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STARBREEZECompany presentationFebruary, 2021

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Presentationoutline

Introduction to Starbreeze

Key Strategies

The payday franchise

GROUP FINANCIALS

Appendix

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Introduction to starbreeze

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Starbreeze in briefAt a glance▪ Independent game developer for PC- and console games

▪ Owns and fully controls the PAYDAY franchise, one of the most successful PC games of all times

− Total net sales from the PAYDAY franchise since initial release amounts to approx. SEK 1.1bn1)

− >28,000,000 installed base (PAYDAY franchise)

− On average – 134,723 daily active users played PAYDAY 2 in Q4’20

− Streamlined business with approximately 124 employees focusing on the core asset PAYDAY

▪ Stable and predictable revenue streams from PAYDAY 2

▪ PAYDAY 3 in development and ongoing publishing discussion

▪ PAYDAY : Crime War, mobile game in development and ongoing publishing discussion

Psychonauts 2

THE PAYDAY IP

Stockholm(HQ)

~103

Luxembourg

Barcelona

~11

Paris

~10

~124Employees2)

Office locations

Note: 1) Refers to all Starbreeze revenues from the PAYDAY franchise (excluding publishing share) since initial release.

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Key strategies

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Trends in the gaming industry

Games with a context

Continuous monetization

Technical progress

consolidation

Games as a service and keeping on releasing value for the gamers

long after the first release is key

New marketing channels supports a

much deeper community engagement

and user generated content

Technical bar and ease of use raised to new

amazing levels

Secure talent production capacity to

keep up with the content release cycle

In 2020, 91% of the revenue was made through digital salesSource: Newzoo.

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Our key target audience are hard core gamers on PC and console

our games builds our Starbreeze brand recognition

Service the community and they will serve you

Starbreeze is on a mission

Source: Global Games Market October 2020 by Newzoo.

Console Games +6.8% YoY

$45.2 Bn

PC Games +7.9.% YoY

$34.2 Bn

= 49% of the market in 2020

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Develop video game ip’s into entertainment properties WITH highly engaged communities

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PAYDAY 3 publishing deal – A great partnershipfinancial stability while building a world class game studio

Key strategies

PAYDAY IP development and utilisationFurther Grow our development capability

Cutting edge community developmentParticipatory entertainment and user generated content

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The PAYDAY franchise – one of the most successful IPs in the world

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The PAYDAY FRANCHISE

Slide / 10Note: 1) Share of net sales from PAYDAY 2 base games (all units and formats) vs. net sales from PAYDAY 2 DLCs (all units and PC).

PAYDAY 2 release datesAugust 2013 (PC) & June 2015 (Console)

PAYDAY FRANCHISE IN GROSS SALES

>300M USDINSTALLED BASE

>28,000,000DLCS AND UPDATES

>190STEAM COMMUNITY MEMBERS

>7,100,000

Action / Co-op for PC and console

August 2013 (PC) & June 2015 (Console)

PAYDAY 1 & 2 STARBREEZE net sales

SEKm

15 31

140156

211161

120 98109

111

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

PAYDAY, Net sales Games Other Net Sales attributable to PAYDAY

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0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

PAYDAY 2 - Revenue and KPIPAYDAY 2 – Peak CCU per month (OCT 2018-2020)

development

Grew +700,000 Steam community members fall-2019

frequent EXPANSION packs RELEASEd making 2/3 of revenue

96% positive steam reviews rating 30 days post content release

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PAYDAY 2 Base game vs DLC split PD2 Steam launch to date 1)

96%

54%44% 46%

23% 29% 35% 29%

4%

46%56% 54%

77% 71% 65% 71%

2013 2014 2015 2016 2017 2018 2019 2020

Base DLC

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Strong foundation for a successful launch of PAYDAY 3

Multiple platforms

Simultaneous launch on PC and console (PAYDAY 2

launched on PC first)

Large Installed base

>28,000,000Installed base

>190DLCs and updates

Strong Reviews

88/100Current steam rating

95/100Steam rating the past 30 days

>305,000No. of Steam ratings

Well establishedCommunity

7,100,000Steam community members

A strong franshise built over eight years Launch of PAYDAY 3

Games as a service

A game designed around content updates, new functionality added on a frequent basis and community services

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PAYDAY 3 – “Living the Heist fantasy”

Development started in October 2019 Using the Unreal game engineIP developed and owned by StarbreezeEstimated release date 2022-2023GAAS MODEL = AddING new functionality and content long beyond the original release date

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Legendary Outlaws

Urban Mayhem

Execute the perfect heist

Expansive Universe

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Summary Q4

PAYDAY 2 sales demonstrate the power of PAYDAY and its community - stable foundation for PAYDAY 3’s launch in the coming years.

