INVESTOR PRESENTATION

November 2019 Important information

THE INFORMATION CONTAINED IN THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND MAY INCLUDE INSIDE INFORMATION. ACCORDINGLY, THE INFORMATION INCLUDED HEREIN MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU, NEITHER DIRECTLY OR INDIRECTLY NOR WHOLLY OR PARTLY. BY REVIEWING THIS INFORMATION, YOU ARE ACKNOWLEDGING THE CONFIDENTIAL NATURE OF THIS INFORMATION AND ARE AGREEING TO ABIDE BY THE TERMS OF THIS DISCLAIMER. THIS CONFIDENTIAL INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT.

This company presentation, which should be understood to include these slides, their contents or any part of them, any oral presentation, any question or answer session and any written or oral materials discussed or distributed during a company presentation (the "Investor Presentation"), has been prepared by Toadman Interactive AB (publ) ("Toadman" or the "Company"), to be used solely for a company presentation. The information contained in the Investor Presentation is provided solely for this purpose, and is intended solely for those who Carnegie Investment Bank AB (publ) (the "Financial Advisor") has provided the Investor Presentation to. The Financial Advisor has been appointed by the Company to assist the Company in exploring various strategic and financial alternatives. Neither the Financial Advisor nor Toadman accepts any responsibility whatsoever in relation to third parties. This Investor Presentation may not, without the prior written consent of the Company or the Financial Advisor, be copied, passed on, reproduced or redistributed, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person, and it may not be published anywhere, in whole or in part, for any purpose or under any circumstances. By attending a meeting where this Investor Presentation is presented or by accessing information contained in or obtained from the Investor Presentation, including by reading this Investor Presentation, you agree to be bound by the limitations and notifications contained herein.

This Investor Presentation does not constitute or form part of, and should not be construed as, any offer, invitation, solicitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and the Investor Presentation does not constitute, and should not be considered as, a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the Prospectus Regulation) and does not constitute an offer to acquire securities in the Company. The Investor Presentation is intended to present background information on the Company, its business and the industry in which it operates and is not intended to provide complete disclosure. The information should be independently evaluated and any person considering an interest in the Company is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to proceeding with any interest. Prospective investors should not treat the contents of the Investor Presentation as an advice relating to legal, taxation or investment matters. The Company has not decided whether to proceed with a transaction.

The Investor Presentation may include inside information as set out and defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse Article 7 in the Market Abuse Regulation ("MAR"), and no person or entity should use or otherwise proceed with any action or transaction in relation to the Company which would violate MAR and the Swedish Market Abuse Penalties Act (SFS 2016:1307) (by reference to the Market Abuse Regulation) or any other applicable laws, rules or regulations of any relevant jurisdiction and/or stock exchange.

This Investor Presentation has not been approved or reviewed by any governmental authority or stock exchange in any jurisdiction. The securities in the Company have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or under any of the relevant securities laws of any state or other jurisdiction of the United States of America.

Certain information contained herein has been obtained from published sources prepared by other parties that the Company has deemed to be relevant and trustworthy. No Investor Presentation or warranty, express or implied, is made by the Company or the Financial Advisor as to the accuracy, completeness or verification of any information contained in the Investor Presentation. The Company has not made any independent review of information based on public statistics or information from an independent third party regarding the market information that has been provided by such third party, the industry or general publications.

The Financial Advisor has not conducted any independent review or verification of the information in the Investor Presentation and although efforts have been made to accurately describe the Company, the Financial Advisor disclaims any and all liability for the content being correct, accurate and complete. In addition to information provided in the Investor Presentation, the Financial Advisor also disclaims any and all liability for oral and written information that a potential investor may be provided with by the Company. The Financial Advisor also disclaims any and all liability for direct and indirect consequences resulting from decisions which are wholly or partly based on information in the Investor Presentation.

Statements in the Investor Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. No assurance is given that such forward-looking statements will prove to be correct. Prospective investors should not place undue reliance on forward-looking statements. They speak only as at the date of this Investor Presentation and neither the Company nor the Financial Advisor undertakes any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither the Company nor the Financial Advisor undertakes any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the Investor Presentation.

This Investor Presentation as well as any other information provided by or on behalf of the Company in connection herewith shall be governed by Swedish law. The courts of Sweden, with the District Court of Stockholm as the first instance, shall have exclusive jurisdiction to settle any conflict or dispute arising out of or in connection with this Investor Presentation or related matters.

2 Strictly private and confidential TODAY’S PRESENTERS

ROBIN FLODIN CHRISTOPHER BERGSTRESSER JAMES CATO Co-founder of Toadman, CEO and COO of Toadman Co-founder and COO of Sold Out Member of the Board

AN INDEPENDENT GAME DEVELOPMENT GROUP

3 Strictly private and confidential AGENDA

Section A: Introduction to Toadman Interactive

Section B: Sold Out

Section C: Financials

Section D: Investment highlights

Appendix: Additional material

AN INDEPENDENT GAME DEVELOPMENT GROUP

4 Strictly private and confidential A Introduction to Toadman Interactive

Toadman Interactive M TC PA R&S Introduction to Toadman Interactive Toadman Interactive at a glance Financial highlights (PF)

. Toadman Interactive develops and markets PC, console and mobile games for the global MARKETING SEKm games market Revenue . The Group employs 100+ game developers and creates its own original IP and offers consulting services to other game publishers around the world through its game Adj. EBIT margin development division (Toadman Core) . In addition, the Group’s marketing division (Petrol Advertising) has been involved in the release of 1,500+ titles, many of which are world renowned brands, such as Call of Duty, 251,6 Destiny, Dark Souls and Rage 230,8 . The Group has its headquarter in Stockholm, Sweden with ~200 employees in 6 offices worldwide STUDIOS  Listed on Nasdaq First North  Employees: 1771) 168,7  MCAP: SEK ~382m as at November 8, 2019  Recently acquired Petrol and Antimatter 149,9  Senior secured bond loan of SEK 120m  Pipeline of 5 own game titles 14,7% 13,6% GROWING GEOGRAPHICAL PRESENCE 11,9% 9,2% Oslo Stockholm & Visby Tver Falmouth Berlin Burbank

2016 PF 2017 PF 2018 PF LTM Q3'19

Strong organic development coupled with acquired stability through Petrol. Q3’19 showcase the Group’s strongest quarter to date with increased revenue and margins

Source: Company Information. Note: 1) Refers to September 2019 and includes employees from Toadman Core, Petrol Advertising, Artplant and Antimatter. 5 Strictly private and confidential A Introduction to Toadman Interactive

