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I N V E S T O R P R E S E N T A T I O N A T R E M I U M D I S C L A I M E R – F O R W A R D L O O K I N G S T A T E M E N T S This presentation contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts are forward-looking. You should not place undue reliance on these forward-looking statements for many reasons. These forward-looking statements reflect current views with respect to future events and are by their nature subject to significant risk and uncertainties because they relate to events and depend on circumstances that will occur in future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward- looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity or performance will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Unless we are required by law to update these statements, we will not necessarily update any of these statements after the date of this presentation, either to conform them to actual results or to changes in our expectations.

I N V E S T O R P R E S E N T A T I O N A T R E M I U M A G E N D A • Funcom overview • Financials • Secret World Legends • Conan Exiles • Promising road ahead

I N V E S T O R P R E S E N T A T I O N A T R E M I U M F U N C O M O V E R V I E W • Founded in 1993, fully independent developer and self publisher since 1999, listed at Oslo Stock Exchange in 2005 • Major titles have been The Longest Journey, Anarchy Online, Age of Conan, The Secret World and Conan Exiles • New management and a new strategy put in place in Summer 2015 is bearing fruits: • 4 games launched in two years (Conan Exiles being the most important) • Two development studios independently developing games • Profitable projects and financial quarters in 2017 • Establishing new partnerships to ensure future growth

I N V E S T O R P R E S E N T A T I O N A T R E M I U M F U N C O M 2 . 0 • Funcom recently unveiled its new visual brand identity to illustrate the transition the company has and is going through • Funcom is a very different company than before; we’re leaner, more agile, our ambitions have changed and so have we – we’re hungry and determined • The flag stands for tradition : our identity and our history. It is set ablaze, fueled by the passion for what we do. It is also weathered and torn; the result of battles fought and survived • The face represents who we are today : ambitious and determined, ready to fight for our creative vision, always moving forward – with fervor and a touch of battle-frenzy

I N V E S T O R P R E S E N T A T I O N A T R E M I U M F U N C O M L O C A T I O N S A N D P A R T N E R S Funcom Oslo Funcom NV Funcom Inc Funcom locations Distribution/Local partners Development partners

I N V E S T O R P R E S E N T A T I O N A T R E M I U M P O R T F O L I O

I N V E S T O R P R E S E N T A T I O N A T R E M I U M P C A N D C O N S O L E A R E L A R G E M A R K E T S • Funcom’s key competence with core games is suited to both PC and Console audiences • While mobile is the fastest growing segment, PC and Console combined are the largest segment, especially in the western world Source: Global Games Market Report by Newzoo

I N V E S T O R P R E S E N T A T I O N A T R E M I U M H I G H L I G H T S F R O M 2 Q 1 7 R E P O R T • 1H 2017 most profitable half-year in Funcom’s history with USD 6.3m profit • During 2Q 2017 the company’s debt was halved and equity has been increased by nearly 40% • Secret World Legends was launched at the end of 2Q 2017 and exceeded internal expectations • Conan Exiles was released on Xbox One Game Preview together with The Frozen North update on 16 August 2017 (after 2Q) • A partnership with Bearded Dragons established for a new game to be released in 2018

FINANCIALS

I N V E S T O R P R E S E N T A T I O N A T R E M I U M 1 H 1 7 - K E Y F I N A N C I A L S TUSD N O T E S 1H 17 1H 16 2Q 17 2Q 16 Revenue 13 992 3 766 3 072 1 718 • 1H 17 revenues up 272% vs 1H 16 EBITDA 7 624 -149 917 -412 • 1H 17 profit USD 6.3m , 45% profit EBIT 6 129 -1 049 154 -389 margin EAT 6 328 -1 783 199 -1 022 • Two consecutive profitable quarters, Cash 7 818 5 100 7 818 5 100 most profitable half-year period ever Equity 14 123 2 389 14 123 2 389 • Strong financial position, increased Debt 1 3 399 6 899 3 399 6 899 cash and equity, reduced debt 1) Face value of Interest bearing debt

