#1EMBRACER+ GROUP Easybrain merger February 3rd, 2021#2IMPORTANT INFORMATION - PLEASE READ THE FOLLOWING BEFORE CONTINUING READING. EMBRACER+ GROUP This presentation (the "Presentation") has been prepared by Embracer Group AB ("Embracer" or the "Company") and is provided for information purposes only in connection with the acquisition and merger (as applicable) of Easybrain Group Limited, The Gearbox Entertainment Company and Aspyr Media (the "Transactions") as disclosed in the Company's press releases dated 3 February 2021. By attending a meeting where this presentation is presented or by accessing information contained in or obtained from the Presentation, including by reading this Presentation, you agree to be bound by the following limitations and notifications. This Presentation may not be used for, or in connection with, any offer to, or solicitation by, any person in any jurisdiction or under any circumstances. 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The courts of Sweden, with the District Court of Stockholm as the first instance, shall have exclusive jurisdiction to settle any conflict or dispute arising out of or in connection with this Presentation or related matters. 2#3t 3 16/21 Today's speaker OLEG GRUSHEVICH CEO MATVEY TIMOSHENKO COO ✓ 2 Easybrain PETER SKOROMNYI CSO 9 10 54 7 3 15 9 3 91 Undo 19 Erase 85 4 7 (Off Notes Hints 123456789 Hard 2 O 1 4 1 7 741 2 1 9 10 13 13 13 10 9 1 2 2 2 2 1 1 1 1 1 1 1 2 1 2 21 いいいいいいいいい。 11 621 831 13 1 12 2 11 1 Toulonne a Paris 1780 11 2 book 232 33 New Packs IXI XIX 1600 XXXX NEW KITCHEN SYMPHONY XA XIXI Kitchen Symph... Vocal Pop Phenom Phenom XI XXXX XXXXX X Electro VOCAL PUP See All EMBRACER GROUP XXX DUB TRAP PACK MADE BY PHENOM Dub Trap Phenom XXXXX Dubstep Phenom See Dubstep NEW ELEC DAN Electro STAX NEW HORNS#4> Oleg Grushevich CEO Formerly Senior Manager at EY Meet the Team Matvey Timoshenko coo > Formerly General Director and Co- founder at Apalon Peter Skoromnyi CSO > Formerly Chief Strategy Officer and Co-founder at Apalon 4#5Bringing popular and timeless game concepts to mobile Leading puzzle and logic game developer, founded in 2016 > > Universal appeal with 15 live titles, including Sudoku.com and Nonogram.com > > 750m+ cumulative installs to date Proven ability to launch and operate multiple successful live titles Easybrain Overview 230 employees across two offices in Limassol, Cyprus and Minsk, Belarus Easybrain founded 2016 29 1 2 3 6 4 789 20m 2017 41 2018 109 1 2 3 X 151m 1 2 3 6 4 9 8 7 a 8 A 12 1 3 X 3 X COB 4 373m 2019 OG WUR ADN ури 160 Cumulative installs to date 750m+ 2020 230 2021 5#6Awesome! Medium 075 2 3 0 factors S 9 538 16 LO 5 2 64 3 123 456 789 7 9 10 3 5 91 4 17 2 2 1 9 10 13 13 13 10 1 Games & IP 7 5 4 6 7 6 9 2 1 1 1 1 1 1 1 2 153 19 11 62 831 13 1 12 2 111 11.2 232 33 85 47 5 XXX X XXXX XX XXXXX 950 Lion 215#7Brain puzzle game concepts played by "gamers" and "non-gamers" alike Resulting in.... The Easybrain Formula Free to download and play Process-led: everything repeated becomes part of the process. Playbooks in every team Successful, long-lasting titles 111 bod Proprietary in- house systems and tools producing breakthrough predictive analytics and reusable modules > Leading positions in each niche drive large portion of organic downloads Analytical approach: data- driven decisions across all teams > High retention, long session time niches, driving effective ad-monetization A platform for repeatedly generating and operating hit titles 