Sector Report

1/2020/SR (50) May 5, 2020

This is a selected fragment of DM BOŚ SA’s research report. Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23

Video Games; Recommendations Company Last Market LT fundamental ST market- 12M EFV Upside price Cap rating relative bias (PLN) (downside) (PLN) (US$ m) to 12M EFV Gaming is crisis-proof* 11 bit studios 415.00 949 Hold (↓) Neutral (↓) 538.0 (↑) 30% CD Projekt 357.50 34,363 Hold (→) Overweight (→) 352.0 (↑) -2% CI Games 0.70 113 Hold (→) Neutral (→) 0.64 (↑) -9% PlayWay 426.50 2,815 Hold (→) Neutral (→) 376.0 (↑) -12% Ten Square Games 453.00 3,280 Buy (→) Overweight (→) 503.0 (↑) 11% *at least in the short term Source: WSE, DM BOŚ SA estimates Video games developers; Multiples Since the bottom of the market collapse in mid-March, Market Cap P/E EV/EBIT WIG.GAMES has grown 86%, already exceeding the (US$ m) 2020E 2021E 2022E 2020E 2021E 2022E WSE listed companies pre-crisis level by 12%. At the same time the WIG index 11 bit studios 227 33.0 40.6 9.0 26.6 31.8 6.6 increased 21% and still stays 23% off of February’s CD Projekt 8,215 17.5 24.3 17.2 15.1 20.9 14.4 highs. The relative strength of game developers (vs wide CI Games 27 neg. 5.3 neg. neg. 2.9 neg. PlayWay 673 28.2 23.3 19.4 24.3 19.7 16.5 market) seems fully warranted as we observe a positive Ten Square Games 784 16.9 14.5 12.5 14.3 12.0 10.1 impact of the stay-home regulations imposed in the global Median 22.9 23.3 14.8 19.7 19.7 12.3 combat against the COVID-19 epidemic. Interestingly, Global PC and consoles games publishers Activision Blizzard 51,156 26.5 22.9 20.2 19.4 15.5 12.0 since February (before the epidemic triggered the market Electronic Arts 33,837 23.2 23.7 21.0 18.4 16.7 14.2 correction) the valuation multiples for foreign gaming Ubisoft 8,996 n.m. 23.5 20.4 n.m. 16.6 14.4 companies have not changed much in spite of the visible Take-Two Interactive 14,100 26.4 29.1 20.1 20.5 19.2 12.0 Konami 4,477 20.7 14.8 13.9 11.1 7.4 6.3 negative influence of the COVID-19 epidemic on the global Capcom 4,188 28.9 25.1 22.8 17.7 14.9 13.5 equity markets. In the current environment video games Median 26.4 23.6 20.3 18.4 16.1 12.8 are a form of “a safe haven”, at least in the short term Global mobile games publishers G5 134 19.1 14.1 11.1 14.9 10.7 8.1 perspective. In the medium term the intensifying crisis may Dena 1,763 n.m. 26.7 28.5 n.m. 14.5 12.6 lead to lower households’ budgets which may also decrease GLU Mobile 1,201 29.7 18.5 12.8 26.5 15.7 n.m. the propensity to buy games. Please find the summary of Konami 4,477 20.7 14.8 13.9 11.1 7.4 6.3 NCSOFT 11,201 16.4 13.3 13.0 11.2 8.5 7.5 our video gaming companies recommendations below. Netmarble 6,489 28.3 24.2 20.5 23.0 19.0 15.5 Nexon 14,283 16.1 14.9 14.9 9.6 7.5 6.3 We still believe that Project 8 will become another milestone Rovio 484 17.4 18.8 18.1 9.1 9.2 8.4 Square Enix 5,082 25.2 16.7 15.9 13.7 9.4 8.1 allowing to constantly exceed the PLN 100 million 11 bit studios Zynga 7,147 29.8 25.2 19.8 18.6 15.1 13.5 net profit threshold annually. However, after the confusion created Median 20.7 17.6 15.4 13.7 10.1 8.1 by the release of the motivation program we don’t feel comfortable Multiples for foreing companies as of May 4. Multiples for Polish companies as of May 5 close. Source: Bloomberg, DM BOŚ estimates with our forecasts and the Company’s future plans. Due to increased uncertainty, we downgrade our recommendations to Stock performance Hold + Neutral (from Buy + Overweight); 12M EFV at PLN 538. 400% WIG 350% 11 Bit Studios With only five months to go CD Projekt (Hold + Overweight; CD Projekt CI Games 12M EFV at PLN 352.0 per share) is on the final stretch to the 300% PlayWay Ten Square Games most important debut in their history. As the debut approaches, 250% we expect the marketing campaign to intensify, incl. more 200% trailers, gameplays, articles, reveals, hands-on presentations, previews and reviews, and eventually – a huge final marketing 150% campaign worth over US$ 100 million. The marketing team from 100%

CD Projekt have ultimate expertise in building up expectations 50% and sparking excitement in both the gamers and investors. We, 0% therefore, believe that during this final run before the debut the

Company’s shares will remain strong lining up with growing 2019-05-06 2019-06-06 2019-07-06 2019-08-06 2019-09-06 2019-10-06 2019-11-06 2019-12-06 2020-01-06 2020-02-06 2020-03-06 2020-04-06 2020-05-05 expectations. Source: Bloomberg

CI Games’ (Hold + Neutral; 12M EFV at PLN 0.64 per share) current release calendar includes Sniper Ghost Warrior Contracts 2 and Lords of the Fallen 2. We currently assume that one of these games will debut in 2021. Due to the long lasting poor track record in delivering a quality content we would sustain from investing in the Company until it finally proves successful. Video Games

Among the most important premiers of PlayWay (Hold + Based on our forecasts Ten Square Games (Buy + Neutral; 12M EFV at PLN 376.0 per share) upcoming in 2020 Overweight; 12M EFV at PLN 503.0) trades at 18% discount we include: Junkyard Simulator (PC), Contraband Police (PC), vs foreign peers. We underline that the potential success of any I am Your President (PC), Cooking Simulator (PS4, X1) and of three games (currently in the soft-launch stage) would turn out Builders of Egypt (PC). Although our 12M EFV remains 12% to be a strong positive signal for investors. We also believe that below the current market valuation, we do not see any significant a well-thought-out acquisition may add significant value to the triggers that may help to close the valuation gap. Company’s earning potential by allowing to skip over a tiresome soft-launch process.

2 Sector Report

1/2020/SR (50) May 5, 2020

This is a selected fragment of DM BOŚ SA’s research report. Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23

Sector: TMT – media & entertainment Market Cap: US$ 227 m Fundamental rating: Hold (↓) Bloomberg code: 11B PW Market relative: Neutral (↓) Av. daily turnover: US$ 1.82 m 11 bit studios Price: PLN 415.00 Free float: 74% 12M EFV: PLN 538.0 (↑) 12M range: PLN 280.00-484.00

Guide to adjusted profits Investment story and recommendation Adj numbers exclude the impact of c. PLN 18.0 million cost of the share-based motivation program in 2Q18-2Q20.

After the presentation of the new 2020-2024 motivation program Key data targets we remain confused and misinformed. On the one IFRS 2019 2020E 2021E 2022E Sales PLN m 71.7 66.8 66.9 169.2 hand, the Company presented very conservative and cautious EBITDA PLN m 30.3 36.0 36.8 131.7 motivation targets, which in our view, imply a single, not particularly Adj EBITDA PLN m 38.3 40.0 36.8 131.7 successful, big debut until 2024. On the other hand, according to EBIT PLN m 23.9 26.9 25.8 118.1 Adj EBIT PLN m 31.9 30.9 25.8 118.1 the press release issued the following day, the Company aims to Net profit PLN m 21.7 24.0 22.8 103.2 release as many as ten games until 2024 including three big own Adj Net profit PLN m 29.7 28.0 22.8 103.2 games. We understand that the management plans may be more Adj EPS PLN 13.34 12.56 10.23 46.29 Adj EPS yoy chg % -32 -6 -19 353 ambitious than motivation program targets, however that huge Net debt PLN m -70.1 -103.8 -104.7 -148.6 discrepancy is unusual and confusing. Adj P/E x 31.1 33.0 40.6 9.0 Adj P/CE x 25.6 24.9 27.4 7.9 Adj EV/EBITDA x 22.3 20.5 22.3 5.9 Since the recent guidance coming from the Company is Adj EV/EBIT x 26.8 26.6 31.8 6.6 ambiguous we decide to ignore it. We modify our forecasts for Gross dividend yield % 0.0 0.0 0.0 0.0 the Company based on: (i) better than expected sale of DLC2 to DPS PLN 0.00 0.00 0.00 0.00 No. of shares (eop) m 2.2 2.2 2.2 2.2 Frostpunk boosting our sales expectations for upcoming DLCs, Source: Company, DM BOŚ SA estimates (ii) delaying the debut of Project 8 to 4Q22 (from 4Q21), and (iii) including two more games (up to total three) in the publishing Stock performance segment pipeline. The decision about all the above modifications 515 had been made before the motivation program release. WIG 11 bit studios 465

We currently assume that 11 bit studios will generate the adjusted 415 net profit of PLN 28.0 million/ PLN 22.8 million/PLN 103.2 million 365 in 2020/ 2021E/ 2022E, which implies adj P/E multiples of 33x/ 315 41x/ 9x (vs 26x/ 24x /20x for peer companies). We also slightly upgrade our estimate of 12M EFV of the Company to PLN 538 265 per share (from PLN 506) due to (i) modified forecasts and 215 0.06

(ii) valuation horizon forward shift. (m) 0.04 0.02 lume 0.00 We still believe that Project 8 (paired with more frequent debuts) V o 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 will become another milestone (after TWOM and Frostpunk) 05 . 06 . 07 . 08 . 09 . 10 . 11 . 12 . 01 . 02 . 03 . 04 . 05 . Source: Bloomberg allowing 11 bit studios to constantly exceed the PLN 100 million net profit threshold since 2022 onwards. Also, with the passage Upcoming events of time, investors should pay more attention to 2022 profits which 1. Release of 1Q20 financial results: May 14, 2020 implies a 56% discount vs peers. We expect to hear the first 2. Release of Frostpunk paid DLCs: 4Q20, 2Q21, 4Q21 (our assumption) news related to Project 8 by the end of next year. Until then we 3. Release of 2Q20 financial results: August 27, 2020 4. Release of 3Q20 financial results: November 17, 2020 would use a deeper market price weakness to accumulate the 5. Debuts of new games in the publishing segment: 2Q21, 4Q21, 2Q22 (our assumption) Company’s shares. 6. Debut of Project 8: 4Q22 (our assumption) 7. Debut of Project 9: 4Q23 (our assumption) 8. Debut of Project 10: 4Q25 (our assumption) However, after the confusion created by the release of the motivation program we don’t feel comfortable with our forecasts Catalysts Risk factors 1. Stay-home rules attract more gamers 1. Ambiguous guidance from the Company and the Company’s future plans. Due to increased uncertainty, 2. Focus on more casual and larger consoles market 2. Very uncertain timing of future debuts we downgrade our LT fundamental recommendation to Hold 3. Announcements regarding Project 8 3. Notorious delays of games 4. Further development of the publishing segment 4. Potential supply of shares from insiders (from Buy) and not expecting any decisive triggers in the short 5. Proven track record of high quality games 5. Weak US$ vs PLN term we also downgrade our ST market relative recommendation 6. Very good cash position 7. Strong US$ vs PLN to Neutral (from Overweight). Sector Report

1/2020/SR (50) May 5, 2020

This is a selected fragment of DM BOŚ SA’s research report. Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23

Sector: TMT – media & entertainment Market Cap: US$ 8,215 m Fundamental rating: Hold (→) Bloomberg code: CDR PW Market relative: Overweight (→) Av. daily turnover: US$ 36.28 m CD Projekt Price: 357.50 Free float: 70% 12M EFV: PLN 352.0 (↑) 12M range: PLN 201.30-368.00

Guide to adjusted profits Investment story and recommendation No factors necessitating adjustments.

