#1EMBRACER+ GROUP Proposed acquisition of Asmodee Subject to completion of legal and local social obligations. Management presentation, December 16, 2021 December 2021#2EMBRACER+ GROUP Disclaimer THIS PRESENTATION AND THE INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU NOR WHOLLY OR PARTLY. BY REVIEWING THIS INFORMATION, YOU ARE ACKNOWLEDGING THE CONFIDENTIAL NATURE OF THIS INFORMATION AND ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER. THIS CONFIDENTIAL INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT. The following applies to this presentation, any oral presentation of information included in this presentation, any question-and-answer session that follows the oral presentation and any other material distributed or statements made at, or in connection with, the presentation (collectively, the "Investor Presentation"). 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The Investor Presentation is subject to Swedish law and any dispute arising in respect of the Investor Presentation is subject to the exclusive jurisdiction of the Swedish courts with Stockholm district court as the first instance. 2#3Today's presenters Lars Wingefors CEO Embracer Group Stéphane Carville CEO Asmodee Johan Ekström CFO Embracer Group Marc Nunes Head of Board Games Asmodee Randy Pitchford CEO Gearbox Entertainment Company Thomas Koegler Head of Strategy & Business Development Asmodee Matthew Karch CEO Saber Interactive Gaëlle d'Engremont Partner PAI EMBRACER+ GROUP 3#4Today's agenda 1 2 3 4 5 6 1 Background to the transaction Asmodee presentation The contemplated transaction Key strategic rationale Key financial rationale Financing structure & directed share issue Any other updates and Q&A EMBRACER+ GROUP 4#5Leading Publisher, Developer & Distributor of Games Source: Company Board Games & Trading Card Games complement Embracer's Gaming eco-system Shared DNA Shared strong cultural fit Decentralised operational model with integrated approach toward IP, studios, publishing and distribution Track record for organic and M&A-led growth EMBRACER+ + GROUP asmodee Joint opportunities Cross-fertilised IP across Gaming categories Stronger foundation for transmedia growth Strengthens licensing partnerships with world leading IP owners Potential for distribution efficiencies Financially attractive Enhances the new Group's strong financial profile EMBRACER+ GROUP ✓ Adds diversity, predictability, resilience Immediate accretion to adjusted earnings per share and free cash flow per share LO 5#6Key transaction terms Transaction overview The day one consideration is approximately EUR2.75bn¹ in total EUR350m would be paid to the main shareholder, PAI, and certain other minority shareholders in newly issued Embracer B shares² and approximately EUR2.4bn in cash and debt refinancing 4. Asmodee's other minority shareholders would sell the majority of their shares upfront for cash, and retain a minority interest of approximately 4 percent of the shares which would be subject to put and call options, exercisable in year 2, 5 and 6, pursuant to which such shareholders could receive a maximum of 40,984,6782,3 newly issued Embracer B shares If the put option is exercised by the current shareholders of Asmodee, and subject to clearance by all applicable antitrust authorities, the transaction would be expected to close the first half of the calendar year 2022 Asmodee's CEO Stéphane Carville together with his management team would continue to lead the new operating group Source: Company Notes: Asmodee would continue to operate as before the transaction with no reorganisation expected driven by the transaction