2020 – FINANCIAL RESULTS PRESENTATION – 28 APRIL 2021 DISCLAIMER

This presentation constitutes neither a sales offer nor an invitation to submit an offer to purchase or buy securities or financial instruments issued by PCF Group S.A. (the “Company” or “PCF Group S.A.”), nor any advice or recommendation with respect to the securities or other financial instruments issued by the Company.

The presentation outlines the activities of PCF Group S.A. and the capital group of PCF Group S.A. It is purely informative in scope and should not be regarded as offering investment advice.

This presentation includes forward-looking statements, future plans, perspectives and strategies, or intended events. These cannot be treated as forecasts of the Company or assurances regarding the expected performance of the Company, as they have been drawn up on the basis of expectations, projections and data concerning future events.

The expectations of the Company are based on the current knowledge, experience and opinions of the Company’s Management Board, depending on a number of factors which may result in the actual results achieved in the future being significantly different from the statements included herein.

Data contained in this presentation is valid as of the day of its preparation. The Company shall have no obligation to update or publicly announce any changes and modifications with respect to any claims concerning the future included herein.

Information contained in this presentation must not be construed as assurances, projections or forecasts regarding future accomplishments or earnings of PCF Group S.A. or of the capital group of PCF Group S.A. Although due diligence was applied in preparing this presentation, it may nevertheless contain ambiguities.

Neither the Company nor any of its representatives, parent entities or subsidiaries shall be liable for any damage resulting from any use hereof or any information contained herein or otherwise in connection herewith.

The recipients of this presentation bear all responsibility for their own analyses and assessments regarding the status of the market as well as the condition and potential future earnings of PCF Group S.A. which may be based on information contained herein. PCF Group S.A. hereby advise all parties accessing this presentation that the sole authoritative source of information concerning the Company’s earnings, projections, events and indicators is represented by the current and periodic reports published by PCF Group S.A. in the course of discharging its reporting obligations under respective laws.

This presentation is not intended for publication or distribution in any country where such publication or distribution may be prohibited in accordance with applicable laws.

Results presentation | Disclaimer 2 PEOPLE CAN FLY: PRESENTATION TEAM

SEBASTIAN WOJCIECHOWSKI MICHAŁ SOKAL MATEUSZ KIRSTEIN CEO CHIEF FINANCIAL OFFICER CHIEF MARKETING OFFICER

Results presentation | Presentation team 3 PEOPLE CAN FLY: SUMMARY OF 2020

2019 2020

REVENUE PLN 83.9m PLN 103.8m +23.6%

EBITDA (ADJUSTED) PLN 18.4m PLN 32.6m +76.7%

NET PROFIT PLN 4.8m PLN 24.6m +409.1%

CASHFLOW FROM OPERATING ACTIVITIES PLN 1.9m PLN 15.8m +730.5%

EMPLOYMENT(1) 219 281 +28.3%

(1) Employment understood as the number of the Group’s employees and independent contractors Results presentation | Summary 4 SECTION I BUSINESS MODEL – SUMMARY PEOPLE CAN FLY: BUSINESS MODEL

NEW IP CONCEPT GAME DEVELOPMENT POST-RELEASE PHASE

INTELLECTUAL PROPERTY RIGHTS (1) FAVOURABLE REVIEWS CONSIDERATION (MILESTONE PAYMENTS)

AGREEMENT PUBLISHERS PUBLISHERS ROYALTIES PUBLISHERS

SUBSEQUENT DESIGN WORK CONSIDERATION DEVELOPMENT STAGES GAME CONCEPT COMMERCIAL SUCCESS SUBCONTRACTORS (OUTSOURCING)

MAXIMUM CREATIVE AND ARTISTIC INDEPENDENCE PCF ORIGINAL VISION – CONTROL OF THE DEVELOPMENT PROCESS STRONG UPSIDE POTENTIAL FROM ROYALTIES

