INITIAL PUBLIC OFFERING – NASDAQ FIRST NORTH GROWTH MARKET GROWING DANISH GAME STUDIO ENTERING NEW PLAYING FIELD

FINANCIAL AND CERTIFIED ADVISER

Page 1 WWW.TROPHY-GAMES.COM LETTER FROM THE CEO

Dear Investor

Our goal at Trophy Games has from the beginning been to develop and publish engaging quality games. We are a passionate team as well as dedicated , which is why we bring games to the market that we would play ourselves. This philosophy has brought vast growth opportunities, high long-term retention rates, top industry monetization and loyal users who continuously keep playing our games.

By tapping into an attractive market, we have experienced substantial growth rates that we are confident will continue. In order to further accelerate this growth journey of Trophy Games, we will pursue several organic and acquisitional growth initiatives that will continue to strengthen our long-term game play. As such, listing on the Nasdaq First North Growth Market will be extremely fulfilling in realizing our growth potential.

Unlike the many businesses that have been detrimentally affected by the global COVID-19 pandemic, we were able to draw advantage of several circumstances produced by the pandemic as games are increasingly playing a pivotal function in society as a pillar of entertainment, social connection and relief. We believe that this trend will continue EV DKK 160m to surge in the time to come. (pre-money)

We strongly believe in the power of our people at Trophy Games. Our Executive Target raise Management consists of highly competent people, complemented by a Board of Directors DKK 40 - 59.3m who has extensive experience within internationalization, strategy, M&A and legal. Together, we are a strong team. Subscription period April 7 – April 20, 2021 It is our aspiration to become a leading strategy game studio, and with our current solid game portfolio, promising upcoming titles, an extraordinarily talented and skillful team as Listing day well as a favorable market outlook, we are certain that we will succeed. It is therefore a Søren Gleie April 27, 2021 great pleasure that we invite investors onboard our exciting growth journey. CEO & Founder

SØREN GLEIE, CO-FOUNDER & CEO TROPHY GAMES DEVELOPMENT A/S

Page 2 EQUITY STORY – FROM PASSION TO BUSINESS

Growth journey has set up Trophy Games to take the business to the next level and capitalize on its back-to-back growth

Rapid self-financed annual growth since incorporation

Already in 2006, we were 35 nerds with a special passion for football 30 manager games and tired of the market having 25 no great online multiplayer football manager game, so we decided to make our own, and 20 Trophy Manager (TM) was born. in in MDKK 15

We spent the following eight years refining and 10

scaling TM. In 2012, our second game, Football Figures 5 Management Ultra (FMU), was released – also as a originally as TM. FMU had a 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 different approach on how to generate revenue -5 and featured fast . Quickly, FMU Revenue EBITDA EBITDA surpassed TM in both revenue and revenue per user and combined with the birth of the Note: As of FY2019, Trophy Games has adopted a new policy regarding activation of development costs. EBITDA figures for FY2019 and FY2020 are presented according to new policy. smartphone market and the fact that TM retained fantastic long-term retention as well as COMPANY STRUCTURE made a superb profit over the following years – even though we moved most costs towards FMU – a new corporate strategy was hatched. This is now the foundation of our growth. We are proud that our growth has been purely self- financed since the initial investment that we

received in 2006, and we are ready to take it to 100% subsidiary the next level. SØREN GLEIE, CO-FOUNDER & CEO TROPHY GAMES DEVELOPMENT A/S Trophy Games Development A/S Trophy Games Publishing ApS

Page 3 HIGHLY COMPETENT EXECUTIVE MANAGEMENT AND BOARD OF DIRECTORS

Extremely passionate and leadership-oriented Executive Management Highly experienced and driven Board of Directors

SØREN GLEIE JAN DAL LEHRMANN Chief Executive Officer & Co-Founder of Trophy Chairman of the Board Games Development Impressive career within entrepreneurship and venture Founding partner and huge computer gaming nerd with capital with a proven record of several successful proven strategic and leadership skills. investments as well as exits.

DANIEL LUUN PERNILLE NØRKÆR Chief Executive Officer of Trophy Games Publishing Member of the Board More than 14 years at Trophy Games with an immense More than 15 years of vast experience with tech passion for computer games, game design, UX and transactions, M&A, legal and general advisory for Danish monetization strategies. and international companies.

