Activision, Inc. — 2004 Annual Report page 23 Net revenue from sales of titles for the Nintendo GameCube decreased 29% from $74.7 million for the year ended March 31, 2003 to $52.9 million for the year ended March 31, 2004. The decrease is primarily due to a reduction in the number of GameCube new title releases from 9 in fiscal 2003 to 5 in fiscal 2004. The titles that were released for GameCube performed strongly, including  Tony Hawk’s Underground and  True Crime: Streets of L.A. We expect the installed base of GameCube hardware to continue to grow at its current low price point. Net revenue from sales of titles for the Xbox increased 93% from $75.3 million for the year ended March 31, 2003 to $145.1 million for the year ended March 31, 2004. Though the number of new Xbox titles remained relatively consistent from fiscal 2003 to fiscal 2004, we were able to increase our Xbox sales in both the domestic and  international markets. The increase is primarily due to strong worldwide sales of several of our Xbox titles including  True Crime: Streets of L.A., Tony Hawk’s Underground, Return to Castle Wolfenstein, Soldier of Fortune 2, X2: Wolverine’s Revenge, Tenchu: Return from Darkness and, in select European markets,  Jedi Knight: Jedi Academy . The increase was also due to an increased installed base of the Xbox. We expect the growth of the installed base of Xbox hardware to be driven by the recent price cut announced by Microsoft in March 2004. Net revenue from sales of titles for the PS2 increased 11% from $260.3 million for the year ended March 31, 2003 to $289.0 million for the year ended March 31, 2004. Though the number of new PS2 titles reduced in fiscal 2004 to 10 from 13 in fiscal 2003, we were able to increase our PS2 sales in both the domestic and international markets. The increase is primarily due to strong worldwide sales of several of our PS2 titles including  True Crime: Streets of L.A., Tony Hawk’s Underground, X2: Wolverine’s Revenge, Return to Castle Wolfenstein, Cabela’s Dangerous Hunts and  Cabela’s Deer Hunt 2004 Season . We expect the growth of the installed base of PS2 hardware to be driven by the recent price cut announced by Sony in May 2004. PlayStation 2 Net Revenue (In thousands) % of % of March 31, Publishing March 31, Publishing Increase/ Percent 2004 Net Revenue 2003 Net Revenue (Decrease) Change $289,048 43% $260,307 42% $28,741 11% Microsoft Xbox Net Revenue (In thousands) % of % of March 31, Publishing March 31, Publishing Increase/ Percent 2004 Net Revenue 2003 Net Revenue (Decrease) Change $145,111 22% $75,329 12% $69,782 93% Nintendo GameCube Net Revenue (In thousands) % of % of March 31, Publishing March 31, Publishing Increase/ Percent 2004 Net Revenue 2003 Net Revenue (Decrease) Change $52,909 8% $74,694 12% $(21,785) (29%)