Initial Public Offering on the Euronext Paris market Fe The integrated pure play in video gaming February 2020 1 DISCLAIMER This document has been prepared by Nacon (the “Company”) and is provided for information purposes only. The information and opinions contained in this document are provided as of the date of this document only and may be updated, supplemented, revised, verified or amended, and thus such information may be subject to significant changes. The information contained in this document has not been subject to independent verification. No representation, warranty or undertaking, express or implied, is made as to the accuracy, completeness or appropriateness of the information and opinions contained in this document. The Company, its subsidiaries, its advisors and representatives accept no responsibility for and shall not be held liable for any loss or damage that may arise from the use of this document or the information or opinions contained herein. A detailed description of the Company’s business, financial situation and risk factors relating to the Company and the initial public offering is included in the prospectus of Nacon (the “Prospectus”) which was approved by the Autorité des marchés financiers (the “AMF”) under n°20-047 on February 19, 2020, comprised of the registration document approved by the AMF on January 29, 2020 under n°I.20-003 and a securities note dated February 19, 2020 (which contains, in particular, the summary of the Prospectus) to which you are invited to refer to. Copies of the Prospectus are available on the AMF website (www.amf-france.org) as well as on the Company’s website (https://ipo.nacongaming.com). A free English translation of the registration document is available on the Company’s website. This document contains information on the Company’s markets and competitive position, and more specifically, on the size of its markets. This information has been drawn from various sources or from the Company’s own estimates. Investors should not base their investment decision on this information. This document contains certain forward-looking statements. These statements are not guarantees of the Company’s future performance. These forward-looking statements relate to the Company’s future prospects, developments and marketing strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. Forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements cannot, under any circumstance, be construed as a guarantee of the Company’s future performance and the Company’s actual financial position, results and cash flow, as well as the trends in the sector in which the Company operates, may differ materially from those proposed or reflected in the forward-looking statements contained in this document. Even if the Company’s financial position, results, cash-flows and developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such results or developments cannot be construed as a reliable indication of the Company’s future results or developments. This document does not constitute, and is not a part of, an offer or a solicitation to purchase of subscribe for the Company’s securities in any jurisdiction whatsoever. This document, or any part thereof, shall not form the basis of, or be relied on in connection with, any contract, commitment or investment decision. This document does not constitute an offer or the solicitation of an offer to purchase securities in the United States of America (the “United States”). Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the “US Securities Act”), or an exemption from registration thereunder. The Company’s shares have not been and will not be registered under the US Securities Act. Neither the Company nor any other person intends to conduct a public offer of the Company's securities in the United States. The distribution of this document may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 2 Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan Today’s presenters… ALAIN BENOIT FALC CLERC CHAIRMAN HEAD OF & CEO PUBLISHING …and further management team ANNE LAURENT YANNICK DAVID JANSSEN HONORET ALLAERT TALMAT CFO COO HEAD OF HEAD OF ACCESSORIES MARKETING 3 Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan Building two dedicated pure play businesses INTERACTIVE 100% owned- subsidiary MOBILE & AUDIO Sales as at 31 March 2019 €134m Sales as at 31 March 2019 €113m In October 2019, transfer of Gaming business to 100% owned-subsidiary NACON including : • long-established legacy business (Publishing and Accessories), • and more recent acquisitions (Development studios) 4 Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan Why ? The creation of a pure play in video gaming Combining Publishing and Accessories under the same strong brand Seizing opportunities of funding and growth for NACON Channeling expertise and talent of professionals from the same industry Creating value by maximizing synergies which result from the vertical integration of businesses Developer-Publisher of video games Specialist in video gaming equipment in attractive genres Controllers, headsets and accessories Specialist in Racing, Sports, Simulation, Adventure genres under the official Sony license Enabling a 360° GAMING OFFER 5 Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan A reference player with an international presence ~€128m ~22% Sales LTM* Sales CAGR ’16/17A-’18/19A BENELUX PARIS ALLEMAGNE LYON ~15% >20% BORDEAUX EBIT margin LTM* EBIT target margin ITALY no one-sided margin dilution ESPAGNE ~€2m ~10-15 MONTRÉAL Development Capex per new title new games released per year SHENZHEN HONG KONG Back Catalogue 17% €128.3m €60.7m Total Gaming Sales LTM* Sales LTM* 450 EMPLOYEES AMONG WHICH Gaming New IPs Accessories** €60,7m 83% €67,6m 300 DEVELOPERS WORKING IN 8 STUDIOS 6 * Figures shown as LTM (last twelve months) starting Sep 2019; ** including 'Other sales' 7 Content 01 MARKET 02 LEADERSHIP 03 BUSINESS MODEL 04 FINANCIAL PROFILE 05 GROWTH STRATEGY 06 TERMS OF THE OPERATION 8 02 01 A large addressable market 03 driven by structural tailwinds 04 05 06 9 01 Market Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan Gaming A major market in entertainment GamingGaming Sony,Sony, Nintendo, Nintendo, Microsoft, Microsoft, Steam, Steam,Google, Google, EPIC, EPIC,Amazon… Amazon… $164bn in 2018 X5,7 X2,8 vs. Music vs. Films VOD Films Netflix, Amazon, HBO, Apple, Music Disney, CanalPlay… Spotify, Deezer, Apple Music, Amazon Music, Qobuz, Tidal… $58bn in 2018 $29bn in 2018 10 Source: IDG 01 Market Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan Gaming A growing market with strong potential RoW Estimated global market size 7% APAC Americas +4.6% CAGR 2018-23 36% 31% for NACON’s target market $164bn $221bn 26% $213bn $201bn EMEA $189bn 20% $179bn 21% $111bn $164bn 23% 24% 25% Target market PC 26% 30% 29% 26% 25% $89bn 27% CONSOLE 29% 50% 51% 51% 50% MOBILE 46% 48% + TAB 2018 2019 2020 2021 2022 2023 11 Source: IDG report 2019 01 Market Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan The digital revolution driven by innovation & changing consumer habits Key drivers Cloud gaming/ 5G ~2x higher share of digital sales Universal access 79.2% 77.0% 75.2% Multiplication of distribution 74.6% channels 69.0% 64.4% Extended commercial lifetime of games 54.6% Enhanced security 49.1% 41.2% 2015 2016 2017 2018 2019 2020e 2021e 2022e 2023e Paymium model 12 Share of digital sales of total video game sales Source : IDG 2019 – world sales Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan 01 02 Leading video gaming pure play positioned in the sweet spot of the industry 03 04 06 05 13 02 Leadership Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan NACON is best positioned in the sweet spot of the industry Premium offer Distribution The central role Increased competition with the advent of of the games developer new digital platforms (cloud and download) Increasing demand for exclusive content drives price Broad access to worldwide + physical distribution network Developers with more content best positioned to negotiate exclusivity 14 02 Leadership Not for publication or distribution, directly or indirectly, in the United States, Canada, Australia or Japan Premium quality allows for premium pricing Market segmentation in the AA segment of video games by category Sales for consoles in value, retail & digital - World 2018 Selected examples # of new releases Budget per year AAA €69.99 MAJORS <20 €20-200m 63% 75 AA €69.99 MID PUBLISHERS AA, the preferred niche for ~100 €1-20m games in the expert genre 34% 79 A €39.99 ENTRY PUBLISHERS >200 <€1m 4% 68 15 Source: