FY13 Earnings Presentation May 15, 2013

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Disclaimer This statement may contain estimated financial data, information on future projects and transactions and future business

results/performance. Such forward-looking data are provided for estimation purposes only. They are subject to market

risks and uncertainties and may vary significantly compared with the actual results that will be published. The estimated

financial data have been presented to the Board of Directors and have not been audited by the Statutory Auditors.

(Additional information is specified in the most recent Ubisoft Registration Document filed on July 2, 2012 with the French

Financial Markets Authority (l’Autorité des marchés financiers)).

Yves Guillemot, President and Chief Executive Officer

Alain Martinez, Chief Financial Officer

Jean-Benoît Roquette, Head of Investor Relations

FY13 : An outstanding performance in a challenging environment

Sales up 18% − EBIT up 79% − Slightly positive FCF

A broader sales base than 12 months ago

Assassin’s Creed − Just Dance − Far Cry − Online Digital − Watch_Dogs(e)

Continued investment in long term development

Excluding Free-to-Play investments, profitability and CF would have been significantly higher

FY14 : 4th year of regular progress

Continue to benefit from : core games and online/digital strong growth

New market shares gains

Casual : below 20% of total sales

Medium term : Nextgen finally there, will bring back strong growth

Ubisoft to benefit disproportionally from it

Key success factors : Quality − Regular Releases − Connectivity

Summary

3

2005-2012 : Current Gen key learnings

FY13 performance

FY14 & Next Gen

Strategy

4

Agenda

5

Current Gen key success factors : Quality & Regular Releases

Physical retail sales : NPD, GFK

Cumulated WW sales (value)

Xbox360 / PS3 / Wii / PC

2005-2012 (8 years)

Publisher

1 CALL OF DUTY ACTIVISION BLIZZARD F

2 MARIO NINTENDO F

3 FIFA SOCCER EA F

4 WII FIT* NINTENDO NB

5 ASSASSIN'S CREED UBISOFT NB

6 GUITAR HERO* ACTIVISION BLIZZARD NB

7 HALO MSFT F

8 MADDEN NFL EA F

9 THE SIMS EA F

10 NEED FOR SPEED EA F

11 BATTLEFIELD EA F

12 JUST DANCE UBISOFT NB

13 ROCK BAND EA NB

14 MARIO KART WII NINTENDO F

15 LEGO TELLTALE NB

16 GRAND THEFT AUTO TAKE-TWO F

17 WORLD OF WARCRAFT ACTIVISION BLIZZARD F

18 WWF/WWE THQ F

19 ELDER SCROLLS BETHESDA F

20 SONIC SEGA F

1 brand in the top 5 !

2 brands in the top 12 !

2 of the 4 biggest new IPs !

*includes hardware

Key learnings

Franchises

=

Lg term visibility

- Key factors of success :

- Quality

- Regular releases

- Deep production

capacity

- Connectivity (Next Gen)

- New cycles = opportunity to

establish new brands

Far Cry & Watchdogs

strong contenders for the Next Gen top 20

2005-2012 : Current Gen key learnings

FY13 performance

FY14 & Next Gen

Strategy

6

Agenda

FY13

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Ubisoft now presents non-IFRS information in its earnings releases as Group Management

considers that “Non-IFRS operating income” and “Non-IFRS net income” – which are

measures that are not prepared strictly in accordance with IFRS – are relevant indicators of

the Group’s operating and financial performance. Management uses them to run the Group’s

business as they are the best reflection of its recurring performance and exclude the majority

of non-operating and non-recurring items. “Non-IFRS operating income”, “Non-IFRS net

income” and “Non-IFRS earnings per share” are comparable to the following three

previously-used indicators: “Current operating income before stock-based compensation”,

“Net Income before non-recurring items and stock-based compensation” and “Earnings per

share before non-recurring items and stock-based compensation”.

FY13

Sales : 1 256 M€, +18%

Core revenues : 928 M€, +60%

AC3 − FC3 − Ghost Recon FS

Online revenues : 148M€, +86%

Digital distribution − Free to Play − DLCs

12% of total sales

More than compensating for

Casual revenues : 328 M€, -32%

26% of total sales (vs 46% in FY12)

Just Dance one of the strongest brand of the industry

8,5 million units of JD4 sold-in (drop limited to 14% in value)

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FY13 : An outstanding performance from core and online segments

Blockbusters*

AC titles : 18 M units

JD titles : 11 M units

FC titles : 7 M units

*Sell-in + digital units

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FY13 : Driven by core games and online/digital

