Activision Blizzard (ATVI)

Although we expect that the Business Combination will result in benefits to Activision Blizzard, we may not realize those benefits because of integration difficulties and other challenges.

        The success of the combination of Activision and Vivendi Games will be dependent in large part on the success of our management in integrating the operations, technologies and personnel of the two companies. Though we have largely achieved the integration in North America, other regions are still underway.

        Our failure to meet the challenges involved in successfully completing the integration of the operations of Activision and Vivendi Games in those other regions or to otherwise realize any of the anticipated benefits of the Business Combination, including additional revenue opportunities, could impair our results of operations.

        Challenges involved in this integration include, without limitation:

•

integrating successfully each company's operations, technologies, products and services;



•

reducing the costs associated with operations;



•

coordinating the publishing, distribution and marketing efforts to effectively promote the products of Activision Blizzard as a combined company;



•

preserving development, distribution, licensing or other important relationships of each company and resolving potential conflicts that may arise; and



•

combining the corporate cultures, maintaining employee morale and retaining key employees.

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        We may not successfully complete the integration of the operations of Activision and Vivendi Games in a timely manner and we may not realize the anticipated benefits or synergies of the Business Combination to the extent, or in the timeframe, anticipated. The anticipated benefits and synergies include cost savings associated with anticipated restructurings and other operational efficiencies, greater economies of scale and revenue enhancement opportunities. However, these anticipated benefits and synergies assume a successful integration and are based on projections, which are inherently uncertain, and other assumptions. Even if integration is successful, anticipated benefits and synergies may not be achieved.

Although we expect that the Business Combination will result in benefits to Activision Blizzard, we may not realize those benefits because of integration difficulties and
other challenges.

        The success of the combination of Activision and Vivendi Games will be dependent in large part on the success of our management in
integrating the operations, technologies and personnel of the two companies. Though we have largely achieved the integration in North America, other regions are still underway.

        Our
failure to meet the challenges involved in successfully completing the integration of the operations of Activision and Vivendi Games in those other regions or to otherwise realize
any of the anticipated benefits of the Business Combination, including additional revenue opportunities, could impair our results of operations.

        Challenges
involved in this integration include, without limitation:

•

integrating successfully each company's operations, technologies, products and services;




•

reducing the costs associated with operations;




•

coordinating the publishing, distribution and marketing efforts to effectively promote the products of Activision Blizzard
as a combined company;




•

preserving development, distribution, licensing or other important relationships of each company and resolving potential
conflicts that may arise; and




•

combining the corporate cultures, maintaining employee morale and retaining key employees.

13

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        We
may not successfully complete the integration of the operations of Activision and Vivendi Games in a timely manner and we may not realize the anticipated benefits or synergies of the
Business Combination to the extent, or in the timeframe, anticipated. The anticipated benefits and synergies include cost savings associated with anticipated restructurings and other operational
efficiencies, greater economies of scale and revenue enhancement opportunities. However, these anticipated benefits and synergies assume a successful integration and are based on projections, which
are inherently uncertain, and other assumptions. Even if integration is successful, anticipated benefits and synergies may not be achieved.

Although we expect that the Business Combination will result in benefits to Activision Blizzard, we may not realize those benefits because of integration difficulties and other challenges.

The success of the combination of Activision and Vivendi Games will be dependent in large part on the success of our management in integrating the operations, technologies and personnel of the two companies.  Our failure to meet the challenges involved in successfully integrating the operations of Activision and Vivendi Games or to otherwise realize any of the anticipated benefits of the Business Combination, including additional revenue opportunities, could impair our results of operations.  In addition, the overall integration of the companies is a complex, time-consuming and expensive process that, without proper planning and effective and timely implementation, could significantly disrupt our business.

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