We modify our forecasts for CD Projekt accounting for (i) delay Key data of Cyberpunk 2077 to September 17, 2020 (from April 16, 2020), IFRS, consolidated 2019 2020E 2021E 2022E Sales PLN m 521.3 3,184.5 2,348.8 3,079.2 (ii) better than expected 4Q19 results stemming from the strong EBITDA PLN m 217.8 2,523.3 1,857.4 2,419.5 sale of The Wicher franchise, (iii) higher than expected capex for EBIT PLN m 180.3 2,231.0 1,621.0 2,295.3 games in 1-4Q19, (iv) assumed faster shift to digital distribution Net profit PLN m 175.3 2,083.4 1,503.3 2,127.4 EPS PLN 1.82 20.40 14.72 20.83 due to the COVID-19 epidemic and (iv) US$ strengthening vs PLN. EPS yoy chg % 60 1,020 -28 42 We currently do not assume any significant revenues loss resulting Net debt PLN m -462.4 -2,711.3 -2,573.9 -3,403.1 from a possible decrease in purchasing power of gamers due to P/E x 196.3 17.5 24.3 17.2 P/CE x 161.7 15.4 21.0 16.2 the potential recession. EV/EBITDA x 155.7 13.4 18.3 13.7 EV/EBIT x 188.0 15.1 20.9 14.4 Our expectations for the sale of Cyberpunk 2077 stay unaltered at Gross dividend yield % 0.3 0.0 4.6 3.3 DPS PLN 1.05 0.00 16.32 11.78 29.1 million units within four quarters from the release. We expect No. of shares (eop) m 96.1 102.1 102.1 102.1 the Company to sell 23.5 million units in FY20, which would allow Source: Company, DM BOŚ SA estimates the Group to generate total of PLN 3.2 billion/ PLN 2.1 billion revenues/ net profit in FY20. Based on our forecasts the Company Stock performance currently trades at average 2020-2022 P/E of 19.7x, which implies 400 WIG CD Projekt a 16% discount vs foreign peers. We also estimate that the total 350 budget of Cyberpunk 2077 may amount to PLN 1 billion (US$ 300 240 million) vs PLN 306 million for the Witcher 3. 250

With only five months to go CD Projekt is on the final stretch 200 to the most important debut in their history. As the debut approaches, we expect the marketing campaign to intensify, 150 incl. more trailers, gameplays, articles, reveals, hands-on 100 3.0 (m) presentations, previews and reviews, and eventually – a huge 2.0 final marketing campaign worth over US$ 100 million. The lume 1.0 V o 0.0

marketing team from CD Projekt have ultimate expertise in 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 building up expectations and sparking excitement in both the 05 . 06 . 07 . 08 . 09 . 10 . 11 . 12 . 01 . 02 . 03 . 04 . 05 . Source: Bloomberg gamers and investors. We, therefore, believe that during this final run before the debut the Company’s shares will remain Upcoming events strong lining up with growing expectations, and thus we advise 1. Release of 1Q20 financial results: May 28, 2020 to Overweight the shares. 2. Cyberpunk 2077’s pre-release hands-on presentations for gaming press: June/July 2020 (our assumption) 3. Cyberpunk 2077’s previews after hands-on presentations: July/August: (our assumption) 4. Release of 2Q20 financial results: September 3, 2020 As a consequence of (i) c. 5% upward repricing of foreign peer 5. Debut of Cyberpunk 2077: September 17, 2020. 6. Release of 3Q20 financial results: November 26, 2020 companies and (ii) valuation model forward shift we increase our 7. Debuts of expansions to Cyberpunk: 2021-2022 (our assumption) 12M EFV of the Company to PLN 352 per share from PLN 300 per 8. Debut of Cyberpunk Online: 1Q22 (our assumption) 9. Debut of Witcher 4: 2024 share (up 17%). The share price is close to our 12M EFV so we 10. Debut of Witcher Online: 2025 uphold our LT fundamental Hold recommendation. Catalysts Risk factors Total budget of Cyberpunk 2077 may amount to PLN 1 billion 1. Announcements related to Cyberpunk 2077 1. Failure/ cost increase/ delay of Cyberpunk 2077 2. Positive impact of the stay-home rules 2. High expectations for Cyberpunk 2077 and future (US$ 240 million) 3. Switching to a 2-year publishing cycle games 4. High quality of previous productions 3. Worse than expected monetization of Gwent 5. Potential success of a new F2P game developed by 4. Recession-related possible decrease in The cost of marketing is usually related to the expected sale Spokko purchasing power of gamers volume. Also, according to the Company’s representatives, 6. Better than expected monetization of Gwent 7. Very good cash position Cyberpunk 2077’s marketing cost may be several times higher than W3’s marketing which cost c. US$ 44 million (c. PLN 161 million) and was financed by distributors in c. 80%. We assume that Cyberpunk 2077’s marketing cost should CD Projekt

total PLN 472 million (US$ 113 million); 2.9 times the Pre-orders may have reached 0.8-0.9 million (PC only) Witcher 3’s marketing cost. We also expect that CD Projekt will finance 20% of the assumed cost of marketing also this The Company booked PLN 148.0 million of deferred revenues time. eop 4Q19. Assuming that the vast majority of deferred revenues is related to Cyberpunk 2077 we estimate that the Company Delaying the game’s debut in our model (by five months) pre-sold c. 0.8-0.9 million units (also in the form of minimum leads to growing development costs. Moreover, the capex for guarantees) of Cyberpunk 2077 through GOG and Steam only. games development amounted to PLN 61.8 million in 4Q19 Three quarters before the W3 debut (3Q14) the Company had vs PLN 43.5 million in 3Q19 vs PLN 34.6 million in 2Q19 vs c. PLN 50 million of other ST liabilities, which is 33% of the current PLN 25.2 million in 1Q19. A quarterly capex increase is natural deferred revenues (PLN 148 million). Given falling propensity of as the game’s debut approaches, however an 145% increase gamers to pre-ordering we assess this number as consistent in 4Q19 (vs 1Q19) is quite significant and unexpected by us. with our expectations (we assume that CP2077 will sell 3.5x more We currently assume that the development of Cyberpunk copies than W3 in the quarter of release). 2077 will cost PLN 445 million (vs PLN 95 million for the Witcher 3). Strong assumptions of a new 2020-2025 motivation program We estimate that the total budget of Cyberpunk 2077 may amount to PLN 1 billion (US$ 240 million), which is 3.3 times In its 2019 Management Board report the Company proposed new higher than for The Witcher 3 (PLN 306 million). This will include 2020-2025 motivation program. The fulfilment of the motivation (i) cost of development at PLN 445 million, (ii) cost of marketing at program will depend on the market and results criteria. The market PLN 472 million and (iii) PLN 100 million overheads. criterion target (20% weight) is the change of CD Projekt share price beating the WIG Index by 100 percentage points (vs the Delay of Cyberpunk 2077 will impact the timing of future closing price of PLN 279.50 as of December 30, 2019). The results releases criteria in the motivation program assume PLN 1.4-2.0 billion of annual average net profit, which implies an average P/E ratio of Due to a five-month delay ofCyberpunk 2077 (to September 17, 18.3-26.4x (vs 2020-2022 average P/E ratio for peer companies at 2020) we also postpone debuts of other games in our model. 23.4x). In the best-case scenario it implies 22% discount vs peers. Please find the summary of changes in theFig. 3. The results assumptions are close to our expectations in the optimistic scenario and below our expectations in the base-case COVID-19 epidemic will accelerate the shift to digital scenario. Please find the results criteria targets in the Fig. 5-6. distribution Impact of Netflix – stronger than expected Due to the COVID-19 pandemic consumers tend to download games rather than to buy a physical copy of a game. An On December Netflix releasedThe Witcher series, which has increasing share of digital distribution yields higher margins exerted a positive impact on the sale of CD Projekt’s The Witcher for CD Projekt by omitting the retailer’s fee and costs of franchise. In 4Q19 the sales from The Witcher (excl. Nintendo manufacturing and distribution (we estimate that a game switch version) grew to c. PLN 90 million (by c. 80% yoy; vs flattish developer receives c. 30-70% more revenue from a digital yoy revenues in 1-3Q19), while we expected c. PLN 66 million copy sold than from a retail copy). We decided to increase revenues (+30% yoy). It seems that in 1Q20 the impact may the share of digital sale (in the sales mix) in our forecast be even stronger, because it encompasses a longer period. to 60% (from 50%), which elevates the average revenue Additionally the sales should be boosted by the stay-home rules. from one Cyberpunk 2077 unit sold to US$ 33.6 (from US$ Therefore we assume a revenues growth of +160% yoy in 1Q20 31.6 earlier; by 6%). (incl. Nintendo Switch version).

5 Sector Report

1/2020/SR (50) May 5, 2020

This is a selected fragment of DM BOŚ SA’s research report. Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23

Sector: TMT – media & entertainment Market Cap: US$ 27 m Fundamental rating: Hold (→) Bloomberg code: CIG PW Market relative: Neutral (→) Av. daily turnover: US$ 0.23 m CI Games Price: PLN 0.70 Free float: 67% 12M EFV: PLN 0.64 (↑) 12M range: PLN 0.38-1.20

Guide to adjusted profits Investment story and recommendation No factors necessitating adjustments.

CI Games’ current release calendar includes Sniper Ghost Warrior Key data Contracts 2 (which according to the Company’s CEO might be IFRS consolidated 2019 2020E 2021E 2022E Sales PLN m 47.5 30.1 92.7 33.6 released in 2020) and Lords of the Fallen 2. We currently assume EBITDA PLN m 21.6 11.1 55.1 10.9 that one of these games will debut in 2021. EBIT PLN m 2.1 -4.5 26.1 -4.1 Net profit PLN m -1.8 -4.3 21.2 -3.0 EPS PLN -0.01 -0.03 0.13 -0.02 Over a year ago the Company announced four indie titles to EPS yoy chg % -93 135 -595 -114 be published by United Label (the Company’s fully owned Net debt PLN m 18.3 -6.9 -37.2 -41.7 subsidiary). The budget for the games will total PLN 13 million P/E x neg. neg. 5.3 neg. P/CE x 0.5 0.8 0.2 0.7 while CI Games’ share in the costs will amount to PLN 5 million. EV/EBITDA x 6.1 9.5 1.4 6.5 The initial range of titles covers a variety of genres, from roguelike EV/EBIT x 62.2 neg. 2.9 neg. RPG to point-and-click adventures, quite a niche mix of genres. Gross dividend yield % 0.0 0.0 0.0 0.0 DPS PLN 0.0 0.0 0.0 0.0 Given very strong competition in the publishing segment as well No. of shares (eop) m 161.0 161.0 161.0 161.0 as very niche genres offered we assume that these projects will Source: Company, DM BOŚ SA estimates have only minor impact on the Company’s financials. Recently Stock performance the Company announced that Roki (first game from United Lebel) 1.3 will debut within a few months on PC and Nintendo Switch. We 1.2 assume that the remaining three titles should debut in 2020-201. 1.1 1.0 We make only minor adjustments to our 2020E-2022E forecasts, 0.9 incorporating FY19 actual results and some delays of debuts 0.8 0.7 in publishing segments. Due to (i) upward repricing of peer 0.6 companies as well as (ii) one year forward valuation shift our 0.5 12M EFV of the Company increased to PLN 0.64 per share (from 0.4 WIG CI Games PLN 0.60 per share). We uphold our LT fundamental and ST market 0.3 10.0 (m) relative recommendations at Hold and Neutral, respectively. 5.0 lume 0.0 V o 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 05 . 06 . 07 . 08 . 09 . 10 . 11 . 12 . 01 . 02 . 03 . 04 . 05 . Source: Bloomberg

Upcoming events 1. Release of 1Q20 financial results: May 22, 2020 2. Release of 2Q20 financial results: September 4, 2020 3. Release of 3Q20 financial results: November 27, 2020 4. Debut of Roki, Eldest Souls, Tails of Iron, Horae: 2020-2021 (our assumption) 5. Debut of new own game: 2021 (our assumption)

Catalysts Risk factors 1. Higher than expected sale of new games 1. Difficult financial situation afterSGWC failure 2. News flow regarding new games 2. Failure /cost increase of new games 3. Potential implementation of IP Box tax relief 3. Weak quality of previous productions 4. Potential share supply from the CEO 5. Potential write-offs 6. Potential equity issue (high target capital approved by the EGM) Sector Report

1/2020/SR (50) May 5, 2020

This is a selected fragment of DM BOŚ SA’s research report. Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23

Sector: TMT – media & entertainment Market Cap: US$ 673 m Fundamental rating: Hold (→) Bloomberg code: PLW PW Market relative: Neutral (→) Av. daily turnover: US$ 2.60 m PlayWay Price: PLN 426.50 Free float: 18% 12M EFV: PLN 376.0 (↑) 12M range: PLN 160.80-449.50

Guide to adjusted profits Investment story and recommendations Adj numbers exclude the impact of losing control over (i) Creativeforge Games (PLN 11.6 million) in 1Q18, (ii) Duality (PLN 1.8) million in 1Q19, (iii) Sonka (PLN 8.4 million) in 3Q19 and (iv) Polyslash, Atomic Jelly, Simfabric We modify our forecasts for PlayWay accounting for (i) lower than and Detalion Games in 4Q19 (PLN 15 million). expected sale of House Flipper/ Thief Simulator (consoles) and Key data Tank Mechanic Simulator (PC), (ii) positive impact of stay-home IFRS consolidated 2019 2020E 2021E 2022E rules (stemming from COVID-19 epidemic), (iii) higher cost of Sales PLN m 131.2 192.5 230.2 263.1 EBITDA PLN m 83.1 136.1 168.1 197.9 operations reported in 4Q19, (iv) disposition of shares of Games EBIT PLN m 82.5 134.7 166.6 195.9 Operators, (v) adding Builders of Egypt to our detailed forecast Net profit PLN m 86.8 152.8 120.6 144.8 and (vi) stronger US$ vs PLN. We currently do not assume any Adj. net profit PLN n 61.7 99.9 120.6 144.8 Adj. EPS PLN 9.35 15.13 18.28 21.94 significant revenues loss resulting from possible decrease in Adj. EPS yoy chg % 74 62 21 20 purchasing power of gamers resulting from the potential crisis. Net debt PLN m -106.8 -152.8 -195.5 -244.4 Adj. P/E x 45.6 28.2 23.3 19.4 Adj. P/CE x 45.2 27.8 23.0 19.2 Among the most important premiers upcoming in 2020 we Adj. EV/EBITDA* x 38.2 24.1 19.5 16.4 include: Junkyard Simulator (PC), Contraband Police (PC), I am Adj. EV/EBIT* x 38.5 24.3 19.7 16.5 Your President (PC), Cooking Simulator (PS4, X1) and Builders of Gross dividend yield % 0.6 2.2 3.4 4.2 DPS PLN 2.49 9.22 14.49 17.98 Egypt (PC). No. of shares (eop) m 6.6 6.6 6.6 6.6 *calculated on the basis of proportional consolidation of P&Ls of subsidiaries in which PlayWay does not hold 100% stakes Due to (i) slightly modified forecasts, and (ii) valuation model Source: Company, DM BOŚ SA estimates forward shift we marginally increase our 12M EFV of the Company to PLN 376.0 per share (from PLN 338.0 per share Stock performance 500 previously; up 11%). WIG PlayWay 450 In 2020 we expect PlayWay to generate PLN 192.5 million 400 revenues (+47% yoy) and PLN 99.9 million adjusted net profit 350 (+62% yoy), which implies a P/E multiple of 28.2x (a 7% premium 300 vs peers). We also expect the Company to pay out a PLN 9.22 250 per share dividend from FY19 profits, which implies a 2.2% 200 dividend yield. 150