EMBRACER+ GROUP Financing structure The acquisition would be financed by cash at hand, available credit facilities and new credit facilities from Nordea Bank, SEB and Swedbank, including a SEK6bn term loan with expiry in 30 months, as well as SEK12bn in bridge loans The group's average interest rate on utilised gross debt is expected to be less than 1.00 percent going forward Embracer would expect to refinance the bridge loans in the next 12 months, whereas the term loan adds long term strategic flexibility Post-closing of the acquisition of Asmodee, Embracer would expect to have more than SEK9bn in liquid funds to support investments in organic growth and enable additional acquisitive growth At the time of closing, Embracer expects pro forma net debt of approximately SEK17bn 1. Including payment for Asmodee's recently signed acquisitions scheduled to close early 2022. The corresponding enterprise value would also include other minority interests at Asmodee's Group level 2. Priced at the volume weighted average price of SEK 89.98 during the 20 trading days preceding, but not including, 15 December 2021 3. For the purpose of this press release, the equity price at completion as well as the potential dilution from new shares to be issued in the future in relation with the Asmodee acquisition assume a completion date as of March 31 2022 Operational EBIT is measured as management's expectations for the coming twelve months In line with Embracer's target, financial leverage could temporarily exceed 1.0x net debt to operational EBIT4 but should at least return to below 1.0x over the medium term 6#7Financial rationale Source: Asmodee Notes: 1. 2. 3. 4. O O BOOOD 54 6 Lii inl ● ● ● ● ● ● ● Accretive to shareholders, adds approximately 30% in forecasted Operational EBIT with approximately 7.5% dilution The combined group would have a forecasted Operational EBIT range of SEK9.0-11.0bn during FY 22/23 and SEK9.8-12.9bn during FY 23/24¹ These forecasts exclude further planned M&A Pro forma² Net Sales of Asmodee for this calendar year is estimated to be EUR1.1bn Pro forma Adjusted EBITDA2,3 of EUR240m Pro forma Adjusted Operational EBIT2,3,4 of EUR206m Solid free cash flow generation, driven by a capex-light business model and efficient working capital management processes Historically Asmodee has yielded a pre-tax free cash flow conversion of approximately 70-80% The transaction is expected to be immediately accretive to FCF per share Asmodee management expects to have a double digit organic profit growth over the coming five-year period The new estimate is a combination of Embracer's Q2 21/22 figures and the new figures for Asmodee Based on IFRS standards, includes pro forma adjustments to reflect twelve months of trading for all M&A transactions signed by Asmodee during FY21 Adjusted for non-recurring items, including costs for share based compensation and similar which are cancelled as a consequence of Asmodee becoming a subsidiary to Embracer Operational EBIT reflects EBIT excluding acquisition related amortisations for consistency with Embracer's financial KPI definitions EMBRACER+ GROUP 7#8Great games, amazing stories, infinite possibilities ● ● ● ● asmodee Leading international Publisher & Distributor for Board & Trading Card Games and Video Games Founded in 1995 22 fully owned studios and 300+ IPs Sales and distribution in 50+ countries (of which 21 with direct presence) Global team of 2,300+ FTES Decentralised operational model with integrated approach toward IP, studios, publishing and distribution#9Asmodee's journey into becoming a global innovative content group Business sales (EUR) ● ● ● 1995 -40m From a French specialised distributor to a European Board Game player 2007 First major acquisition with Jungle Speed (1998) Source: Asmodee Asmodee 1.0 Creation of Asmodee in France by passionate Board Game players (1995) Jungle Speed Expansion to European countries with Germany, Spain, UK and Belgium (2008-2010) 110m 2013 ● Asmodee 2.0 A global Board Game publisher and distributor with a broad IP portfolio Successful integration of high potential studios widening SPACE Asmodee's IP portfolio (2013-18) Boulog ~500m Expansion into the U.S. market thanks to studios with strong communities and IPs, emphasising the international strategy (e.g. Fantasy Flight Games and Days of Wonder) 2018 CATAN STUDIO DAYS OF WONDER FOR DOEN CHOUEST Strengthening of the European footprint (e.g. Nordics, Italy, the Netherlands, Poland) -1.1bn 2021 An innovative Gaming and global content group with a consumer and data-centric approach Asmodee 3.0 Fostering organic growth thanks to Pillar Brands strategy and strong go-to-market Expansion along the value chain with Direct to Customer (D2C) distribution Acquisitions of Digital Board Game Platforms TricTrac and Board Game Arena (BGA) INIATURE Philibert MARKET .. TRIC TRAC Launch of Aconyte, imprint studio publishing fiction novels to leverage ACONYTE on Asmodee's own IP (2019) EMBRACER+ GROUP CO SANDER BOARD GAME ARENA TRIOT LIST RATH KAP REYNOLDS 9#10Asmodee is a leading independent global Board Game platform Key financials € EUR1.1bn business sales in FY21PF +25% CAGR business sales over 17A-21PF 1. 2. M +18% CAGR organic business sales over 17A-21PF 40+ bolt-on acquisitions performed since inception c.22% Adj. EBITDA margin 70-80% average FCF conversion ¹ over 19PF-21PF Revenue composition (2021PF) Diverse across geographies EUR1.1bn North America -30% Partner IP EIO ~70% Owned IP ■Rest of Europe ■France UK ROW & Others Source: Asmodee Notes: Estimates represent Management's latest view on financials and growth rates include Management adjustments FCF conversion = (Cash EBITDA - Capex - var. in WC)/ Cash EBITDA #1: France/UK, #2: World, #3: US excl. Exploding Kittens Commercial KPIs EUR1.1bn 22 fully-owned studios 300+ owned IPs 970+ games $7-45m games sold in 2020 (Board Games only) 50+ countries addressed, of which 21 with direct presence Diverse across activities Leading market positions² (16% global market share) ■Board Games Trading Card Games Digital, Interactive & Entertainment ■ Other Diverse across channels EUR1.1bn ■ Hobby & Independents ■Online retailers EMBRACER+ GROUP Multi-specialised ■Mass retailers Others 10#11EMBRACER+ Asmodee's four complementary and synergistic platforms bring amazing experiences to consumers GROUP Source: Asmodee 25 years backbone platform asmodee BOARDGAMES Boardgames Strong growth on a resilient market Tabletop Kids Card Social Minis IP Online board games Film TV 3 new emerging platforms Video games Comics Novels asmodee INTERACTIVE Interactive Growth acceleration platform asmodee CONSUMER Consumer Audience engagement platform asmodee ENTERTAINMENT Entertainment IP development platform 11#12Large, growing and non-cyclical worldwide games market Sources: Notes: 2015A-2026E RSP(2) (in €bn) RoW APAC Europe North America 6.3 6.7 CAGR 2015- 2019: +4% 7.0 1.1 1.0 2.9 1.9 6.5 1.0 0.9 2.7 Asmodee, Bain & Co (1) Boardgames and TCG (excluding puzzles) | (2) Retail Sales Price 1.7 2015A 2016A 2017A 2018A Historical growth was mainly driven by boardgames increasing penetration in the population combined with more qualitative / quantitative boardgames offer 7.3 1.2 1.0 3.1 2.0 Covid catalyst 8.6 1.3 1.1 3.5 2.7 10.5 1.4 1.4 4.1 3.5 