The 45th Ordinary General Meeting of Shareholders
Summary of Shareholder Comments Received Prior to the Meeting,
Q&A, and Comments
Q Given your PBR (price to book ratio) and PER (price to earnings ratio), do you feel thecurrent share price is appropriate? Isn’t there more the company could do, so the share priceisn’t simply left to the market? With that in mind, shouldn’t you consider a share buyback?
AWe closely monitor the share price on an ongoing basis and strive to meet with primarily
institutional investors daily in addition to proactively disclosing corporate information inorder to ensure the market has an accurate understanding of our management strategy.
From that perspective, on March 6 we announced both a stock split and our policy on theJune 2024 dividend. Regarding share buybacks, we typically will engage in these after
comprehensively considering several factors, including our cash position, the market’sunderstanding of our management strategy, as well as the share price. Going forward we will
work toward an appropriate valuation by continuing and strengthening these activities.

Q Have you considered offering shareholder benefits for long-term investors?
AWe currently do not offer shareholder benefits; however, we are grateful for your opinion
and will take this matter into consideration.

Q How has Capcom addressed the issues of discrimination and diversity in game development?
A

As an entertainment company, we create games with the belief that respect for human rights
and the realization of a satisfying life are important, and exchange opinions with our various
global subsidiaries when necessary.

Q You’ve submitted a female candidate for external director, however all your internal directors
are male. Please tell me what you are doing to increase the ratio of female managers
internally.
ARegarding diversity of our board of directors, we select director candidates who are able tooversee management of the company and offer appropriate advice, while considering theskills and characteristics required in accordance with our management strategy, and thebalance of each individual’s career history, insight, and experience. Also note that, while ourinternal directors are currently all male, in addition to women, going forward we will also
consider non-Japanese directors. Regarding female managers, currently 21.2% ofemployees are female and 13.6% of our core talent is female. We are aiming to bring thepercentage of female managers up to 15%. Looking ahead, we believe we will be able to see
more female directors by broadening our scope and increasing the ratio of female managers.

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Q Tell me the background of how Capcom became an official sponsor of the Japan Volleyball
Association.
ACapcom entered into an agreement to become an official sponsor of the Japan Volleyball
Association as it shares in the organization’s goal of contributing to the healthy developmentof children and young people as well as to the mental and physical growth of the nation.
Further, from the standpoint of being a responsible corporate citizen, Capcom supports thepromotion of local communities, sports, culture, and the arts.

Q What factors drive Capcom’s annual operating profit growth?
ACapcom is outfitted with world-class, cutting-edge development facilities and owns a wealthof globally popular IPs. We continue to strive for ongoing operating profit growth, and will
increase the number of Consumer game unit sales by promoting global expansion and digitalsales via enhanced digital marketing.

Q In the past, this was a highly volatile industry where a new release in one fiscal year woulddrive large earnings growth, with a comparative drop in earnings in the next fiscal year.
Recently however, we no longer see this pattern in Capcom’s earnings. Further, the company
has achieved increased operating profit of over 10% each year. What has driven this?
AIn the past, we primarily sold games at physical retail stores, where we would typically sell anew game that was placed on the limited space of stores shelves for a period of
approximately six months. However, accompanying the digital shift, in recent years gamemakers have become able to sell games directly online, which allows us to carry out pricing
strategies as well as discounts on past series titles in conjunction with the launch of a newrelease. Thanks to this, unit sales continue to grow even today for titles such as Resident Evil

7 biohazard, which was released seven years ago, as well as for Monster Hunter: World,which was released six years ago. Further, we thoroughly manage our medium-term
development schedule by maintaining a 5-year development map that enables us toeffectively time the release of new titles. This has led us to think that the game industry
overall has shifted to one of low volatility due to a change in our business model, via which
we can continue to sell games over the long term as the ratio of digital title sales increases.
Q It seems like you have few noteworthy new titles this year. How do you plan to execute on
your sales strategy this fiscal year specifically?
AFor the past nine fiscal years we have delivered at least 10% operating profit growth eachyear regardless of the number of new title releases. One factor behind this has been theincrease of global unit sales for new and catalog titles combined. This year we are targeting
a 9% year-over-year increase in unit sales volume, from last fiscal’s 45.89 million units to thisyear’s 50 million units. Going forward we look to achieve our forecast by carrying out2

activities to increase brand awareness and via pricing strategies.
Q Wouldn’t you be able to capture more profit by bumping up the release date of the next

Monster Hunter title, currently scheduled for 2025, to the December 2024 holiday season?
AWe plan to announce the release timing for the latest Monster Hunter title once preparations
are complete. We hope you are looking forward to it. We remain committed to achieving ourgoal of 10% or better operating profit growth each fiscal year.

Q Tell me about your progress on the REX ENGINE, the successor to your proprietary REENGINE.
A

We are updating development with the aim of improving efficiency and achieving photo-realgraphics technology. We hope you look forward to future announcements regarding specifictitles.

Q The ratio of physical game sales is decreasing as end user needs for digital is increasing.
What is your outlook on physical games and the company’s policy regarding this?
A

Given that a significant number of end users demand physical games we currently do not
expect to eliminate physical products.

Q Street Fighter 6 was released last year and requires hardware such as a gaming PC orPlayStation 5, and since the price of home video game consoles has drastically increased itfollows that only wealthy consumers can purchase it. In the past it was possible to enjoy
these sorts of games in arcades; what approach are you taking to grow your user base ofyounger people globally?
AAs we are in the business of selling video game software, we will refrain from commenting
on the price of hardware. Regarding game software, we are working to capture new users
globally by offering our catalog of past games at affordable prices, among other methods.
We are also working to expand arcade games into stores in our Arcade Operations businessas well as in other company’s stores.

