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1 Summary of Financial Data and Business Results for Fiscal Year Ended March 31, 2013 (JP GAAP, Consolidated) May 20, 2013 Listed Exchange: Osaka Securities Exchange Company Name: Universal Entertainment Corporation Code No.: 6425 URL: Representative: (Name) Jun Fujimoto (Title) Representative Director and President Contact: (Name) Kenshi Asano (Title) Director TEL: Scheduled Date of Annual Shareholders Meeting: June 27, 2013 Scheduled Submission Date of Securities Registration Report: June 28, 2013 Scheduled Commencement Date of Dividend Payment: June 28, 2013 Supplementary Briefing Materials for Settlement of Accounts: None available Briefing on Settlement of Accounts: None scheduled (Amounts rounded down to nearest million yen) 1. Consolidated Business Results for Fiscal Year Ended March 31, 2013 (Period from April 1, 2012 to March 31, 2013) (1) Consolidated Operating Results (Percentages refer to changes from previous fiscal year) Net Sales Operating Income Ordinary Income Net Income Million Yen % Million Yen % Million Yen % Million Yen % Fiscal Year Ended March 31, , , , ,449 (12.5) Fiscal Year Ended March 31, , , , , (Note) Comprehensive income Fiscal Year Ended March 31, 2013: 37,336 million yen (35.4%) Fiscal Year Ended March 31, 2012: 27,569 million yen (-%) Net Income Per Share Diluted Net Income Per Share Ratio of Current Net Income to Shareholders Equity Ratio of Ordinary Income to Total Assets Ratio of Operating Income to Net Sales Yen Yen % % % Fiscal Year Ended March 31, Fiscal Year Ended March 31, (Reference) Equity in earnings/losses of affiliates Fiscal Year Ended March 31, 2013: 5,636 million yen Fiscal Year Ended March 31, 2012: 7,178 million yen (2) Consolidated Financial Status Total Assets Net Assets Ratio of Net Assets Shareholders Equity Per Share Million Yen Million Yen % Yen Fiscal Year Ended March 31, , , , Fiscal Year Ended March 31, , , , (Reference) Shareholders equity Fiscal Year Ended March 31, 2013: 162,624 million yen Fiscal Year Ended March 31, 2012: 130,505 million yen (3) Consolidated Cash Flow Position Balance of Cash and Net Cash from Net Cash from Net Cash from Cash Equivalents at Operating Activities Investing Activities Financing Activities the End of Period Million Yen Million Yen Million Yen Million Yen Fiscal Year Ended March 31, ,088 (22,060) (3,213) 52,778 Fiscal Year Ended March 31, ,999 (6,321) (14,480) 46,408

2 2. Status of Dividends End of 1 st Quarter End of 2 nd Quarter Annual Dividends End of 3 rd Quarter End of Fiscal Year Total Total Dividends (Annual) Dividend Payout Ratio (Consolidated) Ratio of Dividend to Net Assets (Consolidated) Yen Yen Yen Yen Yen Million Yen % % Fiscal Year Ended March 31, , Fiscal Year Ended March 31, , Fiscal Year Ending March 31, 2014 (Forecast) The dividend forecast for the fiscal year ending March 31, 2014 is to be determined. 3. Consolidated Business Results Forecast for Fiscal Year Ending March 31, 2014 (Period from April 1, 2013 to March 31, 2014) (Percentages refer to changes from previous corresponding period) Net Sales Operating Income Ordinary Income Net Income Net Income Per Share Million Yen % Million Yen % Million Yen % Million Yen % Yen First Half Year 33,300 (17.7) 7,200 (50.3) 7,100 (61.2) 4,100 (67.3) Full Fiscal Year 102, ,000 (13.6) 30,700 (31.6) 17,800 (35.2) * Matters of Note (1) Changes in material subsidiaries during fiscal year (Changes in specified subsidiaries accompanying changes in scope of consolidation) Newly added: TIGER RESORT, LEISURE AND ENTERTAINMENT, INC. Excluded: None (Note) See 3. Consolidated Financial Statements, (5) Notes to Consolidated Financial Statements, (Changes in Significant Items Serving as Basis for Preparation of Consolidated Financial Statements) on p.17 of the attached materials for details. : Yes (2) Changes in accounting policies, changes in accounting estimates and/or restatements 1) Changes in accounting policies accompanying revision of accounting standards, etc. : Yes 2) Changes in accounting methods other than 1) : None 3) Changes in accounting estimates : Yes 4) Restatements : None (Note) Subject to Article 14-7 Changes in accounting policies that are difficult to distinguish from changes in accounting estimates of Regulations Concerning Terminology, Format, and Preparation Methods for Consolidated Financial Statements. Please refer to 3. Consolidated Financial Statements, (5) Notes to Consolidated Financial Statements (Changes in Accounting Policies) on p.17 of the attached materials for details. (3) Number of outstanding shares (common stock) 1) Shares issued at end of fiscal period (includes treasury stock) Fiscal year ended March 31, 2013: 80,195,000 shares Fiscal year ended March 31, 2012: 80,195,000 shares 2) Amount of treasury stock at end of fiscal period: Fiscal year ended March 31, 2013: 6,811,154 shares Fiscal year ended March 31, 2012: 5,886,054 shares 3) Average number of shares during fiscal period: Fiscal year ended March 31, 2013: 73,622,091 shares Fiscal year ended March 31, 2012: 78,101,988 shares

