• Thank you for attending today. I am Shuntaro Furukawa, President ofNintendo.

Nintendo Co., Ltd.

1• First, I would like to briefly discuss the consolidated financial results forthe first half of the fiscal year ending March 31, 2024 that weannounced yesterday.
• During the first half of the fiscal year, net sales, operating profit,
ordinary profit and profit attributable to owners of parent all increased
year-on-year.
• Unit sales of Nintendo Switch hardware and software both increased
year-on-year due to the positive impact of The Legend of Zelda: Tearsof the Kingdom and The Super Mario Bros. Movie.

Nintendo Co., Ltd.

2• Net sales in the first half of the fiscal year were the largest as a firsthalf of a fiscal year since the launch of Nintendo Switch.
• This graph breaks down the factors contributing to the increase in net
sales for the first half of this fiscal year compared to the same period of
the previous fiscal year.
• As shown in the graph, net sales increased year-on-year, due to anincrease in sales in our dedicated video game platform business, aswell as a rise in mobile and IP related income (including revenue
associated with The Super Mario Bros. Movie), coupled with thedepreciation of the yen.

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• We have modified the financial forecast for the fiscal year ending
March 2024, due to the change in our exchange rate assumptions
alongside the revision in our sales unit forecast for Nintendo Switch
software. As a result, we have modified our forecast for net sales,
operating profit, ordinary profit and profit attributable to owners ofparent.
• We have revised our exchange rate assumptions in consideration ofrecent exchange rate fluctuations and other economic conditions. The
assumed exchange rates have been changed from 130 yen to 140 yen
per U.S. dollar and 135 yen to 150 yen per euro.
• For Nintendo Switch software, we increased our forecast by 5.00 million
units to 185.00 million units.
• The annual dividend forecast has been revised from 147 yen to 181 yen
per share as a result of the modification of the financial forecast.

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• Now, let’s discuss Nintendo’s basic strategy.

Nintendo Co., Ltd.

5• As an entertainment company that creates smiles, Nintendo continually
strives to provide our unique and original brand of play that anyone andeveryone can intuitively enjoy.
• We aim to put smiles on the faces of everyone Nintendo touches
through our unique products and services. Nintendo employees at every
level around the globe, not only the management, are completely
dedicated to this mission.

Nintendo Co., Ltd.

6• By developing and integrating hardware and software as one, we cansurprise people with Nintendo’s unique brand of play.
• Under this development philosophy, we constantly aim to create uniqueproducts and services that everyone can enjoy, that feel incredibly
intuitive and fun to play; regardless of age, gender, or gaming
experience.

Nintendo Co., Ltd.

7• The core of our business is our integrated hardware-software dedicatedvideo game platform, which we currently deliver through products andservices such as Nintendo Switch.

Nintendo Co., Ltd.

8• In addition, Nintendo's characters have been nurtured and grown handin hand with the memories made by generations of consumers as theyplay our games.
• The time and energy that fans invest in playing our games, and thememories they make playing with their loved ones are what breathe life
into our characters and make the Nintendo brand special. This is aninvaluable asset to us

Nintendo Co., Ltd.

9• Our basic strategy is to expand the number of people who have accessto Nintendo IP in order to continuously invigorate our core integrated
hardware-software dedicated video game platform business.
• We are utilizing our characters to continue expansion into a broad
range of areas, including mobile devices, visual content, theme parks
and merchandise. We aim to continually create points of contact with
consumers, broaden our fan base, and deepen their fondness forNintendo IP.

Nintendo Co., Ltd.

10• And so, through this IP expansion, we are working to encourage
consumers to develop an interest in our dedicated video game platformbusiness.
• As part of these initiatives, we also want to establish positive, longterm relationships with each of our consumers through Nintendo
Account.

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• Now, let's talk about our progress on initiatives we've implemented inaccordance with this basic policy.

Nintendo Co., Ltd.

