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OUR GOAL: TO BE THE MOST RESPECTED AND HIGHEST QUALITY ENTERTAINMENT COMPANY IN THE WORLD

• 25 years of success over a variety of genres and platforms:

• 20 years as a trusted work-for-hire developer created a proven track record

• 5 years as a self-published developer following the rise of digital distribution

• We are creating franchises providing sustained income streams and step-up earnings potential, focusing on high quality experiences, currently best released on PC and console, scaling towards annualised launches:

• Elite Dangerous (15th December 2014, FY15) - PC, PS4, XBOX

• Planet Coaster (17th November 2016, FY17) - PC

• Jurassic World Evolution (12th June 2018, FY19) - PC, PS4, XBOX

• Planet Zoo (Coming 5th November 2019, FY20) - PC

• Frontier Publishing is further accelerating scale-up with one contracted title and more in progress

FRONTIER OVERVIEW

© 2019 FRONTIER DEVELOPMENTS PLC. ALL RIGHTS RESERVEDSTRICTLY PRIVATE AND CONFIDENTIAL

2FY19 FINANCIAL RESULTS


FY19 FINANCIAL RESULTS 3FY19 RELEASES

FY19 HIGHLIGHTS – RECORD PERFORMANCE


FY19 FINANCIAL RESULTS

• Our strategy of launching and then nurturing franchises continues to deliver:

• Jurassic World Evolution, our biggest launch to date, released in June 2018. 1 million base game units sold in 5 weeks and 2 million within 7 months. 5 PDLC packs to date.

• Planet Coaster continues to perform well through games sales and a growing PDLC model; there are currently 11 separate products. 2 million base game units sold in just over 2 years.

• Elite Dangerous continues to expand and develop; the major Beyond series of updates completed in December 2018. 3 million base game units sold in just over 4 years.

• Planet Zoo, the ultimate zoo simulation, comes exclusively to PC on 5 November 2019.

• In June we announced our first Frontier Publishing partnership, with experienced developer Haemimont Games. More are in progress.

• We delivered record financial performance in FY19:

• Revenue £90 million, up 160% (FY18: £34 million)

• Operating profit £19 million, up nearly 600% (FY18: £3 million)

• Cash increased to £35.3 million (31 May 2018: £24.1 million)

4

INCOME STATEMENT



£m FY19 FY18 % change

Revenue 89.7 34.2 162%

Cost of sales (35.0) (10.1) 247%

Gross profit 54.6 24.1 127%

GM% 61% 70% (9pp)

Gross R&D 21.2 15.9 33%

Capitalised costs (14.8) (13.4) 10%

Amortisation 8.5 6.1 39%

Net R&D 14.9 8.5 75%

S&M 7.9 6.1 30%

G&A 12.5 6.7 87%

Total Opex 35.3 21.3 66%

Operating profit 19.4 2.8 593%

Op. margin % 22% 8% 14pp

Interest & tax (2.0) 0.8 n/a

Profit after tax 17.4 3.6 383%

Basic EPS (pence) 45.4 9.6 373%

5

CASH FLOW



24.1

35.3 19.4

9.6

2.1 0.4

1.6 0.4

15.0

2.3 5.0

-

10.0

20.0

30.0

40.0

50.0

60.0

Cash31May18

Op. Profit Depn & Amort. Intangible assets Tangible assets Workingcapital

EBT share purchases

Share option exercises

Sharecharges

Other Cash31May19

£m

6

Operating profit of £19.4m Operating cash flow of £15.4mconverted to

BALANCE SHEET



£m 31 May 2019 31 May 2018

Intangible and tangible assets 42.8 35.2

Receivables & other short term assets 5.2 6.7

Tax assets 0.7 0.5

Cash 35.3 24.1

Total Assets 84.1 66.5

Payables (10.0) (6.9)

Deferred income (1.5) (4.3)

Tax liabilities (1.0) -

Total Liabilities (12.4) (11.2)

Net Assets 71.6 55.3

7


• We are building a diverse, world-class portfolio:• Our business plan is based on a demonstrable track record of successful, on-time, on-budget launches and substantial

multi-year franchise revenues, always with potential for a break-out hit• Continue to extend and manage Elite Dangerous, Planet Coaster and Jurassic World Evolution

• We base new franchise decisions on a proven formula:• Planet Zoo is in full development and planned for release on PC on 5 November 2019• Multiple other projects are in various stages of development

• Franchises will be a mix of licensed and original IP:• We will use licenses where there is a good fit and it adds value to the game• We have announced a major global IP licence for a 2021 release

• We are actively progressing other models to accelerate scale-up:• Frontier Publishing is already accelerating scale-up. The first deal with Haemimont Games is signed with more to follow• Commissioning (outsourcing development of Frontier games to other developers)• Acquisitions have been, and will be, considered

STRATEGY


FY19 FINANCIAL RESULTS 8

GAMES INDUSTRY

Games companies Country Value* Dev. & Pub.