3 (Reference) Summary of the Non-consolidated Business Results Non-consolidated Business Results for Fiscal Year Ended March 31, 2013 (Period from April 1, 2012 to March 31, 2013) (1) Non-consolidated Operating Results (Percentages refer to changes from previous fiscal year) Net Sales Operating Income Ordinary Income Net Income Million Yen % Million Yen % Million Yen % Million Yen Fiscal Year Ended March 31, , , , ,453 (16.9) Fiscal Year Ended March 31, , , , , % Net Income Per Share Diluted Net Income Per Share Yen Yen Fiscal Year Ended March 31, Fiscal Year Ended March 31, (2) Non-consolidated Financial Status Total Assets Net Assets Ratio of Net Assets Shareholders Equity Per Share Million Yen Million Yen % Yen Fiscal Year Ended March 31, , , , Fiscal Year Ended March 31, , , , (Reference) Shareholders equity Fiscal Year Ended March 31, 2013: 121,696 million yen Fiscal Year Ended March 31, 2012: 105,213 million yen *Information Regarding the Implementation of Audit Procedures At the time of disclosure of this summary of financial data and business results, audit procedures for consolidated financial statements under the Financial Instruments and Exchange Act of Japan are not completed. *Explanation on Proper Usage of Business Results Forecast and Other Noteworthy Items (Note concerning forward-looking statements) Statements pertaining to the future, including forecasts of business results, etc., as featured herein are based on information that is currently available and certain assumptions that are determined to be reasonable, but are not promises by the Company regarding future performance. Actual business results may vary significantly due to a number of factors. For preconditions for business forecasts, notes on the usage of business forecasts and so forth, please see "1. Analysis of Operating Results and Financial Status, (1) Analysis of Operating Results" on p.2 of the attached materials.

4 Attached Materials: Table of Contents 1. Analysis of Operating Results and Financial Status 2 (1) Analysis of Operating Results 2 (2) Analysis of Financial Status 4 (3) Basic Policy Regarding Distribution of Profits and Dividends for the Current and Next Fiscal Year 6 (4) Businesses Risks 6 2. Management Policy 7 (1) Basic Management Policy of the Company 7 (2) Targeted Performance Indicators 7 (3) Medium- and Long-Term Business Strategy 7 (4) Issues to be Addressed by the Company 7 (5) Other Significant Management Matters of the Company 8 3. Consolidated Financial Statements 9 (1) Consolidated Balance Sheet 9 (2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 11 Consolidated Statement of Income 11 Consolidated Statement of Comprehensive Income 12 (3) Consolidated Statement of Changes in Net Assets 13 (4) Consolidated Statement of Cash Flows 15 (5) Notes to Consolidated Financial Statements 17 (Notes Pertaining to Going Concern) 17 (Changes in Significant Items Serving as Basis for Preparation of Consolidated Financial Statements) 17 (Changes in Accounting Policies) 17 (Additional Information) 17 (Consolidated Balance Sheet) 20 (Consolidated Statement of Income) 21 (Consolidated Statement of Comprehensive Income) 22 (Consolidated Statement of Changes in Net Assets) 23 (Segment Information, etc.) 25 (Per Share Information) 30 (Significant Subsequent Events) 30 1

5 1. Analysis of Operating Results and Financial Status (1) Analysis of Operating Results In the current consolidated fiscal year that ended on March 31, 2013, the U.S. economy continued to recover at a moderate pace. In Europe, the economy weakened and there were worries about the effects on the financial system from concerns about the outlook for the financial soundness of some countries. In China and India, economic growth slowed. In Japan, the economy was supported by demand associated with the Great East Japan Earthquake reconstruction activity. Signs are emerging of an improvement in corporate earnings and employment despite the effects of slowing global economic growth and deflation. In addition, there are rising expectations for an economic recovery mainly because of the yen's decline and stock market rebound along with expectations for these improvements to have a positive effect on the real economy. In the Universal Entertainment Group s core Pachislot and Pachinko Business, there were many highly successful new machines. Examples include the pachislot title Basilisk: Koga Ninpocho II that was launched in June and Don-chan Matsuri, SLOT GARO and Million God: Kamigami No Keifu-ZEUS version. As a result, sales increased 32.5% year-on-year to 99,182 million yen and operating income increased 36.2% year-on-year to 35,897 million yen. Although equity in earnings of affiliates of 5,636 million yen was recorded, as is explained in the (Additional Information) (Litigation) section, Wynn Resorts, Limited (NASDAQ: WYNN) was no longer an equity-method affiliate as of March 31, As a result of the above, the Company posted 44,873 million yen in ordinary income (a 34.5% increase year-on-year) and 27,449 million yen in net income (a 12.5% decrease year-on-year). As a return of profits to shareholders, the Company plans to conduct a dividend of 20 yen per share payable to shareholders as of March 31, 2013, following the dividend of 30 yen per share paid to shareholders as of September 30, Discussed below are the business results for each business segment. The figures indicated for said results represent amounts prior to adjustments for inter-segment sales or transfers. (i) Pachislot and Pachinko Business In Japan s pachislot and pachinko market, the number of users declined even more in the pachinko sector as Japan s prolonged economic downturn continued. The main causes are the spread of low ball rental fees and the absence of major pachinko titles that can operate for a long time and attract users. As a result, there were decreases in pachinko machine utilization and the number of machines installed. In the pachislot sector, utilization levels were steady and the number of machines installed continued to climb. This performance was backed by the popularity of ART-type (assist replay time) machines, the primary type of machine in this category, and the addition of many new versions of AT (assist time) machines. During the current consolidated fiscal year, the central theme was to take on the challenge of invigorating the pachislot and pachinko market. With the goal of giving operators more opportunities to attract a broad range of customers, the sales framework and sales activities were strengthened and there were many promotional activities. The Company sold and installed pachislot machines that feature a variety of concepts in order to attract a diverse array of users, including first-time pachislot users and former pachislot users. Examples include the pachislot title Basilisk: The Koga Ninpocho II, which has a stable fan base, SLOT GARO, which uses a major copyright, and the major title Million God: Kamigami No Keifu-ZEUS version. Activities also included Cranky Collection and other titles using advanced technologies that sparked a boom during the Type 4 pachislot machine period. 2