CARINA VIENBERG RENE EGHAMMER Interim Chief Financial Officer Member of the Board Experienced financial manager and CFO from multiple Profound expertise in accounting, business controlling corporations and e-commerce companies. and M&A from the role as CEO at Karsten Ree Holding as well as earlier career at Carlsberg Group.

Management Team Trophy Games’ team values Board of Directors

Long track record International Creativity and Flexible work Extensive Extensive board Tech transactions of successful game experience and freedom schedule employee training room experience and M&A developments recognition experience

Strong hands-on Long track record Solid finance Cross-collaboration Knowledge sharing Care for the Multiple successful experience in the of successful background environment exits gaming industry growth ventures

Page 4 KEY INVESTMENT HIGHLIGHTS

Strong foundation and 30.8m +54% 110.5m great expectations for Revenue in 2020 Revenue CAGR Expected revenue in 1 the future (DKK) (2019-2023E) 2023 (DKK)

High growth market 159bn 9.3% 50% driven by significant Total value of the Y-o-Y growth in the Share of mobile 2 market trends gaming market 2020 gaming market gaming in the global (USD) 2019-2020 gaming industry

High customer generation and retention Less than Above 3% 5% 25m through superior data- Annual paying player Conversion rate from shrinkage in retain Lifetime downloads 3 backed game free to paying user development mode

IPO proceeds will fuel 40% 30% 10% high growth after initial Of IPO proceeds into Of proceeds into Of proceeds into 4 public offering acquisitive growth new game investments in production startups existing portfolio

Page 5 TROPHY GAMES STRIVES TO BECOME A LEADING INTERNATIONAL GAME STUDIO

From humble beginnings to an international growth case Games developed for an attractive player segment

Trophy Games was incorporated in 2006 and today consists of 23 WEEKLY GENDER AGE dedicated employees, of whom 15 are developers. The company is led by Co-Founder and CEO, Søren Gleie, since 2006. LOGINS DISTRIBUTION DISTRIBUTION

Trophy Games has adopted a freemium business model, resulting in a considerably greater install base than what could have been achieved by using alternative, up-front payment revenue models. 4.7 82% AGE GROUP DAYS MALES 25-44 (45%) Trophy Games truly caters to the multitude of international gamers with its availability in 20+ different languages and more than 140 13-17 18-24 nationalities among its userbase. Active Inactive Male Female 25-34 35-44 45-54 55+ The main revenue stream of Trophy Games derives from mobile Unknown gameplay, where the company currently has five games in its portfolio The games are predominantly developed for a specific attractive demographic and another two in the pipeline. population consisting of well-educated males in the age group of 25-44.

Significant investments in upcoming titles have already been undertaken Substantially growing cash-generating portfolio provides huge upside

FIVE Warhammer AoS: Soul Arena TM FMU Pro11 WSM Futuball

12 35 10 30 Long game life-time 8 provides huge upside in in MDKK 25 and predictable cash 6 20 flow in tail-off period costs 4 15 2 10 0

2018 2019 2020 Total 5

Development Revenue per game in Revenue MDKK per gamein Trophy Games has over the past 3 years incurred upwards of 11.4 0 MDKK in development costs associated with the creation of FIVE and Warhammer AoS: Soul Arena. Both titles are to be released in 2021.

Page 6 TROPHY GAMES IS FIRMLY SITUATED IN AN EXPONENTIALLY GROWING MARKET

The global gaming market is growing exponentially The mobile gaming market constitutes 50% of the global gaming industry

The global gaming industry is one of the most rapidly growing industries among all tech-enabled entertainment services, with the Browser PC Games, 2% global mobile gaming market outperforming other gaming segments. Downloaded/ Boxed PC Strategy is the preferred theme among all game categories played on Games, 21% mobile devices in terms of revenue generation and will only augment Console 2020 Total its superiority in the coming future. games, 27% USD 159.3Bn Games are increasingly playing a pivotal function in society as a pillar +9.3% of entertainment, social connection and relief. Y-o-Y Smartphone/ tablet games Increased global connectivity and technology advancements that through app, enable greater access to video games will grow player counts 50% significantly, especially in third-world countries across the globe. Source: newzoo.com/gamesreport

