Activision Value Dares Gamers to Drive on the Wild Side in ``Cabela's Off-Road Adventure 3''.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--March 25, 2003

The next evolution in off-road gaming has arrived with the release of Cabela's(R) Off-Road Adventure(TM) 3 for the PC from Activision Value, a division of Activision, Inc. (Nasdaq: ATVI). Featuring a combination of fast-paced off-road driving action and the ability to hunt, players explore vast landscapes as they advance through increasingly more challenging missions to earn money, upgrade their rigs and unlock additional activities that will take them one step closer to reaching their goal of becoming a member of the "Cabela's(R) Driving Club." Cabela's(R) Off-Road Adventure 3 is available at retail stores nationwide for a suggested retail price of $19.99 and has been rated "T" (TEEN) by the ESRB.

"Cabela's(R) Off-Road Adventure 3 gives outdoorsman the chance to experience the ultimate outdoor adventure," said Patrick Kelly, Vice President of Studios, Activision Value Publishing. "The game immerses players in a world with no boundaries, giving them an all-access pass to experience the richly detailed environments and challenging off-road activities they would find on a real-life expedition."

Cabela's(R) Off-Road Challenge 3 puts players behind the wheel of one of 12 off-road vehicles to explore 16 levels through five unique terrains, from the scorching deserts of Death Valley to the snow-capped peaks of Frozen Cliffs. The environments come to life with flowing water, clouds that actually cast shadows, realistic weather effects and a variety of wildlife. As players advance through their missions, they will find hidden locations, earn bonus accessories, access new vehicles and master various ways of completing their missions. In addition to off-road challenges, players can test their hunting skills by stalking wild game in the deep wilderness.

Headquartered in Minneapolis, MN, Activision Value Publishing, Inc., a division of Activision, Inc. (Nasdaq: ATVI), is a wholly owned subsidiary of Activision Publishing, Inc. The company specializes in developing interactive entertainment software for the PC systems and all other game console systems worldwide. For more information about Activision Value Publishing, visit the company's web site at www.activisionvalue.com or www.activision.com.

The statements contained in this release that are not historical facts are "forward-looking statements." The Company cautions readers of this press release that a number of important factors could cause Activision's actual future results to differ materially from those expressed in any such forward-looking statements. These important factors, and other factors that could affect Activision, are described in Activision's Annual Report on Form 10-K for the fiscal year ended March 31, 2002, which was filed with the United States Securities and Exchange Commission. Readers of this press release are referred to such filings.