Activision Blizzard, Inc. is a developer, publisher and distributor of videogames. Activision's combination with Vivendi Games provides the combined company by far the best exposure of U.S. publishers to massively multiplayer, subscription and online games, as well as Asia. It also reduces exposure to the cyclicality of console videogames. The combination has hands-down created the premier company in the videogame industry, which we expect to translate to the best investment in coming years. We believe it is in a superb position to gain significant market share this cycle, which should promote revenue growth in excess of the industry's as it continues to build its arsenal of internally developed titles.

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