THE PCF BUSINESS MODEL INVOLVES CERTAIN RESTRICTIONS ON INVESTOR RELATIONS, SINCE DECISIONS AS TO THE FORM AND TIMING OF GAME-RELATED COMMUNICATIONS REST WITH THE PUBLISHER

(1) IP has been transferred only in the case of the agreement between People Can Fly and ; under the agreement with Take-Two, IP has remained the property of People Can Fly (although the publisher has the purchase option) Results presentation | Business model 6 PEOPLE CAN FLY: SUBSCRIPTION WARRANTS

SETTLEMENT PERIOD MAXIMUM % EQUITY SUBSCRIPTION WARRANTS AS CONFIRMATION OF SQUARE 2020-2024 1.8% ENIX’S FAITH IN THE PEOPLE CAN FLY GROWTH STRATEGY

(2) MAXIMUM WARRANTS NUMBER OF TRANCHES EACH TRANCHE DUE FOR A PERIOD IN WHICH PCF’S REVENUE UNDER AGREEMENTS WITH SQUARE ENIX EXCEEDS PLN 45M 0.54m 6

TOTAL VALUE RIGHTS TO SUBSCRIBE FOR SHARES VESTING UPON THE ACQUISITION OF FOUR WARRANT TRANCHES PLN 27m

(1) As at the end of 2020 (without taking into account the acquisition of Game On Creative) (2) The maximum number of warrants resulting from the relevant resolutions is equal to 1.56m Results presentation | Warrants 7 The investment agreement concerning subscription warrants is now at the final stage of negotiations SECTION II GAME DEVELOPMENT PIPELINE – UPDATE PEOPLE CAN FLY: RELEASE OF OUTRIDERS

OUTRIDERS 90/100

SQUARE ENIX’S LARGEST EVER GAME RELEASE ON STEAM

BEST-SELLING GAME ON STEAM FOR TWO WEEKS AFTER 75 RELEASE

MORE THAN 125,000 PEAK CONCURRENT PLAYERS ON STEAM AND 178,000 PEAK VIEWERS ON TWITCH

125,123(1) AVAILABILITY OF THE GAME THROUGH GAME PASS SINCE ITS RELEASE HAS ATTRACTED A WIDE RANGE OF PLAYERS

POSTPONED LAUNCH AND DEMO VERSION RELEASE AS MAJOR POSITIVE DRIVERS OF THE GAME’S FINAL SALES FIGURES

(1) Peak number of concurrent players on Steam Results presentation | Release of Outriders 9 PEOPLE CAN FLY: STEPPING UP WORK ON NEW PROJECTS

CURRENT DEVELOPMENT STATUS

2021 2022 2023 2024

OUT OWNED NOW PROJECT DAGGER IP GENRE: ACTION-RPG IP: PEOPLE CAN FLY PROJECT BUDGET: EUR 40-60M Apr 1 2021 PROJECT GEMINI GENRE: TBA IP: PUBLISHER PROJECT SCALE: COMPARABLE WITH OUTRIDERS

MAINTENANCE MODE – KEY UPDATES IMPLEMENTED, MOST GAME DEVELOPMENT TEAMS AT PEOPLE CAN FLY STUDIOS ARE NOW WORKING ON NEW FURTHER DEVELOPMENT SUPPORT OF THE GAME PROJECTS

Results presentation | Development work status 10 SECTION III USE OF THE OFFERING PROCEEDS PEOPLE CAN FLY: PCF GROUP AT THE END OF 2020

GAME DEVELOPMENT STUDIOS Warsaw (HQ) New York, USA NEWCASTLE 7 persons WARSAW (HQ) 196 persons DEVELOPMENT SUPPORT since 2017 1ST DEVELOPMENT TEAM (PROJECT GEMINI) SUPPORTING STUDIOS since 2002 ADMINISTRATIVE FUNCTIONS Rzeszów Newcastle MONTREAL 6 2020 RZESZÓW 6 34 persons ŁÓDŹ 2020 PART OF THE 1ST DEVELOPMENT TEAM START-UP STUDIOS since 2018 MOTION CAPTURE STUDIO NEW YORK Montreal 32 persons 2ND DEVELOPMENT TEAM since 2019 Łódź (PROJECT DAGGER)

