Very good operating achievements were offset by non recurring or calendar impacts: the first quarter of 2007 included notably the successful launch of the first expansion set World of Warcraft: The Burning Crusade (the second expansion set is anticipated to be released in the second half of 2008) and the favorable settlement of a tax litigation.

A comparison of the first quarters of 2007 and 2008 performances is not representative because the first quarter of 2007 included the hugely successful release of World of Warcraft: The Burning Crusade. Blizzard Entertainment’s second expansion, World of Warcraft: Wrath of the Lich King, is scheduled to be released in the second half of 2008. Consequently, Vivendi Games’ revenues for the first quarter of 2008 are 24.1% lower (-18.2% on a constant currency basis) when compared to the same period last year. Vivendi Games’ revenues was €221 million.