Toadman Interactive M TC PA R&S Toadman Interactive’s history and transformation

2013 2014 2015 2016 2017 2018 2019

. Toadman is founded . New partnership with . Major contract signed . First project financed . First day of trading on . Jun 2018: Acquisition of . Mar 2019: Distributive Fatshark resulting in the with Stardoll game title development NGM Nordic MTF, Artplant share issue of SEK 21m . The Company receives development of initiated – Immortal: issuance of SEK 22m its first projects – Killing . Aug 2018. Directed issue . Jun 2019: Acquisition of Warhammer: Unchained Floor and Riddick . Jul: 2017: Issue of SEK of SEK 3m Petrol and raise of SEK Vermintide 1m 120m senior secured bond loan . Aug 2019: Acquisition of Antimatter REVENUE DEVELOPMENT1) SEK 1m SEK 6m SEK 8m SEK 11m SEK 11m SEK 76m SEK 252m2)

Through the acquisition of Petrol Advertising, the Group now has strong positions in two of the three verticals of the value chain

DEVELOPMENT PUBLISHING

. Development of game titles through own game titles, project financed game . Publishing is an important step of bringing game titles to the market with titles and work-for-hire marketing, production, finance and strategy . The core of the business model is driven by the Company’s three game . The Group has a footprint within the publishing vertical through Petrol development studios: Toadman Core, Antimatter and Artplant Advertising

Source: Company Information. Notes: 1) Net revenue refers to audited numbers and broken fiscal years of Toadman Interactive excluding acquisitions. 2) Refers to net revenue of LTM Q3’19 for Toadman Interactive and Petrol Advertising. 6 Strictly private and confidential A Introduction to Toadman Interactive

TI Market TC PA R&S The PC / console video gaming industry value chain

1 2 3 4 GAME DEVELOPERS PUBLISHERS DISTRIBUTERS RETAILERS

Responsible for the Leads and finances game Mainly focus on bringing Online and physical creation of game titles, development processes game titles to the market wholesalers with direct segmented as consultants and manages the PR, through retailers or contact to the end- (low risk), project financed marketing and sales directly to the customers customer development (medium risk) and own development (high risk)

Distributers and game developers have a mutual interest in bringing a game title to the market, distributers want to ensure popular game titles exist on their platforms and game developers want their game titles on popular platforms

2.2 BILLION GAMERS WORLDWIDE

Game developers interact with gamers to strengthen their fan base and receive feedback in beta versions and launches of DLCs1)

Source: Company Information, Newzoo and HIS Technology. Note: Selection of market players is not exhaustive. 1) Downloadable content, additional content launches in the game title, e.g. new design, swords, helmets etc. 7 Strictly private and confidential A Introduction to Toadman Interactive

TI Market TC PA R&S The PC and console gaming market size and characteristics

Global media and entertainment market Gaming market GLOBAL CONSOLE GAMING MARKET USDbn 2019 USD 152bn Console CAGR: 11.1% Music 61 gaming 55 Console 49 51 PC gaming 43 gaming 32 33 Mobile 23% 32% Gaming gaming

2016A 2017A 2018A 2019E 2020E 2021E 2022E Cloud Tourism gaming 45% GLOBAL PC GAMING MARKET Mobile gaming PC Gambling USDbn gaming CAGR: 4.4% EMEA Asia-Pacific 39 35 35 38 37 23% 30 33 South and Publishing Central 4% America 47%

2016A 2017A 2018A 2019E 2020E 2021E 2022E 26% North America

Source: Newzoo’s Global games report 2019 and HIS Technology. 8 Strictly private and confidential A Introduction to Toadman Interactive

TI M Toadman Core PA R&S Business unit: Toadman Core

Toadman Core at a glance TOADMAN’S KEY PERSONNEL AND HIGHLIGHTS

. Toadman Core is Toadman’s game development unit, a global market leading studio with a goal of establishing an international market leading studio with expertise within RPG-action games for PC, PlayStation and Xbox . Toadman Core has its headquarters in Stockholm and has four additional offices located in Berlin, Oslo, Tver and Visby with a total of 81 employees ROBIN FLODIN CHRISTOPHER BERGSTRESSER . Toadman Core is the Company’s original business unit and was founded in 2013 as a work- Co-founder of Toadman and Chief Operating Officer for-hire gaming consultancy firm by Robin Flodin and Rasmus Davidsson. With a base in Chief Executive Officer consultancy-driven business, Toadman has successfully established an in-house business for . Co-founder of Toadman in 2013 . Joined Toadman in 2019 own- and co-development of game titles as well a project financed games . Seven years of experience in leading . 25 years of industry experience from positions in the game development MTG, Miniclip, Atari, Konami and SEGA Previous game releases industry

WARHAMMER: IMMORTAL: VERMINTIDE UNCHAINED DEAD ISLAND Genre: Action RPG Genre: Action RPG Genre: Action RPG Partner: Fatshark Partner: Game Odyssey Partner: Deep Silver Action role- Description: Co-operative Description: The first Description: Revenue of EBIT of action first shooter and hardcore shooter for the playing survival horror game melee combat adventure Action-RPG genre SEK 80m SEK 18m (LTM Q3’19) (LTM Q3’19) BATTLESTAR KILLING FLOOR: GALACTICA ONLINE STARDOLL STYLISTA Genre: MMORPG CALAMITY Genre: Simulation Strategy Partner: Artplant Genre: Action Co-op Strategy Partner: GGG Experts in Description: MMORPG game Description: A re-imagined 5 Description: Based on the 7 based on the TV series. A Arcade Shooter version of the online game Stardoll own game titles winner of several major original Killing Floor RPG years in business awards under development

Source: Company Information. 9 Strictly private and confidential A Introduction to Toadman Interactive

TI M Toadman Core PA R&S Toadman Core: Business model

OWN GAME TITLES PROJECT FINANCED GAME TITLES WORK-FOR-HIRE

Development of own game titles is essential Game development initiated on the basis of an Involved in different processes of the game for the ability to generate revenue upsides and order from a publisher or financier. Enabled by development as consultants for other game a strong market position a strong network of partners and game studio studios. A low-risk revenue base with a high clients degree of revenue visibility

1) 1) Typical investment cost1): Typical investment cost : Typical investment cost : SEK ~30-60m SEK ~30-100m SEK 0m 2) Potential revenue range: Potential revenue range : Potential revenue range: SEK ~10-1,000m Contracted revenue of SEK ~30-100m SEK ~3-10m Revenue share of SEK ~5-50m

First revenue from own game titles to be generated in 3) 3) 2019 with a significant uptick in 2020 75% of revenue 25% of revenue

Source: Company Information. Notes: 1) Typical investment cost based on Company estimates. 2) Potential revenue range based on Company estimates of contracted revenue and revenue share. 3) Refers to 2018 calendarised net sales. 10 Strictly private and confidential A Introduction to Toadman Interactive

