#1GDEU INVESTOR PRESENTATION October 2023#2GDEU Forward-looking statements Certain statements in this presentation may constitute "forward-looking statements" for purposes of the federal securities laws. Such statements are based on current expectations that are subject to risks and uncertainties. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The forward-looking statements contained in this press release are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions. You should carefully consider the risks and uncertainties described in the "Risk Factors" section of the Company's 2022 Annual Report in Form 20-F, filed by the Company on June 26, 2023, and other documents filed by the Company from time to time with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws Disclaimer Presentation of Non-IFRS Financial Measures In addition to the results provided in accordance with IFRS throughout this press release, the Company has provided the non-IFRS financial measure "Adjusted EBITDA" (the "Non-IFRS Financial Measure"). The Company defines Adjusted EBITDA as the total comprehensive income/(loss) as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) other comprehensive income/loss, (ii) goodwill and investments in equity accounted associates' impairment, (iii) loss on disposal of subsidiaries, (iv) income tax expense, (v) net finance income/expense, (vi) change in fair value of share warrant obligations and other financial instruments, (vii) share of loss of equity-accounted associates, (viii) depreciation and amortization, (ix) share-based payments and (x) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. The Company uses this Non-IFRS Financial Measure for business planning purposes and in measuring its performance relative to that of its competitors. The Company believes that this Non-IFRS Financial Measure is a useful financial metric to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. This Non-IFRS Financial Measure is not intended to replace, and should not be considered superior to, the presentation of the Company's financial results in accordance with IFRS. The use of the Non-IFRS Financial Measure terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. Due to the rounding the numbers presented throughout this document may not precisely add up to the totals. The period-over-period percentage changes are based on the actual numbers and may therefore differ from the percentage changes if those would be calculated based on the rounded numbers The figures in this document are unaudited. Our audited consolidated financial statements for the year ended December 31, 2022, and the notes thereto, are included in our 2022 Annual Report in Form 20-F, filed with the Securities and Exchange Commission on June 26, 2023 2#3Key operating metrics used in the presentation GDEU In this presentation, we use a number of key operating and non-IFRS financial metrics which we believe accurately, in material aspects, reflect the principal parameters of our historic and projected performance. For further information, regarding our operating metrics, see our 2022 Annual Report in Form 20-F filed with the SEC. Operating metrics Monthly Paying Users (MPUs) are the number of individuals who made a purchase of a virtual item at least once on a particular platform in the 30-day period ending with the measurement date Average Bookings Per Paying User (ABPPU) is the total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUS during the period Bookings are sales contracts generated from in-game purchases and sales of advertisement in a given period Non-IFRS measure 3 Adjusted EBITDA. The Company defines Adjusted EBITDA as the net income/loss as presented in the Company's financial statements in accordance with IFRS, adjusted to exclude (i) other comprehensive income/loss, (ii) goodwill and investments in equity accounted associates' impairment, (iii) loss on disposal of subsidiaries, (iv) income tax expense, (v) net finance income/expense, (vi) change in fair value of share warrant obligations and other financial instruments, (vii) share of loss of equity-accounted associates, (viii) depreciation and amortization, (ix) share-based payments and (x) certain non-cash or other special items that we do not consider indicative of our ongoing operating performance. Adjusted EBITDA is a non-IFRS financial measure and should not be construed as an alternative to net income/loss as an indicator of operating performance as determined in accordance with IFRS.