100

(m) 0.15 Although our 12M EFV remains 12% below the current market 0.10

lume 0.05

valuation, we do not see any significant triggers that may help V o 0.00

to close the valuation gap. Therefore our LT fundamental 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 recommendation stays unaltered at Hold. We also sustain our ST 05 . 06 . 07 . 08 . 09 . 10 . 11 . 12 . 01 . 02 . 03 . 04 . 05 . Source: Bloomberg market – relative Neutral recommendation. Upcoming events 1. Debut of House Flippper HGTV DLC: May 14, 2020 2. Release of 1Q20 financial results: May 29, 2020 3. Debuts of Junkyard Simulator, Contraband Police, I am your President, Builders of Egypt: 2020 4. Debut of Gold Rush (PS4, X1): 3Q20 (our assumption) 5. Debut of Thief Simulator (X1): 2H20 6. Release of 2Q20 financial results: September 30, 2020 7. Debuts of DLCs to House Flipper: 2020, 2021 (our assumption) 8. Release of 3Q20 financial results: November 27, 2020 9. Debut of sequel to Car Mechanic Simulator: 2021 (our assumption) 10. Debut of House Flipper 2: 2022 (our assumption)

Catalysts Risk factors 1. Stay-home rules attract more gamers 1. A quality control may be a challenge given a 2. An appealing and risk diversifying business model multitude of projects 3. Positive impact of stay-home rules 2. Significant cost increase in 4Q19 4. Strong ongoing sales of House Flipper and Car 3. Failure/delay of projects Mechanic Simulator 4. Potential supply of shares by insiders 5. Lavish release calendar for 2020 5. Weak USD vs PLN 6. Ongoing generous dividend policy 7. Strong US$ vs PLN Sector Report

1/2020/SR (50) May 5, 2020

This is a selected fragment of DM BOŚ SA’s research report. Analyst: Tomasz Rodak, CFA, [email protected], +48 (22) 504 33 23

Sector: TMT – media & entertainment Market Cap: US$ 784 m Fundamental rating: Buy (→) Bloomberg code: TEN PW Market relative: Overweight (→) Av. daily turnover: US$ 3.01 m Ten Square Games Price: PLN 453.00 Free float: 50% 12M EFV: PLN 503.0 (↑) 12M range: PLN 112.40-453.00

Guide to adjusted profits Investment story and recommendation No factors necessitating adjustments.

We increase our 2020-2022 forecasts for Ten Square Games Key data accounting for (i) lower expected cost of user acquisition IFRS 2019 2020E 2021E 2022E Sales PLN m 241.1 500.2 620.1 719.3 stemming from falling marketing budgets during the epidemic, EBITDA PLN m 85.7 215.6 253.1 291.7 (ii) positive impact of the stay-home rules effecting in higher EBIT PLN m 84.6 214.1 251.5 290.0 revenues, (iii) US$ strengthening vs PLN. We currently do not Net profit PLN m 76.4 194.1 229.9 265.6 EPS PLN 10.57 26.81 31.31 36.17 assume any significant revenues loss resulting from a possible EPS yoy chg % 109 154 17 16 decrease in purchasing power of gamers resulting from the Net debt PLN m -75.2 -223.9 -300.1 -385.9 potential recession. P/E x 42.8 16.9 14.5 12.5 P/CE x 42.2 16.8 14.4 12.4 EV/EBITDA x 37.3 14.2 12.0 10.1 We assume that in 2020 the revenues from Fishing Clash EV/EBIT x 37.8 14.3 12.0 10.1 (western markets) will grow at a 3% CAGR monthly (vs 2% Gross dividend yield % 0.8 0.8 4.4 5.2 DPS PLN 3.78 3.78 19.83 23.48 previously assumed and 6% in 2019) to PLN 439.2 million (+113% No. of shares (eop) m 7.2 7.2 7.3 7.3 yoy vs +133% yoy in 2019). Moreover, we expect that the Chinese Source: Company, DM BOŚ SA estimates Android version of the game should get certified within months Stock performance and assume the first revenues in July. We currently expect that 510 Fishing Clash will generate PLN 23.9 million revenues from WIG Ten Square Games 460 the Chinese market in 2020E. Our forecasts are based on the 410 assumptions including (i) 30.3% Chinese global mobile market 360 share, (ii) 30% distribution fee, (iii) 50% publisher fee and some 310 adjusting factor to reflect gradual fine-tuning of the game to better 260 suit the local tastes and to reach its full potential. 210

160 In FY19 report the Company revealed that it was considering 110 M&As activities on the free-to-play market. We believe that a 60 0.08 (m) well-thought-out acquisition may add significant value to the 0.04 lume

Company’s earning potential by skipping over a tiresome soft- V o 0.00 launch stage. TSG’s team know-how in the area of monetization 2019 2019 2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 05 . 06 . 07 . 08 . 09 . 10 . 11 . 12 . 01 . 02 . 03 . 04 . 05 . and marketing should allow for scaling acquired projects to a Source: Bloomberg significantly higher size/revenue.

Upcoming events On the back of upgraded forecasts we increase our estimate of 1. Release of 1Q20 financial results: May 25, 2020 the Company’s 12M EFV to PLN 503 per share (from PLN 371 per 2. Launch of Fishing Clash in China (Android): July 2020 (our assumption) 3. Release of 2Q20 financial results: August 24, 2020 share); up 36%. Based on our forecasts the Company currently 4. Release of 3Q20 financial results: November 23, 2020 trades at 2020E P/E of 16.9x, which implies a 18% discount vs foreign peers. We uphold our LT fundamental and ST market- Catalysts Risk factors relative recommendations at Buy and Overweight, respectively. 1. Positive impact of the stay-home rules 1. Weak sales of Fishing Clash At our target price of PLN 503 per share, TSG would trade at 2. Growing revenues from Fishing Clash 2. Delay/ failure of new games 3. Potential success of new games not included in 3. Lack of Chinese approval for Fishing Clash 2020 P/E of 18.8x, which would still imply c. 10% discount vs peer our forecast 4. Failure of Fishing Clash in China companies (which seems warranted as the valuation is heavily 4. Chinese approval for Fishing Clash 5. Failure of acquisition 5. Success of Fishing Clash on the Chinese market 6. Weak US$ vs PLN dependent on a single game). We also want to stress that the 6. Successful acquisition potential success of any of three games (that are currently in the 7. Attractive dividend policy 8. Very good cash position soft-launch stage) would turn out to be a strong positive signal for 9. Strong growth of the mobile games segment investors. 10. Strong US$ vs PLN BASIC DEFINITIONS Banks A/R turnover (in days) = 365/(sales/average A/R)) Net Interest Margin (NIM) = net interest income/average assets Inventory turnover (in days) = 365/(COGS/average inventory)) Non interest income = fees&commissions + result on financial operations (trading gains) + FX gains A/P turnover (in days) = 365/(COGS/average A/P)) Interest Spread = (interest income/average interest earning assets)/ (interest cost/average interest bearing liabilities) Current ratio = ((current assets – ST deferred assets)/current liabilities) Cost/Income = (general costs + depreciation)/ (profit on banking activity + other net operating income) Quick ratio = ((current assets – ST deferred assets – inventory)/current liabilities) ROE = net profit/average equity Interest coverage = (pre-tax profit before extraordinary items + interest payable/interest payable) ROA = net income/average assets Gross margin = gross profit on sales/sales Non performing loans (NPL) = loans in ‘basket 3’ category EBITDA margin = EBITDA/sales NPL coverrage ratio = loan loss provisions/NPL EBIT margin = EBIT/sales Net provision charge = provisions created – provisions released Pre-tax margin = pre-tax profit/sales Net margin = net profit/sales DM BOŚ S.A. generally values the covered banks via two methods: comparative method and fundamental target fair ROE = net profit/average equity P/E and target fair P/BV multiples method. The advantage of the former is the fact that it incorporates the current market ROA = (net income + interest payable)/average assets assessment of the value of the company’s peers. The weakness of the comparative method is the risk that the valuation EV = market capitalization + interest bearing debt – cash and equivalents benchmark may be mispriced. The advantage of the fundamental target fair P/E and target fair P/BV multiples method is EPS = net profit/ no. of shares outstanding its independence of the current market valuation of the comparable companies. The weakness of this method is its high CE = net profit + depreciation sensitivity to undertaken assumptions, especially those Dividend yield (gross) = pre-tax DPS/stock market price related to the residual value calculation. Assumptions used in valuation can change, influencing thereby the level of the Cash sales = accrual sales corrected for the change in A/R valuation. Among the most important assumptions are: GDP growth, forecasted level of inflation, changes in interest Cash operating expenses = accrual operating expenses corrected for the changes in inventories and A/P, rates and currency prices, employment level and change in wages, demand on the analysed company products, raw depreciation, cash taxes and changes in the deferred taxes material prices, competition, standing of the main customers and suppliers, legislation changes, etc. Changes in the environment of the analysed company are monitored by analysts involved in the preparation of the recommendation, DM BOŚ S.A. generally values the covered non bank companies via two methods: comparative method and DCF estimated, incorporated in valuation and published in the recommendation whenever needed. method (discounted cash flows). The advantage of the former is the fact that it incorporates the current market assessment of the value of the company’s peers. The weakness of the comparative method is the risk that the valuation benchmark may be mispriced. The advantage of the DCF method is its independence from the current market valuation of the comparable companies. The weakness of this method is its high sensitivity to undertaken assumptions, especially those related to the residual value calculation. Please note that we also resort to other valuation techniques (e.g. NAV-, DDM- or SOTP-based), should it prove appropriate in a given case.

KEY TO INVESTMENT RANKINGS

This is a guide to expected price performance in absolute terms over the next 12 months: Buy – fundamentally undervalued (upside to 12M EFV in excess of the cost of equity) + catalysts which should close the valuation gap identified; Hold – either (i) fairly priced, or (ii) fundamentally undervalued/overvalued but lacks catalysts which could close the valuation gap; Sell – fundamentally overvalued (12M EFV < current share price + 1-year cost of equity) + catalysts which should close the valuation gap identified.

This is a guide to expected relative price performance: Overweight – expected to perform better than the benchmark (WIG) over the next quarter in relative terms Neutral – expected to perform in line with the benchmark (WIG) over the next quarter in relative terms Underweight – expected to perform worse than the benchmark (WIG) over the next quarter in relative terms

The recommendation tracker presents the performance of DM BOŚ S.A.’s recommendations. A recommendation expires on the day it is altered or on the day 12 months after its issuance, whichever comes first. Relative performance compares the rate of return on a given recommended stock in the period of the recommendation’s validity (i.e. from the date of issuance to the date of alteration or – in case of maintained recommendations – from the date of issuance to the current date) in a relation to the rate of return on the benchmark in this time period. The WIG index constitutes the benchmark. For recommendations that expire by an alteration or are maintained, the ending values used to calculate their absolute and relative performance are: the stock closing price on the day the recommendation expires/ is maintained and the closing value of the benchmark on that date. For recommendations that expire via a passage of time, the ending values used to calculate their absolute and relative performance are: the average of the stock closing prices for the day the recommendation elapses and four directly preceding sessions and the average of the benchmark’s closing values for the day the recommendation expires and four directly preceding sessions.