TI M Toadman Core PA R&S Toadman Core: Pipeline of game titles and the release calendar

GAME RELEASE CALENDAR 2020 2021 2022 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

WESTMARK MANOR PROJECT OSIRIS – To be announced ANUBIS BLOCK’N’LOAD 2 (BnL) PROJECT I.G.I. PROJECT 83 PROJECT HATHOR PROJECT MORRIS – WORK-FOR-HIRE PROJECT WITHOUT SCHEDULED RELEASE DATE PROJECT RA – WORK-FOR-HIRE PROJECT WITHOUT SCHEDULED RELEASE DATE PIPELINE OF GAME TITLES AND PROJECTS PROJECT FINANCED OWN GAME TITLES WORK-FOR-HIRE GAME TITLES

PROJECT I.G.I 3 BnL 2 PROJECT OSIRIS Genre: FPS Genre: TBA PROJECT MORRIS Genre: Simulation Partner: Petrol Partner: Leyou Genre: TBA Strategy PROJECT 83 Risk profile: Medium Risk profile: High1) Partner: Fatshark Partner: Jagex Description: The sequel to the critically Description: Undisclosed project in Description: Unannounced project Genre: FPS Risk profile: Low acclaimed franchise collaboration with Leyou Technologies Partner: Antimatter Risk profile: Low/medium ANUBIS PROJECT HATHOR WESTMARK MANOR PROJECT RA Description: A Cold-War-Gone-Hot Genre: Action RPG Genre: RPG Genre: RPG Genre: TBA Partner: TBA Partner: TBD first person military shooter game Partner: Petrol Partner: TBA Risk profile: Medium Risk profile: Low Risk profile: Low Description: Unannounced project Description: Based on a well-known IP Description: Undisclosed project

Source: Company Information. Notes: 1) Project Osiris is a co-financed game where Toadman Interactive has a 20% revenue share. 2) Westmark Manor is a publishing contract where Toadman Interactive has a 50% revenue share. Note that Toadman Interactive does not own the existing IP but owns the sequel rights. 11 Strictly private and confidential A Introduction to Toadman Interactive

TI M TC Petrol Advertising R&S Business unit: Petrol Advertising

Petrol Adverting at a glance PETROL’S KEY PERSONNEL AND HIGHLIGHTS

. Petrol is a creative marketing company comprising a team of experts in Creative Development, Campaign and Go-To Market Strategy as well as Media Planning/Buying across gaming, tech, and sports . Petrol was founded in 2003 by Alan Hunter and Ben Granados who also make up the management team ALAN HUNTER BEN GRANADOS . Petrol has pioneered the business of creating iconic Visuals/Trailers/Content and Marketing Co-founder of Petrol, President and Co-founder of Petrol, EVP and Strategies for the global entertainment market, largely focused on the Gaming vertical. This Chief Creative Officer Chief Strategy Officer approach has created incredible success for their clients and partner brands and is at the . Co-founder of Petrol in 2003 . Co-founder of Petrol in 2003 core of billions of dollars of sales . Over 20 years experience in the video . Over 17 years experience in the video . Since it was founded, Petrol has been profitable and has earned industry recognition games industry games industry through over 165 global awards and accolades from industry leading competitions . Over 1,500 games brought to market . Visionary Strategist in the mobile market . . Background of both Creative . Deeply respected knowledge of what Petrol has an industry unique network coupled with a broad range of clients (~50 clients Development, Visual Identify and Market makes a marketable game within the served per year) spanning all major verticals Strategy including the work on over 1,000 industry . Petrol became a business unit of Toadman following the acquisition completed on 27 June, theatrical releases 2019

Client portfolio Adj. revenue of Adj. EBIT of SEK 171m SEK 19m (LTM Q3’19) (LTM Q3’19)

~20 74 16 major campaigns employees years in business performed (2018)

Source: Company Information. 12 Strictly private and confidential A Introduction to Toadman Interactive

TI M TC Petrol Advertising R&S Petrol Advertising: Service- and client-oriented business model

CREATIVE DIGITAL MEDIA STRATEGY

Creative vision is at the core of Petrol’s digital team is nimble Media is at the core of Petrol’s Strategy is at the beginning of Petrol’s set of services and drives and has strategically evolved process to ensure that client Petrol’s approach to any much of the company’s over 15 years of experience. brands gain a broad media reach deliverable. Petrol’s strategy deliverables. Compared to Petrol’s digital campaigns have and coverage division is built on a refined competitors Petrol performs all generated outstanding results process characterised by Petrol’s creative work in-house with unique customer unique knowledge interactions

Visual identity, Creative direction & Desktop, mobile websites & SEO, Media & campaign deployment Research, planning & reporting, imaging, Art direction, Logo & icon Content creation, Dynamic advertising strategies, Media planning & Competitive insights, Brand strategy, creation and Audio visual & programmatic advertising and execution, Paid traditional & social Product positioning and Audience Digital display creation & campaigns media and Social media content segmentation strategy

Source: Company Information. 13 Strictly private and confidential A Introduction to Toadman Interactive

TI M TC Petrol Advertising R&S Petrol Advertising: Business areas covering relevant segments

MOBILE GAMES PC & CONSOLE GAMING TECH SPORTS

A growing vertical of Petrol’s The cornerstone of Petrol’s An evolving business area for Petrol’s smallest business area business encompassing all genres business encompassing Console Petrol, targeting consumer but with several high profiled and styles of game titles in the and PC, with over 1,500 game products, electronics, hardware projects targeting Combat Sports, mobile space projects since 2003 and general technology E-Sports, NFL and NHL

Selection of projects: Selection of projects: Selection of projects: Selection of projects: . Angry Birds Match . Call of Duty: WWII . Seagate: Enterprise Serie . UFC: 200 . Power Rangers: Legacy Wars . Destiny 2 . Razer Blade . Philadelphia Flyers . PUBG . Guitar Hero Live . Amazon Coins . Los Angeles Chargers

~40% of Petrol’s ~35% of Petrol’s ~15% of Petrol’s ~10% of Petrol’s revenue1) revenue1) revenue1) revenue1)

Source: Company Information. Note: 1) Refers to 2018 net sales. 14 Strictly private and confidential A Introduction to Toadman Interactive

TI M TC PA Risk and Strategy Toadman Interactive’s risk management

RISK MANAGEMENT

GAME PORTFOLIO . A large and diversified catalogue of game titles and IP rights enables revenue diversification and increases the revenue visibility over time, mitigating the GAME DIVERSIFIED dependence on specific game launches PORTFOLIO REVENUE DIVERSIFIED REVENUE . With a business model generating revenues from all segments of the industry (game developing, publishing and distribution), Toadman decreases the total risk and achieves a balanced structure for risk and reward RISK ASSET CARE PHILOSOPHY MANAGEMENT . Through acquisitions of well proven IP rights, additional revenue with low risk can be generated through launches of sequels and development of new DLCs1), optimising the value of Toadman’s assets

