Embracer Group Mergers and Acquisitions Presentation Deck

PLATFORM AND BOLT-ON ACQUISITIONS SINCE EMBRACER FOUNDING ● ● ● Platform M&A Bolt on M&A THQNORDIC THQ Nordic Gunfire • Bugbear Piranha • E101 • Handy Games Black Forest Pieces • Purple Lamp ● SABER INTERACTIVE ● ● ● Saber Snapshot NWI • 34 Big Things Nimble Giant 4A Games ZEN Games ● Madhead • Sandbox Strategies Coffee Coffee Stain Mamplifier DECA S DEEP SILVER • Tarsier • Palindrome Vermila Rare Earth River End Misc Games Destiny Bit ● ● ● Amplifier ● • Silent Games ● Deca A Thinking Ape • IUGO ● All operating units have further room to grow both organically and inorganically. ● ● Koch Media Deep Silver FWH Vertigo Milestone Warhorse Voxler KOCH MEDIA KOch films EUROPEAN PUBLISHING PARTNER NO ● Koch Media P. Publishing • 18Point2 Gaya • Game Outlet ● ● Koch Films KSM Sola Media = Business area Games = Business area Partner Publishing Embracer Group has grown into a diversified, fast growing and high ROIC business through a collection of previously independent, generally self-funded companies, run by successful gaming entrepreneurs,. Embracer Group has transformed from one to six operating units, across two business areas, which jointly has completed 36 bolt on acquisitions. The Group operates with a decentralized, highly scalable governance model, where all operating units and most acquired subsidiaries are run independently by original founders and management. The main strategic objectives for leaders of all operating units are to generate organic growth with high incremental ROIC and to scout their network for suitable, attractive bolt on acquisitions of entrepreneur-led companies. EMBRACER+ GROUP 8

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