Activision Blizzard (ATVI)

International Publishing Net Revenues (in thousands)

International publishing net revenues increased 240% from $35.2 million for the three months ended June 30, 2006 to $119.7 million for the three months ended June 30, 2007.  Foreign exchange rates increased reported international publishing net revenues by approximately $10.0 million for the three months ended June 30, 2007.  Excluding the impact of the changing foreign currency rates, our international publishing net revenues increased $74.6 million or 212%.  The significant increase in international publishing net revenues was primarily attributable to our European publishing business where three key titles, Spider-Man 3, Shrek The Third and Guitar Hero II for the Xbox360 were released in the first quarter of fiscal 2008.  International movie box office results for Spider-Man 3 outperformed its prequel, resulting in strong revenue results for our movie-based title in Europe.  TRANSFORMERS: The Game, a key title release in the United States during the first quarter of fiscal 2008, will launch in Europe in the second fiscal quarter, concurrent with the movie release dates in those geographies. Prior year first quarter results included sales of Over the Hedge and X-Men: The Official Game.  There were no LucasArts or other affiliate label titles released in the first quarter of fiscal 2008 or 2007.

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International Publishing Net Revenues (in thousands)

International publishing net revenues increased by 18% from $376.4 million for the year ended March 31, 2005 to $444.6 million for the year ended March 31, 2006. Additionally, international publishing net revenues as a percentage of consolidated net revenues increased from 27% for the year ended March 31, 2005 to 30% for the year ended March 31, 2006. The increases were due mainly to our successful expansion efforts into new territories combined with strong performance from our affiliate label products which included the successful LucasArts’ titles, Star Wars: Revenge of the Sith and Star Wars Battlefront II. The increase in international publishing net revenues was partially offset by a weakening of the EUR and the GBP in relation to the USD of approximately $14.5 million. Excluding the impact of changing foreign currency rates, our international publishing net revenues increased 22% year over year.

International Publishing Net Revenues (in thousands)

International publishing net revenues decreased by 8% from $55.5 million for the three months ended September 30, 2005, to $51.2 million for the three months ended September 30, 2006.  The decrease reflects the decrease in the number of new releases quarter over quarter and reduced pricing on catalog titles.  In the second quarter of fiscal 2007, we did not release any titles internationally. In the second quarter of fiscal 2006, we released Fantastic 4 in Europe and corresponding with the European introduction of the PSP, Tony Hawk’s Underground 2: Remix, Spider-Man 2, and an affiliate title for the PSP.  The decrease was partially offset by strong performance in the second quarter of fiscal 2007 of an affiliate title, LucasArts’ Lego Star Wars II: The Original Trilogy, which was released in September 2006, as well as the quarter over quarter strengthening of the EUR and GBP in relation to the USD of approximately $1.9 million for the three months ended September 30, 2006 as compared to the three months ended September 30, 2005.  Excluding the impact of changing foreign currency rates, our international publishing net revenues decreased 11% year over year.  As a percentage of consolidated net revenues, international publishing net revenues increased from 25% at September 30, 2005 to 27% at September 30, 2006.  The increase is primarily due to the strong performance of the affiliate title released in the second quarter of fiscal 2007 in Europe.

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International publishing net revenues decreased from $136.7 million for the six months ended September 30, 2005 to $86.3 million for the six months ended September 30, 2006.  The decrease in international publishing net revenues was due to the decrease in the number of titles released combined with strong performance on certain of our fiscal 2006 releases, such as Madagascar and Doom 3 for the Xbox.  Further contributing to the period over period decrease in international publishing net revenues was the timing of affiliate label title releases within each respective period.  LucasArts’ Star Wars: Episode III Revenge of the Sith was released in May 2005, much earlier in the respective six month period ended September 30 than Lego Star Wars II: The Original Trilogy, which was released in September 2006.  As a percentage of net revenues, international publishing net revenues decreased from 29% to 23% of consolidated net revenues as a result of the net revenue decline coupled with the strong growth in our distribution business during that period which became a larger portion of our consolidated net revenues.

International Publishing Net Revenues (in thousands)

International publishing net revenues decreased by 57% from $81.2 million for the three months ended June 30, 2005, to $35.2 million for the three months ended June 30, 2006.  As discussed above, the decrease in international publishing net revenues was primarily due to a decline in affiliate business when compared to the first quarter of fiscal 2006.  Prior year international net revenues were largely impacted by the launch of LucasArts’ Star Wars: Episode III Revenge of the Sith.  There were no LucasArts’ or other affiliate label titles released in the first quarter of fiscal 2007.  In addition, as discussed above, the decrease in net revenues was partly due to the decrease in the number of titles released combined with strong performance on certain of our fiscal 2006 first quarter releases.

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International Publishing Net Revenues (in thousands)

International publishing net revenues increased by 72% from $218.9 million for the year ended March 31, 2004, to $376.4 million for the year ended March 31, 2005.   International publishing also saw strong results from our 2005 titles, as well as strong fourth quarter performance in our LucasArts affiliate business.  In addition, we had strong catalog sales from a number of our franchises, including Spider-Man, Call of Duty, Tony Hawk, and True Crime.  There also was a positive strengthening of the EUR and the GBP in relation to the U.S. dollar of approximately $29.0 million.  Excluding the impact of changing foreign currency rates, our international publishing net revenues increased 59% year over year.

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International Publishing Net Revenues (in thousands)

International publishing net revenues decreased by 57% from $81.2 million for the three months ended June 30, 2005, to $35.2 million for the three months ended June 30, 2006. As discussed above, the decrease in international publishing net revenues was primarily due to a decline in affiliate business when compared to the first quarter of fiscal 2006. Prior year international net revenues were largely impacted by the launch of LucasArts’ Star Wars: Episode III Revenge of the Sith. There were no LucasArts’ or other affiliate label titles released in the first quarter of fiscal 2007. In addition, as discussed above, the decrease in net revenues was partly due to the decrease in the number of titles released combined with strong performance on certain of our fiscal 2006 first quarter releases.

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International Publishing Net Revenues (in thousands)

International publishing net revenues increased by 72% from $218.9 million for the year ended March 31, 2004, to $376.4 million for the year ended March 31, 2005. International publishing also saw strong results from our 2005 titles