6 As a result, the number of pachislot machines installed during the current consolidated fiscal year amounted to approximately 236,000 units. In the Pachislot and Pachinko Business, the Company posted net sales of 96,203 million yen (a 33.3% increase year-on-year) and operating income of 45,705 million yen (a 41.3% increase year-on-year) for the current consolidated fiscal year. (ii) Other In the Media Content Business, simulator applications were distributed for the recently launched pachislot titles Basilisk: The Koga Ninpocho II, Don-chan Matsuri, SLOT GARO and Million God: Kamigami No Keifu-ZEUS version. In addition, the mobile phone website Univa Kingdom, which is open to registered users, was made compatible with smartphones. Simulator applications are performing well with the simulator Basilisk: The Koga Ninpocho II remaining among the best sellers. The mobile content market is shifting from feature phones to smartphones. By responding with a major shift to the smartphone, the Company achieved an increase in smartphone app sales of about 159% year-on-year. Overall, sales in the Media Contents Business increased about 8%. At Japan Amusement Broadcasting, which runs Japan s first and largest pachinko- and pachislot-specialized channel Pachinko Pachislot TV!, sales in the SKY PerfecTV! Broadcasting Business declined year-on-year due to a large decline in the total number of SKY PerfecTV! subscribers. In October 2012, high-definition broadcasts began and it is now possible to distribute high-quality pictures to a larger number of users. Meanwhile, in the Simultaneous Broadcasting Business, there was an increase in the number of viewer households of JCN, a major cable TV network; HIKARI TV; as well as the start of distribution to LEONET, a dedicated broadband broadcasting application for Leopalace 21 rental apartment subscribers. As a consequence, sales in this business category increased approximately 57% year-on-year. In the Content Distribution Business for Internet and video-on-demand, sales increased approximately 25% year-on-year due to the distribution of content for new services and the expansion of existing services for smartphones and other devices. In addition, in November, the original Pachinko Pachislot TV! program Arashi Umeya Slotters Journey ranked third overall in annual viewership and first in the pachinko and pachislot category on the GyaO! Store. In terms of content editorial, a major reediting was undertaken in October with the release of five new programs to cater to user needs and market trends. As a result, under other businesses for the current consolidated fiscal year, the Company posted net sales of 3,030 million yen (a 2.7% increase year-on-year) and an operating loss of 1,216 million yen (compared with an operating loss of 255 million yen in the previous fiscal year). (Outlook for Next Fiscal Year) (i) Pachislot and Pachinko Business The Company aims to make major upgrades in the systems and development environment that we have been working on for some time. Although there are expectations for an economic recovery in Japan, we want to maintain highly profitable operations and become more competitive even if there is a drop of up to about 20% in our markets due to the lack of a recovery and Japan s falling population. For products, the goal is to achieve imaging processing capabilities at least eight times greater than before along with new concepts while cutting costs and boosting productivity. For an environment to develop high-volume software, we are nearing completion of the development of a system that will significantly improve software development productivity. As a result, we plan to overhaul our content development environment in the consolidated fiscal year ending on March 31, 2014 in order to reinforce our underlying competitive edge. 3