I N V E S T O R P R E S E N T A T I O N A T R E M I U M R E V E N U E A N D E B I T D A M A R G I N D E V E L O P M E N T N O T E S Revenue (TUSD) and EBITDA margin (%) • Conan Exiles focused on investments 10 921 12 000 75% 65% in future launches in 2Q 10 000 61% 55% 8 000 • Secret World Legends launch 45% 30% 6 000 successful, but low 2Q impact 1 35% 3 072 4 000 25% 2 048 1 827 • The other games grew slightly during 1 718 1 728 15% 2 000 13% 2Q 17 6% 5% 0 1% -5% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 • High margins in 2017 illustrate -2 000 -15% scalability and high profit potential -24% -4 000 -25% with increasing revenue Revenue EBITDA margin 1) Secret World Legends relaunched 26 June, with five days counting towards 2Q (Funcom channels only, Steam launch was in Q3, 31 July), lower Secret World revenue in months before launch. Conan Exiles Xbox One Game Preview launched in Q3 on 16 August

I N V E S T O R P R E S E N T A T I O N A T R E M I U M E Q U I T Y A N D D E B T D E V E L O P M E N T N O T E S • Financial position significantly Equity and debt (TUSD) strengthened 14 150 14 123 • Equity increased by USD 10.4m in 1H 10 179 17, USD 24.1m over the period • Debt halved in 2Q 17 by conversion of 3 279 3 399 3 773 2 389 USD 3.5 million (plus accrued interest) of the convertible bond Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 -9 953 Equity Debt* *) Face value of interest bearing debt

I N V E S T O R P R E S E N T A T I O N A T R E M I U M 1 H 1 7 - F I N A N C I A L S U M M A R Y • 1H 17 is the most profitable half year in Funcom’s history • 54% EBITDA margin in 1H 17 • Equity has increased for five consecutive quarters, USD 24m in total • Funcom debt was halved during 2Q 17

CURRENT AND FUTURE PROJECTS

I N V E S T O R P R E S E N T A T I O N A T R E M I U M S E C R E T W O R L D L E G E N D S T R A I L E R • https://www.youtube.com/watch?v=DwPPExICQhg

I N V E S T O R P R E S E N T A T I O N A T R E M I U M S E C R E T W O R L D L E G E N D S – R E L A U N C H • The Secret World MMORPG was originally launched in 2012 as a Premium game with mandatory subscription. • The game was always very well liked and rated by the gaming community, being consistently number 2 or 3 on MMORPG.com’s top voted games list • Revenues were declining and the company decided to invest into changing key aspects of the game and its business model and relaunch it as a modern Free to Play game • Leading up to the official launch on June 26th, Funcom executed a series of publicity initiatives using videos, news announcements, pre-launch access and more which generated significant coverage in the press including Kotaku , PC Gamer , MMORPG.com, Destructoid and more

I N V E S T O R P R E S E N T A T I O N A T R E M I U M S E C R E T W O R L D L E G E N D S R E L E A S E • The Secret World was successfully relaunched as Secret World Legends, having exceeded internal expectations • Initial launch through our own channels on 26 June 2017, with launch on Steam on 31 July 2017 • Good coverage from press and reception from players has helped spreading the word to new and old players alike • Tokyo was the first of the planned updates to be released since launch, increasing the amount of content and expanding the storyline • It was revealed that Johnny Depp's Infinitum Nihil and G4C Innovation’s Gudrun Giddings have partnered to produce a TV series based on the Secret World universe • This activity is part of the Company's long term plan to develop and grow its IP portfolio and is not expected to contribute directly to the company's financials for the next couple of years.

I N V E S T O R P R E S E N T A T I O N A T R E M I U M S E C R E T W O R L D L E G E N D S – A C T I V I T Y L E V E L S N OT E S • Monthly revenue in June and July is the highest since 2013 • This is expected to drop to a new baseline level after the initial launch.

I N V E S T O R P R E S E N T A T I O N A T R E M I U M C O N A N E X I L E S X B O X T R A I L E R • https://www.youtube.com/watch?v=lMrsCTbG- WA&feature=youtu.be