12• The Super Mario Bros. Movie was released in theaters worldwide in
April of this year.
• Nintendo was deeply involved in the production of this movie, including
participating in financing and the fact that our Representative Director
and Fellow, Shigeru Miyamoto, co-produced the movie with Chris
Meledandri of Illumination.

Nintendo Co., Ltd.

13• The Super Mario Bros. Movie is a hit globally, with box-office revenues
making it the highest grossing film based on a video game, and thesecond-highest grossing animated film of all time.
• Many people went to see the movie, including not only those who haveexperience with Super Mario games, but also those who are not familiar
with video games. Also, there was a broad age range among viewers
from children to seniors.
• As the first movie in which Nintendo was directly involved in production,
we believe The Super Mario Bros. Movie has achieved significant
results in driving forward our basic strategy of expanding the number ofpeople who have access to Nintendo IP.

Nintendo Co., Ltd.

14• These are the regions in which Nintendo Switch is available.

Nintendo Co., Ltd.

15• This map shows the availability of Nintendo Switch and the movie by
region.
• The Super Mario Bros. Movie was released even in regions where
Nintendo Switch is not sold, further increasing access to Nintendo IP. In
addition to screenings at movie theaters, many people have seen themovie through physical media sales and video streaming services.
• The movie is packed with the essence of Super Mario, including thecharacters, world, moves, and music, and has not only increased
awareness of the IP but also sparked affection and interest in many
viewers.
• We expect this movie to have a positive effect on our business going
forward.

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• Here we can see the impact The Super Mario Bros. Movie has had on
Nintendo's recent business.
• Sell-through of evergreen titles related to Super Mario from April
through September increased appreciably year-on-year. Mobile app
downloads and merchandise sales also increased.
Note: Sell-in refers to sales by the Nintendo group to outside entities. In addition to units sold tocorporate business partners, this number also includes units sold to individual consumers throughNintendo’s direct-sales websites and as downloadable software. Sell-through refers to sales madeto individual consumers. In addition to units sold by retailers, this number also includes units soldto individual consumers through Nintendo’s direct-sales websites and as downloadable software.

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• Super Mario Bros. Wonder, which was released worldwide on October
20, achieved global cumulative sales of 4.3 million units within the firsttwo weeks. This makes it the fastest-selling* Super Mario related title.
• Super Mario related titles also tend to sell consistently over a long
period of time. We anticipate this title will be an appealing choice for
consumers during the upcoming holiday season and will continue to sellnext year onwards as well.
• Super Mario Bros. Wonder is the first entirely new entry in the sidescrolling Super Mario series in about 11 years.
• This title provides surprising new 2D Mario experiences, and we believethat this, in conjunction with global excitement from The Super Mario
Bros. Movie, resulted in the large sales volume.
*Limited to titles released for Wii and Nintendo DS onwards, when software sell-through datacollection began.

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• In addition, we plan to continue to release new titles related to Super
Mario for Nintendo Switch.
• We expect these titles to also receive a boost from the positive
momentum brought about by the movie.

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• So far, we’ve focused on the excitement around Super Mario,
particularly as it ties into the movie. But now I would like to talk about
Pikmin as an example of how we expand the number of people whohave access to Nintendo IP.

Nintendo Co., Ltd.

20• The first Pikmin game was released on Nintendo GameCube in 2001.
• This was followed by Pikmin 2 and Pikmin 3, and before the release of
Pikmin 4 this year, a series of PIKMIN Short Movies, created by Shigeru
Miyamoto, was released. Together, the three videos have been viewed
over 440 million times around the world.
• In addition, Pikmin Bloom, the mobile device application by Niantic
based around the concept of making walking fun, allows consumers toenjoy spending time with Pikmin as part of their everyday lives.
• We were also able to increase awareness of Pikmin through continuing
unique initiatives like the inclusion of Pikmin Easter eggs in SUPERNINTENDO WORLD at Universal Studios and in The Super Mario Bros.
Movie.