In million € Core Brands Casual Brands Total sales

FY12 578 483 1 061

FY13 928 328 1 256

+60% -32% +18%

In million € Core & Casual Online/Digital

FY12 80

FY13 148

+86%

FY13 Core Games : Major shares gains from significantly stronger offer on HD consoles

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Ubisoft Core Games Sales PS2 + Xbox + Xbox360 + PS3

(sell-thru retail $ million)

HD consoles market software sales Xbox360 + PS3 ($ million, retail)

Confirmation of the significant progression opportunity

Assassin's Creed 3 + FarCry 3 + Ghost Recon Future Soldier

Excludes Asia. NPD, GFK, Chart-Track, Nielsen

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2007 2008 2009 2010 2011 20120

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14 000

2007 2008 2009 2010 2011 2012

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FY13 : Financial summary

FY13

Gross margin up 5 percentage points

3rd year of improvement

Better ASPs for core titles (AC3, FC3, Ghost Recon FS) and Just Dance 4

+ growing online sales

Non-IFRS Operating Income : 100 M€, + 79%

> guidance provided 12 months ago (70-90 M€)

Solid net cash situation : 105 M€

Better than expected cash-flows generation,

with slightly positive Free-Cash flows

Gross margin up over 5 percentage point and +195 M€ on +195 M€ sales Better ASPs on core games (AC3, FC3, GRFS) & JD4 + continued online sales momentum

R&D up 80 M€, + 1 percentage point

SG&A up 71 M€, + 1 percentage point

variable marketing expenses up at 229 M€ or 18% of sales (177 M€ and 17% in FY12). End of cycle impact.

fixed structure costs at 156 M€ or 12.4% of sales (137 M€ and 12,9% in FY12), due mostly to higher online related costs.

Income tax rate of 28,7%

FY13 : Non-IFRS P&L

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2012-13 2011-12

€ million % %

Sales 1 256,2 1 061,3

Gross profit 913,5 72,7 718,1 67,7

R&D expenses (428,2) 34,1 (348,4) 32,8

Selling expenses (304,0) 24,2 (238,4) 22,5

G & A expenses (81,0) 6,4 (75,3) 7,1

SG & A expenses (385,0) 30,6 (313,7) 29,6

Non-IFRS operating income 100,3 8,0 56,0 5,3

Net Financial Income (3,2) (6,0)

Income Tax (27,9) (12,7)

Non-IFRS Net Income 69,2 37,4

Non-IFRS Diluted EPS 0,71 0,39

Nbr of shares fully diluted 97 316 95 632

Depreciation up : 73 M€ = bigger games

Royalties down : 18 M€ = lower casual sales

Increased Non-Capitalized R&D : 24 M€ = FTP operating charges + accounting changes (bonuses & idle time)

7,7% increase in internal and external capitalized investment, 45% of it from exchange effect

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FY13 : R&D

€ million 2012-13 2011-12

Depreciation of in-house games 315,1 206,1

Depreciation of external games and licences 28,7 64,4

Royalties 33,7 51,2

Non Capitalized R&D & others 50,8 26,7

Total R&D depreciation and royalties 428,2 348,4

Capitalized software-related production 337,8 301,8

Investment in external production and licenses 36,6 48,1

(excluding future commitments)

Royalties 33,7 51,2

Others 50,8 26,7

Total development investment 458,9 427,8

FY13 IFRS income

• Includes: 8,1M€ stock base compensation charges + 4,3 M€ goodwill amortization, both non cash

• Excludes: 7,2M€ profit on the sale of Gameloft shares

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FY13 : IFRS / non-IFRS reconciliation

In million of euros, except for per share data

2012-13 2011-12

IFRS Adjustment Non-IFRS IFRS Adjustment Non-IFRS

Sales 1 256,2 1 256,2 1 061,3 1 061,3

Total Operating expenses (1 168,3) 12,4 (1 155,9) (1 015,7) 10,4 (1 005,3)

Stock-based compensation (8,1) 8,1 0,0 (10,4) 10,4 0,0

Fair value variation (4,3) 4,3 0,0 0,0 0,0 0,0

Other operating income and expenses 0,0 0,0 0,0 0,0 0,0 0,0

Operating Income 87,9 12,4 100,3 45,6 10,4 56,0

Net Financial income 4,0 (7,2) (3,2) 2,5 (8,5) (6,0)

Income tax (27,1) (0,8) (27,9) (10,8) (1,9) (12,7)