Cash position of SEK 157 m enables development until end 2021+.

Development organization continues to recruit, increased focus on marketing and business development

All this enables Starbreeze to close of a beneficial publishing agreement for PAYDAY 3.

▪ Increasing High demand for payday 2▪ PAYDAY 3 DEVELOPMENT AND ONGOING

PUBLISHER NEGOTIATIONS▪ Development capital 2021+▪ Optimising organisation

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Group FINANCIALS

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350,0

280,0

118,0

13,3

19,2

1,8

363,2

299,2

119,8

2018 2019 2020 Q4'19 Q4'20

Net sales Other revenue

51,1 32,610,1

- 10,0

61,2

22,6

Revenue development - growth In paydayCommentary

▪ Net sales in Q4’20 totaled to SEK 32.6m, compared to SEK 51.1m in Q4’19. The PAYDAY franchise accounted for SEK 30.6m, compared to 50.8m in Q4’19 whereof extraordinary posts in Q4’19 amounted to SEK 28.9m.

▪ PAYDAY adjusted growth in net sales 39.7% in Q4’20.

▪ Net sales for the full year of 2020 totaled to SEK 118.0m, compared to SEK 280.0m in 2019 whereof extraordinary post in ‘19 amounted to SEK 228.9m.

▪ PAYDAY adjusted growth in net sales 66.7% in 2020.

▪ During Q1’20 PAYDAY 2 and its DLCs met the first sales criterion in Valve’s stepped approach to a higher revenue split on 3 January 2020. As a result, Starbreeze now has a revenue share of 75% on revenues from Steam after tax

▪ Other revenue mainly relates to currency effects.

Impact of COVID-19

▪ No direct impact on ongoing revenue-generating operations because the majority of revenues are generated through a digital distribution model

▪ The effect on Starbreeze’s revenues has been positive due to higher volumes

▪ Focus has been on business continuation. Most employees are currently working from home with limited operational impact

▪ The short-term effect on ongoing projects is viewed as minor

Revenue development

SEKm

Annual

Source: Company Information.

QUARTER28% 39% 94% 99% 95%

PAYDAY 2 - share of net sales, % and SEKm

Other - share of net sales, %

98m 109m 111m 51m 31m

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Operating expensesCommentaryCost base development

SEKm NOTE 2018 2019 2020 Q4’19 Q4’20

Direct costs -1,733.9 -661.5 -31.1 -225.5 -8.7

% of net sales 495% 236% 26% 441% 27%

Selling and marketing costs -91.4 -12.0 -8.5 -2.1 -2.2

% of net sales 26% 4% 7% 4% 7%

Administrative expenses -115.7 -109.6 -69.4 -24.5 -16.1

% of net sales 33% 39% 59% 48% 49%

Other expenses - -20.4 - -3.5 -

% of net sales n.a. 7% n.a. 7% n.a.

Number of employees at the end of the period

604 127 124 127 124

Average number of employees 634 331 123 138 123

A

B

C

▪ Direct costs for Q4’20 amounted to SEK 8.7 million, compared to SEK 225.5m in Q4’19, and consist of costs related to game production and game development. Q4’19 contained write-downs of non-core related assets of SEK 205.5m.

▪ For the full year of 2020 direct costs amounted to SEK 31.1m compared to SEK 661.m in 2019. The decrease is attributable to write-downs of non-core related assets of SEK 293.8m, capitalized development costs for sold publishing rights of SEK 169.6m that were expensed in 2019, but also to a reduction in the workforce and capitalization of a larger share of development work in 2020.

▪ Sales and marketing costs amounted to SEK 2.2 million, compared to SEK 2.1m in Q4’19 and to SEK 8.5m for the full year of 2020 compared to SEK 12.0m in 2019.

▪ Administrative expenses amounted to SEK 16.1 million, compared to SEK 24.5m in Q4’19, and refer to items including office costs and payroll for employees who do not work in game production or marketing, as well as costs related to the reconstruction process. Extraordinary expenses in the quarter of SEK 6.3 million.