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• To support the release of Pikmin 4, we have continued to implement
various initiatives to foster interest in Pikmin through a variety ofavenues, including collaborations with our partner companies, playing
short quiz shows on in-train video screens in Japan, and creating a
portal on the official Nintendo website to deepen understanding of thePikmin characters and world.
• In addition, we released HD versions of Pikmin 1 and Pikmin 2 onNintendo Switch ahead of the release of Pikmin 4. Now, all numberedinstallments in the series are available on Nintendo Switch.

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• Additionally, in advance of the release of Pikmin 4, we created a variety
of official merchandise around the theme of “Pikmin in everyday life.”
With these items, people could enjoy small encounters with Pikmin
throughout their day.

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• Amidst this favorable environment for the Pikmin IP, Pikmin 4 releasedin July and sold through 2.5 million units worldwide by the end of
October, surpassing the lifetime cumulative sell-through of otherPikmin titles and quickly becoming the best-selling title in the series.
Furthermore, initial sales exceeded those for past titles in all regions as
well.
• Sales in Japan were particularly robust. We believe this is in part due tothe fact that when Pikmin was released for Nintendo GameCube in
2001, the song about Pikmin featured in its TV commercial became
quite popular among children. Many who became familiar with Pikmin
at the time are now parents and are enjoying Pikmin 4 alongside theirchildren with a sense of nostalgia.
• This is one example of how Pikmin characters have been nurtured byconsumers across generations.

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• Now, let's talk about our overall progress with initiatives we've
implemented to utilize Nintendo IP.
• I'll start with our mobile applications.
• We are currently operating multiple applications, and as of the end of
September 2023, the total number of downloads for applications
distributed by Nintendo exceeded 860 million.
• Our mobile apps are available in 164 countries and regions, which is aneven wider distribution than we saw for The Super Mario Bros. Movie.
We believe these mobile applications have provided opportunities formany people to interact for the first time with Nintendo IP, helping to
draw their attention and elicit interest.

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• Next, let's talk about our theme park initiatives.
• Earlier this year, SUPER NINTENDO WORLD opened in the UnitedStates at Universal Studios Hollywood. It is the second such location,
following the first at Universal Studios Japan.
• It has been more than six months since the opening of the Hollywood
location this February, and many people have been able to experience
the world of Nintendo games with characters like Mario, Luigi and
Princess Peach. We believe the theme park area creates opportunities
for a wide range of consumers to connect with Nintendo IP, regardlessof their gaming experience.
• Additional SUPER NINTENDO WORLD theme park areas are planned
for Orlando in the U.S., and in Singapore.
• In addition, Universal Studios Japan plans to open a new area themed
after Donkey Kong in 2024, expanding the SUPER NINTENDO WORLD
to 1.7 times its current size.

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• Next, our merchandise initiatives.
• We offer a variety of merchandise themed after Nintendo games andcharacters.
• We work to highlight the characteristics of each IP in the products wedesign, so that our consumers gain a deeper attachment to our games
and characters through the merchandise.

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• We are also actively collaborating with a variety of partner companies inand outside of Japan.
• By teaming with various companies to offer a variety of products, weare creating opportunities for many people to interact with ourcharacters, including those who are not very familiar with games.

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• Next, let's talk about our official stores, which Nintendo owns andoperates.
• On October 17, Nintendo KYOTO joined Nintendo TOKYO and Nintendo
OSAKA in Japan, and Nintendo New York in the U.S. The new Kyoto
location is bustling with people.

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• We do not want these stores to only be places where we sell products
like video game systems, software and merchandise. We also wantvisitors to experience games and enjoy events. We believe theselocations can serve as important points of contact with consumers andhelp spread information about Nintendo.

