Activision Blizzard (ATVI)

— Raises FY 2007 Net Revenue Outlook to $1.40 Billion and Diluted E.P.S. Outlook—

Santa Monica, CA — February 7, 2007 — Activision, Inc. (Nasdaq: ATVI) today announced preliminary financial results for the fiscal 2007 third quarter and nine months ended December 31, 2006, additional preliminary financial results for the fiscal second quarter ended September 30, 2006 and outlook for future periods.  The fiscal 2007 results and outlook do not take into account any adjustments for additional expenses that may be required in connection with the ongoing review of Activision’s historical stock option grant practices, discussed more fully in our recent press releases and filings with the SEC.  The fiscal 2007 results also exclude any adjustments that may be required by the occurrence of an event subsequent to this release that affects the estimates inherent in the process of preparing those results and should be considered preliminary until Activision files its quarterly reports on Form 10-Q for the second and third quarters of fiscal 2007.  Further, the historical results do not take into account any restatements that may be required in connection with that review, or the determination of the company’s audit committee on January 23, 2007 that the company’s financial statements (as well as earnings releases and similar communications) relating to the fiscal periods referred to in this release (and other periods dating back to fiscal 1992) should no longer be relied upon, and, therefore, are presented for comparative purposes only.