#1G ENAD GLOBAL 7 Q3 2021 INVESTOR PRESENTATION November 2021#2EG7 Today 21 Live service titles based on globally recognized first and third-party IP brands FUERQUES EVER QUEST 4 Major acquisitions in the last 12 months fundamentally transforming EG7 Lord Rings Onine 10 My Singing MONSTERS 7 Business units across PC, console, mobile GaaS, digital/physical publishing, distribution and marketing DC UNIVERSE ONLINE 16 Offices and 880+ FTEs across our main markets in North America, EU and Russia/CIS NAD LOBAL Q3 2021 Investor Presentation 2#3A complete transformation from early 2020 to Q3 2021 NAD LOBAL 2.3x 4.9x 2.0x n.a. 8.5x 7 880 10 3 сл 5 178 1,293 21 152 BUSINESS UNITS EMPLOYEES PRODUCT PIPELINE LIVE GAMES NET REVENUE* 2019 Today *LTM 30-9-21 and 2019 Net Revenue in SEKm. Q3 2021 Investor Presentation 3#4D Business Segments GAMES DAYBREAK™ GAME COMPANY bigbluebubble PC and console live service game developer and publisher Mobile, PC and console game developer and publisher PIRANHA TOADMAN GAMES PC and console premium and live service game developer PC and console game developer NAD LOBAL Q3 2021 Investor Presentation SERVICES INNOVA sold out PETROL 80% PC online game publisher in Russia, CIS and EU Premium console game publisher and distributor in NA and Europe Creative branding and marketing agency#5End-to-End Development, Live Service and Publishing Organization TOADMAN NAD LOBAL bigbluebubble bigbluebubble bigbluebubble INNOVA Live Games PIRANHA GAME PC/ Console Game Dev PIRANHA GA ME Live Game Dev INNOVA PETROL Direct Platform Tech Creative/ Marketing Agency DAYBREAK GAME COMPANY Mobile Game Dev Live Ops sold out Physical Distribution 8 Digital Publishing sold out INNOVA Network Ops INNOVA bigbluebubble INNOVA Daybreak's development, live service and publishing capabilities expanding and extending together with group companies Q3 2021 Investor Presentation 5#6Games and Brands NAD LOBAL One of a Kind My Singing Portfolio of EVERQUES DC UNIVERSE MONSTERS Iconic Games and Brands Lord Rings PLANETSIDE Onune UNGEONS &DRAGONS ONLINE Q3 2021 Investor Presentation H1Z1 MARVEL 6#7Q3 2021 FINANCIAL DISCUSSION Q3 2021 Investor Presentation 7#8Q3 2021 Highlights ● Completion of a successful "recalibration" • Net Revenue of SEK 409 million, 409% y-o-y growth • Adjusted EBITDA of SEK 89 million, representing 22% margin • Adjustment addback of SEK 10.5 million comprised of SEK 5.5 million of restructure related severance costs, SEK 2.3 million of M&A transaction fees and financing costs and SEK 2.7 million of prior period's capitalized cost adjustment • Solid overall performance despite the reorganization D • Sep 2021 was My Singing Monsters' highest grossing month in 5 years Soldout and Petrol continued their rebound with combined Net Revenue of SEK 104 million in 3Q21 vs. SEK 90 million in 1Q21 Daybreak and Innova - typical seasonal softness in the summer but otherwise on trend and performing well Piranha's release of MechWarrior 5 on PlayStation underperformed, partially offsetting the overall strength A niche IP with strong core audience but limited breadth globally • Team pivoting to multiple co-development projects internally NAD LOBAL Q3 2021 Investor Presentation 8#9(2) LR 3Q20 4Q20 11 196 Net Revenue and Adjusted EBITDA In SEKm 81 304 Net Revenue 1 Q21 Adjusted EBITDA NAD LOBAL Q3 2021 Investor Presentation 109 QUARTERLY 384 409 570 718 2Q21 3Q21 4Q20 1Q21 2Q21 3Q21 ■Net Revenue Adjusted EBITDA 9 111 199 964 290 LTM 1,293#10Net Revenue by Segment D In SEKM QUARTERLY NET REVENUE 159 168 90 LTM NET REVENUE 582 502 470 250 711 166 214 216 529 462 248 79 30 40 1 3Q20 4Q20 1Q21 2Q21 3Q21 4Q20 1Q21 2 Q21 3Q21 ■Game Service QUARTERLY NET REVENUE MIX 85% 98% 30% 44% 39% 70% 61% 56% 15% 3Q20 4Q20 1Q21 2Q21 3 Q21 ■Game Service NAD LOBAL Q3 2021 Investor Presentation ■Game Service LTM NET REVENUE MIX 45% 52% 65% 93% 35% 55% 48% 7% 4Q20 1 Q21 2Q21 3Q21 ■Game Service 10#11Adjusted