Activision, Inc. — 2004 Annual Report Market for Registrant’s Common Equity, Related Stockholder Matters  and Issuer Purchases of Equity Securities Our common stock is quoted on the Nasdaq National Market under the symbol “ATVI.” The following table sets forth for the periods indicated the high and low reported sale prices for our common stock.  As of May 26, 2004, there were approximately 2,840 holders of record of our common stock. On May 26, 2004, the last reported sales price of our common stock was $15.88. We paid no cash dividends in 2004 or 2003 nor do we anticipate paying any cash dividends at any time in the  foreseeable future. We expect that earnings will be retained for the continued growth and development of the business. Future dividends, if any, will depend upon our earnings, financial condition, cash requirements, future prospects and other factors deemed relevant by our Board of Directors. In April 2003, the Board of Directors approved a three-for-two split of our outstanding common shares effected in the form of a 50% stock dividend. The split was paid on June 6, 2003 to shareholders of record as of May 16, 2003. In February 2004, the Board of Directors approved a second three-for-two split of our outstanding common shares effected in the form of a 50% stock dividend. The split was paid on March 15, 2004 to shareholders of record as of February 23, 2004. page 74 Stock Splits Dividends High Low Fiscal 2003 First Quarter ended June 30, 2002 $15.60 $11.70 Second Quarter ended September 30, 2002 14.02 9.91 Third Quarter ended December 31, 2002 10.61 5.42 Fourth Quarter ended March 31, 2003 7.00 5.79 Fiscal 2004 First Quarter ended June 30, 2003 $ 8.99 $ 6.01 Second Quarter ended September 30, 2003 9.58 7.23 Third Quarter ended December 31, 2003 12.73 7.71 Fourth Quarter ended March 31, 2004 16.17 11.38