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<h1 id="DocTitle">Activision 2005 Annual Report</h1>
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<option value="2">Results Through Execution</option>
<option value="21">Selected Consolidated Financial Data</option>
<option value="22">Management's Discussion and Analysis of Financial Condition and Results of Operation</option>
<option value="22"> Our Business</option>
<option value="23"> Our Focus</option>
<option value="23"> Critical Accounting Policies</option>
<option value="24"> Revenue Recognition</option>
<option value="24"> Allowances for Returns, Price Protection, Doubtful Accounts and Inventory Obsolescence</option>
<option value="25"> Software Development Costs</option>
<option value="25"> Intellectual Property Licenses</option>
<option value="27"> Selected Consolidated Statements of Operations Data</option>
<option value="28"> Results of Operations - Fiscal Years Ended March 31, 2005 and 2004</option>
<option value="37"> Results of Operations - Fiscal Years Ended March 31, 2004 and 2003</option>
<option value="45"> Selected Quarterly Operating Results</option>
<option value="54">Report of Independent Registered Public Accounting Firm</option>
<option value="56">Consolidated Balance Sheets</option>
<option value="57">Consolidated Statements of Operations</option>
<option value="58">Consolidated Statements of Changes in Shareholders’ Equity</option>
<option value="60">Consolidated Statements of Cash Flows</option>
<option value="61">Notes to Consolidated Financial Statements</option>
<option value="90">Non-GAAP Disclosures</option>
<option value="91">Market for Registrant’s Common Equity and Related Stockholder Matters</option>
<option value="92">Corporate Information</option>
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