Significant increase in player count fuels the growth of the mobile market COVID-19 has accelerated the growth of the gaming market significantly

Casual Gamers (<5 hours weekly) 3.07 2.95 2.81 Gamers and Serious Gamers (>5 hours weekly) 2.69 2.55 120% 2.42 2.26 2.11 100% 1.99 80%

Billions 60%

40%

20%

0% 2015 2016 2017 2018 2019 2020E 2021E 2022E 2023E Pre COVID-19 During COVID-19 Post COVID-19 Source: newzoo.com/gamesreport Source: Simon-Kucher & Partners, Gaming Monetization Quant Survey

Page 7 GAMES IDEALLY SITUATED TO CAPTURE MARKET SHARE OF GROWING MOBILE SEGMENT

Trophy Games has tapped into the exponentially growing mobile gaming segment and are ideally situated to secure significant growth

Mobile gaming revenue accounts for more than 50% of total gaming revenue in 2020 and is in rapid growth

2008 2020 total iOS and Android App stores are launched, and gaming USD 159.3bn apps take off Cloud 2009 ‘’Angry Birds’’ for mobile becomes 2007 the most downloaded freemium Apple’s iPhone game 1997 smartphone is Nokia releases cell released phones with the game ‘’Snake’’, the 2020 mobile first popular mobile USD 79.65bn game 2012 Handheld ’’Candy Crush Saga’’ further popularizes limited plays Mobile and in-app monetization PC

Arcade 2020 PC USD 36.60bn

Console

2020 console Source: Pelham Smithers USD 43.01bn

‘90 ‘95 ‘00 ‘05 ‘10 ‘15 ‘20

Page 8 DEEP NICHE PROMOTES STICKINESS, LONG-TERM RETENTION AND EXPANSIVE ROI

Remarkable key figures across all titles Challenging gameplay is key to strong long-term retention rates

25m+ lifetime installs 90% organic Mainstream games Huge number of installs required but also a Trophy Games broader appeal, great Niche games with more 3.5m 2020 installs 60% organic short-term retention, but in-depth gameplay. Fewer nearly no long tail. installs, but great long-

term retention and Retention lifetime value over many 400k+ monthly active users years.

10.5k+ monthly paying users Time

Combining advertising and strong organic growth Impressive stickiness of Trophy Games’ portfolio games

Months after Return on Long-term retention makes the marketing advertising campaign 2019 spend ROI and lifetime value accumulate over a 1 18.2% In Trophy Manager, 50% of longer time than most other games. 2 18.4% 3 19.5% the current users have played for Marketing is not the key driver for success but goes hand in hand with 4 15.2% at least three years and 33% have organic growth. 5 13.6% played for five years or more. Organic traffic comes from app store 6 11.8% ranking and word of mouth. App store 7 8.7% ranking is a sum of many parts including 8 8.1% strong retention, high monetization and app store optimization (ASO) and 9 7.0% DANIEL LUUN reviews. Having a great game with a 10 6.0% Chief Executive Officer of Trophy Games Publishing professional setup is what leads to a game that can be scaled. 11 5.5% 12 5.3%

Page 9 SUBSTANTIAL GAME PORTFOLIO WITH A MOMENTOUS PIPELINE

Trophy Games’ game portfolio consists of a range of vastly popular strategy and management games, each with its unique distinctions

Lifecycle Monetization Unique paying 2023E Genre Launch year stage model users 2020 revenue

Football Mature & Web payments 2006 4.324 DKK 1.9m management Retain it and ads

Football Mature & In-app 2013 7.002 DKK 6.1m management Retain it purchases

Football In-app 2017 Scale it 42.906 DKK 20.5m management purchases Pro 11 Football Management

Football In-app 2018 Scale it 5.654 DKK 2.4m management purchases Women's Soccer Management

