December 2019Presentation

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DISCLAIMER

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This presentation contains indications on the Company's aims and lines of development. Theseindications are sometimes identified by the use of the future tense, the conditional mood and terms ofa predictive nature such as: "expect", "can", "may", "estimate", "intend to", "consider", "contemplate","anticipate", and other similar terms. These data are subject to risks and uncertainties that mayultimately result in substantially differing actual data.

These aims and development lines are not historic data and must not be interpreted as guaranteeingthat the facts and data given will occur, that the assumptions will be verified or that the objectives willbe achieved.

By their nature, these aims may fail to materialize, and the declarations or information shown in thepresentation may prove erroneous, while the Company, its advisers and their representatives shall notbe under any duty to update, subject to applicable regulations.

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SPEAKERS

Abrial DA COSTA

Business Development Director

Benoît GISBERT-MORA

CFO

Oskar GUILBERT

Chairman and CEO

Founder - 2008

4

CREATOR of original intellectual property

With a leading position on narrative games (Life is Strange

franchise)

In partnership with industry leaders such as Microsoft, Square

Enix, EPIC Games, Bandai Namco, Capcom, Focus Home

Interactive, …

Developing PC and consoles video games (budgets of €10 to 20m)

Combining 2 revenue sources: secured publisher fees and

royalties ensuring a return on the commercial success of

games

NEW : Contracting directly with distributors (EPIC Games

Store) more profitable and secured agreements

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A DYNAMIC MARKET

2019

+10%

178 BILLION

USD

2021 forecast

121.7

2017 2018

GLOBAL VIDEO GAME MARKET($bn)1

1Source : Newzoo, 2019 Global Games Market Report

138.7

2019

152.1

2020

164.6

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Action22%

Role-playing11%

Adventure9%

First person shooter (FPS)

26%

Sports12%

Fighting6%

Strategy4%

Racing6%

Other

MORE THAN 40% OF THE MARKET COVERED

Source: The NPD Group/ Retail Tracking Service/Digital Games Tracking Service

GENRE BREACKDOWN OF VIDEO GAME SALES

BY GENRE IN 2017

60%30%

10%

REPARTITION OF LIFE IS STRANGE

PLAYERS

BY AGE

35+ y.o

25-35 y.o

18-24 y.o

60%

40% Bygenre Female

Male

5.3+ million gamers1

1 As of March 2018

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THE INTERNATIONAL REACH OF GAMING

Breakdown of Vampyr sales by volume in 2018*

31%NORTH

AMERICA

39%EU

2%LATIN

AMERICA

9% EASTERN EUROPE

16% ASIA-PACIFIC

1% MIDDLE EAST

AFRICA

* Company source: breakdown of Vampyr’s gamers on STEAM

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A KEY POSITIONING IN THE VALUE CHAIN

Square Enix, Bandai Namco, Focus Home Interactive, etc.

Distributors

CD Projekt SA, Remedy Entertainment Oy, 11 bits Studios, Paradox Entertainment, Avalanche Studios, etc.

Epic Games Store, Steam, Playstation Store, Xbox Live, Appe Appstore, Google Playstore, etc.

Creation of original intellectual property

Apple, Google, Microsoft, Nintendo, Sony, Samsung TV, Orange Box, etc.

DISTRIBUTION

PUBLISHING

Platforms

Publishers

Development studios

Contracting directly with distributors(EPIC Games Store) more profitable

and secured agreements

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A PROVEN TRACK-RECORD AND A STRONG PIPELINE

20152013 2020 2020 +

Episodic

2018 2018

Prequel

Project 7

One Shot Episodic One Shot Episodic

2018/19

1 Excluding downloads on PS+ or/and Game Pass2 As of June 2017

Project 9

Project 10

1.2+ millionsales 1

3+ millionpaying gamers2

1+ millionsales

Millionsof free downloads

Sales volume trendingLiS

COPRODUCTION COPRODUCTIONCOPRODUCTIONPUBLISHING PC

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ONLINE STORES

Strong presence on

Back catalogdevelopment

SALES

Natural drivers of

Each release boosts sales of prior episodes and the

series

FRANCHISES

Create

DONTNOD, LIFE is STRANGE, VAMPYR

ACCESSIBILITY

Products

Games mechanicsand price

(from €5/episode)

