Paris, July 27, 2004

First quarter sales: ⁄62.5 million

Confirmation of objectives for 2004-2005

• First quarter sales for fiscal year 2004-2005: ⁄62.5 million, in line with projections, thanks primarily to: o 's Splinter Cell ® Pandora Tomorrow™: 2.7 million units sold (all platforms combined) since its release, including 1 million units during this quarter. o ™ for PC: the top-selling game in April and May and one of the Top 5 sellers in June in France (1) , the UK (1) and the US (1) .

• was among the Top 5 independent publishers in Europe for the quarter (1) and was ranked 7 th in the US (1) : Ubisoft performed especially well in the UK (1) , where it is now the second-largest independent publisher (1) .

• Enhanced production capacity: after hiring 300 talents in 2003-2004, around 100 new employees have already joined the group‘s studios this year on an annual target of 400 people.

• A steady stream of new products hailed by the industry (2) : at the worldwide video game expo in Los Angeles in May, Ubisoft received 13 awards, including seven for Tom Clancy‘s Splinter Cell  Chaos Theory ™ (Best of Show, Best PC Game and Best Action/Adventure Game). Brothers in Arms™ was named Best Action PC Game, while  2 (working title) won Best Action Game for PlayStation 2 and . These awards prefigure strong sales of these games during the fiscal year.

• Objectives for 2004-2005 confirmed: o Second-quarter sales for fiscal year 2004-2005: ⁄52-⁄55 million. o Annual sales: growth in excess of 10% at a constant exchange rate, with further gains in market share. o Earnings before interest and tax: ⁄40-⁄45 million according to French accounting standards and ⁄38-⁄43 million according to the pro-forma standard. o Net income excluding exceptional items (before depreciation of goodwill and business assets): ⁄18-⁄22 million according to French accounting standards and ⁄17-⁄21 million according to the pro-forma standard. o Net free cash flow (excluding acquisition): up ⁄15-⁄25 million. —Tom Clancy‘s Splinter Cell ® Pandora Tomorrow™, which has sold nearly 3 million copies with the release of the GameCube version in July, is a great success. Tom Clancy‘s Splinter Cell ® is now one of the top brands in the industry. The release of Far Cry™ on PC has been a genuine success as well, with over 730,000 units sold in just four months. These figures underline strong potential for the console versions to be released later in the fiscal year. And once again this year, the E3 2004 Expo paid tribute to the exceptional quality of our studios, whose work represents a guarantee of our future success.“ declared Yves Guillemot, President and CEO of Ubisoft.

Consolidated sales Q1 2004-05 vs. Q1 2003-04 vs. 2004-2005 2003-2004 (In millions of euros) Q1 2003-04 Q1 2002-03 First quarter 62.5 66.5 -6.1% +107.2%

Note: the fiscal year runs from April 1 st to March 31 st .

* —Development activity“ means revenues from titles developed, produced and brought to market by Ubisoft‘s in-house studios as well as revenues from games produced by third-party developers, which are supervised and co-produced by Ubisoft and for which it guarantees final product quality. (1) source: GfK, Chart Track, NPD in value

(2) source: Game critics Awards, IGN, Gamespot.

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© 2004 Red Storm Entertainment. All Rights Reserved. Ghost Recon, the Soldier Icon, Ubisoft, and the Ubisoft logo are trademarks of Ubisoft Entertainment in the U.S. and/or other countries. Red Storm and the Red Storm logo are trademarks of Red Storm Entertainment in the U.S. and/or other countries. Red Storm Entertainment, Inc. is a Ubisoft Entertainment company. © 2004 Ubisoft Entertainment. All Rights Reserved. Ubisoft and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries. Gearbox Software and the Gearbox logo are registered trademarks of Gearbox Software, L.L.C. © 2004 Ubisoft Entertainment. All Rights Reserved. Far Cry, Far Cry Instincts, Ubisoft and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries. ©2004 Red Storm Entertainment. All Rights Reserved. Ubisoft, the Ubisoft logo & Black Arrow are trademarks of Ubisoft Entertainment in the U.S. and/or other countries. , Red Storm, and Red Storm Entertainment are trademarks of Red Storm Entertainment in the U.S. and/or other countries. Red Storm Entertainment, Inc. is a Ubisoft Entertainment company. © 2004 Ubisoft Entertainment. All Rights Reserved. Splinter Cell, Sam Fisher, Splinter Cell: Pandora Tomorrow, Ubisoft and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries. © 2004 Ubi Soft Entertainment. Based on Prince of Persia® created by Jordan Mechner. All Rights Reserved. Ubisoft and the Ubisoft logo are trademarks of Ubi Soft Entertainment in the U.S. and/or other countries. Prince of Persia and Prince of Persia The Sands of Time are trademarks of Jordan Mechner used under license by Ubi Soft Entertainment. © 2004 Red Storm Entertainment. All Rights Reserved. Rainbow Six 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 Logos and XBox Live are either registered trademarks or trademarks of Microsoft Corporation in the U.S. and/or in other countries.

—PlayStation“ and the —PS“ Family logo are trademarks of Sony Computer Entertainment Inc. NINTENDO, , NINTENDO GAMECUBE AND THE NINTENDO GAMECUBE LOGO ARE TRADEMARKS OF NINTENDO. All other trademarks are the property of their respective owners.

About Ubisoft: Ubisoft is an international producer, publisher and distributor of interactive entertainment products. A leading company in the multimedia industry, Ubisoft‘s strong and diversified lineup has grown considerably, as has Ubisoft itself. As well as steadfastly continuing to partner with several high-profile companies, Ubisoft has also confirmed its presence on the global market by developing its own exceptional properties. Founded in 1986 in France, Ubisoft is now present on every continent, both through offices in 21 different countries including the United States, 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. Ubisoft generated a turnover of 508 million euros for the 2003/2004 fiscal year, up 22.5% at constant exchange rates over the previous fiscal year. To learn more, visit www.ubi.com

Ubisoft

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APPENDICES

Geographic split of sales in % % sales % sales Q1 2004/2005 Q1 2003/2004 Europe 55% 31% North America 38% 65% ROW 7% 4% TOTAL 100% 100%

Split of sales per platforms in % Q1 2004/2005 Q1 2003/2004 PC 22% 20% PS2 58% 50% XBOX 7% 6% G-CUBE 7% 10% PSX 1% 4% GBA 3% 8% GBC 0% 0% Other (including ubi.com) 2% 2% TOTAL 100% 100%

Split of sales per activity in % Q1 2004/2005 Q1 2003/2004 Development 82% 88% Publishing 15% 8% Distribution 3% 4% TOTAL 100% 100%

Release Schedule (July 2004 œ September 2004) Splinter Cell Pandora Tomorrow GCube Star Wars Trilogy GBA Chessmaster 10th Edition PC Rainbow Six Black Arrow Xbox 4 Revelation PC Scrabble 2005 C PC Star Ocean Till End of Time PS2