5th Planet Games A/S — AGM Information 2016

Jan 20, 2016

HUGO GAMES A/S

PROTOKOLLAT FOR ORDINÆR GENERALFORSAMLING

AFHOLDT DEN 6. JANUAR 2016

HUGO GAMES A/S

MINUTES OF THE EXTRAORDINARY GENERAL MEETING

HELD ON 6 JANUARY 2016

År 2016, den 6. januar kl. 10.00 afholdtes ekstraordinær generalforsamling i Hugo Games A/S, CVRnr. 33 59 71 42, i Charlottehaven, Hjørringgade 12C, 2100 København Ø. Dagsordenen var følgende: 1) Afsættelse af nuværende revision gade 12C, 2100 Copenhagen. The agenda was as follows:

2) Valg af ny revision

Ekstraordinær generalforsamling

3) Forslag fra bestyrelsen

Bestyrelsen havde, jf. selskabets vedtægter punkt 5.10, valgt advokat Peter Bruun Nikolajsen til dirigent for generalforsamlingen.

Dirigenten indledte generalforsamlingen ved at konstatere, at denne var rettidigt og lovligt indkaldt og beslutningsdygtig. Dirigenten konstaterede videre, at 62,8 % af selskabskapitalen var til stede, personligt eller ved fuldmagt.

Dirigenten informerede generalforsamlingen om, at der på den til indkaldelsen tilhørende fuldmagt og brevstemmeseddel var indsat en forkert dato, den 4. januar 2016 i stedet for rettelig den 6. januar 2016. Dirigenten konstaterede at der var tale om en mindre væsentlig formalitet, som ikke havde indflydelse på gyldigheden af de fremsendte fuldmagter.

Herefter gjorde dirigenten generalforsamlingen opmærksom på, at der inden generalforsamlingens afholdelse havde været skriftlig korrespondance mellem selskabets ledelse og to aktionærer, og at disse korrespondancer var blevet udleveret på generalforsamlingen.

Herefter fortsatte dirigenten i henhold til den annoncerede dagsorden.

Ad 1 og 2 – Afsættelse af revision og valg af ny revision

Year 2016, on 6 January at 10.00 a.m., an extraordinary general meeting in Hugo Games A/S, CVR-no. 33 59 71 42, was held at Charlottehaven, Hjørring-

Extraordinary general meeting

• 1) Dismissal of current auditor
• 2) Appointment of new auditor
• 3) Proposal from the Board of Directors

The board of directors had, in accordance with the company's articles of association provision 5.10, elected attorney Peter Bruun Nikolajsen as Chairman.

The Chairman opened the general meeting by stating that the general meeting had been timely and duly convened and was competent to transact business according to the agenda. The Chairman further stated that 62.8% of the company's share capital was present, in person or by proxy.

The Chairman informed the general meeting that the power of attorney and ballot attached to the notice convening the general meeting contained a wrong date of the general meeting as it was set be held on 4 January 2016 instead of the rightful date of 6 January 2016. The Chairman stated that this was a minor formality which did not affect the validity of the power of attorneys received by the company.

The Chairman hereafter informed the general meeting that there had been two correspondences between the management and board of directors and two shareholders of the company. These correspondences had been presented at the general meeting for the shareholders to review.

Hereafter the Chairman continued according to the announced agenda.

Item 1 and 2 – Dismissal of current auditor and appointment of new auditor

Dirigenten oplyste, at dagsordenens punkt 1 og 2 havde en sådan sammenhæng, at det gav mening at behandle dem samlet.

Dirigenten gav herefter ordet til bestyrelsens formand, Bertel Maigaard, som oplyste, at forslaget om at afskedige den nuværende revision, IN-FO:Revision, Statsautoriseret Revisionsaktieselskab, som selskabets revisor, var stillet på baggrund af INFO:Revision, Statsautoriseret Revisionsaktieselskabs beslutning om ikke at revidere regnskaber for børsnoterede virksomheder.

INFO:Revision, Statsautoriseret Revisionsaktieselskab, kunne derfor ikke fortsætte som selskabets revisor.

Formanden oplyste endvidere, at bestyrelsen foreslog valg af GRANT THORNTON, statsautoriseret revisionspartnerselskab, som selskabets nye revision. Formanden redegjorde for, at Grant Thornton havde stor erfaring med at revidere regnskaber for børsnoterede selskaber, og at Grant Thornton derudover havde et indgående kendskab til selskabet allerede, idet Grant Thornton forestod den finansielle due diligence af selskabet i forbindelse med børsnoteringen i sommeren 2015.

Der var ikke spørgsmål til forslagene.

Dirigenten tog forslagene til afstemning.

Forslaget om at afsætte selskabets nuværende revision og vælge GRANT THORNTON, statsautoriseret revisionspartnerselskab, som selskabets nye revision, blev enstemmigt vedtaget af generalforsamlingen.