ACQUISITIONS . Acquisitions strengthen Toadman’s market position and geographical diversification, through new ASSET CARE revenue streams and IP rights acquired ACQUISITIONS PHILOSOPHY

Source: Company Information. Note: 1) Downloadable content, additional content launches in the game title, e.g. new design, swords, helmets etc. 15 Strictly private and confidential A Introduction to Toadman Interactive

TI M TC PA Risk and Strategy Track record of value accretive add-ons

Artplant (2018) Petrol Advertising (2019)  A Norwegian game developer with eight employees  Creative marketing team focusing on creative and a fully owned subsidiary in Russia with an development, campaigns and go-to-market strategies additional 28 employees. Through the acquisition, across gaming, tech and sports Toadman gained the IP rights of the game title Project  I.G.I The initial consideration amounted to USD 18.0m, with a potential earnout payment of USD 5.0m, based on  The consideration amounted to NOK 1.0m and an Petrol Advertising’s performance earnout of 465,323 ordinary shares in Toadman. Artplant generated revenues of NOK 11.1m for the fiscal year of 2017

Antimatter (2019)  Antimatter Games is a game development studio in the South West UK, founded in 2013  Through the acquisition, Toadman gained the IP rights of the game title 83  The consideration amounted to approximately SEK 1.6m for 100% of the shares

Source: Company Information. 16 Strictly private and confidential A Introduction to Toadman Interactive

TI M TC PA Risk and Strategy Strategy focusing on game development and acquisitions

3 DISTRIBUTION

2 PUBLISHING

1 GAME DEVELOPMENT

MORE OF THE SAME, BUT BETTER UTILISE COMMERCIAL POSITION ACQUISTION AGENDA ATTRACTIVE GAME PORTFOLIO STRENGTHENED VALUE CHAIN POSITION STRENGTHENED VALUE CHAIN POSITION . During the next three years Toadman plans . Gain a stronger position in the value chain to . Earn a closer contact with the end to release a minimum of 5 own game titles enable scale advantages customers and platforms . Focus to increase the share of own game . Utilise the new revenue stream and . The acquisition of Sold Out will add a new titles diversifies the Group’s revenue mix revenue stream and diversify the Group’s EFFICIENT GAME DEVELOPMENT STABLE REVENUE GENERATION revenue mix further . Utilise the culture of time-managed problem . Publishing companies generally have more SYNERGIES FROM THE DISTRIBUTION VERTICAL solving stable revenue inflows and are not as . Access to distribution channels, which will ADDITIONAL ADD-ONS dependent on the success of launches or strengthen both game development and seasonality . Acquisition of Petrol Advertising, Antimatter publishing as well as creating cost- and Games and Artplant has laid the groundwork revenue synergies for future acquisitions

Toadman’s strategy includes making complementary acquisitions to take a stronger industry position and diversify the revenue mix

Source: Company Information. 17 Strictly private and confidential AGENDA

Section A: Introduction to Toadman Interactive

Section B: Sold Out

Section C: Financials

Section D: Investment highlights

Appendix: Additional material

AN INDEPENDENT GAME DEVELOPMENT GROUP

18 Strictly private and confidential B Sold Out

Introduction to Sold Out

Sold Out at a glance SOLD OUT’S KEY PERSONNEL AND HIGHLIGHTS

. Sold Out is a London-based leading video game publisher and distributer specialising in digital and physical publishing for console and PC formats . Sold Out, in its current shape, was founded in 2014 by Garry Williams and James Cato, together comprising decades of industry experience and acknowledged expertise from various global game developers GARRY WILLIAMS JAMES CATO . Sold Out has 18 employees proving a full-service offering to game developers seeking to Co-founder of Sold Out and Co-founder of Sold Out and bring game titles to the market with services ranging from publishing and sales to Chief Executive Officer Chief Operating Officer distribution and lifecycle management . Co-founder of Sold Out in 2014 . Co-founder of Sold Out in 2014 . The Sold Out team prides itself with a global network of distribution partners as well as . Over 20 years experience in the video . Over 20 years experience in the video strong relationships with all major platform holders and first parties, e.g. Sony, Microsoft, games industry games industry Nintendo, Steam and Epic Game store . Extensive experience in the video games . Previously at GT Interactive, Eidos Take- industry from global game developers like Two Interactives and Commondore . Sold Out’s business model comprises of three integrated processes for bringing a game title Sega and Mastertronic Group Business Machnies to the market; Digital Publishing, Digital/Physical Publishing and Physical Publishing . 70/30 revenue split between Sold Out and its clients, commonly known within the industry as the “Steam-model” Revenue of Adj. EBIT of . In addition, Sold Out invest in game development projects where the setup is more favourable with a 50/50 revenue split, creating higher revenue recognition and leaving capacity for further investments GBP 33m GBP 2.9m (2018/2019FY) (2018/2019FY) GBP ~25m GBP ~3.5m (2020E1)) (2020E1)) Digital/ Digital Physical Physical Publishing Publishing Publishing 6 18 5 ongoing digital game employees years in business investments

Source: Company Information. Note: 1) Management guidance for the calendar year 2020. 19 Strictly private and confidential B Sold Out

Sold Out’s role in the video gaming industry value chain

1 2 3 4 GAME DEVELOPERS PUBLISHERS DISTRIBUTERS RETAILERS

Responsible for the Leads and finances game Mainly focus on bringing Online and physical creation of game titles, development process and game titles to the market wholesalers with direct segmented as consultants manages the PR, marketing through retailers or contact to the end- (low risk), project financed and sales directly to the customers customer development (medium risk) and own development (high risk)

Sold Out possesses strong publishing capabilities with proper knowledge, marketing skills coupled with a global network of distribution channels. Sold Out stands out with a structured valuation process of tunnelling down the IPs with highest commercial potential

2.2 BILLION GAMERS WORLDWIDE

Game developers interact with gamers to strengthen their fan base and receive feedback in beta versions and launches of DLCs1)

Source: Company Information, Newzoo and HIS Technology. Note: Selection of market players is not exhaustive. 1) Downloadable content, additional content launches in the game title, e.g. new design, swords, helmets etc. 20 Strictly private and confidential B Sold Out

