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STARBREEZEinvestor PresentationCarnegie Nordic Gaming Seminar, 31 May 2018

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Digital93%

Retail 7%

San Francisco Los Angeles

Stockholm (HQ)Brussels

Barcelona

Paris Luxembourg

Bangalore & Dehradun

Starbreeze today

§ First listed gaming company in Northern Europe founded in 1998§ Independent developer and publisher of PC and console games

and VR products§Net sales of EUR 35m§ Listed on Nasdaq Stockholm – Market cap EUR 415m

Office locations

Net Sales splits

StarbreezeGames

34%

Publishing61%

Other 5%

PC60%

Console40%

strong ips

620 employees

Psychonauts 2

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Action / Co-op

Release datesAugust 2013 (PC)June 2015 (Console)

Case study: payday

UNITS SOLD

>16,000,000PAYDAY 2 IN GROSS SALES

>200M EURSTEAM COMMUNITY MEMBERS

5,600,000

DLCS AND UPDATES

>170

GAAS sales trend compared to a typical game

0

20 000

40 000

60 000

80 000

100 000

PAYDAY 2 Typical game

Crimefestcommunity

event

Spring break community event

Steam summer sale

The Payday success

-

Games as a service model(GAAS)

Community

Marketing

Y

DLCs

2Free game

updates

T

Events

r

Key INSIGHTS

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Gameplay firstand Replayability

Community –it’s not about you,

it’s about themGlobal relevancy

Strong brand long term

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STARBREEZE

Case study: Dead by Daylight

Asymmetric horror

Release datesJune 2016 (PC)June 2017 (Console)

UNITS SOLD

>3,000,000DBD IN GROSS SALES

EUR 40mSTEAM COMMUNITY MEMBERS

>800,000

DLCS AND UPDATES

>10

Own games –on our home turf

§ co-operative § 1st person shooteR§ Gameplay first§ Replayability§ FuN

Publishing –Expanding market

§ Expanding genres§ Strong IP § And/or top ranked

studio/creator

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Building a focused catalogue

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Building strong IP:s

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STARBREEZE

Global mindset

Games should appeal to a global audience

Strong distribution partners in place for Europe and the US

AdvantagesLarger addressable marketGeographic diversification

Expansion to the Asian market

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For all platforms

VR§ high potential market

§ 9 titles available today

§ PAYDAY 2 for VR largest vrgame on the market released March 2018

PC and Console§ Main platforms§ Simultaneous development

MOBILE§ Successful IP:s also to be

developed for mobile

§ Drive interest for games

§ PAYDAY CrimeWar to be released in 2018

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From one-trick pony to A gaming powerhouse

2-3 ownlarge titles

3-5 largerpublishing titles

Aim for Market leadership

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PAYDAY 3

PAYDAY 3

10 Crowns

Production Live game

Current and Future Revenuestreams

$

Illustrative image of current and future service lines

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accelerating growth

35

~200 (financial target)

2017 2020E

Current revenue generators

System Shock 3

Revenue generators 2020

Net sales (EURm)

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geminose

Starbreezeown development

a game whereMagic, Music and Danceis at the heartofthe GeminoseSuperstars world

Own ip

Global reach

premiering exclusivelyfor the Nintendo Switch

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Our future stars

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STARBREEZE

Overkill’s the walking dead

Starbreeze own development

Narrative driven co-operative 1st person shooteR

Based on the smash-hit graphic novel series by Robert Kirkman

One of the worlds most populartv series

Exclusive rights for all platforms/markets

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Project crossfire

Starbreeze own production

Premium co-operative 1st person shooteR

Based on smilegate’s mega ipcrossfire with 650M players

WesterN version of the game

Multi platform/Global reach

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geminose

Starbreeze own development

a game where Magic, Music and Dance is at the heart of the Geminose Superstars world

Own ip

Global reach

premiering exclusively for the Nintendo Switch

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geminose

Starbreeze own development

a game where Magic, Music and Dance is at the heart of the Geminose Superstars world