7 We believe that taking these actions will create a highly profitable framework able to withstand downturns in the operating environment, enable us to compete by adding value, and build a sound base for operations over the next several years. In the first half of the fiscal year ending on March 31, 2014, there will be unavoidable delays in the development of content resulting from these measures to transform the development environment. As a result, earnings are expected to be somewhat flat because only two titles will be launched. In the second half, we plan to start selling five titles, including major titles. Due to these introductions, we expect earnings to increase in the second half and into the fiscal year ending on March 31, Based on this outlook, we expect that first half sales will be less than in the first half of the fiscal year that ended on March 31, 2013 but anticipate a big improvement in sales in the second half. In the fiscal year ending on March 31, 2015, we anticipate growth in earnings to about 50% higher than at this time. Oni No Shiro, the first new pachislot title of the fiscal year ending on March 31, 2014 has been launched. This title was developed by using the characters of illustrator Yoshitaka Amano and under his supervision. Mr. Amano is well known for creating visual concepts and character designs for a variety of images, video content and stage productions. The innovative machine achieves the fusion of the pachislot format and the world of fantasy. For the consolidated fiscal year ending on March 31, 2014, the Company plans to introduce 250,000 units of pachislot titles on the market during the full fiscal year, beginning with the launch of the pachislot title Oni no Shiro. (ii) Other In the Media Content Business, there is an increasing number of competing content on the two primary smartphone markets: appstore and GooglePlay. This is expected to make the competition for rankings even more heated. In response, we will focus on becoming more competitive by improving quality in order to continue aiming for high rankings. In addition, we plan to expand the distribution to content to include markets other than AppStore and GooglePlay. Offering more and better mobile website services for members is another goal. Japan Amusement Broadcasting, which runs Pachinko Pachislot TV!, Japan s first and largest pachinko- and pachislot-specialized channel, started distributing its programs to three more cable TV companies in April Furthermore, the decision has been made to distribute this channel through the new BBTV-NEXT service of the SoftBank Group. Our objective is to further expand the broadcasting business, including the cable TV sector, to revitalize the pachislot and pachinko market. To accomplish this, we will produce programs that incorporate new schemes and offer programs that can earn even greater support of viewers. At Manila Bay Resorts, the Company s casino resort project in the Philippines, we will continue to work on reaching an agreement with the partner company in the Philippines. Construction is proceeding with pile driving completed and work on the foundation under way. (2) Analysis of Financial Status (i) Status of Assets, Liabilities and Net Assets The amount of total assets at the end of the current consolidated fiscal year amounted to 218,197 million yen, an increase of 66,384 million yen over the end of the previous consolidated fiscal year. This was mainly due to a 29,932 million yen increase in cash and deposits, an 8,099 million yen increase in notes and accounts receivable-trade, a 10,136 million yen increase in construction in progress, and a 11,850 million yen decrease in securities. The amount of liabilities at the end of the current consolidated fiscal year amounted to 54,804 million yen, an increase of 34,326 million yen over the end of the previous consolidated fiscal year. This was mainly due to a 7,049 million yen increase in notes and accounts payable-trade, a 9,132 million yen increase in 4

8 short-term loans payable, a 15,241 million yen increase in accrued income taxes, and a 3,521 million yen increase in long-term loans payable. The amount of net assets at the end of the current consolidated fiscal year amounted to 163,393 million yen, an increase of 32,057 million yen over the end of the previous consolidated fiscal year. This was mainly due to a 23,579 million yen increase in retained earnings, and a 10,073 million yen increase in accumulated other comprehensive income accrued from fluctuations in share prices and exchange rates. (ii) Status of Cash Flow As of the end of the current consolidated fiscal year, the balance of cash and cash equivalents totaled 52,778 million yen. The status of each cash flow and the primary reasons for increases/decreases as of the end of the current consolidated fiscal year are as follows: <Net Cash from Operating Activities> Net cash provided by operating activities amounted to 28,088 million yen (compared with 38,999 million yen provided a year earlier), mainly due to booking of income before income taxes and minority interests of 43,133 million yen (compared with 34,096 million yen a year earlier), a 7,045 million yen in increase in notes and accounts payable-trade, and an 8,099 million yen increase in notes and accounts receivable-trade. <Net Cash from Investing Activities> Net cash used in investing activities amounted to 22,060 million yen (compared with 6,321 million yen used a year earlier), mainly due to purchase of property, plant and equipment of 11,434 million yen. <Net Cash from Financing Activities> Net cash used in financing activities amounted to 3,213 million yen (compared with 14,480 million yen used a year earlier), mainly due to an 8,809 million yen increase in short-term loans payable, cash dividends paid of 4,430 million yen and purchase of treasury stock of 1,532 million yen. (Reference) Transition of Cash Flow-Related Indicators Mar Fiscal Year Mar Fiscal Year Mar Fiscal Year Ratio of shareholders equity (%) Ratio of shareholders equity on market value basis (%) Ratio of interest-bearing liabilities to cash flows (years) Interest coverage ratio (x) Ratio of shareholders equity = shareholders equity / total assets Ratio of shareholders equity on market value basis = total market value of shares / total assets Ratio of interest-bearing liabilities to cash flows = interest bearing liabilities / cash flows Interest coverage ratio = cash flows / interests paid *Note 1: All figures are calculated based on consolidated financial values. *Note 2: The total market value of shares is calculated based on the number of issued shares minus treasury stock. *Note 3: Cash flows are represented by operating cash flow. *Note 4: Interest-bearing liabilities include all liabilities accounted for on the consolidated balance sheet for which interests are paid. 5

