2004/05 third-quarter sales: € 186 million

Ubisoft | Paris, January 20, 2005

2005/06: Increased growth and profitability

- Prince of Persia Warrior Within^TM: 1.9 million copies sold in one month.

- Tom Clancy's Ghost Recon^® 2: 1.4 million units sold in seven weeks.

- The Settlers^®: Heritage of Kings^TM (PC): 220,000 units sold in five weeks in Germany alone.

In 2004, for all platforms combined, Ubisoft ranked third in France, fourth in the United Kingdom and Germany, and fifth in Canada. Moreover, the group is the sixth largest independent publisher for consoles in the United States.

Four major titles will be launched in the fourth quarter (January-March 2005):

- Tom Clancy's Splinter Cell^® Chaos Theory^TM, the third installment in a series that has already sold 9.6 million copies since its launch in 2001;

- Brothers In Arms Road to Hill 30^TM, one of the new brands created during this fiscal year, is Ubisoft's first foray into the important segment of historical military games;

- Cold Fear^TM, the year's second new brand, will usher the Group into the market for action-horror games;

- Tom Clancy's Rainbow Six Lockdown^TM on Xbox^® and PlayStation^®2, the fourth episode in the Tom Clancy's Rainbow Six series, replaces the release of Far Cry Instincts^TM. As with its predecessors, technological advances and an enhanced screenplay coupled with a revolutionary new multiplayer mode are sure to make this yet another blockbuster title.

Other new releases will include The Settlers^®: Heritage of Kings^TM (PC), available worldwide in February; Playboy The Mansion^TM; Disney's Winnie the Pooh Rumbly Tumbly Adventure and Silent Hunter^TM III...

Ubisoft confirms its objectives for the year:

- Fourth quarter earnings of over 220 million

- Annual sales: up 10% (at constant exchange rates)

- Earnings before interest and tax: 40-45 million according to French accounting standards and 38-43 million according to the US GAAP pro-forma standard

- 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 US GAAP pro-forma standard

- Net free cash flow (excluding acquisitions): over 10 million.

Given the superior quality that marks the portfolio of games set for release in the upcoming fiscal year, the Group is targeting sales in excess of 600 million - representing growth of at least 12% - and earnings before interest and tax of over 55 million according to French accounting standards.

" ... thanks to the development of Ubisoft's unique assets.

Since 1996, Ubisoft has created unique assets through a selective and disciplined investment strategy:

- Eight multi-million brands (compared to three in 2000/01), expected to generate sales of at least 360 million over the fiscal year (compared to 33 million in 2000/01).

- The second largest production force in the world (1,760 employees in 11 studios), providing the Group with a development capacity whose quality and creativity have been recognized with numerous awards.

- A worldwide distribution network that gives the Group direct access to gamers throughout every major region (21 countries).

- A 29% share in Gameloft, a global leader of games for mobile phones, a fast-growing sector with exceptional prospects for growth and profitability.

By establishing and developing these unique assets, Ubisoft was able to post growth of 150% in its operations between 2001 and 2004, the second highest rate among independent publishers**. At the same time, the Group expects to see a five-fold increase in its pre-tax earnings over the 2001-2005 period.

"Ubisoft is well on its way to meeting its fiscal-year objectives and can count on an excellent year in 2005/06. This proves that our unique assets, brands and studios, are generating significant growth and profitability," stated Yves Guillemot, CEO of Ubisoft.

Consolidated sales

(in millions of euros) 2004/05 2003/04 2004/05 vs. 2003/04 2003/04 vs. 2002/03

First quarter 62 66 -6% +107%

Second quarter 68 63 +8% +21%

Third quarter 186 228 -18% +20%

Nine-month sales 316 357 -11% +30%

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

The complete electronic version of the presentation given by Ubisoft's management for its Q3 sales announcement can be consulted on the company website: www.ubisoftgroup.com

Notes:

Net free cash flow is defined as the net cash flow from operating transactions minus investments related to the operating cycle (excluding financial investments and investments in external growth).

*France: source: Gfk, all formats; independent publishers; in value over an 11-month period / Germany: source: Gfk, all formats; independent publishers; in value / United Kingdom: source: Chart Track; all formats; independent publishers; in volume / United States: source: NPD; consoles; independent publishers; in value.