Ad 3 – Forslag fra bestyrelsen

Dirigenten gennemgik forslaget stillet af bestyrelsen om at tildele bestyrelsen bemyndigelse til (i) at udstede konvertible gældsbreve uden fortegningsret, (ii) gennemføre en eller flere kapitalforhøjelser med fortegningsret, og (iii) gennemføre en eller flere kapitalforhøjelser uden fortegningsret, samt til at gennemføre de deraf følgende kapitalforhøjelser, og i relation hertil optage følgende bestemmelser i selskabets vedtægter:

The Chairman stated that the agenda's item 1 and 2 was connected to such a degree that it would be appropriate to transact them together.

Hereafter the Chairman allowed the chairman of the board of directors, Bertel Maigaard, to motivate the proposal. The chairman of the board of directors explained that the proposal to dismiss the company's current audiotor, INFO:Revision, Statsautoriseret Revisionsaktieselskab, was a consequence of the decision made by INFO:Revision to no longer audit companies listed on a stock exchange.

The company could therefore no longer continue with INFO:Revision, Statsautoriseret Revisionsaktieselskab as its auditor.

The chairman of board of directors further explained that the board of directors proposed to appoint GRANT THORNTON, statsautoriseret revisionspartnerselskab, as the company's new auditor. It was explained that Grant Thornton had great experience in auditing companies listed on a stock exchange, and furthermore had great insight of the company as Grant Thornton performed the financial due dili-gence in connection with the company's listing on Oslo Axess in the spring of 2015.

There were no questions to the proposals.

The Chairman took the proposals to a vote.

The proposal to dismiss the company's current auditor and appoint GRANT THORNTON, statsautoriseret revisionspartnerselskab, as the company's new auditor was adopted by the general meeting unanimously.

Item 3 –Proposal from the Board of Directors

The Chairman gave went through the proposal to grant the board of directors with authority to (i) issue convertible notes without preempting rights, (ii) perform one or more increases of the company's share capital with preempting rights, and (iii) perform one or more increases of the company's share capital without preempting rights for the current shareholders, as well as to complete the related capital increases, and in connection hereto adopt the following provisions to the company's "2.3 Bestyrelsen er i perioden indtil den 6. februar 2020 bemyndiget til at træffe beslutning om optagelse af lån mod udstedelse af konvertible gældsbreve (konvertible lån) samt til at træffe beslutning om den dertilhørende kapitalforhøjelse, jf. pkt. 2.5., for i alt op til nominelt DKK 5.000.000.

Ovennævnte bemyndigelse kan udnyttes ad én eller flere gange.

Selskabets aktionærer skal ikke have fortegningsret ved bestyrelsens udnyttelse af denne bemyndigelse det være sig i forbindelse med udstedelse af konvertible gældsbreve eller i forbindelse med udnyttelsen af konvertering af gældsbrevene - og de konvertible gældsbreve udstedes til en konverteringskurs, som mindst svarer til markedskursen på tidspunktet for bestyrelsens beslutning.

De nærmere vilkår for udstedelse af konvertible gældsbreve fastsættes af bestyrelsen, herunder regler om lånevilkår og konvertering af gældsbrevene, samt om modtagerens retsstilling i tilfælde af kapitalforhøjelse, kapitalnedsættelse, udstedelse af nye konvertible gældsbreve samt selskabets opløsning, fusion eller spaltning inden konverteringstidspunktet.

Bestyrelsen kan efter de til enhver tid gældende regler i selskabsloven genanvende eller genudstede eventuelle bortfaldne ikke udnyttede konvertible gældsbreve, forudsat at genanvendelsen eller genudstedelsen finder sted inden for de vilkår og tidsmæssige begrænsninger, der fremgår af ovennævnte bemyndigelse. Ved genanvendelse forstås adgangen for bestyrelsen til at lade en anden aftalepart indtræde i en allerede bestående aftale om konverteringsret. Ved genudstedelse forstås bestyrelsens mulighed for indenfor samme bemyndigelse at genudstede nye konvertible gældsbreve, hvis de allerede udstedte, er bortfaldet.

Bestyrelsens beslutning om optagelse af konvertible lån skal optages i vedtægterne. Bestyrelsen er bemyndiget til at foretage de dertilhørende fornødne vedtægtsændringer.

articles of association:

"2.3 Until 6 February 2020, the Board of Directors is authorized to decide to obtain loans against issue of convertible notes with the right to subscribe for shares in the Company (convertible loans), and the Board of Directors is authorized to make the related capital increase, cf. provision 2.5, for up to a total nominal amount of DKK 5,000,000.

The abovementioned authorization can be used one or more times.

The shareholders of the Company shall not have pre-emption right when the Board of Directors makes use of the abovementioned authorization – neither in connection to the issuing of convertible notes nor in connection to the conversion of such convertible notes – and the convertible notes shall be issued at a conversion price which as a minimum corresponds to the market value at the time of the Board of Directors' decision to issue such convertible notes.