9 (3) Basic Policy Regarding Distribution of Profits and Dividends for the Current and Next Fiscal Year The Company group views the return of profits to its shareholders as one of its foremost management priorities. To this end, the Company group is endeavoring to establish a highly profitable corporate structure and to improve the ratio of profit to shareholder s equity continuously. It also adopts a basic policy of maintaining a stable level of dividends that reflects its business performance. It is the Company group's basic policy to maintain the internal reserve at appropriate levels to ensure a healthy financial base and to strengthen the management foundation of the Company group in order to invest necessary funds efficiently in promising businesses. Regarding dividends for the fiscal year ended March 31, 2013, based on comprehensive consideration of business performance for the current fiscal year and the situation of the Company, we have set a year-end dividend of 20 yen per share, in addition to the dividend of 30 yen per share paid to shareholders as of September 30, 2012, for an annual dividend of 50 yen per share. The dividends for the fiscal year ending March 31, 2014 are undecided at this point, and will be determined after carefully considering future performance and capital demand. (4) Businesses Risks Of the items relating to the status of business and the status of financial condition, as stated in this Summary of Financial Data and Business Results, factors that might affect investor decisions are described below. The Company group recognizes the possibility that these risks might emerge, and will work to avoid such risks, or deal with them appropriately if they arise. However, the factors listed below do not cover all risks related to the business of the Company group. (i) Pachislot and Pachinko Business According to the Act Concerning Regulation and Proper Operation of Businesses Affecting Public Morals, Pachislot and Pachinko machines need to meet the technical standards defined in the National Public Safety Commission s rules (Regulations Concerning Authorization and Model Approval for Amusement Machines). Each type of machine must pass the model test conducted by the designated testing organization (Security Communications Association) and the model inspection conducted by the Public Safety Commission of the applicable prefecture. In case these laws or standards are amended or abolished, the Company group will analyze industry trends and the application status of other companies, and make new applications for new machines in a structured and strategic fashion. However, if major changes need to be made due to administrative direction or voluntary restriction by the industry, the business results of the Company group would be materially impacted. There is also the possibility that profitability would be adversely affected by changing preferences in the market, as well as economic trends in Japan that include income levels. (ii) Casino Resort Business For the purpose of the promotion of a casino hotel resort business in the Philippines, the Company group has acquired land and is proceeding with the specific procedures to obtain an operating permit. In addition, having obtained approval as a special economic zone as well as a removal of restrictions on foreign capital investment, the Company is going forward with capital investment. Since this business is conducted overseas, changes in the local business environment may impact the value of the Company group s facilities and/or business performance. (iii) Foreign Exchange Risks In preparing consolidated financial statements, foreign currency-denominated gains/losses and assets/liabilities of each overseas subsidiary of the Company group are incorporated into the consolidated financial statements after they are translated into Japanese yen. As a result, business results of the Company group may be adversely affected by fluctuations in currency exchange rates. 6

10 (iv) Litigation The Company group has several pending lawsuits, and their outcomes may have an impact on the business results of the Company group. Although the Company group continues to make every effort to eliminate litigation risk, there is always a possibility that third parties may file new cases against the Company group, with the rulings in these cases having the potential to affect future business results. (v) Litigation with Wynn Resorts, Limited Litigation between the Company group and Wynn Resorts (NASDAQ: WYNN) is currently under way. Depending on the outcome of this dispute and facts that are confirmed in the future, there may be an effect on the Company group s financial position and results of operations. The details are stated in (Additional Information) (Litigation). 2. Management Policy (1) Basic Management Policy of the Company The basic management policy of the Company group is to create enjoyment as a total global entertainment company and to participate in the forming of a society with dreams. Specifically, as a manufacturer engaged in the planning, development, manufacture, and sale of Pachislot and Pachinko machines, the Company group is building a solid foundation to become the market leader offering enjoyment for all players. At the same time, by developing resort city complexes overseas including casinos, the Company group will offer total entertainment full of appeal to numerous travelers, attracting people from around the world. (2) Targeted Performance Indicators In the Pachislot and Pachinko Business, the Company group will gather information from the market and further reinforce the sales framework in order to capture the No. 1 market share position by securing unit sales through the provision of Pachislot and Pachinko machines that match market needs. Additionally, the Company group will build a lean management culture by improving operational efficiency, and strive to forge a stable and profitable corporate culture. (3) Medium- and Long-term Business Strategy In the Pachislot and Pachinko Business which is its core business, the Company group will endeavor to secure and expand its market share by utilizing market information in development activities, and continuing to offer Pachislot and Pachinko machines that match market needs to halls. Asian economies led by China are growing steadily and the population of wealthy individuals and middle-income earners is increasing. The Company group is currently working on a casino resort project in the Philippines, where it will build one of the world s top class casino resorts to attract tourists from Asian countries, mainly China. (4) Issues to be Addressed by the Company (i) Pachislot and Pachinko Business In the Pachislot market, the number of machines in use is increasing. One reason is ART-type Pachislot machines, which have attractive payout functions and diverse game features. Another reason is the appearance of Pachislot machines that have new AT (assist time) functions. Pachislot machines that are able to draw customers are making increasing contributions to hall operations, and it is believed that this upward trend will increase further in the future. By proactively incorporating various innovations and new technologies, the Company group will continue to offer machines with superior performance and full of attractions. 7