EBITDA by Segment In SEKm QUARTERLY ADJUSTED EBITDA 35 31 LTM ADJUSTED EBITDA 58 81 85 74 49 66 49 228 159 70 87 12 745 -5- (8) (25) (5) (4) (17) (31) (20) 3Q20 4Q20 1Q21 2Q21 3Q21 4Q20 1Q21 ■Game Service Holdings ■Game 2Q21 Service Holdings 3Q21 NAD LOBAL Q3 2021 Investor Presentation 11#12Game Segment - Q3 2021 Net Revenue and Adj EBITDA Mix In SEKm 3Q21 Game Segment Net Revenue Mix 1,0% 3Q21 Game Segment EBITDA Build Up 32, 13% 48, 19% 62 18 (8) (7) 170, 68% ■Big Blue Bubble Daybreak Piranha Toadman Big Blue Bubble Daybreak Piranha Toadman NAD LOBAL Q3 2021 Investor Presentation 12#13Service Segment - Q3 2021 Net Revenue and Adj EBITDA Mix In SEKm 3Q21 Service Segment Net Revenue Mix NAD LOBAL 35, 22% 69,43% ■Innova Soldout Petrol 55, 35% 11,34% 3Q21 Service Segment EBITDA Mix 3,9% 0 18,57% Q3 2021 Investor Presentation Innova Soldout Petrol 13#14D Beginning NAD LOBAL EBIT Depreciation FX Effect 546 12 66 Interest Expense Taxes Change in NWC In SEKm Invmt-Intangible Assets Cash Flows - Q3 2021 87 Operating Cash Flows Investing Cash Flows 85 (54) Invmt-Tangible Assets (4) (8) (69) Repayment of Debt Lease Liability Related (37) (17) FX and Other (100) FX Effect on Cash Balance Q3 2021 Investor Presentation (29) (12) Ending Financing Cash Flows (141) 5 442 • . • Strong liquidity position with SEK 442 million of cash at the end of Q3 2021 Operations produced strong results with SEK 85 million of cash flow for the period Other notable cash flow item was SEK 100 million of debt repayment • SEK 100 million repayment of Swedbank loan to reduce balance to SEK 400 million 14#15Looking Forward Q3 2021 Investor Presentation 15#16· Q4 2021 Outlook • On track to deliver within the provided Q4 guidance range: • Net Revenue of SEK 450-500m Adjusted EBITDA of SEK 95- 110m Full year 2021 on track for: Net Revenue of SEK 1.5-1.6bn Adjusted EBITDA of SEK 374- 389m QUARTERLY NET REVENUE 500 450 409 384 304 196 LTM NET REVENUE 1597 1,547 1,293 964 718 570 4Q20 1Q21 2Q21 3 Q2 1 4Q21E 4Q20 1Q21 2Q21 3Q21 4Q21E . • Content releases and D seasonal promotions will drive Q4 performance Expansions pack releases for EverQuest, EverQuest 2 and Lord of the Rings Online • Holiday promotions in November and throughout December for all live service titles NAD LOBAL QUARTERLY ADJUSTED EBITDA 110 109 95 89 81 LTM ADJUSTED EBITDA 389 374 290 199 111 11 45 4Q20 1021 2021 3021 4Q21E 4Q20 1 Q2 1 2Q21 3Q21 4Q21E Q3 2021 Investor Presentation 16#17Exciting Product Slate for 2022 and Beyond My Singing MONSTERS Q4 PlaygROUND POWER CHORD BLOCK **N** 2022 LOAD2 Medium-term Lord Rings DC UNIVERSE onune ONLINE MINIMAL AFFECT SA PEAVING BAMB Longer-term IGI RIGINS Unannounced 83 AAA MMORPG • My Singing Monsters: Playground • Minimal budget, experimental title • from Big Blue Bubble • • Mario Party-like casual family party game Expanding MSM brand onto PC and consoles Power Chord Minimal budget, experimental and early access title from Big Blue Bubble Roguelike card game similar to Slay the Spire Early access beta release on Steam in Q4 and broader release in 2022 D . • • Block N Load 2 5 vs 5 PvP multiplayer FPS Voxel-based, destructible world creates a unique and highly dynamic combat Great blend of casual yet highly engaging gameplay Closed alpha testing on Innova's 4game platform in Dec 2021 and slated for broader release across PC and consoles Evil v Evil Multiplayer PvE co-op FPS Supernatural vampire fantasy setting (e.g. Underworld films) Super fast-paced combat with a unique blend of supernatural abilities and highly satisfying gunplay NAD LOBAL Comparable to titles like Killing Floor 2 and Warhammer: Vermintide 2 • • Lord of the Rings Online Perennially ranked as a top 10 MMO The biggest and the truest simulation of Tolkien's Middle Earth world online Along with Amazon's new streaming series (reported to be the biggest budget series ever) based on the Lord of the Rings IP, Daybreak is investing in