Microsoft US $1,040bn Y

Tencent CN $388bn Y

Sony JP $71bn Y

Nintendo JP $50bn Y

Activision Blizzard US $39bn Y

Electronic Arts US $27bn Y

Valve US <private> Y

Take Two US $14.9bn Y

Ubisoft FR $8.9bn Y

Konami JP $6.4bn Y

CD Projeckt PL $5.8bn Y

Zynga US $5.4bn Y

Square Enix JP $4.9bn Y

Sega Sammy JP $3.6bn Y

Capcom JP $3.5bn Y

THQ Nordic SE $2.6bn Y

Paradox SE $1.4bn Y

Keyword Studios UK $1.2bn Services

FRONTIER UK $471M Y

Team 17 UK $433m Y

Codemasters UK $345m Y

Sumo Digital UK $294m Services

* As at 29 August 2019

THE PLAYERS

CURRENT & FUTURE THEMES• Digitalisation

• Content is king

• Streaming

• The development of truly interactive mass audience live entertainment

THE MARKET



Cumulative franchise cash flow

Our approach; to develop and launch a game with the full intention of supporting it over many years, in order to stimulate our target audience over the long term, delivering sustainable multi-year revenue and earnings.

LAUNCHING AND SUSTAINING A GAME FRANCHISE



PC

10

JWE


FY19 FINANCIAL RESULTS 11FY19 RELEASES

NOVEMBER 2016

© 2019 FRONTIER DEVELOPMENTS PLC. ALL RIGHTS RESERVED

DECEMBER 2014 JUNE 2018

Since the transition to self-publishing* we have:

Launched 3 successful franchises

Sold over 8 million base game units

Generated over £200 million of revenue

Grown to nearly 500 people (all in Cambridge, UK)

STRICTLY PRIVATE AND CONFIDENTIAL


* as at 31 July 2019

12

-

20

40

60

80

100

120

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

Revenue from self-publishing Revenue from work-for-hire Analyst projected revenue*

Trend curve

£m

HISTORIC REVENUE & ANALYST PROJECTIONS

* Average of projections from Liberum, finnCap, Citi, Peel Hunt, Jefferies, Berenberg, Goodbody, Shore and Investec

Financial performance will continue to exhibit “stepped” characteristics as new franchises are released

Self-published launches



13

• In addition to Frontier’s core model of developing and publishing our own games, we are partnering with other high-quality developers to bring more games to market through our Frontier Publishing initiative.

• On 11th June 2019 Frontier announced its first Frontier Publishing deal with experienced developer Haemimont Games, known for the Tropico series, Victor Vran and Surviving Mars. Frontier are funding development and marketing.

• More partnership agreements are expected.



FRONTIER PUBLISHING

14

15

• Our strategy of launching and then nurturing self-published franchises continues to deliver

• Record results in FY19 from the success of Jurassic World Evolution, our biggest launch to date, and the ongoing performance of Elite Dangerous and Planet Coaster

• All three franchises continue to perform well through both game sales and PDLC

• Revenue up 160% to £90 million and profit up nearly 600% in FY19

• Planet Zoo is in full development and planned for release on PC on 5 November 2019

• We have announced a major global IP licence for a 2021 release

• We are a proven custodian of IP, giving us a strong position as entertainment companies seek more interactive opportunities

• We are well placed to continue to grow a broad portfolio of franchises, each different to the last

• We are scaling up to deliver roughly one major launch per year

• We have external opportunities, including through Frontier Publishing, to further accelerate scale-up

• We have proven our ability to deliver over three decades – Frontier celebrated 25 years of creativity, quality and innovation in January 2019


A RECORD YEAR. AN EXCITING FUTURE.



