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Q&A (Summary)

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Q1 I think there are people out there with visual impairments who want to play games.
Please explain if there are any initiatives aimed at this goal.

A1 President and CEO Shuntaro Furukawa:

We hope that many people around the world will be able to enjoy our games. Although I will refrain from mentioning

specific initiatives here, we would like to make various efforts to ensure that not only people with visual impairments, but

also people who have difficulty playing games, can enjoy our games.

Q2 I would like to ask about measures to prevent resale of the successor model to the Nintendo Switch. At last year's general shareholders meeting, you said

that you would take measures to prevent resale by ensuring sufficient production volume of the hardware, but are these measures progressing?

A2 Furukawa:

As a measure against resale, we believe that the most important thing is to produce a sufficient number of units to meet

customer demand, and this approach has not changed since last year. In addition, we are considering whether we can take

any measures within the scope of legal provisions, taking into

account the circumstances of each region. Last year and the year before, we were unable to produce a sufficient amount

of Nintendo Switch hardware due to a shortage of semiconductor parts, but this situation has now been resolved. We do

not believe that the shortage of parts will have a significant impact on production of the successor model at this time.

Q3 Indie games (games developed by small development companies) are often talked about, but what will be the relationship
between these games and Nintendo in the future? Are you considering any proactive measures to increase the number of

titles?

A3 Furukawa:

In order to make our platform attractive to indie game developers in terms of both development and sales, we have

been working on various initiatives since before the release of the Nintendo Switch, such as improving the development

environment, including improving support for developers, and promoting the platform at events for developers around the

world. We also provide ongoing promotional support for each title through a special program called "Indie World" that

introduces indie games. We have provided development environments such as Unity and Unreal Engine for the Nintendo

Switch from an early stage, and many developers are using them.
Indie games are essential to increasing the appeal of our platform, so we plan to continue strengthening these activities

in the future.

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Q4: As efforts to equip smartphones and other devices with AI progress, it is expected that AI will play a larger role in everyday life.
I would like to hear about Nintendo's efforts to utilize AI.

A4 Furukawa:

In the game industry, AI-like technology has long been used to control enemy character movements, so I believe that

game development and AI technology have always had a close relationship. Generative AI, which has been a hot topic in

recent years, can be more creative, but I also recognize that it has issues with intellectual property rights.

We have decades of know-how in creating optimal gaming experiences for our customers, and while we remain flexible

in responding to technological developments, we hope to continue to deliver value that is unique to us and cannot be

achieved through technology alone.

Q5: Last year, a special website was set up to celebrate the 40th anniversary of the Family Computer (Famicom).

A software called "Nintendo World Championships Famicom World Championships" was also announced, but
Are you considering any other initiatives regarding this in the future?

A5 Furukawa:

Last year marked the 40th anniversary of the release of the Famicom, and we have implemented various measures to

disseminate information, such as launching a special website and streaming Famicom-themed YouTube shows. In addition,

if you become a member of Nintendo Switch Online, you can play many titles released for the Famicom on your Nintendo

Switch. In the midst of all this, we are very grateful that many people have fond memories of the Famicom and are talking

about them on social media.

In July, we plan to release software called "Nintendo World Championships." We believe that by continuing to do things
like this, we can help many people remember the Famicom and allow new customers to experience Famicom games, which

will lead to an increase in our long-term corporate value. Therefore, we will continue to treasure our old products as well as

new ones.

Q6: Regarding upcoming software releases, while there is a rich lineup of "Mario" and "The Legend of Zelda" related titles, some
users have commented that there are not many new IPs. What are your thoughts on developing new titles using new IPs?

A6 Director and Executive Managing Officer Shinya Takahashi:

Nintendo Switch is introducing software that incorporates new characters, new ideas, and new ways to play.

We have launched several new products and plan to continue to offer a variety of new products in the future.

Our developers are not only developing games for customers who enjoy games that use familiar characters, but also

want to offer new ideas to customers who are looking for something new, so we hope you will look forward to it.

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Q7: It was announced that the forecast sales volume for this fiscal year does not include the successor model of the Nintendo Switch, but the full-year performance

forecast will change significantly depending on whether or not a successor model or major software is released. I would like to hear your thoughts on

the necessity of announcing the full-year performance forecast.