#4GDEV is a gaming and entertainment powerhouse Family of six game studios nexters ROYAL ARK AME GEARS USA 33% CUBIC GAMES Games portfolio of both established and promising franchises in popular genres Asia HERO WARS RJ GAMES SIMEL 26% ISLAND HOPPERS Blockbuster mid-core multi-platform RPG Diversification across geo and platforms Key regions split² Farming simulation game with puzzles Pixel style mobile GUN ZD first-person shooter Europe 21% Source: Company information 1) data.ai (FY 2022 data), excluding hypercasual games; 2) Company information (FY 2022) #1 grossing genre¹ Mobile 63% #1 installs genre¹ #1 time spent genre¹ Platforms split² PC 37% Revenue, $m 261 2020 6 Strong results in 2022² 2020 +84% Monthly active users, mn 480 +36% 2022 2022 Adj. EBITDA, $m 1 2020 GDEU 284 2020 >100% Monthly paying users, '000 98 +18% 2022 335 2022#5Consolidated studios Studios with minority stake Diversified studio portfolio nexters Multi-platform flagship game studio created hugely successful blockbuster RPG Hero Wars Key title(s) Platform Mobile PC Platform HERO WARS Mobile Team battle RPG ROYAL ARK Game studio focused on exciting storyline and high-quality gameplay. Major title - Dawn of Zombies Key title(s) ISLAND HOPPERS Source: Company information (FY 2022) Farming simulation D.O.Z. SURVIVAL Post-apocalypse survival RPG I I CUBICGAMES Long-standing mobile games studio operating flagship title-popular mobile shooter Pixel Gun 3D Key title(s) Platform Mobile Platform CAME GEARS Mobile PINEL GUN ED Game studio creating both hybrid-casual and mid-core mobile games Key title(s) First-person shooter Developing mobile project(s) 1 I I I I T 1 I In-house R&D studio currently working on multi- platform game project Key title(s) 000 Platform PC DⓇ Mobile GDEU Console Developing PC/ Console project RJ GAMES Long-standing mobile games studio developing promising puzzle RPG game - Puzzle Breakers Platform Key title(s) PUZZLE BREAKER Puzzle RPG#6Building great games franchises - key titles 6 HERO WARS by nexters Blockbuster mid-core multi-platform RPG Allows players to fight epic multiplayer PvP battles, collect heroes and communicate 2016 launched ~6m 2023 MAU mobile/web men 25+ target audience >150m cumulative installs² Key markets Source: Company information (FY 2022) 1) January-May 2023 average; 2) As of Oct 2023 ISLAND HOPPERS by nexters Farming simulation game with puzzles Fresh and unique gameplay through farming with engaging storyline and variety of puzzles 2021 launched ~Im 2023 MAU mobile/web women 25+ target audience >11m cumulative installs² Key markets PINEL GUN ED by CUBICGAMES Pixel style mobile first- person shooter Thrilling array of game modes, impressive arsenal of over 1,000 unique weapons, 100+ maps 2013 launched ~4m 2023 MAU GDEU 000 iOS/Android under 25 target audience Key markets >180m cumulative installs²#7GDEV focuses on growth of its diversified franchises and studios portfolio Product Expertise both in casual and core genres Ability to engage/ monetize players for many years Rich pipeline of game events ● ● ● ● Platforms • Experience of successful expanding into new platforms (e.g., mobile and web) ● Engaging social mechanics Tailored approach for each player 7 Wide players TAM and access to ads through various channels on available platforms Source: Company information (FY 2022) PAME GEARS CUBICGAMES Consolidated studios nexters Product Franchises GDEU Platforms ROYAL ARK Marketing Studios with minority stake RJ GAMES Franchises Cultivating titles from small to big - built-up billion $ game franchise Hero Wars ● ● ● ● Marketing Industry leading performance UA Multiple channels and platforms Data-driven decision making Capturing a large audience Large set of 1st party data Effective ads creatives ● ● ● GDEU ● ● Covering key game genres - RPG, Shooters, Farming/ Puzzles Covering major mobile player profiles#8Key financial and operating highlights $m Revenue 261 8 2020 $m Bookings 445 +84% 434 2021 +1% 562 480 2022 449 $m Total comprehensive