Distribution of DM BOŚ’s current recommendations for the companies which DM BOŚ has supplied Distribution of DM BOŚ's current recommendations with material investment services within the last 12 months Buy Hold Sell Suspended Under revision Buy Hold Sell Suspended Under revision Numbers 28 39 6 12 0 Numbers 2 9 0 3 0 Percentage 33% 46% 7% 14% 0% Percentage 14% 64% 0% 21% 0%

Distribution of DM BOŚ’s current market relative recommended weightings for the companies which Distribution of DM BOŚ's current market relative recommended weightings DM BOŚ has supplied with material investment services within the last 12 months Overweight Neutral Underweight Suspended Under revision Overweight Neutral Underweight Suspended Under revision Numbers 32 28 13 12 0 Numbers 2 7 2 3 0 Percentage 38% 33% 15% 14% 0% Percentage 14% 50% 14% 21% 0% LT fundamental recommendation tracker Relative Price at issue/ EFV Analyst Recommendation Report date Reiteration date Distribution date Expiry date Performance performance reiteration* (12 months) 11 bit studios Tomasz Rodak Buy - 13.02.2017 - 14.02.2017 13.02.2018 28% 18% 164.50 220.00 - Tomasz Rodak - → - 07.03.2017 08.03.2017 - - - 182.15 220.00 → Tomasz Rodak - → - 11.04.2017 12.04.2017 - - - 192.00 220.00 → Tomasz Rodak - → - 30.05.2017 31.05.2017 - - - 184.50 220.00 → Tomasz Rodak - → - 12.07.2017 13.07.2017 - - - 174.40 220.00 → Tomasz Rodak - → - 20.08.2017 21.08.2017 - - - 189.00 261.00 ↑ Tomasz Rodak - → - 29.08.2017 30.08.2017 - - - 196.75 261.00 → Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 205.00 261.00 → Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 188.00 261.00 → Tomasz Rodak - → - 13.11.2017 14.11.2017 - - - 168.60 231.00 ↓ Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 164.25 231.00 → Tomasz Rodak - → - 10.12.2017 11.12.2017 - - - 175.00 231.00 → Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 201.00 231.00 → Tomasz Rodak Buy → 13.02.2018 - 14.02.2018 16.07.2018 129% 156% 210.50 231.00 → Tomasz Rodak - → - 14.02.2018 15.02.2018 - - - 209.00 253.00 ↑ Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 214.00 253.00 → Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 257.00 253.00 → Tomasz Rodak - → - 26.04.2018 27.04.2018 - - - 280.00 377.00 ↑ Tomasz Rodak - → - 07.05.2018 08.05.2018 - - - 374.50 480.00 ↑ Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 506.00 480.00 → Tomasz Rodak - → - 20.06.2018 21.06.2018 - - - 465.00 480.00 → Tomasz Rodak Hold ↓ 16.07.2018 - 17.07.2018 15.10.2018 -31% -31% 481.00 526.00 ↑ Tomasz Rodak - → - 02.08.2018 03.08.2018 - - - 441.00 526.00 → Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 426.00 526.00 → Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 308.00 526.00 → Tomasz Rodak Buy ↑ 15.10.2018 - 16.10.2018 13.10.2019 14% 13% 333.00 416.00 ↓ Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 293.50 416.00 → Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 295.00 416.00 → Tomasz Rodak - → - 09.12.2018 10.12.2018 - - - 259.00 400.00 ↓ Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 259.50 400.00 → Tomasz Rodak - → - 04.02.2019 05.02.2019 - - - 279.00 400.00 → Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 267.00 400.00 → Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 302.50 400.00 → Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 374.00 471.00 ↑ Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 369.00 471.00 → Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 395.00 471.00 → Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 430.00 471.00 → Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 414.00 471.00 → Tomasz Rodak - → - 27.08.2019 28.08.2019 - - - 392.00 471.00 → Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 405.00 471.00 → Tomasz Rodak Buy → 13.10.2019 - 14.10.2019 05.05.2020 9% 38% 380.00 471.00 → Tomasz Rodak - → - 21.10.2019 22.10.2019 - - - 352.00 481.00 ↑ Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 343.50 481.00 → Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 345.00 481.00 → Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 374.50 506.00 ↑ Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 408.50 506.00 → Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 440.00 506.00 → Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 444.00 506.00 → Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 431.00 506.00 → Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 350.00 506.00 → Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 406.00 506.00 → Tomasz Rodak Hold ↓ 05.05.2020 - 06.05.2020 Not later than - - 415.00 538.00 ↑ 05.05.2021 * prices at issue/reiteration are the closing prices at the report or reiteration date

10 Market-relative recommendation tracker Relative Price at issue/ Relative Analyst Report date Reiteration date Distribution date Expiry date Recommendation reiteration* performance 11 bit studios Tomasz Rodak Overweight - 13.02.2017 - 14.02.2017 13.02.2018 164.50 18% Tomasz Rodak - → - 07.03.2017 08.03.2017 - 182.15 - Tomasz Rodak - → - 11.04.2017 12.04.2017 - 192.00 - Tomasz Rodak - → - 30.05.2017 31.05.2017 - 184.50 - Tomasz Rodak - → - 12.07.2017 13.07.2017 - 174.40 - Tomasz Rodak - → - 20.08.2017 21.08.2017 - 189.00 - Tomasz Rodak - → - 29.08.2017 30.08.2017 - 196.75 - Tomasz Rodak - → - 03.09.2017 04.09.2017 - 205.00 - Tomasz Rodak - → - 15.10.2017 16.10.2017 - 188.00 - Tomasz Rodak - → - 13.11.2017 14.11.2017 - 168.60 - Tomasz Rodak - → - 15.11.2017 16.11.2017 - 164.25 - Tomasz Rodak - → - 10.12.2017 11.12.2017 - 175.00 - Tomasz Rodak - → - 10.01.2018 11.01.2018 - 201.00 - Tomasz Rodak Overweight → 13.02.2018 - 14.02.2018 16.07.2018 210.50 156% Tomasz Rodak - → - 14.02.2018 15.02.2018 - 209.00 - Tomasz Rodak - → - 12.03.2018 13.03.2018 - 214.00 - Tomasz Rodak - → - 16.04.2018 17.04.2018 - 257.00 - Tomasz Rodak - → - 26.04.2018 27.04.2018 - 280.00 - Tomasz Rodak - → - 07.05.2018 08.05.2018 - 374.50 - Tomasz Rodak - → - 29.05.2018 30.05.2018 - 506.00 - Tomasz Rodak - → - 20.06.2018 21.06.2018 - 465.00 - Tomasz Rodak Neutral ↓ 16.07.2018 - 17.07.2018 11.10.2018 481.00 -37% Tomasz Rodak - → - 02.08.2018 03.08.2018 - 441.00 - Tomasz Rodak - → - 30.08.2018 31.08.2018 - 426.00 - Tomasz Rodak Overweight ↑ 11.10.2018 - 12.10.2018 01.09.2019 308.00 32% Tomasz Rodak - → - 15.10.2018 16.10.2018 - 333.00 - Tomasz Rodak - → - 23.10.2018 24.10.2018 - 293.50 - Tomasz Rodak - → - 14.11.2018 15.11.2018 - 295.00 - Tomasz Rodak - → - 09.12.2018 10.12.2018 - 259.00 - Tomasz Rodak - → - 10.01.2019 11.01.2019 - 259.50 - Tomasz Rodak - → - 04.02.2019 05.02.2019 - 279.00 - Tomasz Rodak - → - 26.02.2019 27.02.2019 - 267.00 - Tomasz Rodak - → - 26.03.2019 27.03.2019 - 302.50 - Tomasz Rodak - → - 22.04.2019 23.04.2019 - 374.00 - Tomasz Rodak - → - 24.04.2019 25.04.2019 - 369.00 - Tomasz Rodak - → - 30.05.2019 31.05.2019 - 395.00 - Tomasz Rodak - → - 17.07.2019 18.07.2019 - 430.00 - Tomasz Rodak - → - 30.07.2019 31.07.2019 - 414.00 - Tomasz Rodak - → - 27.08.2019 28.08.2019 - 392.00 - Tomasz Rodak Overweight → 01.09.2019 - 02.09.2019 21.10.2019 405.00 -14% Tomasz Rodak - → - 13.10.2019 14.10.2019 - 380.00 - Tomasz Rodak Neutral ↓ 21.10.2019 - 22.10.2019 08.12.2019 352.00 9% Tomasz Rodak - → - 24.10.2019 25.10.2019 - 343.50 - Tomasz Rodak - → - 17.11.2019 18.11.2019 - 345.00 - Tomasz Rodak Overweight ↑ 08.12.2019 - 09.12.2019 05.05.2020 374.50 38% Tomasz Rodak - → - 09.01.2020 10.01.2020 - 408.50 - Tomasz Rodak - → - 04.02.2020 05.02.2020 - 440.00 - Tomasz Rodak - → - 06.02.2020 07.02.2020 - 444.00 - Tomasz Rodak - → - 03.03.2020 04.03.2020 - 431.00 - Tomasz Rodak - → - 30.03.2020 31.03.2020 - 350.00 - Tomasz Rodak - → - 22.04.2020 23.04.2020 - 406.00 - Tomasz Rodak Neutral ↓ 05.05.2020 - 06.05.2020 Not later than 05.05.2021 415.00 - * prices at issue/reiteration are the closing prices at the report or reiteration date pre-June 2014 recommendations issued at DM IDMSA

11 LT fundamental recommendation tracker Relative Price at issue/ EFV Analyst Recommendation Report date Reiteration date Distribution date Expiry date Performance performance reiteration* (12 months) CD Projekt - Buy - 11.12.2011 - - 14.11.2012 8% -5% 5.00 7.80 - - - → - 01.01.2012 - - - - 5.27 7.80 → - - → - 25.01.2012 - - - - 6.05 7.80 → - - → - 29.02.2012 - - - - 5.87 7.80 → - - → - 20.03.2012 - - - - 6.50 7.80 → - - → - 15.04.2012 - - - - 6.35 7.80 → - - → - 01.05.2012 - - - - 5.55 7.80 → - - → - 15.05.2012 - - - - 4.80 7.80 → - - → - 21.06.2012 - - - - 5.04 7.80 → - - → - 19.07.2012 - - - - 4.71 7.80 → - - → - 02.09.2012 - - - - 4.45 7.80 → - - → - 10.10.2012 - - - - 5.31 7.80 → - Buy → 14.11.2012 - - 21.03.2013 32% 27% 5.40 7.80 → - - → - 13.12.2012 - - - - 6.30 8.10 ↑ - - → - 23.01.2013 - - - - 6.65 8.10 → - - → - 18.02.2013 - - - - 7.43 8.10 → - Hold ↓ 21.03.2013 - - 13.08.2013 55% 42% 7.12 8.10 → - - → - 17.04.2013 - - - - 6.75 8.10 → - - → - 25.04.2013 - - - - 6.80 8.10 → - - → - 15.05.2013 - - - - 7.53 8.10 → - - → - 17.06.2013 - - - - 9.49 8.10 → - - → - 25.07.2013 - - - - 9.56 8.10 → - Buy ↑ 13.08.2013 - - 02.02.2014 66% 62% 11.06 13.80 ↑ - - → - 01.09.2013 - - - - 12.37 13.80 → - - → - 20.10.2013 - - - - 14.20 19.70 ↑ - - → - 14.11.2013 - - - - 15.60 19.70 → - - → - 12.12.2014 - - - - 15.99 19.70 → - - → - 21.01.2014 - - - - 17.26 19.70 → - Hold ↓ 02.02.2014 - - 16.04.2014 -22% -22% 18.34 19.70 → - - → - 17.02.2014 - - - - 17.40 19.70 → - - → - 11.03.2014 - - - - 16.75 19.70 → - - → - 23.03.2014 - - - - 15.00 19.70 → - - → - 13.04.2014 - - - - 14.77 19.70 → - Buy ↑ 16.04.2014 - - 19.04.2015 49% 37% 14.24 19.70 → - - → - 15.05.2014 - - - - 14.25 19.70 → - - → - 16.06.2014 - - - - 16.25 19.70 → - - → - 20.07.2014 - - - - 15.25 19.70 → - - → - 18.08.2014 - - - - 15.25 19.70 → - - → - 01.09.2014 - - - - 15.45 19.70 → - - → - 14.10.2014 - - - - 15.46 19.70 → - - → - 16.11.2014 - - - - 16.44 19.70 → - - → - 08.12.2014 - - - - 17.30 19.70 → - - → - 14.12.2014 - - - - 16.00 19.70 → Tomasz Rodak - → - 18.01.2015 19.01.2015 - - - 16.20 19.70 → Tomasz Rodak - → - 10.02.2015 11.02.2015 - - - 16.20 19.70 → Tomasz Rodak - → - 23.03.2015 24.03.2015 - - - 19.24 19.70 → Tomasz Rodak Hold ↓ 19.04.2015 - 20.04.2015 12.05.2015 9% 6% 21.24 23.20 ↑ Tomasz Rodak Buy ↑ 12.05.2015 - 13.05.2015 13.04.2016 10% 31% 23.24 30.00 ↑ Tomasz Rodak - → - 17.05.2015 18.05.2015 - - - 24.70 30.00 → Tomasz Rodak - → - 21.06.2015 22.06.2015 - - - 23.70 30.00 → Tomasz Rodak - → - 16.07.2015 17.07.2015 - - - 26.69 30.00 → Tomasz Rodak - → - 03.08.2015 04.08.2015 - - - 26.69 34.70 ↑ Tomasz Rodak - → - 31.08.2015 01.09.2015 - - - 24.30 34.70 → Tomasz Rodak - → - 15.10.2015 16.10.2015 - - - 27.00 34.70 → Tomasz Rodak - → - 16.11.2015 17.11.2015 - - - 23.00 34.70 → Tomasz Rodak - → - 13.12.2015 14.12.2015 - - - 22.40 31.20 ↓ Tomasz Rodak - → - 17.01.2016 18.01.2016 - - - 21.65 31.20 → Tomasz Rodak - → - 15.02.2016 16.02.2016 - - - 21.61 31.20 → Tomasz Rodak - → - 21.03.2016 22.03.2016 - - - 24.94 31.20 → Tomasz Rodak Buy → 13.04.2016 - 14.04.2016 31.08.2016 66% 67% 25.60 31.20 → Tomasz Rodak - → - 16.05.2016 17.05.2016 - - - 26.70 31.20 → Tomasz Rodak - → - 27.06.2016 28.06.2016 - - - 26.30 31.20 → Tomasz Rodak - → - 14.07.2016 15.07.2016 - - - 29.18 37.80 ↑ Tomasz Rodak - → - 24.07.2016 25.07.2016 - - - 33.02 37.80 → Tomasz Rodak - → - 21.08.2016 22.08.2016 - - - 36.32 37.80 → Tomasz Rodak Hold ↓ 31.08.2016 - 31.08.2016 13.02.2017 63% 35% 42.50 42.90 ↑ Tomasz Rodak - → - 12.10.2016 13.10.2016 - - - 39.65 42.90 → Tomasz Rodak - → - 02.11.2016 03.11.2016 - - - 39.70 42.90 → Tomasz Rodak - → - 04.12.2016 05.12.2016 - - - 51.66 42.90 → Tomasz Rodak - → - 12.01.2017 13.01.2017 - - - 54.85 42.90 → Tomasz Rodak - → - 08.02.2017 09.02.2017 - - - 63.50 42.90 → Tomasz Rodak Buy ↑ 13.02.2017 - 14.02.2017 13.02.2018 59% 46% 69.44 81.30 ↑ Tomasz Rodak - → - 07.03.2017 08.03.2017 - - - 73.27 81.30 → Tomasz Rodak - → - 11.04.2017 12.04.2017 - - - 66.40 81.30 → Tomasz Rodak - → - 28.05.2017 29.05.2017 - - - 71.95 80.30 ↓ Tomasz Rodak - → - 30.05.2017 31.05.2017 - - - 77.60 80.30 → Tomasz Rodak - → - 12.07.2017 13.07.2017 - - - 82.79 80.30 → Tomasz Rodak - → - 23.07.2017 24.07.2017 - - - 87.00 103.40 ↑ Tomasz Rodak - → - 20.08.2017 21.08.2017 - - - 86.50 103.40 → Tomasz Rodak - → - 29.08.2017 30.08.2017 - - - 80.52 103.40 → Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 84.20 103.40 → Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 117.80 103.40 → Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 107.00 103.40 →