A7 Furukawa:

When we announce our financial results at the end of the fiscal year, we announce our full-year performance forecast for the new fiscal year.

We recognize that investors are very interested in our company. Our basic policy for IR activities is to disclose information to shareholders

and investors in a fair, timely and appropriate manner. In our business, we value surprising our customers in a positive way, but sharing

specific product information or sales strategies in advance would diminish the surprise. For this reason, we are often unable to share such

information when announcing our earnings forecasts, and we find it difficult to announce earnings forecasts at this stage.

At the same time, we believe it is necessary to communicate our business outlook to shareholders and investors as much as possible,

and therefore we believe it is appropriate to announce our full-year earnings forecast at this time. Previously, we also announced interim

earnings forecasts, but we no longer disclose interim earnings forecasts because even a slight delay in the release of software can

significantly change the figures.

We would like to continue to consider ways to better communicate with our shareholders and investors.

Q8: With the opening of Super Nintendo World at Universal Studios Hollywood in the US, the scope of Nintendo's business is expanding. What path

does Nintendo take in the future? Also, I would like to ask about the collaboration with NVIDIA on the Nintendo Switch.

A8 Representative Director and Fellow Shigeru

Miyamoto: We are currently preparing to open the Nintendo Museum in Uji, Kyoto Prefecture, as a facility that will allow people to learn

about Nintendo through our company's past products. Looking back on Nintendo's history while looking at the exhibits at the Nintendo

Museum, it feels like we have just reached a turning point.

Nintendo's business started with Hanafuda and Karuta, and after expanding into various other businesses, they decided to focus on

entertainment, which led them to fortunately encounter video games. Even in the world of video games, Nintendo has walked its own path

rather than competing with its competitors.

About 10 years ago, we felt that there was a limit to how much Nintendo entertainment we could deliver to people around the world

through the dedicated game console business alone, so we continued to work on creating opportunities for our consumers to get to know

Nintendo through things other than video games, such as mobile, theme parks and movies, and we are finally starting to see results recently.

In this context, "Donkey Kong Country" is scheduled to open at Universal Studios Japan in Osaka, and "Super Nintendo World" is

scheduled to open next year at Universal Epic Universe, which is currently under construction in Orlando, Florida. "Super Nintendo World"

is also scheduled to open at Universal Studios Singapore, and we are also preparing various other developments, such as videos.

In the end, it's not about what Nintendo games people buy, but how we get consumers around the world to choose Nintendo. We need

to make our customers want to enjoy our products themselves, not just want them to think, "I want to give a Nintendo product to my child."

We have told our employees, "Let's all work together to create reasons for people to choose Nintendo," and we are actually working on that.

By doing so, we have the potential to make any product a choice for people all over the world.

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Nintendo does not make daily necessities or everyday items. If we can create new added value, generate interest, and

keep aiming for the home run of a big hit product, I believe Nintendo will continue to be a necessary brand for families in

the future, and I would like to continue doing that.

Director and Senior Executive Officer Ko Shiota:

We have been working with NVIDIA to develop the SoC (System on a Chip), which is the heart of the Nintendo Switch,
and the system software that runs the SoC.

We receive various technical support from NVIDIA.

Q9 : Regarding future production systems, are you considering measures such as strengthening domestic factories or increasing the number of countries where

you set up production bases overseas in order to deal with the weak yen and hedge risks?

A9 Furukawa:

Our overseas sales ratio is nearly 80%, so basically, a weaker yen has a positive effect on sales. On the other hand,

most of our material procurement is done in dollars, so a weaker yen will partially offset the positive effect on sales. In

addition, our overseas subsidiaries in the United States and Europe incur foreign currency-denominated expenses such as

advertising and promotion expenses and labor costs, so a weaker yen will have a negative effect on profits. Due to this

situation, the benefit of a weaker yen is smaller at the operating profit level than at the sales level. In addition, since we

hold foreign currency-denominated assets such as deposits, if the exchange rate at the end of the fiscal year weakens

compared to the end of the previous fiscal year, it will also have an impact on foreign exchange gains due to revaluation.