11 (ii) Patent Strategy The Company group has long been aware of the importance of creating and protecting intellectual property, and has worked towards the establishment of a system that enables it to acquire patent rights for superior inventions through standardization of patent applications. Also, the Company group worked to improve the quality of its patent applications and improve the ratio of patent registrations to submitted applications, by establishing a structure whereby individual inventions are categorized into different technical fields and applications for patents are filed for a group of inventions in each technical field. The technologies which the Company has acquired or applied for patents are considerably more effective and commercially viable than those of its competitors. The Company intends to fully apply these technologies in the development of its products to improve the value of said products, thereby differentiating them from the competition in terms of technology. The Company believes this will enable it to achieve a competitive advantage. Also, in order to secure license income from its patents, the Company will move forward vigorously with strategies for both patent utilization and the protection of its patent rights when said rights are violated. (iii) Casino Resort Business The Company group seeks growing opportunity in the area of Asia and is currently working on a casino resort development project in the Philippines which promotes tourism nationwide. The Company group will continue to promote this project steadily and make it a new income source of the Company group in the future. (5) Other Significant Management Matters of the Company 1. Basic Policy Regarding Transactions with Related Parties For transactions with related parties, the Company pays extra attention to establish terms and conditions equivalent with those of corresponding transactions with third parties in general. 2. Guideline for Protection of Minority Shareholders in Transactions with Controlling Shareholders In conducting transactions with controlling shareholders, etc., the Company makes it a rule to carefully review and deal with such transactions in consideration of market values so that the interest of minority shareholders is not harmed. In order to make such transactions as appropriate and fair as other arm's length transactions, the Company obtains opinions from parties with no interests related to the controlling shareholders, etc., and seeks advice from legal professionals or assessment by appropriate third parties if necessary. 8

12 3. Consolidated Financial Statements (1) Consolidated Balance Sheet (Unit: Million yen) (Ended March 31, 2012) (Ended March 31, 2013) Assets Current assets Cash and deposits 34,440 64,372 Notes and accounts receivable-trade 3,595 11,694 Securities 11, Merchandise and finished goods Work in process 2,734 5,352 Raw materials and supplies 17,241 19,206 Deferred tax assets 1,182 1,806 Other 2,500 6,844 Allowance for doubtful accounts (63) (83) Total current assets 74, ,856 Non-current assets Property, plant and equipment Buildings and structures 8,748 9,567 Accumulated depreciation (4,825) (5,126) Buildings and structures (net amount) 3,922 4,441 Machinery, equipment and vehicles 4,166 4,257 Accumulated depreciation (3,150) (3,303) Machinery, equipment and vehicles (net amount) 1, Assets for rent 1,304 1,182 Accumulated depreciation (1,053) (1,118) Assets for rent (net amount) Land 31,235 35,841 Construction in progress 5,469 15,605 Other 10,681 8,812 Accumulated depreciation (6,860) (7,184) Other (net amount) 3,820 1,628 Total property, plant and equipment 45,713 58,535 Intangible assets Goodwill 49 - Other Total intangible assets Investments and other assets Investment securities 29,040 42,526 Long-term loans receivable Guarantees and deposits 1,625 1,645 Claims in bankruptcy, rehabilitation and other 1,783 1,817 Long-term accounts receivable-other 268 1,224 Long-term deposits - 4,332 Other Allowance for doubtful accounts (2,068) (3,074) Total investments and other assets 31,380 49,188 Total non-current assets 77, ,341 Total assets 151, ,197 9

13 (Unit: Million yen) (Ended March 31, 2012) (Ended March 31, 2013) Liabilities Current liabilities Notes and accounts payable-trade 6,820 13,869 Short-term loans payable - 9,132 Current portion of long-term loans payable Current portion of bonds 2,060 2,060 Accounts payable-other 1,304 1,771 Accrued income taxes ,994 Accrued consumption taxes 1, Provision for bonuses Other 1,323 2,479 Total current liabilities 14,397 47,176 Non-current liabilities Bonds payable 4,200 2,140 Long-term loans payable 1,155 4,676 Asset retirement obligations Other Total non-current liabilities 6,079 7,627 Total liabilities 20,477 54,804 Net assets Shareholders equity Capital stock Capital surplus 10,852 10,852 Retained earnings 164, ,616 Treasury stock (12,763) (14,296) Total shareholders equity 162, ,269 Accumulated other comprehensive income Valuation difference on available-for-sale securities (16) (51) Foreign currency translation adjustment (31,701) (21,593) Total accumulated other comprehensive income (31,718) (21,644) Subscription rights to shares Minority interests Total net assets 131, ,393 Total liabilities and net assets 151, ,197 10

14 (2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Consolidated Statement of Income) (Unit: Million yen) (April 1, 2011 to March 31, 2012) (April 1, 2012 to March 31, 2013) Net sales 74,858 99,182 Cost of sales 32,616 42,627 Gross profit 42,241 56,554 Selling, general and administrative expenses 15,892 20,657 Operating income 26,349 35,897 Non-operating income Interest income Dividends income Foreign exchange gains 63 3,227 Equity in earnings of affiliates 7,178 5,636 Other Total non-operating income 7,349 9,223 Non-operating expenses Interest expenses Bond issuance cost Stock issuance cost - 51 Commission fee Other Total non-operating expenses Ordinary income 33,368 44,873 Extraordinary income Gain on sales of subsidiaries and affiliates' stocks Gain on change in equity Other Total extraordinary income Extraordinary loss Loss on retirement of non-current assets 90 8 Loss on valuation of investment securities 1 55 Litigation settlement Expenditures related to fraud Provision for loss on overseas operations - 2,222 Other 7 0 Total extraordinary loss 114 2,587 Net income before taxes and tax adjustments 34,096 43,133 Income taxes-current 4,017 16,066 Income taxes-deferred (1,290) (196) Total income taxes 2,726 15,870 Net Income before minority interests 31,370 27,263 Minority interests in loss (10) (186) Net income 31,380 27,449 11