The terms and conditions for the convertible notes shall be determined by the Board of Directors, including rules of terms of loan and conversion of the notes, and the legal position of the recipient in case of a capital increase, capital decrease, issuance of new convertible notes or the dissolution, merger or demerger of the company before the time of conversion.

The Board of Directors can under due consideration of the Danish Companies Act reuse or reissue potentially lost, unused convertible notes, on the condition that the reuse or reissue is done within the terms and time limits of the abovementioned authorization. By reuse is meant the opportunity for the Board of Directors to let another party enter into an existing agreement on conversion right. By reissue is meant the opportunity for the Board of Directors within the same authorization to reissue new convertible notes if those already issued are lapsed.

The decision of the Board of Directors to raise convertible loans must be recorded in the Articles of Association and the Board of Directors is authorised to amend the articles accordingly.

2.4 Bestyrelsen er i perioden indtil den 6. februar 2020 bemyndiget til med fortegningsret for selskabets eksisterende aktionærer at træffe beslutning om at forhøje selskabets aktiekapital ad én eller flere gange med i alt op til nominelt DKK 5.000.000 ved kontant betaling. Forhøjelsen kan ske til under markedskursen.

For de nytegnede aktier skal i øvrigt gælde, at de nye aktier skal lyde på navn og skal noteres på navn i selskabets ejerbog, samt at de nye aktier er omsætningspapirer og i øvrigt i enhver henseende har samme rettigheder som de eksisterende aktier. Bestyrelsen bemyndiges til at fastsætte de nærmere vilkår for kapitalforhøjelser i henhold til ovenstående bemyndigelse og til at foretage de ændringer i selskabets vedtægter, der måtte være nødvendige som følge af bestyrelsens udnyttelse af nævnte bemyndigelse.

2.5 Bestyrelsen er i perioden indtil den 6. februar 2020 bemyndiget til uden fortegningsret for selskabets eksisterende aktionærer at træffe beslutning om at forhøje selskabets aktiekapital ad én eller flere gange med i alt op til nominelt DKK 5.000.000 ved kontant betaling, gældskonvertering eller betaling i andre værdier end kontanter. Forhøjelsen skal ske til markedskursen.

For de nytegnede aktier skal i øvrigt gælde, at de nye aktier skal lyde på navn og skal noteres på navn i selskabets ejerbog, samt at de nye aktier er omsætningspapirer og i øvrigt i enhver henseende har samme rettigheder som de eksisterende aktier. Bestyrelsen bemyndiges til at fastsætte de nærmere vilkår for kapitalforhøjelser i henhold til ovenstående bemyndigelse og til at foretage de ændringer i selskabets vedtægter, der måtte være nødvendige som følge af bestyrelsens udnyttelse af nævnte bemyndigelse.

2.6 Den samlede kapitalforhøjelse, som kan gennemføres ved udnyttelse af bemyndigelserne i punkt 2.3, 2.4 og 2.5, kan ikke overstige nominelt DKK 5.000.000."

2.4 Until 6 February 2020, the Board of Directors is authorized, with preferential right for the existing shareholders of the Company, to increase the Company's share capital one or more times by up to a total nominal amount of DKK 5,000,000 by cash payment. The capital increase can take place below market price.

New shares issued pursuant to the above shall be issued in the name of the holder and shall be recorded in the name of the holder in the Company's register of shareholders, shall be negotiable documents and shall in every respect carry the same rights as the existing shares. The Board of Directors is authorized to lay down the terms and conditions for capital increases pursuant to the above authorization and to make any such amendments in the Company's Articles of Association as may be required as a result of the Board of Directors' exercise of the said authorization.

2.5 Until 6 February 2020, the Board of Directors is authorized, without preferential right for the existing shareholders of the Company, to increase the Company's share capital one or more times by up to a total nominal amount of DKK 5,000,000 by cash as well as non-cash payment or by conversion of debt. The capital increase shall take place at market price.

New shares issued pursuant to the above shall be issued in the name of the holder and shall be recorded in the name of the holder in the Company's register of shareholders, shall be negotiable documents and shall in every respect carry the same rights as the existing shares. The Board of Directors is authorized to lay down the terms and conditions for capital increase pursuant to the above authorization and to make any such amendments in the Company's Articles of Association as may be required as a result of the Board of Directors' exercise of the said authorization.

2.6 The combined total share capital increase, performed pursuant to the given authorisations in provision 2.3, 2.4 and 2.5, cannot exceed nominal DKK 5,000,000."

Dirigenten konstaterede, at der var en mindre

The Chairman stated that there was a minor incon-

sproglig uoverensstemmelse mellem ordlyden af et afsnit i forslaget indsat i indkaldelsen og gengivelsen heraf i udkastet til selskabets nye vedtægter, som lagt frem på selskabets hjemmeside. Dirigenten gjorde for god ordens skyld opmærksom på, at det var forslaget som fremsat i indkaldelsen, der ville blive taget til afstemning og indsat i selskabets vedtægter, såfremt forslaget vedtages.

Dirigenten konstaterede, at der var tale om ét samlet forslag.

Herefter gav dirigenten ordet til bestyrelsens formand, Bertel Maigaard, der indledningsvist konstaterede, at de juridiske forhold ved forslaget var blevet gennemgået og godkendt af selskabets juridiske rådgiver, hvorfor formandens gennemgang ville vedrøre de kommercielle og strategiske begrundelser for forslaget.

Formanden redegjorde således for, at bestyrelsen og direktionen havde udarbejdet en ny strategiplan for selskabet, hvoraf udvalgte dele var udsendt som børsmeddelelse samme morgen med visionen om, at Hugo Games inden for de næste tre år ville være et 'Tier 1 mobile gaming company in the nordic region'

Bestyrelsen og selskabet havde sammen defineret dette som:

• 5 mio DAU på tværs af alle udgivelser
• 0,15 DKK i ARPDAU på tværs af alle udgivelser
• Maksimering af forudsigelighed i omsætning og indtjening
• Cash Flow positiv

Visionen var valgt, da bestyrelsen og direktionen var overbeviste om, at en opnåelse af dette ville skabe markant værdi for aktionærerne. Samtidig var bestyrelsen overbevist om at en eventuel illikviditetspræmie ville blive minimeret i takt med at selskabet blev større, men også at risikoen spredtes på flere udgivelser, således at selskabets samlede risiko blev minimeret.

gruence between the wording of a paragraph in the proposal as presented in the notice convening the general meeting and the proposed change to the articles of association made available on the company's website. For the sake of good order, the Chairman stated that the proposal to be taken to a vote was the one presented in the notice, and the articles of association would be amended accordingly should the proposal be adopted.

The Chairman stated that the proposed constituted one combined proposal.

The Chairman hereafter allowed the chairman of the board of directors, Bertel Maigaard, to motivate the proposal. The chairman of the board of directors first of all stated that the legal foundation of the proposal had been reviewed and approved by the company's legal advisor, and the motivation by the chairman of the board of directors would therefore concern the commercial and strategic grounds for the proposal.

The chairman of the board hereafter stated that the board and the management had prepared a new strategy plan for the company where chosen parts had been published as a stock exchange notice the same morning, with the vision that Hugo Games within the next three years would be a 'Tier 1 mobile gaming company in the Nordic region'.

The Board and the company had together defined this as:

• 1. 5 mio DAU across all releases
• 1. 0,15 DKK i ARPDAU across all releases
• 1. Maximizing of predictability in turnover and revenue
• 1. Cash Flow positive

This vision had been chosen as the board and the management were confident that an achievement of it would create a significant value for the shareholders. Further, the board was confident that a potential illiquidity premium would be minimized as the company continued to grow, but also that the risk would be spread on multiple releases in a way that would minimize the combined risk of the company.

Formanden redegjorde yderligere for, at der for at opnå visionen var blevet valgt en 3-fold-strategy som produktstrategi, ifølge hvilken selskabets udgivelser ville fordele sig over:

• 1. Hugo udgivelser
• 1. Celebrity udgivelser
• 1. Acquired IPs

For at gennemføre strategien, således at visionen ville blive indfriet, ville der undervejs være behov at rejse yderligere kapital, derfor ønskede bestyrelsen med sit forslag at få fleksibiliteten til dette.

Herefter gennemgik formanden kort baggrunden for hver af de tre typer, bestyrelsen ønskede at få bemyndigelse til:

Konvertible gældsbreve

I perioder hvor kursen vurderedes lav pga. illikviditet eller andre årsager, ønskede bestyrelsen mulighed for at udstede konvertible gældsbreve fremfor at udstede nye aktier. Dette for at tilgodese den eksisterende aktionærgruppe ved ikke at udvande dem til en efter bestyrelsens mening lav kurs.

Emission til markedskurs uden fortegningsret

Formanden oplyste, at der i forbindelse med eksekveringen af punkt 2 og 3 i selskabets 3-foldstrategy til tider ville opstå situationer, hvor selskabet ville få brug for hurtigt og smidigt at kunne rejse penge til hhv. at stille minimumsgaranti overfor Celebrities eller at betale for en købt App med aktier for at spare selskabet for likviditet, og at selskabet i begge disse situationer ville have brug for at agere hurtigt, for at være konkurrencedygtig i processerne, og dermed ville der ikke være tid til at skulle få udarbejdet og godkendt prospekt for herefter at rejse kapital via en emission med fortegningsret. Samtidig ville det spare selskabet for både en stor, ikke driftsorienteret belastning samt en ikke ubetydelig finansiel omkostning.

Formanden oplyste, at værdiskabelsen ved indgåelsen af kontrakterne ville tilgodese alle aktionærer, og samtidig ville emissionen til markedskurs medføre at eksisterende aktionærer ikke blev udvandet kapitalmæssigt.