Senior Executive Officer Shinichi

Shinji: We have a "fabless" production system, outsourcing the production of our products to external production

partners. It is difficult to create a production system for our products because the production volume changes significantly

depending on demand, but we need a production system that can respond to changes, including country risk, so we make

an effort every day to establish the optimal production system by listening to and consulting with the situation in each

country and with our business partners.

Q10 What kind of investments are you making in information security and what kind of measures are you considering?
I would like to

know. Information security in business is becoming more important these days, with cyber attacks against other companies

being widely reported in the news. Nintendo has few product information leaks and almost no information security-related

incidents, but how do you check whether your information security is functioning properly?

A10 Furukawa:

We recognize that the robustness and security of information systems are extremely important, and we are taking various measures to address this issue.

We cooperate

with specialist companies to carry out diagnostics to verify whether there are any security issues regarding our internal

systems and the services we provide, and we also take various measures to improve security.

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As part of our internal information

security structure, we introduced an information security management system in 2017 and established an information security committee.

This committee determines information management policies and implements physical and technical measures, while also working to raise

awareness by providing ongoing education on information security to employees.

Q11 Last year's release of "Super Mario Bros. Wonder" was the first new 2D Mario game in 11 years.

It seems that software development for the Nintendo Switch is taking longer than in the past. In terms of the gaming experience, I think it is

important to have a series of rich experiences at a young age, so I would like to see the development period shortened and games released

more regularly, even if they are not major game titles, so that young people have more opportunities to play games.

A11 Furukawa: In

today's game development, it is inevitable that development will become longer, more complex, and more advanced.

To meet these demands, we are continually expanding our development resources and making the necessary investments.

Takahashi:

It is inevitable that software development will take longer as hardware advances, but we believe we are making efforts to shorten

development times by gradually improving the development environment after the hardware is released.

In addition to titles that take a long time to develop, we also look for games that are fun even if they are developed in a short time.

We also want to develop the team thoroughly.

It should be noted that we have not been developing "Super Mario Bros. Wonder" for nearly 10 years. We had been working on various

projects and considering various things between the release of the previous title, "New Super Mario Bros. U," and the release of this title, so

as a result, there was a long gap. We would like to continue to make various proposals in the future, so please look forward to them.

Executive Officer Takashi Tezuka:

After completing "Super Mario Bros. Wonder," I realized that it had been 11 years since the previous game. However, that doesn't mean

we hadn't done anything in the meantime. We had been developing several new "Mario"-related games, such as "Super Mario Maker" and the

3D "Mario" series.

Let me explain Nintendo's manufacturing philosophy once again: regardless of whether it is a Mario series or not, we first think about

creating games that have never been played before. We then think about how we can make these games fun for people and how we can

make them fall in love with Nintendo.

Not only this "Super Mario Bros. Wonder" but all Mario-related games are fun to play, even by yourself.

We created this with the aim of making it enjoyable for many customers.

Regarding future new titles, some will take time to develop and others will be made in a short period of time, but please look forward to our

new proposals.

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Q12: What are your thoughts on shareholder returns? Two years ago, Nintendo split its stock into 10 parts, but are there plans to split it again or

buy back treasury stock or implement other shareholder return measures in the future?

A12 Furukawa:

We have carefully considered the implementation of a stock split to reduce the investment unit, based on the belief that it is an

effective means of expanding our investor base and further increasing the liquidity of our shares. In 2022, we made a comprehensive

judgment based on the stock price level, liquidity, and market conditions of our shares, and split our shares at a ratio of 10 shares for

every 1 share. As a result, we believe that this has had a certain effect on expanding our investor base, such as an increase in the

number of shareholders, mainly individual shareholders.

Our basic policy regarding share buybacks is to carry them out as necessary, taking into account the business environment, stock

price and stock market trends. Information regarding such measures must be disclosed in a timely manner when they are implemented,

so we are unable to provide specific details on when and how we will do so here.

Q13 Nintendo has many attractive IPs such as "Mario" and "The Legend of Zelda", but there are cases where other companies are providing

products and services that infringe on the rights of those IPs, and we are concerned that the value of Nintendo IPs will be damaged.

How do you plan to respond to acts that infringe on Nintendo's intellectual property rights?

