#1ENAD GLOBAL GLOBAL 7 INVESTOR PRESENTATION - FEBRUARY 2022#2EG7 - An emerging global gaming group 22 MMO powerhouse with 22 live service titles, including some of the most iconic MMOs EVER QUEST 10 Strong pipeline of products, including 7 new titles and 3 remaster updates Lord Rings Onine 10 My Singing MONSTERS 9 Portfolio of iconic original & top 3rd party IPs, including EverQuest, Lord of the Rings, DC Comics and more DC UNIVERSE ONLINE 16 Offices and ~880 FTEs across our main markets in North America, EU and Russia/CIS @ NAD LOBAL Q4 2021 Investor Presentation 2#3Q4 Performance Highlights ● SEK 573 million of Net Revenues · 193% y-o-y growth • 28% organic growth Adjusted EBITDA of SEK 118 million at 21% margin ● Operating cash flow of SEK 103 million ● • For the full year, SEK 1.67 billion Net Revenues and Adjusted EBITDA of SEK 397 million Successful signing of Magic: The Gathering Online deal 573 SEKM Net Revenues Q4 2021 118 SEKM Adj EBITDA Q4 2021 193% Net Revenue Growth (Y-o-Y) 28% Organic Growth (Y-o-Y) @ NAD LOBAL Q4 2021 Investor Presentation#4M&A Highlight • ● • Online version of Magic: The Gathering, the #1 trading card game in the world Unique transaction structure • . Acquihire of Magic Online team Immediately accretive, taking over an existing profitable live service game • Structured as a license deal with no upfront purchase consideration 2022E contribution • Net Revenues SEK 90-100 million Game level EBITDA of SEK 25-30 million •Investment plan to revitalize and significantly grow the game MAGIC THE GATHERING ONLINE NAD LOBAL#5Q4 2021 FINANCIAL DISCUSSION Q4 2021 Investor Presentation 5#6① Introduction - Fredrik Rüdén ● ● Deputy CEO and CFO Joined December 1, 2021 Born 1970 Several leading positions in mainly Hi- Tech listed companies in different industries NAD LOBAL Q4 2021 Investor Presentation 6#7① 4Q20 196 81 304 Net Revenue and Adjusted EBITDA MSEK 109 384 1Q21 ■Net Revenue 2Q21 3Q21 Adjusted EBITDA NAD LOBAL Q4 2021 Investor Presentation 89 4Q21 QUARTERLY 409 118 573 45 4Q20 1Q21 ■Net Revenue 570 111 718 199 964 LTM 1.293 290 2Q21 3Q21 Adjusted EBITDA 4Q21 7 1.671 397#8Net Revenue by Segment MSEK QUARTERLY NET REVENUE LTM NET REVENUE @ 759 582 342 159 168 503 90 166 310 214 216 250 470 231 912 711 529 462 248 4Q20 1Q21 2Q21 3Q21 4Q21 40 ■Game Service 4Q20 1Q21 2Q21 3Q21 4Q21 85% QUARTERLY NET REVENUE MIX Game Service LTM NET REVENUE MIX 30% 44% 39% 60% 45% 45% 52% 65% 93% 70% 56% 61% 40% 15% 4Q20 1Q21 2Q21 3Q21 4Q21 ■Game Service NAD LOBAL 55% 48% 55% 35% 7% 4Q20 1Q21 2Q21 3Q21 4Q21 ■Game Service Q4 2021 Investor Presentation 8#9Adjusted EBITDA by Segment MSEK ① QUARTERLY ADJUSTED EBITDA 1 35 4 31 75 75 LTM ADJUSTED EBITDA 81 145 58 286 85 74 66 62 49 228 159 9 70 70 87 12 (25) 35) -8 -8 -4 -20 (30) (17) (19) 4Q20 1Q21 2Q21 3Q21 4Q21 4Q20 1Q21 2Q21 3Q21 4Q21 Game Service Holdings NAD LOBAL ■Game Service Holdings Q4 2021 Investor Presentation 9#10① Game Segment - Q4 2021 Net Revenue and Adj EBITDA Mix MSEK 4Q21 GAME SEGMENT REVENUE MIX 1;0% 30; 13% 27; 12% 16 4Q21 GAME SEGMENT EBITDA 51 2 - 8 172; 75% ■Big Blue Bubble Daybreak ■ Piranha ■Toadman + AMG Big Blue