FINANCIAL PRESENTATIONNOVEMBER 2016

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WE DEVELOP, PUBLISH ANDMARKET MULTICHANNEL VIDEOGAMES

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FREE TO PLAY ITALIAN DISTRIBUTIONPREMIUM GAMESDIGITAL & RETAIL

ORGANIZATION CHART

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TO REDUCE THE RELIANCE ON THE ITALIAN MARKET WE NEEDED TO GROW THE BUSINESS INTERNATIONALLY

TO EXPAND THE BUSINESS INTO BECOMING A GLOBALLY INTEGRATED PUBLISHING AND DEVELOPMENT COMPANY

TO INCREASE SIGNIFICANTLY THE PORTION OF DIGITAL REVENUES

IN THE LAST 5 YEARS THE STRATEGIC CHALLENGES WE FACED:

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EVOLUTION OF THE VIDEOGAME MARKETFROM TRADITIONAL RETAIL DISTRIBUTION TO DIGITAL, MOBILE & MULTICHANNEL

Game as a service is a community game that retains gamers through the continuous delivery of additional contents

Gamers now access content across the web through all available digital channels including consoles, smartphones and tablets

MULTICHANNEL

With the explosion in mobile devices everyone is now a gamer, the size of the market opportunity in Social and Mobile gaming has increased exponentially

MOBILE & SOCIALGAAS(GAME AS A SERVICE)

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EVOLUTION OF OUR CURRENT AND FUTURE PREMIUM GAMES

20182016 2017

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EVOLUTION OF OUR CURRENT AND FUTURE FREE TO PLAY GAMES

2016 2017 2018

FREE TO PLAYGAMES’ LIFE ISSIGNIFICANTLYLONGER THANPREMIUM GAMES

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60%

GLOBALIZATION & DIGITALIZATION

REVENUES TRENDITALY VS INTERNATIONAL

REVENUES TRENDRETAIL VS DIGITAL/MOBILE

ITALY RETAIL

INTERNATIONAL DIGITAL/MOBILE

16%2%

33%14%

62% 72%

40%49% 49%

80% 82%

84%98%

67%86%

38% 28%51% 51%

20% 18%

FISCAL YEAR ENDING 30TH JUNE

78%

22%

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CONSOLIDATED FY 2017 REVENUESACTUAL + FORECAST BY OPERATING SEGMENT

20,5 %ITALIAN DISTRIBUTION

1,2 %OTHER ACTIVITIES

10,6 %FREE TO PLAY

62,2 %PREMIUM GAMES

5,5 %STUDIO

FISCAL YEAR ENDING 30TH JUNE

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CONSOLIDATED FY 2017 REVENUESACTUAL + FORECAST BY COUNTRY

21,7 %ITALY

5,3 %GERMANY

4.4 %IBERIA

2,1 %ASIA & PACIFIC

5,8 %FRANCE

41,2 %NORTH AMERICA

19,5 %UK

FISCAL YEAR ENDING 30TH JUNE

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NEW RELEASES & INVESTMENTS

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PLANNED INVESTMENTS

OUR SUCCESSFUL PRODUCTS GENERATED CASH

TO INVEST FOR GROWTHWE ENTERED INTO THE LARGEST INVESTMENT PLAN THROUGH STRATEGIC ACQUISITIONS ANDBRAND NEW PUBLISHING DEALS

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PREMIUM DIGITAL & RETAIL

SIGNIFICANT RELEASES FOR PREMIUM AND FREE TO PLAY

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2017 2018

FREE TO PLAY CONSOLE AND MOBILE

ASSETTO CORSA

PROMINENCE POKER

ABZÛ

OVERKILL’S THE WALKING DEAD

BATTLE ISLANDS COMMANDERS

HAWKEN

HOW TO SURVIVE 2

PORTAL KNIGHTS

BLOODSTAINEDRAIDNEW NEW

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ASSETTO CORSA“Assetto Corsa is a shining masterpiece of virtual motorsport, a new standard for the future of driving simulators and an all-Italian pride” 95/100 IGN Italia