A13 Furukawa:

Our mission is to make our customers smile through entertainment, and we aim to provide games that anyone can enjoy intuitively.

We believe that many customers have developed an attachment to our characters and IP through their experiences playing our games.

For this reason, we believe it is extremely important for us to continue to create new games and deepen our customers' attachment to

our characters and IP.

Furthermore, our basic policy for protecting intellectual property is to take appropriate action against any infringement of our

intellectual property rights, and this will not change in the future.

Q14 I think that the developers who have played a central role in Nintendo are getting older. What do you think about future game development?

Are there plans to hand it over or transition to the younger generation?

A14 Furukawa:

The transition of developers to a new generation is a very important issue for our company, but I think it is going smoothly.

I don't feel uneasy at all. I think the company has a lot of young, talented developers.

Miyamoto:

I am the oldest director, but I am comfortable in my job. We have a system in place

that allows the younger generation of developers to develop new games, and I think the handover has gone smoothly. However, the

generation I took over from has reached a certain age, so I would like to be able to hand it over to an even younger generation.

Personally, if I don't create something, my days become boring and I can't create anything.

I'm involved in mobile apps like Pikmin Bloom and new media such as video.

There are cases where I will continue to be heavily involved in game development, and I think it will be accepted all over the world.

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I would like to actively participate in creating new IP and other interesting things.

Q15 : I understand that Nintendo is a company that aims to "make everyone involved with Nintendo smile." However, unfortunately, we sometimes

see cases on social media where Nintendo IP and games are used for inappropriate behavior. I feel that this kind of behavior poses the risk

of damaging the value of Nintendo IP, so I would like to know how you will respond to such cases.

A15 Furukawa:

Our company aims to achieve our management policy of "making people smile through entertainment" by proposing unique entertainment

that anyone can intuitively enjoy. We will refrain from commenting on individual cases, but we believe that we need to take appropriate

action against anything that impedes this policy.

Our goal is to create an environment where everyone can enjoy playing games. Not only in games, but in all other situations where customers

come into contact with our IP, we will endeavor to handle various aspects of the game in a way that does not cause any discomfort to our customers.

We will continue to make every effort to ensure that this initiative is carried out.

Q16: What impact does the weakening yen have on product prices?

Considering the current market exchange rate, there is a large difference in the selling price of the Nintendo Switch (organic

electroluminescence model) between Japan and the U.S. If the yen continues to weaken when the successor model is released in the

future, we are concerned that if the price in each region is set based on the market exchange rate, it will be difficult for consumers in Japan

to purchase it. Are you considering adjusting the selling price only in certain regions?

A16 Furukawa:

Compared to the time of the release of the Nintendo Switch, the yen has weakened, and it is true that a price difference has arisen

between Japan and overseas. At this time, we

cannot comment on the timing of the release of the successor model or the pricing strategy. We are also not considering changing the

price of the Nintendo Switch at this time. However, it is certain that the yen will continue to weaken for a long time, so we would like to

continue to carefully consider the situation while keeping a close eye on it.

Q17: I think the director candidates up for election at this general shareholders meeting hold a small number of Nintendo shares. I would like to know

your thoughts on the number of shares held by directors.

A17 Furukawa: I

believe that each director candidate will work diligently in their duties as a director, regardless of the amount of the company's shares

they hold. In addition, we pay a portion of the compensation for directors who are not audit and supervisory committee members in the form

of restricted stock compensation as a long-term incentive. Therefore, the number of company shares held by the five internal directors,

including myself, has increased since last year's general shareholders' meeting. In this way, I believe that the value shared between directors

and shareholders is becoming more pronounced. We will continue to consider necessary measures.

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Q18 I think good game music can be an opportunity to experience new games. Recently, the number of games with
soundtracks, such as the "Legend of Zelda" series, has been increasing, but are you considering distributing game
music through a subscription system in order to make better use of Nintendo's assets?
A18 Furukawa:
Many consumers have an attachment to game music, and when we hold concerts or stream game music, we
receive a great response. We feel that games are loved by consumers in many ways. We believe that game music
is
also an important value in expanding the number of people who have access to Nintendo IP.
Therefore, we would like to consider how to utilize it in a way that will please our customers.

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