**Calculated on the basis of each company's published sales figures.

Disclaimer: This statement may contain financial data evaluated, information on future projects and transactions and future economic results/performance. Such valuations are provided for estimation purposes only. They are subject to market risks and uncertainties and may vary significantly with the actual results that shall be published. The financial data evaluated have been presented to the board of directors and have not been audited by the Auditors. [Additional information is specified in the last Ubisoft Background Paper filed on September 28, 2004 with the financial markets authority].

® Ubisoft Entertainment. All Rights Reserved. Splinter Cell, Splinter Cell: Pandora Tomorrow, Splinter Cell Chaos Theory, Sam Fisher, Ghost Recon, Far Cry, Far Cry Instincts, Ubisoft and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries.

® Red Storm Entertainment. All Rights Reserved. Rainbow Six, The Settlers, The Settlers Heritage of Kings, 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. Based on Prince of Persia^® created by Jordan Mechner. All Rights Reserved. Prince of Persia and Prince of Persia Warrior Within are trademarks of Jordan Mechner used under license by Ubisoft Entertainment.

® 2004 Ubisoft Entertainment. All Rights Reserved. Cold Fear, Ubisoft and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries. Developed by Darkworks.

® 2005 Ubisoft Entertainment. All Rights Reserved. Under license by Disney. Disney's Winnie the Pooh ® Disney.

® 2004 Gearbox Software, L.L.C. All rights reserved. Published and distributed by UBISOFT Entertainment under license from Gearbox Software, L.L.C. Brothers In Arms Road to Hill 30 is a trademark of Gearbox Software and is used under license.

® 2004 Playboy. PLAYBOY, RABBIT HEAD DESIGN, THE MANSION and BUNNY COSTUME are marks of Playboy and used under license by ARUSH Entertainment and GROOVE Games. Ubisoft and the Ubisoft logo are trademarks of Ubisoft Entertainment in the US and/or other countries.

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.

and "PlayStation" are registered trademarks of Sony Computer Entertainment Inc. All Rights Reserved.

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.ubisoftgroup.com

Appendices

Geographic distribution of sales in %

% sales % sales % sales

Q3 2003/2004 Q3 2004/2005 9 month 2004/2005

Europe 52% 51% 53%

North America 44% 45% 42%

ROW 4% 4% 5%

TOTAL 100% 100% 100%

Distribution of sales by platform in %

Q3 2003/2004 Q3 2004/2005 9 month 2004/2005

CD-ROM PC 21% 24% 26%

G-CUBE 5% 4% 6%

PS2 40% 39% 39%

PSX 1% 1% 1%

XBOX 28% 27% 22%

GBA 4% 2% 4%

DS 0% 3% 2%

Divers 1% 0% 0%

TOTAL 100% 100% 100%

Distribution of sales by activity in %

Q3 2003/2004 Q3 2004/2005 9 month 2004/2005

Development 89% 90% 85%

Publishing 9% 7% 11%

Distribution 2% 3% 4%

TOTAL 100% 100% 100%

RELEASE SCHEDULE (January 2005 - March 2005)

Crime Scene Investigation Miami (Europe) PC

Crime Scene Investigation (Europe) Xbox

Tork: Prehistoric Punk (Amérique du Nord) Xbox

Playboy The Mansion (Europe) PC / PS2 / Xbox

The Settlers: Heritage of Kings (hors Allemagne) PC

Advance Guardian Heroes (Europe) GBA

Brothers in Arms Road to Hill 30 PC / PS2 / Xbox

Silent Hunter III PC

Cold Fear PS2 / Xbox

Winnie the Pooh Rumbly Tumbly Adventure PS2 / GC / GBA

Tom Clancy's Rainbow Six Lockdown PS2 / Xbox

Champions Return to Arms PS2

Tom Clancy's Splinter Cell Chaos Theory PC / PS2 / Xbox

The Bard's Tale PC / PS2 / Xbox

Myst IV: Revelation (Etats-Unis) Xbox

Rayman Hoodlums Revenge (Europe) GBA

Rayman DS

Asphalt: Urban GT (Europe) DS

Sprung (Europe) DS