The chairman of the board further stated that to achieve the vision, a 3-fold strategy had been chosen as a product strategy by which the company's releases would be divided between:

• 1. Hugo releases
• 1. Celebrity releases
• 1. Acquired IPs

Along the way it would be necessary to raise additional capital to carry through the strategy in order for the vision to be accomplished, which was why the board with its proposal would like to obtain the flexibility to do this.

Hereafter the chairman of the board briefly outlined the background for the three types the Board asked for authorization to:

Convertible notes

At times, where the price would be valued low due to illiquidity or other causes, the board would like the opportunity to issue convertible notes instead of issuing new shares. This to favour the existing group of shareholders by not diluting them at a, according to the board's opinion, low price.

Issue at market price without preempting rights

The chairman of the board stated that in connection to the execution of item 2 and 3 of the 3-foldstrategy, situations would at times occur in which the company would need to be able to swift and smoothly raise money to either provide a minimum guarantee towards Celebrities or pay for a purchased app with stocks in order to save the company's cash position. In both those situations, the company would need to be able to react quickly in order to stay competitive in these processes, and there would therefore not be time to prepare and approve a prospectus and thereafter raise capital through an issue with preemptive rights. This would at the same time save the company from a big, non-business related burden as well as a not insignificant financial cost.

The chairman of the board stated that the value of entering into the contracts would benefit all shareholders, and at the same time the issue at market price would have the effect that the existing shareholders would not get diluted capital-wise.

Derudover ville en rettet emission ifølge formanden gøre det muligt at tiltrække en eller flere større institutionelle og/eller strategiske investorer, der i sig selv burde gøre aktien mere attraktiv og dermed mindske illikviditetspræmien.

Emission under markedskurs med fortegningsret

Formanden oplyste videre, at i tilfælde hvor selskabet ikke får behov for at agere hurtigt, ville bestyrelsen foretrække at tilbyde eksisterende aktionærer at deltage i emissionen, og at der i disse tilfælde ville kunne tilbydes en discount for at deltage.

Formanden meddelte herudover på bestyrelsens vegne, at Henrik Kølle havde tilkendegivet, at han ikke ville udnytte hverken de konvertible gældsbreve eller emissioner uden fortegningsret til at øge sin ejerandel i selskabet. Bestyrelsen følte sig derfor ikke forpligtede til at tilgodese Henrik Kølle i de omtalte processer, og det måtte derfor forventes at Henrik Kølles ejerandel gradvist ville blive mindre, hvilket ifølge formanden kunne ses som en styrke for selskabet, at der ikke er én stor bestemmende aktionær.

Afslutningsvis understregede formanden, at bemyndigelsen ville gælde frem til 2020 og at den ville kunne benyttes i en eller flere runder og ved en kombination af ovenstående.

Herefter overlod formanden ordet til dirigenten, der åbnede for diskussion af forslaget.

Ledelsen blev spurgt til, hvornår den forventede et positivt cash flow. Hertil svarede ledelsen, ved bestyrelsesformand Bertel Maigaard, at der forventes positiv cash flow i 2017, da der fortsat pågår udvikling af nye spil i pipelinen.

Ledelsen blev spurgt, om det ikke var mere fornuftigt at udgive spil med de nuværende signede celebrities i stedet for søge kontrakter med nye celebrities. Hertil svarede ledelsen, ved adm. direktør Henrik Kølle, at den platform, som et spil bygger på, såkaldt "engine", kan genbruges til andre spil i samme kategori, hvorfor det fra et omkostningsperspektiv giver god mening at indgå aftaler med nye celebrities, som kan genbruge de samme engines og dermed tjene investeringsomkostningerne hjem.

In addition hereto, a private placement would make it possible to attract one or more bigger institutional and/or strategic investors, which in itself should make the stock more attractive and thereby minimize the illiquidity premium.

Issue below market price with preemptive rights

The chairman of the board further stated that in situations where the company would not need to act quickly the board would prefer to offer existing shareholders to participate in the issue, and in such case a discount could be offered to participate.

Furthermore, the chairman, on behalf of the board, announced that Henrik Kølle had indicated that he would not make use of neither the convertible notes nor the issue without preemptive rights to increase his shareholding in the company. The board therefore did not feel obligated to take into account Henrik Kølle in these processes and it was therefore to be expected that the shareholding of Henrik Kølle would gradually become smaller, which was only considered an asset to the company to not have a large controlling shareholder.

Finally, the chairman of the board underlined that the authorisation would run until 2020 and that it could be exercised in one or several rounds and by a combination of the above.

Hereafter the chairman of the board gave the floor to the Chairman who open the florr for discussion of the proposal.

The board was asked when it expected the company to have a positive cash flow. The board chairman, by Bertel Maigaard, responded that a positive cash flow would be expected in 2017 as there was still development of new games in the pipeline.

