WIXLIB

H1 FY19 EARNINGSOctober 30, 2018

DISCLAIMERYves Guillemot, President and Chief Executive OfficerAlain Martinez, Chief Financial OfficerD I S C L A I M E RThis statement may contain estimated financial data, information on future projects andtransactions and future business results/performance. Such forward-looking data are provided forestimation purposes only. They are subject to market risks and uncertainties and may varysignificantly compared with the actual results that will be published. The estimated financial datahave been presented and approved by the Board of Directors on 10/30/18 and have not beenaudited by the Statutory Auditors. (Additional information is specified in the most recent UbisoftRegistration Document filed on June 6th, 2018 with the French Financial Markets Authority(l’Autorité des marchés financiers)).2

AGENDAI N T R O D U C TO R Y R E M A R K SH1 FY19 PERFORMANCEF Y 1 9 TA R G E T S3

OVERPERFORMING IN A THRIVING & COMPETITIVE INDUSTRYVERY SOLID TOPLINE PERFORMANCEDIGITAL TRANSFORMATIONSTRONG RECURRING REVENUES & PROFITABILITYCONFIRMING UBISOFT’S MANY ONGOING GROWTH OPPORTUNITIESCONFIDENCE FOR THE REMAINDER OF THE YEAR AND THE LONG TERM4

ASSASSIN’S CREED ODYSSEY’S AMAZING RECEPTIONNo one’s made an open-world RPG with this much depthand brilliance since The Witcher 3Ubisoft’s newest Assassin’s Creed is the stuff of legendsFor me, it’s easily the best AC game to date, and I can’twait to keep playing it long after the credits roll5

PROMISING FIRST STEPS IN CLOUD GAMINGGoogle’s project stream has been impressive so far[ ] Playing a game as beautiful as Assassin’s CreedOdyssey without a console or high-end PC is like glipsing into the platform-agnostic future that many ofus have been dreaming about for a long timeA few years ago if you were to tell me that the future of gaming will be tied to streaming games fromthe cloud, I would have called you crazy. The technology that we saw back then just wasn’t there. Now,seeing Assassin’s Creed Odyssey running on the Switch via the cloud here in Japan, I’m a believer6

AGENDAI N T R O D U C TO R Y R E M A R K SH1 FY19 PERFORMANCEF Y 1 9 TA R G E T S7

H1 FY19 PERFORMANCEH1NET BOOKINGSDIGITAL REVENUES746 M , 60% yoy(Q2 Net Bookings : 365 M , target of 345 M )519 M , 52% yoyPLAYERRECURRINGINVESTMENT262 M , 49% yoyBACK-CATALOG565 M , 49% yoy8

H1 FY19 DRIVEN BY STRONG BACK CATALOG & LIVE SERVICESFar Cry 5 continues to outperform FarCry 4 six month after its record launch,incl. higher playtime40 million players& strong PRI yoy growthEsports Six Major Paris :8 million unique views& strong momentum in AsiaRelease of “SpecialOperation 2”, huge updatewith a thematic cross-overwith R6October MAUs up yoy15 million playersStronger PRI performance than TheCrew 1Mobile revenues up 60%2nd major free update with PVPexpected in DecemberRelease of “Marching Fire”most ambitious update everwith 4v4 castle siege modePC up 4 pointsin total net bookings share9

H1 FY19 PERFORMANCE – DIGITALMAUs up 29%*519 M 52% yoyDIGITAL SPLIT343 M 202 M 100 M 954159107H1 FY16H1 FY17Player RecurringInvestment**262 50% yoy175Digital Distribution256 52% yoy168H1 FY18H1 FY19*Excluding mobile* *Includes ingame items, DLCs/season pass, subscription & advertising10

H1 FY19 : NON-IFRS P&L million, except for per share dataH12018-19H12017-18%%Sales767,0466,2Deferred services(21,0)0Net bookings746,1466,2Gross profit based on net bookings635,085,1390,183,7(272,0)(36,5)( 186,5)( 40,0)(182,8)(24,5)( 138,6)( 29,7)Non-IFRS R&D expensesNon-IFRS Selling expenses(69,9)(9,4)( 61,9)( 13,3)Non-IFRS SG & A expenses(252,8)(33,9)( 200,5)( 43,0)Non IFRS operating income110,214,83,10,7Non-IFRS G & A expensesNet Financial IncomeShare in profit of associatesIncome TaxNon IFRS Net IncomeNon IFRS Diluted earnings per shareNon IFRS nbr of shares fully diluted69,9( 7,3)0,0( 0,1)( 21,1)23,7159,019,41,320,16120 523122 554 Gross margin up 245 M & 1.4 point with no digital revenue from AC Odyssey R&D up 86 M & down 3.5 points SG&A up 52 M & down 9.1 points : topline growth leverage marketing efficiency from digital and backcatalog impact early ship-in of AC Odyssey variable marketing expenses : 128 M or 17.1% of net bookings (87.9 M & 18.9% in H1 FY18) fixed structure costs : 125 M or 16.8% of net bookings (113 M & 24.1% in H1 FY18) Net Financial income : 70 M incl. 76 M related to the 200 m total return swap contract (March 2018)11

