Financial Results for 3Q FY2013 (Year ending June 30, 2013)

Voltage Inc.

May 10, 2013

TSE 1t1st. Secti on Secur ities Co de: 3639 Ⅰ. Results for 3Q Measures for Ⅱ. 4Q and beyond

1 III. Results for 3Q Summary of Results for 3Q FY2013 Corporate results Released 4 new titles in Japan and 5 new titles in foreign countries

• The most profit-earning titles are the major 5 titles, including "A Prince's Proposal" and "My SilSocial apps Sweet Bodyguard “. • Newly launched the 5th generation of "Roommate" (Farm Avatar). BU • Started distributing native apps "Pirates in Love 2" and "Seduced in the Sleepless City" of the

rket Company’s proprietary PF "Joshi games". aa Carrier • The most profit-earning titles are the main 10 titles, including "My Forged Wedding" and "My official Sweet Bodyguard". • Newly released “Kiss of Revenge" and the title was releated for the second season "Staying ese m sites BU With You Tonight season 2". nn

Smartphone • Upgraded the apps development library from “A-Vapl1.0” to “A-Vapl2.1” Japa apps • Newly released the "Dating the Devil" as the first title of "A-Vapl2.1". BU • Placed animation-style TV commercials for "My Forged Wedding" in January.

et • Released new title for smartphone apps “My Sweet Bodyguard" and new title for social apps kk Overseas “Celeblity Darling". CG • Released “My Sweet Bodyguard" in the Facebook version. *All the 3 titles are in Japanese specs/translated version eas mar ss • Released 3 new titles , including 1 title of “Glass Stilettos in Manhattan" for smartphone apps U.S. subsidiary in the North American specs.

Over • Favorable performance of“Knight of My Heart" released in an attempt of new taste. Voltage Inc. copyright voltage inc, All rights reserved. 3 Title Release / TV Commercial 4Q 1Q 2Q 3Q ps cial pp oo a S

3rd-generation 5th Smart- 4th generation 3rd-generation Feature phone / phone deployment deployment Smartphone generation

tes rr Carrie

Feature Smart- Season 2 Season 2 official si official phone phone Season 2 apps artphone mm A-Vapl2.1 S A-Vapl A-Vapl A-Vapl2.1 Head Office eas FB version ss U.S. Over

CM

Voltage Inc. copyright voltage inc, All rights reserved. 4 Summary (Consolidated)

[Millions of Yen] Japan Consolidated U.S. subsidiary HdHeadquar ters 3Q FY2013 3Q FY2013 3Q FY2013 (approximate) Net sales 6,864 6,875 3

Cost of sales 1,935 1,872 72

SG&A expenses 4,753 4,696 55 Operating income 174 306 -125

Voltage Inc. copyright voltage inc, All rights reserved. 5 Summary of Results – Japan Headquarters – (Non-Consolidated)

NNliet sales increased dbb by about ¥1,000 milli on and operati ng i ncome d ecreased b y ab out ¥280 milli on (YoY) As a result of the completion of the Big Bang (drastic headcount increase), sales will continue to rise. FY2013 FY2012 1H FY2013 3Q FY2013 3Q FY2013 %to % to % to [Millions of Yen] Net Sales Net Sales YoY Net Sales Net sales 4,631 100.0% 6,875 100.0% +17.1% 5,872 100.0%

Cost of sales 1,183 25.6% 1,872 27.2% +47.7% Iincrease caused by the rise in headcount for 1,267 21.6% Labor cost 516 11.2% 802 11.7% +75. 6% production and systems 22% dldevelopmen tithBiBt with Big Bang 456 78%7.8% Outsourcing cost 9.2% 9.9% +76.7% 14% 425 679 384 6.5% Other costs 5.2% 5.7% -8.3% 241 390 Increase/decrease 426 7.3% SG&A of net sales 71.5% 68.3% +16.9% +7pt expenses 3,310 4,696 4,016 68.4% Advertising 1,476 31.9% 1,900 27.6% +4.1% expenses 55% 1,826 31.1% 54% Sales commission 1,231 26.6% 1,850 26.9% +36.9% Due to the higher percentage of social apps to net sales 1,351 23.0% OhOther costs 13.0% 13.8% +12. 6% 602 945 839 14.3% Operating 3.0% 4.5% -47.9% income 136 306 587 10.0% OOdrdin ayary inco coeme 3.1% 4.8% -43.7% 145 333 591 10.1% Net income 1.9% 3.0% -41.3% 88 203 346 5.9% Voltage Inc. copyright voltage inc, All rights reserved. 6 % of Smartphone VVltoltage’ s sh are exceed s J apan’ s smartthphone penetttiration rat e