Football Release & In-app 2019 5.457 DKK 1m management Refine It purchases

Esports In-app 2021 Make it TBD* DKK 11.3m management purchases

Auto-battle In-app 2021 Make it TBD* DKK 36.1m strategy purchases

*Unique paying users will be determined upon release of pipeline portfolio games

Page 10 WARHAMMER AoS: SOUL ARENA WILL DRIVE EXPONENTIAL GROWTH FOR TROPHY GAMES

Superior graphics allow for an engaging gameplay experience High profile game will secure further market presence of Trophy Games

The Warhammer brand is a part of Games Workshop, which has been an Warhammer AoS: Soul Arena is an auto industry leader of fantasy games since the 1980s. Games Workshop’s IP has battler game, which is a round-based been incorporated into a vast amount of PC and mobile games already, and multiplayer strategy board genre, where the Trophy Games is now joining the franchise and the aspiration to provide high overall objective is to be the last man caliber games. released their own auto battler game in late 2019. standing. A combination of economy, units, The game has now passed 115 million users. synergies and tactical placement of the units on the board all have a part in the outcome. The Warhammer universe is a perfect match to the existing portfolio of Trophy Games, and the extensive lore will provide expansions and future content. The world of Warhammer will not only attract current fans but also fans of the general fantasy genre, as their universe includes popular races such as elves, dwarfs, orcs, goblins, etc. This makes it very easy for new players to understand the foundation of the .

UNIQUE SELLING POINTS First game of the genre that is developed as mobile first. This is key in order to create the very best gameplay experience on mobile.

Shorter game time to cater to the mobile format and please the mobile user experience.

Provide the expertise of Trophy Games in high-quality gameplay experience with a substantial lifetime value and retention.

Bring the know-how of Trophy Games to make a complex strategy game that is easy to learn and hard to master. This is also enhanced by the benefits of the Warhammer IP.

Build a professional esports setting around the game with Trophy Games’ expertise from organizing pro tournaments in games such as 2, CS:GO and .

Daily randomly generated content will be the base for two engaging single-player modes.

Page 11 SOLID BALANCE IN LIFECYCLE STAGES OF GAME PORTFOLIO

Trophy Games has more games in early stages than in late stages, illustrating the solid balance that will contribute to growth in the future

‘’Make It’’ ‘’Release & Refine It’’ ‘’Scale It’’ ”Mature & Retain It’’

2006

2021 2017 2021

2019 2013 2021 2018

= New game = Acquired game

2022 2023 2021 2021 2006 2017 2018 2023 2022 2023

2021 2022 2013 2019 2021

2023 2023 2023

‘’Release & Refine It’’ is ‘’Mature & Retain It’’ is the phase where ‘’Make It’’ covers titles the phase where titles ‘’Scale It’’ is the phase in a game matures and cannot be scaled that have already are published and which sales and user any further. Costs are cut to a viable initiated development; improved over many count are increasing at minimum and revenue starts to decline however, are yet to be iterations using data their fastest pace. (approx. -5% p.a.). published. learnings.

Page 12 EXPERIENCED TEAM FACILITATES BUY AND INTEGRATE M&A OPPERTUNITIES

Buy and integrate opportunities through market consolidation Major potential through acquisitive growth

A central part to the expected growth of Trophy Games is the ample acquisitive growth aspirations promoted by engaging in strategic M&A. While Trophy Games has established a solid foundation as a game developer and distributor, many Lots of synergies Trophy Games sees smaller studios struggle to establish in a market that is increasingly maturing and in larger game bargains just becoming dominated by larger, full-cycle studios. portfolio and waiting to be Fundamental to the acquisition strategy facilitated by the IPO, Trophy Games will reuse of code and handpicked perform consolidating acquisitions of smaller game studios. Provided the customary lacking resources in smaller game studios, Trophy Games identifies methodology vast opportunities in optimization of ASO, SEO, monetization, data science and M&A marketing. Furthermore, Trophy Games will be able to capitalize on synergies synergies promoted by reusing code base across games, server setups, AI algorithms for Tons of expertise churn prevention, monetization, and support systems. Speed up growth and professional Within the game development industry, smaller studios trade at lower multiples opportunities setup ready to scale than larger studios with established infrastructures and support systems. By and lower risk smaller game acquisition and integration of smaller game studios under the Trophy Games brand, studios a significant value exists in the multiple arbitrage. The acquisitive strategy will commence in 2021 and is expected to generate TDKK 5,000 in 2021, 15,000 in 2022 and 25,000 in 2023.