#1 PC RACING ON STEAM PLATFORM – OVER 500,000 DOWNLOADS

CRITICALLY ACCLAIMED FULLY-LICENSED NEXT GENERATION RACING SIMULATOR

100 FULLY LICENSED RACING CARS FROM THE WORLD’S TOP CAR MANUFACTURERS INCLUDING: FERRARI, LAMBORGHINI, MCLAREN AND PORSCHE

Released on August 2016 on PS4 and XBOX ONE

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HAWKEN

LARGE AND DEVOTED PC COMMUNITY BUILT UP OVER 3+ YEARS

AVAILABLE ON PS4 AND XBOX ONE

OVER 3 MILLION DOWNLOAD ON STEAM PLATFORM

#1 FREE-TO-PLAY MECH SHOOTER ON PC STEAM

Released on July 2016 on PS4 and XBOX ONE

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PORTAL KNIGHTS

INTERNALLY DEVELOPED CONCEPT AND FULLY-OWNED IP

TERRARIA MEETS MINECRAFT MEETS LEGEND OF ZELDA

#1 SELLING GAME ON STEAM AT LAUNCH OF EARLY ACCESS END OF FEBRUARY 2016

85% POSITIVE USER REVIEWS

Release date:. Fall 2016 on PC and mobile . Spring 2017 on consoles

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RAID: WORLD WAR II

EXCLUSIVE WORLDWIDE CONSOLE RETAIL DISTRIBUTION AGREEMENT WITH AN INVESTMENT WHICH INCLUDES THE PAYMENT OF A MINIMUN GUARANTEE ROYALTIES OF 4 USD MILLION

ACTION-PACKED FOUR PLAYER CO-OP SHOOTER GAME THAT LETS PLAYERS TEAM UP AS THE RAID CREW AND VENTURE THROUGH THE EPIC EVENTS OF WORLD WAR II

DEVELOPED BY LION GAME LION AND PUBLISHED BY STARBREEZE AB

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Release date on Summer 2017 for PS4 and XBOX ONE

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OVERKILL’S THE WALKING DEAD

ALL-NEW WALKING DEAD STORYLINES WRITTEN BYORIGINAL AUTHOR ROBERT KIRKMAN

SMASH HIT COMIC SERIES AND TV SHOW (14.4M AVERAGE US VIEWERSHIP SEASON 5)

NARRATIVE-DRIVEN CO-OPERATIVE 1ST PERSON SHOOTER

DEVELOPED BY STARBREEZE OVERKILL (PAYDAY2) IN AN ALL-NEW CUSTOM BUILT GAME ENGINE

EXCLUSIVE WORLDWIDE PUBLISHING RIGHTS TO FULLY LICENSED CONSOLE GAME WITH OVERALL INVESTMENT OF USD 20 MILLION

Release date FY 2018 on PS4 and XBOX ONE

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BLOODSTAINED

THE SECOND LARGEST VIDEOGAME CROWDFUNDING KICKSTARTER CAMPAIGN IN 2015 WHICH HAS RAISED 5.5 USD MILLIONS TO DATE FROM 65K BACKERS

THE SPIRITUAL SUCCESSOR OF THE BELOVED CASTLEVANIA SERIES WHICH HAS BEEN A TOP SELLER GAME IN THE LAST TWO DECADES

EXCLUSIVE WORLDWIDE PUBLISHING RIGHTS ACROSS MULTIPLE FORMATS WITH A TOTAL INVESTMENT OF 4,4 USD MILLIONS

THE LATEST CREATION OF KOJI IGARASHI, THE FORMER SERIES PRODUCER OF CASTELVANIA FRANCHISE

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Release date on the first half of 2018 on PS4, XBOX ONE, PSVita, Wii U, PC Windows, Linux and OSX

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PAYDAY RIGHTS SOLD BACK TO STARBREEZE

AS A DEFERRED CONSIDERATION DIGITAL BROS WILL BENEFIT FROM A 33% REVENUE SHARE ON FUTURE PAYDAY3 UP TO 40 MILLION USD

SOLD BACK FOR SEK 249.3 MILLION (APPROX. USD 30 MILLION) PAID IN 10.9 MILLION NEWLY ISSUED STARBREEZE B-SHARES

IMPACT OF THIS AGREEMENT ON THE FISCAL YEAR ENDING30 OF JUNE 2016 HAS BEEN:- REVENUES: €26.8 MILLION- EBT: €19.7 MILLION- NET FINANCIAL POSITION: €22.9 MILLION

