Guillemot : CGM of 27/05/2021 – Summary of the Group’s standing during the fiscal year ended

Translation for convenience only. The French version of this document prevails.

SUMMARY OF THE

GUILLEMOT CORPORATION GROUP'S POSITION

DURING THE FISCAL YEAR ENDED DECEMBER 31, 2020

1. POSITION OF THE COMPANY AND THE GROUP DURING FISCAL 2020

The Guillemot Corporation Group's turnover increased 98% in 2020 to €120.6 million, resulting in net income from ordinary activities of €18.9 million, compared with a net loss from ordinary activities of €2.6 million in 2019.

In 2020, the Group was able to:

• open more online customer accounts in the first half of the year thanks to buoyant consumer sales in the United States and Europe;
• boost sales of Thrustmaster racing wheels and continue to win market share in Europe;
• consolidate its position in the United States;
• ramp up its expansion in the Asia-Pacific region;
• expand distribution of the Thrustmaster brand to more than 140 countries worldwide.

Throughout 2020, the Group endeavored to:

• strengthen, adapt and prepare its sales structure for the new challenges arising from the pandemic;
• successfully transition the current Thrustmaster range to the next generation of consoles and ensure backward compatibility for most of the brand's products;
• significantly increase production to meet strong consumer demand for gaming accessories;
• have key national retailers of professional gamepads sell its new ESWAP X range for Microsoft's Xbox One console;
• respond with innovation, creativity and technological expertise to demands for interactivity from gamers seeking ever- increasing levels of realism and immersiveness;
• step up its strategy of forging new direct partnerships with major e-tailers (Box UK; Amazon in Japan, Saudi Arabia and the UAE; Cdiscount; etc.) to strengthen its presence in the e-commerce market;
• expand in the buoyant gamepad market;
• develop its Hercules DJ segment and continue to expand the Hercules ecosystem;
• offer passionate consumers products with exclusive functionality and an ecosystem of high-end hardware.

The Group's sales grew very strongly across all regions, reaching record levels in the United States, Germany, Poland, Australia and China.

Sales outside France in 2020 totaled €111.1 million, accounting for 92% of total consolidated turnover.

The Group's North American sales grew 151%, up from €14.1 million to €35.4 million.

In the European Union, the Group's turnover grew 88% from €32.4 million to €61.1 million.

Sales in other regions also increased 67% over the period.

Asia-Pacific remained a key region for the Group, posting growth of 85% in 2020. The Group continues to expand its presence in this buoyant region, broadening access to end consumers by rolling out "marketplaces". The Group also made far-reaching changes to its distribution structure across two key markets set to deliver growth including Japan, one of the world's top ten markets for video games. The Group is also extending its sales force in China, South Korea, Taiwan, Hong Kong, Russia and Australia; from the beginning of 2021, the key priority has been to maximize inventory turnover and replenish stocks before they run out, thus reducing market shortages.

The global Covid-19 pandemic meant 2020 was an unusual year for the Group, affecting the market configuration in ways never previously experienced. Consumers played more video games and opted to expand their ecosystem of accessories, while Formula 1 and endurance racing both took to the virtual world of PC and console racing, fueling increased interest in eSports. Combined with stay-at-home orders, this put the spotlight on video games and generated demand for specialist accessories to enhance performance.

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Translation for convenience only. The French version of this document prevails.

Through its Hercules and Thrustmaster brands, the Group usually attends the largest international trade shows to meet with key customers, form new partnerships, tap into the latest trends and sound out the sectors in which it operates. It also hosts events at its stands showcasing new products and giving visitors the chance to test them out. Trade shows are also an opportunity for the Group to meet with members of the press who come to look at new products.

The Group was unable to physically attend any international trade shows in 2020, with all shows from March onwards canceled because of the global pandemic.

However, the Group was able to meet with customers at the Consumer Electronics Show in January 2020, while its attendance at the NAMM Show paved the way for the launch of the Hercules DJControl Inpulse 500 range.

