Outline of Results Briefing held on May 13, 2011

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(Continued from previous page.)*

Our second key theme is enhancing the business lines of our North American and European operations.
Currently, within North America and Europe, we specialize primarily in packaged software development and sales. However, based on the consolidation of our organization, we intend to enhance each region’s various functions as we do in Japan.
This fiscal year onward, we will strive toward these two remaining key themes.

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Next, I would like to speak about becoming "network centric.

Regarding the development of games for growth genre such as SNS, to ensure diversification and allow the incorporation of a variety of tastes, we are forming a number of small organizations rather than entrusting the work to a single producer.
As a result, we have various successful examples to present.
Currently, we have several projects in production, but we are not aggressively including them in our fiscal year 2012 forecasts.

In order to receive a steady stream of cash flows, we aim to have a system in which can operate two or three MMO titles at a time, and thus we currently have another title under development in addition to FINAL FANTASY XIV (FF14).
With the weak launch of FFXIV, we are now working hard at improving the game. This will take a little while longer but we are beginning to see the goal take shape. As for the other title, I believe we will announce it within the current fiscal year. Furthermore, while the investments required in developing a major MMO are considerable, we will not make additional investments before the current titles have entered stable trajectory.

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