Montreuil, December 12, 2002

2002/2003 first-half results : profitability impacted by significant seasonal trends (19% of sales).

Quality games and efficient marketing bring a new dimension to Ubi Soft within the international game industry.

Growth targets for 2002 / 2003 confirmed, as second-half sales show strong momentum and margins improve.

Ubi Soft today announced consolidated results for the 2002/2003 first half ending September 30, 2002.

Financial highlights H1 H1 (in millions of euros) 2002/2003 2001/2002 Sales 83.6 113.4 Gross margin 38.1 66.4 As% of sales 46% 59% Operating income (excluding goodwill) - 54.7 0.4

Goodwill amortization - 2.7 -1.7

Net financial expenses - 9.0 -4.4

Exceptional items - 1.1 1.4

Corporate tax 12.3 1.5

Net income (before goodwill amortization) - 52.5 -1.1

Net income (after goodwill amortization) - 55.2 -2.8

Note: the fiscal year runs from April 1 to March 31. A complete income statement, balance sheet and pro forma presentation are attached.

1 / 3 Profitability impacted by significant seasonal trends

Given the strong seasonal nature of the fist-half œ sales represent 19 percent of total estimated annual sales, versus 31 percent last year œ the figures for the first six months of the year should not be extended to the full-year performance.

Gross margin declined because of the increased contribution of back catalogue products, which traditionally generate lower returns. Royalty charges increased significantly (14.5 million euros vs. 11.8 million euros in the first half of 2001/2002). This rise reflects the atypical weighting of "publishing" and "distribution" activity in the six- month product mix (44% vs. 22% in 2001/2002). Finally, depreciation charges continued to increase as expected, totaling 27.9 million euros compared with 20.8 million euros in the first-half 2001/2002. Net financial expense includes the following items: - 5.6 million euros interest on borrowing - 20.4 million euros in provisions for treasury stock held at September 30, 2002 - 14 million euros in gains from the redemption of 752,000 OCEANES 2.5% convertible bonds completed in the first half - 3 million euros gains on currency hedges Exceptional items included a 3.9 million euros income on a litigation settlement and a 4.1 million euros expense essentially related to the accelerated depreciation of royalties.

Quality games and efficient marketing bring a new dimension to Ubi Soft within the international video game industry. In response to the market's increased selectivity, Ubi Soft has pursued a strategy focused on high-quality, AAA products. Today, this strategy is paying off. The Group now stands out as a major player in the industry supported by the quality of its developments, its effective marketing and worldwide distribution network. The games to be released in the second-half are an example of this success : - Tom Clancy‘s Splinter Cell™ -box : The game earned an average grade of 94.4 out of 100 (based on 54 reviews). With 1.1 million preorders at the time of launch (end-November), the game has already achieved 480,000 sell through in 3 weeks in North America and Europe. As a result, it has not only been ranked No. 1 on  in all countries since its launch, but also No. 3 in all categories combined in the U.S. (Source : UBS Warburg, week of 04/12/02) . In light of new orders received so far, the Group is raising its estimates for 2002/2003 sales from 1.1 million to 1.5 million copies for the Xbox  format. - Tom Clancy‘s Ghost Recon™ consoles: This is one of the first games produced for Xbox Live . The successful integration of the multiplayer on-line functionalities fully benefited from the on-line Kit success. This game has already received several reviews that are higher than 90 out of 100 from the trade press. It was elected " Editor‘s Choice" by the official X-box  magazine. In total, 900,000 units should be sold for all gaming consoles during the fiscal period. - Rayman ®3 : Hoodlum Havoc : The game will be launched worldwide on five platforms in March 2003. Excellent reviews already published together with the quality of the product and the franchise should make this game another blockbuster. - Raven Shield™ PC : Based on the response of the trade press (Computer Gaming World, Gamespy.com and PC Team) and players alike, it should be among the best selling PC games in 2003.

2 / 3 Growth targets for 2002/2003 confirmed: second-half sales show strong momentum and margins improve In light of strong second-half sales forecast for Ubi Soft's key products, the Group is confirming its targets for 2002/2003. Forecasted sales should be between 430 and 450 million euros, up between 17% and 22% on the prior year, on a constant perimeter and exchange rate basis. In addition, the high margins of these flagship products should contribute to a gross margin of around 64% in the second half and 61 % for the full twelve-month period. Finally, the proportion of royalties paid to third parties will decrease in the second half, as the contribution to sales from products developed by Ubi Soft's own studios increases. In light of these factors, Ubi Soft is forecasting operating income of between 85 and 90 million euros in the second half. For the full year, operating income should be between 35 and 40 million euros according to French accounting standards and between 29 and 34 million on a pro forma basis (U.S. GAAP).

