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Adobe Completes Acquisition of Macromedia

Adobe Completes Acquisition of Macromedia
Combined company to deliver software platform that redefines how people engage with digital information.

SAN JOSE, Calif. - Dec. 5, 2005 - Adobe Systems Incorporated (Nasdaq:ADBE) today announced the completion of its acquisition of Macromedia, Inc. The transaction was finalized on Saturday, Dec. 3, 2005. As a result of the acquisition, Macromedia common stock is no longer being traded and shares of Macromedia common stock were converted into the right to receive 1.38 shares of Adobe common stock.

The combination of Adobe and Macromedia creates one of the world's largest, most innovative and diversified software companies. The acquisition brings together some of the industry's strongest software brands and most ubiquitous technologies for creating, managing and delivering compelling content and experiences across multiple operating systems, devices and media. The move also accelerates Adobe's strategic initiative to advance a powerful software platform, based on PDF and Macromedia® Flash® technologies, that scales from mobile devices to high-end servers.

"The explosion of digital content, combined with the accelerating proliferation of mobile phones, wireless devices and the growth of broadband are transforming the way the world engages with information," said Bruce Chizen, chief executive officer of Adobe. "Adobe and Macromedia are at the center of this trend, and together we will build on our combined heritage to redefine the way people and businesses communicate."

This week the company will begin executing the planned integration of the two companies' operations, networks and customer care organizations to ensure a smooth transition and immediate value for customers, partners and investors. As part of the initial integration of product portfolios, Adobe today announced three new product bundles that combine the design and publishing power of Adobe® Creative Suite 2 and Adobe video tools with the interactive strength of just-released Macromedia Flash Professional 8 and Macromedia Studio 8 software (see separate press release).

Management of the combined company includes executives and board members from both organizations. Bruce Chizen continues as chief executive officer and Shantanu Narayen remains as president and chief operating officer. Macromedia's Stephen Elop has joined Adobe as president of worldwide field operations. Murray Demo remains executive vice president and chief financial officer. Dr. John Warnock and Dr. Charles Geschke remain co-chairmen of the Board of Directors of the combined company and Macromedia's chairman, Rob Burgess, has joined the Adobe Board.
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