Réunion SFAF – 27 janvier 2016

STRATEGIC PRESENTATION

September 2016

Disclosure

2 September 2016

In this strategic presentation, the terms "Atari“ and/or the "Company" mean Atari. The term "Group" means

the group of companies belonging to the parent Company and all companies within its consolidation’s

scope.

This strategic presentation contains statements relating to ongoing or future projects, future financial and

operating results, and other statements about Atari’s managements’ future expectations, beliefs, goals,

plans or prospects that are based on current expectations, estimates, forecasts and projections about

Atari, as well as company’s future performance and the industries in which Atari operate will operate, in

addition to managements’ assumptions. Words such as “expects,” “anticipates,” “targets,” “goals,”

“projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar

expressions are intended to identify such forward-looking statements which are not statements of

historical facts.

These forward-looking statements are not guarantees of future performance and involve certain risks,

uncertainties and assumptions that are difficult to assess. Therefore, actual outcomes and results may

differ materially from what is expressed or forecasted in such forward-looking statements. These risks and

uncertainties are based upon a number of important factors including, among others: political and

economic risks of our respective global operations; changes to existing regulations or technical standards;

existing and future litigation; difficulties and costs in protecting intellectual property rights and exposure to

infringement claims by others summarized in chapter 8 of the company’s annual report registered to the

AMF under the number D16-0776 on August 4, 2016.

For a more complete list and description of such risks and uncertainties, refer to Atari’s annual report in its

chapter 8. Except as required the rules and regulations of the AMF, Atari disclaim any intention or

obligation to update any forward-looking statements after the distribution of this document, whether as a

result of new information, future events, developments, changes in assumptions or otherwise.

Table of Contents

1. Atari at a glance : Much more than video games

2. 2013-2015 : Turnaround

3. Summary Financials / Cap Table

4. Products 2016-2017 / Key Investment Considerations

3 September 2016

1

Atari at a glance

Much more than video games

4 September 2016

Iconic Brands (Refer to full deck of games)

5

$92 Million

$265 Million

$391 Million

$85 Million

$154Million

$456 Million

$525 Million

More than $2 Billion of Historical Revenue

September 2016

There is much more than video games

6

Flashback

250,000

unités

September 2016

Strategic Priorities

7

The Atari Group prioritizes the following business lines, combining

direct exploitation and partnerships:

Video games

Online gaming

Multimedia productions (TV, …) but only through co-

production agreements

Connected devices

The other business activities are conducted through licensing

agreements.

Also, the Atari Group capitalizes on the awareness of the Atari brand

to promote “Atari Ventures”, by taking stakes in high-growth start-

ups in exchange for an Atari brand license (example: ROAM).

September 2016

2

2013 – 2015 : Turnaround

8 September 2016

2013-2015 : Turnaround

9

Atari ran into significant financial difficulties.

January :

the US

subsidiaries

filed for

bankruptcy

protection

(Chapter 11).

February :

Frédéric Chesnais and the

Alden Capital fund took over.

• F. Chesnais, is the former Deputy-

COO of the Atari Group, and CEO of

Atari Interactive. He left Atari in 2007.

.

• Alden Capital, is a New York-based

investment fund but not involved in

the management of the Atari Group. .

Décembre :

F. Chesnais

managed the

exit of the US

subsidiaries out

of the Chapter

11 in the US

From mid-2014, the new team relaunched game

production and began implementation of a robust

turnaround strategy.

2014

2013

2012

September 2016

10

Atari is a company implementing a turnaround phase.

Atari owns iconic brands in the video game industry and can capitalize

on new opportunities outside of the videogaming market

Simplified organization

(external studios, digital

distribution…)

March 2015, Atari is Back to Profitability

2013-2015 : Turnaround

Turnaround, improved

financial structure

Cap table simplified

(Oranes reimbursed)

Opportunities outside of

the videogame industry

casinos, TV, licensing…

September 2016

Today: A Simple and Very Efficient Structure

11

Atari SA

French listed entity on

Euronext Paris

100%-owned subsidiaries Atari US Atari Europe

Fred Chesnais, CEO, is the largest shareholder with approximately 22% of

the Atari Group.

A production team is based in New York City, with 3rd party development

studios in the US and in Europe.

Products are primarily sold digitally, on a worldwide basis.

The Atari group uses third parties to manufacture and distribute physical

boxes.

A streamlined and flexible cooperation structure

based on a set of key partners.