Next financial announcements: - third-quarter sales: the 5th of February, 2003 - 2002 / 2003 annual sales: the 7 th of May 2003 - 2002 / 2003 annual earnings: the 26 th of June 2003

© Ubi Soft Entertainment. All Rights Reserved. Rayman logo and character, Splinter Cell, Ubi Soft and the Ubi Soft logo are trademarks of Ubi Soft Entertainment in the US and/or other countries. © Red Storm Entertainment. All Rights Reserved. Covert Operations Essentials, Raven Shield, Red Storm and Red Storm Entertainment are trademarks of Red Storm Entertainment in the US and/or other countries. Red Storm Entertainment, Inc. is a Ubi Soft Entertainment company. Microsoft, XBox, the Xbox logo, are either registered trademarks or trademarks of Microsoft Corporation. in the US and/or other countries.© Copyright by UBS AG, 1999-2002 - all rights reserved All other trademarks are the property of their respective owners.

About Ubi Soft® Entertainment Ubi Soft Entertainment is an international producer, publisher and distributor of interactive entertainment products. A leading company in the multimedia industry, Ubi Soft's strong and diversified lineup has grown considerably, as has Ubi Soft itself. As well as steadfastly continuing to partner with several high-profile companies, Ubi Soft has also confirmed its presence on the global market by developing its own exceptional properties. Founded in 1986 in France, Ubi Soft is now present on every continent, both through offices in 22 different countries including the United States, Brazil, Morocco, Germany and China and through sales of products in over 50 countries. The group is dedicated to delivering high-quality, cutting-edge video game titles to consumers around the world. To learn more, visit www.ubi.com.

Contact: Ubi Soft ® Entertainment Nathalie Balourdet œ Investor relations 28, rue Armand Carrel œ 93108 Montreuil-sous-Bois Cedex - FRANCE Tel.: + 33 (0) 1 48 18 56 34 / Fax: + 33 (0) 1 48 18 52 82 e-mail: [email protected]

Appendices

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Consolidated Accounts at September 30, 2002

Consolidated Balance Sheet at September 30, 2002 in thousands of euros

ASSETS Gross Amort/ Net Net Net Net Depr 30.09.02 30.09.02 30.09.02 31.03.02 30.09.01 31.03.01

Goodwill / trade marks and patents / business assets 120.151 9.734 110.417 111.970 114.086 110.342 Intangible assets 270.827 87.669 183.158 163.303 155.614 125.551 Tangible fixed assets 36.248 22.336 13.912 13.353 12.316 12.465 Financial assets 11.885 2.287 9.598 20.496 11.854 11.415

Fixed assets 439.111 122.026 317.085 309.122 293.870 259.773

Inventory and work-in-progress 47.539 1.327 46.212 48.645 42.063 46.674 Advances and installments paid 59.322 - 59.322 55.097 59.722 37.626 Trade receivables 75.742 2.292 73.450 106.478 77.592 79.991 Other receivables, prepayments and deferred income 102.595 352 102.243 70.176 60.294 52.323 Investments securities 34.883 20.024 14.859 40.365 29.120 51.195 Cash 52.358 - 52.358 30.548 22.660 34.986

Current assets 372.439 23.995 348.444 351.309 291.451 302.795

Total Assets 811.550 146.021 665.529 660.431 585.321 562.568

LIABILITIES AND STOCK EQUITY 30.09.02 31.03.02 30.09.01 31.03.01

Capital (1) 5.395 5.384 5.256 5.156 Premiums (1) 268.022 266.406 264.854 259.343 Consolidated reserves and earnings (2) -24.538 36.959 25.683 28.562 Other (3) 362 306 218 173 Share Capital (Group share) 249.241 309.055 296.011 293.234

Minority interests 0 0 0 203

Provisions for risks and charges 1.309 481 195 190

Borrowings 301.982 228.897 199.044 173.432 Current accounts of the partners 0 1.218 1.186 1.187 Advances and installments received 2 3.637 413 4.367 Trade creditors and other accounts payable 56.049 62.295 50.329 55.483 Sundry creditors and accrued expenses 56.946 54.848 38.143 34.472 Total debts and accounts payable 414.979 350.895 289.115 268.941

Total Liabilities 665.529 660.431 585.321 562.568

(1) Of the consolidated parent company (2) Including net income for fiscal year -55.210 7.953 -2.769 3.619 (3) including investment grants 362 306 218 173

4 / 3 Consolidated Income Statement at September 30, 2002 in thousands of euros

30.09.02 31.03.02 30.09.01 31.03.01

Net Revenue 83.574 368.961 113.382 259.815 Other operating income 41.667 93.346 41.997 72.169 Cost of sales -45.514 -151.941 -46.944 -115.528 Wages and social security costs -49.127 -93.012 -44.143 -72.950 Other operating expenses -55.818 -116.200 -41.725 -91.425 Taxes -1.520 -3.477 -1.387 -3.181 Depreciation and provisions -27.895 -66.715 -20.761 -40.968 Operating result -54.633 30.962 419 7.932 Financial charges and income -9.046 -10.560 -4.373 -3.140 Pre-tax profit of consolidated companies -63.679 20.402 -3.954 4.792 Exceptional income / expense -1.125 -2.177 1.354 -64 Corporate tax 12.348 -9.216 1.505 302 Net profit of consolidated companies (before goodwill amortization -52.456 13.363 -1.095 5.030 Share of earnings of equity affiliates 0 0 0 0 Amortization of Goodwill -2.754 -5.410 -1.674 -1.379 Total net profit of consolidated company -55.210 7.953 -2.769 3.651 Minority interests 0 0 0 32 Net profit (Group share) -55.210 7.953 -2.769 3.619