Sold Out’s business model

DIGITAL PUBLISHING DIGITAL / PHYSICAL PUBLISHING PHYSICAL PUBLISHING

Sold Out is well-positioned to tap into the For game titles with a strong commercial Sold Out’s heritage comes from physical growing digital publishing segment with a profile, Sold Out offers an alternative of a dual- publishing, offering game developers further competitive offering including pre-publication track publishing process, with all benefits from brand extension, discovery, visibility and process management, localisation of assets both digital and physical publishing marketing opportunities and a strong rating process

Pipeline: 6 game titles (2020-2021) Pipeline: 2 game title (2020-2021) Pipeline: 9 game titles (2020-2021) Launched: 1 game title Launched: 2 game titles Launched: 34 game titles

First revenue from digital publishing to be ~3% of revenue1) ~97% of revenue1) generated in 2019/2020

Source: Company Information. Note: 1) Refers to broken financial year ending March 2019. 21 Strictly private and confidential B Sold Out

Sold Out’s service offering and distribution network

Publishing Sales Lifecycle management ILLUSTRATIVE Go-to- Manufacturing market journey Game developing Publishing Distributing Retail

Decision point of digital and/or Marketing Distribution physical publishing route First parties PR & social Communication Sold Out’s first engagement with the game developer

Service Publishing First parties PR & social Marketing Sales Manufacturing Distribution Communi- Lifecycle offering Digital and physical Collaboration with Gain game Analysis of timing Drive sales coupled Manufacturing of Network of cation management capabilities within Microsoft, Sony recognition with of release and with forecasting, publishing partners all over Communication Optimisation of the Q&A, localisation, and Nintendo as key media and coordination of finance, reporting opportunities on the world with with all verticals of lifecycle with age ratings, well as with Steam influencers as well marketing and royalty PS4, Xbox One, distribution to over the value chain to additional content, distribution, PR and and other leading as showcasing at initiatives to statements Nintendo Switch 72 countries optimise the player interaction marketing digital platforms some of the world’s achieve extensive and PC worldwide commercial result and DLCs1) largest expos player attention

Distribution network

Source: Company Information. Note: 1) Downloadable content, additional content launches in the game title, e.g. new design, swords, helmets etc. 22 Strictly private and confidential B Sold Out

Global network of clients and partners

Client list of global game GLOBAL NETWORK OF CLIENTS Global network of distribution developers, both digital and partners to help market, launch physical, spanning Europe, Asia and and distribute game titles North America worldwide

Strong partnerships with all Delivering commercial platform holders and first parties, success across both digital e.g. Sony, Microsoft and Nintendo and physical platforms SOLD OUT’S CORE LONG TERM PARTNERS

One of Europe’s leading game developers, Team 17 is one of the world’s longest Frontier has built a uniquely diverse track Rebellion is the studio behind hit games such surviving, fully independent video game record comprising games that have defined as the Sniper Elite franchise, the Zombie Army developer and publisher best known for the genres, been critically acclaimed and sold Trilogy, Aliens vs. Predators and more Worms franchise millions of copies

Source: Company Information. 23 Strictly private and confidential B Sold Out

Sold Out’s transformation towards digital publishing Digital strategy transformation

. Sold Out is currently in the middle of a transformation towards an increase of its digital footprint DIGITAL GAME TITLE INVESTMENTS - The digital vertical of the game industry is rapidly growing with players moving from physical retailers to digital platforms such as Steam, where approximately 9,300 games were released during 2018 ILLUSTRATIVE Digital units sold - The growing market of digital publishing and distribution offers both untapped pockets of growth as well as a more competitive profitability profile . As of today, Sold Out has invested approximately GBP 2.2m in a total of 7 game titles, all with planned releases in the next two years

Historically (YTD) Budget ('19/20)

Case study: No Straight Roads Revenue split

. Kick off – Positioning the game and its unique selling points . Strategy – Identifying the go-to-market strategy . Communication – Planning and organising activities from announcement to release (PR, events and community) . Launch – Advertising and PR activities to drive demand at pre-order and on release '18/19 '20/21 . Post launch – Lifecycle management of the game for the 18 months Physical publishing Digital publishing post release

Investments in 6 digital game titles

Source: Company Information and SteamSpy. 24 Strictly private and confidential B Sold Out

Sold Out’s financial profile Financial development Comments

SEKm 390 . One-off revenues Revenue growth driven by successful game releases, such as Jurassic from overperforming World, Overcooked 2 and Sniper 4 game releases 168 270 233 . Although high revenue visibility, the revenue development YoY can 200 deviate in some regards due to timing and number of game releases - E.g. 2018/2019FY was an extraordinary year due to the release of Jurassic World and Overcooked 2 222 Revenue

2016/2017FY 2017/2018FY 2018/2019FY LTM Q3'19 Number of 5 7 11 7 game releases

SEKm . LTM Q3’19 to a large extent affected by unfavourable timing of releases 30 . Margin fluctuations due to timing of larger releases, e.g. 8 major game Timing effect: No game releases plan in the next two quarters compared to none in Q3’19 25 releases in Q3’19 . Adj. EBIT 2018/2019FY includes investment expenses in digital 19 . Limited scalability as large portion of the cost base comes from 12 personnel costs, which have grown as Sold Out has grown, and from 10,7% cost of sales (manufacturing costs and royalties) which are largely 9,4% 7,7% variable Adj. EBIT 4,5% . Depreciation is nil as Sold Out historically has expensed investments as incurred, resulting in Adj. EBITDA and Adj. EBIT being identical 2016/2017FY 2017/2018FY 2018/2019FY LTM Q3'19

Supported by its pipeline of fourteen game releases during the calendar year of 2020, Sold Out expects to generate revenues of GBP ~25m and an EBIT of GBP ~3.5m, with an implied margin of ~14% driven by a higher portion of revenue from digital

Source: Company Information and SteamSpy. Note: Sold Out’s presented financial figures are unaudited and are based on a financial due diligence conducted by an acknowledged financial adviser on the request of Toadman. Converted to SEK using the following average currency rates for the periods: 2016/2017: GBP/SEK 11.3151, 2017/2018: GBP/SEK 11.0539, 2018/2019: GBP/SEK 11.7606 and LTM Q3’19: GBP/SEK 11.8843. 25 Strictly private and confidential AGENDA

Section A: Introduction to Toadman Interactive

Section B: Sold Out

Section C: Financials

Section D: Investment highlights

Appendix: Additional material

AN INDEPENDENT GAME DEVELOPMENT GROUP

26 Strictly private and confidential C Financials

Operational and financial highlights for the period ending 30 Sep 2019

T P S TOADMAN CORE PETROL SOLD OUT

Operational highlights Operational highlights Operational highlights . Secured a new major agreement with one the world’s . Petrol has put significant focus on integration with . Sold Out has intensified its strategic transformation largest gaming companies, initially worth approx. SEK Toadman post transaction, with unquantified synergies towards digital publishing with several new investments 9.5m emerging already . Several game titles prepared for release in Q4, including . Added two new members to the management team, . Showcased a strong E3, with the price for best trailer YOOKA 2.0, Overcooked and Sniper Elite (Nintendo Christopher Bergstresser (COO) and Andreas Jonsson won from IGN (a leading global gaming website) Switch) (CTO) . Carried out several successful campaigns with Activision . Shareholder presentation regarding the Company’s Blizzard through Call of Duty, Cuphead and many more current gaming portfolio