Net Income 64,8 4,4 69,2 37,3 0,0 37,4

Diluted earnings per share 0,67 0,04 0,71 0,39 0,00 0,39

FY13 : Cash flows and closing cash position

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Significant improvement of cash flows from operation, reflecting greater operating results and reduced gap between R&D investments and R&D charges (31 M€ vs 79 M€ in FY12)

WCR increase partly due to lower factoring (25 M€ less vs FY12) and difference in starting points (Accounts Receivables at -13 M€ end of March 2012 vs +49 M€ at end of March 2011)

Solid financial position, with net cash of 105 M€ + total long term financing means of 310 M€

€ million 2012-13 2011-12

Opening cash position 84,6 99,2

Cash flows from operations 58,9 (27,0)

Change in WCR (30,5) 35,2

Cash flows from operating activities 28,4 8,2

Net investment in capital assets (25,0) (25,5)

Net free cash flow 3,4 (17,3)

Net acquisitions/disposals (4,9) (17,5)

Proceeds from issue of capital and other financial flows 6,0 (1,3)

Disposal of Gameloft Shares 10,7 13,7

Tax credit sales 0,0 0,0

Effect of exchange rate fluctuations 4,8 7,8

Decrease/(increase) in net debt 20,0 (14,6)

Closing cash position 104,6 84,6

2005-2012 : Current Gen key learnings

FY13 performance

FY14 & Next Gen

Strategy

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Agenda

A major graphical and animation leap

Unprecedented sense of immersion : graphics, AI, immersion, emotion

Very social, multi-screens

Share your experience, eSport like, streaming, instant-on demos

Data driven services, constantly evolving

A tailored experience to players’ habits and needs

Best VIP experience : Loyalty programs + connect a gamer across his

games & platforms to his community (Uplay)

Powerful entertainment hubs

Broaden home penetration & bring casual gamers to the living room

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“We live in a world of self-expression.

Everywhere, everyone is creative and

wants to add value. Customization, or

curating, is a huge growth area across

all services and that holds true for

games. People want to play in their own

way, they want to define their own

experience and they want to share the

way they're playing.” Yves Guillemot

Next Gen : will lead to record sales for the industry

FY14

Objectives

Sales : 1 420 M€ − 1 450 M€

Non-IFRS Operating Income : 110 M€ − 125 M€

Positive Free Cash Flows

Key drivers

Quality & scope boosted again by Lead/Associate organization & stronger focus

Bigger AAA line-up

New IPs to capitalize on PS4’s launch

Growing digital distribution

Richer online offering : Free-to-Play − mobile / tablets

Impact New market shares gains on core and digital segments

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FY14 : Continue to benefit from the strong momentum on online and core games

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FY14 : Driven by core games and online/digital

In million € Core Brands Casual Brands Total sales

FY13 928 328 1 256

FY14 Significant growth Less than 20% of total sales 1 420 − 1 450

In million € Core & Casual Online/Digital

FY13 148

FY14 +50 / +70% growth

Large scope, deep single / coop / multiplayer campaigns

Your rules, your way

Release date : August 20th (Xbox360, PS3, WiiU, PC)

Lead/Associate studios : Toronto – Montreal - Shangai

FY14 Core Games : Splinter Cell Blacklist, the perfect game for core and new fans

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“Blacklist features

the most ambitious multiplayer

Splinter Cell has ever seen, "

IGN, May 2013

“Spies vs. Mercs is without a real rival

in the multiplayer space today, "

Joystiq, May 2013

Yet another production prowess

New hero (Edward Kenway), new setting (Golden Age of Piracy)

Release date : Oct. 29th (PS4, Xbox360, PS3, WiiU, PC)

Lead/Associate studios : Montreal – Annecy – Singapore – Quebec City

– Sofia - Kiev

FY14 Core Games : Assassin's Creed 4 Black Flag, another major entry in the franchise

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“An open-word naval adventure done

by the kind of international mega-team

that makes Assassin's Creed games?

Sure. That's exciting enough.”

Kotaku, March 2013

Builds on Ubisoft’s strengths : IP creation − open world − massive

production values

CVG’s readers second most anticipated game of 2013 !

Release date : November 19th (PS4, Xbox360, PS3, WiiU, PC)

Lead/Associate studios : Montreal – Newcastle – Paris – Bucharest -

Quebec City

FY14 Core Games : Watch_Dogs, a highly expected new creation

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“Watch Dogs can end up being one

of the biggest games on any system"

IGN, May 2013

“From a visual perspective,

the engine is stunning and fluid.