The management was asked if it would not be wiser to release more games with the current celebrities instead of seeking contracts with new celebrities. The management, by Henrik Kølle, responded that the platform upon which a game is developped, a so called "engine", can be reused for other games in the same category, and therefore it makes a lot of sense from a cost perspective to enter into agreements with new celebrities, which can reuse the same engines and thereby recoupe some of the investment costs.

Ledelsen blev spurgt til, hvem der er selskabets rådgiver. Bertel Maigaard svarede på bestyrelsens vegne, at det primært var advokatfirmaet DE-LACOUR.

Ledelsen blev spurgt til, hvor mange engines, selskabet har. Ledelsen, ved Bertel Maigaard og Henrik Kølle, svarede, at der er fire engines.

Ledelsen blev spurgt til, hvordan det gik på det kinesiske marked. Hertil svarede ledelsen ved Henrik Kølle, at performance af spillet med CR7 svarede til det danske marked, men at lanceringen af et spil med CR7 havde åbnet en masse døre, og selskabet derfor havde de rigtige kontakter til fremtidige lanceringer.

Fra en aktionær blev der stillet ændringsforslag om at indsætte en minimumsudnyttelseskurs på NOK 11 pr. aktie à nominel DKK 0,50 i bemyndigelse for bestyrelsen til at udstede konvertible gældsbreve. Der blev ligeledes stillet ændringsforslag om at forkorte perioden for samtlige bemyndigelser til 1 år, med mulighed for fornyelse på den ordinære generalforsamling hvert år.

Bestyrelsen blev spurgt, om formandens introduktion til dette punkt 3 på dagsordenen ville blive inkluderet i protokollen i fuldt referat. Bestyrelsen, ved Bertel Maigaard, svarede bekræftende

Ledelsen blev adspurgt, hvor stor en udvanding den forslåede bemyndigelse maksimalt ville kunne medføre for de nuværende aktionærer. Ledelsen, ved Bertel Maigaard, svarede nominelt ca. 28,5 %.

Ledelsen blev spurgt til, hvornår de forventede at være i fuldt "compliance" på alle anbefalinger for god selskabsledelse. Ledelsen fik af spørgeren specificeret, at spørgsmålet ikke vedrørte specifikke anbefalinger, og besluttede at vende tilbage med et skriftligt svar til den pågældende aktionær. Ledelsen, ved bestyrelsesmedlem Rasmus Lund, oplyste dog, at bestyrelsen årligt forholder sig til anbefalingerne, herunder om selskabet aktivt skal søge at følge flere anbefalinger. Bestyrelsen har efterfølgende drøftet spørgsmålet, og kan til besvarelse oplyse, at der ikke er nogen aktive planer om at The board was asked to the identity of the conmpany's legal advisor. Bertel Maigaard responded, on behalf of the board, that the company's legal advisor was DELACOUR Law Firm.

The management was asked to the numbers om engines that the company has. Bertel Maigaard and Henrik Kølle answered on behalf of the board and management that the company has fire engines.

The management was asked to the performance in the Chinese market. The management, by Henrik Kølle, responded that the performance of the game with CR7 corresponded to the game's performance in Denmark but that the release of a game with CR7 had opened a lot of doors and the company therefore had all the right connections for future releases.

A shareholder submitted an amended proposal to insert a minimum execution price of NOK 11 per share of nominal DKK 0.50 in the authorization for the board to issue convertible notes. The shareholder also submitted an amended proposal to shorten the period for all the authorizations to 1 year with the option for renewal on each annual general meeting.

The board was asked if the chairman's introduction to item 3 on the agenda would be concluded in its entirety. Bertel Maigaard, on behalf of the board, confirmed.

The board was asked the maximum dilution possible for the current shareholders following the authorization. On behalf of the board, Bertel Maigaard stated approx. 28.5%.

The board was asked when it expected the company to be in full "compliance" with the recommendations on corporate governance. By request of the board the speaker specified that the question did not concern specific recommendations. The board decided to revert with a written reply to the respective shareholder. However, board member Rasmus Lund informed that the board on an annual basis examines the recommendations and whether the company should actively seek to comply with the further recommendations. The board has subsequently discussed the question and can as a reply følge yderligere anbefalinger, end tilfældet er i dag, Selskabet har for nyligt udarbejdet en IR-politik, som er fremlagt på selskabets hjemmeside, og følger således nu også denne anbefaling.

Ledelsen blev spurgt, om den havde påtænkt at udnytte muligheden for en såkaldt "reparationsemission" til eksisterende aktionærer, når nu selskabet er noteret på Oslo Axess og der er en vis sædvane herfor i Norge. Hertil svarede ledelsen, ved Henrik Kølle, at man var klar over dette og ville overveje dette, men at der også skulle tages hensyn til, at dette ville kræve en formel udbudsproces med prospekt og hertil hørende grundig due diligence af selskabet – juridisk såvel som finansiel – hvilket vil koste selskabet penge og forsinke andre væsentlige forretningsopgaver, ligesom det vil være omstændeligt at skulle udarbejde et nyt prospekt, uagtet at dele af indholdet kan genbruges fra det forrige.

