H1 FY15 Earnings presentation October 30th, 2014

2

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

June 26, 2014 with the French Financial Markets Authority (l’Autorité des marchés financiers)).

D I S C L A I M E R

Yves Guillemot, President and Chief Executive Officer

Alain Martinez, Chief Financial Officer

Jean-Benoît Roquette, SVP Investor Relations

3

H1: Ubisoft’s strategy delivers

- Stronger sales than expected = Watch Dogs (9Mu), Digital and Back Catalog

- Record gross margin, better than expected operating income & cash flows

SUMMARY

FY15 & FY16: Targets confirmed

- FY15: sales ≥ 1 400 M€ & non-IFRS operating income ≥ 150M€

- FY16: non-IFRS operating income ≥ 200 M€

- 200 M€ of FCF over the 2 years (or net cash situation ~ 200 M€ by March 16)

Q3: Great momentum with 4 major releases

Short-Medium-Long Term: Ubisoft ready to generate significant value

for its shareholders

AGENDA

4

H1

Q3 & FY15

FY16

H1 FY15

H1 Sales : 484 M€, +68% at cstt exchange rates

Q2 sales: 124 M€, beating target of 85 M€

Watch Dogs continued success: > 9 Mu

> 10 Mu expected in FY15

Digital strong momentum : 135 M€, +90%

28% of total sales

Driven by digital distribution, mobile, sale of items & DLCs

Mobile up 6x, already 45% higher than full FY14

Back-catalog : 114 M€, +1%

AC 4, South Park, Far Cry 3 & Rayman Legends

5

H1 FY15 : SALES OUTPERFORMANCE

9 Mu already sold in. On track to >10 Mu in FY15

Builds on Ubisoft’s strengths : IP creation - open world -

massive production values

Xbox One, PS4, PS3, Xbox 360, PC, Wii U

H1 FY15 : WATCH DOGS

6

creation of a major franchise

7

H1 FY15 : EARNINGS OUTPERFORMANCE

H1 FY15

Record gross margin at 78% (up 9 pts)

Supported by Watch Dogs success, favorable mix (PS4/Xbox One/PC)

+ growing digital revenues

Non-IFRS Operating profit : 24 M€ vs loss expected

Positive impact from rev, gross margin & lower than anticipated expenses

A 122 M€ improvement yoy

Free Cash flow: (47,6) M€

A 229 M€ improvement yoy

H1 outperfomance demonstrates Ubisoft is now ready to

generate significant value for its shareholders

Gross margin up 176 M€, at record 78% level (+9 points yoy)

Strong performance of Watch Dogs + favorable mix (PS4, XboxOne, PC)

Growing digital footprint

R&D up 42 M€ but down 10 percentage points

SG&A up 12 M€, down 19 percentage points

variable marketing expenses marginally up at 92 M€ or 19% of sales (88 M€ and 30% in H1 FY14). Some Watch Dogs

expenses incurred in FY14

fixed structure costs up at 81 M€ or 17% of sales (73 M€ and 25% in H1 FY14)

Non-IFRS Income tax rate at 21%. 32% rate expected for the full year

H1 FY15 : NON-IFRS P&L

8

€ million, except for per share data H1 2014-2015 H1 2013-2014

% %

Sales 484,2 293,3

Gross profit 378,1 78,1 202,2 68,9

R&D expenses (181,2) (37,4) (138,9) (47,4)

Selling expenses (127,2) (26,3) (123,5) (42,1)

G & A expenses (45,6) (9,4) (37,8) (12,9)

SG & A expenses (172,8) (35,7) (161,3) (55,0)

Non-IFRS operating income 24,2 5,0 (98,0) (33,4)

Net Financial Income (2,5) (2,4)

Income Tax (4,6) 38,2

Non-IFRS Net Income 17,1 (62,1)

Non-IFRS Diluted EPS 0,15 (0,59)

Nbr of shares fully diluted (000) 112 931 104 508

27 M€ total depreciation increase : release of Watch Dogs

18 M€ increase in Non Capitalized R&D & others : live operations of FTP PC & mobile, post launch, higher

bonuses, accounting of in-between projects

1% increase in capitalized R&D

9

H1 FY15 : R&D

€ million H1 2014-15 H1 2013-14

Depreciation of in-house software-related production 138,8 107,8

Depreciation of external software-related production and licenses 2,5 6,2

Royalties 6,8 9,7

Non Capitalized R&D & others 33,1 15,2

Total R&D depreciation and royalties 181,2 138,9

Capitalized in-house software-related production 195,2 189,8

Capitalized external software-related production and licenses 14,9 18,7

(excluding future commitments)

