Spreadsheet: f7e4b931-3e65-46f9-9996-79d05af4fe14
Sheet: NR and OI by Segment

 | [NAME], INC. AND SUBSIDIARIES
 | SEGMENT INFORMATION
 | (Amounts in millions)
 |  |  |  | Q3(v) | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1
 |  |  |  | CY08 | CY08 | CY09 | CY09 | CY09 | CY09 | CY10 | CY10 | CY10 | CY10 | CY11 | CY11 | CY11 | CY11 | CY12
 | Segment net revenues:
 |  | Activision (i) |  | 364 | 1695 | 348 | 448 | 415 | 1945 | 337 | 333 | 314 | 1785 | 323 | 323 | 253 | 1929 | 271
 |  | Blizzard (ii) |  | 297 | 477 | 291 | 290 | 286 | 329 | 306 | 299 | 481 | 570 | 357 | 313 | 297 | 276 | 251
 |  | Distribution (iii) |  | 56 | 171 | 85 | 63 | 54 | 221 | 71 | 51 | 62 | 193 | 75 | 63 | 77 | 203 | 65
 |  | Operating segment total
 | Reconciliation to consolidated net revenues:
 |  | Net effect from deferral of net revenues |  | -12 | -705 | 256 | 237 | -52 | -938 | 594 | 284 | -112 | -1121 | 694 | 447 | 127 | -1001 | 585
 |  | Other (iv) |  | 6 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Consolidated net revenues
 | Segment income (loss) from operations:
 |  | Activision (i) |  | -26 | 368 | -27 | 21 | -43 | 712 | 7 | -53 | -43 | 599 | 48 | 31 | -36 | 809 | 0
 |  | Blizzard (ii) |  | 146 | 257 | 143 | 134 | 116 | 162 | 158 | 155 | 246 | 291 | 170 | 135 | 120 | 71 | 89
 |  | Distribution (iii) |  | 2 | 19 | 3 | 1 | 2 | 10 | 0 | -1 | 1 | 11 | 0 | -1 | 1 | 10 | 1
 |  | Operating segment total
 | Reconciliation to consolidated operating income (loss):
 |  | Net effect from deferral of net revenues and related cost of sales |  | -12 | -490 | 167 | 164 | 9 | -724 | 410 | 227 | -97 | -859 | 506 | 332 | 105 | -758 | 447
 |  | Stock-based compensation expense |  | -26 | -43 | -28 | -43 | -36 | -47 | -44 | -17 | -34 | -37 | -23 | -20 | -18 | -43 | -21
 |  | Restructuring |  | -61 | -32 | -15 | -15 | 1 | 6 | -3 | -1 | 0 | 1 | -19 | -3 | -3 | -2 | 0
 |  | Amortization of intangible assets and purchase price accounting related adjustments |  | -90 | -201 | -46 | -38 | -33 | -142 | -17 | -10 | -18 | -77 | -8 | -7 | -7 | -50 | -3
 |  | Integration and transactions costs |  | -17 | -11 | -14 | -3 | -7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Impairment of goodwill/intangible assets |  | 0 | 0 | 0 | 0 | 0 | -409 | 0 | 0 | 0 | -326 | 0 | 0 | 0 | -12 | 0
 |  | Other (iv) |  | -110 | -15 | -4 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Consolidated operating income (loss)
 |  |  | Operating margin from total operating segments
 |  |  | (i) Activision Publishing (“Activision”) —  publishes interactive entertainment software and peripherals.
 |  |  | (ii) Blizzard —  Blizzard Entertainment, Inc. and its subsidiaries (“Blizzard”) publishes games and online subscription-based games in the MMORPG category.
 |  |  | (iii) Activision Blizzard Distribution (“Distribution”) — distributes interactive entertainment software and hardware products.
 |  |  | (iv) Other represents Non-Core activities, which are legacy Vivendi Games’ divisions or business units that we have exited, divested or wound down as part of our restructuring and integration efforts as a result of the Business Combination. Prior to July 1, 2009, Non-Core activities were managed as a stand alone operating segment; however, in light of the minimal activities and insignificance of Non-Core activities, as of that date we ceased their management as a separate operating segment and consequently, we are no longer providing separate operating segment disclosure.
 |  |  | (v) Results of Activision Blizzard for the period from July 9, 2008 (commencement of the Business Combination) to September 30, 2008 and Vivendi Games for period from July 1, 2008 to July 8, 2008.