Financial highlights Financial highlights1) Financial highlights2) . Total revenue: SEK 28m . Total revenue: SEK 45m . Revenue: SEK 41m . EBITDA: SEK 5m . EBITDA: SEK 8m . EBITDA: SEK 4m . EBIT: SEK 4m . EBIT: SEK 7m . EBIT: SEK 4m

Toadman Group financial highlights Q3’19 . Total revenue: SEK 73m . EBITDA: SEK 13m . EBIT excl. amortization of goodwill: SEK 11m

Source: Company Information. Notes: 1) Converted to SEK using the average currency rate for Q3’19: USD/SEK 9.8322. 2) Converted to SEK using the average currency rate for Q3’19: GBP/SEK 11.8104. 27 Strictly private and confidential C Financials

Historical revenue and profitability development per entity T P S TOADMAN CORE1) PETROL2) SOLD OUT4)

Revenue (SEKm) Adj. Revenue (SEKm)3) Revenue (SEKm) 389,9 269,8 200,5 232,9 140,3 146,3 164,1 171,2 66,7 80,4 9,6 22,4

'16C '17C '18C LTM Q3'19 '16FY '17FY '18FY LTM Q3'19 '16/17FY '17/18FY '18/19FY LTM Q3'19

EBITDA (SEKm) Adj. EBITDA (SEKm) Adj. EBITDA (SEKm) 30,1 26,9 23,0 24,9 17,8 18,0 19,9 18,8 8,4 3,5 12,2

(0,9) '16C '17C '18C LTM Q3'19 '16FY '17FY '18FY LTM Q3'19 '16/17FY '17/18FY '18/19FY LTM Q3'19

EBIT (SEKm) Adj. EBIT (SEKm) Adj. EBIT (SEKm) 30,1 24,9 17,6 23,6 19,4 18,8 14,7 16,5 12,2 3,5 7,7

(0,9) '16C '17C '18C LTM Q3'19 '16FY '17FY '18FY LTM Q3'19 '16/17FY '17/18FY '18/19FY LTM Q3'19

Comments Comments Comments . Organic revenue development over the period has been . Growth somewhat flat compared to 2018FY due to fewer . Revenue growth driven by successful game releases, such as strong through the work-for-hire business securing YoY major game releases during H1’19 Jurassic World and Overcooked 2 in ’18/19FY growth . Stable earnings development over the past three years with . Earnings in LTM Q3’19 to a large extent affected a by fewer . Significant uptick in earnings visible in LTM Q3’19 with an an EBIT margin of 11% as of LTM Q3’19 game releases and increased digital investments EBIT margin of 22%

Source: Company Information. Notes: 1) Toadman Core’s financials refers to calendarised financials due to broken fiscal year, which has not been audited. For audited financials please see annual and interim reports. 2) Petrol Advertising’s presented financial figures are unaudited and are based on a financial due diligence conducted by an acknowledged financial adviser on the request of Toadman. Converted to SEK using the average currency rate for LTM Q3’19: USD/SEK 9.3129. 3) Revenue 28 adjusted for discontinued operations, including revenues earned in event and business development projects which was terminated in 2017. 4) Sold Out’s presented financial figures are unaudited and are based on a financial due diligence conducted by an acknowledged financial adviser on the request of Toadman. Converted to SEK using the following average currency rates for the periods: 2016/2017: GBP/SEK 11.3151, 2017/2018: GBP/SEK 11.0539, 2018/2019: GBP/SEK 11.7606 and LTM Q3’19: Strictly private and confidential GBP/SEK 11.8843. C Financials

Pro forma income statement and balance sheet Preliminary pro forma income statement Preliminary pro forma balance sheet

Unaudited (SEKm) Jan-Sep 2019 Unaudited (SEKm) 30 Sep 2019 Revenues ASSETS Net sales 344.2 Non-current assets Work performed by the company for its own use 6.3 Intangible non-current assets 435.8 Other operating income 6.9 Tangible non-current assets 7.8 Total revenue1) 357.4 Financial non-current assets 1.7 Total non-current assets 445.3 Operating expenses Acquired services and products (202.1) Current assets Other external expenses (32.2) Inventory 23.1 Personnel expenses (84.3) Current receivables 116.7 Other expenses 0.9 Cash and cash equivalents 110.5 EBITDA 39.6 Total current assets 250.3 TOTAL ASSETS 695.5 Depreciation and amortisation, excl. amortisation of goodwill (2.7) EBIT, excl. amortisation of goodwill 37.0 EQUITY AND LIABILITIES Equity 273.2 Amortisation of goodwill (65.1) Provisions 113.3 EBIT (28.1) Non-current liabilities 226.0 Current liabilities 83.1 Net financial items (26.8) TOTAL EQUITY AND LIABILITIES 695.5 Result after financial items (55.0)

Tax (1.7) Comments Profit for the period (56.7) . The preliminary pro forma financial information has been aggregated as hypothetic financial reports to illustrate the performance of the entities as one Group as if it has 100% ownership of Sold Out. Adjustments (3.9) . The information illustrates the hypothetic financial performance as of 30 Sep 2019 and is subject to change, e.g. closing of the transaction, especially balance accounts such as cash position . Adj. EBITDA margin 10.0% Pro forma NIBD / Adj. EBITDA LTM Q3’19 following the transaction is expected to be 2.5-3.0x, depending on e.g. the cash position of Sold Out at time of closing of the transaction, transaction costs, Adj. EBIT margin, excl. amortisation of goodwill 9.3% currency rate movements etc.