Ledelsen blev spurgt, om ikke selskabet kunne lave en kapitalforhøjelse med fortegningsret på under 10 % af den nuværende selskabskapital og på den måde undgå prospektkrav, og hvis det er muligt, om det vil ændre ved bestyrelsens forslag.

Ledelsen, ved bestyrelsesmedlem Rasmus Lund, svarede, at vurderingen er, at undtagelsen om 10 % ikke er tilstrækkeligt til at undtage selskabet fra prospektpligt, da udbuddet vil være over 1 mio. euro, og dermed vil selskabet ligeledes skulle opfylde andre betingelser, for at kunne undgå prospekt. Supplerende oplyste Rasmus Lund, at undgåelse af prospektpligten, som nævnt af Bertel Maigaard, ikke er den eneste eller primære årsag til det stillede forslag.

Der blev herefter stillet nogle få opfølgende spørgsmål og givet svar, hvilket relaterede sig til ovenstående emner.

Dirigenten konstaterede herefter, at der ikke var flere nye spørgsmål eller punkter til drøftelse vedrørende forslaget og fortsatte herefter til afstemning. Dirigenten konstaterede, at de stillede ændringsforslag medførte, at der skulle stemmes om at give følgende bemyndigelser til bestyrelsen:

inform that there are no active plans to follow further recommendations than the ones already being followed today. The company has recently presented an official IR policy on its website and therefore now also follows this recommendation.

The management was asked whether it had considered to make use of the opportunity to perform a so-called "repair issue" since the company was listed on Oslo Axess and it seems to be common practice in Norway. The management, by Henrik Kølle, responded that the management and board was aware of the opportunity and would consider it but that it was necessary to take into account that it would require an official public offering with prospectus and thereby also a thorough due diligence – legal as well as financial – which would cost the company money and slow down other important business operations, just like it would be comprehensive to prepare a new prospectus regardless of whether or not it would be possible to reuse certain parts of the precious prospectus.

The board was asked if not the company could perform a capital increase with preempting rights of less than 10% of the current share capital and in that way avoid the prospectus requirement, and if so, if the board would change its proposal.

Board member Rasmus Lund responded that the assessment is that the 10% exemption is not sufficient to exempt the company from the prospectus requirement as the issue will be above 1 mill. Euros and therefore the company also had to fulfill other conditions in order to avoid preparing a prospectus. In addition hereto, Rasmus Lund informed that avoiding to prepare a prospectus was neither the only reason nor was it the main reason for the proposal, as also stated by the chairman of the board.

Hereafter some follow up questions were asked and replies given which related to the above matters.

The Chairman stated hereafter that there were no new questions or items to be discussed regarding the proposal and continued with the vote. The Chairman noted that the proposed amendments to the proposal required the general meeting to vote on the following authorisations to the board:

1. Det af bestyrelsen oprindeligt stillede forslag, med tillæg af en minimumsudnyttelseskurs for konvertible gældsbreve på NOK 11 pr. aktie à nominel DKK 0,50, samt med tillæg af en begrænsning af samtlige bemyndigelsers længde, således at de løber fra vedtaget til førstkommende ordinære generalforsamling.

2. Det af bestyrelsen oprindeligt stillede forslag, med tillæg af en minimumsudnyttelseskurs for konvertible gældsbreve på NOK 11 pr. aktie à nominel DKK 0,50.

3. Det af bestyrelsen oprindeligt stillede forslag, med tillæg af en begrænsning af samtlige bemyndigelsers længde, således at de løber fra vedtaget til førstkommende ordinære generalforsamling.

4. Det af bestyrelsen oprindeligt stillede forslag.

Dirigenten fastslog, at vedtagelseskravet for samtlige forslag var 2/3 af de afgivne stemmer samt 2/3 af de på generalforsamlingen repræsenterede stemmer.

Der blev fremsat anmodning om en fuldstændig redegørelse for afstemningen. Dirigenten tog dette til efterretning og tog de respektive forslag til afstemning:

Forslag 1:

Der blev afgivet gyldige stemmer for 13.794.669 stykaktier, svarende til 55,2 % af selskabets samlede selskabskapital. Det samlede antal gyldige stemmer udgjorde således 13.794.669.

Stemmerne fordelte sig således:

For:

1,7 % af de afgivne stemmer, svarende til 1,5 % af den på generalforsamlingen repræsenterede selskabskapital.

Imod:

98,3 % af de afgivne stemmer, svarende til 86,4 % af den på generalforsamlingen repræsenterede selskabskapital.

Undlod at stemme:

1. The board's original proposal with the addition of a minimum execution price of NOK 11 per share of nominal DKK 0.50, as well as the addition of a limitation on the time span such that all authorisations shall run from the approval until the first coming annual general meeting.