▪ The reduction over years is mainly due to lower costs related to the reconstruction process and lower studio costs and lower headcount.

▪ Significant headcount reduction following discontinuation and divestment of non-core operations

A

A

B

C

C

Source: Company Information.

D

D

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Balance sheetCommentaryBalance sheet as per DECEMBER 31, 2019

Assets

▪ Intangible assets primarily consists of IP rights (SEK 228.5m), capitalized costs for own game and technology development (SEK 171.4) and Goodwill. Goodwill consists of synergies and other intangible assets such as market position and personnelrelating to past acquisitions (SEK 38.8m)

▪ PPE (property, plant and equipment relates to Right of use assets of SEK 48.9 m and IT and other equipment of SEK 6.7 m

▪ Current assets consists of – Cash and equivalents of SEK 157.4m – Prepaid expenses and accrued income of SEK 34.7m– Trades and other receivables of SEK 4.1m – Current lease receivable of SEK 2.6m

Liabilities

▪ Non-current liabilities amounted to SEK 329.8m, compared to 184.2m in 2019, including:– Convertible debt of SEK 270.1m– Long-term debt to Nordea of SEK 11.0m– Lease liabilities of SEK 37.1m– Other SEK 11.6 m (Unity)

▪ Current liabilities amounted to SEK 150.4m, compared to 400.2m in 2019

– Trade and other payables of SEK 103.3m, compared to SEK342.5m in ‘19 - out of which SEK 45 m refers to Nordea debt and SEK 44 m relates to advance royalty.

– Accrued expenses and deferred income SEK 27.9m.– Lease contracts SEK 19.1 m.

• Final settlement of reconstruction debt SEK 76.8 m and amortization of Nordea debt SEK 55 m.

SEKm

Source: Company Information.

Balance sheet as per DECEMBER 31, 2020

228,5

329,8

150,4

Assets Equity and Liabilities

442,8

11,5

55,6

157,4

41,4

708.7Current assets

IFRS/PPE

Financial assets

Intangible assets

Current liabilities

Non-current liabilities

Equity

708.7

6,2

184,2

400,2

Assets Equity and Liabilities

369,4

15,2

76,6

82,8

46,9

592.0Current assets

PPE

Financial assets

Intangible assets

Current liabilities

Non-current liabilities

Equity

592.0Assets held for

salesLiabilities held

for sales

Cash & equivalents Cash &

equivalents

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APPENDIX

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MANAGED BY An EXPERIENCED NEW TEAmOverview of the management team

MATS JUHLCFO since May 2020Born: 1973Education: Masters Degree in Finance, Lunds UniversityBackground: CFO Mips AB (publ.), CFO Tengbomgruppen AB, CFO Sweden Arena Management KB (Friends Arena), Finance Director Ticnet AB (Ticketmaster), Ekonomomichef Enea AB (publ.)Other assignments: Owner Juhl Management ABHoldings in the Company: Directly owns 200 000 shares of series B

Petra TakevaChief Growth Officer since 2021Born: 1977Education: IHM Business School, Forsbergs School, Bergs School of CommunicationBackground: Petra has over18 years of experience working with marketing and business development on both the agency and client side. She has developed concepts and formats for product, services and marketing, primarily in the tech and entertainment industry.Other assignments: -Holdings in the Company: -

PER JUHLÉNHead of Production since 2019Born: 1976Education: -Background: Has substantial industry experience, latest from 7 years as Senior Development Director at DICE, Starbreeze (2011-2012) and HansoftOther assignments: –Holdings in the Company: –

MARTIN TERNHEIMHR Director / Chief People Officer sedan 2019Born: 1977Education: Master degree in HRM, University of Greenwich, 2004, and Bachelor in HRM, Unitec, 2002Background: : HR professional with more than 16 years experience, recently as HR Manager at Telenor and prior as an HR Consultant at EY working mainly with HR in M&AsOther assignments: –Holdings in the Company: Directly owns 300 000 shares of series B

Staffan NyströmVP of Publishing since 2021Born: 1978Education: Master of Science - Industrial Economics, Luleå Technical UniversityBackground: Marketing professional with more than 18 years of experience on both the agency and client side. Previously ran Wargaming internal full service marketing agency and has been the Head of Marketing for Expansive Worlds (Avalanche Studios)Other assignments: –Holdings in the Company: –