7#8> > Constantly Growing Portfolio of Timeless Games Puzzle and Logic games are the core focus of Easybrain > Classic puzzle games with wide-ranging timeless appeal > Particularly effective at driving organic downloads when each app is a category leader Created universal Easybrain design system, instantly familiar to users as it follows the human interface guidelines of both platforms Also explored Coloring and Music app categories as well as subscription monetization model, quickly creating popular products by leveraging the Easybrain infrastructure Release: Release: 1 2 3 6 4 789 Sudoku.com Mar 2017 Groovepad Apr 2019 Jigsaw Puzzles Dec 2017 L Blockudoku Oct 2019 Pixel Art Dec 2017 Easy Game Feb 2020 Drum Pad Machine Jun 2018 NEW 1 2 3 6 4 9 8 7 Killer Sudoku Aug 2020 Find the Difference Feb 2019 NEW 1 2 1 3 X Nonogram Color Sept 2020 12 1 3 X Nonogram.com Mar 2019 NEW Art Puzzle Nov 2020 8#9< Sudoku.com 123 6 4 789 9:41 Easy Sudoku.com 182 49 827 Undo 49 157 2 3 4 185 63 3 2 9 6 24 1 5 3 3 1 72 Erase 43 all Notes 00:03 11 2 19 2 6 1 4 3 257 49 13 Off 12345678 Hint 11.8. a N About S Browser version 4 7 Universal Design System 5 Nonogram.com < 9:41 15 12 1 3 X Level 14 all Universal Design System < Blockudoku 9:41 420 400 #2 9#10> > A process-first company, we follow playbooks to increase player engagement, usage metrics and revenue Driving increase in LTV through: > > Continuous Iteration Driving KPI growth Constant product updates verified by A/B tests Regular content releases New events Game modes < 9:41 Love Story Event 7d 23h < 9:41 Easy Sudoku.com Undo 182 Erase 157 61 49 2 3 4 19 185 63 2 3 2 9 6 2 4 1 5 3 3 1 72 49 3 257 827 49 13 4 all 43 Notes 00:03 11 Off 2 Hint 123456789 A truly live product with years of product developments remaining on roadmap > > > > Sudoku.com Case Study > 9 months to build initial version to Easybrain standards Follows universal Easybrain style Over 30 product A/B tests significantly increased LTV Live Ops events > Acquired Sudoku.com domain No. 1 search ranking for all major keywords across all major geographies 10#11> > > > Improving Live Titles and Expanding the Portfolio Roll-out of Live Ops proved to be effective in increasing usage and monetization metrics Re-usable modules across titles, e.g. daily challenges and achievements modules, are easily replicated across portfolio Continue developing and releasing new fun and engaging games based on "newspaper" gameplay > Recently launched Killer Sudoku and Nonogram Color worldwide after successfully passing soft launch Healthy pipeline of Logic and Puzzle titles in production by R&D team Ongoing improvement of the BI system, leading to more effective analytics, UA and monetization < 9:41 Killer Sudoku Medium 2 8 9 1 Undo 12 6 4 98 7 Sudoku.com 5 4 7 9 9 5 4 3 8 5 6 8 873269 4 2 6 6 2 1 7 2 5 4 6 Erase NEW Notes all? 1 76 Off 02:53 11 2 ************ 9 4 7 LO 7 Hint 123456789 Nonogram Color NEW 9:41 12 1 3 X Level 8 211 1 2 1 14 3 2 2 2 49 6 3 3 2 1111 1 2 15 X NENN 2 1 11#12Awesome! Medium 075 2 3 0 factors S 9 538 1 LO 5 2 64 546 7 3 123 456 789 7 9 3 10 91 5 Technology 15 4 17 2 2 1 9 10 13 13 13 10 1 9 2 1 1 1 1 1 1 1 2 11 62 831 13 1 12 2 111 11.2 232 33 19 85 47 5 XXX X XXXX XX XXXXX 950 Lion 215 12#13> > > Cutting-edge Proprietary Business Intelligence System Internally-developed BI system, a central platform for all data needs Allows Business, Analytics, UA, Marketing, Product and Monetization teams to take data-driven decisions on a