All-Japan Voltage*3 (Smartphone sales ratio) Smartphone Carrier official penetration rate Social apps sites Smartphone 100%

Feature- phone 80% 46% 55% 63% 66% 60% 53% 63% 100% 40% 100%

Smart- 47% 53% phone 20% 37% 44% 34% 37% 0% December*1 March *2 December March December March December March *1. "Smartphone contract ratio" was estimated by Voltage Inc. based on "Trends and Forecasts for Size of Smartphone Market at March 2012" released by MM Research Institute, Ltd. on March 13, 2012. *2. "Trends and Forecasts for Size of Smartphone Market at March 2012" released by MM Research Institute, Ltd. on March 28, 2012. *3. Feature phone-smartphone parallel distribution sites only. Voltage Inc. copyright voltage inc, All rights reserved. 7 Ranking in the Japanese Market

For smart ph one apps, 7 titl es rank ed i n T op 20 i n J apanese A pp St ore E nt ert ai nment . Social apps Carrier official sites Smartphone apps [GREE game ranking for females] [i-mode ranking by category] [AppStore Top Sales Entertainment] DtDate surveye d: MhMarch 28, 2013 CildCompiled: Db1tDecember 1 to MhMarch 31, 2012 Complied as of April 18, 2013 (Romantic games) Ranking Application Name Ranking Site Name Ranking Application Name 1 Chokotto Farm Season 2 1 COLOPL 1 My Forged Wedding Launched In 1Q 2 A Prince’s Proposal for GREE 2 My Sweet Bodyguard 2 Office Romance Secret Love 3 Bokuno Restaurant 2 3 Seduced in the Sleepless City 3 Nico Nico Douga 4 DRAGON COLLECTION A Prince’s Proposal Season 2 4 Launched In 1Q 4 Staying With You Tonight Launched 5 Roommate In 3Q 5 Oto Mate Mobile 5 Cho Ataru Koseido Seimei Handan 6 My Sweet Bodyguard  Premium 6 Kichijoji Days of Love 6 Yome Collection Staying With You Tonight Season 2 Launched 7 AKB48 Mobile(official) 7 Onmyoji ~Heian Yokitan~ 7 In 3Q 8 [Tanjobi Uranai] 365-nichi no Ango 8 Galsho 8 Love Letter from Thief X [Cho Nomitsu Uranai] Ai to Yokyu no 9 9 Poptower for GREE Special Investigation Team Sekirara Suhi Uranai 9 Launched Advance content 10 Dating the Devil In 3Q 10 Pirates in Love – Just One Rule generation 10 Pirates in Love Launched In 2Q [Cho Nomitsu Uranai] Ai to Yokyu no 11 11 Shinsho Ikemen Ooku Kinjirareta Koi 11 School Trip Secret Sekirara Suhi Uranai 12 Shingoku no Valhalla Knights 12 First Love Diary by the Sea 12 My Forged Wedding Seduced in the Sleepless City for 13 Launched 13 Dating the Devil 13 My Sweet Bodyguard GREE In 3Q Kiss of Revenge Launched 14 YuYuHakusho-Makai Toitsu Saikyo Battle- 14 In 3Q 14 Akinator the Genie 15 Swordart Online End World 15 Office Secrets 15 Sogen Fujiki Seimei Handan 16 Iron Chef for GREE New Challengers 16 Roommate 16 Love Letter from Thief X Official Romance Secret Love for Koi no Tsuzuki wa Launched 17 17 In 2Q 17 Niconico Live Broadcast GREE Honey Moon de Dosokai wa Koi no Hajimari 18 18 PlatinumGirl 18 Kiss of Revenge 98% Tekichu! Ginza no Haha Kaiun Seimei Kimi wo Aisu Nandodemo Launched 19 19 Ikemen Rensen ♦Kiyomori Taira for GREE 19 In 2Q Handan 20 Bokura no Pocket Dungeon 2 20 Kaseifu - Koi wa Keiyaku kara 20 Tsuya Girl Voltage Inc. copyright voltage inc, All rights reserved. 8 (Total 176 sites) : Voltage Inc. Ranking in the Overseas Market