Income/ Loss 2022 -1 2020 284 >100% '000 users Monthly Paying Users (¹) -117 2021 2020 +18% 362 2021 11 2022 335 $m Adjusted EBITDA 2020 2021 Source: Company information (FY 2022) The Company defines Monthly Paying Users, or MPUS, as the number of individuals who made a purchase of a virtual item at least once on a particular platform in the 30-day period ending with the measurement date; Quarterly MPU is the average of MPUs for each month for the respective quarter (1) (2) The Company defines Average Bookings Per Paying User, or ABPPU, as its total Bookings attributable to in-game purchases in a given period, divided by the number of months in that period, divided by the average number of MPUS during the period 2022 1 2020 126 >100% 2020 8 2021 $/month Average Bookings Per Paying User (2) -15% 123 GDEU 2021 98 2022 107 2022#9Founder led, backed by diverse Board Board of Directors 9 Natasha Braginsky Mounier Chairperson, Independent Director Capital Markets Finance ESG Capital Group Aradei Capital J.P. Morgan Andrey Fadeev Executive Director Game Industry Business Growth Strategy Nexters Directors status matrix Independent Board of Directors Outlook O 1 Executive Non-Executive Igor Bukhman Non-Executive Director Source: Company information (FY 2022) Game Industry Business Growth Strategy Playrix 1 Andrew Sheppard Independent Director Areas of Responsibility Game Industry . Investments Integrations Professional experience GREE Transcend Fund Kabam Marie Holive Independent Director Entertainment & Media Media Audit Global Business Management General Electric London Business School Comcast Board expertise matrix Finance Game Industry Consumer Goods Tal Shoham Independent Director Investments/M& A Game Industry Marketing Supersonic ironSource Huuuge 40% O 60% Olga Loskutova Independent Director Consumer Goods Global Business & General Management Product Development & Brand Management Nestle SABMiller Whirlpool Board gender matrix Female Male Management GDEU Andrey Fadeev Chief Executive Officer Alexander Karavaev Chief Financial Officer Anton Reinhold Chief Operating Officer Yulia Dementieva General Counsel Andrey Kuznetsov Chief Investment Officer Roman Safiyulin Chief Corporate Development Officer Diverse BOD strenghthens GDEV's corporate governance#10Our sustainability strategy 10 Our Sustainability Strategy outlines three pathways that reflect the varying levels of impact that GDEV has on different stakeholders: our employees, local, and the wider global communities To further guide our efforts, we've also identified four key areas of focus that align with our interactions with the world, and we've grouped our sustainability activities into these areas based on their impacts Source: Company information (FY 2022) THREE PATHWAYS APPROACH CORE LOCAL Meet ESG standards and requirements in IT industry Be responsible and giving back to the local communities GLOBAL Contribute to the gamings' positive impact on the world IN FOUR FOCUS AREAS + Our Team Communities Our Players Environment GDEU Commitment to become carbon neutral by 2030 Plan to implement emission compensation practice Waste and energy saving agenda in all offices Adopted Inclusion and Diversity Policy SASB disclosure implemented Promote positive agenda through games#11GDEV in a nutshell 11 On mobile market since its inception Making games since 2010 Founder led, backed by diverse Board Top performance marketing expertise M Creating popular ads with hundreds millions of impressions Strong leadership and corporate governance 11111 Diversified studio portfolio Top game product expertise 11316 Covering various genres, player types and platforms Know how to engage and monetize players for many years Built great game franchise GDEU HERO WARS Created billion $ game franchise Hero Wars Experience in platforms expansion Multiple cases of successful expansion of our games on new platforms#12GDEU Appendix#13On mobile market since its inception -THRONE. BISH ISLAND EXPERIMENT • Launch of the first two titles in social networks • Throne Rush became game of the year on Facebook¹ HERO WARS Launched Hero Wars on social Main team settled in Cyprus, cost- advantaged European gaming industry hub² 2016-17 playrix #3 mobile game developer globally • Bukhman brothers (founders of Playrix) became shareholders • Full focus on scaling in mobile • Launch of Hero Wars Web 2010-15 13 Source: Company information (FY 2022) 1) Facebook's Staff Favourite Games; 2) Currently, the Group has offices in Cyprus, Armenia and Kazakhstan 2018 Breakthrough thanks to success with non- core gameplay ads creatives • ~4x bookings growth YoY 2019 Significant growth of financial results • Expanded teams with joining of strong specialists Started preparing for IPO 2020 ISLAND HOPPERS N Nasdaq • IPO on Nasdaq • Further strong financial growth • Launched Island Hoppers - new high potential title Launched in-house R&D center - Dragon Machine 2021 GDEU Indicative revenue dynamic CUBIC GAMES RJ GAMES ROYAL ARK AME GEARS Record high annual revenues Made 3 deals with acquiring and investing into both established and promising studios • Improved corporate governance by increasing the share of independent directors 2022#14Global gaming market overview Global games market forecast, $bn PC/Desktop Console 179 21% 30% 49% 2020 32% 193 21% US 28% 51% 2021 Mobile 14Source data.ai, Sensor Tower 'China data available only for iOS 183 21% 29% 50% 2022 +13% Top countries by mobile games spending, % share 19% 1000 14% China' Japan South Korea 206 5% 2025 3% UK 2022 global players split by geo, % 4,1% Middle East & Africa 9,7% 0,3% Latin America Europe Mobile games genres split 27,9% revenue Mid-core 13% 15% Casual 58,1% 10% North America Casino 7% 2022 total 3.2bn 55% 8% 2% Asia-Pacific 33% installs 37% Sports & Racing GDEU 21% Hypercasual#15Balance Sheet ($ in thousands) Assets Non-current assets Property and equipment Intangible assets Goodwill Long-term deferred platform commission fees Right-of-use assets Deferred tax asset Other non-current investments Other non-current assets Loans receivable - non-current Total non-current assets Current assets Indemnification asset Trade and other receivables Loans receivable Other investments Cash and cash equivalents Prepaid tax Total current assets TOTAL ASSETS Liabilities and shareholders' equity Equity Share capital Other reserves Accumulated deficit Equity attributable to equity holders of the Company Non-controlling interest Total equity Non-current liabilities Lease liabilities - non-current Long-term deferred revenue Share warrant obligations Put option liabilities Other non-current liabilities. Total non-current liabilities Current liabilities Lease liabilities - current Trade and other payables Put option liabilities - current Provisions for non-income tax risks Tax liability Deferred revenue Total current liabilities TOTAL LIABILITIES TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 15 Source: Company information Dec 31, 2022 786 12,977 1,836 94,682 1,462 108 17,903 107 3,317 133,178 2,512 45,372 517 50,365 86,774 3,326 188,866 322,044 O 171,418 (320,194) (148,776) O (148,776) 444 96,887 13,035 27,475 577 138,418 743 30,521 O 1,336 4,250 295,552 332,402 470,820 322,044 Jun 30, 2023 863 10,763 1,836 83,197 1,489 59 18,533 107 O 116,847 2,512 41,125 478 69,308 68,581 3,305 185,309 302,156 O 173,082 (308,851) (135,769) O (135,769) 110 100,549 2,430 6,685 70 109,844 771 28,253 21,560 1,336 4,637 271,524 328,081 437,925 302,156 GDEU#16Profit and Loss Statement ($ in thousands) Revenue Costs and expenses, excluding depreciation and amortization Cost of revenue: Platform commissions Game operation cost Selling and marketing expenses General and administrative expenses Other operating income Impairment loss on trade receivables and loans receivable Total costs and expenses, excluding depreciation and amortization Depreciation and amortization Profit/ (loss) from operations Finance income/ (expense), net Change in fair value of share warrant obligations and other financial instruments Share of loss of equity-accounted associates Profit/(loss) before income tax Income tax expense Profit/(loss) for the period, net of tax Attributable to equity holders of the Company Attributable to non-controlling interest Other comprehensive income/(loss) Total comprehensive income/(loss) for the period, net of tax Attributable to equity holders of the Company Attributable to non-controlling interest Earnings/(loss) per share: Basic and diluted