The Group faced some major challenges linked to Covid-19 in 2020, such as the following:

• lockdown, which resulted in the closure of many stores, particularly in Europe
• strong consumer demand for Thrustmaster gaming accessories and Hercules DJ products
• a shift in sales to e-commerce channels
• production delays in the first quarter, with capacity gradually returning to normal levels by May
• the need to subsequently step up production to meet demand
• the need to adjust its distribution channels by entering into direct sales agreements with leading global e-tailers
• supply chain disruption, with many wholesalers closed

The Group's logistics, production, marketing and sales teams demonstrated their agility, delivering the following achievements:

• moving inventory to the United States and Europe from the first quarter of 2020 in anticipation of supply difficulties
• re-evaluatingwholesaler networks to bolster the supply chain
• developing and entering into new direct distribution agreements with e-tailers to ensure products continued to flow to consumers
• monitoring demand daily to ensure inventory was replenished before it ran out and mitigate customer stock-outs

1.1. Thrustmaster news

In 2020, Thrustmaster:

• launched key products, including in particular the TCA Sidestick Airbus Edition joystick, but also the T.Racing Scuderia Ferrari Edition-DTS racing wheel officially licensed by Ferrari and the ESWAP X Pro Controller modular professional gamepad for the Xbox console;
• worked with Microsoft Seattle so as to be able to release the new Thrustmaster Civil Aviation (TCA) range, in partnership with Airbus, to coincide with the summer 2020 release of Microsoft Flight Simulator;
• took part in the first eSports competition ever organized by Ferrari at the beginning of August;
• worked with Electronic Arts to integrate Thrustmaster joysticks with the hotly awaited Squadrons game, released in November 2020;
• saw record numbers of visits to its website and online store;
• benefited from gamers' growing enthusiasm for eSports, with strong demand for joysticks, racing wheels and gamepads;
• strengthened its presence in eSports by entering into new partnerships with the eSports division of Scuderia Ferrari and the 24 Hours of Le Mans in racing, as well as with Epic Games in the USA for Rocket League competitions with the ESWAP range;
• saw continued uptake of its ESWAP range of gamepads, winning the approval of professional gaming communities all over the world thanks to competitions and teaming up with a number of ambassadors to promote its gamepads within their communities;
• developed worldwide interest in the use of joysticks for gaming, leading to record growth in sales in the year;
• worked on changing its internal structure to facilitate its new goal of partnering even more closely with gamers.

The pace of growth at Thrustmaster quickened to 196% in the fourth quarter of 2020, buoyed by successful sales of the brand's Airbus flying accessories and strong momentum in the racing and gamepad segments.

Paradoxically, the Covid-19 pandemic had a positive effect on sales of Thrustmaster products, with lockdown fueling consumer demand for the Group's gaming accessories. At the same time, a wave of new flight simulation and racing games resulted in very strong demand for Thrustmaster PC and console accessories. Sales of joysticks - including the Thrustmaster Civil Aviation joystick - were buoyed by the success of Microsoft Flight Simulator 2020, released in August, while sales of racing wheels received a boost from the release of new racing titles including F1 2020, Project CARS 3 and WRC 9.

Consumers' growing enthusiasm for eSports and gamepads (namely the ESWAP Pro Controller ecosystem) were key drivers of the Group's growth in 2020.

The arrival of new consoles, with the Xbox Series X|S from Microsoft Corporation, released on November 10, 2020 and available in two versions, and the PlayStation 5 from Sony Interactive Entertainment Inc., released on November 19, 2020 and also available in two versions, was also a key driver over the final part of 2020 and heralds a bright future for the video games market. Thrustmaster is ideally placed to harness rapid growth in the next-generation PlayStation 5 and Xbox Series X|S consoles.

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Translation for convenience only. The French version of this document prevails.

The shift in user behavior towards the e-commerce channel represents a genuine opportunity in the group's specialist product segments; the Group is now well placed in this channel, with strong partnership agreements in place.

1.1.1. Racing wheels and accessories

A strong crop of new racing games, including F1 2020 (released in July), Project CARS 3 (released August 28), WRC 9 (released early September) and DiRT 5 (released November 10), fueled strong momentum in the racing accessories market. The release of Project CARS 3 boosted sales of Thrustmaster racing wheels.

In 2020, the US racing wheel market grew 48.4% by value (relative to 2019) to $66.19 million. Five Thrustmaster racing wheels were among the top ten sellers by value. Thrustmaster had a 39% share of the market by value in 2020.

