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Rockstar Games Announces Midnight Club 2 for PlayStation 2

ROCKSTAR GAMES ANNOUNCES MIDNIGHT CLUB 2
FOR PLAYSTATION[r]2 COMPUTER ENTERTAINMENT SYSTEM

Rockstar’s “Greatest Hits” Racing Game
Returns To Redefine Genre

NEW YORK, NY – May 16th, 2002– Rockstar
Games, Take-Two Interactive Software Inc.’s high-end videogame publishing
division, announced today that Midnight Club 2, the sequel to the highly
successful award winning PlayStation 2 launch title Midnight Club, is in
production for the PlayStation 2 computer entertainment system.

“Midnight Club turned a lot of heads at the
launch of the PlayStation 2 with its frantic gameplay, open plan racing and
unique attitude,” said Dan Houser, Creative Director of Rockstar Games. “With
Midnight Club 2, we’re pushing the boundaries even further by adding more
cities, tricked out vehicles, stylized characters and a myriad of extra features
to keep the series moving forward. With a slick interface and a truly original
approach, Midnight Club 2 stands in a class of its own.”

About Midnight Club 2

The original Midnight Club qualified
immediately for SCEA’s “Greatest Hits” with its impressive sales record.
Building on this solid foundation, Midnight Club 2 expands the cityscape with
new modes of transportation, incredibly realistic AI and an energetic, stylistic
atmosphere all its own. You are an elite, next generation illegal street racer,
more dangerous and skilled than ever racing throughout the cities of Paris, Los
Angeles, and Tokyo. Each location boasts open-ended routes, loads of shortcuts
and massive jumps. Filled with pedestrians and passersby, vehicles backing out
of driveways, benches, lights, parking meters, trash, and other municipal
properties, these living cities will require complete concentration and deft
driving skills. Midnight Club 2 isn’t just a game, it’s a way of life.

About Take-Two Interactive Software

Headquartered in New York City, Take-Two
Interactive Software, Inc. is an integrated global developer, marketer,
distributor, and publisher of interactive entertainment software games and
accessories for the PC, PlayStation[r], PlayStation[r]2, Nintendo Game Boy
Color, Nintendo GameCube, Nintendo Game Boy Advance and the Xbox[tm]. The
Company publishes and develops products through various wholly owned
subsidiaries including: Rockstar Games, Rockstar Studios, Gathering of
Developers, TalonSoft, Joytech, PopTop, Global Star and under the Take-Two brand
name. The Company maintains sales and
marketing offices in Cincinnati, New York, Toronto, London, Paris, Munich,
Vienna, Copenhagen, Milan, Sydney and Auckland. Take-Two’s common stock is
publicly traded on NASDAQ under the symbol TTWO. For more corporate and product
information please visit our website at

www.take2games.com
.

All trademarks and copyrights contained
herein are the property of their respective holders.

Safe Harbor Statement under the Private
Securities Reform Act of 1995: The statements contained herein which are not
historical facts are considered forward-looking statements under federal
securities laws. Such forward-looking statements are based on the beliefs of our
management as well as assumptions made by and information currently available to
them.

The words “expect,” “anticipate,” “believe,”
“may,” “estimate,” “intend” and similar expressions are intended to identify
such forward-looking statements. Forward-looking statements involve risks,
uncertainties and assumptions including, but not limited to: risks associated
with our future growth and operating results; our ability to continue to
successfully manage growth and integrate the operations of acquired businesses;
the availability of adequate financing to fund periodic cash flow shortages;
credit risks; seasonal factors; inventory obsolescence; technological change;
competitive factors; product returns; failure of retailers to sell-through our
products; the timing of the introduction and availability of the Company’s new
software products and third-party hardware platforms; market and industry
factors adversely affecting the carrying value of our assets; unfavorable
general economic conditions (including the current economic downturn); and acts
of war and terrorism, any or all of which could have a material adverse effect
on our business, operating results and financial condition. These important
factors and other factors that could affect the Company are described in the
Company’s Annual Report on Form 10-K, as amended, for the fiscal year ended
October 31, 2001. Actual operating results may vary significantly from such
forward-looking statements. The Company has no obligation to update such
forward-looking statements.

# # #

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