2019A 2020A 2021E During the Covid pandemic, customer habits have structurally shifted towards playing boardgames to spend more time with friends, spouse or family 10.5 1.4 1.4 4.1 3.5 2022E 11.1 1.5 1.5 4.5 3.7 2023E CAGR 2022- 2026: +6% 11.8 1.6 1.6 4.7 4.0 12.5 1.6 1.7 5.0 4.2 2024E 2025E 13.3 1.7 1.8 5.3 4.5 2026E CAGR 17-21 +11% +6% +7% +9% +9% +16% CAGR 22-26 Growth will remain higher than pre-pandemic levels, due to: (i) higher penetration rates in the population, (ii) higher number of purchases per year, (iii) expected price increases +5% +6% +7% +6% EMBRACER+ GROUP 12#133 main categories of players with specific behaviors and purchasing patterns Mainstream players Sources: Notes: 1 2 Boardgames fans "Playing is my main hobby" Å Casual players "I sometimes play to socialize" Family & children "I play during family time" THE OCT Gamer profile 00 35-40 y.o. Buy 10+ games p.a. OO Play on a weekly basis Millenials 20-30 y.o. Buy -3.5 games p.a. Play on a monthly basis Digital parents 40-45 y.o. Buy -3.5 games p.a. Play on a monthly basis Asmodee, Bain & Co (1) Est. share of player population in Western countries based on Customer Survey results for U.S. & France, actual figures vary depending on countries (March-18 with 24,007 respondents in France & 37,451 respondents in the U.S.) # players (1) -60m -250m ~500m Rationale for playing Intellectual & competitive challenge Beloved IPs Leisure & fun time with friends Family quality time Key channel Hobby stores Broad market EMBRACER+ GROUP 13#14Covid has increased boardgame consumption from existing customers... Sources: Notes: Question: How often did you play boardgames? tilg ■ Covid pushed existing customers to increase yearly spendings: Acquisition of more games Acquisition of more complex and expensive games 12 % 10% 3% 1% 19 % Philibert client data, Asmodee Consumer Survey (1) Survey conducted in the US in April 2021 among 1,000 respondents April 2021 consumer survey - All boardgame players (¹) Pre- Covid (Mar-20) 27% 29% 55% played > once a month +17 points 5 %1% 8% 14% 1% Post- Covid (Apr-21) 33% 39 % 72% played > once a month ■Once a week or more 2-3 times a month Once a month ■Once every 3 months 2-3 times a year Once a year ■Less often or never Higher boardgames consumption from existing players during Covid period, with share of frequent players (> once a month) increasing by +17 points EMBRACER+ GROUP 14#15and accelerated recruitment of first-time buyers, with high retention rates Sources: Notes: Question: Will you buy boardgames? ■ Lockdowns pushed people to find new sources of entertainment ■ Customer acquisition during lockdowns driving higher awareness, eventually leading to repeat purchases (e.g. people offering games to friends & family) and therefore boosting organic growth ■ Attractive profiles of newly-recruited customers: Diverse profiles More expensive 1st purchase basket: €41 vs. €38 in 2019 Higher loyalty: 35% repurchase rate for first-time buyers vs. 29% in 2019 ~10% of 2020 end-customers are first-time buyers October 2021 consumer survey - First-time buyers during Covid period (1) Customer survey conducted by Bain on Covid first-time buyers, based on Q3 2021 data 26 % 21% Covid new buyers Bain & Co, Consumer Survey (1) Bain survey on selected key geographies (US, UK, France) on 2,655 respondents o/w 379 new buyers (Q3 2021) 54 % 74% will play as much or more More than before Same as before Less than before -74% retention of first-time buyers during Covid period expected to buy at least as many boardgames in the future, demonstrating ability to retain new end-customers EMBRACER+ GROUP 15#16Asmodee is a global leading