self- serve basis Maintained and constantly improved by dedicated team of BI professionals Features include: > Accurate long-term ad-LTV prediction based on ML > UA performance assessment > Efficiency of waterfalls > Cohort presentation of ARPU, ROAS, events and other data > Business, marketing and analytics metrics > and much more.. Detailed charts by App AB Apps Overview Day Range August 19, 2015 DAU App Code: Sudoku iOS Aug 26 Sep 5 OK Churned Users( 7d inactive) App Code: Sudoku iOS Aug 26 RR1 App Code: Sudoku iOS Aug 27 October 16, 2019 Suku Aug 31 Sep 6 Sep 15 Copy OBV Exce Dale Tip App Ver 2019-09-25 2019-09-26 2014-09-27 2014-09-29 2019-09-29 2014-09-1 232 48 2019-09-30 2019-10-01 Sep 18 2014-09-01 2014-09-02 2014-09-03 2015-09-04 2019-09-05 2.3.2 32% 2.3.1: 48%.230 17%- 2015-09-08 2.3270231 12,230 10 2016-09-07 2015-09-04 232 75231230 12 2.32708,231/79, 230 12 2019-09-09 2.321 2.319.2.20 10% 2018-01-10 232 23.09 2019-09-11 2015-09-12 232018 2019-09-13 232 93% Application 234 23.2 2013-06-22 234 12% 2019-09-23 2014-08-24 2340% 2014-09-17 232 10% 2015-09-18 2.3.3 30%, 2.3.2 2015-09-19 234 24 232: 479,232:25%- 2015-09-20 Sep 25 Oct 5 Os Country Code Oct 15 Sep 20 Oct 16 New Users App Code: Sudoku iOS Sep 25 70 5415 100.00% 31.79% DAL/New Users/Chum Legend Total RR7 App Code: Sudoku HOM 100.00% M Aug 26 Sep 30 Sep 2 Sep 5 100.00% 31.32% 7116 100.00% 31.3 7943 Oct 5 100.00% 2.5% 20% 21% 24 27.4% 243 5231 1672 10000% 3.64% 30% 5756 10000% 58 100.0% 33% 2 1025 7984 100.00% 32.278 2 2140% 8391 100.00% 30.43% 23% 24% 25.4TM 7308 100.00% 34.79% 2637% 24% 2422 110000% 34649 2462 Oct 10 Sep 12 Sep 15 30:42% 25.46% 23.33% 2730% 36.44% 29.03% 211.00% CON 2928 25778 2325 22.40% 25829 Organic.dau 21.04% Sep 25 wit Sep 22 212 UA 6/58 100.00% JUAN 100.00% 6064 100.00% 5/48 5721 100.00% 3417W 27 MON 25.214 24308 22.201 21.09 2043 15.728 23.776 23.02% 21.42% 16.378 17.019 17.62% 5001 100% 33.3% 1457 2147% 20.71% 20228 19.30 JEMN 3431% 27% 25% BOAT 10000% 31.30% 221 233 5734 100.00% 3.006 22.5 2064% 100% 18379 23776 21.10% 21.79% 210 5439 100.00% 35.3% 30.0% 21% 22AN 21.00% 21.10% 20.309 18.24 1800 10.03.29.21% 24.30 23648 22.73% 2148 2022 KMP 110000% 268 24.3% 24.245 21348 21.04 1841N 18.07% 16479 23.45% 22.319 20.70% 18.219 1784% 20-434 18.35% 23.41% 22 21.4% 20.129 21.02% 21.229 18.82% 33011 22:37M 21.90% 21.30% 19.0 23.49% 30.8% 2482 23434 21.70% 20218 18.74% 18.79% 34.3% 27.04% 21625 24.00% 21.00% 24.12% 25344 22.30% 21.15 Oct 5 Churn Rate % (7d inactive) App Code: Sudoku iOS Aug 21 Aug 26 Oct 2 dayday 20.70 ARPOAU Legend 20.40% 21.22% 20.04% 23.30% 21.41% Oct 15 ARPDAU App Code: Sudoku iOS Aug 31 2004% 1982 Sop 5 S 10 Sep 15 RAIRRT Organic Inter RR30 App Code: Sudoku IOS Organic Aug 26 16.00 TROIN Banner/nterstitia/Rewarded Legend S40 5 UA 15.70% Native Sop 20 17.00% 17.30% 17.00% 17.22% 16.12% 15.50% 17.90% 17,70% TETIN 18.234 16.439 17.268 15.77% UA Sep 20 1644% 16.50% 14.23% 16.25 16.92% 1541N 15.46% 17.248 16.80% 17.00% 16.87% 20.80% 20.22% 21.56% 20.02% 1847% 180 2012% 15.00% 15.70% 15.30% 16.00% 1600% 14,71% 14.359 18.50% 17.39% 18.99% 15.12% 21.50 21.09% 20.87% 1827 18.455 17.79% 16.09% 22399 20.65% 19.799 18.27% 16.77% 15.30% 20.38% 18.08 16.62% 16,81% 14.00% 15.29 15.31% 18.16% 16.17% 15.47% 21274 18.76% 10.10% 17.02% 16,71% 17.11% 16.52% 1851 17.45% 16.00% M 18.31% 19.38% 18.34% 78.75% 21.01% 20.54% 20.22% 18.85% 17.71% 16.33% 14,29% 14.37% 18.52% 16.60% 17278 17.20% 16,90% 16.97% 14.30N Sep 15 15.72% 15.54% 15.01% Sep 25 Oct 1 Rewarded 