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## Rockstar Games 

Rockstar Games, Take-Two’s world-renowned publishing label, developed the blockbuster Grand Theft Auto , Midnight Club and Max Payne franchises. Recognized for outstanding game play, unique game style and witty humor, Rockstar titles are among the most anticipated in the interactive entertainment industry. Rockstar operates from New York City with a family of development studios in North America and Europe. 

## Letter to Shareholders: 

Take-Two Interactive Software marked its tenth year of operations in 2003. In this relatively short period of time, Take-Two has become one of the top publishers and distributors of interactive entertain- ment products. Concurrently, the industry has grown significantly as video games have become a top form of entertainment and a lifestyle choice for millions of peo- ple around the globe. 

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In our publishing business, we’ve achieved success by developing games based primarily on our proprietary brand franchises, as well as selective licensed properties. Take-Two’s premier publishing label, Rockstar Games, has forged a unique niche with its titles, which utilize sophisticated game play, humor, and immersion into environments that are unmatched in any other entertainment medium. The world-renowned reputation of Rockstar Games and the success of their blockbuster Grand Theft Auto fran- chise is the hallmark for Take-Two. 

Our Jack of All Games distribution divi- sion has built a business that directly ben- efits from the expansion of the video game industry and the need for other publishers to effectively distribute their products. When Jack was founded, sell- ing video games was considered a spe- cialty business, but today retailers of near- ly every size want to participate in this expanding industry. Jack is the most comprehensive, one-stop source for North American retailers who want to be in the interactive entertainment business. 