12 LT fundamental recommendation tracker (continued) Relative Price at issue/ EFV Analyst Recommendation Report date Reiteration date Distribution date Expiry date Performance performance reiteration* (12 months) Tomasz Rodak - → - 10.12.2017 11.12.2017 - - - 94.00 138.20 ↑ Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 98.15 138.20 → Tomasz Rodak Buy → 13.02.2018 - 14.02.2018 04.02.2019 75% 82% 109.10 138.20 → Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 114.50 138.20 → Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 119.30 138.20 → Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 145.00 138.20 → Tomasz Rodak - → - 20.06.2018 21.06.2018 - - - 165.80 138.20 → Tomasz Rodak - → - 16.07.2018 17.07.2018 - - - 197.40 240.00 ↑ Tomasz Rodak - → - 02.08.2018 03.08.2018 - - - 195.40 240.00 → Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 210.40 240.00 → Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 152.00 240.00 → Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 144.30 240.00 → Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 146.50 240.00 → Tomasz Rodak - → - 09.12.2018 10.12.2018 - - - 144.00 205.20 ↓ Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 171.00 205.20 → Tomasz Rodak Buy → 04.02.2019 - 05.02.2019 01.09.2019 33% 42% 190.70 205.20 → Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 185.70 205.20 → Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 185.80 205.20 → Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 202.00 250.10 ↑ Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 211.20 250.10 → Tomasz Rodak - → - 29.05.2019 30.05.2019 - - - 208.70 249.00 ↓ Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 214.30 249.00 → Tomasz Rodak - → - 20.06.2019 21.06.2019 - - - 207.60 249.00 → Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 219.30 249.00 → Tomasz Rodak - → - 22.07.2019 23.07.2019 - - - 224.90 258.00 ↑ Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 225.90 258.00 → Tomasz Rodak - → - 27.08.2019 28.08.2019 - - - 245.20 258.00 → Tomasz Rodak Hold ↓ 01.09.2019 - 02.09.2019 Not later than 41% 78% 253.00 258.00 → 01.09.2020 Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 237.00 258.00 → Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 241.90 258.00 → Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 262.50 258.00 → Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 261.30 300.00 ↑ Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 288.60 300.00 → Tomasz Rodak - → - 16.01.2020 17.01.2020 - - - 282.30 300.00 → Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 305.00 300.00 → Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 313.70 300.00 → Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 305.80 300.00 → Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 280.90 300.00 → Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 347.00 300.00 → Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 357.50 352.00 ↑ * prices at issue/reiteration are the closing prices at the report or reiteration date pre-June 2014 recommendations issued at DM IDMSA

13 Market-relative recommendation tracker Relative Price at issue/ Relative Analyst Report date Reiteration date Distribution date Expiry date Recommendation reiteration* performance CD Projekt - Overweight - 11.12.2011 - - 02.09.2012 5.00 -17% - - → - 01.01.2012 - - 5.27 - - - → - 25.01.2012 - - 6.05 - - - → - 29.02.2012 - - 5.87 - - - → - 20.03.2012 - - 6.50 - - - → - 15.04.2012 - - 6.35 - - - → - 01.05.2012 - - 5.55 - - - → - 15.05.2012 - - 4.80 - - - → - 21.06.2012 - - 5.04 - - - → - 19.07.2012 - - 4.71 - - Neutral ↓ 02.09.2012 - - 13.12.2012 4.45 26% - - → - 10.10.2012 - - 5.31 - - - → - 14.11.2012 - - 5.40 - - Overweight ↑ 13.12.2012 - - 21.03.2013 6.30 16% - - → - 23.01.2013 - - 6.65 - - - → - 18.02.2013 - - 7.43 - - Neutral ↓ 21.03.2013 - - 12.12.2013 7.12 97% - - → - 17.04.2013 - - 6.75 - - - → - 25.04.2013 - - 6.80 - - - → - 15.05.2013 - - 7.53 - - - → - 17.06.2013 - - 9.49 - - - → - 25.07.2013 - - 9.56 - - - → - 13.08.2013 - - 11.06 - - - → - 01.09.2013 - - 12.37 - - - → - 20.10.2013 - - 14.20 - - - → - 14.11.2013 - - 15.60 - - Overweight ↑ 12.12.2013 - - 11.03.2014 15.99 6% - - → - 21.01.2014 - - 17.26 - - - → - 02.02.2014 - - 18.34 - - - → - 17.02.2014 - - 17.40 - - Underweight ↓ 11.03.2014 - - 13.04.2014 16.75 -14% - - → - 23.03.2014 - - 15.00 - - Overweight ↑ 13.04.2014 - - 08.12.2014 14.77 15% - - → - 16.04.2014 - - 14.24 - - - → - 15.05.2014 - - 14.25 - - - → - 16.06.2014 - - 16.25 - - - → - 20.07.2014 - - 15.25 - - - → - 18.08.2014 - - 15.25 - - - → - 01.09.2014 - - 15.45 - - - → - 14.10.2014 - - 15.46 - - - → - 16.11.2014 - - 16.44 - - Neutral ↓ 08.12.2014 - - 18.01.2015 17.30 0% - - → - 14.12.2014 - - 16.00 - Tomasz Rodak Overweight ↑ 18.01.2015 - 19.01.2015 16.11.2015 16.20 47% Tomasz Rodak - → - 10.02.2015 11.02.2015 - 16.20 - Tomasz Rodak - → - 23.03.2015 24.03.2015 - 19.24 - Tomasz Rodak - → - 19.04.2015 20.04.2015 - 21.24 - Tomasz Rodak - → - 12.05.2015 13.05.2015 - 23.24 - Tomasz Rodak - → - 17.05.2015 18.05.2015 - 24.70 - Tomasz Rodak - → - 21.06.2015 22.06.2015 - 23.70 - Tomasz Rodak - → - 16.07.2015 17.07.2015 - 26.69 - Tomasz Rodak - → - 03.08.2015 04.08.2015 - 26.69 - Tomasz Rodak - → - 31.08.2015 01.09.2015 - 24.30 - Tomasz Rodak - → - 15.10.2015 16.10.2015 - 27.00 - Tomasz Rodak Neutral ↓ 16.11.2015 - 17.11.2015 15.02.2016 23.00 3% Tomasz Rodak - → - 13.12.2015 14.12.2015 - 22.40 - Tomasz Rodak - → - 17.01.2016 18.01.2016 - 21.65 - Tomasz Rodak Overweight ↑ 15.02.2016 - 16.02.2016 31.08.2016 21.61 82% Tomasz Rodak - → - 21.03.2016 22.03.2016 - 24.94 - Tomasz Rodak - → - 13.04.2016 14.04.2016 - 25.60 - Tomasz Rodak - → - 16.05.2016 17.05.2016 - 26.70 - Tomasz Rodak - → - 27.06.2016 28.06.2016 - 26.30 - Tomasz Rodak - → - 14.07.2016 15.07.2016 - 29.18 - Tomasz Rodak - → - 24.07.2016 25.07.2016 - 33.02 - Tomasz Rodak - → - 21.08.2016 22.08.2016 - 36.32 - Tomasz Rodak Neutral ↓ 31.08.2016 - 31.08.2016 08.02.2017 42.50 29% Tomasz Rodak - → - 12.10.2016 13.10.2016 - 39.65 - Tomasz Rodak - → - 02.11.2016 03.11.2016 - 39.70 - Tomasz Rodak - → - 04.12.2016 05.12.2016 - 51.66 - Tomasz Rodak - → - 12.01.2017 13.01.2017 - 54.85 - Tomasz Rodak Overweight ↑ 08.02.2017 - 09.02.2017 10.01.2018 63.50 34% Tomasz Rodak - → - 13.02.2017 14.02.2017 - 69.44 - Tomasz Rodak - → - 07.03.2017 08.03.2017 - 73.27 - Tomasz Rodak - → - 11.04.2017 12.04.2017 - 66.40 - Tomasz Rodak - → - 28.05.2017 29.05.2017 - 71.95 - Tomasz Rodak - → - 30.05.2017 31.05.2017 - 77.60 - Tomasz Rodak - → - 12.07.2017 13.07.2017 - 82.79 - Tomasz Rodak - → - 23.07.2017 24.07.2017 - 87.00 - Tomasz Rodak - → - 20.08.2017 21.08.2017 - 86.50 - Tomasz Rodak - → - 29.08.2017 30.08.2017 - 80.52 - Tomasz Rodak - → - 03.09.2017 04.09.2017 - 84.20 - Tomasz Rodak - → - 15.10.2017 16.10.2017 - 117.80 - Tomasz Rodak - → - 15.11.2017 16.11.2017 - 107.00 -

14 Market-relative recommendation tracker (continued) Relative Price at issue/ Relative Analyst Report date Reiteration date Distribution date Expiry date Recommendation reiteration* performance Tomasz Rodak - → - 10.12.2017 11.12.2017 - 94.00 - Tomasz Rodak Overweight → 10.01.2018 - 11.01.2018 10.01.2019 98.15 91% Tomasz Rodak - → - 13.02.2018 14.02.2018 - 109.10 - Tomasz Rodak - → - 12.03.2018 13.03.2018 - 114.50 - Tomasz Rodak - → - 16.04.2018 17.04.2018 - 119.30 - Tomasz Rodak - → - 29.05.2018 30.05.2018 - 145.00 - Tomasz Rodak - → - 20.06.2018 21.06.2018 - 165.80 - Tomasz Rodak - → - 16.07.2018 17.07.2018 - 197.40 - Tomasz Rodak - → - 02.08.2018 03.08.2018 - 195.40 - Tomasz Rodak - → - 30.08.2018 31.08.2018 - 210.40 - Tomasz Rodak - → - 11.10.2018 12.10.2018 - 152.00 - Tomasz Rodak - → - 23.10.2018 24.10.2018 - 144.30 - Tomasz Rodak - → - 14.11.2018 15.11.2018 - 146.50 - Tomasz Rodak - → - 09.12.2018 10.12.2018 - 144.00 - Tomasz Rodak Overweight → 10.01.2019 - 11.01.2019 01.09.2019 171.00 55% Tomasz Rodak - → - 04.02.2019 05.02.2019 - 190.70 - Tomasz Rodak - → - 26.02.2019 27.02.2019 - 185.70 - Tomasz Rodak - → - 26.03.2019 27.03.2019 - 185.80 - Tomasz Rodak - → - 22.04.2019 23.04.2019 - 202.00 - Tomasz Rodak - → - 24.04.2019 25.04.2019 - 211.20 - Tomasz Rodak - → - 29.05.2019 30.05.2019 - 208.70 - Tomasz Rodak - → - 30.05.2019 31.05.2019 - 214.30 - Tomasz Rodak - → - 20.06.2019 21.06.2019 - 207.60 - Tomasz Rodak - → - 17.07.2019 18.07.2019 - 219.30 - Tomasz Rodak - → - 22.07.2019 23.07.2019 - 224.90 - Tomasz Rodak - → - 30.07.2019 31.07.2019 - 225.90 - Tomasz Rodak - → - 27.08.2019 28.08.2019 - 245.20 - Tomasz Rodak Neutral ↓ 01.09.2019 - 02.09.2019 08.12.2019 253.00 5% Tomasz Rodak - → - 13.10.2019 14.10.2019 - 237.00 - Tomasz Rodak - → - 24.10.2019 25.10.2019 - 241.90 - Tomasz Rodak - → - 17.11.2019 18.11.2019 - 262.50 - Tomasz Rodak Overweight ↑ 08.12.2019 - 09.12.2019 16.01.2020 261.30 3% Tomasz Rodak - → - 09.01.2020 10.01.2020 - 288.60 - Tomasz Rodak Neutral ↓ 16.01.2020 - 17.01.2020 03.03.2020 282.30 27% Tomasz Rodak - → - 04.02.2020 05.02.2020 - 305.00 - Tomasz Rodak - → - 06.02.2020 07.02.2020 - 313.70 - Tomasz Rodak Overweight ↑ 03.03.2020 - 04.03.2020 Not later than 03.03.2021 305.80 30% Tomasz Rodak - → - 30.03.2020 31.03.2020 - 280.90 - Tomasz Rodak - → - 22.04.2020 23.04.2020 - 347.00 - Tomasz Rodak - → - 05.05.2020 06.05.2020 - 357.50 - * prices at issue/reiteration are the closing prices at the report or reiteration date pre-June 2014 recommendations issued at DM IDMSA