Royalties 6,8 9,7

Non Capitalized R&D & others 33,1 15,2

Total development investment 250,0 233,3

IFRS Non-Current expenses and income : (5.7) M€

• Goodwill depreciation

IFRS Net financial income : 2.7 M€

• Includes : 5,3 M€ (non-cash) from adjustment of earn-out liabilities

10

H1 FY15 : IFRS / NON-IFRS RECONCILIATION

€ million,

except for per share data

H1 2014-15 H1 2013-14

IFRS Adjustment Non-IFRS IFRS Adjustment Non-IFRS

Sales 484,2 484,2 293,3 293,3

Total Operating expenses -470,6 10,6 -460,0 -407,3 16,0 -391,3

Stock-based compensation -5,0 5,0 0,0 -4,3 4,3 0,0

Non-current expenses and

income -5,7 5,7 0,0 -11,7 11,7 0,0

Other operating income and

expenses 0,0 0,0 0,0 0,0 0,0

Operating Income 13,5 10,6 24,2 -114,0 16,0 -98,0

Net Financial income 2,7 -5,3 -3,0 13,4 -15,8 -2,4

Income tax -4,6 0,0 4,6 38,2 0,0 38,2

Net Income 11,7 5,4 17,1 -62,3 0,2 -62,1

Diluted earnings per share 0,10 0,05 0,15 -0,60 0,00 -0,59

11

Sharp improvement of Cash flows from Operations :

Reflection of the strong top and bottom lines performance

Sharp WCR improvement : More favorable starting basis for Account Receivables, plus early launch of

Watch Dogs, versus late launch of JD 2014, Splinter Cell and Rayman Legends last year

€ million H1 2014-15 H1 2013-14

Opening cash position (12,7) 104,5

Cash flows from operations (37,5) (144,8)

Change in WCR 17,9 (115,9)

Cash flows from operating activities (19,5) (260,7)

Net investment in capital assets (28,1) ( 16,3)

Net free cash flow (47,6) (276,9)

Net acquisitions/disposals (2,3) (3,0)

Proceeds from issue of capital and other financial flows 7,5 36,3

Disposal of Gameloft Shares 0,0 6,0

Effect of exchange rate fluctuations 14,9 (8,7)

Decrease/(increase) in net debt (27,6) (246,3)

Closing cash position (40,3) (141,8)

H1 FY15 : CASH FLOWS & CLOSING CASH POSITION

AGENDA

12

H1

Q3 & FY15

FY16

FY15

FY Sales : minimum 1 400 M€, up 39%

Gross margin : up 3 to 4 points

Marketing expenses down in % : < 18% of total sales

Non-IFRS Operating Income : minimum 150 M€

Positive Free Cash Flows

Q3 Sales : 730 M€, up 40%

FY15 : DRIVEN BY CORE & DIGITAL STRONG GROWTH

13

The most beautiful game ever created by Ubisoft

New state of the art engine: fully new gen

New innovations, co-op, customization abilities

Release : November 11

Q3 : ASSASSIN’S CREED UNITY & ROGUE

two strong offerings for new and last gen

14

Great story telling - Play as a Templar

Return of the acclaimed naval gameplay

Release : November 11

PS4

Xbox One

PC

PS3

Xbox 360

PC (early 2015)

14

FC4’s systemic open world rated* significantly > FC3’s

Doubled FC3’s search & website traffic & Youtube views

Release : November 18 (PS4, Xbox One, PC, 360, PS3)

Q3 : FAR CRY 4

the return of the Anecdote Factory

15

Best of E3

Best E3 Shooter

* Ubisoft internal playtests

Q3 : THE CREW

A seamless single, coop and multiplayer experience

A major step forward for the racing genre

Release : December 2 (PS4, Xbox One, PC, Xbox 360)

designed to be the “World of Warcraft” of driving games

16

Best E3 Racing game

Q3 : JUST DANCE 2015 & JUST DANCE NOW

Best songs of the years

Smartphones as a controller, no need for Kinect

or PS move

constant flow of innovation

17

Downloaded ~ 6 million times:

Brazil & the Philippines among top 5 countries

(downloads)

Local adaptation:

