Letter from MindArk's CEO, Q3 2023

TUE, AUG 15, 2023 08:00 CET

Dear valued shareholders,

It is a great pleasure to continue with the CEO letters, a platform allowing me to share the latest developments at MindArk and Entropia Universe. I trust that each of you has returned (or will shortly return) refreshed from your summer vacation, hopefully, undeterred by the occasional downpour we have experienced in many parts of Sweden. I'm eager for the rest of the year, and I hope you are too!

For those who have been keeping an attentive eye on MindArk and our recent series of press releases, you are already aware of the transformation that is ongoing. Our strategic vision has led us to execute a comprehensive reorganization, with a pivotal focus on harnessing the power of Artificial Intelligence (AI) and utilizing it in the development of Entropia Universe. Using AI will help the teams tackle development in the most effective and time-efficient way possible. This resolute step forward has not been without its challenges, including the difficult but necessary decision to part ways with a part of our dedicated workforce. The restructuring has the added benefit of facilitating the MindArk Board's decision to resume payments of dividends to the shareholders in addition to steering MindArk towards sustained innovation and growth in the digital landscape. The reorganization was completed during the summer, and as we move into the last month of the summer, the remaining dedicated team will continue to provide value for our users and shareholders, expanding on the vision for Entropia Universe to create an even more versatile virtual universe than what we have continuously developed for the past 20 years. While one part of our team is focused on the development of Entropia Universe in Unreal Engine, we remain committed to enriching the ongoing experience of our current live Entropia Universe, ensuring our users are continually captivated with fresh content and immersive entertainment.

Turning our attention to matters of visibility and engagement, our work to improve the exposure of MindArk's share continues. The equity research firm Kalqyl released their initial report of MindArk during the summer (source: https://kalqyl.se/initial-take-mindark), and we feel that Pareto as a liquidity provider has been a positive added benefit. As we head toward autumn, our ambition is to increase the participation of meet-ups for both gaming and investor communities.

We have an exciting time ahead of us, and we hope you will all be a part of our journey. Thank you for taking the time to read this letter, and until next time, I wish you all the best!

Best regards,

Henrik Nel Jerkrot, CEO

hennel@mindark.com
Tel: 031 607 260

About MindArk

MindArk PE AB (publ) (“the Company” or “MindArk”) develops and operates Entropia Universe, the world's first MMORPG (Massive Multiplayer Online Role-playing Game) with a “Real-Cash-Economy”, and Entropia Platform. Entropia Universe is a virtual universe consisting of a number of planets with different themes and activities. The software is provided globally and free of charge with the possibility to spend money in the virtual universe for anyone with access to PC and the internet. Entropia Universe consists of a digital economy where resources, materials, land, and buildings are represented as digital assets with an underlying base value. Entropia Platform is the technology platform that powers Entropia Universe. The platform is shared with partners who develop their own unique game content for their planets in Entropia Universe.