15 LT fundamental recommendation tracker Relative Price at issue/ EFV Analyst Recommendation Report date Reiteration date Distribution date Expiry date Performance performance reiteration* (12 months) CI Games - Buy - 11.12.2011 - - 25.07.2012 -13% -15% 27.65 44.50 - - - → - 01.01.2012 - - - - 29.00 44.50 → - - → - 25.01.2012 - - - - 28.10 44.50 → - - → - 29.02.2012 - - - - 29.80 44.50 → - - → - 20.03.2012 - - - - 28.15 44.50 → - - → - 15.04.2012 - - - - 27.90 44.50 → - - → - 23.04.2012 - - - - 27.33 41.60 ↓ - - → - 15.05.2012 - - - - 26.39 41.60 → - - → - 16.05.2012 - - - - 26.20 41.60 → - - → - 21.06.2012 - - - - 26.97 41.60 → - - → - 19.07.2012 - - - - 24.90 41.60 → - - → - 23.07.2012 - - - - 23.30 37.40 ↓ - Hold ↓ 25.07.2012 - - 10.10.2012 -1% -12% 24.00 26.40 ↓ - - → - 02.09.2012 - - - - 16.95 26.40 → - - → - 02.10.2012 - - - - 20.59 26.40 → - Buy ↑ 10.10.2012 - - 18.04.2013 -5% -4% 23.80 26.40 → - - → - 05.11.2012 - - - - 21.90 26.40 → - - → - 14.11.2012 - - - - 20.30 26.40 → - - → - 13.12.2012 - - - - 25.60 30.00 ↑ - - → - 10.01.2013 - - - - 23.88 30.00 → - - → - 23.01.2013 - - - - 27.38 30.00 → - - → - 18.02.2013 - - - - 27.37 30.00 → - - → - 21.03.2013 - - - - 23.30 30.00 → - - → - 17.04.2013 - - - - 23.00 30.00 → - Hold ↓ 18.04.2013 - - 11.08.2013 -24% -33% 22.50 24.50 ↓ - - → - 15.05.2013 - - - - 18.45 24.50 → - - → - 17.06.2013 - - - - 16.90 24.50 → - - → - 25.07.2013 - - - - 16.10 24.50 → - Sell ↓ 11.08.2013 - - 28.11.2013 -47% -52% 17.05 15.30 ↓ - - → - 01.09.2013 - - - - 17.50 15.30 → - - → - 24.09.2013 - - - - 17.05 15.30 → - - → - 08.10.2013 - - - - 15.49 15.30 → - - → - 20.10.2013 - - - - 9.00 15.30 → - - → - 14.11.2013 - - - - 9.85 15.30 → - Suspended - 28.11.2013 - - 10.12.2013 11% 15% 9.00 n.a. - - Buy - 10.12.2013 - - 02.02.2014 28% 32% 10.00 15.00 - - - → - 12.12.2013 - - - - 9.60 15.00 → - - → - 21.01.2014 - - - - 13.35 15.00 → - Hold ↓ 02.02.2014 - - 22.06.2014 -23% -26% 12.75 15.00 → - - → - 17.02.2014 - - - - 10.37 15.00 → - - → - 23.03.2014 - - - - 9.89 15.00 → - - → - 03.04.2014 - - - - 10.85 15.00 → - - → - 13.04.2014 - - - - 11.41 15.00 → - - → - 16.04.2014 - - - - 11.01 15.00 → - - → - 15.05.2014 - - - - 10.25 15.00 → - - → - 16.06.2014 - - - - 10.04 15.00 → - Sell ↓ 22.06.2014 - - 18.08.2014 -21% -20% 9.80 9.30 ↓ - - → - 20.07.2014 - - - - 7.94 9.30 → - Hold ↑ 18.08.2014 - - 23.10.2014 43% 40% 7.72 9.30 → - - → - 01.09.2014 - - - - 8.20 9.30 → - - → - 14.10.2014 - - - - 8.63 9.30 → - Sell ↓ 23.10.2014 - - 14.12.2014 -21% -19% 11.06 9.30 → - - → - 16.11.2014 - - - - 10.40 9.30 → Anrzej Bernatowicz Hold ↑ 14.12.2014 - 15.12.2014 11.08.2015 138% 135% 8.73 9.30 → Tomasz Rodak - → - 18.01.2015 19.01.2015 - - - 8.30 9.30 → Tomasz Rodak - → - 10.02.2015 11.02.2015 - - - 8.01 9.30 → Tomasz Rodak - → - 26.02.2015 27.02.2015 - - - 8.45 9.30 → Tomasz Rodak - → - 23.03.2015 24.03.2015 - - - 8.94 9.30 → Tomasz Rodak - → - 19.04.2015 20.04.2015 - - - 7.63 9.30 → Tomasz Rodak - → - 17.05.2015 18.05.2015 - - - 8.44 9.30 → Tomasz Rodak - → - 14.06.2015 15.06.2015 - - - 11.50 9.30 → Tomasz Rodak - → - 21.06.2015 22.06.2015 - - - 12.89 9.30 → Tomasz Rodak - → - 16.07.2015 17.07.2015 - - - 16.80 9.30 → Tomasz Rodak Sell ↓ 11.08.2015 - 12.08.2015 24.07.2016 31% 49% 20.81 16.80 ↑ Tomasz Rodak - → - 31.08.2015 01.09.2015 - - - 18.65 16.80 → Tomasz Rodak - → - 15.10.2015 16.10.2015 - - - 23.50 16.80 → Tomasz Rodak - → - 16.11.2015 17.11.2015 - - - 20.80 16.80 → Tomasz Rodak - → - 17.11.2015 18.11.2015 - - - 22.99 16.80 → Tomasz Rodak - → - 13.12.2015 14.12.2015 - - - 20.30 17.40 ↑ Tomasz Rodak - → - 17.01.2016 18.01.2016 - - - 20.70 17.40 → Tomasz Rodak - → - 15.02.2016 16.02.2016 - - - 20.86 17.40 → Tomasz Rodak - → - 21.03.2016 22.03.2016 - - - 22.85 17.40 → Tomasz Rodak - → - 13.04.2016 14.04.2016 - - - 25.68 17.40 → Tomasz Rodak - → - 16.05.2016 17.05.2016 - - - 24.42 17.40 → Tomasz Rodak - → - 27.06.2016 28.06.2016 - - - 23.50 17.40 → Tomasz Rodak Sell → 24.07.2016 - 25.07.2016 12.07.2017 -65% -73% 27.19 17.40 → Tomasz Rodak - → - 21.08.2016 22.08.2016 - - - 30.70 17.40 → Tomasz Rodak - → - 31.08.2016 01.09.2016 - - - 31.64 17.40 → Tomasz Rodak - → - 12.10.2016 13.10.2016 - - - 30.45 17.40 → Tomasz Rodak - → - 16.10.2016 17.10.2016 - - - 30.41 17.40 → Tomasz Rodak - → - 02.11.2016 03.11.2016 - - - 26.90 17.40 → Tomasz Rodak - → - 14.11.2016 15.11.2016 - - - 28.07 17.40 → Tomasz Rodak - → - 04.12.2016 05.12.2016 - - - 25.90 17.40 →

16 LT fundamental recommendation tracker (continued) Relative Price at issue/ EFV Analyst Recommendation Report date Reiteration date Distribution date Expiry date Performance performance reiteration* (12 months) Tomasz Rodak - → - 12.01.2017 13.01.2017 - - - 28.10 17.40 → Tomasz Rodak - → - 08.02.2017 09.02.2017 - - - 27.49 17.40 → Tomasz Rodak - → - 15.02.2017 16.02.2017 - - - 29.00 21.70 ↑ Tomasz Rodak - → - 22.02.2017 23.02.2017 - - - 2.82 2.17 ↓ Tomasz Rodak - → - 07.03.2017 08.03.2017 - - - 2.53 2.17 → Tomasz Rodak - → - 11.04.2017 12.04.2017 - - - 2.93 2.17 → Tomasz Rodak - → - 08.05.2017 09.05.2017 - - - 1.58 1.16 ↓ Tomasz Rodak - → - 30.05.2017 31.05.2017 - - - 1.01 1.16 → Tomasz Rodak Sell → 12.07.2017 - 13.07.2017 10.12.2017 10% 9% 0.96 1.16 → Tomasz Rodak - → - 12.07.2017 13.07.2017 - - - 0.96 1.16 → Tomasz Rodak - → - 20.08.2017 21.08.2017 - - - 1.16 0.72 ↓ Tomasz Rodak - → - 29.08.2017 30.08.2017 - - - 0.99 0.72 → Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 1.05 0.72 → Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 1.07 0.72 → Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 1.07 0.72 → Tomasz Rodak Hold ↑ 10.12.2017 - 11.12.2017 09.12.2018 -17% -11% 1.06 0.86 ↑ Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 1.09 0.86 → Tomasz Rodak - → - 13.02.2018 14.02.2018 - - - 0.99 0.86 → Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 1.01 0.86 → Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 0.89 0.86 → Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 1.01 0.86 → Tomasz Rodak - → - 16.07.2018 17.07.2018 - - - 0.87 0.86 → Tomasz Rodak - → - 02.08.2018 03.08.2018 - - - 0.86 0.86 → Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 1.36 0.86 → Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 0.87 0.86 → Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 0.89 0.86 → Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 0.83 0.86 → Tomasz Rodak Hold → 09.12.2018 - 10.12.2018 03.06.2019 27% 28% 0.88 0.74 ↓ Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 0.96 0.74 → Tomasz Rodak - → - 04.02.2019 05.02.2019 - - - 1.13 0.74 → Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 1.25 0.74 → Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 1.10 0.74 → Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 1.07 1.05 ↑ Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 1.02 1.05 → Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 1.13 1.05 → Tomasz Rodak Suspended - 03.06.2019 - 04.06.2019 17.07.2019 -11% -14% 1.12 - - Tomasz Rodak Hold - 17.07.2019 - 18.07.2019 08.12.2019 -13% -7% 0.99 1.05 - Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 0.98 1.05 → Tomasz Rodak - → - 27.08.2019 28.08.2019 - - - 0.98 1.05 → Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 0.97 1.05 → Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 1.01 1.05 → Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 1.12 1.05 → Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 0.89 1.05 → Tomasz Rodak Sell ↓ 08.12.2019 - 09.12.2019 30.03.2020 -29% -3% 0.86 0.60 ↓ Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 0.81 0.60 → Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 0.81 0.60 → Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 0.81 0.60 → Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 0.68 0.60 → Tomasz Rodak Hold ↑ 30.03.2020 - 31.03.2020 Not later than 15% 4% 0.61 0.60 → 30.03.2021 Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 0.69 0.60 → Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 0.70 0.64 ↑ * prices at issue/reiteration are the closing prices at the report or reiteration date pre-June 2014 recommendations issued at DM IDMSA

