8 August 2023: Reference is made to the announcement made on 27 July 2023 regarding completion of the offer by Krow Bidco AS (the "Offeror") for all outstanding shares of Heroic Group AS ("Heroic") (the "Offer").

The board of directors of the Offeror has resolved to carry out a compulsory acquisition of all remaining shares in Heroic (the "Minority Shares"), with immediate effect, pursuant to section 4-26 of the Norwegian Private Limited Liability Companies Act.

The redemption price offered for each Minority Share in the compulsory acquisition will be NOK 2.00 (the "Redemption Price"), corresponding to the offer price per share pursuant to the Offer. The full redemption amount has been placed in a separate bank account in accordance with section 4-26 of the Norwegian Private Limited Liability Companies Act.

The rights and ownership of the Minority Shares will automatically be transferred to the Offeror. Accordingly, the Offeror will as from the date hereof own 100% of the outstanding shares of Heroic.

Any objections to, or rejection of, the Redemption Price must be made no later than on 9 October 2023. Former shareholders of Heroic who do not object to, or reject, the Redemption Price within this deadline, will be deemed to have accepted the Redemption Price. A letter regarding the compulsory acquisition will be sent to all former shareholders of  Heroic with known address and whose shares have been acquired by way of the compulsory acquisition. In addition, the compulsory acquisition will be announced in the Norwegian Register of Business Enterprises' electronic publication.

Following the compulsory acquisition, the Offeror will pursue a deregistration of the shares of Heroic from Euronext NOTC Oslo. A separate announcement will be made regarding such delisting.

Wikborg Rein Advokatfirma AS is acting as legal advisor to the Offeror.

Contact:
Joachim Harg, Head of Finance and Investor Relations
harg@heroic.gg
+47 911 25 560

ABOUT HEROIC
Heroic Group is a leading European esports organization with roots in the Nordics, with pro teams at elite level in three different game titles, reaching millions of viewers globally. Founded in Denmark in 2016 as a promising challenger in the professional esports scene in Counter-Strike: Global Offensive, the organization currently competes in leading titles such as Counter-Strike: Global Offensive, Rainbow 6 and ESL R1 (simracing).

Heroic was acquired by Omaken Sports in February 2021, providing a strong platform for additional growth and expansion. In November 2021 Omaken Sports changed its name to Heroic Group to better reflect the long-term ambitions of the company. Today, Heroic Group is headquartered in Oslo, Norway, with rosters including players and coaches from Norway, Denmark, Sweden, Finland, UK and among other European countries.