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ELEVATION HOLDINGS TO ACQUIRE EIDOS
Copyright 2005 Business Wire Press Release

[ March 22nd 2005 ]

The Directors of EM Holding and Eidos announce that they have reached agreement on the terms of a recommended cash offer of 50 pence (approximately $0.96) for each Eidos Share and each Eidos ADS (each Eidos ADS representing 1 Eidos Share) for the whole of the issued and to be issued share capital of Eidos (the "Offer"). This values the whole of the issued share capital of Eidos at approximately GBP 71.0 million (approximately $136.3 million).

The Offer price of 50 pence per Eidos Share represents a premium of approximately 27.4 per cent. to the Closing Price of 39.25 pence per Eidos Share (approximately $0.75) on 18 March, 2005, the last business day prior to the date of this announcement. The Offer will be effected by means of a scheme of arrangement although EM Holding reserves the right to elect to implement the Offer by way of a takeover offer (within the meaning of section 428 of the Companies Act).

The Directors of Eidos, who have been so advised by UBS Investment Bank, financial adviser to Eidos, consider the terms of the Offer to be fair and reasonable and unanimously recommend that Eidos Shareholders and holders of Eidos ADSs vote in favour of the resolutions to be proposed at the Court Meeting, as they have irrevocably undertaken to do with respect to their own beneficial holdings of Eidos Shares. In providing advice to the Directors of Eidos, UBS Investment Bank has taken into account the commercial assessments of the Directors of Eidos.

Commenting on the Offer, John Riccitiello, Managing Director of Elevation Partners, L.P., said today: "We are pleased to be able to make this cash offer and believe it is in the best interests of Eidos shareholders, employees and customers."

Commenting on the Offer, John van Kuffeler, Chairman of the Board of Eidos, said today: "I am pleased to announce the cash offer by EM Holding Corp. and bring to an end the uncertainty which the Company, its shareholders and employees have endured during recent months. Our recent interim results reflect the financial and strategic issues facing Eidos. The Board firmly believes that shareholders' interests are best served by a sale of the Company."

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