TOBIAS SJÖGRENActing CEO since 2020Born: 1975Education: Eexc-MBA at MGruppenPrincipal occupation: Active in the video games industry since 1996. Recently CEO of White Wolf Entertainment and previously executive positions at Fox in a Box, Paradox Interactive, Stardoll, DDM Agents and DICE.Other assignments: Member of the board in Fox in a Box Stockholm ABHoldings in the Company: Directly owns 70 000 shares of series B and 30 000 shares of series A

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Board of directorsOverview of the Board of directors

TORGNY HELLSTRÖMChairman of the board since 2019Born: 1958Education: LL.M Stockholm University. Executive education Thunderbird (University of Phoenix)Principal occupation: Torgny Hellström is an active board director and management consultant and has held leading positions as Chairman of DDM Holding AG and MagComp AB, Director to the board of Ture Heading AB and Seapilot and within Anoto Group, most recently as CEOOther assignments: Chairman of the Board Precise BiometricsHoldings in the Company: Directly owns 500,000 Class B shares

JAN BENJAMINSONDirector since 2019Born: 1958Education: Degree of Master of Science in Business and Economics, Lund UniversityPrincipal occupation: Long standing experience as a CFO from different listed and private software companies in Sweden and is currently holding the position of CFO for G-Loot, an e-sports company. Jan has previously held the position of CFO and CEO for TargetEveryOneOther assignments: Chairman of Level Eight AB and Board member in Oxcia ABHoldings in the Company: –

KERSTIN SUNDBERGDirector since 2019Born: 1954Education: Degree of Master of Science in Business and Economics, Stockholm UniversityPrincipal occupation: Background as an authorised auditor and financial advisor, the most recent 17 years as a partner with DeloitteOther assignments: Chairman of the Board and chair of the audit committee in World Wide Fund for Nature (WWF)Holdings in the Company: –

ANNA LAGERBORGDirector since 2020Born: 1966Education: Bachelor in systems sciencePrincipal occupation: Executive Search and Business Development for SafemindOther assignments: –Holdings in the Company: –

TOBIAS SJÖGRENActing CEO since 2020Born: 1975Education: Eexc-MBA at MGruppenPrincipal occupation: Active in the video games industry since 1996. Recently CEO of White Wolf Entertainment and previously executive positions at Fox in a Box, Paradox Interactive, Stardoll, DDM Agents and DICE.Other assignments: Member of the board in Fox in a Box Stockholm ABHoldings in the Company: Directly owns 70 000 shares of series B and 30 000 shares of series A

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Ownership and share price developmentNasdaq Stockholm Share price development, B-sharesMajor shareholders (As per DEC 31, 2020)

Shareholder STAR A STAR B Holding, % Votes, %

DIGITAL BROS S.P.A61,758,625 24,890,329 11.96 28.57

SWEDBANK ROBUR 1)

20,360,306 86,655,786 14.77 12.91

FÖRSTA AP-FONDEN 15,590,358 58,000,000 10.16 9.51

FJÄRDE AP-FONDEN 21,241,790 1,400,000 3.12 9.51

FÖRSÄKRINGSAKTIEBOLAGET. AVANZA PENSION 2) 5,096,984 56,059,394 8.44 4.76

SWEDFACT HOLDING AB 5,173,890 - 0.71 2.30

MICHAEL HJORT 3) 2,858,210 121,600 0.39 1.28

NORDNET PENSIONSFÖRSÄKRING AB 1,113,578 11,667,264 1.76 1.01

FREDRIK LUNDGREN 505,762 8,723,029 1.27 0.61

WILHELM RISBERG - 13,000,977 1.79 0.58

Sum of major shareholders 133,699,503 260,518,379 54.37% 71.04%

Other 35,622,045 294,769,339 45.63% 28.96%

Total 169,321,548 555,287,718 100.00% 100.00%

Source: Euroclear as of September 30, 2020 and Factset as of August 18, 2020. Note: 1) Swedbank Robur consists of three funds; Ny Teknik BTI, Småbolagsfond Sverige and Småbolagsfond Norden. 2) FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION. 3) Michael Hjorth owns shares via Indian Nation Aktiebolag.