TEAM IN 2019/2020 Developers QA and back office KEY ADVANTAGES 281 260 219 60 70 INTERNATIONAL TALENT RECRUITMENT – 6 OFFICES IN 4 COUNTRIES 50 200 211 2 DEVELOPMENT TEAMS – PARALLEL DEVELOPMENT OF AT LEAST 2 AAA TITLES 169

2019 9M'2020 2020

Results presentation | Offering proceeds 12 PEOPLE CAN FLY: GROUP STRUCTURE AT THE END OF 2020

PCF GROUP Spółka Akcyjna Poland

100% 100% 100%

PEOPLE CAN FLY UK PEOPLE CAN FLY U.S. PEOPLE CAN FLY CANADA Limited LLC Inc. United Kingdom USA Canada

Results presentation | Offering proceeds 13 PEOPLE CAN FLY: ACQUISITION OF PHOSPHOR GAMES (APR 23)

PCF GROUP Spółka Akcyjna Poland

100% 100% 100%

PEOPLE CAN FLY UK PEOPLE CAN FLY U.S. PEOPLE CAN FLY CANADA Limited LLC Inc. United Kingdom USA Canada

100%

PEOPLE CAN FLY CHICAGO LLC USA

Results presentation | Offering proceeds 14 PEOPLE CAN FLY: ACQUISITION OF PHOSPHOR GAMES

PHOSPHOR GAMES

EMPLOYMENT OF THE ENTIRE DEVELOPMENT TEAM OF THE PC, MOBILE AND VR GAME STUDIO, FOUNDED IN 2009

EXTENSIVE EXPERIENCE WITH THE

NEW LOCATION IN CHICAGO – ON MAY 1ST, PHOSPHOR GAMES EXISTING OFFICE TO BECOME THE BUSINESS LOCATION OF PCF CHICAGO

BUSINESS FOOTHOLD EXPANSION IN USA

18 DEVELOPERS CHICAGO, USA ESTABLISHED 2009

Results presentation | Offering proceeds 15 PEOPLE CAN FLY: ACQUISITION OF PHOSPHOR GAMES (APR 23)

PCF GROUP Spółka Akcyjna Poland

100% 100% 100%

PEOPLE CAN FLY UK PEOPLE CAN FLY U.S. PEOPLE CAN FLY CANADA Limited LLC Inc. United Kingdom USA Canada

100%

PEOPLE CAN FLY CHICAGO LLC USA

Results presentation | Offering proceeds 16 PEOPLE CAN FLY: ACQUISITION OF GAME ON CREATIVE (APR 27)

PCF GROUP Spółka Akcyjna Poland

100% 100% 100% 100%

PEOPLE CAN FLY UK PEOPLE CAN FLY U.S. PEOPLE CAN FLY CANADA GAME ON CREATIVE Limited LLC Inc. Inc. United Kingdom USA Canada Canada

100%

PEOPLE CAN FLY CHICAGO LLC USA

Results presentation | Offering proceeds 17 PEOPLE CAN FLY: ACQUISITION OF GAME ON CREATIVE

GAME ON CREATIVE INC.

ACQUISITION OF THE MOTION CAPTURE, ANIMATION, GAME AUDIO ENGINEERING AND POST PRODUCTION STUDIO, FOUNDED IN 2002

THE EXPERIENCED GAME ON CEO SAMUEL GIRARDIN TO BECOME NEW PRESIDENT OF PEOPLE CAN FLY CANADA INC.