17 Market-relative recommendation tracker Relative Price at issue/ Relative Analyst Report date Reiteration date Distribution date Expiry date Recommendation reiteration* performance CI Games - Overweight - 11.12.2011 - - 25.07.2012 27.65 -15% - - → - 01.01.2012 - - 29.00 - - - → - 25.01.2012 - - 28.10 - - - → - 29.02.2012 - - 29.80 - - - → - 20.03.2012 - - 28.15 - - - → - 15.04.2012 - - 27.90 - - - → - 23.04.2012 - - 27.33 - - - → - 15.05.2012 - - 26.39 - - - → - 16.05.2012 - - 26.20 - - - → - 21.06.2012 - - 26.97 - - - → - 19.07.2012 - - 24.90 - - - → - 23.07.2012 - - 23.30 - - Underweight ↓ 25.07.2012 - - 02.10.2012 24.00 -24% - - → - 02.09.2012 - - 16.95 - - Overweight ↑ 02.10.2012 - - 05.11.2012 20.59 8% - - → - 10.10.2012 - - 23.80 - - Neutral ↓ 05.11.2012 - - 10.01.2013 21.90 0% - - → - 14.11.2012 - - 20.30 - - - → - 13.12.2012 - - 25.60 - - Overweight ↑ 10.01.2013 - - 18.04.2013 23.88 3% - - → - 23.01.2013 - - 27.38 - - - → - 18.02.2013 - - 27.37 - - - → - 21.03.2013 - - 23.30 - - - → - 17.04.2013 - - 23.00 - - Neutral ↓ 18.04.2013 - - 11.08.2013 22.50 -33% - - → - 15.05.2013 - - 18.45 - - - → - 17.06.2013 - - 16.90 - - - → - 25.07.2013 - - 16.10 - - Underweight ↓ 11.08.2013 - - 24.09.2013 17.05 -2% - - → - 01.09.2013 - - 17.50 - - Neutral ↑ 24.09.2013 - - 08.10.2013 17.05 -9% - Underweight ↓ 08.10.2013 - - 28.11.2013 15.49 -46% - - → - 20.10.2013 - - 9.00 - - - → - 14.11.2013 - - 9.85 - - Suspended - 28.11.2013 - - 10.12.2013 9.00 15% - Overweight - 10.12.2013 - - 02.02.2014 10.00 32% - - → - 12.12.2013 - - 9.60 - - - → - 21.01.2014 - - 13.35 - - Neutral ↓ 02.02.2014 - - 03.04.2014 12.75 -18% - - → - 17.02.2014 - - 10.37 - - - → - 23.03.2014 - - 9.89 - - Overweight ↑ 03.04.2014 - - 22.06.2014 10.85 -10% - - → - 13.04.2014 - - 11.41 - - - → - 16.04.2014 - - 11.01 - - - → - 15.05.2014 - - 10.25 - - - → - 16.06.2014 - - 10.04 - - Underweight ↓ 22.06.2014 - - 18.08.2014 9.80 -20% - - → - 20.07.2014 - - 7.94 - - Overweight ↑ 18.08.2014 - - 23.10.2014 7.72 40% - - → - 01.09.2014 - - 8.20 - - - → - 14.10.2014 - - 8.63 - - Underweight ↓ 23.10.2014 - - 14.12.2014 11.06 -19% - - → - 16.11.2014 - - 10.40 - Anrzej Bernatowicz Neutral ↑ 14.12.2014 - 15.12.2014 26.02.2015 8.73 -5% Tomasz Rodak - → - 18.01.2015 19.01.2015 - 8.30 - Tomasz Rodak - → - 10.02.2015 11.02.2015 - 8.01 - Tomasz Rodak Underweight ↓ 26.02.2015 - 27.02.2015 14.06.2015 8.45 34% Tomasz Rodak - → - 23.03.2015 24.03.2015 - 8.94 - Tomasz Rodak - → - 19.04.2015 20.04.2015 - 7.63 - Tomasz Rodak - → - 17.05.2015 18.05.2015 - 8.44 - Tomasz Rodak Neutral ↑ 14.06.2015 - 15.06.2015 11.08.2015 11.50 84% Tomasz Rodak - → - 21.06.2015 22.06.2015 - 12.89 - Tomasz Rodak - → - 16.07.2015 17.07.2015 - 16.80 - Tomasz Rodak Underweight ↓ 11.08.2015 - 12.08.2015 17.11.2015 20.81 19% Tomasz Rodak - → - 31.08.2015 01.09.2015 - 18.65 - Tomasz Rodak - → - 15.10.2015 16.10.2015 - 23.50 - Tomasz Rodak - → - 16.11.2015 17.11.2015 - 20.80 - Tomasz Rodak Neutral ↑ 17.11.2015 - 18.11.2015 16.10.2016 22.99 37% Tomasz Rodak - → - 13.12.2015 14.12.2015 - 20.30 - Tomasz Rodak - → - 17.01.2016 18.01.2016 - 20.70 - Tomasz Rodak - → - 15.02.2016 16.02.2016 - 20.86 - Tomasz Rodak - → - 21.03.2016 22.03.2016 - 22.85 - Tomasz Rodak - → - 13.04.2016 14.04.2016 - 25.68 - Tomasz Rodak - → - 16.05.2016 17.05.2016 - 24.42 - Tomasz Rodak - → - 27.06.2016 28.06.2016 - 23.50 - Tomasz Rodak - → - 24.07.2016 25.07.2016 - 27.19 - Tomasz Rodak - → - 21.08.2016 22.08.2016 - 30.70 - Tomasz Rodak - → - 31.08.2016 01.09.2016 - 31.64 - Tomasz Rodak - → - 12.10.2016 13.10.2016 - 30.45 - Tomasz Rodak Underweight ↓ 16.10.2016 - 17.10.2016 02.11.2016 30.41 -13% Tomasz Rodak Neutral ↑ 02.11.2016 - 03.11.2016 14.11.2016 26.90 5% Tomasz Rodak Underweight ↓ 14.11.2016 - 15.11.2016 15.10.2017 28.07 -72% Tomasz Rodak - → - 04.12.2016 05.12.2016 - 25.90 -

18 Market-relative recommendation tracker (continued) Relative Price at issue/ Relative Analyst Report date Reiteration date Distribution date Expiry date Recommendation reiteration* performance Tomasz Rodak - → - 12.01.2017 13.01.2017 - 28.10 - Tomasz Rodak - → - 08.02.2017 09.02.2017 - 27.49 - Tomasz Rodak - → - 15.02.2017 16.02.2017 - 29.00 - Tomasz Rodak - → - 22.02.2017 23.02.2017 - 2.82 - Tomasz Rodak - → - 07.03.2017 08.03.2017 - 2.53 - Tomasz Rodak - → - 11.04.2017 12.04.2017 - 2.93 - Tomasz Rodak - → - 08.05.2017 09.05.2017 - 1.58 - Tomasz Rodak - → - 30.05.2017 31.05.2017 - 1.01 - Tomasz Rodak - → - 12.07.2017 13.07.2017 - 0.96 - Tomasz Rodak - → - 12.07.2017 13.07.2017 - 0.96 - Tomasz Rodak - → - 20.08.2017 21.08.2017 - 1.16 - Tomasz Rodak - → - 29.08.2017 30.08.2017 - 0.99 - Tomasz Rodak - → - 03.09.2017 04.09.2017 - 1.05 - Tomasz Rodak Underweight → 15.10.2017 - 16.10.2017 11.10.2018 1.07 -5% Tomasz Rodak - → - 15.11.2017 16.11.2017 - 1.07 - Tomasz Rodak - → - 10.12.2017 11.12.2017 - 1.06 - Tomasz Rodak - → - 10.01.2018 11.01.2018 - 1.09 - Tomasz Rodak - → - 13.02.2018 14.02.2018 - 0.99 - Tomasz Rodak - → - 12.03.2018 13.03.2018 - 1.01 - Tomasz Rodak - → - 16.04.2018 17.04.2018 - 0.89 - Tomasz Rodak - → - 29.05.2018 30.05.2018 - 1.01 - Tomasz Rodak - → - 16.07.2018 17.07.2018 - 0.87 - Tomasz Rodak - → - 02.08.2018 03.08.2018 - 0.86 - Tomasz Rodak - → - 30.08.2018 31.08.2018 - 1.36 - Tomasz Rodak Underweight → 11.10.2018 - 12.10.2018 09.12.2018 0.87 -3% Tomasz Rodak - → - 23.10.2018 24.10.2018 - 0.89 - Tomasz Rodak - → - 14.11.2018 15.11.2018 - 0.83 - Tomasz Rodak Neutral ↑ 09.12.2018 - 10.12.2018 03.06.2019 0.88 28% Tomasz Rodak - → - 10.01.2019 11.01.2019 - 0.96 - Tomasz Rodak - → - 04.02.2019 05.02.2019 - 1.13 - Tomasz Rodak - → - 26.02.2019 27.02.2019 - 1.25 - Tomasz Rodak - → - 26.03.2019 27.03.2019 - 1.10 - Tomasz Rodak - → - 22.04.2019 23.04.2019 - 1.07 - Tomasz Rodak - → - 24.04.2019 25.04.2019 - 1.02 - Tomasz Rodak - → 30.05.2019 31.05.2019 - 1.13 - Tomasz Rodak Suspended - 03.06.2019 - 04.06.2019 17.07.2019 1.12 -14% Tomasz Rodak Neutral - 17.07.2019 - 18.07.2019 17.11.2019 0.99 -9% Tomasz Rodak - → - 30.07.2019 31.07.2019 - 0.98 - Tomasz Rodak - → - 27.08.2019 28.08.2019 - 0.98 - Tomasz Rodak - → - 01.09.2019 02.09.2019 - 0.97 - Tomasz Rodak - → - 13.10.2019 14.10.2019 - 1.01 - Tomasz Rodak - → - 24.10.2019 25.10.2019 - 1.12 - Tomasz Rodak Underweight ↓ 17.11.2019 - 18.11.2019 30.03.2020 0.89 -1% Tomasz Rodak - → - 08.12.2019 09.12.2019 - 0.86 - Tomasz Rodak - → - 09.01.2020 10.01.2020 - 0.81 - Tomasz Rodak - → - 04.02.2020 05.02.2020 - 0.81 - Tomasz Rodak - → - 06.02.2020 07.02.2020 - 0.81 - Tomasz Rodak - → - 03.03.2020 04.03.2020 - 0.68 - Tomasz Rodak Neutral ↑ 30.03.2020 - 31.03.2020 Not later than 30.03.2021 0.61 4% Tomasz Rodak - → - 22.04.2020 23.04.2020 - 0.69 - Tomasz Rodak - → - 05.05.2020 06.05.2020 - 0.70 - * prices at issue/reiteration are the closing prices at the report or reiteration date pre-June 2014 recommendations issued at DM IDMSA

19 LT fundamental recommendation tracker Relative Price at issue/ EFV Analyst Recommendation Report date Reiteration date Distribution date Expiry date Performance performance reiteration* (12 months) PlayWay Tomasz Rodak Buy - 20.08.2017 - 21.08.2017 02.08.2018 201% 214% 56.10 84.30 - Tomasz Rodak - → - 03.09.2017 04.09.2017 - - - 63.27 84.30 → Tomasz Rodak - → - 15.10.2017 16.10.2017 - - - 67.00 84.30 → Tomasz Rodak - → - 15.11.2017 16.11.2017 - - - 62.40 84.30 → Tomasz Rodak - → - 10.12.2017 11.12.2017 - - - 63.80 84.30 → Tomasz Rodak - → - 10.01.2018 11.01.2018 - - - 68.00 84.30 → Tomasz Rodak - → - 13.02.2018 14.02.2018 - - - 86.00 84.30 → Tomasz Rodak - → - 27.02.2018 28.02.2018 - - - 89.00 111.00 ↑ Tomasz Rodak - → - 12.03.2018 13.03.2018 - - - 94.40 111.00 → Tomasz Rodak - → - 16.04.2018 17.04.2018 - - - 106.00 111.00 → Tomasz Rodak - → - 27.05.2018 28.05.2018 - - - 175.00 223.20 ↑ Tomasz Rodak - → - 29.05.2018 30.05.2018 - - - 173.00 223.20 → Tomasz Rodak - → - 08.07.2018 09.07.2018 - - - 126.00 220.80 ↓ Tomasz Rodak - → - 16.07.2018 17.07.2018 - - - 122.00 220.80 → Tomasz Rodak Hold ↓ 02.08.2018 - 03.08.2018 30.07.2019 13% 13% 166.50 165.40 ↓ Tomasz Rodak - → - 30.08.2018 31.08.2018 - - - 153.50 165.40 → Tomasz Rodak - → - 11.10.2018 12.10.2018 - - - 122.00 165.40 → Tomasz Rodak - → - 23.10.2018 24.10.2018 - - - 116.50 165.40 → Tomasz Rodak - → - 14.11.2018 15.11.2018 - - - 136.00 165.40 → Tomasz Rodak - → - 09.12.2018 10.12.2018 - - - 143.00 172.00 ↑ Tomasz Rodak - → - 10.01.2019 11.01.2019 - - - 152.50 172.00 → Tomasz Rodak - → - 04.02.2019 05.02.2019 - - - 163.00 172.00 → Tomasz Rodak - → - 26.02.2019 27.02.2019 - - - 153.50 172.00 → Tomasz Rodak - → - 26.03.2019 27.03.2019 - - - 174.00 172.00 → Tomasz Rodak - → - 22.04.2019 23.04.2019 - - - 194.80 185.30 ↑ Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 195.20 185.30 → Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 180.80 185.30 → Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 180.40 182.80 ↓ Tomasz Rodak Hold → 30.07.2019 - 31.07.2019 01.12.2019 -4% -1% 185.20 186.40 ↑ Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 178.80 186.40 → Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 189.00 186.40 → Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 182.00 186.40 → Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 179.40 186.40 → Tomasz Rodak Buy ↑ 01.12.2019 - 02.12.2019 04.02.2020 77% 77% 178.20 244.00 ↑ Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 212.00 244.00 → Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 258.00 244.00 → Tomasz Rodak Hold ↓ 04.02.2020 - 05.02.2020 Not later than 36% 74% 313.00 338.00 ↑ 04.02.2021 Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 320.00 338.00 → Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 340.50 338.00 → Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 300.00 338.00 → Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 416.00 338.00 → Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 426.50 376.00 ↑ * prices at issue/reiteration are the closing prices at the report or reiteration date