0

5 000 000

10 000 000

15 000 000

20 000 000

25 000 000

30 000 000

0

2

4

6

8

10

12

14

16

18

20

Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20

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PAYDAY 2 Since Launch – Active releasesPAYDAY 2 - Net Sales per MonthKUSD

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

May

-13

Jul-

13

Sep

-13

No

v-13

Jan

-14

Mar

-14

Ma

y-14

Jul-

14

Sep

-14

No

v-14

Jan

-15

Mar

-15

Ma

y-15

Jul-

15

Sep

-15

No

v-15

Jan

-16

Mar

-16

May

-16

Jul-

16

Sep

-16

No

v-16

Jan

-17

Mar

-17

May

-17

Jul-

17

Sep

-17

No

v-17

Jan

-18

Mar

-18

May

-18

Jul-

18

Sep

-18

No

v-18

Jan

-19

Mar

-19

May

-19

Jul-

19

Sep

-19

No

v-19

Jan

-20

Mar

-20

May

-20

Jul-

20

Sep

-20

No

v-20

PAID

FREE

Summer sale / Big Bank release

Summer sale (95% discount first time)

Release

Armored Transport DLC

Death Wish update

Crimefest 2014

Diamond Heist / Clover / New Bundles

Yakuza Character Pack

Mask packs

Summer sale / Sokol / Golden Grin

Crimefest 2015

Summer sale / Biker Pack

Goat Simulator Pack

Scarface Pack

Crimefest2016

Summer sale / Ultimate Edition

PD2 Free to Play / 8 million copies given away

Spring Break 2017 / The Search for Kento

Free to Play

Crimefest 2017 Summer sale

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Resumed development, new cosmetic “suit system”

San MartìnBank Heist

Silk Road Campaign release

Spring Break 2016 / Hard Core Henry Free to Play

Summer sale/Breakfast in Tijuana Heist

Spring break 2015

Buluc’sMansion Heist

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Overview of global Gaming market

Revenue split by region

Size and growth of game market

Source: Global Games Market Report 2020 by Newzoo.

139 152 165 178196 201

2018 2019E 2020E 2021E 2022E 2023E

USDbn

CAGR: 10%

Large and growing addressable games market

▪ Global sales estimated to USD 159bn in 2020

▪ Expected annual growth (CAGR) of 9,3% year on year

▪ Market expected to generate sales of USD 201bn by 2023E

▪ Market growth drivers are an increased ability to go online and mobile platforms

22%

4%

25%

49%

Europe, Middle East & Africa

Latin America

North America

Asia-Pacific

2020, %

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Consolidated income statementKSEK 2019 2020 Q4’19 Q4’20

Net sales 280,002 118,006 51,108 32,592Direct costs -661,52 -31,074 -225,464 -8,73Gross profit (-loss) -381,52 86,932 -174,356 23,862

Selling and marketing costs -12,048 -8,464 -2,05 -2,16Administrative expenses -109,61 -69,428 -24,453 -16,11Other revenue 19,221 1,835 10,191 -9,973Other expenses -20,408 0 -3,542 0Operating profit (-loss), EBIT -504,36 10,875 -194,21 -4,381

Financial income 84,266 0,628 46,757 0,3Financial expenses -30,866 -139,864 -8,239 -11,91Share of profit or loss from holdings recognized using the equity method of accounting -1,462 -2,112 -1,043 -0,365Profit (-loss) before tax -452,42 -130,473 -156,735 -16,356

Income tax 51,325 0,193 58,456 -0,238Net profit (-loss) for the period -401,099 -130,280 -98,279 -16,594

26Slide /

Balance sheetKSEK 2019 2020

31/12/19 31/12/20

ASSETSNon-current assetsIntangible assets Goodwill 43,601 38,827Other intangible assets 240,221 228,514Capitalized development costs for own games and technology development

81,518 171,435

Investments in publishing projects 4,056 3,974

Financial assetsFinancial assets 6,258 7,683Investments in joint ventures 3,195 1,083Non-current lease receivable 5,716 2,612Deferred tax assets - 161

Property, plant and equipment

IT equipment and other equipment 12,850 6,704

Right-of-use assets - buildings 63,764 48,866Total non-current assets 461,179 509,859

Current assetsInventories - -Trades and other receivables 10,391 4,061Current lease receivable 3,106 2,627