In the top five European countries of France, Germany, the United Kingdom, Italy and Spain, the racing wheel market grew 57.5% by value to €119 million. Thrustmaster is the number two player in racing wheels, with a market share of 27% by value.

Since its launch in the first quarter of 2020, the hotly awaited T-LCM racing pedal set - the first Thrustmaster pedal set to be equipped with magnetic sensors and a Load Cell force sensor on its brake pedal - has been a big hit.

On December 10, 2020, Thrustmaster announced the release of its brand new add-on, the Formula Wheel Add-OnFerrari SF1000 Edition, heralding a genuine revolution in the racing simulation world. With its world-first interactive screen, this racing wheel is a replica of the wheel used in Ferrari's legendary SF1000.

1.1.2. Audio headsets

Proud of its position in the gaming headset market, in 2020 Thrustmaster unveiled its T.Racing Scuderia Ferrari Edition-DTS headset. This headset combines the best of Thrustmaster's audio expertise with unique DTS know-how (through the DTS Sound Unbound application) to improve gaming performance.

1.1.3. Gamepads

Buoyed by the success of the first ESWAP PRO CONTROLLER launched in 2019, at the end of December 2020 Thrustmaster launched the ESWAP X PRO CONTROLLER, officially licensed for Xbox Series X|S and Xbox One. This controller - the first third-party gamepad compatible with Microsoft's Xbox Series consoles - is aimed squarely at gamers seeking optimum performance.

In June 2020, another two new products were added to the ESWAP PRO CONTROLLER ecosystem, compatible with Sony's PlayStation 4 console: the ESWAP Classic D-PAD and the ESWAP Classic Mini-Stick.

In 2020, the US gamepad market grew 19.7% by value to $1,458.3 million - equivalent to more than twice the size of the combined market in the top five European countries by volume. The ESWAP X PRO CONTROLLER, released in America in November 2020, was the number five seller among gamepads costing over $100 in December 2020 by both volume and value, and the number three seller among gamepads costing over $150.

In the top five European countries, the gamepad market grew 26% by value in 2020 (relative to 2019) to €624.2 million. Germany, France and the United Kingdom accounted for 80.2% of the market in the top five European countries by value. Thrustmaster sales grew 84% by value.

1.1.4. Flight simulation accessories

The Group is very well placed in the flight sim accessories market.

In 2020, Thrustmaster launched its Thrustmaster Civil Aviation range, officially licensed by Airbus.

The TCA Sidestick Airbus Edition joystick - the first product in this new TCA range - is a truly universal PC joystick. Designed as the ideal partner for civil aviation simulators like X-Plane 11 and Microsoft Flight Simulator, the mini-stick and ergonomic Airbus replica is a versatile ally for all types of flight simulation game.

New products in the Airbus range released in the fourth quarter, such as the TCA Officer Pack Airbus Edition and the Quadrant Add-on, contributed to very strong full-year sales in 2020. The Thrustmaster TCA Quadrant Add-onAirbus Edition comes with 15 headline functions inspired by the flight decks of Airbus aircraft. It promises an immersive gaming experience with realistic buttons and releases specially designed to control approach and landing sequences.

The August 2020 launch of Microsoft Flight Simulator was a big success, fueling a new wave of flight simulation accessories. It had a very significant impact on the Group's flight sim accessories, in particular the Thrustmaster Civil Aviation range, enabling Thrustmaster to step up its global presence in the joystick category, securing 2020 market shares of 75% by value in the United States and 56% by value in the top five European countries.

The Group's business in the year was buoyed by strong sales of flying accessories in the Airbus range.

In 2020, the US joystick market grew 16.5% by value to $15.29 million. Thrustmaster was number one by both value and volume, strengthening its position in this segment.

In the top five European countries, the joystick market grew 91.3% by value to €21.3 million. Thrustmaster was number one by volume and value, with market shares of 55% and 56% respectively.

1.1.5. eSports

Thrustmaster strengthened its positioning in the eSports market in 2020, mainly in the racing and flying segments. Stay-at-home orders further boosted the success of eSports, fueling a sharp increase in demand for gaming accessories.