THE GROUP WILL CONTINUE TO HOLD PUBLISHING RIGHTS FOR THE CONSOLE VERSIONS OF PAYDAY 2: CRIMEWAVE EDITION

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FINANCIALS

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CONSOLIDATED P&L – FY2017 Q1 ACTUAL

THE GROWTH IN REVENUES IS DUE TO THE SIGNIFICANT INCREASE IN PREMIUM GAMES AND FREE TO PLAY SEGMENTS SALES, DRIVEN BY THE POSITIVE RESULTS OF THE LAUNCH OF NEW PRODUCTS IN THE QUARTER.

35,811

33,417

4,642

3,405

11,034

7,874

26,247

25,339

2,754

1,864

2,546

1,569

9,564

8,078

1,888

1,541

8,488

6,305

36.4%

31.9%

68.5%

82.6%

n.m.

n.m.

Q1 FY 2017 Q1 FY 2016 CHANGE CHANGE%

GROSS REVENUES

NET REVENUES

EBITDA

EBIT

EBT

NET PROFIT

€/1000

SOURCE: DIGITAL BROSFISCAL YEAR ENDING 30TH JUNE

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PREMIUM GAMES – FY2017 Q1 ACTUAL

25,711

23,904

5,461

5,226

15,400

15,260

3,927

3,635

10,310

8,644

1,535

1,591

66.9%

56.6%

39.1%

43.8%

Q1 FY 2017 Q1 FY 2016 CHANGE CHANGE%

GROSS REVENUES

NET REVENUES

EBITDA

EBIT

€/1000

FISCAL YEAR ENDING 30TH JUNE SOURCE: DIGITAL BROS

SIGNIFICANT BOOST TO THE REVENUES OF PREMIUM GAMES THANKS TO THE NEW PRODUCTS LAUNCHED DURING THE QUARTER, SUCH AS ASSETTO CORSA, ABZU AND ALSO ROCKET LEAGUE WHICH WAS RELEASED DURING THE LAST QUARTER OF PREVIOUS FISCAL YEAR.

A LARGE CONTRIBUTION ALSO CAME FROM PRODUCTS LAUNCHED DURING THE PAST YEARS, SUCH AS PAYDAY2 AND TERRARIA, WHICH, EVEN THOUGH IT WAS LAUNCHED THREE YEARS AGO, CONTINUES IN ITS GOOD TREND OF SALES.

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ITALIAN DISTRIBUTION – FY2017 Q1 ACTUAL

SOURCE: DIGITAL BROS

6,883

6,304

1,399

1,348

9,493

8,755

1,194

1,146

(2,610)

(2,451)

205

202

-27.5%

-28.0%

17.2%

17.6%

Q1 FY 17 Q1 FY 16 CHANGE CHANGE%

GROSS REVENUES

NET REVENUES

EBITDA

EBIT

€/1000

FISCAL YEAR ENDING 30TH JUNE

ITALIAN DISTRIBUTION REVENUES FOLLOWED THE DECLINE OF THE DISTRIBUTION OF VIDEO GAMES, PARTIALLY OFFSET BY AN INCREASE OF YU-GI -OH! TRADING CARDS REVENUES.

LAST YEAR FIRST QUARTER ITALIAN DISTRIBUTION REVENUES BENEFITED FROM THE SIMULTANEOUS LAUNCH OF PES 2016 AND METAL GEAR SOLID, NOT REPLICATED IN THE PERIOD JUST ENDED.

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FREE TO PLAY – FY2017 Q1 ACTUAL

FREE TO PLAY REVENUES TRIPLED DUE TO THE LAUNCH OF NEW PRODUCTS THAT HAVE BEEN PUSHED FROM THE PREVIOUS FISCAL YEAR, HAWKEN AND PROMINENCE POKER.

THE LARGEST PORTION OF REVENUES CAME FROM GEMS OF WAR, ALSO AVAILABLE IN CONSOLE VERSIONS AND OUT IN THE MARKET SINCE 2014.

