Activision, Inc. — 2004 Annual Report Financial Review Selected Consolidated Financial Data 13 Management’s Discussion and Analysis of Financial Condition  and Results of Operations 14 Report of Independent Registered Public Accounting Firm 41 Consolidated Balance Sheets 42 Consolidated Statements of Operations 43 Consolidated Statements of Changes in Shareholders’ Equity 44 Consolidated Statements of Cash Flows 46 Notes to Consolidated Financial Statements 47 Market for Registrant’s Common Equity, Related Stockholder Matters  and Issuer Purchases of Equity Securities 74 page 12