For smartphone apps , 6 titles ranked in Top 20 in U .S . App Store Entertainment . Social apps Smartphone apps

[GREE game ranking] Compiled as of April 23, 2013 [App Store Top Grossing iPhone Entertainment] USA USA Singapore Complied as of March 8, 2013 Complied as of April 18, 2013

Ranking Application Name Ranking Application Name Ranking Application Name

Reigen of Dragons 1 Disney Jun ior App iso des LhdLaunched 1 1 Be My Princess In 2Q 2 Akinator the Genie 2 Be My Princess for GREE Launched Launched 2 My Sweet Bodyguard for GREE In 2Q 3 Be My Princess In 2Q 3 Driland 3 Be My Princess for GREE 4 Cerberus Age Launched 4 SlingPlayer for iPhone Launched 4 Celebrity Darling for GREE In 3Q In 2Q 5 Action Movie FX My Sweet Bodyguard for GREE Launched 5 6 Emoji ;) 5 A Knight’s Devotion In 3Q 6 ShallWeDate?:NinjaLove for GREE Launched A Knight’s Devotion Launched 6 Love Letter from Thief X In 2Q 7 Magnus Ignis 7 In 3Q 7 kk唱响 Celebrity Darling for GREE Launched 8 Pirates In Love 8 In 3Q 8 Pirates In Love 9 Dark Abyss Launched 9 Love Letter from Thief X In 2Q 9 My Forged Wedding 10 Dragon Summoner 10 Live Esoteric Chat ,Oranum 10 F✽✽✽ 11 Dragon Cavalier Launched 11 Justin.tv 11 Seduced in the Sleepless City In 2Q 12 Haypi Kingdom for GREE 12 Gun Builder ELITE Launched 12 In Your Arms Tonight In 2Q 13 War 2 Victory for GREE This American Life 13 13 Apps Magazine App 14 Gunners UiUnion Be My Princess for GREE Launched Launched 14 In 2Q 14 My Sweet Bodyguard In 3Q 15 Boyaa Poker 15 Emoiji> 15 Staying With You Tonight 16 Clinoppe 16 The Harlem Shake 16 友加 17 Destroy Gunners ZZ 17 iGun Pro™ - The Original Gun Application 17 FHM Magazine Philippines 18 Titans Mobile 18 18 AVPlayer 19 SCARESOUL Launched 19 Celebrity Darling for GREE In 3Q 19 I'ma Unicorn 20 Pirates Age 20 Reddit Pics HD 20 Play Tube Free-Best Youtube Player Voltage Inc. copyright voltage inc, All rights reserved. 9 : Voltage Inc. Balance Sheet

Consolidated Japan Headquarters (Non-Consolidated) End of End of 3Q End of 3Q FY2012 [Millions o f Yen] Change % FY2013 FY2013 (September 30, 2012) Current assets 3,486 3,427 3,835 -10.6% Non-current assets 566 55.1% 724 879 Decrease in cash and deposits due in part Total assets 4,210 4,307 4,402 -2.2% to payment of income taxes

Current liabilities 961 944 1,160 -18.6% Non-current liabilities 0---Due in part to decrease in income taxes payable and accrued expense Total liabilities 962 944 1,160 -18.6% Shareholders’ equity 3,227 3,362 3,242 3.7% Accumul at ed oth er comprehensive income 21 - -- Net assets 3,248 3,362 3,242 3.7% Total liabilities 4,210 4,307 4,402 -2.2%

Voltage Inc. copyright voltage inc, All rights reserved. 10 Ⅱ. Measures for 4Q and beyond 2 Types of "Romance Sims" Games

Enjoy games of love I He (good -looking) under various scenarios! High school Friend from Singer, idol student in Kichijoji  Celebrity childhood days

Personal type (smartphone apps and ccarrier official sites) Social type (socilial apps) Enjoy dramas alone Enjoy dramas through communication with friends, etc. Select content Select the male Select the male chtharacter Select content Start the game! character Start the game!

