Activision Blizzard (ATVI)

International Publishing Net Revenues (amounts in thousands)

International publishing net revenues increased 55% from $119.7 million for the three months ended June 30, 2007 to $185.6 million for the three months ended June 30, 2008.  Foreign exchange rates increased reported international publishing net revenues by approximately $9.3 million for the three months ended June 30, 2008.  Excluding the impact of the changing foreign currency rates, our international publishing net revenues increased $56.6 million or 47%.  In the three months ended June 30, 2008, the significant increase in international publishing net revenues was primarily attributable to our European publishing business with the launch of three key titles: Guitar Hero: Aerosmith, Kung Fu Panda, which was released concurrent with the DreamWorks movie Kung Fu Panda, and the LucasArts’ title Lego: Indiana Jones the Original Adventure.  The continued strong sales of Call of Duty: Modern Warfare, released in the last fiscal year, also contributed to the increase in net revenues. According to Charttrack and Gfk, Call of Duty: Modern Warfare and Lego: Indiana Jones the Original Adventure were two of the top 10 products by revenue in Europe for the quarter ended June 30, 2008.  This compares to the quarter ended June 30, 2007 releases of Spider-Man 3, Shrek the Third, and Guitar Hero II for the Xbox360.

International Publishing Net Revenues (amounts in thousands)

        International publishing net revenues decreased by 18% from $444.6 million for the year ended March 31, 2006 to $365.7 million for the year ended March 31, 2007. Additionally, international publishing net revenues as a percentage of consolidated net revenues decreased from 30% for the year ended March 31, 2006 to 24% for the year ended March 31, 2007. The decrease in international publishing net revenues was primarily due to the decrease in the number of titles released internationally in fiscal 2007. Additionally, in Europe, our net revenues were impacted by a decrease in revenues from our affiliate titles. Fiscal 2006 included the successful LucasArts' titles, Star Wars:

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Revenge of the Sith and Star Wars Battlefront II, while fiscal 2007 included one major affiliate label release, LucasArts' Lego Star Wars II: The Original Trilogy. The decrease in international publishing net revenues was partially offset by a year over year strengthening of the EUR and the GBP in relation to the USD, which increased reported net revenues for fiscal 2007 by approximately $24.2 million. Excluding the impact of changing foreign currency rates, our international publishing net revenues decreased 23% year over year.

International Publishing Net Revenues (amounts in thousands)

        International
publishing net revenues decreased by 18% from $444.6 million for the year ended March 31, 2006 to $365.7 million for the year ended March 31,
2007. Additionally, international publishing net revenues as a percentage of consolidated net revenues decreased from 30% for the year ended March 31, 2006 to 24% for the year ended
March 31, 2007. The decrease in international publishing net revenues was primarily due to the decrease in the number of titles released internationally in fiscal 2007. Additionally, in Europe,
our net revenues were impacted by a decrease in revenues from our affiliate titles. Fiscal 2006 included the successful LucasArts' titles, Star Wars:

57

Revenge of the Sith and Star Wars Battlefront II, while fiscal 2007 included one major affiliate label release, LucasArts' Lego Star
Wars II: The Original Trilogy. The decrease in international publishing net revenues was partially offset by a year over year strengthening of
the EUR and the GBP in relation to the USD, which increased reported net revenues for fiscal 2007 by approximately $24.2 million. Excluding the impact of changing foreign currency rates, our
international publishing net revenues decreased 23% year over year.