“India Waale” from

Bollywood blockbuster of the year

FY15 : DIGITAL REVENUES significant growth expected

DIGITAL DISTRIBUTION

PC FREE-TO-PLAY

MOBILE FREE-TO-PLAY

CONSOLES & PC DLC/ITEMS

…

CONSOLES & PC DIGITAL

18

AGENDA

19

H1

Q3 & FY15

FY16

FY16

TARGETS

Non-IFRS Operating Income : minimum 200 M€

Positive Free Cash Flows

KEY DRIVERS

Built on a mix of topline, gross margins and operating margins strengths

Resurgent growth of the market in calendar 2015

Very strong line-up

Another improvement in gross margin

Significant growth of high margins back-catalog revenues

Further improvement of the profitability of FTP business

Positive effects of improved efficiency in marketing spending

FY16 : TARGETS CONFIRMED

20

A persistent online open-world RPG shooter

The Snowdrop engine : amazing graphics

Release : 2015 (Xbox One, PS4 & PC)

FY16 : THE DIVISION

buzz and players’ anticipation at high levels

21

“It was a pretty outstanding demo”

IGN, June 2014

“The Division vs Destiny”

Gamespot, October 2014

FY16 : RAINBOW 6 SIEGE

“Rainbow Six

was our favorite game at E3”

PC Gamer, May 14

Very strong reaction from die-hard shooters fans

Solo campaign to broaden the audience

Release : 2015 (Xbox One, PS4 & PC)

22

Best E3 PC game

Game of the show

a cult franchise is back !

APPENDICES

"We believe that our major

production capacity, strong of a

network of 26 international studios and

over 8 000 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 Open-World

and Online expertise/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

24

A MAJOR OPPORTUNITY FOR UBISOFT

Open Worlds will take a bigger share

of the market

New cycle’s early years

= great timing for new IPs

Fast growing digital footprint

= better players’ engagement

Ubisoft to benefit disproportionaly

from the market’s growth 25

KEY LEARNINGS

FRANCHISES =

LG TERM VISIBILITY

KEY FACTORS OF SUCCESS

– Quality

– Regular Releases

– Deep Production

Capacity

NEW CYCLES =

OPPORTUNITY FOR NEW BRANDS

PAST 9 YEARS KEY SUCCESS FACTORS : Quality and regular releases

Physical retail sales : NPD, GFK

AC THE 4TH BIGGEST BRAND !

2 OF THE 4 BIGGEST NEW IPS !

*includes hardware

Far Cry – Watch Dogs – The Division – The Crew – Rainbow 6 strong contenders for Next-Gen top 20

F: Franchise NB: New Brands

Cumulated Retail Sales (Value)

(Xbox360, PS3, Wii, WiiU, Xbox One, PS4 + PC)

2005 - 2013 (9 years)

1 CALL OF DUTY ACTIVISION BLIZZARD F

2 MARIO NINTENDO F

3 FIFA SOCCER EA F

4 ASSASSIN'S CREED UBISOFT NB

5 GRAND THEFT AUTO TAKE-TWO F

6 WII FIT* NINTENDO NB

7 THE SIMS EA F

8 MADDEN NFL EA F

9 GUITAR HERO* ACTIVISION NB

10 BATTLEFIELD EA F

11 HALO MICROSOFT F

12 NEED FOR SPEED EA F

13 JUST DANCE UBISOFT NB

14 WORLD OF WARCRAFT ACTIVISION F

15 NBA 2K TAKE-TWO F

16 LEGO WARNER NB

17 SONIC SEGA F

18 ROCK BAND* EA NB

19 ELDER SCROLLS BETHESDA F

20 GEARS OF WAR MICROSOFT NB

Publishers

26

FY10 FY11 FY12 FY13 FY14 FY15e

-60

29

56

100

150e Gross Margin

FY10 FY11 FY12 FY13 FY14 FY15e

58.9% 64.8% 67.7%

72.7%

Non-IFRS Op.

Income (€ million)

2009 2010 2011 2012 2013 2014e

15.9 14.5

12.2

15.7

Industry Soft. Sales (€ billion)

FY10 FY11 FY12 FY13 FY14 FY15e

871 1 039 1 061

1 256

20 38 78 148 193

Digital

Sales (€ million)

FY15 : Back to financial performance improvement

1 400e

-66

10.8

71.7%

1 007

27

28

UBISOFT’S STOCK much more liquid than it may appear

As of October, 29th

Euronext 43% of total liquidity

Average volume over 1 year at 833 000 shares

Volume Fragmentation