MERGER ARBITRAGE 25 February 2016 V. FINANCING AND LEVERAGE AND TAXES DESCRIPTION COMMENTS COMPLETED LAST UPDATED 36 FINANCING Vivendi expect the maximum cost of the offer to be c.€367m YES 25/02/2016 which be financed from Vivendi’s existing cash. 37 DIVIDENDS Gameloft do not declare or pay dividends YES 25/02/2016 38 POST MERGER NA YES 25/02/2016 LEVERAGE 39 TAX ARBITRAGE NA YES 25/02/2016 AND RISK 14 | P a g e