Source: Company Information. Notes: The financial information of the companies included in the Group has been aggregated as hypothetic financial reports to illustrate the performance of the entities as one Group (The Toadman Group) as if it has 100% ownership of Sold Out. The information is not intended to capture the actual performance of the Group and is not an indication of future performance. No synergy effects or integration costs have been considered. For the preliminary pro forma 29 income statement for the period 1 Jan – 30 Sep 2019, average currency rates of GBP/SEK 11.9682 and USD/SEK 9.4034 has been used. For the preliminary pro forma balance sheet a closing day currency rate of GBP/SEK 12.0696 has been used. 1) Deviation in combined pro forma net revenue due to a SEK (7.3)m adjustment referring to elimination of transactions between the parties. Strictly private and confidential AGENDA

Section A: Introduction to Toadman Interactive

Section B: Sold Out

Section C: Financials

Section D: Investment highlights

Appendix: Additional material

AN INDEPENDENT GAME DEVELOPMENT GROUP

30 Strictly private and confidential D Investment highlights

Investment highlights

Strengthened financial position

I The acquisition provides the Toadman Group with further revenue diversification and cash flow stability

Strong footprint in the industry

The acquisition of Sold Out would be a further step in the Toadman Group’s strategy to become a strong player across the gaming II value chain and to create a complete platform

Operational synergies

The Group sees synergies from Toadman getting access to titles through Sold Out, from Sold Out as part of a bigger group being a III more attractive distribution partner to third parties, and from Toadman Core being able to focus solely on game development and leaving Petrol and Sold Out to publish and distribute those titles

31 Strictly private and confidential AGENDA

Section A: Introduction to Toadman Interactive

Section B: Sold Out

Section C: Financials

Section D: Investment highlights

Appendix: Additional material

AN INDEPENDENT GAME DEVELOPMENT GROUP

32 Strictly private and confidential Additional material

Key personnel, board of directors and senior advisers Key personnel Board of directors

ROBIN FLODIN– Co-founder of BIRGITTA LÖNNBERG– Group CFO ALEXANDER ALBEDJ – Chairman of ROBIN FLODIN– Board Member2) Toadman, CEO & Board Member Since 2018 the Board1) Since 2013 Since 2013 Experience: 30 years of experience as Since 2017 Experience: Seven years of Experience: Seven years of experience an economist. Five years of experience experience in leading positions in Experience: Private investor with in leading positions in the game as CFO at Orasolv AB and gained IFRS the game development industry development industry experience financial industry experience from Goldman Sachs, UB Capital and IF ALAN HUNTER– Co-founder of Petrol, BEN GRANADOS – Co-founder of Försäkringar President & CEO of Petrol Petrol & EVP of Petrol Since 2003 Since 2003 MARIE-LOUISE GEFWERT – Board SVEN FOLKESSON – Board Member3) 4) Experience: Over 20 years experience Experience: Over 17 years experience Member in the video games industry with over in the video games industry Since 2017 Since 2017 1,500 games brought to market Experience: 30 years of experience in Experience: Previously COO of leading positions at e.g. Ericsson and Fatshark and corporate lawyer at CHRISTOPHER BERGSTRESSER– COO OLA NILSSON– Studio manager of Vattenfall Data White & Case LLP of Toadman Toadman Since 2019 Since 2013 Experience: 25 years of industry Experience: Seven years of experience GUNNAR LIND – Board Member experience from MTG, Atari, Konami, in the gaming industry in leading (To be appointed) SEGA, etc. positions, primarily Studio Manager Since 2019 RASMUS DAVIDSSON– Co-founder of ANDREAS JONSSON– CTO of Experience: Board professional and Toadman & Head of Design Toadman previously CEO and chairman of the Since 2013 Since 2018 Board at Cherry Experience: Experience as founder of a Experience: Senior engine developer at gaming company specialising in Fatshark, Starbreeze, Bitsquid and gaming design Autodesk Senior adviser MORTEN LARSSEN– Managing DANIEL MESONERO– Managing KATHRYN MOORE BAKER – Senior Director of Toadman Oslo Director of Toadman Berlin adviser Since 2018 Since 2017 Since 2019 Experience: Over 25 years Experience: Over 7 years of experience Experience: International board international gaming experience from in the gaming industry in various professional and chairman of the managing positions leadership positions Board at Catena Media DANIEL STAKHOVSKIY – Managing Director of Toadman Tver Since 2018 (prev. Artplant since 2009) Experience: Strong tech-background and over 10 years of experience in the gaming industry Source: Company Information and Holdings. Notes: 1) Ownership: 1,677,779 shares. 2) Ownership: 3,815,691 shares. 3) Ownership: 12,751 shares. 4) Ownership: 3,000 shares and 20,000 warrants. 33 Strictly private and confidential Additional material

Legal structure Proposed new legal structure

Toadman Interactive AB (publ)

Toadman Interactive Sold Out Sales & Petrol Advertising Inc. Sweden Marketing Ltd.

Toadman Interactive Artplant A/S Antimatter Games Ltd. GMBH

Artplant LLC

Source: Company Information. 34 Strictly private and confidential Additional material

Detailed pro forma income statement Preliminary pro forma income statement

Jan-Sep 2019 Toadman Petrol Sold Out Adjustments Notes Pro forma Unaudited (SEKm) Revenues Net sales 45.3 127.0 179.3 (7.3) A 344.2 Work performed by the company for its own use 6.3 - - 6.3 Other operating income 6.9 - - 6.9 Total revenue 58.5 127.0 179.3 357.4

Operating expenses Acquired services and products (10.1) (43.3) (156.1) 7.3 A (202.1) Other external expenses (12.8) (17.2) (3.2) 1.0 B (32.2) Personnel expenses (23.2) (52.5) (9.2) 0.6 E (84.3) Other expenses (0.2) - 1.1 0.9 EBITDA 12.2 13.9 11.9 39.6

Depreciation and amortisation, excl. amortisation of goodwill - (2.7) (0.0) (2.7) EBIT, excl. amortisation of goodwill 12.2 11.2 11.9 37.0

Amortisation of goodwill (11.5) - - (53.6) B, C (65.1) EBIT 0.7 11.2 11.9 (28.1)

Net financial items (6.8) (0.1) (0.0) (19.9) B, D (26.8) Result after financial items (6.1) 11.1 11.9 (55.0)

Tax 0.0 (3.4) (2.3) (3.9) B, D, E (1.7) Profit for the period (6.1) 7.8 9.6 (56.7)

Adjustments 0.0 0.0 (3.9) (3.9)

Adj. EBITDA margin 21.0% 10.9% 4.5% 10.0% Adj. EBIT margin, excl. amortisation of goodwill 21.0% 8.8% 4.5% 9.3%

NOTES A: Elimination of transaction between the parties B: Reversals due to different acquisition date C: Purchase price allocation (PPA) adjustments D: Financing of acquisitions E: Bonus accruals

Source: Company Information. Note: The financial information of the companies included in the Group has been aggregated as hypothetic financial reports to illustrate the performance of the entities as one Group (The Toadman Group) as if it has 100% ownership of Sold Out. The information is not intended to capture the actual performance of the Group and is not an indication of future performance. No synergy effects or integration costs have been considered. For the preliminary pro forma 35 income statement for the period 1 Jan – 30 Sep 2019, average currency rates of GBP/SEK 11.9682 and USD/SEK 9.4034 has been used. Strictly private and confidential Additional material