Go on with the Choose option Happy ending Go on with the story story Happy ending

Mission cleared Play with avatar

I Challenge a mini-game

Friends

Voltage Inc. copyright voltage inc, All rights reserved. 12 Summary of Results Although the results for 1Q and 2Q were favorable , the result for 3Q was not well Social apps and official: Down, Smartphone apps: Level off, Overseas: Up

(Net sales: Millions of yen) FY2012 ended June 30, 2012 FY2013 ending June 30, 2013 (non-consolidated) 2,800 [Operating [Net Sales] 2,412 income] 2,218 2,194 2,244 2,300 2,126 67 2,031 1 33 Overseas 21 111 O 77 1,713 1,800 1,110 Social apps 62 879 956 927 794 1,018 x

1,300 646 Carrier official sites + 174 Smartphone Smartphone 200 apps apps 221  800 Total 1,256 Total 1,227 1,225 1,238 Total 1,106 1,004 1,159 1,082 1,027 885 Carrier 300 official sitesx 269 266 269 219 51 169 -82 -200 1Q2Q 3Q 4Q 1Q 2Q 3Q 4Q CM placements CM placements CM placements CM placements CM placements CM placements CM placements (Forecast) Voltage Inc. copyright voltage inc, All rights reserved. 13 JJapanese market

Voltage Inc. copyright voltage inc, All rights reserved. 14 Smartphone Penetration and Drastic Change of PF Environment With smartphone penetration, the OS platform market sharply expanded . (OS platform: App Store and Google play, etc.)

Mobile subscription by the youth Personal market Social market 100 64 36 Smart- Feature phone phone Carrier PF OS PF Social PF OS 2011 91 91 82 d5d:5 au+yk4k:4 i:1 104 52 52 Feature phone Smartphone Carrier PF OS PF Social PF OS 2012 5 5 5 5 8 2 d:3 au+yk:2 G:1 i:4 107 49 58 Feature phone Smartphone Carrier PF OS PF Social PF OS PF 2013 (forecast) 4 64673 d:2 a+y:2 G:3(d:2 au:1) i:3 108 47 61 Feature phone Smartphone Carrier PF OS PF Social PF OS PF 2014 2 8 2 8 6 4 (forecast) d1 ay1 G:5(d:3 au:2) i:3 * This graph privately illustrates the market size and change for the purpose of business design. The Company does not assure statistic accuracy of the information. Voltage Inc. copyright voltage inc, All rights reserved. 15 Sales Share by Platform in Voltage Voltage’ ssOSplatformbusinessismadeupof OS platform business is made up of 17% personal type and 2% social type.

Personal (smartphone apps and carrier official sites) Social (social apps) Feature phone Smartphone

App Store GREE Mobage KDDI DoCoMo Google Play 83% 10% 1Q

Softbank DoCoMo au Smart mixi

2013 Mobil e KDDI Pass Softbank Mobile 77% 14% 2Q g in June g in June Ameba dgame rm endin

ee 72% 16% T 3Q

Joshi games Carrier PF OS PF Social PF OS PF 83% (docomo etc) 17% 98% (GREE・mobage etc) 2% Voltage Inc. copyright voltage inc, All rights reserved. 16 Conclusion : Measures for the Japanese market As smartphones penetrate at over 60% , the market for OS platform is expanding

PF Environment Sales Share by Platform in Voltage

While the Company was proceeding with restructuring of business for smartphone, there was a delay in the OS platform business.