GAME ON TEAM’S FAITH IN PCF VISION – PAYMENT INCLUDES LOCKED-UP PCF SHARES

SOLID FINANCIAL PERFORMANCE – REVENUE ~CAD 6.7M, EBITDA ~CAD 1.5M, ASSETS ~CAD 4.4M (2020)

OPERATIONAL SYNERGIES AND ACQUISITION OF NEW CAPABILITIES 26 SPECIALISTS MONTREAL, CANADA ESTABLISHED 2002

Results presentation | Offering proceeds 18 PEOPLE CAN FLY: CHANGES IN SHAREHOLDER STRUCTURE

FOLLOWING THE ACQUISITION OF GAME ON CREATIVE AUTHORIZED CAPITAL – FURTHER DEVELOPMENT

1.8% 1.3% 1.2% 4.6% 1.7%

27.9% 26.6%

65.9% 69.1%

Grupa Uprawnionych Akcjonariuszy Other shareholders Grupa Uprawnionych Akcjonariuszy Other shareholders Square Enix warrants Samuel Girardin Square Enix warrants Samuel Girardin Authorized capital

Results presentation | Offering proceeds 19 SECTION IV FINANCIAL RESULTS FINANCIAL RESULTS: REVENUE Revenue for 2020 and 2019 amounted to PLN 103.8m and PLN 83.9m, respectively.

Contract development of video games Royalties The 24% year-on-year growth was 34.4% CAGR attributable to: 2017-2020 (1) 107.2 ▪ Increase in revenue under the 103.8 agreement with Square Enix, including 103.8 3.8 continued development of Outriders 83.9 83.9 and provision of further development 1.2 support in connection with the game 70.3 70.3 3.8 ▪ Recognition of revenue from work performed for Square Enix on the development of Project Gemini 44.1 44.1 100.0 ▪ Recognition of revenue from work 9.0 82.7 66.5 performed for Take-Two Interactive on the development of Project Dagger

35.0 ▪ Increase in revenue from copyrights to developed games (royalties)

2017 2018 2019 2020 2017 2018 2019 2020

TOTAL REVENUE REVENUE STRUCTURE

(1) Revenue excl. adjustment for non-cash costs related to the issue of subscription warrants to Square Enix Results presentation | Finance 21 FINANCIAL RESULTS: DEVELOPMENT REVENUE In 2020, development revenue rose to PLN 88.6m, a year-on-year increase of

Outsourcing – revenue Outsourcing – expenses approximately 89%, driven by the Group’s paralel work on two development projects. 88.6 In 2019, there was a concentration of

+89.1% revenue under outsourcing arrangements 2019-2020 (i.e. payments transferred to third parties involved in the game development process, with PCF retaining only a small margin) related to Outriders, which was a 46.7 46.8 material contributor to the Group’s overall revenue. 35.9 35.2 32.4

19.8 19.4

11.4 11.2

2.6 2.6

2017 2018 2019 2020 2017 2018 2019 2020

DEVELOPMENT REVENUE OUTSOURCING – REVENUE AND EXPENSES

Results presentation | Finance 22 FINANCIAL RESULTS: COSTS AND EXPENSES Cost of sales in recent years included mainly the cost of development teams in

Cost of sales General and administrative expenses Poland, USA, UK and Canada, as well as the cost of subcontractors under outsourcing arrangements, rising in step with the 85.9 85.9 expansion of these teams and the progress 80.6 80.6 of Outriders through successive 19.6 development milestones. 16.3 The increase in general and administrative expenses in 2019-2020 was mainly 53.1 53.1 attributable to: 9.3 ▪ Overall increase in expenses driven by operational scale-up (including back 64.3 66.3 office expansion) 26.9 26.9 6.1 43.8 ▪ Launch of the Group’s new studio in New York and relocation of PCF’s 20.8 registered office to newly leased premises in Warsaw

2017 2018 2019 2020 2017 2018 2019 2020 ▪ Need to incur expenses related to the public offering and the issue of shares TOTAL OPERATING EXPENSES OPERATING EXPENSES STRUCTURE (PLN 1.2m)

Results presentation | Finance 23 FINANCIAL RESULTS: EBITDA AND ADJUSTED EBITDA The Group’s adjusted EBITDA in 2020 rose 77% year on year (from PLN 18.4m to PLN 32.6m)