The detailing on vehicles, houses,

and pedestrians is impressive”

GameInformer, May 2013

+ 1 AAA franchise

+ 1 AAA new creation

FY14 Core Games : And also

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+ +

FY14 Digital/Online : Broader distribution and stronger line-up

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Digital distribution

PC Free-to-Play, eSport

Mobile & Console Digital

(Paymium & Free to Play)

+ DLCs from consoles & PC games

…

…

FY14 Casual : Managing the transition

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Casual < 20% total FY14 sales

Great business : 7 very profitable years for Ubisoft

Committed and adaptative approach

Next generation to bring back casual gamers to living room

Financial performance : FY14, 4th year of regular progress

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Sales (€ million)

Non-IFRS Op. Income (€ million)

FY10 FY11 FY12 FY13 FY14e

-60

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56

100 110-125

FY10 FY11 FY12 FY13 FY14e

871 1 039 1 061

1 256 1 420-1450

852 1 001 983 1 108

1 193*

*Mid-point

20 38 78 148 237*

Packaged

Digital

Gross Margin

FY10 FY11 FY12 FY13 FY14e

58.9% 64.8% 67.7% 72.7% 73.7%

2005-2012 : Current Gen key learnings

FY13 performance

FY14 & Next Gen

Strategy

27

Agenda

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Long term opportunities for our core and casual brands

Ubisoft Core brands Ubisoft Casual Brands

A highly committed, growing audience > 1 billion people

On consoles

On PC, mobile, tablet (Free to Play model)

Social interactions

Value

added

for player

Multi-screens gaming

Item based model

Grow ARPU and each brand’s profitability

Ubisoft’s

benefits

Drive players acquisition

Increase players engagement & therefore monetization

Expand to new territories (Asia, Turkey…) and to new platforms (mobile, tablet)

Direct relation with player = knowledge (through analytics)

Conclusion

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"We believe that our major production capacity, strong of a network of 26 international studios and

over 7 000 developers, now optimized with our lead and associate organization, will allow us to

come with an enhanced pipeline of increasingly high quality franchises and new IPs. We will be

able to release our franchises more and more regularly, providing solid visibility on our future

revenue and profitability streams. All that, combined with the online expertise and know-how that

we have been growing steadily internally make us believe that we will benefit disproportionally

from the arrival of the new generation and from the continued growth of the online market" Yves

Guillemot, Ubisoft CEO

Agenda

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Appendices

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Calendar 2012 : Focus on bigger games is paying off

2012 best performers

EMEA + North America (units)

Publisher

1 CALL OF DUTY: BLACK OPS 2 ACTIVISION BLIZZARD

2 FIFA SOCCER 13 EA

3 ASSASSIN’S CREED III UBISOFT

4 HALO 4 MICROSOFT

5 JUST DANCE 4 UBISOFT

6 MADDEN NFL 13 EA

7 CALL OF DUTY: MODERN WARFARE 3 ACTIVISION BLIZZARD

8 BORDERLANDS 2 TAKE 2

9 FIFA SOCCER 12 EA

10 BATTLEFIELD 3 EA

11 THE ELDER SCROLLS V: SKYRIM BETHESDA

12 DIABLO 3 ACTIVISION BLIZZARD

13 MASS EFFECT 3 EA

14 NBA 2K13 TAKE 2

15 JUST DANCE 3 UBISOFT

16 NEW SUPER MARIO BROS. 2 NINTENDO

17 FAR CRY 3 UBISOFT

2 titles in the top 5

After only 1 month of sale

4 titles in the top 17

NPD, GFK, Chart-Track, Nielsen

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Calendar 2012 : New market shares gains

Rank Publisher M.S. M.S.1 Activision Blizzard 19,5% 15,7%2 EA 18,4% 19,7%3 Ubisoft 11,2% 8,8%4 Nintendo 10,8% 12,4%5 Take 2 6,4% 4,8%6 Microsoft 5,0% 4,8%7 Sony 3,5% 5,3%8 THQ 3,3% 4,9%9 WB 3,3% 3,7%

10 Capcom 2,4% 1,1%

2012 2011

NPD, GFK, Chart-Track, Nielsen

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2005 Xbox + PS2

2011 Xbox360 + PS3

Ubisoft is ready for this

Players even more connected

=

Bring social benefits & online services

=

A growing ARPU

+ New HD consoles cycle

=

Better graphics, more power

=

Core gamers love it

FY14 : Next Gen at last!

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Market software sales (€ billion)

+60%

8 years without a new console :

Core gamers are starving!

Long term opportunities

Excludes Asia. NPD, GFK, Chart-Track, Nielsen