(Focus on OS platform) Restructuring the PF strategy to be "OS focused"

Personal business Social business

"Carrier official + Smartphone apps" OS "WEB apps (social PF)"  "Smartphone apps (OS PF)" focused focused "Native (OS PF)" focused

Voltage Inc. copyright voltage inc, All rights reserved. 17 Change of Business Structure As the first measure , shift from the previous 3 BU structure to 2 BU structure (Business Unit) 3BU+Overseas Carrier official Smartphone Overseas apps Social apps Personal Social

As of Carrier PF OS PF Social PF OS December 31 90 persons 30 persons 100 persons 0person

Significant headcount increase called "Big Bang": * *90 persons for the Mid-career recruitment: 30 persons, New graduate full-year recruitment: 60

From May 1 2BU Shift the personnel to the OS platform unit in each business Personal business Social business

Carrier PF OS PF OS Social PF OS PF 10 persons 150 persons focused 110 persons 30 persons

Voltage Inc. copyright voltage inc, All rights reserved. 18 "OS-focus" Measure Various measures will be taken under the new "OS focused " policy

Planning of Establishing a dedicated drama planning team by ① new drama taking advantage of characteristics of personal and social businesses

② New title Prior distribution for OS PF

Existing ③ title Modifying 10 major titles for OS PF

System ④ development Improving the development framework for OS PF

Low Generating the remaining power for OS platform by ⑤ profitable enhancing operational efficiency oflf low pro fitblfitable titles titles Voltage Inc. copyright voltage inc, All rights reserved. 19 Schedule for OS policy We started implementing the OS policy in 4Q . We will completely shift our target into OS focused operation by the first half of the next fiscal year. 4Q 1Q of 15th Term 2Q of 15th Term Until 3Q Dedicated Drama planning ① team for personal apps Prior

Producing New Prior distribution for OS PF distribution al al ii titles for ② 50%complete 100%complete for OS PF carrier site PF nn and OS PF at 100% offic equal rate Modifying titles for OS A-Vapl 2.1 introduction implemented

ne ③

erso 100%complete

ing 100%complete oo ee ee PP Promoting cost-saving of Exist ④ low profit-earning titles Smartph tructur structur

ss Dedicated Drama planning ① team for social apps 3BU 2BU New Framework development for OS PF S-Vapl & S-VF4.0 100% Native l

cial Producing ④ 50% complete &prior& prior operation

aa complete oo titles ma in ly for OS PF

S for social PF Modifying titles for OS PF Modifying main titles for OS PF 100% ③ implemented Soci 50% complete 100% complete ting ss

Exi Promoting cost-saving ⑤ of low profit-earning titles Voltage Inc. copyright voltage inc, All rights reserved. 20 U.S. Market

Voltage Inc. copyright voltage inc, All rights reserved. 21 Worldwide PF Environment 1) U.S. and Japan account for 50% of the overall worldwide market. 2) In 2012, Google Play grew by over 60%. App Store accounts for 75% of the total market share. 3) Ccarrier site PFs (Verizon and Vodafone) are slowing down, while retailer PFs (Amazon, Best Buy) are emerging. Application store by Application store by PF Sales of smartphone country

470 million units $4,400 million $4,400 million an

ers North pp iOS android hh AppStore GP Others Ja

Ot America

2011 4 5 18.5 1.5 14 5

660 million units $6,700 million $6,700 million North Others Japan Others iOS android AppStore GoogleP America

2012 3.5 6 .5 7.5 2.5 2 3 5

840 million units? $9,900 million? $9,900 million? NthNorth Japan Others iOS android AppStore GooglePlay America 2013 (forecast) 3.5 6.5 732.5 34.5

Source: Estimate by the Company based on documents of App Annie Intelligence and the Ministry of Internal Affairs and Communications, etc. *This graph privately illustrates the market size and change for the purpose of Voltage Inc. copyright voltage inc, All rights reserved. 22 business design. The Company does not assure statistic accuracy of the information. Conclusion: Policy for the U.S. Market CCfithlblttilonfirm the global potential nee ds 6 titles 12 titles for“Romantic games” ranked in ranked in Top 20 Top 20

Further strengthen the market development in North America by the HQ overseas operation + U.S. subsidiary

1)“New titles”:Development according to the needs of U.S. market users 2nd 3rd 5th