September 2016

Publishing

Distribution

Rights

Prod / Dev

Old Value Chain

Integration of key functions;

limited use of third party studios

Great dependence on physical

distribution

Limited level of ancillary revenue

(digital, licenses,

merchandising,…)

12

Atari is No Longer Operating Like This

September 2016

Current Business Model

Atari is a content production company aiming at maximizing the

value of its brands and IP portfolio in the interactive entertainment

industry

13

To Maximize Profits:

• Fixed costs are at the lowest

levels and the production

management is externalized

• Co-investments are favored

with studios or third party

• Digital distribution is fully

implemented and deployed

Atari Capitalizes On:

• A huge IP portfolio

• Efficient production and

operations

• Effective digital marketing

management

• An experienced Management

Team

September 2016

The New Value Chain

14

€

Team

Executive

Production

External

Studios

Digital

Distribution

Others

(Casino, ...)

Licensing

Box

distribution

IPs

Intensification of

externalization

Diversification of

the distribution

channel and

sources of

income

Digital

Distribution

The New Atari

September 2016

3

Summary Financials / Cap Table

15 September 2016

Successful financial turnaround

16

Significant turnover growth

Back to profitability

Debt-free thanks to the July 2016 debt restructuring,

save for a small 2020 convertible bond

Positive shareholders’ equity

September 2016

2013-2015 : Turnaround achieved

17

Revenue:

From 1,2 M€

to 12,6 M€

From a net loss of

(35,8) M€ to a net

profit of 0,3 M€

Equity :

From (34,9) M€

to + 2,3 M€ (proforma)

From a net debt

of (31,4) M€ to

- 0,8 M€ (proforma)

March 2013 to March 2016 :

(Year end as at March 31)

September 2016

(€ million)2015-2016

Proforma2015-2016 2014-2015 2013-2014 2012-2013

Revenue 12,6 12,6 7,6 3,3 1,2

Current operating income 1,8 1,8 0,2 0,9 0,6

Operating income 0,4 0,4 1,5 1,3 (2,0)

Net income (loss) 7,4 0,3 1,2 (2,5) (35,8)

Shareholders' equity 2,3 (10,2) (13,1) (31,3) (34,9)

Net financial debt (0,8) (13,3) (11,0) (24,8) (31,4)

Debt Repayment of July 2016

Alden loan of Euro 12.6 million repurchased for Euro 5.3 million

Sources of funds (Euro 5.3 million):

Euro 2.0 million in new shares issued to Financière Arbevel

Euro 0.8 million in new shares issued to Alden

Euro 2.5 million through a bridge loan with warrants purchased

by Ker ventures (holding of F. Chesnais) and Alex Zyngier

Atari has announced its intention to refinance the bridge loan by

issuing shares

18 September 2016

Full Year Consolidated Statements as of March 31, 2016

A positive net income for the second consecutive year.

Net revenue: 12,6 M€

An increase of turnover of 66%,

Current operating income: + 1,8 M€

R&D expenses: - 3,3 M€

Marketing costs: - 1,3 M€

Overhead costs: - 4,0 M€

Operating income: + 0,4 M€

Other operating expenses: - 1,3 M€

including 0,8 M€ for legal fees relating to

Alden litigation.

19

Net consolidated income: + 0,3 M€

Cost of debt: - 0,8 M€

Other financial income: + 0,1 M€

Impôt sur les sociétés : + 0,5 M€

September 2016

(€ Million) 2015/2016 2014/2015 2013/2014

Net revenue 12,6 7,6 3,3

Gross Margin 10,5 6,3 3,2

% of the net revenue 83,7% 83,4% 96,5%

Current operating income 1,8 0,2 0,9

% of the net revenue 14,1% 2,3% 27,7%

Operating income 0,4 1,5 1,3

Net income (loss) 0,3 1,2 (2,5)

Development costs capitalized for 4,8 M€ including:

RollerCoaster Tycoon World 3,6 M€

20

Full Year Consolidated Statements as of March 31, 2016

Trade receivables 6,6 M€ :

Impact of the release of RCTW et Atari Vault in March 2016

Trade receivables licensing casino 2,3 M€ (see Other current liabilities)

September 2016

ASSETS (€ million)March 31,

2016

March 31,

2015

Intangible assets 5,0 2,8

Property, plant and equipment 0,0 -

Non-current financial assets 0,2 0,2

Deffered tax asset 0,5 -

Non-current assets 5,7 3,0

Trade receivables 6,6 0,7

Current tax assets - 0,6

Other current assets 0,7 0,9

Cash and cash equivalents 1,2 3,7

Current assets 8,6 5,9

Total Assets 14,3 8,9

Equity:

- 10,2 M€ as of March 31, 2016

+ 2,3 M€ on a pro forma basis

21

Net cash position:

- 0,8 M€ after Alden Agreement

Other current liabilities: 3,6 M€ including 1.8 M€ of deferred

revenue of casino license fees.