games publisher & go-to-market specialist Sources: Asmodee benefits from a unique virtuous dual-positioning on the value chain, with an integrated publishing and go-to-market model Authors ✓ Direct access to authors via online platforms ✓ Presence through M&A Identify games Refine and from initial idea adapt universe and mechanisms Company All types of games addressed Customizable Children BO 8 8 Test and improve games manufacturing marketing improvement extensions Organize outsourced Ensure games Perform continuous Develop games Tabletop Publishers ✓ Develop, finance and market a game based on initial concept ✓ Owner of the IP rights Party ve Go-to-market Distribute through appropriate channels ✓ On-the-ground marketing activities TI ---- Organize logistics: Design go-to-market strategy: storage, dispatching, online marketing, advertising, events, games conferences, etc. etc. ‒‒‒‒‒‒ Online retail AR Hobby / Independent Mass-Market Retailers Development into retail through D2C Philibert Sales: manage relationship with retailers, place products, etc. Specialized A unique positioning on the value-chain (in publishing and go-to-market) enables Asmodee to have full control of its go-to-market strategy ‒‒‒‒ MARKET Distribute games to retailers All retail channels served EMBRACER+ GROUP 16#17Asmodee has a rich portfolio of 300+ owned IP plus partnerships with world leading franchises Best-in-class, young and modern IP published across 22 studios ZYGO MATIC Do&BLE CORTEX REPOS WONDERS CONCEPT UP! PLAN GAMES- NBG JUST ON AZUL Source: Asmodee CATAN. STUDIO CATAN ZMAN games PANDEMIC Mixlore™ DAYS OF WONDER THE GREEN BOARD GAME CO TICKET TO RIDE SMALLWORLD BEZZER WIZZER STUDIO BEZZERWIZZER Other fully-owned studios HINT rebel PURPLE BRAIN LOOK OUT GAMES STAR WARS X-WING Dixit MINIATURES GAME ARKHAM HORROR EXPLODING KITTENS SPACE Cou THROW THROW BURRITO SATIO Libellud EXPLODING Splendor KITTENS UNLOCK! AT MIC MYSTERIUM unexpected cames SPACE Cowboys EDGE 4P GAMEGENIC Go-to-publishing & distribution partner for other world leading franchises POKÉMON MAGICE DISNEY Pokémon Harry Potter CODENAMES (BANANAGRAMS) THE GATHERING STAR WARS G EMBRACER+ GROUP LÖRDERINGS MARVEL Carcassonne GLOOTHAVEN DUNGEONS DRAGONS GENTLEMEN THIEVES 17#18Asmodee's development business model is a << low risk » model since the Group generates profits within 1st print run Sources: Note: Development costs Games designers' wages Graphic designer costs c.€150k development costs Bain & Co (1) Manufacturer's Suggested Retail Price 1st run print economics €30 MSRP(1) per game €15 sales per game €10.5 business margin (70%) €9 margin contribution after shipping & royalties X c.30k units sold as 1st print run c.€270k margin on 1st print run Low development costs / breakeven point ensuring profitability of any new game published EMBRACER+ GROUP 18#19Asmodee's development business model is a << low risk » model since the Group generates profits within 1st print run Sources: Notes: Selected awards AS D'OR JEU DE L'ANNÉE CANNES As d'Or (2004) One single IP successfully declined into multiple products ... By Geographies Spiel Jahres Spiel des Jahres (2004) TICKET RIDE ΤΟ Core game launched in 2004 Variations Extension Accessories TICKET TO RIDE Europe TICKET By Interests TO RIDE THE DE EXPERTIon TICKET TO RIDE ROME TICKET TO RIDE Nordic countries 15th anniversary Cards TICKET TO RIDE Faut Paris LES AVENTURIERS RAIL Anniversary editions Dice edition Cards edition Track Switcher TICKET TO RIDE TICKET TO RIDE Asia Germany Set of trains and stations in support of BCRF(1) TICKET TO INDE 10th anniversary TICKET TO RIDE TICKET TO RIDE ARCHIT India