Prepaid expenses and accrued income 33,425 34,736

Cash and cash equivalents 82,787 157,423Total current assets 129,709 198,847

Assets held for sale 1,084 -

TOTAL ASSETS 591,972 708,706

KSEK 2019 2020

31/12/19 31/12/20

EQUITY AND LIABILITIES

Equity attributable to owners of the parent

Share capital 6,587 14,492

Other contributed capital 1,711,334 1,979,111

Reserves 21,400 21,646

Retained earnings including net profit for the period

-1,733,163 -1,786,751

Non-controlling interest - -

Total equity 6,158 228,498

Non-current liabilities

Non-current liabilities, earnouts 62 -

Deferred tax liability 7,853 -

Non-current lease liability 55,272 37,147

Other non-current liabilities 121,009 292,702

Total non-current liabilities 184,196 329,849

Current liabilities

Current liabilities, earnouts - 18

Trade and other payables 342,468 103,345

Current lease liability 19,181 19,135

Accrued expenses and deferred income 38,506 27,861

Total current liabilities 400,155 150,359

Liabilities held for sales 1,463 -

TOTAL EQUITY AND LIABILITIES 591,972 708,706

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Consolidated statement of cash flowsKSEK 2019 2020 Q4’19 Q4’20

Operating activities

Cash flow from operations -504 362 10 875 -4 381 -194 210

Adjustments for non-cash items 586 897 37 053 14 561 225 446

Interest paid -9 301 -385 - -7 947

Interest received - - - 709

Income taxes paid - - - -

Cash flow from (-used in) operating activities 73 234 47 543 10 180 23 998

Cash flow from changes in working capital

Increase (-) / decrease (+) in operating receivables 32 538 66 851 8 735 -98 784

Increase (-) / decrease (+) in operating liabilities -56 264 -139 034 -24 434 77 858

Cash flow from (-used in) operating activities 49 508 -24 640 -5 519 3 072

Investing activities

Purchase of property, plant and equipment -2 092 -944 -493 -

Sold non-current assets 217 51 25 217

Divested subsidiaries 67 202 -472 - -

Investments in other financial assets -1 067 - - -6 205

Investments in own games and technology -92 412 -94 541 -23 862 -28 340

Investments in publishing projects -8 087 -309 -132 -

Cash flow from (-used in) investing activities -36 239 -96 215 -24 462 -34 328

Financing activities

New issue - 270 999 - -

Increase in non-current liabilities - -1 598 -884 2 185

Repayment of loans - -55 000 - -1 214

Effect of financial lease - -18 802 -4 775 -

Cash flow from (-used) financing activities - 195 599 -5 659 971

Cash flow for (-used in) the period 13 269 74 744 -35 640 -30 285

Cash and cash equivalents at the beginning of the period 69 289 82 787 193 200 113 192

Exchange difference in cash and cash equivalents 229 -108 -137 -120

Cash and cash equivalents at the end of the period 82 787 157 423 157 423 82 787

28Slide /

Game development process and scalability ExampleTy

pica

l DEV

ELOP

MEN

T pr

oces

s

Game design stage Pre-production Production Release -> LIVE SERVICE

Definition of scope of the game

Technical Scope & Validation

Design Documentation

Feature set definition

Vertical Slice

Ramp up and full team size Live operations team size

Build out feature set

Build out content

Marketing / PR plans & execution

Continued developement

Technical playable

Release & Live operations

Team

siz

e ov

er p

roje

ct

Design Pre-Prod Production Release Live

29Slide /

Starbreeze in the value chain

Developers Publishing DISTRIBUTORS

IP

Illustrative example, Self PublishingSelling price (USD) 49.9

VAT, % 10

Cost per unit sold, % -

Distribution fees, % 30

Starbreeze's net sales 31.4

Illustrative example, PublishingSelling price (USD) 49.9

VAT, % 10

Cost per unit sold, % -

Distribution fees, % 30

Publisher’s netsales 31.4

Rev. share ext. dev.,% 50

Publisher’s share 15.7

Digital:

Physical:

2.2BNgamers globally

▪ Develop and produce games

▪ May wholly or partially own the development project or be externally contracted and work against fixed compensation and royalty after game release

▪ Finance all or part of development

▪ Control and quality assure development

▪ Marketing

▪ Sales

▪ Own distribution channels or the platforms on which the games are played

▪ Distribution may be digital or through traditional physical channels