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This excerpt taken from the ATVI DEFA14A filed Dec 5, 2007. Paul Reynolds – Deutsche Bank - Analyst
And if I could just ask a third one to the Activision guys, if I can just understand slide 17, again, and the way that you’ve presented it. You’re talking about getting $1.00 from Activision and then an incremental, I think it is, if I understand the slide, $0.10 from Blizzard. But presumably the World of Warcraft contribution is going to be significantly higher than an incremental $0.10. And then there’s a base difference here. I just wanted to understand clearly the way you’re thinking.
Thomas Tippl – Activision - CFO
Think about it this way. Activision on a stand-alone basis would have been about $1.00 a share in calendar 2009. And of course Blizzard contributes a lot more, but we are also issuing additional shares in order to receive that asset. The net accretion therefore, just from adding it on, is $0.10 for the combined Company. Then, if you improved your operating performance, as we laid out, on the Sierra division, you get another roughly $0.10. Altogether, you’re then at least at $1.20.
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