Take Two Acquires Angel StudiosTake-Two Interactive Software, Inc. announced today the acquisition of Angel Studios, Inc., a leading developer of next generation interactive entertainment software. Take-Two acquired Angel Studios for an aggregate million in cash and 235,679 shares of restricted Common Stock. The Company does not anticipate the acquisition of Angel Studios to have any effect on its previously issued fiscal 2003 financial guidance. Angel Studios will be renamed Rockstar San Diego effective immediately. Take-Two and Angel Studios have a long track record of successful partnerships. Angel Studios developed Rockstar Games’ best-selling Midnight Club and Smuggler’s Run, titles which were introduced at the launch of the PlayStation®2 in October 2000. Both titles are now selling under Sony’s PlayStation®2 Greatest Hits program, with global life-to-date sales of Midnight Club exceeding 1.5 million units. Angel Studios is currently developing Midnight Club II, scheduled for release in February 2003. Angel also developed Microsoft’s best-selling Midtown Madness for the PC, as well as Capcom’s Resident Evil 2 and Nintendo’s Ken Griffey Jr. series, both for the Nintendo 64. Sam Houser, President of Rockstar Games, said, "Angel has been a valued partner to Rockstar over the past three years, and we are particularly excited about our latest collaboration, Midnight Club II. Angel Studios has a strong history of developing state of the art technology and exciting content. We look forward to the benefits of having Angel work exclusively for us going forward and having them as members of our talented team. Along with Rockstar North, Rockstar Toronto and Rockstar Vancouver, Rockstar San Diego will continue to develop the types of games for which Rockstar has become world-renowned."