TICKET TO RIDE Worldwide TICKET TO RIDE Africa By Age TICKET TO RIDE Kids: First Journey By Platform TICKET TO RIDE Digital platforms (PC, console & mobile) Company (1) Breast Cancer Research Foundation | (2) Business sales excluding digital, FY16-20PF figures presented at constant FX rate (EUR/USD: 1.16) Business sales(2) (€m) 16.6 FY16PF #units sold (k) 944 to continuously drive organic growth 19.3 FY17PF +23.5% p.a. 24.6 26.7 41.5 FY18PF FY19PF FY20PF FY21LE 1,022 1,330 1,471 2,074 47.7 Uninterrupted growth generated by core game and continuously accelerated with multiple new gaming adaptations c. 2,450 EMBRACER+ GROUP 19#20Asmodee's brands are young & modern and therefore offer significant potential for growth Focused on building global consumer brands CATAN Splendor Dixit DOUBLE WONDERS TICKET TO RIDE PANDEMIC STAR WARS LEGION Carcassonne JUST ONE UNLOCK! Source: Asmodee Pillar brands MYSTERIUM High-potential brands Werewolves HINT CORTEX AZUL CONCEPT Supported by a bedrock catalogue of over 300+ IPs T.I.M.E STORIES ARKHAM HORROR Love Letter Challenge EXPLODING KITTENS SMALLWORLD HEROES OF ENKINOT Strong positive correlation between global awareness and sales + Number of units sold Asmodee's brands current positioning asmodee Room to grow Global awareness Current positioning of historical iconic Board Game brands EMBRACER+ GROUP + 20#21Asmodee's footprint is truly global, with sales and distribution in 50+ countries Leading market positions¹ Country Source: Asmodee Note: 1. Rank JAI 2 Board Games and TCG market in 2020. Excludes Exploding Kittens DAYS OF WONDER United States H Canada Logo OO PLAN GAMES Jo CATAN unexpected STUDIO Games Z-MAN games EXPLODING KITTENS Studios/platforms Headquarters Offices Own go-to-market Distribution by 3rd party BUBBLE BRAIN France UK +THE+ GREEN BOARD GAME CO DAYS OF EDGE WONDER SPACE ZYGO MATIC Mixlore Libellud SPACE Benelux South Europe EDGE REPOS Nordics GAMEGENIC BEZZER WIZZER STUDIO Germany LOOK OUT GAMES Central Europe rebel Consumer & Interactive X EMBRACER+ GROUP BOARD GAME Philibert ARENA INIATURE MARKET asmodee 21#223 new emerging platforms for an IP group to bring amazing experiences to consumers and foster organic growth, leveraging on a strong and resilient boardgame backbone Source: Asmodee Platform Description asmodee CONSUMER UNBOX NOW Consumer Audience engagement platform HOBBY NEXT asmodee Consumer-centric strategy leveraging on a comprehensive ecosystem built around the audience Engage audiences to amplify and fulfill consumer-led demand for boardgames and Asmodee's IPs ■ Two distinct consumer centric strategies adapted to each player profile ☐ Increase boardgame fans share of wallet □ Attract newcomers and elaborate a comprehensive and powerful ecosystem built around the consumer asmodee INTERACTIVE X3 IP Interactive Growth acceleration platform BOARD GAME Philibert INIATURE ARKET Complementary offer to attract new categories of players, build engaged communities and monitor consumer trends Interactive Games □ Apps for mobile & tablets: digital versions of boardgames Board Game Arena: leading board gaming platform (acq. in 2021) ☐ Licensing-out D2C / E-commerce ☐Philibert: French platform (acq. in 2020) ☐ Miniature Market: U.S. platform (acq. in 2021) asmodee ENTERTAINMENT ACONYTE V Entertainment IP development platform ateikite PLAST RITUAL SIDER PATRIOT LIST CATAN Expansion into broader universes to further increase brand awareness and foster boardgames business' organic growth Leverage on new media to reach new customers and to offer a complimentary experience to Asmodee's existing customers ■ Books (novels, comics) ■ Media content (TV Movie scripted and unscripted content) ■ Consumer products (accessories, apparel, etc.) EMBRACER+ GROUP 22#23Asmodee is a proven consolidation platform, with a broad and actionable pipeline of 50+ targets CATAN STUDIO EXPLODING KITTENS DAYS OF WONDER ZMAN games Plaid Hat Games Skyship distribuidores INIATURE MARKET Source: Asmodee LION RAMPANT IMPORTS PLAN GAMES Skyship distribuidores coiledspring games BOARD GAME ARENA +THE+ GREEN BOARD GAME CÓ BLACKFIRE S EDGE Philibert Libellud EDGE GALÁPAGOS millennium your resource for gemas JOGOS REPOS ENIGMA ENIGMA BEZZERWIZZER BLACKFIRE ASTERION rebel Heidelberger Spieleverlag LOOK OUT GAMES BLACKFIRE FB WISDOM WALEXIS Go Kods 玩座小团 Value-accretive M&A acquisition strategy Acquisition IPs & Studios Local distribution Interactive Content & eCommerce 2014 2015 2016 2017 2018 2019 2020 2021 3 3 8 2 7 8 3 Dozens of IPs acquired through the acquisition of studios including iconic brands such as: CATAN DoaBLE EXPLODING KITTENS TICKET TO RIDE CORTEX EMBRACER+ GROUP Challenge THE GREEN BOARD GAME CO Est. 1991 BrainBox® Play together. Learn together PANDEMIC Werewolves 23#24Attractive opportunity to cross-fertilise IP within Games Turbocharge Asmodee's rich Board Game IP into Video Games Embracer has access to a vast library of hit Asmodee IP ripe for interactive development ANDROID TWILIGHT IMPERIUM T.I.M.E ARKHAM HORROR TICKET TO RIDE CATAN Doable STORIES Legend of the Five Rings Additional reach and revenues through Books & Entertainment Develop broader entertainment offering across TV, Film & Books Opportunity to further deepen the worlds and characters of Embracer IP through Aconyte¹ EXPLODING KITTENS Cross-fertilisation between Physical and Digital Gamers communities Potential to offer unrivalled Gaming experiences to consumers Unique opportunity to build Physical and Digital Gaming consumer data Sources: Company, Asmodee Notes: Other organic growth opportunities Potential new avenues of innovation for location-based experiences (e.g. theme parks, escape rooms, arcades, game cafés) 1. Asmodee's fiction novel publisher 2. Includes companion apps, scenario builders and NFTs Leverage Asmodee's Board Game expertise across Embracer's rich IP Asmodee will have access to Embracer IP for Board Game experiences ALONE MERO DARK EXODUS SATISFACTORY BORDERLANDS SNOW RUNNER 000 WORLD WAR Z FROM THE ASHES: EARLY ACCESS Saints Row DEAD ISLAND Kingdom Come Deliverance Opportunities for Hybrid Gaming experience Unique combination of Physical, Digital and Cross-Play Gaming to provide a unified experience² Immersive Board Gaming through AR, VR and other emerging technologies Tremendous synergies through data-sharing and analysis Leverage overlapping fan base and develop cross-marketing opportunities Improved analytics for Board Games will drive traffic to Video Games EMBRACER+ GROUP Selected narrative-driven Asmodee IP perfect for RPG, Adventure, Strategy PC and Console Games Selected Asmodee IP for fans eager for digital experiences on all devices Selected Embracer IP ripe for exploration in Board Games 24#25Asmodee becomes the ninth operating group of Embracer, continuing to operate independently Corporate structure post transaction Op. Group Studios² IPS Snapshot of the combined Group Employees Kicki Lars Sources: Company, Asmodee Notes: EMBRACER GROUP 1 8 86 260+ 9,000+ THE BOARD 1. Company information as at Sep 2021 2. Internal studios EMBRACER+ GROUP asmodee 22 300+ 2,300+ EMBRACER+ GROUP asmodee 9 108 560+ 11,300+ Klemens Anton Matthew Randy Stéphane THONORDIC Coffee Stain SABER INTERACTIVE software asmodee Klemens Per-Arne Ken Oleg S DEEP SILVER Mamplifier GAME