Warsaw, August 27th 2020 HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF FOR THE 2020 HALF OF 2020 1 nake HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF 2020

LETTER FROM THE MANAGEMENT BOARD Warsaw, August 27th 2020 Dear Shareholders and Investors, Please be invited to read 11 bit studios S.A.’s report for the first half of 2020. We, as the Management Board, are extremely satisfied with the Company’s financial performance in the period. In the first six months of 2020, 11 bit studios S.A. reported revenue of nearly PLN 50.2m, up 63.2% year on year, and delivered a net profit of more than PLN 25.0m, up 237%. The Company generated cash from operating activities of PLN 30.8m, and the value of its financial assets (cash and cash equivalents, bank deposits, trade and tax receivables) as at the end of June 2020 soared to a record high of PLN 114.2m. In conclusion, never in the Company’s history, now spanning over a decade, did we post such good results in the first half of a year, not even in 2018, when Frostpunk and Moonlighter were first released on the market. The robust financial performance delivered by 11 bit studios S.A. in the first half of 2020 is attributable to very good sales of games from our entire, steadily growing portfolio of proprietary games and games from our publishing line. We are particularly satisfied with the sales of Frostpunk and paid DLCs for this production, released as part of the Season Pass. By the end of June 2020, in a little more than two years from the game’s debut, revenue from sale of Frostpunk (entire IP) came close to PLN 110m and exceeded cumulative revenue from sales of our previous hit game This War of Mine. The games released by the publishing division, mainly Moonlighter and Children of Morta, vitally contribute to the results posted by 11 bit studios S.A.

ue from sale of Frostpunk (entire IP) came close to PLN 110m and exceeded cumulative revenue from sales of our previous hit game This War of Mine. The games released by the publishing division, mainly Moonlighter and Children of Morta, vitally contribute to the results posted by 11 bit studios S.A. The revenue from the two games in the first six months of 2020 accounted for 30% of the Company’s total revenue. Despite temporary disruptions related to the COVID-19 pandemic, which did not affect our day-to-day operations, the first half of 2020 was a period of major change for 11 bit studios S.A. Since March, we have been working from a new (our own) office at ul. Brzeska 2 in Warsaw. We are actively expanding our workforce, now comprising almost 150 people, and this entails change in the Company’s organisational structure. The new employees join mainly the three internal development teams working on new games, i.e. Project 8, as well as the Dolly and Eleanor projects. We are satisfied with the progress of work on these productions, although we must admit that Project 8 has turned out to be a bit more challenging than we originally expected, which means we need more time to complete it. Work on the other two projects is progressing without interruption and its pace is very satisfactory. The COVID-19 pandemic, which led to the cancellation of all industry events, did not hinder the dynamic growth of the 11 bit publishing division. At the end of June, 11 bit studios S.A. announced that it had acquired another title, with a working name Ava, authored by Spanish studio Chibig. It is the fourth publishing project in the Company’s portfolio.

all industry events, did not hinder the dynamic growth of the 11 bit publishing division. At the end of June, 11 bit studios S.A. announced that it had acquired another title, with a working name Ava, authored by Spanish studio Chibig. It is the fourth publishing project in the Company’s portfolio. We are currently holding negotiations concerning a few other projects. HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF 2020 2

The Company’s investments in new games, both proprietary ones and those released as part of the publishing business, combined with the record level of financial assets, allow the Company to look at the coming quarters and years with high hopes, although the time when the investments yield fruit is yet to come. This is why in the coming periods 11 bit studios S.A. will focus on developing and monetising its existing game portfolio in order to maximise the life cycle of each production. The Frostpunk release for mobile devices, scheduled for 2021, is only one example of the initiatives undertaken with this goal in mind. Thank you once again for the trust you place in us. We invite you to read our report. hichug flild Dobdi Grzegorz Miechowski Przemysław Marszał Michał Drozdowski President of the Member of the Member of the Management Board Management Board Management Board 3 HALF-YEAR REPORT OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF 2020

TABLE OF CONTENTS LETTER FROM THE MANAGEMENT BOARD 2 TABLE OF CONTENTS 4 FINANCIAL HIGHLIGHTS 7 Statement of financial position 7 Statement of profit or loss 7 Statement of cash flows 8 INTERIM CONDENSED FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. FOR THE FIRST HALF OF 2020 9 1. OVERVIEW 10 1.1. Company overview 10 1.2. Covered periods 10 1.3. Composition of the Company’s governing bodies as at June 30th 2020 ..11 1.4. Auditor 11 1.5. Shareholding structure as at the date of issue of the half-year report 12 1.6. Company shares held by members of its management and supervisory staff 14 1.7. Commentary on estimates of financial results 14 1.8. Headcount 14 1.9. Functional and presentation currency 14 1.10. Management Board’s representation 15 1.11. Statement of the Company’s Management Board concerning the entity authorised to review the reliability of preparation of the interim condensed financial statements 15 1.12. Authorisation of financial statements 15 2. FINANCIAL STATEMENTS OF 11 BIT STUDIOS S.A. 16 2.1. Interim statement of comprehensive income (PLN) 16 2.2. Interim statement of financial position (PLN) 17 2.3. Interim statement of changes in equity (PLN) 19 2.4. Interim statement of cash flows (PLN) 21 3. NOTES TO THE FINANCIAL STATEMENTS 22 3.1. Application of IFRSs 22 3.2. Material achievements or failures of the Company in the reporting period 25 3.3. Revenue (PLN) ..27 3.4. Other income and expenses (PLN) 28 3.5. Depreciation and amortisation (PLN) 29 3.6. Services (PLN) 29 3.7. Salaries, wages and employee benefits (PLN) 30 3.8. Finance income (PLN) 30 3.9. Finance costs (PLN) 31 3.10. Income tax on continuing operations (PLN) 31