15 (Consolidated Statement of Comprehensive Income) (Unit: Million yen) (April 1, 2011 to March 31, 2012) (April 1, 2012 to March 31, 2013) Net Income before minority interests 31,370 27,263 Other comprehensive income Valuation difference on available-for-sale securities 41 (58) Foreign currency translation adjustment (3,827) 10,075 Share of other comprehensive income of affiliates accounted for using equity method (15) 56 Total other comprehensive income (3,801) 10,073 Comprehensive income 27,569 37,336 (Breakdown) Comprehensive income attributable to owners of the parent 27,579 37,522 Comprehensive income attributable to minority interests (10) (186) 12

16 (3) Consolidated Statement of Changes in Net Assets (Unit: Million yen) (April 1, 2011 to March 31, 2012) (April 1, 2012 to March 31, 2013) Shareholders equity Capital stock Beginning balance for the current period 3, Change during the current period Capital reduction (3,348) - Total change during the current period (3,348) - Ending balance for the current period Capital surplus Beginning balance for the current period 7,503 10,852 Change during the current period Capital reduction 3,348 - Total change during the current period 3,348 - Ending balance for the current period 10,852 10,852 Retained earnings Beginning balance for the current period 140, ,036 Change during the current period Dividends from surplus (2,378) (2,229) Dividends from surplus (interim dividend) (5,550) (2,201) Net income 31,380 27,449 Change of scope of consolidation - (16) Change of scope of equity method Total change during the current period 23,451 23,579 Ending balance for the current period 164, ,616 Treasury stock Beginning balance for the current period (2,763) (12,763) Change during the current period Acquisition of treasury stock (10,000) (1,532) Total change during the current period (10,000) (1,532) Ending balance for the current period (12,763) (14,296) Total shareholders equity Beginning balance for the current period 148, ,223 Change during the current period Dividends from surplus (2,378) (2,229) Dividends from surplus (interim dividend) (5,550) (2,201) Net income 31,380 27,449 Acquisition of treasury stock (10,000) (1,532) Change of scope of consolidation - (16) Change of scope of equity method Total change during the current period 13,451 22,046 Ending balance for the current period 162, ,269 13

17 (Unit: Million yen) (April 1, 2011 to March 31, 2012) (April 1, 2012 to March 31, 2013) Accumulated other comprehensive income Valuation difference on available-for-sale securities Beginning balance for the current period (33) (16) Change during the current period Change in items other than shareholders equity during the current period (net amount) 17 (35) Total change during the current period 17 (35) Ending balance for the current period (16) (51) Foreign currency translation adjustment Beginning balance for the current period (27,883) (31,701) Change during the current period Change in items other than shareholders equity during the current period (net amount) (3,818) 10,108 Total change during the current period (3,818) 10,108 Ending balance for the current period (31,701) (21,593) Total valuation and translation adjustments Beginning balance for the current period (27,916) (31,718) Change during the current period Change in items other than shareholders equity during the current period (net amount) (3,801) 10,073 Total change during the current period (3,801) 10,073 Ending balance for the current period (31,718) (21,644) Subscription rights to shares Beginning balance for the current period Change during the current period Change in items other than shareholders equity during the current period (net amount) (44) (0) Total change during the current period (44) (0) Ending balance for the current period Minority interests Beginning balance for the current period Change during the current period Change in items other than shareholders equity during the current period (net amount) 808 (62) Total change during the current period 808 (62) Ending balance for the current period Total net assets Beginning balance for the current period 120, ,336 Change during the current period Dividends from surplus (2,378) (2,229) Dividends from surplus (interim dividend) (5,550) (2,201) Net income 31,380 27,449 Acquisition of treasury stock (10,000) (1,532) Change of scope of consolidation - (16) Change of scope of equity method Change in items other than shareholders equity during the current period (net amount) (3,037) 10,010 Total change during the current period 10,413 32,057 Ending balance for the current period 131, ,393 14

18 (4) Consolidated Statement of Cash Flows (Unit: Million yen) (April 1, 2011 to March 31, 2012) (April 1, 2012 to March 31, 2013) Net cash from operating activities Net income before taxes and tax adjustments 34,096 43,133 Depreciation 1,852 2,113 Amortization of goodwill Expenditures related to fraud Increase (decrease) in provision for bonuses Increase (decrease) in allowance for doubtful accounts (217) 981 Provision for loss on overseas operations - 2,222 Interest and dividends income (40) (109) Interest expenses Foreign exchange losses (gains) (112) (3,137) Equity in (earnings) losses of affiliates (7,178) (5,636) Loss (gain) on change in equity (771) (503) Loss (gain) on sales of stocks of subsidiaries and affiliates - (326) Decrease (increase) in notes and accounts receivable-trade 943 (8,099) Decrease (increase) in inventories 827 (4,302) Decrease (increase) in accounts receivable-other (34) 162 Decrease (increase) in other current assets (490) (4,379) Decrease (increase) in claims provable in bankruptcy, claims provable in rehabilitation and 141 (33) other Increase (decrease) in notes and accounts payable-trade 452 7,045 Increase (decrease) in accounts payable-other Increase (decrease) in advances received (195) 32 Increase (decrease) in other current liabilities (83) 249 Decrease (increase) in other noncurrent assets 15 (1,182) Increase (decrease) in other non-current liabilities (93) (2) Other Subtotal 30,171 29,443 Interest and dividends income received Proceeds from dividends income from equity method affiliate 12,632 - Interest expenses paid (121) (150) Income taxes paid (3,742) (1,313) Net cash from operating activities 38,999 28,088 15