H1 FY19: R&DH12018-19H12017-18168,8107,4Depreciation of external software-related production and licenses5,13,2RoyaltiesNon Capitalized R&D & others*6,591,770,9Total R&D P&L272,0186,5Capitalized in-house software-related productionCapitalized external software-related production and licenses(excluding future commitments)281,7238,95,88,0 millionDepreciation of in-house software-related production4,9Royalties6,54,9Non Capitalized R&D & others*91,770,9Total R&D Cash385,6322,8*mostly Post-Launch content 86 M increase in total R&D P&L : depreciation on heavier new releases stronger post launch plans 63 M increase in R&D Cash: support long term growth opportunities12

H1 FY19 : IFRS / NON-IFRS RECONCILIATIONH12018-19H12017-18 million, except for per share dataIFRSSalesAdjustment767,0(21,0)Deferred servicesNet bookingsTotal Operating expensesNon 2Non IFRSna466,2( 672,7)36,9( 635,8)( 500,6)37,5( 463,1)Stock-based compensation( 35,5)35,50,0( 27,8)27,80,0Non-current operating incomeand expenses( 1,4)1,40,0( 9,7)9,70,0Operating Income94,315,9110,2( 34,4)37,53,1Net Financial income66,03,969,9( 11,4)4,1( 7,3)Share in profit of associates0,00,0( 0,1)( 0,1)Income tax( 19,6)( 1,6)( 21,1)25,1( 1,4)23,7Net Income140,718,3159,0( 20,8)40,219,4120 523 034109 512 57013 041 145122 553 7151,32( 0,19)0,350,16Weighted av. nbr of shares in issue120 523 034Diluted earnings per share1,190,13 Stock-based compensation : 36 M (incl. employees share plan) Net Financial income : 4 M non cash related to the 400 M convertible loan Tax rate : 12%13

H1 FY19 : CASH FLOWS & CLOSING CASH POSITIONH12018-19H12017-18( 548,1)( 80,4)88,4( 83,6)( 66,4)2,222,0( 81,4)Net investment in capital assets( 35,0)( 28,3)Net free cash flow( 13,0)( 109,7)Net acquisitions/disposals( 4,9)0,0Proceeds from issue of capital and other financial flows228,745,20,0( 23,3)( 4,0)( 4,1)4,1( 13,9)210,7( 105,7)( 337,4)( 186,2) millionOpening cash positionCash flows from operationsChange in WCRCash flows from operating activitiesNet acquisitions/disposals of own sharesEffect of exchange rate fluctuationsEquity componentDecrease/(increase) in net debtClosing cash position 172 M increase in CF from operations : EBIT growth narrowing of R&D P&L/Cash gap 76 M related tothe total swap return contract 69 M increase in WCR : early ship-in of AC Odyssey mid-October launch of Starlink 229 M proceeds from issue of capital : related to employee share plan modified accounting treatment on100M deposit invested on total return swap contract14

AGENDAI N T R O D U C TO R Y R E M A R K SH1 FY19 PERFORMANCEF Y 1 9 TA R G E T S15

FY19 TARGETFY19 NET BOOKINGS: 2 050 M FY19 IFRS 15 SALES: 2 000 M NON-IFRS OPERATING INCOME: 440 M FREE CASH FLOW: 300 M FY19DIGITAL: 65% of Net BookingsPRI: 30% of Net BookingsBACK-CATALOG: 50% of Net Bookings3 new AAA releases: 19 M units 16

H2 MAIN RELEASESEXPANSIONS Q3SEASON 4SPECIAL OPERATION 3KING OF MAYHEM17

TOPLINEGROWTH 1CONFIRMEDMANYONGOINGGROWTH OPPORTUNITIESSHORT & MEDIUM TERM OPPORTUNITIESMobile & PC marketsDigitalAsiaEsportsLONG TERM OPPORTUNITIESNew forms of gaming (streaming ) significant expansion of TAMInvestment in Ubisoft Club, AI & machine learning taylor players experiencesUBISOFT IS JUST STARTINGTO REAP THE BENEFITS OF THE DIGITAL TRANSFORMATION18

CONCLUSIONUbisoft continues to deliver on its strategic plan. We are executing on our promise tobring high quality games to players and to engage them over the long term withamazing new content. We focus our energy on growing our biggest franchises, onembedding the community in the development of our games and on building our onlineplatform and services.This quarter confirmed the potential of Ubisoft’s many ongoing growth opportunities :from the rapid digital growth and our dynamic PC and mobile businesses, to theopening of major new geographical markets, notably Asia. Longer term opportunitieslinked to Artificial Intelligence, Streaming and eSport are very promising future valuedrivers. We are already showing nice progress on those fronts.Overall, the videogame industry continues to thrive. Ubisoft’s unparalleled talent pool,ability to operate our proven multi-studio organization, and capacity to regularly createorganically and grow blockbuster Ips, are what set us apart from the competition. Thesestrengths make us confident we can continue to grow and improve profitability over thelong term.Yves Guillemot, President and Chief Executive Officer19

THANK YOU !

229 M proceeds from issue of capital : related to employee share plan modified accounting treatment on 100M deposit invested on total return swap contract H1 FY19 : CASH FLOWS & CLOSING CASH POSITION million H1 2018-19 H1 2017-18 Opening cash position ( 548,1) ( 80,4) Cash flows from operations 88,4 ( 83,6) Change in WCR ( 66,4) 2,2