2005 REFERENCE DOCUMENT Pursuant to Article 212-13 of the general regulations of the Autorité des Marchés Financiers , this reference document was filed with the Autorité des Marchés Financiers on 9 June 2006 under number XXX. It may be used in support of a financial operation if accompanied by a “note d’opération” (securities note) approved by the Autorité des Marchés Financiers . Pursuant to Article 28 of European Commission Regulation (EC) 809/2004, the following information is incorporated by reference into this reference document: ● The activity report, the individual financial statements, the general Auditors’ report, the Auditors’ report on the agreements referred to in Article L. 226-10 of the French Commercial Code and made by Gameloft S.A., the consolidated financial statements and the Auditors’ report on the consolidated financial statements for FY 2003, as presented on pages 61 to 76, 77 to 80, 39 to 58 and 59 to 60, respectively, of the reference document filed with the Commission des Opérations de Bourse on 4 May 2004 under number D.04-0649. ● The activity report, the individual financial statements, the general Auditors’ report, the Auditors’ report on the agreements referred to in Article L. 226-10 of the French Commercial Code and made by Gameloft S.A., the consolidated financial statements, the Auditors’ report on the consolidated financial statements and the Auditors’ report on the agreements referred to in Article L. 226-10 of the French Commercial Code and made by Gameloft S.A. for FY 2004, as presented on pages 72 to 89, 90 to 94, 45 to 69 and 70 to 71, respectively, of the reference document filed with the Autorité des Marchés Financiers on 10 June 2005 under number D.05-871. Copies of this document are available at the business address of GAMELOFT S.A.– 14, rue Auber – 75009 PARIS and at the company’s registered office. Registered office: 81 rue de Réaumur 75002 Paris French corporation with capital of 3,442,515.80 euros Tel.: (33) 1 58 16 20 40 Paris Corporate and Trade Register No. 429 338 130 - NAF code 722 A 1 CONTENTS 1 PERSONS RESPONSIBLE FOR THE DOCUMENT AND FOR THE AUDIT OF THE FINANCIAL STATEMENTS ............................................................................................................. 8 1.1 Person responsible for the document ...................................................................................... 8 1.2 Certification of the person responsible for the document ....................................................... 8 1.3 Names and addresses of Gameloft S.A’s. auditors ................................................................. 8 1.3.1 Principal auditors ........................................................................................................................................ 8 1.3.2 Alternate auditors ........................................................................................................................................ 9 1.4 Person responsible for financial communication .................................................................... 9 1.5 Financial communication schedule ......................................................................................... 9 2 GAMELOFT S.A. AND ITS CAPITAL..................................................................................... 10 2.1 General information about Gameloft S.A. ............................................................................ 10 2.1.1 Corporate name (Article 1 of the Articles of Incorporation) ..................................................................... 10 2.1.2 Registered office (Article 2 of the Articles of Incorporation) ................................................................... 10 2.1.3 Legal form (Article 1 of the Articles of Incorporation) ............................................................................ 10 2.1.4 Nationality ................................................................................................................................................ 10 2.1.5 Date created and duration ......................................................................................................................... 10 2.1.6 Corporate purpose (Article 3 of the Articles of Incorporation) ................................................................. 10 2.1.7 Corporate and Trade Register ................................................................................................................... 10 2.1.8 Consultation of documents and information concerning the company ..................................................... 10 2.1.9 Accounting period (Article 8 of the Articles of Incorporation) ................................................................ 11 2.1.10 General Meetings (Article 14 of the Articles of Incorporation) ................................................................ 11 2.1.11 Rights and obligations attached to shares (Articles 7 and 8 of the Articles of Incorporation) .................. 11 2.1.12 Buyback by the company of its own shares .............................................................................................. 12 2.1.13 Holdings outside the statutory thresholds (Article 6 of the Articles of Incorporation) ............................. 12 2.1.14 Year-end financial statements – Allocation and distribution of earnings - Payment of dividends (Article 16 of the Articles of Incorporation) .......................................................................................................................... 12 2.2 General information about the share capital ......................................................................... 12 2.2.1 Capital ....................................................................................................................................................... 12 2.2.2 Structure of the Gameloft group at 31 December 2005 ............................................................................ 20 2.2.3 Distribution of capital and voting rights ................................................................................................... 21 2.2.4 Summary of the operations referred to in Article L. 621-18-2 of the French Monetary and Financial Code 23 2.2.5 Changes in share price since listing on the stock exchange ...................................................................... 24 2.2.6 Commitment to retain shares .................................................................................................................... 27 2.2.7 Dividends .................................................................................................................................................. 27 2.2.8 Shareholders’ agreement ........................................................................................................................... 27 2.2.9 Pledged shares and assets .......................................................................................................................... 27 2.2.10 Agenda of the Combined General Meeting of 27 June 2006 .................................................................... 27 3 PRESENTATION OF THE COMPANY AND THE GROUP .................................................. 34 3.1 Credentials ............................................................................................................................ 34 2 3.2 Gameloft’s activity ............................................................................................................... 34 3.2.1 Mobile telephone games ........................................................................................................................... 34 3.2.2 The Internet ............................................................................................................................................... 35 3.3 The group's strategy and future outlook ............................................................................... 36 3.3.1 The group’s strategy ................................................................................................................................. 36 3.3.2 Future outlook and recent developments .................................................................................................. 40 3.3.3 Growth and investment strategy ............................................................................................................... 41 3.4 The group’s management and organisation .......................................................................... 42 3.4.1 Central functions ....................................................................................................................................... 42 3.4.2 Subsidiaries ............................................................................................................................................... 42 3.4.3 The company’s administrative and financial organisation ........................................................................ 42 3.4.4 Partnership agreements ............................................................................................................................. 43 3.4.5 Gameloft’s strengths and weaknesses ....................................................................................................... 43 3.5 Risk factors ........................................................................................................................... 43 3.5.1 Risks related to failure to implement the development plan ....................................................................