14.90% 15.31% 17.0PM 16.15% 18229 16.12% 10.55% 10.40% 15.52% 13.72% 16.3% 15.729 10.201 15.73% 14859 18.229 14.63% 16.0% Sep 25 aday10day+11 day 12 day+13 day14 day+day+16day +15 day day +18 day 15 day20 day m +21 day -20 day 23 day 26thay 25 day20day 27 day 28 dayday 18.03% 12.31% 17.14% 14.00% 16.538 14.40% 14.30% 12628 1220% 1280% 12.74% 12.19% 16.9% 16.01% 12.62% 11.72% 11.77% 17.22% 16.70% 18.8% 16.59% 16.22% 15.5% 16.20% 16.00% 18.04% 17.41% 18.26% 15.0 12.524 11.30% 11.90% 11,348 14.50% 11.27% 12.30% 12.09% 12.00% 12.31 18.299 16.08 15.02% Sep 30 Ode 14.839 16.30% 15.82% 18.50% 17.44% 16.30% 14.79% 15.20% 16.82% 18.10% 18.24% 15.90% 15.00 15.70% 18.47% 15.73% 1487% 17.00% 16.87% 19.97% 15.78% 15.85% Total 15.45% 15.82% 15.9% 16.00% 18.18% 16.42% 15.0% 14.30% 14,34% Od 5 Oct 5 Oct 11 15.72% 15.31% 13.48% 1481% 10.31% 14.09% 14.95% 15.54% 15.64% 14.00% 14.87% 15.295 1338 13.81% 19.54% 14.0 14.5% 14,43% 12 30% 1540 13.77% 15.24% 13.06% 12.80% 13.51% 138PM 14.39% 14709 13.47% 14228 14.12 IESN 14.30% 14.04% 12M% 15.34% Oct 15 15.679 15.81% 15.25% 15.45% 15.03% 14.70% 14.15% 14.14% 14.25% 13.55% 14.93% 14.05% 14.83% 14.31% 13.02% 14,77% 14.00% Oct 10 14.42% Oct 16 13.50% 1381% 14.5% 14.80% 1488 14.22 135/ 15.02% 14.53% 13.29% 1240 13.33% 13.77% 14318 14229 12.40% 13219 SAN 1387 12.67% 13.50% 13.29% 12419 12.40% 12.42% 11.77% 12.11N 12.52% 1241N 12.37% 12.30% 128K 1894% 12:95% 13.72% 1234 12.89% 14.299 14:10% FULL 12.70 14.24% 12.19% 12.201 11.3% 12.30 164TH 12.30 12.305 1291 12.87% 12.37 JLIIN 13248 1337% 12.35 FULL SUBTOTAL TOTAL GRAPH FULL GRAPH SUBTOTAL GRAPH TOTAL SLAVN 12.648 12.10% 143P% 13.79% 11.39% 12.67% 12819 12.90% 13815 14.00% 1238 3381% 12249 TEAN 13.37% 13745 13.00% 12.34% 12.30% 14.201 13278 12.10M 12.32% 12.52% 13.50% 12418 13:07M 12415 12.53 ILMS 12MN 12.87% 12.37% 12.718 12.40% 12.729 12:97% 11.57% 11.47% 12.10% 12.89% 13.00% 13.0P% 12.32% 12.99M T1APN 13201 12.32% 12.34% 13 or 13778 12.00% 11.30% 11229 12.01 123% 13.02% 12.SIN 12.41% 1143N 11429 TLAN 1127% 12 N 12.20 12.3% 11.00% 11295 1124% 11.20 TESTN 11.00% 10.14% 113P% 11.22% 11.3% 1081 12.39% 1187% 12.215 12.50% 11.71% 12.07% 12.72% 12.79% 12.0 11.59% 12.39% 11.30% 1037% 12.319 TURIN 10.50% 11.39% 11.20% 11.47% 12.53% 114% 11.12% 11.30% 11219 11.74% 114TH 10.71 123 Unknown Phone T FLOPS 10.65% 11A8% Group by 11.00% 11.75% 11.50% 11.07 11.56% 12.628 11.72% 1041 12.30% 12.30% 11.90% 11.30% 11.20 11.57% 11A4% 11.12 1200 11.00 11.00 10.00 10.00 11A 11.00% 10:22 11.00 11.348 10.77% 11.33% 10.8% 11,82% 11.10% 10.71N 9.30 11.56% 10.45 10.50 11.30% 31,67% 10.64 13#14> > > > > Scaling with Effective and Profitable User Acquisition Using granular LTV prediction and properly allocated organics, the User Acquisition team can deploy marketing spend with strong conviction on scaling the userbase, whilst generating positive ROI Constantly-tested setup of UA campaigns and publishers and new sources are utilized to maximize margins Streamlined roadmap of ideas and actions to be tested, essential in today's rapidly changing UA landscape Good productivity of high-end UA and premium marketing creatives Solid team of UA professionals spread across both offices with deep expertise in all major UA networks K 44 1322 332 13 452 28 1323 212 212 121 2 3 4 323 55 X Hard X 1 1 2 1 12 1 3 3 4 4 2 2 2 11 3 3 3 2 1 5 5 12 3 2 3 4 2 3 1 2 2 2 1 3 5 1 2 2 2 1 1 1 X 3 12:30 3 14#15> Focusing on games with high user engagement and long session times provides an ideal platform for ad monetization > Utilize a combination of banners, interstitials and rewarded ads at various points in-game > World-Class Ad Monetization > > Granular user-level ad monetization data allows Easybrain to make accurate long-term LTV predictions Manage of monetisation setup through internally developed module Constant tests of new networks and ad placements/ timing to increase efficiency > Implementation of prebid and postbid requests Banner Ad < 9:41 Easy 49 2 185 3 9 6 2 3 1 49 827 Undo 182 Sudoku.com 35 157 Erase 4 1 5 3 72 3 49 Notes Nonogram.com all 43 4 19 63 2 2 6 1 00:03 11 Off 2 4 257 13 Hints 123456789 Rewarded Ad 9:41 Easy Undo Sudoku.com 182 49 157 2 3 Game Over You have made 3 mistakes and lost this game Second Chance 419 New Game Erase 43 Notes 00:03 11 Off 2 Hints 123456789 15#16> Assumptions around IDFA changes (accounted in LTV and financial models) > > > > > Targeting and attribution will be impacted Estimating CPMs to drop significantly in the initial months with some recovery going forward > Most users will choose not to opt-in for IDFA access Incoming IDFA Potential Impact Nevertheless, Easybrain business is expected to continue growing due to accumulated sticky audiences, organic and paid search traffic, cross-promotion UA spend / install volume will decrease In addition, the following opportunities can lead to accelerated growth: > > Potential attribution solutions > > Continuous product improvements Live Ops New products Source: Company Bl system (1) As of 2020 Net Revenue by Platform(¹) 36% iOS 64% Google Play 16#17Awesome! Medium 075 2 3 0 factors C S 9 538 16 LO 5 2 64 3 123 456 789 7 9 3 10 91 5 4 17 2 2 1 9 10 13 13 13 10 1 The Team 5 4 6 7 15 119 9 2 1 1 1 1 1 1 1 2 11 62 831 13 1 12 2 111 11.2 232 33 6 85 47 5 XXX X XXXX XX XXXXX 950 Lion 215 17#18HQ: Limassol, Cyprus > > Offices in Limassol and Minsk > Minsk, Belarus Offices in Limassol and Minsk are the ideal cost-effective locations to allow Easybrain to hire from a wealth of world- class talent With over 50 employees based in Cyprus, Easybrain is headquartered in Limassol with R&D centre located in Minsk Plan to develop both offices by attracting top talent wherever possible 18#19Product Mgmt Kate Savitskaya Head of Monetization Monetization Peter Skoromnyi Dimitriy Usakov Head of Ad Tech Android CSO iOS Organization chart Finance Igor Belyshev Head of UA Marketing UA Oleg Grushevich CEO Video Designers Pavel Shylenok Head of Production Administration Design DevOps QA Support Backend Matvey Timoshenko Unity Development Project Management Game Services COO Vasiliy Sabirov Head of Analytics Analytics Nikita Pasynkov Head of BI BI Legal 19#20Awesome! Medium 075 2 0 3 factors P LO 2 64 5 5 46 7 3 123 456 789 7 9 3 10 91 5 9 Easybrain + Embracer 538 7 153 19 4 17 2 2 1 9 10 13 13 13 10 1 9 2 1 1 1 1 1 1 1 2 11 62 831 13 1 12 2 111 11.2 232 33 5 85 47 XXX X XXXX XX XXXXX D 950 Lion 215 20#21> Embracer represents a unique opportunity to access shared industry knowledge with other successful entrepreneurs and leaders with strong game development expertise Easybrain + Embracer > Embracer's proven track record of organic and inorganic growth makes us even more confident to execute on our ambitious targets for the coming years > > Attractive combination of decentralized decision-making paired with collaboration opportunities As an ad-monetized puzzle and logic mobile game developer, Easybrain will also bring new facets to the Embracer portfolio Easybrain + EMBRACER+ GROUP 21