20 Market-relative recommendation tracker Relative Price at issue/ Relative Analyst Report date Reiteration date Distribution date Expiry date Recommendation reiteration* performance PlayWay Tomasz Rodak Overweight - 20.08.2017 - 21.08.2017 02.08.2018 56.10 214% Tomasz Rodak - → - 03.09.2017 04.09.2017 - 63.27 - Tomasz Rodak - → - 15.10.2017 16.10.2017 - 67.00 - Tomasz Rodak - → - 15.11.2017 16.11.2017 - 62.40 - Tomasz Rodak - → - 10.12.2017 11.12.2017 - 63.80 - Tomasz Rodak - → - 10.01.2018 11.01.2018 - 68.00 - Tomasz Rodak - → - 13.02.2018 14.02.2018 - 86.00 - Tomasz Rodak - → - 27.02.2018 28.02.2018 - 89.00 - Tomasz Rodak - → - 12.03.2018 13.03.2018 - 94.40 - Tomasz Rodak - → - 16.04.2018 17.04.2018 - 106.00 - Tomasz Rodak - → - 27.05.2018 28.05.2018 - 175.00 - Tomasz Rodak - → - 29.05.2018 30.05.2018 - 173.00 - Tomasz Rodak - → - 08.07.2018 09.07.2018 - 126.00 - Tomasz Rodak - → - 16.07.2018 17.07.2018 - 122.00 - Tomasz Rodak Overweight → 02.08.2018 - 03.08.2018 30.07.2019 166.50 11% Tomasz Rodak - → - 30.08.2018 31.08.2018 - 153.50 - Tomasz Rodak - → - 11.10.2018 12.10.2018 - 122.00 - Tomasz Rodak - → - 23.10.2018 24.10.2018 - 116.50 - Tomasz Rodak - → - 14.11.2018 15.11.2018 - 136.00 - Tomasz Rodak - → - 09.12.2018 10.12.2018 - 143.00 - Tomasz Rodak - → - 10.01.2019 11.01.2019 - 152.50 - Tomasz Rodak - → - 04.02.2019 05.02.2019 - 163.00 - Tomasz Rodak - → - 26.02.2019 27.02.2019 - 153.50 - Tomasz Rodak - → - 26.03.2019 27.03.2019 - 174.00 - Tomasz Rodak - → - 22.04.2019 23.04.2019 - 194.80 - Tomasz Rodak - → - 24.04.2019 25.04.2019 - 195.20 - Tomasz Rodak - → - 30.05.2019 31.05.2019 - 180.80 - Tomasz Rodak - → - 17.07.2019 18.07.2019 - 180.40 - Tomasz Rodak Overweight → 30.07.2019 - 31.07.2019 03.03.2020 185.20 118% Tomasz Rodak - → - 01.09.2019 02.09.2019 - 178.80 - Tomasz Rodak - → - 13.10.2019 14.10.2019 - 189.00 - Tomasz Rodak - → - 24.10.2019 25.10.2019 - 182.00 - Tomasz Rodak - → - 17.11.2019 18.11.2019 - 179.40 - Tomasz Rodak - → - 01.12.2019 02.12.2019 - 178.20 - Tomasz Rodak - → - 08.12.2019 09.12.2019 - 212.00 - Tomasz Rodak - → - 09.01.2020 10.01.2020 - 258.00 - Tomasz Rodak - → - 04.02.2020 05.02.2020 - 313.00 - Tomasz Rodak - → - 06.02.2020 07.02.2020 - 320.00 - Tomasz Rodak Neutral ↓ 03.03.2020 - 04.03.2020 Not later than 03.03.2021 340.50 40% Tomasz Rodak - → - 30.03.2020 31.03.2020 - 300.00 - Tomasz Rodak - → - 22.04.2020 23.04.2020 - 416.00 - Tomasz Rodak - → - 05.05.2020 06.05.2020 - 426.50 - * prices at issue/reiteration are the closing prices at the report or reiteration date

21 LT fundamental recommendation tracker Relative Price at issue/ EFV Analyst Recommendation Report date Reiteration date Distribution date Expiry date Performance performance reiteration* (12 months) Ten Square Games Tomasz Rodak Buy - 22.04.2019 - 23.04.2019 15.01.2020 106% 114% 114.60 154.00 - Tomasz Rodak - → - 24.04.2019 25.04.2019 - - - 119.00 154.00 → Tomasz Rodak - → - 30.05.2019 31.05.2019 - - - 135.00 154.00 → Tomasz Rodak - → - 03.06.2019 04.06.2019 - - - 129.20 150.00 ↓ Tomasz Rodak - → - 17.07.2019 18.07.2019 - - - 120.60 150.00 → Tomasz Rodak - → - 30.07.2019 31.07.2019 - - - 122.80 150.00 → Tomasz Rodak - → - 01.09.2019 02.09.2019 - - - 138.00 150.00 → Tomasz Rodak - → - 10.10.2019 11.10.2019 - - - 148.40 193.00 ↑ Tomasz Rodak - → - 13.10.2019 14.10.2019 - - - 149.60 193.00 → Tomasz Rodak - → - 24.10.2019 25.10.2019 - - - 146.80 193.00 → Tomasz Rodak - → - 17.11.2019 18.11.2019 - - - 167.40 193.00 → Tomasz Rodak - → - 08.12.2019 09.12.2019 - - - 178.20 205.00 ↑ Tomasz Rodak - → - 09.01.2020 10.01.2020 - - - 243.00 205.00 → Tomasz Rodak Hold ↓ 15.01.2020 - 16.01.2020 20.02.2020 16% 18% 232.00 252.00 ↑ Tomasz Rodak - → - 04.02.2020 05.02.2020 - - - 263.50 252.00 → Tomasz Rodak - → - 06.02.2020 07.02.2020 - - - 263.00 252.00 → Tomasz Rodak Buy ↑ 20.02.2020 - 21.02.2020 Not later than 68% 116% 269.50 371.00 ↑ 20.02.2021 Tomasz Rodak - → - 03.03.2020 04.03.2020 - - - 305.00 371.00 → Tomasz Rodak - → - 30.03.2020 31.03.2020 - - - 277.00 371.00 → Tomasz Rodak - → - 22.04.2020 23.04.2020 - - - 371.00 371.00 → Tomasz Rodak - → - 05.05.2020 06.05.2020 - - - 453.00 503.00 ↑ * prices at issue/reiteration are the closing prices at the report or reiteration date

Market-relative recommendation tracker Relative Price at issue/ Relative Analyst Report date Reiteration date Distribution date Expiry date Recommendation reiteration* performance Ten Square Games Tomasz Rodak Overweight - 22.04.2019 - 23.04.2019 15.01.2020 114.60 114% Tomasz Rodak - → - 24.04.2019 25.04.2019 - 119.00 - Tomasz Rodak - → - 30.05.2019 31.05.2019 - 135.00 - Tomasz Rodak - → - 03.06.2019 04.06.2019 - 129.20 - Tomasz Rodak - → - 17.07.2019 18.07.2019 - 120.60 - Tomasz Rodak - → - 30.07.2019 31.07.2019 - 122.80 - Tomasz Rodak - → - 01.09.2019 02.09.2019 - 138.00 - Tomasz Rodak - → - 10.10.2019 11.10.2019 - 148.40 - Tomasz Rodak - → - 13.10.2019 14.10.2019 - 149.60 - Tomasz Rodak - → - 24.10.2019 25.10.2019 - 146.80 - Tomasz Rodak - → - 17.11.2019 18.11.2019 - 167.40 - Tomasz Rodak - → - 08.12.2019 09.12.2019 - 178.20 - Tomasz Rodak - → - 09.01.2020 10.01.2020 - 243.00 - Tomasz Rodak Neutral ↓ 15.01.2020 - 16.01.2020 20.02.2020 232.00 18% Tomasz Rodak - → - 04.02.2020 05.02.2020 - 263.50 - Tomasz Rodak - → - 06.02.2020 07.02.2020 - 263.00 - Tomasz Rodak Overweight ↑ 20.02.2020 - 21.02.2020 Not later than 20.02.2021 269.50 116% Tomasz Rodak - → - 03.03.2020 04.03.2020 - 305.00 - Tomasz Rodak - → - 30.03.2020 31.03.2020 - 277.00 - Tomasz Rodak - → - 22.04.2020 23.04.2020 - 371.00 - Tomasz Rodak - → - 05.05.2020 06.05.2020 - 453.00 - * prices at issue/reiteration are the closing prices at the report or reiteration date

22 Institutional sales

Bartosz Janczy tel.: +48 (22) 504 32 46 [email protected]

Tomasz Grabowski tel.: +48 (22) 504 32 47 [email protected]

Grzegorz Kołodziejczyk tel.: +48 (22) 504 33 34 [email protected] This material was produced by DM BOŚ based in Warsaw. Michał Zawada The production of the recommendation report was completed on May 6, 2020 at 7.45 a.m. tel.: +48 (22) 504 33 36 The recommendation was distributed on May 6, 2020 at 7.55 a.m. [email protected] Maciej Bąk The report is an investment research within the meaning of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 tel.: +48 (22) 504 33 78 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and [email protected] operating conditions for investment firms and defined terms for the purposes of that Directive. This report constitutes a recommendation within the meaning of Commission Delegated Regulation (EU) 2016/958 of 9 March Bartosz Zieliński 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory tel.: +48 (22) 504 33 35 technical standards for the technical arrangements for objective presentation of investment recommendations or other [email protected] information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of Marcin Kozerski conflicts of interest. This report is for information purposes only. tel.: +48 (22) 504 33 35 This report constitutes neither investment advice nor provides investment service as referred to in Article 76 of the Act on [email protected] Financial Instruments Trading as of 29 July 2005 (Journal of Laws, 2017, Item 1768 as amended); it does not constitute any legal or tax advice, neither does it constitute an indication whether an investment is suitable or appropriate in an individual situation Marcin Stosio tel.: +48 (22) 504 33 37 of an investor. [email protected] Neither the information nor the opinions expressed in the report constitute a solicitation or an offer to buy or sell any securities referred herein. The opinions expressed in the report reflect independent, current judgment of DM BOŚ. This report was prepared with due diligence and scrutiny. The information used in the report is based on all public sources such as press Research and branch publications, company’s financial statements, current and periodic reports, as well as meetings and telephone Sobiesław Pająk, CFA conversations with company’s representatives prior to the date of report’s release. We believe the above mentioned sources of (Equity strategy, TMT) information to be reliable, however we do not guarantee their accuracy and completeness. All estimates and opinions included tel.: +48 (22) 504 32 72 herein represent our judgment as of the date of the issue. [email protected] DM BOŚ SA is an investment firm within the meaning of the Act on Financial Instruments Trading as of 29 July 2005 (Journal of Laws, 2017, Item 1768 as amended). The legal entity supervising DM BOŚ is Polish Financial Supervision Authority in Warsaw Sylwia Jaśkiewicz, CFA (Komisja Nadzoru Finansowego, Pl. Powstańców Warszawy 1, 00-950 Warszawa, KNF in Polish abbreviation). (Construction materials, Consumer staples & discretionary, Health care) DM BOŚ, its management and supervisory bodies and employees do not take any responsibility for decisions taken on the tel.: +48 (22) 504 33 75 basis of this report and opinions stated herein. Investors bear all responsibility for investment decisions taken on the basis of the [email protected] contents of this report. The report is intended exclusively for private use of investors – retail and professional clients of DM BOŚ. No part or excerpt of the report may be redistributed, reproduced or conveyed in any manner or form written or oral without the Maciej Wewiórski prior written consent of DM BOŚ. (Residential construction, Construction, Real estate) This report is released on the day it is issued to retail and professional clients of DM BOŚ upon the Agreement on providing tel.: +48 (22) 504 33 07 the recommendations prepared by DM BOŚ or any agreement containing the commitment of DM BOŚ to providing [email protected] recommendations on behalf of those clients. This report can be made available to other clients of DM BOŚ within time limits and upon terms as indicated by the General Manager of DM BOŚ. The short version of the report is made available to the Michał Sobolewski, CFA, FRM public no sooner than 7 days after the first release. (Financials) tel.: +48 (22) 504 33 06 DM BOŚ follows internal regulations for handling of conflicts of interest which include in particular internal organizational and [email protected] administration arrangements as well as information barriers established for prevention and avoidance of conflicts of interest related to recommendations. A special organizational arrangement that constitutes an information barrier is so called Chinese Jakub Viscardi walls prohibiting an uncontrolled flow of information among particular organizational units or employees of DM BOŚ. Where (Telco, Consumer staples & discretionary, justified, DM BOŚ can create Chinese walls upon the realization of a particular project. Potential conflicts of interests referring IT – hardware distribution, Utilities) to a specific recommendation which is made available to the public or to a wide range of persons are disclosed either in the tel.: +48 (22) 504 32 58 [email protected] recommendation or in the document attached. The person(s) responsible for covering the securities referred to in this report receives compensation based upon the overall Łukasz Prokopiuk, CFA profitability of DM BOŚ which includes profits derived from investment banking activities, although the analyst compensation is (Chemicals, Mining, not directly related thereto. Mining – machinery, Oil & gas) DM BOŚ releases analytical reports via mail or electronic mail to selected clients (professional clients) and via indicated software tel.: +48 (22) 504 32 59 [email protected] of DM BOŚ for logged customer pursuant to the notation as entered in the appropriate agreement on provision of the brokerage services. Tomasz Rodak, CFA DM BOŚ has not held any long or short position net exceeding 0.5% of the issuer’s basic capital in total for the companies (Consumer discretionary, Video games) indicated. tel.: +48 22 504 33 23 [email protected]

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