MERGER ARBITRAGE 25 February 2016 II. RISKS AND CONDITIONALITY DESCRIPTION COMMENTS COMPLETED LAST UPDATE 10 KEY CONDITIONS  Approval of the offer document by the AMF YES 25/02/2016  Minimum tender of 50% of outstanding Gameloft shares. If this threshold is not reached, the offer lapses and all voting rights above 30% cannot be exercised.  If the offer lapses, Vivendi is not able to purchase additional shares in the market (they are limited to increase their stake by only 1% a year) 11 REMAINING All of the conditions remain outstanding YES 25/02/2016 CONDITIONS 12 POLITICAL RISK The deal is too small to encounter any real political YES 25/02/2016 interference 13 ANTITRUST There are no overlaps as Vivendi no longer own Activision YES 25/02/2016 Blizzard 14 BUSINESS RISK No business risk in our view YES 25/02/2016 15 SHARE We think the current premium is a risk discounting too much YES 25/02/2016 PERFORMANCE the likelihood of a bump RISK 16 REGULATORY RISK None YES 25/02/2016 17 MATERIAL NA YES 25/02/2016 ADVERSE EFFECT 10 | P a g e