Enthusiast Gaming’s U.GG Achieves Over 2 Million Downloads of its League of Legends Desktop Apps

U.GG League of Legends Desktop Application Monetized 8x Better than Website in Q4 2023

Los Angeles, February 28, 2024 – Enthusiast Gaming Holdings Inc. (“Enthusiast Gaming” or the “Company”) (TSX: EGLX), the leading gaming and media company in North America, is pleased to announce that its data-driven and insights platform, U.GG, has achieved over 2.1 million downloads of its League of Legends desktop applications, including over 575,000 downloads of its proprietary application since June 2023. This milestone highlights the continued progress of the Company’s strategic goal to convert the 10 million monthly average users of U.GG’s website into users of its proprietary desktop application where it benefits from significantly improved monetization, with Q4 2023 monetization per user showing an 8x improvement on the desktop application versus the U.GG website.

In addition, U.GG’s League of Legends desktop application has shown significant improvements in key engagement metrics, including active users, which increased 43.3% from December 2023 to January 2024, and average pageviews per session, which saw an 18% improvement between Q4 2023 and Q1 2024.

“Our League of Legends desktop application offers players assistive data and insights at every stage of the game and is purpose-built to allow players of every level to optimize their gameplay,” commented J.B. Elliott, EVP Strategy of Enthusiast Gaming. “Our U.GG team has done an exceptional job of creating a product that’s become an integrated part of the gaming experience for millions of users, yielding tremendous engagement and establishing U.GG as a pre-eminent data and insights platform for these communities. As we continue to convert users, we expect improvements in our yield and monetization opportunities, as well as more data insights into our user base, which will allow us to better serve our communities through targeted expansions.”

About Enthusiast Gaming

Enthusiast Gaming is the leading gaming media and entertainment company in North America, building the largest platform for video game enthusiasts and esports fans to connect and compete worldwide. Combining the elements of its five core pillars: creators, content, communities, games, and experiences, Enthusiast Gaming provides a unique opportunity for marketers to create integrated brand solutions to connect with coveted Gen Z and Millennial audiences. Through its proprietary mix of digital media, content and gaming assets, Enthusiast Gaming continues to grow its network of communities, reflecting the scale and diversity of gaming enthusiasts today.


Enthusiast Gaming – Felicia DellaFortuna, Chief Financial Officer

Investors: FNK IR – Rob Fink & Matt Chesler, CFA, [email protected]

Media: [email protected]

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company’s strategic initiatives and the financial impact thereof.

Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the esports and gaming media industry; the Company’s growth plan, and judgment applied in the application of the Company’s accounting policies and in the preparation of financial statements in accordance with applicable financial reporting standards. While Enthusiast Gaming considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; and future legislative, tax, and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risks, uncertainties, and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR+ at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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