In 2020, the Covid-19 pandemic meant physical competitions took a back seat to virtual competitions, which proved a big hit. Formula 1 and endurance racing both took to the virtual world of PC and console racing, fueling increased interest in eSports.

1.1.5.1. eSports racing

In 2020, Thrustmaster supported its ambassadors in new eSports competitions, boosting interest in the brand's accessories. Thanks to its comprehensive ecosystem of racing wheels, pedal sets, gear sticks and handbrakes, the racing range maintained

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the brand's appeal and momentum in this segment, with new bundles released for specific racing specialties (Formula 1, rallying, GT, etc.).

Thrustmaster was official equipment supplier to Ferrari's driver academy throughout 2020. The partnership with Ferrari Esport kicked up a gear in the first half of 2020, with Ferrari drivers taking part in the SRO Esports GT Challenge competition, which met with great success. Ferrari Esport boosted Thrustmaster's visibility through a various communication channels, notably thanks to the participation of celebrity ambassadors.

During the March 2020 lockdown, Thrustmaster ran a virtual competition in a "racing room". In the course of the month, nearly 4,000 participants raced on the Spa-Francorchamps track in hopes of winning a T-LCM pedal set.

The first stage of the 2020 World Tour took place in Sydney (Australia) in February 2020, with Chilean driver Nicolas Rubilar sponsored by Thrustmaster.

In September 2020, Thrustmaster took part in the online Super Final of the Le Mans Esports Series, with the brand acting as exclusive partner of the category for the second time.

Thrustmaster was also official equipment partner of GT Sport competitions worldwide in 2020, with the T-GT racing wheel adopted as the official racing wheel for FIA-certified GT Sport competitions.

In December 2020, Thrustmaster launched its one-of-a-kind Rockets program aimed at promoting the involvement of women in eSports, a field in which they are currently under-represented. The program aims to identify, recruit, support and train high- potential women in various gaming categories (racing, flying and gamepad games). Thanks to their strong performance, these highly motivated women bring strong visibility to Thrustmaster products.

To step up its presence in Asia, Thrustmaster signed up two new Asian sponsors, Lei Dai and Yuan Yifan. The two drivers succeeded in taking second place in the F1 Esports Series in China.

Thrustmaster took another step forward in eSports by sponsoring an official Rocket League competition at the end of December 2020.

1.1.5.2. eSports flying

The very strong crop of new flight simulation games released in 2020 were an opportunity for Thrustmaster to strengthen its positioning in the flying segment.

Thrustmaster sponsored the global DCS competition with SATAL (Squadron Air-to-Air League) for the second time. With almost 30 teams across two leagues, the competition was one of the best to date, notably thanks to the involvement of the best virtual pilots.

1.2. Hercules news

In 2020, Hercules:

• successfully launched its new Hercules DJControl Inpulse 500 controller in July, adding to the success of the Inpulse range and enabling Hercules to more than double its sales in the third quarter;
• launched its new Hercules HDP DJ60 headphones, offering professional-quality audio, in early October;
• announced at the end of March that its DJControl Inpulse 200, DJControl Inpulse 300 and DJControl Starlight controllers were compatible with the djay iOS app;
• finalized a major business deal with Sweetwater.com, a US giant in online musical instrument sales;
• worked with partners on promotions and created dedicated bundles to hold the attention of future DJs.

With sales up 65% in the fourth quarter, Hercules maintained a similar level of growth to previous quarters.

1.2.1. DJ controllers

Hercules expanded its Inpulse range of controllers in 2020, with the new Hercules DJControl Inpulse 500 adding to the range's success. Released in mid-June, this new, ultra-high-performanceall-in-one controller helps young DJs put on a show in public. Bundled with Serato DJ Lite and DJUCED, this controller is the ideal solution to help beginners develop and perform, meeting all their needs and helping them fulfil their ambitions. As well as guides to help learn the art of DJing and the DJUCED Intelligent Music Assistant, it also includes a multitude of functions designed to help DJs improve.

Furthermore, at the last NAMM show in Anaheim in January 2020, the Hercules DJStarter Kit controller won a "NAMM U Best In Show" award in the "Gotta Stock It" (i.e. bestseller) category. Out of 27 winners, the controller was the first winning product in the DJ category for two years (the last DJ product to win the award was in 2017).

