further reinforcing Jack’s leadership posi- tion in the value segment of the business. Thank you for your interest in our company and your continued support. On a personal note, I am extremely hon- ored that the Board of Directors has asked me to serve as Chairman and Interim Chief Executive Officer. There have been a number of other executive changes this year, notably the decision by our founder, Ryan Brant, to relinquish his role as Chairman in order to concentrate on our publishing business, the return of Paul Eibeler as President, and the appointment of company veteran Gary Lewis as Global Chief Operating Officer. These changes demonstrate the pool of management talent we have to draw upon. Fiscal 2003 was an exceptional year for Take-Two. Our success has afforded Take- Two the opportunity to attract and retain some of the best creative talent in the industry and to be opportunistic, responding to market trends and refining our operations to maximize profitability. We believe there is tremendous opportu- nity for Take-Two in 2004 and beyond. Richard W. Roedel Chairman of the Board and Interim Chief Executive Officer Jack of All Games Jack of All Games is the largest distributor of video game software, hardwar and acces- sories in North America. Jack distributes all Take-Two published products, as well as fr ont line products from all major publishers. They have capitalized on the growing installed base of hardware and proliferationof softwar e titles and outlets to purchase softwar e, by emphasizing sales of both exclusive and non- exclusive mid and budget-priced software to their expanding customer base.  5