2. The board's original proposal with the addition of a minimum execution price of NOK 11 per share of nominal DKK 0.50.

3. The board's original proposal with the addition of a limitation on the time span such that all authorisa-tions shall run from the approval until the first coming annual general meeting

4. The board's original proposal.

The Chairmand stated that the necessary votes for approval were 2/3 of the casted votes as well as 2/3 of the votes represented at the general meeting.

It was requested to have a complete account of the voting. The Chairman noted the request and submitted the respective proposals to a vote:

Proposal 1:

There were casted valid votes on 13,794,669 shares, corresponding to 55.2% of the company's total share capital. The total number of valid votes casted was therefore 13,794,669.

The votes were as follows:

In approval:

1.7% of the votes casted corresponding to 1.5% of the share capital represented at the general meeting.

Against:

98.3% of the votes casted corresponding to 86.4% of the share capital represented at the general meeting.

Did not cast a vote:

12,1 % af den på generalforsamlingen repræsenterede selskabskapital.

Forslag 2:

Der blev afgivet gyldige stemmer for 13.794.669 stykaktier, svarende til 55,2 % af selskabets samlede selskabs-kapital. Det samlede antal gyldige stemmer udgjorde således 13.794.669.

Stemmerne fordelte sig således:

For:

1,7 % af de afgivne stemmer, svarende til 1,5 % af den på generalforsamlingen repræsenterede selskabskapital.

Imod:

98,3 % af de afgivne stemmer, svarende til 86,4 % af den på generalforsamlingen repræsenterede selskabskapital.

Undlod at stemme:

12,1 % af den på generalforsamlingen repræsenterede selskabskapital.

Forslag 3:

Der blev afgivet gyldige stemmer for 13.842.646 stykaktier, svarende til 55,4 % af selskabets samlede selskabskapital. Det samlede antal gyldige stemmer udgjorde således 13.842.646.

Stemmerne fordelte sig således:

For:

1,7 % af de afgivne stemmer, svarende til 1,5 % af den på generalforsamlingen repræsenterede selskabskapital.

Imod:

98,3 % af de afgivne stemmer, svarende til 86,7 % af den på generalforsamlingen repræsenterede selskabskapital.

Undlod at stemme:

11,8 % af den på generalforsamlingen repræsenterede selskabskapital.

Forslag 4:

Der blev afgivet gyldige stemmer for 15.482.770 stykaktier, svarende til 61,9 % af selskabets samlede selskabskapital. Det samlede antal gyldige stemmer 12.1% of the share capital represented at the general meeting.

Proposal 2:

There were casted valid votes on 13,794,669 shares, corresponding to 55.2% of the company's total share capital. The total number of valid votes casted was therefore 13,794,669.

The votes were as follows:

In approval:

1.7% of the votes casted corresponding to 1.5% of the share capital represented at the general meeting.

Against:

98.3% of the votes casted corresponding to 86.4% of the share capital represented at the general meeting.

Did not cast a vote:

12.1% of the share capital represented at the general meeting.

Proposal 3:

There were casted valid votes on 13,842,646 shares, corresponding to 55.4% of the company's total share capital. The total number of valid votes casted was therefore 13,842,646.

The votes were as follows:

In approval:

1.7% of the votes casted corresponding to 1.5% of the share capital represented at the general meeting.

Against:

98.3% of the votes casted corresponding to 86.7% of the share capital represented at the general meeting.

Did not cast a vote:

11.8% of the share capital represented at the general meeting.

Proposal 4:

There were casted valid votes on 15,482,770 shares, corresponding to 61.9% of the company's total share capital. The total number of valid votes cast-

udgjorde således 15.482.770.	ed was therefore 15,482,770.
Stemmerne fordelte sig således:	The votes were as follows:
For: 86,5 % af de afgivne stemmer, svarende til 85,3 % af den på generalforsamlingen repræsenterede sel skabskapital.	In approval: 86.5% of the votes casted corresponding to 85.3% of the share capital represented at the general meeting.
Imod: 13,5 % af de afgivne stemmer, svarende til 13,3 % af den på generalforsamlingen repræsenterede sel skabskapital.	Against: 13.5% of the votes casted corresponding to 13.3% of the share capital represented at the general meeting.
Undlod at stemme:, 1,4 % af de på generalforsamlingen repræsenterede selskabskapital.	Did not cast a vote: 1.4% of the share capital represented at the general meeting.
Dirigenten konstaterede herefter, at forslag 1-3 var forkastet og at forslag 4 var vedtaget.	The Chairman hereafter stated that proposal 1-3 had been rejected and that proposal 4 had been approved.
Da der ikke var yderligere bemærkninger, takkede dirigenten for god ro og orden, og generalforsam lingen blev hævet.	As there were no further comments, the Chairman thanked for good order and the general meeting was adjourned.
København, den ____. januar2016	Copenhagen, ___ January 2016
Som dirigent:	As chairman of the meeting:

_______________________ Peter Bruun Nikolajsen _______________________ Peter Bruun Nikolajsen