1.2.2. DJUCED software

DJ Hercules software DJUCED, launched in 2011, is a popular, high-performance software package that was used by over 180,000 people between May 2019 and May 2020.

New developments are added every year, with some examples as follows:

• an interface that adapts to every user, from beginners through to experts, and is even simpler, more user-friendly and more intuitive
• a quicker and easier launch process, integrated DJ Academy content and new sampling methods
• DJ Academy integration, offering a library of videos to help learn the basics of DJing
• the Intelligent Music Assistant (IMA) to help improve track selection
• professional streaming platforms Beatport and Beatsource, ensuring that DJs always have the best tracks at their fingertips

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In addition, Hercules recently launched version 5.0 of its DJUCED software, bundled with most DJ controllers. The new version includes Beatport Link, allowing users to discover and play with more than six million tracks right inside DJUCED. Founded in 2004, Beatport is now the leading source of electronic music for DJs, producers and fans.

1.2.3. DJ headphones

Just a few months after launching its Hercules DJControl Inpulse 500 controller, Hercules added to its range of headphones, launching the brand new Hercules HDP DJ60 headphones for live mixing in October 2020. These comfortable and stylish precision headphones deliver the kind of excellent sound quality both beginners and advanced DJs need when mixing in public. These professional-quality headphones use drivers with a frequency response of 15 Hz to 22 kHz and a sensitivity of 105 dB.

2. GROUP RESULTS

Key figures from Guillemot Corporation's consolidated financial statements for the fiscal year ended December 31, 2020 are as follows:

(€m)	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Turnover	120.6	60.9	81.2
Net income from ordinary activities	19.0	-2.6	6.9
Net operating income	23.1	-2.6	6.9
Net financial income*	7.4	-4.6	3.1
Consolidated net income	29.8	-6.4	12.2
Basic earnings per share	€1.95	-€0.42	€0.80
Shareholders' equity	79.7	50.3	58.3
Net debt (excl. AFS securities)**	-18.2	10.2	7.9
Inventories	20.6	21.4	24.9
Intangible assets	15.4	11.4	11.1
Current financial assets (AFS securities portion)	35.0	27.3	31.3

• Net financial income includes the cost of net financial debt as well as other financial expenses and income.
• Available-for-sale(AFS) securities are not taken into account when calculating net debt (cf. Section 5.7.13 of the notes to the consolidated financial statements).

Consolidated annual turnover in fiscal year 2020 totaled €120.6 million, up 98% year on year. Net income from ordinary activities came in at €19.0 million, compared with a €2.6 million net loss from ordinary activities in the year ended December 31, 2019.

The Group posted net operating income of €23.1 million in 2020, compared with a €2.6 million net operating loss in 2019. This net operating income included other operating income of €4.1 million linked to a write-back of impairment on the Group's Thrustmaster brand.

Consolidated net income for the year came in at €29.8 million, compared with a prior year consolidated net loss of €6.4 million, after taking into account a €0.7 million tax expense in the year. This included a financial gain of €7.7 million arising from a revaluation gain on the Group's portfolio of Ubisoft Entertainment shares.

Net financial income of €7.4 million included a €7.7 million revaluation gain on current financial assets (available-for-sale securities) consisting of Ubisoft Entertainment shares.

Current financial assets totaled €35.0 million at December 31, 2020, consisting of 443,874 Ubisoft Entertainment shares.

Shareholders' equity increased from €50.3 million to €79.7 million.

The Group's financial structure is robust, with net debt negative at -€18.2 million at December 31, 2020 (excluding the portfolio of available-for-sale securities: €35.0 million), compared with positive net debt of €10.2 million at December 31, 2019.

• Turnover by business segment

(€m)	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Hercules	8.0	4.7	4.4
Standard product lines	7.2	4.1	3.7
OEM*	0.8	0.6	0.7
Thrustmaster	112.6	56.2	76.8
Standard product lines	112.6	56.2	76.8
OEM	0.0	0.0	0.0
TOTAL	120.6	60.9	81.2

• Accessories developed for third party companies (Original Equipment Manufacturers).
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