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• In addition to our permanent locations, we are also running pop-up
stores to ensure that as many people as possible can enjoy the official
store experience.
• We started last year with these stores primarily in Japan, but beginningwith Seoul in this October, we plan to open more pop-up stores in the
Asia region, in locations like Singapore and Hong Kong.
• While many consumers in the Asia region have bought Nintendo Switch
in recent years, we intend to convey the appeal of Nintendo IP outsideof games through efforts like these pop-up stores.

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• We also plan to open Nintendo Museum in Uji City, Kyoto. The museum
will aim to broaden visitors' understanding of the company throughexhibits and experiences intended to communicate Nintendo's
philosophy and approach to creating products.
• Construction is planned for completion by March 2024. We will share
more information, such as the opening date, at another time. We hope
you look forward to it.

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• Now let's talk about Nintendo Live, an event hosted by Nintendo.
• Nintendo Live 2023 Seattle, held in September in the U.S., was the first
Nintendo Live event held outside of Japan.
• Following our strategy to expand the number of people with access toNintendo IP, the event provided various ways to experience Nintendo IP
and welcomed many attendees with Nintendo Accounts.
• We believe this event provided a broad variety of opportunities forattendees to come into contact with Nintendo IP. For example, they
could test their skills in game tournaments, play Super Mario Bros.
Wonder before its release, and enjoy live music concerts and stage
events.
• Over half the attendees came with their families, including some withbabies in strollers. We are happy to say the event was full of smiles andattended by people of all ages, the spirit of Nintendo we aspire.

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• Going forward, we plan to hold Nintendo Live events in Taipei, Seoul,and Hong Kong, and in January of next year, we will hold one in Japan.
• We look forward to seeing people of all ages and gaming experienceenjoy this unique event in each of those regions.

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• So far, we have talked about our various initiatives and progress aroundexpanding the number of people who have access to Nintendo IP.
• Next, let's discuss Nintendo Account, which plays an important role inNintendo maintaining good long-term relationships with our consumers.

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• Prior to the introduction of Nintendo Account, it was not easy tomaintain users’ information across platform generations, including
details such as their software purchases and gameplay records.
• The introduction of Nintendo Account made it possible to tie a user’s
history to their personal account. This will be a foundation upon which
Nintendo can maintain a lasting relationship with consumers.

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• As of the end of September, the number of Nintendo Accounts has
exceeded 330 million.
• Even in regions where Nintendo Switch is not sold, our mobile
applications have brought the Nintendo Account system to a wide range
of users around the world.
• We will strive to further spread Nintendo Account and grow it into avital business foundation for Nintendo heading into the future.

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• Now let’s discuss the current state and future of Nintendo Switch.

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• Nintendo Switch launched in March of 2017 and is now in its seventh
year.
• Cumulative sales of the Nintendo Switch family of systems haveexceeded 130 million units, and cumulative sales of software haveexceeded 1.13 billion units.

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• First-party software sell-through from April to September of this fiscal
year reached the second-highest level since the launch of Nintendo
Switch.
• Along with the growth of the hardware install base, the scale ofsoftware sales remains at a high level even now in the platform’s
seventh year.

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• The release of the newest entry in The Legend of Zelda series, The
Legend of Zelda: Tears of the Kingdom, in May of this year, isemblematic of this.

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• Global cumulative sell-through of this title has exceeded 17.6 million
units as of the end of September.
• Although there was great anticipation for the title prior to release — inpart due to the popularity of its highly acclaimed predecessor, The
Legend of Zelda: Breath of the Wild — the global excitement andpositive reception at launch exceeded our expectations.
• This strong reaction from players not only increased the title’s visibility,
but it also helped reaffirm the strength of Nintendo Switch even in its
seventh year.

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• We have continued to expand The Legend of Zelda series over the 30
years since its first entry in 1986, but we now see a different sales trend
for the Nintendo Switch generation.
• On Nintendo Switch, sales of The Legend of Zelda software have grown
dramatically compared to past titles in the series.
• The Legend of Zelda: Breath of the Wild is a long-selling title that has
performed steadily since its release in 2017.
• Series entries prior to Nintendo Switch tended to have lower sales inJapan than in other regions, but The Legend of Zelda: Tears of theKingdom, following the path set by its predecessor, has already sold 3
million copies in Japan, growing to a scale not seen with previous
platforms.

