KOEI TECMO HOLDINGS CO., LTD.

January 25, 2021KOEI TECMO HOLDINGS CO., LTD.1 KOEI TECMO GAMES CO., LTD. All rights reserved.

Highlights on FY2020 Q3Record-high performance!Earning operating profit of 10.9 billion yen in one quarter Hyrule Warriors: Age of Calamity becomes a hit Romance of the Three Kingdoms Ha-do(*1) kept going strong,Performancecontributing for full 3 months IP licensing-out title Romance of the Three Kingdoms Senryaku-ban(*1)had continued to go strong High non-operating incomeTopics Made upward revision on full-year earnings estimate and dividendforecast(*1)EnglishNames are tentative KOEI TECMO GAMES CO., LTD. All rights reserved.2

Financial SummaryQ3 Results (YTD)(Million Yen)FY19 ResultsAmountSalesOperating ProfitOrdinary ProfitNet .1%42.4%36.4%FY20 o100.0%44.1%68.0%50.5%Vs Previous 7%201.2%164.4%128.5%3 KOEI TECMO GAMES CO., LTD. All rights reserved.

Major TitlesConsoleNew! Hyrule Warriors: Age of CalamityNintendo SwitchTMROMANCE OF THE THREE KINGDOMS XIV:Diplomacy and Strategy Expansion Pack BundleTMPlayStation 4Romance of the Three Kingdoms *1)Windows （Steam ）Version：Launched on Jan. 26）(*2)English Names are tentative100,000 copies-(*2)-Over 1.4 millionBack CataloguecopiesGoing Strong-ChinaRomance of the Three Kingdoms: Ha-doNew! Fist of the North Star: Ken's Rage-Japan/AsiaNioh 2iOS/Android-Japan/AsiaPlayStation 4/Nintendo Switch /Windows （Steam ）MobileOver 350 million copies220,000 copiesPlayStation 5/PlayStation 4/Nintendo Switch TM(*1)Online/LTDGlobalNew! Atelier Ryza 2: Lost Legends & the Secret FairyNew!Q3(Oct. 2020-Dec. 2020)(*2)Going Strong-Japan(*2)Released in December-Japan4 KOEI TECMO GAMES CO., LTD. All rights reserved.

Results by Business SegmentQ3 Results (YTD)(Million Yen)FY19EntertainmentAmusementReal EstateOthersSalesOperating Profit5,799Sales2,059Operating Profit449Sales496Operating Profit169Sales99Operating Profit11Corporate & Elimination SalesOperating ProfitTotal24,125SalesOperating Profit 103026,6766,429FY2041,46519,1032,066186580751482 311043,94919,367Change17,34013,3047 26384 9449 9 208017,27312,9385 KOEI TECMO GAMES CO., LTD. All rights reserved.

Sales Amounts by RegionQ3 Results N. seasTotal26,676 7312,00043,949(Million Yen)Vs Previous YearPercentAmount 8%6 KOEI TECMO GAMES CO., LTD. All rights reserved.

Units Sold by RegionQ3 Results (YTD)(Thousand as5,15575.4%N. al6,835 100.0%Amount1,8806,2803,1301,9001,2508,160Vs Previous 8.5%100.0%1,32519.4%19.0%DL Units2,5203,000480DL Ratio36.9%36.8% 0.1pt7 KOEI TECMO GAMES CO., LTD. All rights reserved.

Breakdown on the Sales for Entertainment BusinessQ3 Results (YTD)(Million Yen)FY19ConsolePackage(*1)DL(*2)DLC(*3)Online/PC Online(*4)MobileSmartphone/Social(*5)OthersEvents & GoodsSales for Entertainment BusinessFY20Change% 07,11072.6%270250 ,34071.9%17.0%7.3%86.5%11.1%(*1)Includingsales for packages, royalty, commission fees (incl. %-of-completion basis), and down payment (*2)DL (download) sales: sales for digital copies via PSN/XboxLive/Switch DL/Steam(*3)DLC (Download contents): Sales for additional items and scenario via download (*4)Sales for MMORPG and some other titles(Uncharted Waters V, Uncharted Waters VI, Nobunaga's Ambition 20XX)(*5)Including sales for smartphone games, social games, browser games, and royalty from IP licensing-out KOEI TECMO GAMES CO., LTD. All rights reserved.8

Major Titles (Online/mobile)（Million Yen）8,000Sales Transition of Online/Mobile by /0620/0920/12 KOEI TECMO GAMES CO., LTD. All rights reserved.9

Major Costs/ HeadcountsQ3 Actuals (YTD)(million tAdvertizing/PromotionalCostFY20Change% %10,90512,2901,38512.7%3,0652,640 *1)Total Headcount(*1)Excluding temporary employees10 KOEI TECMO GAMES CO., LTD. All rights reserved.

Upward Revision on Full-Year Earnings EstimateFull-Year Forecast(Million Yen)FY19 ResultsAmountSalesOperating ProfitOrdinary ProfitNet 33.1%44.2%35.9%FY20 o100.0%39.3%58.9%44.6%Vs Previous 56.0%74.9%63.3%FY20 PlanVs Plan（As of Oct entChange9.8%29.4%32.0%38.9% Full-year earnings estimate: operating profit of 17 billion yen 22 billion yen11 KOEI TECMO GAMES CO., LTD. All rights reserved.

Title LineupLaunch date/AreaConsoleAreaExpansionAtelier Ryza 2: Lost Legends & the Secret FairyPlayStation 5/PlayStation 4/Nintendo Switch TM/Windows （Steam ）New PF（*1) Nioh 2 – The Complete EditionJanuaryEurope/AmericasFeb. 4PlayStation 5/PlayStation 4/Windows （Steam ）AreaExpansionPersona 5 Strikers (Developer)PlayStation 4/Nintendo Switch TM/Windows （Steam ）Online/New!MobileGlobalFeb. 23Europe/AmericasUnder DevelopmentDynasty Warriors (*2)JapaniOS/AndroidNew!La Corda d'oro Starlight Orchestra (*2)Pre-registrationJapaniOS/AndroidNew!Dynasty Warriors Ha(*2)(IP Licensing-out)Pre-registrationChina(Operated by Tencent Games)AreaExpansionRomance of the Three Kingdoms Senryaku-ban (*2) (IP Licensing-out)(Developed by Alibaba Lingxi Interactive Entertainment)(*1)Stands for "Platform"(*2)English Names are tentativeJanuary FebruaryTaiwanSouth Korea12 KOEI TECMO GAMES CO., LTD. All rights reserved.

Shareholder ReturnBasic PolicyIncluding acquisition of treasury stock, consolidated yearly overallpayout 50% for dividends, or yearly dividend of 50 yen per stock.Transition of DividendDividend(yen)※１140120※２Dividend beforeStock split100DividendNet Income(100million Yen)100yenNet income8028024020016061yen6080204000FY17FY18FY191 2018Stock Split（1:1.2)※2：Apr1 2021Stock Split（1:1.3)12040FY16※1：OctFY20（Plan）13 KOEI TECMO GAMES CO., LTD. All rights reserved.

KOEI TECMO HOLDINGS CO., LTD.This document contains statements regarding future objectives, beliefs and currentexpectations of KOEI TECMO HOLDINGS CO., LTD. with respect to its financial results.Such statements imply risks and uncertainties and no guarantee of future performance.14 KOEI TECMO GAMES CO., LTD. All rights reserved.

Jan 25, 2021 · Romance of the Three Kingdoms Ha-do(*1) kept going strong, contributing for full 3 months IP licensing-out title Romance of the Three Kingdoms Senryaku-ban(*1) had continued to go strong High non-operating i