Following the completion of the transaction, Robert Kotick will be President/CEO of Activision Blizzard. Bruce Hack, current CEO of Vivendi Games, will serve as Vice-Chairman/Chief Corporate Officer of Activision Blizzard, accountable for leading the merger integration and the finance, human resources and legal functions. Mike Griffith will serve as President/CEO of Activision Publishing, which after closing will include the Sierra Ent., Sierra Online and Vivendi Games Mobile divisions in addition to the Activision business. Mike Morhaime will continue to serve as President/CEO of Blizzard Ent. Thomas Tippl, currently CFO of Activision, will be appointed CFO of Activision Blizzard and Jean-Francois Grollemund, currently CFO of Vivendi Games, will be appointed Chief Accounting Officer of Activision Blizzard.

The transaction has been approved by the boards of directors of Vivendi, Vivendi Games and Activision. The transaction is subject to the approval of Activision's stockholders and the satisfaction of customary closing conditions and regulatory approvals, including expiration of applicable waiting periods and receipt of applicable approvals under the Hart-Scott-Rodino Antitrust Improvements Act and European Union merger control regulations. Pending regulatory and stockholder approval, the companies expect the transaction to be completed in the first half of calendar year 2008.