Nintendo Co., Ltd.

43• The Legend of Zelda has grown into a long-beloved series with manyfans across all regions, accompanied by a significant growth in sales.

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• As announced today, we have started the development of a live-action
film of The Legend of Zelda.
• The film will be produced by Shigeru Miyamoto of Nintendo and Avi
Arad, Chairman of Arad Productions Inc., who has produced many mega
hit films.
• The film will be co-financed by Nintendo and Sony Pictures
Entertainment, Inc., with more than 50% financed by Nintendo. The
theatrical distribution of the film will be done worldwide by Sony
Pictures Entertainment Inc.
• By producing visual content of Nintendo IP by itself, Nintendo iscreating opportunities to have people from around the world to accessthe world of entertainment which Nintendo has built, which we hope
will lead to the further growth of The Legend of Zelda series.

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• So far, we have talked about The Legend of Zelda. Now, I would like todiscuss the Nintendo Switch business in general.
• On Nintendo Switch, many series titles have grown — we have beenable to record sales for new games in existing series that exceed sales
for past installments — not only for The Legend of Zelda series. A few
examples of these series are shown here.

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• Additionally, a trend seen in many Nintendo Switch titles is that theymature into long-term sellers, with sales that continue to increase evenin their second year and thereafter.

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• Before Nintendo Switch, sales of series like Animal Crossing and Kirby
were primarily driven by the Japanese market.
• But with Nintendo Switch titles, we've greatly increased sales in otherregions and are seeing worldwide interest.

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• Since the launch of Nintendo Switch, our dedicated video gameplatform business has continued to expand, with sales for the fiscal
year ended March 2023 growing to approximately 3.3 times that of the
fiscal year ended March 2017.
• Within the increase, markets outside of Japan, the Americas and Europe,such as the Asia and Oceania region, have increased their presence,with sales growing approximately 5.5 times over the same period.
• We believe this is because we have strengthened our localization
process for first-party titles and made many of them available in avariety of different languages.

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• This graph shows the trends in number of software units sold*.
• The number of titles sold by external software publishers, shown in blue,
grew significantly between the fiscal year ended March 2018 and thefiscal year ended March 2021, and has remained constant since then.
• There are also many download-only titles, which are not reflected inthis graph, released from software publishers.
• And so, sales results for Nintendo Switch remained at a high level not
only for Nintendo titles, but also for titles from other software
publishers.
* Does not include download-only titles.

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• We continue to offer new ways for users to enjoy Nintendo Switch overthe long term by expanding the content available through Nintendo
Switch Online, an online service that makes Nintendo Switch even more
fun and convenient. As of the end of September, the number of paid
Nintendo Switch Online and Nintendo Switch Online + Expansion Packmembers totaled more than 38 million accounts.
• F-ZERO 99, which just released in September as a members-only title,
is being enjoyed by many people.

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• Thanks to the synergy between all the factors mentioned previously,over 100 million users continued to play Nintendo Switch in the last 12
months, even in the platform’s seventh year.
• We can also see that people of all ages, from children to seniors, areenjoying Nintendo Switch.
Note: The number of Nintendo Switch "annual playing users" only counts people who haveconnected to the internet and consented to provide Nintendo related statistical information toNintendo. It reflects the number of users with Nintendo Accounts who have played Nintendo
Switch software, and it does not include use of Nintendo eShop and other non-software services.
Also, in some cases, multiple people play on the same system, which means that hardware sellthrough is not necessarily the maximum possible value for the number of annual playing users.

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• New titles will continue to be released for Nintendo Switch going
forward.

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• Here are some examples of Nintendo products that were recently
released or will be released during the holiday season.