INVEST DECA Easybrain EMBRACER+ GROUP 25#26Great IP is valuable across multiple channels Film TWO WORLDS. ONE HOME. WARCRAFT Film The lines between media are blurring MEDIA STAR WARS JEDI FALLEN ORDER GAMES IP $439M Box Office ACTIVISIO BIZZARD EA MEDIA IP 10M+ Units Sold TV CD PROJEKT WITCHER 76M Views (S1) TV BANDAI NAMCO 6M+ Units Sold Source: Box Office Mojo, Forbes, Billboard, VG Chartz 1 Number of players includes subscription services and free weekend at Epic Game Store. GAMES Music ROBLOXRESENTS FRE LILNAS CONCERT EXPERIENCE ROBLOX 33M Views Toys Hasbro DUNGEONS & DRAGONS DARK ALLIANCE June 2021 Release EMBRACER is embracing transmedia GAME FILM BORDERLANDS 71M+ Units Sold FILM WORLD WAR $540M Box Office BORDERLANDS 2022 Release GAME WORLD WAR 7M+ Units Sold 16.5M+ Players¹ 26#27Foundation in place for creation of transmedia IP Video Games EARLY ACCESS Saints Row DESPERADOS Obrendi com AULNz SATISFACTORY SNOW RUNNER DARKSIDERS WORLD WAR RZ DESTROY ALL HUMANS! REMNANT FROM THE ASHES GLOOMIHAVEN Sources: Company, Asmodee DragonVale 83 BOARD GAME ARENA TICKET TO RIDE CORTEX BEZZERWIZZER ANDROID 7WONDERS UNLOCK! HINT AZUL CRYSTAL HA Board Games BROTHERS IN ARMS: DEAD ISLAND Kingdom Come 3IOMUTANT. Deliverance TIMESPLITTERS Do&BLE Werewolve Franky BORDERLANDS ALONE DARK COMFURLANG VALHEIM LIN CONCEPT TW Legend of the & Dixit Five Ringe Selection of IP and partners METRO EXODUS JUST CATAN ONE PANDEMIC ARKHAM HORROR G I WALIOS KEORGE MARVEL DESCENT 2EMBICIDE LIMLE NIGHTMARES TWI EMBRACER+ GROUP + asmodee DA ACONYTE Splendor urcassonne MARVEL T.I.M.E EXPLODING STORIES KITTENS ACONYTE Legend of the the 20 Five Ringes TITANE ARKHAM HORROR TEREPEAT, MIRITI RUN HIDE FIGHT THEATER METT DILLER PROXIMA TERRAFORMING MARS DURA DA SCHEIDEN SICH DIE GEISTER DSCHRAGELS Books 16 KOCH MEDIA Media 16 LANSKY EMBRACER+ GROUP 27#28Operating model ORGANIC GROWTH & ACCELARATION Easybrain gearbox entertainment DECA THE INORGANIC GROWTH EMBRACER+ GROUP SABER INTERACTIVE $ BEVER KOCH MEDIA Coffee Mamplifier Ecosystem for entrepreuners within gaming and entertainment Each Operative Group has its own unique culture, DNA and strategy. Decentralization philosophy empowering individuality, creativity and speed. Offering benefits of a large structure e.g. access to growth capital, knowledge sharing and soft synergies. Attractive model for long-term creatives and entrepreneurs, will help bring more publishers and studios onboard. Offers a diverse ecosystem that stands on many revenue streams EMBRACER+ GROUP 53#29Transaction solidifies Embracer Group's position as the leading independent Gaming eco-system This marks a transformative step in Embracer's strategy within gaming and entertainment as outlined at the September AGM 1 asmodee Creates one of Europe's largest Gaming and Entertainment groups and establishes an important market leading position in Board Games EMBRACER+ GROUP + 7 2 Opportunity to cross-fertilise IP and strengthen licensing partnerships across Gaming categories 6 3 Strong foundation for the future development of transmedia IPs Source: Company 4 Ability to leverage omni-channel distribution network to drive synergies across existing and new markets EMBRACER+ GROUP 5 Proven platform for value-accretive M&A across Gaming categories, complemented by a sizeable funnel for future opportunities Shared strong cultural fit, with a similar integrated model operating across the value chain, from IP through to publishing and distribution Enhancing the new Group's strong financial profile, with added diversity, predictability, resilience, and immediate accretion to adj. EPS and FCF per share 29#30EMBRACER GROUP +