19 (Unit: Million yen) (April 1, 2011 to March 31, 2012) (April 1, 2012 to March 31, 2013) Net cash from investment activities Purchase of property, plant and equipment (6,160) (11,434) Proceeds from sales of property, plant and equipment 18 9 Purchase of intangible assets (156) (621) Purchase of investment securities (1,001) (1,505) Proceeds from redemption of investment securities 1,069 - Purchase of investments in subsidiaries - (1,234) Proceeds from sales of investments in subsidiaries Payments of differences in guarantees and deposits (179) (2) Proceeds from collection of guarantees and deposits Payments into time deposits - (7,854) Other Net cash from investment activities (6,321) (22,060) Net cash from financing activities Net increase (decrease) in short-term loans payable (5,439) 8,809 Proceeds from long-term loans payable 2,300 3,909 Repayment of long-term loans payable (209) (936) Proceeds from issuance of bonds 5,879 - Expenditure on bond redemption (1,340) (2,060) Cash dividends paid (7,928) (4,430) Purchase of treasury stock (10,010) (1,532) Proceeds from collection of payments from minority shareholders Net increase of pledged deposit 1,249 (6,973) Other 22 (0) Net cash from financing activities (14,480) (3,213) Effect of exchange rate change on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of consolidated fiscal year Increase in cash and cash equivalents from newly consolidated subsidiary Cash and cash equivalents at end of consolidated fiscal year (1,222) 3,383 16,975 6,197 29,432 46, ,408 52,778 16

20 (5) Notes to Consolidated Financial Statements (Notes Pertaining to Going Concern) No applicable matters present. (Changes in Significant Items Serving as Basis for Preparation of Consolidated Financial Statements) (1) Changes in the scope of consolidation From the current consolidated fiscal year, ACROSS CORP. was included in the scope of consolidation because it was newly established and increased importance. Additionally, KO Dining Group Limited, and TIGER RESORT, LEISURE AND ENTERTAINMENT, INC. were included in the scope of consolidation due to their increased importance. (2) Changes in the scope of equity method From the current consolidated fiscal year, Wynn Resorts, Limited was excluded in the scope of equity method because it has no significant impact on consolidated financial statements. (Changes in Accounting Policies) Change in depreciation method Following tax law revisions, from the current consolidated fiscal year, the Company and its domestic consolidated subsidiaries have changed the method of depreciation of property, plant and equipment acquired on or after April 1, 2012 in line with methods prescribed in the revised Corporation Act. The effect of this change was to decrease 149 million yen in depreciation, and increase operating income, ordinary income, and net income before taxes and tax adjustments by 149 million yen each in the current consolidated fiscal year, compared with the previous method. (Additional Information) (Litigation) On February 18, 2012, Wynn Resorts, Limited and its Board of Directors declared that the Company and its consolidated subsidiary Aruze USA Inc. were unsuitable as shareholders of Wynn Resorts. Wynn Resorts claims that it unilaterally decided and executed a redemption of shares held in Wynn Resorts by Aruze USA Inc. (24,549,222 shares, 19.66% of the issued shares) in exchange for a 10-year long-term note at a price representing approximately a 30% discount of the market value of Winn Resorts stock on that day. Furthermore, on the following day, February 19, Wynn Resorts filed a lawsuit against the Company and Aruze USA Inc. seeking compensation for damages caused by abetting of a breach of fiduciary duty by Kazuo Okada, Chairman of the Board of Directors of the Company and declaratory relief with regard to the aforementioned decision on the redemption of shares. In response, on March 12, 2012, the Company, along with Aruze USA Inc., filed a countersuit as part of the legal measures necessary to protect its investment in Wynn Resorts, seeking a permanent injunction and declaratory relief against the improper redemption of shares by Wynn Resorts, as well as compensation for damages, etc., from Steve Wynn, an officer of Wynn Resorts, and the executive officers and the individual members of the Wynn Resorts Board, who were involved in the improper share redemption and fraudulent actions. The countersuit will include the process extending from the forthcoming procedures for disclosure of evidence including discovery and recording of testimony, followed by witness examination at the trial, all the way to the verdict. Therefore, it is expected to take a considerable amount of time before a final decision is made. Furthermore, all discovery activities involving litigation concerning the redemption of Wynn Resorts stock held by Aruze USA Inc. have been postponed by six months. At the present stage, it is impossible to predict what the actual outcome of the case will be, or when the decision will be made. Therefore, without making judgments based on predictions or prejudgment, the Company has determined that it is reasonable to take the proper measures and make proper disclosures in accordance with the determination of facts resulting from the countersuit proceedings immediately once they have been determined. Consequently, taking into account the difficulty of estimating with certainty the effects that could potentially arise from the results of filing this countersuit on the financial status, operating results, and cash flow status of the corporate group consisting of the Company and its consolidated subsidiaries, etc. in a particular period of time, 17

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