Trophy Games employee & team experience 23* Revenue contribution from acquired titles, TDKK

120,000 25,000 17 15,000 Hired 2006-2008 Hired 2012 100,000 Hired 2015-2017 Hired 2019-2020 14 14 80,000 12 10 60,000 5,000 9 40,000 6 6 6 6 6 5 5 5 20,000 - 2021B 2022E 2023E 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Active titles Upcoming titles Acquired titles *As of December 31st, Trophy Games has 15.5 full-time employees hired in-house, 5.5 on full time hired externally and two hired on hourly wages

Page 13 IPO PROCEEDS WILL FUEL EXPONENTIAL BUSINESS GROWTH OF TROPHY GAMES

Trophy Games will continue the strong development through organic and acquisitive growth

40% 10% Acquisitions of games and game studios Investments in active game portfolio Strategic acquisitions that will provide great Such investments will strengthen the synergy for cross promotion, cost savings and existing portfolio and hence promote KPI improvements. increased customer retention and IAPs.

4% 30% More data and artificial intelligence New game production startups Improve targeted marketing directly to Such processes are vastly capital individual players by use of artificial intensive and require ongoing intelligence, hence increase IAP. investments until game launch.

12% 4% Expanded user acquisitions through available New office and game incubator liquidity New office will function as a game incubator Shorten user acquisition cost payback by of up to five startups, enabling knowledge, larger and more wide-spanning campaigns, feedback, creative and personnel synergies, thus promoting higher user adoption. as well as investment opportunities.

The listing on Nasdaq First North will provide the means for Trophy Games to accelerate growth significantly

Page 14 PROSPEROUS EXPECTATIONS FOR THE FUTURE INDICATE SUBSTANTIAL UPSIDE

A remarkable history and an extraordinarily bright future Promising financial forecast 2021-2023 including acquisitions

Trophy Games has grown with an impressive Y-o-Y growth of 54.7% from 2019 to 2020. The company further expects significant growth TDKK 2019 2020 2021B 2022E 2023E during coming years produced by the attractive pipeline of games to be released in 2021 as well as strategic acquisitions. The marketing budget will be allocated significant resources over the next years as a result of Trophy Games’ efforts to accelerate growth Revenue 19,919 30,810 44,724 77,942 110,484 on scale. Cost of sales -5,683 -8,794 -12,360 -22,095 -34,332 Substantial organizational growth requires additional human resources. In 2021, a scale-up of employees will be facilitated by an Net Revenue 14,236 22,016 32,364 55,847 76,152 allocation of additional resources to ensure company growth Trophy Games exhibits high profitability reflected in EBITDA margins in both 2019 and 2020. Due to high-growth focus in the future, Marketing -3,313 -9,179 -15,725 -25,650 -27,625 EBITDA margins for 2021B and 2022E will drop, however, followed by a sharp upward trend in 2022E and 2023E. Office -411 -513 -737 -1,650 -1,815

Operating -645 -689 -1,038 -1,922 -2,814 Impressive CAGR of + 54% 2019-2023E including impacts from IPO Development -4,227 -3,719 -4,789 -8,143 -8,025

Wages -5,048 -5,802 -13,979 -21,053 -22,723 25,000 Activated costs 4,020 4,622 10,143 14,88 12,961

Other costs* -873

15,000 in in TDKK 53,456 EBITDA 4,612 5,863 6,239 12,315 26,111 28,442 5,000 3,806 Revenue EBITDA margin % 23.16% 19.03% 13.95% 15.80% 23.63%

30,810 35,918 34,500 32,028 19,919 *FY2020 included a change of auditors for Trophy Games. This change produced a shift in accounting practices that brought on a required provision for phantom shares owned by three employees. The costs 2019 2020 2021B 2022E 2023E associated white these phantom shares are included in other costs depicted on the above financial overview. Active titles Upcoming titles Acquired titles