a major revamp to upgrade the visuals, modernize the experience and release on consoles DC Universe Online • • • • • The one and only superhero based MMO Celebrated its 10-year anniversary this year and performing near its peak historical annual revenues Warner Brothers continues its big investments in tentpole films and TV shows with DC IP • . Investment in graphics upgrade and the largest expansion content to date for 2023 • · Minimal Effect • Premium single-player sci-fi FPS • Parody, satire on sci-fi games and films such as Mass Effect, Star Trek and etc. • • Unique art style with entertaining narrative and engaging gameplay IGI Origins Single-player tactical FPS Unique tactical experience for the audience looking for the special operatives, stealth espionage fantasy (i.e. Metal Gear Solid but with realism) Multiplatform release planned across PC and consoles Being developed by Antimatter Games, the team behind the critically acclaimed and commercially successful Rising Storm series Combined arms, first 83 person tactical, military shooter Large scale combat with 80+ players Historically accurate and authentic Cold War era battle experience (weapons, vehicles, characters) Same target audience as the Rising Storm series - essentially a spiritual successor from the same team Being developed by Antimatter Games Unannounced MMORPG Marvel IP based massively multiplayer online game Being developed by Dimensional Ink Studios in Austin, TX Led by Jack Emmert, who designed and helmed City of Heroes, and currently leads DCUO 17#18Re-balancing Our Growth Strategy • · 100% reliance on M&A for growth to date • • Great success with this strategy M&A will always be an important part of EG7's strategy Added focus on investing in our products and assets for: • Driving long-term sustainable organic growth • More predictable and consistent earnings . Capitalizing on our core strengths - unique set of IPs and live games portfolio NAD LOBAL TOADMAN 100% M&A Driven Growth NAD LOBAL Sustainable Long-term Organic Growth Strategically Targeted M&A Deals, More Content for Existing Games + Release New Games Under Development + Not Just Opportunistic Large Revamp Updates Expand Pipeline Early Stage 2019-2021 EG7 Today Continue Targeted M&A Investment in Existing Live Investment in New Game Games Pipeline Q3 2021 Investor Presentation 18#19Sustainable Long-term Value Creation A solid portfolio of assets providing the foundation for long-term sustainable value creation: Live games portfolio - Primary EG7 strength and differentiation World class, IP portfolio - One of the most unique portfolios in the industry Experience, talent and capabilities to create, market, distribute and operate: • 8 development studios across NA, EU and Russia with a solid track record in making and servicing live games Full-service publishing capabilities across digital, physical, premium and live service through Daybreak, Innova and Soldout Games - New and Reinvestments Development & Publishing IP Portfolio . Near to long-term pipeline of indie, live service and AAA products: • • Indie Block N Load 2, Evil v Evil, Minimal Effect, IGI and 83 - Live Large content updates and revamp of Lord of the Rings Online, DC Universe Online • AAA- New MMO utilizing Marvel IP D NAD LOBAL Q3 2021 Investor Presentation Live Games Sustainable Organic Value Creation 19#20Summary Q3 was a transition period for important and necessary changes • Back on solid footing • Q3 performed to guidance Q4 on track and shaping up to be a great quarter Solid mix of assets and capabilities for value creation • . Unique and valuable underlying assets End-to-end capabilities • M&A will continue to be a key part of the strategy • Further focus on sustainable long-term organic growth plans Excited to build on our success and what's to come in 2022 and beyond NAD LOBAL Q3 2021 Investor Presentation 20 20#21Q&A Session Q3 2021 Investor Presentation 21