Outline of Results Briefing held on May 13, 2011

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Our business segments are reported by management approach into Digital Entertainment, Amusement, Publication and Merchandising.
Regarding the statement of cash flows, our cash flows from operating activities were ¥14.8 billion, from investment activities our cash flows were ¥30.4 billion, while cash flows used in financing activities were ¥42.3 billion. Including losses from foreign exchange our cash and cash equivalent balances remained at about the same level held at March 31, 2010.
Due to our cash flow situation, we have no change to our earnings available for dividends, and dividends at the end of term will remain at ¥20 per share.

This concludes our financial results explanation.

Next, the company's President and Representative Director will speak.

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I’m Yoichi Wada, President and Representative Director.

First, I’d like to make a supplementary comment on our financial results ended March 31, 2011.
While Mr. Matsuda already explained this, the disparity between our revision announcement in December of 2010 and the actual results was mainly due to the extraordinary losses. The largest change in extraordinary losses was caused by the write-down of goodwill, which had previously carried an annual amortization of goodwill charge of ¥1.5 billion. There has been a dramatic shift in the business environment from the time of the acquisitions and thus we revised our forecasting assumptions. Given the amount of uncertain variables in the calculations, we have attempted to make our numbers as conservative as possible. This resulted in the write-down.

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