Page 15 INFORMATION ABOUT THE OFFERING

BACKGROUND AND USE OF PROCEEDS PRE-SUBSCRIBERS

TROPHY GAMES Development A/S intends to list on Nasdaq First North Growth Market to raise capital to fund the company’s growth and acquisitive strategy with the aim to become a global Investor # of shares Subscription amount (DKK) leading strategy game studio. In 2021, TROPHY GAMES will extend its portfolio with two additional strategy games, totalling a portfolio of seven games. By 2023, this number will increase to 17 as Aula Invest A/S 397,500 3,180,000 TROPHY GAMES develops and acquires four and six games, respectively. Gerhard Dal 375,000 3,000,000 MediumInvest A/S 250,000 2,000,000 SUMMARY INFORMATION ABOUT THE OFFERING Christian Sagild 200,000 1,600,000 Kucking ApS 160,000 1,280,000 Market Nasdaq First North Growth Market Denmark Lehrmann Family ApS 125,000 1,000,000 Offer Price DKK 8 per Offer Share AB Lundgren, Nilsson & Moll 93,750 750,000 PE Invest ApS 93,750 750,000 Minimum subscription DKK 3,800 (475 shares) Others 2,055,000 16,440,000 Size of the Offering Between DKK 40 and 59.3 million Total 3,750,000 30,000,000

Existing Shares 20,000,000 No. of Shares has been rounded down to nearest no. of Shares based on the subscription amount made by the investor Offer Shares Between 5,000,000 and 7,412,500

Total Shares after the Offering Between 25,000,000 and 27,412,500

Pre-subscription amount DKK 30 million

Temporary ISIN DK0061537123

Permanent ISIN DK0061537206 SUBMISSION OF APPLICATIONS TO SUBSCRIBE Investors must subscribe for a minimum of DKK 3,800 corresponding to 475 Offer Shares. Applications to subscribe for Offer Shares in the Offering should be made by submitting the TIMETABLE FOR THE OFFERING application to the investor’s own account holding bank during the Offer period or through the investor’s own online bank during the Offer period. The application form is enclosed in the Company The Offer period begins April 7, 2021, CET 9:00 Description available at the company‘s website https://trophy-games.com/investor. Applications are binding and cannot be altered or cancelled. For orders to be accepted, the application form must be The Offer period ends April 20, 2021, CET 23:59 submitted to the investor’s own account holding bank in complete and executed form in due time to allow the investor’s own account holding bank to process and forward the application to ensure that Result of Offering announced April 22, 2021 it is in the possession of Nordea Denmark, subsidiary of Nordea Bank Abp, Finland no later than 23:59 Central European Time on April 20, 2021. Persons who are account customers at Nordnet AB Settlement/Payment April 26, 2021 may apply for the acquisition of shares through Nordnet’s Online Service. First day of trading April 27, 2021 Subscribe through Nordnet: www.nordnet.dk/dk/kampagner/TGAMES

Page 16 Certified Adviser

Jesper Skaarup Vestergaard Nichlas Frøkjær-Lorendsen Partner Senior Associate Grant Thornton Grant Thornton +45 31 79 90 00 +45 20 55 92 63 [email protected] [email protected]

This document has been compiled by TROPHY GAMES Development A/S (the “Company”) solely for information purposes and has not been independently verified and no representation or warranty, express or implied, is made or given by or on behalf of the Company. The information contained in this document does not purport to be comprehensive nor does it constitute a prospectus, Company Description or other offering document. Any decision to acquire or subscribe for shares in the Company shall only be made on the basis of the Company description published on April 7, 2021 in connection with the offering and application for admittance to trading on Nasdaq First North Growth Market incl. any changes and related supplementary information. This document and the contents of it do not, and are not intended to, constitute an offer for sale or an invitation to treat offers to purchase shares or other financial instruments of the Company. Certain statements in this document constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company’s anticipated or planned financial and operational performance. The words “targets”, “believes”, “expects”, “aims”, “intends”, “plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “would”, “could”, “should”, “continues”, “estimates” or similar expression or the negative forms hereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. The Company has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update to revise any forward-looking statements, whether as a result of new information, future event or otherwise. You should not and may not rely on these forward-looking statements. Page 17 Initial Public Offering – Trophy Games Development A/S