FINANCIAL HIGHLIGHTS 2018 2017 £000 £000 Revenue 219,868 158,114 Revenue at constant currency* 222,594 158,114 Operating profit - pre-royalties receivable 64,702 30,832 Royalties receivable 9,893 7,491 Operating profit 74,595 38,323 Profit before taxation 74,546 38,403 Cash generated from operations 82,332 49,370 Earnings per share 185.0p 95.1p Dividends per share declared in the year 126p 74p CONTENTS Chairman’s statement 2 Strategic report 3 Directors’ report 13 Corporate governance report 18 Remuneration report 22 Directors’ responsibilities statement 32 Company directors and advisers 33 Independent auditors’ report 34 Consolidated income statement 39 Statements of comprehensive income 39 Balance sheets 40 Consolidated and Company statements of changes in total equity 41 Consolidated and Company cash flow statements 42 Notes to the financial statements 43 Five year summary 63 Financial calendar 63 Notice of annual general meeting 64 *Constant currency revenue is calculated by comparing results in the underlying currencies for 2018 and 2017, both converted at the 2017 average exchange rates as set out on page 11. 1 Games Workshop Group PLC

CHAIRMAN’S STATEMENT This is my first statement as non-executive chairman of Games Workshop Group PLC: I was appointed on the retirement of Tom Kirby at our shareholders’ meeting in September 2017. Not an easy act to follow: Tom has been the embodiment of the Company since its management buy-out in 1991. Tom’s preambles to the Games Workshop annual report in the past bear witness to his love of Games Workshop, his extensive business experience and his wideranging perspective: I would not presume to try and imitate these statements. On behalf of everyone involved in any way in Games Workshop, thank you, Tom, for your contribution over so many years. Our financial year ended 3 June 2018 was a great year for Games Workshop, building on the strong performance achieved in 2016/17. Your board believes that the Company has achieved a new order of magnitude, driven by the strategy devised and implemented by our CEO, Kevin Rountree. As Kev describes in his report later in this annual report, the growth achieved over the last two financial years and our outlook have encouraged us to put in place for the first time plans to increase our production facilities in Nottingham to enable us to service better the demand for our products worldwide. Kev will describe other initiatives we have underway in his report.

er the last two financial years and our outlook have encouraged us to put in place for the first time plans to increase our production facilities in Nottingham to enable us to service better the demand for our products worldwide. Kev will describe other initiatives we have underway in his report. The core of our strategy remains unchanged: to design, manufacture and sell wonderful models and games for our existing hobbyists/customers, and to recruit and retain new customers excited by our Warhammer worlds. The appetite for our products - in many countries around the world - is strong and has been growing well recently. We believe that our efforts on ever better customer service, supported by appropriate digital marketing, have been received positively. Mindful in particular of our recent - and notable - growth, your board is taking care to remain alert to the business risks we face every day. Achieving, and maintaining, unprecedented (for us) levels of growth present many new issues which we must address. Not least is the need to invest continually in product design, development and manufacturing capacity, as noted above. Your board remains focused on running Games Workshop as well as we can for the long term: our share price must look after itself. On this front I should mention that I’m aware of a few comments regarding the Company’s nomination for certain investment awards over the past year and our not attending the related events. We’re not trying to be disrespectful here, it’s simply that we’re more focused on the future and opportunities for further improvement rather than on our past performance.

regarding the Company’s nomination for certain investment awards over the past year and our not attending the related events. We’re not trying to be disrespectful here, it’s simply that we’re more focused on the future and opportunities for further improvement rather than on our past performance. Our AGM this year will be different from those in recent years: it will focus purely on normal AGM business. The opportunity for investors to meet and engage with all board members will, of course, continue. On the subject of the long term, part of my responsibilities as chairman include leading a review of the composition of the Company's board and to set in motion a process to appoint new non-executive directors of the Company (some of us, myself included, have been around for quite a time). Our aim is to add skills and experience which should be of help in maintaining and building upon our new position as a business with sales of £200m+. We set in motion this process in October 2017. Finding the right people - people with the relevant skills who ‘fit’ with Games Workshop - takes time but I am pleased to inform you that John Brewis was appointed to the board in June this year; John’s background is described later in this annual report. In 2019, Chris Myatt, our senior independent director, will step down. We will start the search for his successor later this year. I have three enjoyable responsibilities to discharge before concluding this statement:

in June this year; John’s background is described later in this annual report. In 2019, Chris Myatt, our senior independent director, will step down. We will start the search for his successor later this year. I have three enjoyable responsibilities to discharge before concluding this statement: - firstly, to thank our executive directors and the Games Workshop team as a whole for achieving such success this year (and last year) – and to encourage them to keep it up! The performance of the team in responding so well to our rapid growth, overcoming challenges in our performance in recent years, has been fantastic. - secondly, to thank our loyal customers: we will do our best to continue to produce wonderful models and games for you. - thirdly, to encourage our shareholders to attend our AGM/shareholders’ meeting on 19 September 2018: we look forward to seeing you there. With thanks, and best wishes. Nick Donaldson Non-executive chairman 30 July 2018 2 Games Workshop Group PLC

STRATEGIC REPORT Strategy and objectives Games Workshop is committed to making the Warhammer Hobby and our business ever better. Our ambitions remain clear: to make the best fantasy miniatures in the world, to engage and inspire our customers, and to sell our products globally at a profit. We intend to do this forever. Our decisions are focused on long-term success, not short-term gains. Let me go through our strategy part by part: The first element - we make high quality miniatures. We understand that what we make is not for everyone, so to recruit and re-recruit customers we are absolutely focused on making our models the best in the world. In order to continue to do that forever and to deliver a decent return to our owners, we sell them for the price that we believe the investment we have made in quality is worth. The second element is that we make fantasy miniatures based in our endless, imaginary worlds. This gives us control over the imagery and styles we use and ownership of the intellectual property (IP). Aside from our core business, we are constantly looking to grow our royalty income from opportunities to use our IP in other markets. The third element is that we are customer focused. We talk to our customers. We aim to communicate in an open, fun way. Whoever and wherever our customers are, and in whichever way they want to engage with Warhammer, we will do our utmost to support them.