Activision, Inc. — 2004 Annual Report Management’s Discussion and Analysis of Financial Condition  and Results of Operations Publishing Net Revenue by Product Line Personal Computer Net Revenue Net revenue from sales of titles for the PC increased 33% from $99.9 million for the year ended March 31, 2003 to $132.4 million for the year ended March 31, 2004. Though the number of premium PC titles released in fiscal 2004 remained relatively consistent with fiscal 2003, certain of our fiscal 2004 releases,  Call of Duty, Empires: Dawn of the Modern World and, in select European markets,  Jedi Knight: Jedi Academy , performed very well in both the domestic and international markets. According to NPD Group, a third-party sales tracking agency,  Call of Duty was the number one selling PC title in North America during the quarter of its release, our third quarter of fiscal 2004. We expect  fiscal 2005 PC publishing net revenues to increase as a percentage of total publishing net revenues over fiscal 2004 reflecting the release of more PC titles in fiscal 2005, including the highly anticipated  Doom  3 . Publishing net revenues increased 8% from $616.0 million for the year ended March 31, 2003 to $665.7 million  for the year ended March 31, 2004. The following table details our publishing net revenues by platform and as a  percentage of total publishing net revenues for the years ended March 31, 2004 and 2003 (in thousands): page 22 Year Ended % of Year Ended % of March 31, Publishing March 31, Publishing Increase/ Percent 2004 Net Revenues 2003 Net Revenues (Decrease) Change Publishing Net Revenues PC $132,369 20% $ 99,893 16% $ 32,476 33% Console PlayStation 2 289,048 43% 260,307 42% 28,741 11% Microsoft Xbox 145,111 22% 75,329 12% 69,782 93% Nintendo  GameCube 52,909 8% 74,694 12% (21,785) (29%) PlayStation 20,843 3% 52,722 9% (31,879) (60%) Other 507 —% 3,064 1% (2,557) (83%) Total Console 508,418 76% 466,116 76% 42,302 9% Hand-held Game Boy Advance 24,621 4% 44,060 7% (19,439) (44%) Game Boy Color 324 —% 5,906 1% (5,582) (95%) Total Hand-held 24,945 4% 49,966 8% (25,021) (50%) Total Publishing  Net Revenues $665,732 100% $615,975 100% $ 49,757 8% (In thousands) % of % of March 31, Publishing March 31, Publishing Increase/ Percent 2004 Net Revenue 2003 Net Revenue (Decrease) Change $132,369 20% $99,893 16% $32,476 33%