amplified what the cast brought, so each performance down to
the subtlest movement is as true to the liveaction performance as possible.”

But for a game like The Quarry that is built around interactivity, simply having filmquality digital
characters wasn’t enough. It needed to be able to edit those digital characters in real time, and
have those edited results be instantly ready to go without the need for additional touch ups from
artists. The only problem was that the tools Digital Domain needed didn’t exist… yet.

Solving Common Problems
In order to create digital characters that could be edited in real time, Digital Domain first needed
to address two common challenges with facial capture that typically require postcapture clean
up by artists: eye tracking and helmet stabilization. First, Digital Domain started with an open
source eyetracking solution known as “Gaze ML,” and heavily modified it over the course of
three years. By using machine learning to identify the unique nature of each cast member’s
eyes and pairing it with a high frame rate headmounted camera Gaze ML was able to
produce better accuracy in tracking, and improve the look of the digital eyes.

Next up, Digital Domain created a new way to stabilize the data from the headcam. Facial
tracking solutions typically require the wearer to remain relatively immobile to avoid shaking and
blurring. But using a new, proprietary technique developed inhouse, machine learning
algorithms in Masquerade 2.0 were able to analyze the capture footage and compensate for any

jostling. That gave the cast the freedom to move around normally and unrestricted, even run
and jump while wearing a head rig to elevate their performances.

Introducing Chatterbox
Tying it all together, Digital Domain went one step further and introduced a new technology
called “Chatterbox,” a tool initially developed by its internal
Digital Human Group to help lay the
groundwork for the future of autonomous humans. Powered by machine learning algorithms,
Chatterbox can analyze liveaction facial expressions unique to each performer, then determine
the best possible options to seamlessly alter facial expressions, while still maintaining quality
and lifelike movements. By streamlining the amount of data and focusing on only the best facial
options, the digital characters can then be uploaded and edited directly in a game engine.

When paired with Masquerade 2.0 for The Quarry, Chatterbox was able to access the library of
facial expressions from each cast member, opening up a host of possibilities for Supermassive
Games. Once the data was running in Unreal Engine, the devs were able to see the characters
in polished digital environments and make realtime adjustments to the performances as
needed, all based on each performer’s actual unique facial movements and mannerisms. That
eliminated the need for costly reshoots, while still ensuring the most accurate and faithful
performances possible

Overall, less than 0.5% only 27 out of a staggering 4,500 shots deemed gamequality
required minor postproduction alterations by an artist. In total, Digital Domain rendered over
250 million frames for The Quarry, helping to create a new highwater mark for highfidelity,
interactive cinematics “Creating highquality, photorealistic visual effects used to be unique to
feature films, but the technology has evolved, and given our decades of history and ongoing
success, we are in a unique position to bring professionalquality VFX to any screen,” said John
Fragomeni, global president of Digital Domain. “We have some of the best artists in the world,
so there’s really no limit to where and how we employ our tools, and we were honored to work
with Supermassive Games to help bring The Quarry to market.”

The Quarry will be available on June 10 in both physical and digital formats for PlayStation 4,
PlayStation 5, Xbox One, Xbox Series X|S and digitally on Windows PC via Steam