SOURCE: DIGITAL BROS

2,180

2,180

30

(629)

622

622

(595)

(934)

1,557

1,557

625

305

n.m.

n.m.

n.m.

-32.6%

Q1 FY17 Q1 FY16 CHANGE CHANGE%

GROSS REVENUES

NET REVENUES

EBITDA

EBIT

€/1000

FISCAL YEAR ENDING 30TH JUNE

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FINANCIAL NET DEBT OVER THE LAST YEARS

10,00

0,00

(10,00)

20,00

30,00

40,00

50,00

60,00

70,00 35,00

5,00

10,00

15,00

20,00

25,00

30,00

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17

SIGNIFICANT REDUCTION OF NET FINANCIAL DEBTS DUE TO THE DEAL WITH STARBREEZE

CASH

FLO

W IN

VEST

MENT

S

NET F

INAN

CIAL

DEB

TS

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OUTLOOK

The investment plan that the Group embarked upon over the last twenty-four months and which has led to the simultaneous development of numerous new products has started to generate revenues as from the first quarter of the financial year.

The Daily Fantasy Sport, Fantasfida, will continue to generate negative margins in the coming year, but decidedly lower than those recognised last year.

The outlook is for a positive year that will not, however, replicate the operating margin achieved in the year just ended, due to the impact of the sale of PAYDAY2 rights. Expectations are high in relation to the Free to Play operating segment for which the outlook is for significant revenue growth and a positive year in terms of operating margins.

The net financial position, which became a net cash position as a result of the sale of PAYDAY2 rights, is expected to remain stable during the course of the year, partially due to the impact of investment in new products, specifically, Overkill’s The Walking Dead and Bloodstained, which will be released in FY 2018.

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WHY DIGITAL BROS?

A GROWTH INVESTMENT CASE WITH VISIBILITY ON NEXT FUTURE PERIODS

A FLEXIBLE ORGANIZATION OPERATING IN A DYNAMIC MARKET IN CONTINUOUS EXPANSION (ALSO GEOGRAPHICAL)

ACQUISITION STRATEGY BASED ON AAA AND AA TITLES (OVERKILL’S THE WALKING DEAD & BLOODSTAINED) AND OPPORTUNISTIC DISTRIBUTION AGREEMENTS (RAID & ROCKET LEAGUE)

FOCUS IN BUILDING FULLY OWNED IP EITHER IN PREMIUM (PORTAL KNIGHTS), F2P (BATTLE ISLAND & PROMINENCE POKER) AND COMMUNITY ENTERTAINMENT (FANTASFIDA)

INTERNATIONAL SALES AND MARKETING INFRASTRUCTURE IN PLACE

CASH FLOW CREATION

DIVIDEND PAYOUT

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APPENDIX

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OUR MILESTONES

1989FOUNDATION

2007RETAIL

PUBLISHING

2013MOBILE

PUBLISHING

2000MILANSTOCK

EXCHANGE

2012DIGITAL

PUBLISHING

2015MOBILE AND

CONSOLEDEVELOPER

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INTERNATIONAL PRESENCE239* PEOPLE WORLDWIDE

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OREGON

CALIFORNIA

FRANCE

SPAIN

UK

ITALY

CHINA

GERMANY

110.1 MREVENUES

2016

*30TH SEPTEMBER

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MARKET SIZETHE WORLDWIDE GAMES MARKET WILL REACH $118.6 BILLION BY 2019

SOURCE: NEWZOO GLOBAL GAMES MARKET REPORT Q2 2016

2015 2016 2017 2018 2019

28%

6%

30%

9%

24%

3%

27%

5%

29%

10%

27%

2%

26%

5%

28%

10%

30%

1%

26%

4%

27%

11%

32%

1%

25%

4%

26%

11%

34%

1%

$91.8Bn$99.6Bn

$106.5Bn $112.5Bn $118.6Bn

$30.4Bn

MOBILE $36.9Bn

MOBILE $42.5Bn

MOBILE $47.4Bn

MOBILE $52.5Bn

MOBILE

SMARTPHONE TABLET HANDHELD TV/CONSOLE CASUAL WEBGAMES PC/MMO

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CONSOLE DEVELOPER ACQUISITIONPIPEWORKS INC.