Own ip

Global reach

premiering exclusively for the Nintendo Switch

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psychonauts 2

Publishing title Signed in 2017

third-person action/adventure

Creator: tim Schafer

Studio: Double Fine Productions

Pc/Global reach

Investment of 8 MUSD

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STARBREEZE

System shock 3

Signed in 2017

A SCI-FI RPG FPS game with INTRIGUING CHARACTERS

Creator: Warren Spector

Studio: Otherside Entertainment

PC/global reach

Investment of 12 mUSD

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STARBREEZE

10 crowns

Signed in 2018

an epic-scale turn-basedstrategy game

Creators behind Civilization

Studio: Mohawk Games

PC/global reach

Investment of 7.7 mUSD

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STARBREEZE

Payday 3

Starbreeze own production

co-operative 1st person shooteR

Own ip

Multi platform/Global reach

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Virtual reality

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155

307

457

616

825

31

55

80

105

134

41

73

110

146

187

14

24

35

45

55

0

200

400

600

800

1 000

1 200

1 400

2017 2018 2019 2020 2021

Asia-Pacific Europe North America Other

global revenues reaching 1.2 billion usd in 2021

Source: Location-Based VR entertainment Market Report, 2017-07-12, Greenlight Insights

LBE global VR Revenue Forecast 2017-2021 (MUSD)

>4x increase

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Vr strategy – become A Leader for premium content

StarVR

Time

Profit

Investments to enable leadership for premium content

Illustrative

Location-based vr centers

Premium Content

STOR M

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Starvrto unlock b2b vrverticals

StarVR joint venture

IP rights

R&D

Reference design

R&D

Financing

Production

Sales

Marketing

Support and aftermarket

Listed on Taipei Exchange, market cap 150 MEUR

Aim for IPO on Taiwain Exchange

Next generation headset reach market 2018

Starbreeze owns and maintains core IPR and trademarks

Ownership 33% 67%

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Vr strategy – become A Leader for premium content

StarVR

Time

Profit

Investments to enable leadership for premium content

Illustrative

Location-based vr centers

Premium Content

STOR M

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Vr strategy – become A Leader for premium content

StarVR

Time

Profit

Investments to enable leadership for premium content

Illustrative

Location-based vr centers

Premium Content

STOR M

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Financial overview

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Founded3

14 1621

34 36

-2

118

58

1998 2012 2013 2014 2015 2016 2017

Net sales (EURm) EBITDA (EURm)

CAGR: ~28%

WORK FOR HIRE OWN GAMES DEVELOPMENT PUBLISHING

Starbreeze evolution

PHYSICAL DISTRIBUTION, FEW PLATFORMS DIGITAL DISTRIBUTION, MULTI-PLATFORM VR

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Increased investments driven by initiativesInvestments in own development and publishing 2015–2017

78154

23217

40

180

95

195

412

44%

56%

113%

2015 2016 2017Publishing projects (SEKm)Own games and technology (SEKm)Total investments in game and technology development share of net sales

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net sales development by title Net sales by title per quarter, 2013 –2018 PAYDAY 2 – BASE GAME VS DLC sales from PC from launch

payday~85–100% payday ~40–60%

EURm

9

43

5

3

5 5

7

5 54

10 10 10

6

12

8

1011

2013Q3

2013Q4

2014Q1

2014Q2

2014Q3

2014Q4

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

PAYDAY 2 Dead by Daylight RAID: World War II Other

96%

54%

44%46%

23%21%

4%

46%

56%54%

77%79%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 2017 2018

Base game DLC

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experienced management team

Selectedworkexperience

Years ofrelevant experience 20 years

Bo Andersson KlintCEO

12 years

Sebastian AhlskogCFO

13 years

SaülGascon BarbaGlobal Development Director

10 years

AlmirListoGlobal Brand Director & Producer

20 years

Stéphane DecroixCDO

33 years

Mikael NermarkCOO(CEO 2011–2013)

18 years

MaevaSponbergsEVP of Communications

20 years

Ann Charlotte SvenssonHead of Investor Relations and Corporate Communications

13 years

Johanna WiklandGlobal Human Resources Director

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THANKS!The Starbreeze team