APPENDIX

• 1984: Elite launched; Frontier founded 1994 by David Braben

• 1994-2013: very successful “work-for hire” developer

• Proven track record over a variety of genres, many platforms

• Including Microsoft launch titles for Kinect, Xbox One

• Use our own ‘COBRA’ software technology

PROVEN TRACK RECORD OVER THREE DECADES:

OUR HISTORY (1) - WORK-FOR-HIRE



• The rise of digital distribution was the catalyst to transition to self-publishing

• Self-publishing gives best financial (and creative) RoI for our expertise

• ‘Kickstarter’ funding for Elite sequel led to July 2013 IPO

• No change to our successful development process

• Online digital distribution removed physical retail barrier-to-entry

• Use our own store plus key 3rd party stores; Steam & others (PC), XBOX, PS4

• Added marketing and customer support

• Engage with our player communities directly

• We are now nearly 500 people, all based in Cambridge

OUR HISTORY (2) - SELF-PUBLISHING



• Route to market controlled by publishers

• Publishers: marketing, owned brand, owned customer relationship, funding

• Developers: development, design, production

• Development and Publishing fundamentally separate.

• Risky, hit-based business

• Retail channel crowded

• Games had ~4 weeks to sell through before losing out to piracy and pre-owned.

• Excessive marketing could trump quality (e.g. Rise of the Robots) but caused resentment

• Up-front inventory of physical goods were a big risk and cost

• This is the ‘old world’

THE GAMES INDUSTRY 1985 - 2010



• ROUTE TO MARKET WIDE OPEN DUE TO RISE OF ONLINE ACCESS

• Rise of the internet has bypassed the high street

• Low barrier to entry. Huge numbers of players. Reputation essential for ‘discoverability’

• OPPORTUNITY FOR LONG TERM PLAYER ENGAGEMENT

• Building communities

• Games as a service - now engage with players over years not weeks

• LEGACY PUBLISHING STILL IN THE ‘OLD WORLD’

• Activision, EA, Take Two, etc, still have major separation between dev and publishing

• Reliance on physical distribution for initial splash – reducing longevity

• ‘Old World’ still exists with development and publishing separated

GAMES INDUSTRY NOW



SOURCES OF IP FOR TOP-SELLING GAMES

PC 2017 PC 2018

Game Film Sports Book

Console 2017

Sources:- Steam 100 Top Sellers 2017 and 2018: store.steampowered.com- 100 best-selling UK boxed games of 2017: GamesIndustry.biz



• Biggest entertainment sector – growing to $148 Bn globally in 2019 (2018: $138 Bn) newzoo

• 2018 Global entertainment industry $380 Bn Futuresource

• 2018 Film box office - $42 Bn (2017: $41 Bn) Statista

• 2018 Music - $19 Bn (2017: $17 Bn) IFPI

• Games forecast to grow to $174 Bn by 2021 newzoo

• Sectors: PC, Console, Mobile, Tablet• PC + Console - $67.5 Bn

• Good quality & discoverability, global multiplayer online

• Smartphone - $56.4 Bn

• Low quality & discoverability, poorly perceived

• Tablet - $ 13.9 Bn

• Growth challenged by portable (Nintendo Switch).

• Market Changes: • Near 100% digital distribution on PC, Tablet & Mobile

• Console digital sales increase but slowed in 2018 by major releases (RDR2) & Switch

• China forecast growth of 25% YoY at $37 Bn in 2019 newzoo

THE GAMES INDUSTRY

Newzoo 2018 forecast



The information contained in this confidential document (“Presentation”) has been prepared by Frontier Developments plc (the “Company”).

This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) and therefore it is being delivered for information purposes only to avery limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services andMarkets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it.

Any other person who receives this Presentation should not rely or act upon it. By accepting this Presentation and not immediately returning it, the recipient represents and warrants that they are a person who falls within theabove description of persons entitled to receive the Presentation. This Presentation is not to be disclosed to any other person or used for any other purpose.

The securities referred to in this Presentation have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States, and may not be offered or soldwithin the United States or to, or for the account or benefit of, U.S. Persons (as defined in the Securities Act) except pursuant to an exemption from the registration requirements of the Securities Act and applicable statesecurities laws.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Presentation. Any representation to thecontrary is a criminal offence.

This Presentation does not constitute an offer, or any solicitation of an offer to subscribe for or purchase, any securities in the Company. Such an offer will be made only by delivery of an offering memorandum and subscriptionagreement.

While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, anyrepresentations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made orto be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders,directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy orcompleteness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. This Presentation has not beenfully verified and is subject to material updating, revision and further amendment.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. Theseforward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, prospects, growth,strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur inthe future. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to update or revise these forward-looking statements to reflect events orcircumstances after the date of this Presentation.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is madeavailable must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions containedherein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or the United States of America (each a “Restricted Territory”), theirterritories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the Securities Act) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for thepurpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance withany applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, andobserve, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

DISCLAIMER



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