Detailed pro forma balance sheet Preliminary pro forma balance sheet

30 Sep 2019 Unaudited (SEKm) Toadman and Petrol Sold Out Adjustments Notes Pro forma ASSETS Non-current assets Intangible non-current assets 211.9 - 223.9 A 435.8 Tangible non-current assets 7.8 0.0 7.8 Financial non-current assets 1.3 - 0.4 A 1.7 Total non-current assets 221.1 0.0 445.3

Current assets Inventory - 23.1 23.1 Current receivables 110.1 5.3 1.3 B 116.7 Cash and cash equivalents 13.4 70.9 26.3 B, C 110.5 Total current assets 123.4 99.3 250.3 TOTAL ASSETS 344.5 99.3 695.5

EQUITY AND LIABILITIES Equity 133.0 44.5 95.6 B, C 273.2 Provisions 50.5 - 62.8 B 113.3 Non-current liabilities 134.4 - 91.6 C 226.0 Current liabilities 26.5 54.8 1.8 A 83.1 TOTAL EQUITY AND LIABILITIES 344.5 99.3 695.5

NOTES A: Purchase price allocation (PPA) adjustment B: Purchase price in relation to the acquisition of Sold Out C: Financing of acquisitions

Source: Company Information. Note: The financial information of the companies included in the Group has been aggregated as hypothetic financial reports to illustrate the performance of the entities as one Group (The Toadman Group) as if it has 100% ownership of Sold Out. The information is not intended to capture the actual performance of the Group and is not an indication of future performance. No synergy effects or integration costs have been considered. For the preliminary pro forma 36 balance sheet a closing day rate of GBP/SEK 12.0696 has been used. Strictly private and confidential Additional material

Sold Out: Income statement Income statement1)

2016/2017 2017/2018 2018/2019 Unaudited (SEKm) Apr-Mar Apr-Mar Apr-Mar Revenues Net sales 200.5 232.9 389.9 Other operating income - - - Total revenue 200.5 232.9 389.9

Operating expenses Acquired services and products (172.3) (193.4) (341.2) Other external expenses (1.0) (1.8) (2.3) Personnel expenses (4.4) (7.5) (10.4) Other expenses (0.3) (3.9) (1.6) EBITDA 22.6 26.3 34.4

Depreciations and amortisation (0.0) - (0.0) EBIT 22.6 26.3 34.4

Net financial items (0.0) - - Result after financial items 22.6 26.3 34.4

Tax (4.6) (5.0) (6.5) Profit for the period 18.0 21.3 27.8

EBITDA margin 11.3% 11.3% 8.8% EBIT margin 11.3% 11.3% 8.8%

Adjustments (3.8) (1.4) (4.3)

Adj. EBITDA margin 9.4% 10.7% 7.7% Adj. EBIT margin 9.4% 10.7% 7.7%

Source: Company Information. Note: 1) Sold Out’s presented financial figures are unaudited and are based on a financial due diligence conducted by an acknowledged financial adviser on the request of Toadman. Converted to SEK using the following average currency rates for the periods: 2016/2017: GBP/SEK 11.3151, 2017/2018: GBP/SEK 11.0539 and 2018/2019: GBP/SEK 11.7606. 37 Strictly private and confidential Additional material

Sold Out: Balance sheet Balance sheet1)

2017 2018 2019 Unaudited (SEKm) Mar 31 Mar 31 Mar 31 Fixed assets 0.0 - 0.0 Stock 4.1 2.4 6.2 Debtors 57.1 9.4 0.6 Cash and cash equivalents 50.8 30.4 71.2 Total assets 112.0 42.2 78.0

Long-term creditors (10.1) (3.3) (3.3) Short-term creditors (77.7) (16.7) (41.7) Other liabilities (11.5) (0.2) 5.2 Total liabilities (99.3) (20.2) (39.8) Net assets 12.7 22.0 38.2

Subscribed capital (0.0) (0.0) (0.0) Consolidated retained earnings (12.7) (22.0) (38.2) Shareholder`s equity (12.7) (22.0) (38.2)

Source: Company Information. Note: 1) Sold Out’s presented financial figures are unaudited and are based on a financial due diligence conducted by an acknowledged financial adviser on the request of Toadman. Converted to SEK using the following closing day currency rates: Mar 31, 2017: GBP/SEK 11.1273, Mar 29, 2018: GBP/SEK 11.7617 and Mar 31, 2019: GBP/SEK 12.0818. 38 Strictly private and confidential Additional material

Sold Out: Cash flow Cash flow1)

2017/2018 2018/2019 Unaudited (SEKm) Apr-Mar Apr-Mar EBITDA 26.3 34.4 Changes in stock 2.2 (4.0) Change in debtors 48.9 7.6 Change in other liabilities (73.7) 21.0 Taxes (9.2) (6.6) Operating cash flow after tax (5.5) 52.4

Investing cash flow 0.0 (0.0)

Director loan account - Pension GW (2.8) - Dividends paid (13.2) (13.2) Other changes to reserves (0.0) 0.0 Financing cash flow (16.0) (13.2) Total cash flow (21.4) 36.1

Cash at the beginning of the period2) 50.5 28.6 Reconciliation (0.5) 0.5 Cash at the end of the period2) 28.6 65.1

Source: Company Information. Note: 1) Sold Out’s presented financial figures are unaudited and are based on a financial due diligence conducted by an acknowledged financial adviser on the request of Toadman. Converted to SEK using the following average currency rates for the periods: 2017/2018: GBP/SEK 11.0539 and 2018/2019: GBP/SEK 11.7606. 2) Deviations in cash position between balance sheet and cash flow statement due to different currency rates applied. 39 Strictly private and confidential Additional material

Definitions

EBITDA DLC Operating profit/loss before depreciation, amortisation and impairment Downloadable content, additional content launches in the game title, e.g. new design, swords, helmets EBITDA margin Operating profit/loss before depreciation, amortisation and impairment relative to net revenue

EBIT Operating profit/loss before financial income and expenses, and taxes

EBIT margin Operating profit/loss relative to net revenue

Cash flow from operating activities Cash flow from operating activities including change in working capital and before cash flow from investing and financing activities

Cash flow after continuous investments Cash flow from operating activities less investments in intangible, tangible and financial fixed assets excluding investments in subsidiaries and associates

Working capital Inventories, accounts receivable and other current receivables less accounts payable and other current noninterest-bearing liabilities

Net cash (+)/net debt (-) Cash and cash equivalents less interest-bearing liabilities

Average number of employees The average number of permanent employees, including part-time employees converted to full- time employment

Source: Company Information. 40 Strictly private and confidential 41 Strictly private and confidential