Huuuge Inc.

Earnings Release • Feb 8, 2023

Information about the results of the test of the impairment of certainIP assets

Huuuge, Inc. (the "Issuer" or "Company") hereby announces that followingan evaluation of the Company's asset portfolio in conjunction with thereview of the Company's strategic options, and in the course ofpreparing the financial statements and annual report for the periodending December 31, 2022 (as required by IAS 36), the Issuer has testedthe possible impairment of the value of the IP associated with the gameTraffic Puzzle (the "Asset"). The results of this test indicated a lossto the Asset's value. Accordingly, the Issuer will reduce the book valueof the Asset by approximately USD 26.1 million, and a correspondingimpairment loss will be recognized in the Group's consolidated financialstatements for the year ended December 31, 2022. According to theIssuer, the impairment loss will reduce the operating results of theGroup but will not impact its operating cash flow or liquidity position.

Traffic Puzzle will remain live and available to players and is expectedto continue generating revenue.

In connection with the decision on the impairment of the value of theAsset, the Issuer hereby confirms that the Group's adjusted EBITDA willnot be impacted as a result. The unaudited adjusted EBITDA for the yearended December 31, 2022, reached approximately USD 82 million (+28% YoY,representing 14% above the current market consensus estimates for thewhole year 2022 as compiled by the Company) and the Issuer's year-endcash balance amounted to USD 222 million.

All values represented in this Current Report reflect current managementaccounts and are subject to adjustment. The final value of theimpairment of the Asset as well as the Group's operating results and itsfinancial position will be presented in the consolidated financialstatements of the Group for the year 2022, to be published on April 27,2023.

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Legal basis: Article 17 item 1 of the MAR - inside information.