Bubble Daybreak Piranha Toadman + AMG NAD LOBAL Q4 2021 Investor Presentation 10#11① Service Segment - Q4 2021 Net Revenue and Adj EBITDA Mix MSEK NAD LOBAL 4Q21 SERVICE SEGMENT REVENUE MIX 64; 19% 204; 59% 74; 22% 26 4Q 21 SERVICE SEGMENT EBITDA 17 32 ■Innova Soldout Petrol Innova Soldout Petrol Q4 2021 Investor Presentation 11#12@ NAD Target and guidance MSEK 196 11 11 81 304 4Q20 1Q21 QUARTERLY 109 384 2Q21 Net Revenue 409 68 118 573 3Q21 4Q21 Adjusted EBITDA PROFORMA REVENUE 2020-2021 2 000 1 753 LY 1 845 1 800 1 600 1 400 1 200 1.000 800 600 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Flat Y-Y adjusted for negative currency fluctuations of SEK 85 million. SEK 2.0 billion annual run-rate Net Revenue in 2022 Sustained margins Revenue in January reflecting normal seasonality amounted to SEK 141 million LOBAL Q4 2021 Investor Presentation 12#13Leverage and cash MSEK 1 200 1 000 800 600 1 088 0,8 Full year cash flow Cash OB Operation Investing 1 088 + 169 - 661 Financing 128 0,6 Currency fluctuations + 24 0,4 Delta Cash 484 Cash CB - 603 484 0,1 0,2 400 200 - 0,2 - 0,4 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 - 200 - 0,6 - 400 - 0,8 Q4 cash flow Cash OB Operation Investing Financing Currency fluctuations Delta Cash Cash debt Cash at hand Net debt -Net Debt / EBITDA Cash CB ① Different definition of net debt here than in the report since here remaining purchase consideration in cash is included in debt. NAD LOBAL Strong balance sheet Q4 2021 Investor Presentation 442 + 103 69 - 1 + 9 +42 484 13#14Summary Q4 2021 was the all-time best quarter for the Group both in Net Revenue and Adjusted EBITDA. The target for 2022 is to reach a run-rate of SEK 2.0 billion annual Net Revenue with sustained margins. Starting 2022 the revenue in January came in according to our expectations at SEK 141 million, reflecting our group's first quarter seasonality. Magic Online is expected to contribute revenue in the range of SEK 90-100 million, game level EBITDA of SEK 25-30 million and neutral to positive cash flow, net of R&D investment to upgrade the product. EG7 is a stable business with great upside with strong portfolio of assets and solid balance sheet. NAD LOBAL Q4 2021 Investor Presentation 14#15LOOKING AHEAD Q4 2021 Investor Presentation 15#16① Key Business Focus for 2022 Short-term Value Drivers . New game releases • ● Evil v Evil . Block 'N Load 2 Medium-term Value Drivers Major updates to: • LOTRO • DCUO . Long-term Value Drivers • New products with core owned IPs • EverQuest MTGO integration and service LOTRO boost from Amazon show Selective M&A in live games NAD LOBAL ● • MTGO • H1Z1 New games • Power Chord • • IGI • '83 • Minimal Effect Unannounced projects • Planeside Acquire more development teams to accelerate internal projects Q4 2021 Investor Presentation 16#17① NAD LOBAL EG7 Investment Highlights Solid foundation of stable, recurring revenues World class IP portfolio Strong profitability and cash flow generation Favorable risk vs upside dynamics Compelling growth opportunities M&A growth Q4 2021 Investor Presentation 17#18Q&A Session Q4 2021 Investor Presentation 18