A VIRTUOUS CYCLE

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MOREGAMES DEVELOPED

MORE VALUE

HARNESSED EACH GAME

MORERECURRING

SALES

STRATEGY

12019 HIGHLIGHTS

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TWIN MIRROR: STRATEGIC PARTNERSHIP WITH EPIC GAMES

1CONSERVINGINTELLECTUAL

PROPERTY

2MINIMUM

GUARANTEE TO FINANCE DEVELOPMENT

DONTNOD, A STRONG CAPACITY TO TAKE ADVANTAGE OF NEW MARKET TRENDS

3REVENUE SHARE

88% FOR DONTNOD

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14

announced their first-ever collaboration for the development of

an original episodic game: TELL ME WHY

&

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OUT SUMMER 2020Xbox One, Windows 10 PC et Steam®

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LIFE IS STRANGE 2HIGHLY ACCLAIMED IN THE PRESS

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“A road trip that's worth looking forward to" - Destructoid

"Crafted brillantly" **** - Daily Express

“Absolutely Stellar" - Trusted Reviews

“Emotionally intense" - Eurogamer

"Each episode of Life Is Strange 2 is a delight" - Kotaku

"Why Life Is Strange 2 is a new Masterpiece of video game" - Les Inrocks

EPISODE 2January 24th 2019

EPISODE 1Sept 27th 2018

81 79 78 82 84

OUT 27th September 18 OUT 24th January 19 OUT 9th May 19 OUT 22th August 19 OUT 3rd December 19

Metacritic Metacritic Metacritic Metacritic Metacritic

1 Metacritic at 12.08.2019

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A NEW

CO-PRODUCTION

COLLABORATION

FOR A

NEW GAME IN

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2 H1 2019 RESULTS

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A MIXED BUSINESS MODEL

Royalties received by DONTNOD

Publisher milestones received by DONTNOD

Co-production DONTNOD share

Publisher’s revenues

PUBLISHING FEES + CIJV1 PUBLISHER MARGIN

CLASSIC

DONTNOD SECURED ROYALTIES

PUBLISHER’s OVERLAPPING

(Milestones, marketing ...)

1Video games tax credit

PUBLISHER MILESTONES + CIJV1 PUBLISHER MARGIN

Co-production DONTNOD shareCO-PRODUCTION DONTNOD royaltiesDONTNOD royalties

Controlled investmentsMutual overlapping

Intellectual co-property

DONTNOD investmentsSELF-PUBLISHING

Controlled investments

Intellectual property

DONTNOD ROYALTIES MINIMUM GARANTEED + CIJV1

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● VAMPYR● LIFE is STRANGE● REMEMBER ME

● LIFE is STRANGE 2● TWIN MIRROR● TELL ME WHY● NEW CO-PROD WITH FOCUS

STRONG INCREASEOF REVENUE

4.77.8

H1 2018 H1 2019

REVENUE

3.96.5

H1 2018 S1 2019

In €m

MILESTONES

0.81.3

H1 2018 H1 2019

In €m

ROYALTIES

+ 66.8%

+ 68.7%+ 58.0%

In €m

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STRONG IMPROVEMENT IN PROFIT MARGINS

1 Consolidated statement including DONTNOD ELEVEN since 01/06/20182 EBITDA : Operating income + Depreciation and amortization charges & provisions net of reversals + Video game tax credit (CIJV)

Financial results- French GAAP – €’000 S1 20181 S1 2019

Revenue 4,683 7,810

- Of which royalties 815 1,288

Capitalized production 410 1,214

Other products 420 107

Total operating income 5,513 9,131

Total operating expenses (excl. depreciation and provisions) (7,625) (9,371)