Earning Per Share -3,17 0,46 -0,16 0,21 Earning per Share Diluted -2,34 0,48 -0,09 0,22

Comparison of French GAAP and pro forma income statement at September30, 2002 (in millions of euros) French GAAP Pro forma 09/30/2002 09/30/2001 09/30/2002 09/30/2001 Net revenue 83,6 113,4 83,6 113,4 Gross Margin 38,1 66,5 38,1 66,5 In % of sales 46% 59% 46% 59% Other operating income 41,7 42, 0 5,5 6,9 Operating expenses -134,4 -108,1 -114,4 -93,1 Operating income -54,7 0,4 -70,9 -19,7 Goodwill amortization -2,7 -1,7 -2,7 -1,7 Financial result -9,0 -4,4 -9,0 -4,4 Exceptional result -1,1 1,4 -0,4 1,4 Corporate income tax 12,3 1,5 17,6 8,7 Net income (pre gdwill & bus. assets) -52,5 -1,1 -63,0 -14,0 Net income (post goodwill & bus. assets) -55,2 -2,8 -65,4 -15,7

Geographic split of sales in %

% CA % CA S1 2002/2003 S1 2001/2002 France 21% 18% Germany 13% 9% UK 10% 11% Rest of Europe 26% 16% Usa/Canada 25% 39% Asia/Pacific 5% 6% ROW 0% 0% TOTAL 100% 100%

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Half-year split of sales per platform in %

H1 2002/2003 H1 2001/2002 CD-ROM PC 31% 51% G-CUBE 14% 0% PS2 19% 6% PSX 15% 13% XBOX 6% 0% GBA 12% 21% GAME BOY COLOR 2% 9% Other 1% 0% TOTAL 100% 100%

Half-year split of sales per activity in %

H1 2002/2003 H1 2001/2002 Developpment 56% 78% Publishing 31% 20% Distribution 13% 2% TOTAL 100% 100%

List of 54 ratings used to calculate the Splinter Cell TM ”s average rating of 94,4%

SITE NAME / LINK DATE RATING

1 TechTV 11/19/2002 100.0% 2 Total Games Network 11/14/2002 100.0% 3 GamePro.com 11/18/2002 100.0% 4 Thunderbolt 11/24/2002 100.0% 5 Next Level Gaming 11/26/2002 100.0% 6 GD Xbox 11/27/2002 100.0% 7 Canadian Gaming Server 11/29/2002 100.0% 8 Total Video Games 12/2/2002 100.0% 9 Games Xtreme 12/2/2002 100.0% 10 Xbox Addict 12/4/2002 100.0% 11 Game Nation TV 12/5/2002 100.0% 12 Fun Xbox 11/23/2002 98.0% 13 Game Feeder 11/23/2002 97.0% 14 GamingWorld 11/22/2002 97.0% 15 Official Xbox Magazine AU 10/30/2002 97.0% 16 3D Avenue 12/4/2002 97.0% 17 ZT Game Domain 11/26/2002 97.0% 18 Genre Games 11/26/2002 97.0% 19 Game Zone 12/8/2002 97.0% 20 GameSpot AU 12/1/2002 96.0% 21 Official Xbox Magazine 11/7/2002 96.0% 22 IGN 11/18/2002 96.0% 23 netjak 11/18/2002 95.0%

6 / 3 24 Entertainment Weekly 11/23/2002 95.0% 25 Loaded Inc 12/4/2002 95.0% 26 The Laser 12/4/2002 95.0% 27 Cyber Gaming Net 12/6/2002 95.0% 28 Gamespy 11/24/2002 95.0% 29 SpinXero 11/27/2002 95.0% 30 ActionTrip 11/28/2002 95.0% 31 Xbox World Australia 11/28/2002 95.0% 32 Game Power AU 11/28/2002 95.0% 33 Solinari Gaming 12/2/2002 94.0% 34 Ferrago 12/9/2002 94.0% 35 Gaming Target 12/5/2002 92.0% 36 Gamer.tv 11/29/2002 92.0% 37 Gamestyle 11/28/2002 90.0% 38 My Gamer 11/29/2002 90.0% 39 Central Gaming Network 11/30/2002 90.0% 40 Games Radar 11/26/2002 90.0% 41 Gaming Age 12/5/2002 90.0% 42 Game Play 12/5/2002 90.0% 43 All Game Guide 12/6/2002 90.0% 44 12/4/2002 90.0% 45 Xbox Evolved 12/3/2002 90.0% 46 Game Nikki 12/3/2002 90.0% 47 Into Liquid Sky 11/23/2002 90.0% 48 Games Domain 11/22/2002 90.0% 49 Electronic Gaming Monthly 11/22/2002 90.0% 50 Gamers.com 11/19/2002 90.0% 51 Official Xbox Magazine UK 11/1/2002 90.0% 52 Gaming Nexus 11/22/2002 89.0% 53 GameSpot 11/18/2002 86.0% 54 Electric Playground 12/2/2002 85.0%

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