Outline of Results Briefing held on November 4, 2011

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(Continued from previous page.)*

As there were no significant financial change during the six-month period, it was the strong performance of a major title and content for growth areas led to results above our plans set out at the start of the year.

Regarding forecasts for the fiscal year ending March 2012, we are looking at the 2nd half conservatively and, therefore, do not revise these forecasts at this point in time.
Further, it has been decided that our mid-year dividend will be 10 yen per share- unchanged from our plan set out at the start of the fiscal year.

That’s all from me. Next, we would like to begin the discussion from Wada, CEO

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I’m Yoichi Wada, President and Representative Director.

This slide shows unit sales by region during the period. Including the publishing and distribution of some titles from other publishers begun a few years ago, both our own titles and those from others are included in sales here.

Also, unlike the age when business was concluded after a product’s initial shipment, in the current age, the price point changes when a certain amount of time has passed after release, and the gross profit of one unit fluctuates greatly. Furthermore, many businesses are trying to secure revenue with added downloadable content, rather than solely from the packaged release. I believe this trend will only accelerate moving forward.

We are continuing to disclose actual number of units sold, but for these reasons, it’s becoming increasingly difficult to calculate performance uniformly using such unit number, so please keep that in mind when reading further.

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