CIJV: video game tax credit 1,952 2,563

Operating EBITDA2 (159) 2,323

Depreciation and amortization (447) (1,270)

Operating EBIT (606) 1,053

Financial income / (expenses) (126) (67)

Non-recurring income / (expenses) (276) (422)

Amortization of goodwill (26) (157)

Consolidated net revenue (1,033) 406

+ 66.8 %

+ 58 %, commercial success of Vampyr

Ramp-up of games in production: Twin Mirror and the new co-prod with Focus

Amortization of the intangible asset Vampyr since H2 2018

CIJV (video games tax credit) mechanism including the extension of Twin Mirror development

EBITDA margin of 29.7% vs 26.2% at 31.12.2018

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STRONG FINANCIAL STRUCTURE

ASSETS (€’000 – French GAAP) 2018 H1 2019 EQUITY & LIABILITIES (€’000 – French GAAP) 2018 H1 2019

Fixed assets 7,334 12,102 Equity equivalents 32,974 33,359

Inventories and work in progress - - Provisions 1,672 2,172

Trade receivables 3,993 5,319 Borrowings 2,224 2,142

Other receivables 4,873 8,585 Trade payables & related accounts 743 799

Cash & cash equivalent 24,415 18,698 Other payables 3,003 6,233

TOTAL 40,616 44,705 TOTAL 40,616 44,705

Including €2,796 k related to DONTNOD ELEVEN goodwillIncluding €8,666 k of intangible assets in progress for games of which DONTNOD has all or part of the intellectual property

Including €6,675 k of uncashed tax credit (CIJV) as of June 30, 2019

Main shareholders' current accounts

Including €2,056 k of deferred income versus €631 k as of 31/12/2018Including €1,950 k of debt relating to the IP acquisition of Twin Mirror

1

2

3

4

1

2

3

4

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CASH FLOW STATEMENT

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€’000 – French GAAP H1 2018 H1 2019

Gross operating cash flow (459) 2,283

Change in working capital 1,608 (3,702)

Cash flow from operating activities 1,149 (1,418)

Cash flow from investing activities (284) (4,195)

Cash flow from financing activities 26,194 (103)

Opening cash 692 24,415

Closing cash 27,750 18,698

Change in cash 27,716 (5,716)

Gross operating cash flow improvement

Investments link to the acquisition of Twin Mirror IP and to the conception phase of the news co-prod with FOCUS

Uncashed tax credit (CIJV) as of June 30, 2019

3 OUTLOOK

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CO-PRODUCTION,

A PROVEN

BUSINESS

MODEL

Ambitionmore than 2,000,000

copies to be sold during the game lifetime

NINTENDO SWITCHTM

29 OCTOBER 2019

24

2525

25

2626

2020:2 NEW RELEASES

TWIN MIRROR

TELL ME WHY

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IN A CHANGING ECOSYSTEMNEW OPPORTUNITIES OPENING UP FOR DONTNOD

New disruptive players to competewith Steam with better royalties forvideo game studios

Interactive fictions available on Netflix, andYouTubeWalmart embarkingThe difference between video games and TVseries is collapsing…

Consoles manufacturers withGoogle and Apple launching theirstreaming services

A new generation of consoles offering even bigger creative field for video game studios!

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Appendices

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SHAREHOLDER INFORMATION

8,3%

58,5%2,3%

1,2%

29,7%

Loskent (99% owned by O. Guilbert)

Kostadin Yanev

Cely Finance

Douglas Hawes

Public

FR0013331212 – ALDNE

Share price at 9/12/19: €14,7

Number of share: 4,673,522

Market capitalization:€69m

Listing sponsor:

Allegra Finance

Liquidity agreement: Gilbert Dupont Société de Bourse

Analysts:

SG Gilbert Dupont

Ning Godement

Midcap Partner

Charles-Louis Planade

Shareholdingstructure as of30/06/2019

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WWW.DONTNOD-BOURSE.COM

Métropole 19, Bâtiment A140 rue d’Aubervilliers75019 PARISdontnod@actus.fr