earnings/(loss) per share, US$(¹) 16 Source: Company information (1) Based on a weighted average number of ordinary shares for basic and diluted earnings per share of 20,000 Q2 2023 114,864 (27,473) (13,218) (50,755) (7,057) 734 (814) (98,583) (1,496) 14,785 (226) 5,286 O 19,845 (326) 19,519 19,519 O 1,391 20,910 20,910 O 0.10 Q2 2022 126,709 (35,388) (11,230) (34,696) (6,605) 337 (3,587) (91,169) (2,150) 33,390 (5) 576 (3,296) 30,665 (1,338) 29,327 29,634 (307) 3,458 32,785 33,092 (307) 0.15 H1 2023 234,139 (56,428) (26,785) (129,135) (14,796) 1,539 (4,296) (229,901) (2,903) 1,335 1,050 10,,547 (515) 12,417 (1,074) 11,343 11,343 O 1,007 12,350 12,350 O 0.06 GDEU H1 2022 252,780 (68,839) (20,540) (91,289) (14,808) 376 (3,919) (199,019) (3,617) 50,144 (944) 7,268 (1,640) 54,828 (2,090) 52,738 53,063 (325) 3,177 55,915 56,240 (325) 0.27#17Cash Flow Statement ($ in thousands) Operating activities Profit/(loss) for the period, net of tax Adjustments for: Depreciation and amortization. Share-based payments expense Income from share option forfeiture Share of loss of equity-accounted associates Expected credit losses Property and equipment write-off Impairment of intangible assets Change in fair value of share warrant obligations and other financial instruments Unwinding of discount on the put option liability Change in fair value of other investments Dividend on ETFs accrued Trade receivables write-off Foreign exchange loss/(gain) Interest income Interest expense Income tax expense Changes in working capital: Decrease/(increase) in deferred platform commissions Increase in deferred revenue Increase in trade and other receivables (Decrease)/increase in trade and other payables Income tax (paid)/received Net cash flows generated from/(used in) operating activities Investing activities Acquisition of intangible assets Acquisition of property and equipment Acquisition of right of use Acquisition of subsidiary net of cash acquired Proceeds from repayment of loans Investments in equity accounted associates Loans granted Proceeds from redemption of investments Dividends received Interest received Acquisition of other investments Net cash flows used in investing activities Financing activities Payments of lease liabilities Proceeds from loans receivable Interest on lease Proceeds from borrowings Net cash flows used in financing activities Net (decrease)/increase in cash and cash equivalents for the period Cash and cash equivalents at the beginning of the period Effect of changes in exchange rates on cash held Cash and cash equivalents at the end of the period Source: Company information Q2 2023 19,519 1,496 496 (159) O 814 O O (5,286) 103 514 (254) 50 823 (1,063) 9 325 17,387 4,250 (4,103) 37 (5,552) (5,368) (145) 11,874 (12) (114) 1 O 198 (515) (348) (1) 254 O (12,255) (12,792) (243) 78 (9) O (174) (1,092) 68,326 1,347 68,581 Q2 2022 29,327 2,150 964 O 3,296 3,587 O 241 (576) 34 O O O (2) (236) 34 1,340 40,159 8,462 (14,674) 842 (13,558) (18,928) (76) 21,155 (100) (11) Coo 125 1,586 (7,850) Oooo (6,250) (804) O (36) 165 (675) 14,230 83,704 1,143 99,077 H1 2023 11,343 2,903 1,044 (159) 515 4,296 00 (10,547) 204 (564) (469) 50 1,595 (2,009) 22 1,074 9,298 11,485 (20,366) 2,393 (2,631) (9,119) (265) (86) (20) (211) (169) O 470 (515) (447) 35,546 469 169 (53,640) (18,348) (765) O (22) O (787) (19,221) 86,774 1,028 68,581 GDEU H1 2022 52,738 3,617 2,029 0 1,640 3,919 313 241 (7,268) 101 O O 0 779 (335) 77 2,092 59,943 11,093 (13,374) (2,128) (15,768) (20,177) (202) 39,564 (107) (516) O (50,022) 125 (15,000) (17,786) Oood (83,306) (1,438) O (77) 165 (1,350) (45,092) 142,802 1,367 99,077#18Reconciliation of the net income/loss to the Adjusted EBITDA (US$ million) Total comprehensive income/(loss) for the year, net of tax Add back: Items that are or may be reclassified subsequently to profit or loss Tax expense Finance (income)/expense, net Change in fair value of share warrant obligations and other financial instruments Share of loss of equity-accounted associates D&A Share based payments Impairment of intangible assets Adjusted EBITDA 18 Source: Company information Q2 2023 21 (1) 0.3 0.2 (5) O 1 0.5 17 Q2 2022 33 1 (0.6) 3 2 1 0.2 37 H1 2023 12 (1) 1 (1) (11) 0.5 3 1 O 5 GDEU H1 2022 56 2 0.9 (7) 2 4 2 0.2 56