Activision Blizzard Investor Presentation — September 2021

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* Jefferies LLC / Jefferies Research Services, LLC Andrew Uerkwitz  *

auerkwitz@jefferies.com

rconlin@jefferies.com

ealter@jefferies.com

bthill@jefferies.com

Stephanie Wissink  *

swissink@jefferies.com

^Prior trading day closing price unless

otherwise noted.Interactive Entertainment

"Going Outside is Highly Overrated": Metaverse Primer

Welcome to the Metaverse. We take a look at what it is - why it's not here - how it

will eventually be everywhere - and who is best positioned to benefit. We believe the

accumulation of technology in the video game industry will eventually lead to a fuller,

more robust internet that we call the Metaverse. The profound impact will be felt well

beyond any single industry. Its final form is decades away, but in the meantime, expect

many near term disruptions.

Our definition: the Metaverse is the convergence of physical and digital in a way that

is persistent, real-time rendered and infinite in its ability to offer shared experiences

allowing for total sense of presence to the point where it embodies us. Your virtual

identity will become interchangeable with your physical and true economies will form

around this immersion into virtual/augmented realities.

The Five Elements to Build: We see 5 key elements of technology that will accumulate

over time to get us to our utopian definition of metaverse: technical infrastructure;