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• What you see here are Nintendo Switch games from external software
publishers that have been announced for release from October throughDecember.
• In addition to first-party titles, other software publishers are also
releasing a variety of titles.

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• The lineup shown here is of titles already announced for release in 2024.
• In addition, many more games are planned for release in 2024, so wehope you stay tuned for updates.

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• Nintendo Switch will be entering its eighth year in March 2024.
• We will continue to release new titles and content for Nintendo Switch
without being bound by the traditional concept of the platform lifecycle.
• Going forward, we would like to continue to see many consumers play
Nintendo Switch, and to maintain our business momentum.

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• Let's turn to a discussion about how we use our cash on hand, as wellas our ESG initiatives.

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• The extreme fluctuations of the entertainment business mean there is

•

•

•

•
•

no change to the basic policy behind our financial activities, which is tosecure cash and other liquid assets in order to consistently deliver new
surprises.
In addition to our usual investments in R&D and capital expenditure, we
are also utilizing cash on hand to accumulate software assets and tocreate a foundation for maintaining and expanding our relationship with
consumers.
Regarding software assets, alongside our initiatives to expand thedevelopment framework for game software within the Nintendo group,
we are also pursuing business opportunities in other areas ofentertainment that have a high affinity with the game business, such as
visual content.
To build a foundation for maintaining and expanding relationships with
consumers, we will strengthen and expand our points of contact with
consumers, centering on Nintendo Account, and promote infrastructuredevelopment and business partnerships. In this area, the goal is not
only to promote a business shift to digital, but to build a uniquely
Nintendo service infrastructure based on our integrated hardwaresoftware business.
We have been continuously discussing and reviewing the plan after its
initial announcement in 2021.
Although we do not provide specific amounts at this time, we expect
the scale of capital investment to increase, mainly in the "accumulationof software assets" in the "games" area, and to exceed the scale of theamount currently indicated.

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• Regarding the accumulation of software assets, there are plans toconstruct Corporate Headquarters Development Center, Building No. 2(tentative name) adjacent to Nintendo headquarters.
• We had initially announced that a 12-story building would be completed
in 2027, but we revised our original plan and decided to up-scale thebuilding. As such, the construction is now scheduled to be completed in
2028.
• This second development center will play an important role instrengthening our research and development capabilities.

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• With the goal of putting smiles on the faces of everyone Nintendo
touches, we pursue ESG initiatives in ways suited to Nintendo tocontribute worldwide to the welfare of people, societies, and theenvironment.
• Regarding the environment, not only do we take energy efficiency andresource efficiency into consideration when designing products, but wealso implement environmentally conscious initiatives like conserving
resources and reducing CO2 emissions in the subsequent stages ofmanufacturing, transportation, sales, and after-sales services. In
addition, we are moving forward with initiatives like expanding the useof renewable energy and the efficient utilization of resources. We areworking not only internally, but also engaging with production partners
and other stakeholders, to reduce the environmental impact of ourentire supply chain.
• Regarding the social aspect of ESG, we design our products for safetyand disseminate information to help consumers use them more safely.
We work to expand adoption of the Nintendo Switch Parental Controls
app to ensure a healthy gameplay environment for children andpromote CSR procurement activities throughout the supply chain.
• Among our employee initiatives, we are working to enhance andpromote the use of our human resources system to create anenvironment where all employees can reach their full potential. We also
strive to foster a working environment that not only invigorates
communication between the company and employees and energizes
employee relationships, but also one that builds understanding andNintendo Co., Ltd.

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trust between everyone involved.
• In the area of governance, we are working to promote diversity byappointing women and non-Japanese people to director roles, sharing
further value with shareholders by introducing a stock-based
compensation system, and continuing to disclose information fairly andin a timely and appropriate manner.

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• We will continue working to build long-term relationships with each of
our consumers, and through our uniquely Nintendo entertainment
offerings, work to put smiles on the faces of as many people as possible.

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• This concludes today's presentation. Thank you for joining us today.

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