26 May 2023

Frontier Developments plc

Exercise of Options and Warrants and Total Voting Rights

Frontier Developments plc (AIM: FDEV, "Frontier", the "Company") announces that it has received notice to exercise warrants over 13,158 ordinary shares of 0.5p each in the Company ("Ordinary Shares") at a price of 95p per Ordinary Share and for a further 29,528 ordinary shares at a price of 127p per Ordinary Share (the "New Ordinary Shares").

The 42,686 New Ordinary Shares will rank pari passu with the existing Ordinary Shares and application is being made for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8.00 a.m. on 1 June 2023.

In addition, the Company has issued and allotted a further 12,500 new Ordinary Shares following the exercise of options. The 12,500 new Ordinary Shares will shortly be issued under the Company's existing block listing arrangement.

Following Admission and the issue of the option shares under the block listing, the Company will have 39,478,535 ordinary shares in issue with voting rights. Frontier does not currently hold any shares in treasury. Accordingly, this figure of 39,478,535 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

All warrants have now been exercised and therefore the Company has no further obligation to satisfy warrants.

Enquiries:

Frontier Developments                                                     +44 (0)1223 394 300

Jonny Watts, CEO

Alex Bevis, CFO 

Peel Hunt - Nomad and Joint Corporate Broker          +44 (0)20 7418 8900

Paul Gillam / Tom Ballard / James Smith

Liberum - Joint Corporate Broker                                    +44 (0)20 3100 2000

Andrew Godber / Nikhil Varghese  

Teneo                                                                                     +44 (0)20 7353 4200

Mark Burgess / Matt Low / Alex Dart 

 About Frontier Developments plc

Frontier is a leading independent developer and publisher of videogames founded in 1994 by David Braben, co-author of the iconic Elite game. Based in Cambridge, Frontier uses its proprietary COBRA game development technology to create innovative genre-leading games, primarily for personal computers and videogame consoles. As well as self-publishing internally developed games, Frontier also publishes games developed by carefully selected partner studios under its Frontier Foundry games label.

Frontier's LEI number: 213800B9LGPWUAZ9GX18.

www.frontier.co.uk