Full Year Consolidated Statements as of March 31, 2016

September 2016

EQUITY & LIABILITIES (€ million)March 31,

2016

Proforma

March 31, 2016

March 31,

2015

Total equity -10,2 2,3 -13,0

Non-current financial liabilities 14,4 1,9 1,8

Other non-current liabilities 0,1 0,1 0,1

Non-current liabilities 14,5 2,0 1,9

Provisions for current contingencies and losses1,2 1,2 1,2

Current financial liabilities 0,2 0,2 12,8

Trade payables 5,0 5,0 4,6

Current tax liabilities - - 0,3

Other current liabilities 3,6 3,6 1,1

Current liabilities 9,8 9,8 19,9

Total equity and liabilities 14,3 14,3 8,9

A Very Significant Reduction of the Net Debt

Net debt significantly reduced

Net financial debt decreased from - 24,8 M€ in March 2014 to - 0,8 M€ in

July 2016 after the Alden debt restructuring

Debt-free save for a small 2020 convertible bond.

22 September 2016

(€ million)March 31, 2016

Proforma

March 31,

2016

March 31,

2015

March 31,

2014

OCEANEs 2003-2020 (0,6) (0,6) (0,6) (0,6)

OCEANEs 2019 (18,4)

OCEANEs 2020 (1,3) (1,3) (1,2) -

Others (0,2) (0,2) (0,7)

Alden loan - (12,5) (12,1) (11,5)

Gross financial debt (2,0) (14,5) (14,6) (30,5)

Cash and cash equivalents 1,2 1,2 3,7 5,8

Net cash (Net financial debt) (0,8) (13,3) (11,0) (24,8)

Deferred Tax Assets

Significant losses in the past: circa 735 million euros at the level of

Atari SA, head of the tax consolidation.

Potential tax savings: circa 245 million euros, subject to usual

applicable tax limitations

Potential tax savings: circa Euro 1.40 per share (calculated on the

basis of shares outstanding as at June 30, 2016 less treasury shares)

23 September 2016

Cap Table Simplified as at March 31,2016

24

All the Oranes have been reimbursed as at September 30, 2015.

Double voting rights: 249 607 (no impact)

Potential dilution :

Océanes 2020 : 3,4 million shares (€0,35 per oceane)

Stock options : 5,5 million shares (€0,20 per share)

September 2016

As at March 31, 2016 #Shares % Ownership

Ker Ventures LLC 39 877 179 21,8% F Chesnais

Alex Zyngier 12 013 615 6,6% Director

Public 116 679 245 63,7%

Treasury shares 14 615 535 8,0%

TOTAL 183 185 574 100%

Cap Table Simplified as at July 31, 2016

25

Cap Table after the Alden Agreement of July 2016.

Double voting rights: 249 607 (no impact)

Potential dilution :

Océanes 2020 : 3,4 million shares (€0,35 per oceane)

Stock options : 5,5 million shares (€0,20 per share)

Stock options : 2,5 million shares (€0,17 per share)

September 2016

As at July 31, 2016 #Shares % Ownership

Ker Ventures LLC 39 494 826 19,6% F Chesnais

Alex Zyngier 9 062 139 4,5% Administrateur

Financière Arbevel 15 764 705 7,8%

Public 129 330 599 64,2%

Treasury shares 7 798 010 3,9%

TOTAL 201 450 279 100%

The warrants issued in connection with the shareholders' loan (5,1 million shares – €0,17 per share) can

be redeemed with the use of treasury shares or issuance of new shares

4

Products 2016-2017 / Key Investment Considerations

26 September 2016

27

The Atari Group will develop the following business lines:

Video games

Online gaming

Connected devices

Multimedia productions (TV, …) but only through co-production

agreements

Licensing

Business Lines for 2016-2017

September 2016

28

Additionnal games developpement under process, release expected in 2016 and

2017. High potential cross-media opportunities currently under evaluation.

Products 2016-2017

UNANNOUNCED SIMULATION TITLE

September 2016

Strong positioning enables worldwide operations with a small team

PC Download Online Casino Streaming Digitaln Console Advertising

29

Broad, Diversified Platforms

September 2016

30

Atari

September 2016

Iconic brand, with a worldwide appeal across generations

Sector with strong growth and multiple opportunities.

Much more than video games – significant trans-media opportunities:

Hardware (console, drones,…)

TV (scripted series, unscripted series)

Connected devices

Web series

Movies

Comic books

Merchandising

Efficient business model:

No fixed cost / Build portfolio value

Highly skilled management, financially involved

Non-operational assets (tax savings of up to Euro 1.40 per share)

31

Thank you

Atari

September 2016