VIVENDI AND ACTIVISION TO CREATE ACTIVISION BLIZZARD – WORLD'S LARGEST, MOST PROFITABLE PURE-PLAY VIDEO GAME PUBLISHER

Activision Blizzard Will Be the World’s Largest and Most Profitable Pure-Play Video Game Publisher

Combination Brings Activision’s Best-Selling Videogames, Including Guitar Hero, Call of Duty, and Tony Hawk, Together with Vivendi Games’ Portfolio of Leading Franchises, Including Global #1 Subscription-Based World Of Warcraft, StarCraft, Diablo, Crash Bandicoot and Spyro

Vivendi to Contribute Vivendi Games Valued at $8.1 Billion, Plus $1.7 Billion in Cash
in Exchange for Approximately 52% Stake in Activision Blizzard at Closing

Activision Blizzard Will Commence Post-Closing Cash Tender Offer for Up to 146.5 Million of its Shares at $27.50 per Share, Representing 31% Premium for Activision Stockholders Based on 20-Day Average

Transaction Will Unlock Value of Blizzard’s Massively Multiplayer Online Games Business and Will Be Accretive to Stockholders of Activision and Vivendi

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