2 techniques, which brought a “GREE game “App Store Top Grossing “GREE game success in Japan, ranking” iPhone Entertainment” ranking” As of April 23 As of March 8 As of April 23 will be thorouggyhly employed 2)“Existing titles”: KPI measurement and PDCA enhancement based on the purchase mechanism KPI KPI KPI KPI First Additional Access Install Start-up purchase purchase Voltage Inc. copyright voltage inc, All rights reserved. 23 Increase in Overseas

HQ Overseas 2nd U.S. subsidiary 1st (Net term term sales) 350

300 About 6 (Net times sales) 250 25 ¥213million 200 20

3titles 150 15

¥101million 100 10 4titles 2titles 8titles 1titles 5 50 ¥33million ¥3million social apps smart- 1titles 7titles million phone apps ¥ 0million ¥ 0.4 0 0 1Q 4titles 2Q 3Q 4Q 1Q 2Q 3Q 4Q cumulative cumulative cumulative cumulative cumulative cumulative cumulative cumulative (forecast) (forecast) Voltage Inc. copyright voltage inc, All rights reserved. 24 New Fields

Voltage Inc. copyright voltage inc, All rights reserved. 25 New Fields EElxplore sources of revenue oth thther than conventional “Romance Sims Games” by making use of Voltage ’sstrengths strength "Suspense drama games" Linkage with tablet for male & female users

Launched in March

Will be launched in Launched May in May

Voltage Inc. copyright voltage inc, All rights reserved. 26 Earnings Forecast – Japan Headquarters- (Non-Consolidated) Full-Year Net sales ¥90009,000 million (Up 12%) Forecast (Down 53%) (Y-o-Y Change) (Non- Operating income ¥400 million consolidated) Revised downward due to a delay in the OS platform business [Millions of Yen]

FY2013 Y-o-Y Previous Current Forecast Comparison FY2012 forecast forecast comparison % Net sales 9,800 9,010 -8.1% 11.7% 8,066 Cost of sales 2,771 2,711 -22%2.2% 55.1% 1,748 SG&A expenses 6,028 5,898 -2.2% 8.0% 5,460 Operating income 10001,000 400 -60.0% -53.3% 857 Operating margin 10.2% 4.4% - - 10.6% Ordinary income 998 420 -58.0% -51.2% 859 Net income 618 240 -61.2% -53.1% 511 Net income per 103.38 123.38 yen 47.89 yen -- share yen Voltage Inc. copyright voltage inc, All rights reserved. 27 Earnings Forecast – Japan Headquarters- (Consolidated)

Full-Year NNtet sal es ¥9,000 milli on; O perati ng i ncome ¥170 milli on Forecast (Consolidated) 9 month passed since the subsidiary was established. We start disclosing the consolidated forecast as data constitutinggg grounds for forecast is accumulatin g. FY2013 [Millions of Yen] Net sales 90009,000 Cost of sales 2,825 S,G&A expenses 6,004 Operating income 170 Operating margin 1.9% Ordinary income 190 Net income 10 Net income per share 2.00 yen

Voltage Inc. copyright voltage inc, All rights reserved. 28 Shareholder Return The Group strives to return profits to shareholders , while securing its internal internal reserves necessary for operating the future business and strengthen the management structure. Target payout ratio 20%

1H of FY ended Year-end in June 2012 dividend ¥19 per share ¥24 per share (forecast )

FY ending in Year-end Already announced on June dividend April 26, 2013 2013 (forecast) The previous forecast has been revised ¥19 per share because the full-year forecast fell below the amount that was (forecast) previously announced. Voltage Inc. copyright voltage inc, All rights reserved. 29 Voltage Inc.

• This release contains forward-looking statements, which include judgment made by the Company based on the information available at the time of the preparation of this report but such judgment does not guarantee accuracy of the information. There are a number of factors and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. • The Company pays the utmost attention to see that there are no errors, omission, etc. in the information contained. However, the Company holds no liability whatsoever to assure accuracy and safety of the information. • Names of companies, products and services contained in this release are trademarks or registered trademarks of the respective companies. Voltage Inc. copyright voltage inc, All rights reserved.