Adjusted EBITDA is a metric used to 31.9 32.6 enhance comparability of the Group’s results by eliminating one-offs In 2019- 2020, these were as follows: 25.0 23.8 ▪ in 2020 – costs attributable to 22.3 22.4 forgiveness of the PPP loan, costs 18.4 attributable to forgiveness of 50% of 54% 51% the subsidy, costs of the public offering and non-cash costs of the issue of warrants 36% 32% 9.8 31% 31.4% ▪ in 2019 – costs of the incentive 22% schemes, costs of the IPO, consultancy costs related to the 12% launch of a new office in New York, and costs of assuming an alternative, conditional remuneration scheme vis- 2017 2018 2019 2020 2017 2018 2019 2020 à-vis Square Enix EBITDA ADJUSTED EBITDA

Results presentation | Finance 24 SUBSCRIPTION WARRANTS – IMPACT ON THE 2020 FINANCIAL RESULTS

The Company’s 2020 financial results have been adjusted as follows:

107,168 3,399 2,156 ▪ The Company’s revenue has been 3,399 adjusted for non-cash costs related to 103,769 the issue of subscription warrants of 1,750 32,601 1,168 PLN 3.4m (fully reflected in EBITDA) 31,940

▪ Adjusted EBITDA for 2020 also reflects positive adjustments for the costs of the offering and negative adjustments for the PPP loan and subsidy received – the total amount of EBITDA adjustments is PLN 661 thousand (1) (1) Sales revenues 2020 Warrants issue Adjusted Sales EBITDA 2020 Warrants issue PPP loan redemption Redemption of 50% Costs of the offer / Adjusted EBITDA 2020 (IFRS 15) revenues (adjusted (IFRS 15) of the subsidy issue of series B for negative impact shares of warrants issue)

ADJUSTED REVENUE ADJUSTED EBITDA

(1) Due to the fact that no Grant Date within the meaning of IFRS 2 occurred, in the financial statements as at December 31st 2020 the effects of the warrants agreement were recognised in accordance with IFRS 15 as consideration payable to the customer (IFRS 15, par. 48.e), reducing the amount of contract revenue Results presentation | Finance 25 FINANCIAL RESULTS: NET CASH Save for the lease contracts, in 2017- 2020 the Group did not rely on any external financing.

In addition, since January 2020 the Group has obtained the following funds:

41.3 ▪ PLN 3.5m as a subsidy granted under 29.1 28.8 the ‘Financial Shield’ programme 36.7 ▪ CAD 454.6 thousand as a tax credit in Canada

▪ USD 573.6 thousand as a loan under the ‘Paycheck Protection Program’ in the USA

▪ PLN 1.7m in increased lease commitments

(0.5) (4.0) (0.6) As the share capital increase was only registered in January, the statement of financial position as at the end of 2020 Lease liabilities Cash and cash Net Cash Leasing liabilities Borrowings and Cash and cash Net Cash equivalents other debt equivalents did not yet include the issue proceeds. instruments NET CASH (2019)(1) NET CASH (2020)(1)

(1) For the purpose of calculating net cash, only short-term lease liabilities and borrowings are taken into account Results presentation | Finance 26 FINANCIAL RESULTS: CAPITAL EXPENDITURE

The Group’s capital expenditure was PLN Patents, licenses and software Buildings and structures 4.3m, PLN 2.6m, PLN 3.8m and PLN 6.6m, Machinery and equipment Other intangible assets Other property, plant and respectively in: 2017, 2018, 2019 and equipment 2020.

6.6 In 2020, the Group incurred capital expenditure of PLN 6.6m, including in particular on:

▪ fit-out work at its new office in 4.3 Warsaw 3.8 3.5 In 2019, the Group incurred expenditure 3.1 2.6 on purchases of computer hardware, 1.5 0.5 software and equipment related to its day-to-day operations.

2.5 2.0

2017 2018 2019 2020 Intangible assets Property, plant and equipment

CAPITAL EXPENDITURE CAPITAL EXPENDITURE 2020

Results presentation | Finance 27 PEOPLE CAN FLY OUTRIDERS