Q You launched Street Fighter 6 last year and have reported unit sales for the base game,however what about unit sales for DLC (additional downloadable content)? Also, withrespect to net sales for DLC, tell me about how much profit is being made in contrast to theannual cost for maintaining the Street Fighter 6 team.
AWe have not disclosed the costs and profit related to individual titles before and as such I
would ask for your understanding as we are unable to provide an answer with the specifics inthis case as well. In the previous fiscal year, Street Fighter 6 significantly contributed to profit.
In providing DLC, our objective is for players to enjoy their purchase for a long period of time,3

which we hope leads to increased user satisfaction. We believe that players enjoying games
for longer periods of time connects to stable reviews from the market and capturing newplayers, and as such is helpful in strengthening brands.
Q On release, Dragon’s Dogma 2 suffered from in game issues and was criticized by someplayers. How will you address this going forward?
AThis title sold approximately 2.6 million units in fiscal year 2023; we are overall satisfied withthis performance and expect the game to contribute to catalog sales in fiscal year 2024.
However, we take the opinions and requests from players regarding the game’s
specifications seriously and are working to address them while respecting the worldview ofthe game.

Q You have announced Monster Hunter Wilds for PlayStation 5, Xbox Series X|S, and PC, but
not for portable platforms like the Nintendo Switch. Will this game be limited to these
non-portable consoles?
AOne concept we’ve incorporated into this title is aiming to portray the maximum of the worldof Monster Hunter by utilizing the latest technology to its limit. To that end, the platforms
capable of realizing that concept are currently the PlayStation 5, Xbox Series X|S, and PC.
Going forward, we will provide more thorough details regarding these concepts and themes
when we release information on the game. We hope you look forward to it.

Q I’ve heard that Monster Hunter Wilds will support cross-platform play, however in order forplayers to be able to enjoy the game with peace of mind I would like you make anannouncement on how you will handle cheating and mods (player-made modifications to thegame).
A

Thank you for your valuable opinion. This title will support cross-platform play. We ask thatyou please wait for further details regarding this.

Q Please tell me what plans you have for the Mega Man series.
A

Mega Man is one of our highly-valued IPs and we are considering how to create games for iton an ongoing basis.

Q I was very happy to see you announce Marvel vs. Capcom Fighting Collection: ArcadeClassics recently. I would like you to consider releasing more past titles for
current-generation platforms as much as possible going forward as well.
A

Thank you for your valuable opinion. We will continue to consider future projects so that awide range of players can enjoy them around the world.

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Q Tell me what plans you have for titles like Toraware no Paruma and Ace Attorney

Investigations.
A

We will continue to consider future projects for these titles so that a wide range of players
can enjoy them around the world.

Q Capcom’s abundance of adventure games works to its advantage in terms of differentiationfrom other companies and playing to the company’s unique characteristics, however I would
like you to consider trying something new such as creating a game that provides a cozy,
heartwarming experience.
A

Thank you for your valuable opinion. We will continue to consider future projects so that awide range of players can enjoy them around the world.

Q Will the results of the Capcom Super Elections influence what titles you develop in thefuture? I would like you to consider releasing new titles in popular series, not just remakes ofexisting games.
AWe value all our IPs and are thinking of ways to utilize them not only in games but in othermedia as well. As games, we think the gameplay and specific appeal that an IP holds areimportant and we take a multifaceted approach to our games, including not only new titles
and remakes, but also ports and collections as well. Going forward we will continue toconsider how to leverage our IPs, working so that a wide range of players can enjoy thesegames worldwide. Thank you for your valuable opinion.

Q In working to use your IPs across your different business, what are your policies and plans
for movies and television shows?
AWe currently sell our content in 235 different countries and regions worldwide. We are
strategically investing in movies and television shows as a source of long-term growth
because we believe them to be effective as a way to introduce the appeal of our IPs and thefun of games to people who have never played games before. The self-financed Street

Fighter movie that we released in 1994 still earns tens of millions of yen each year eventoday. Self-producing projects will be necessary in order for our Media business to beprofitable, and as such we are currently working to establish the human resources andsystem for that.
Q Last year’s launch of Street Fighter 6 and its roll out into eSports generated more excitement
than ever before, however the eSports business on its own doesn’t seems to be profitable.
What are your thoughts on future expansion for the eSports business?
A

Excitement for eSports domestically last year reached new heights. Going forward we willcontinue expanding eSports overseas and look to make this business profitable over the long5

term. Further, we look to reignite a fighting game boom, and will hold the championshiptournament of the Capcom Pro Tour at the Ryogoku Kokugikan arena in Japan. Please lookforward to it.
Q It doesn’t seem like you are working on anything with the Capcom ID. What are your plans
for this going forward?
A

Thank you for your opinion regarding the underutilization of the Capcom ID. We will work toaddress this.

Q I would like you to make the video presentation shown at the Annual General Meeting
available to view afterwards as well.
AWe make a video of the Annual General Meeting available on our website in order for
shareholders who were unable to attend the meeting to be able to view the meeting’s
content. The video will be available on our website on June 25. Please enjoy watching it.

Q The accuracy of the subtitles displayed on the video were poor. Can you do something about
this?
AWe carry out a number of activities in order for shareholders with disabilities to be able toparticipate in the Annual General Meeting. As part of these activities, we implemented
audio-generated captions on the video stream of our virtual shareholders meeting this year
for shareholders who cannot hear or who have trouble hearing. These captions weregenerated in real time which led to instances where some were not displayed accurately.
Going forward we will continue to work so that a greater number of shareholders are able toparticipate in the Annual General Meeting.

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