PIPEWORKS INC., A BACKBONE DIVISION FOR YEARS, WAS FOUNDED AS A STAND ALONE COMPANY ON 1 AUGUST 2014

50 EMPLOYEES, RELEASED PRODUCTS AS DEVIL MAY CRY, GODZILLA AND ZUMBA FITNESS

CONSOLE DEVELOPER ACQUISITON (100%) ON SEPTEMBER 12, 2014

COMPOSED BY A LARGE TEAM OF ENGINEERS, DESIGNERS, GRAPHICS ARTISTS SPECIALIZED IN THE PRODUCTION OF HIGH QUALITY VIDEO GAMES FOR CONSOLE

STRONG TECHNOLOGICAL CAPABILITIES, GREATER OPERATIONAL FLEXIBILITY, IMPROVEMENT IN QUALITY AND TIMING ON INDIVIDUAL PROJECTS

ACQUISITION VALUE – USD 1.3 MILLION

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MOBILE DEVELOPER ACQUISITIONDR STUDIOS LTD.

30 EMPLOYEES

DEVELOPER OF BATTLE ISLANDS

MOBILE DEVELOPER ACQUISITON (100%) ON SEPTEMBER 12, 2014

CREATIVE, FLEXIBLE AND YOUNG DEVELOPMENT TEAM

ACQUISITION VALUE – EURO 1.5 MILLION

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CONSOLE DEVELOPER ACQUISITIONOVOSONICO S.R.L.

25 EMPLOYEES

FOUNDED IN 2012

BASED IN VARESE, ITALY

CREATOR OF MURASAKI BABY – AN UTTERLY ORIGINAL AND DEEPLY EMOTIONAL ADVENTURE

STEP UP ACQUISITION OF 49% OF THE CONSOLE DEVELOPER FOR EUR 720 THOUSAND

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NET WORKING CAPITAL REQUIREMENTSNET WORKING CAPITAL REQUIREMENTS

RETAIL

MOBILE

DIGITAL

Overkill’s The Walking Dead• Long development time (24 - 36 months)• Manufacturing paid in advance• Inventories

Gems of War• Limited development process (2-9 months)• Development after money collection

Portal Knights• Medium development time (6-18 months)• No advance manufacturing neither inventories needed

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CASH FLOW CYCLES PER TYPE OF GAME

-80

-60

-40

-20

0

20

40

RETAIL

Q1

DIGITAL

MOBILE

Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q11 Q12Q10

-3,75 -7,5 -11,25 -15 -18,75 -22,25 -26,25 -67 -22 23 2323

0 -12,5 -25 -37,5 -22 -2 23 3312

0 -1 0 5,5 27,5 36,513

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FANTASFIDA

FIRST DAILY FANTASY SPORT GAME IN ITALY

SPORT MANAGEMENT SKILL GAME SEVEN DAYS A WEEK

REGISTERED USERS CHOOSE THE LEAGUE AND THE DAILY TOURNAMENT THEY WANT TO PLAY

USERS HAVE TO PICK 7 PLAYERS, RESPECTING THE GIVEN SALARY CAP TO CREATE A TEAM

EACH PLAYER OF EACH TEAM EARNS POINTS BASED ON HOW THEY PERFORM DURING THE REAL DAILY MATCHES. THE USERS THAT RACKS UP MORE THAN THEIR RIVALS, INSTANTLY TAKE HOME THE WINNINGS

WHAT IS FANTASFIDA?

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TERRARIA GOES TO CHINA

DIGITAL BROS WILL RECEIVE A 50% ROYALTY ON NET SALES

LICENSED TO IDREAMSKY GAMES THE EXCLUSIVE RIGHTS FOR TERRARIA FOR THE CHINESE MARKET

IDREAMSKY GAMES IS THE LARGEST INDEPENDENT MOBILE GAME PUBLISHING PLATFORM IN CHINA* LISTED ON NASDAQ (DSKY) - 253 USD MILLION CONSOLIDATED GROSS REVENUES AS AT DEC. 31ST, 2015*

HEADQUARTERED IN SHENZHEN

MARKET CAPITALISATION OF c$600 MILLION

1.3 BILLION REGISTERED USERS*

*source: iDreamSky