Business Review BRAZIL June 2005

Executive Summary June 1, 2005

Executive summary - YTD FY05 Forecast Revenues of $10.1M, $3.2M (47%) above budget. Net contribution reached $3.8M, $2.4M (165%) above budget Highlights The Incredibles had an amazing performance reaching more than 4 million admissions, ranking: Best animation ever during summer vacation in Brazil Surpassed Finding Nemo and now is the best BVI animation in Brazil (8,290 versus 8,200 in G.B.O.) Shall We Dance excellent performance keeping all prints playing during 5 weeks. more than 1 million in admissions. Revenues at 1 million and net cont of 466K. June 1, 2005

Executive summary - Full Year FY05 Forecast Revenues of $13.8M, $2.5M (22%) above budget and $4.1M (43%) above prior year. Net contribution reached $4.2M, $2.0M (86%) above budget and $4.9M above prior year. Highlights The Incredibles is the main responsible for the YTD performance. Shall We Dance surpassed our estimates and reached 1 million in revenues and 466K in net cont. The Pacifier surprized reaching IMD estimate on its 2nd playweek. Actual forecast is 73% higher than IMD. Amityville Horror was just included on the forecast. Expecting 512K in revenues and 133K in net cont. June 1, 2005

Forecast Review June 1, 2005

Forecast review - YTD Actuals USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) YTD Analysis USD @ FY05 Budget Rate (000’s) June 1, 2005

Remaining titles analysis USD @ FY05 Budget Rate (000’s) June 1, 2005

Forecast review - Full Year USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) Full Year COC vs Budget USD @ FY05 Budget Rate (000’s) June 1, 2005

Full Year COC vs Prior Forecast USD @ FY05 Budget Rate (000’s) June 1, 2005

Forecast Sensitivity Analysis USD @ FY05 Budget Rate (000’s) June 1, 2005

Forecast Sensitivity Chart USD @ FY05 Budget Rate (000’s) June 1, 2005

Quarterization - Net Contribution USD @ FY05 Budget Rate (000’s) June 1, 2005

Key Titles Released June 1, 2005

By title performance - Revenue Winners Losers USD @ FY05 Budget Rate (000’s) June 1, 2005

By title performance - Net Contribution Winners Losers USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) Incredibles USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) Shall We dance - Remake USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) National Treasure USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) The Pacifier USD @ FY05 Budget Rate (000’s) June 1, 2005

Hitchhiker’s Guide To The Galaxy USD @ FY05 Budget Rate (000’s) June 1, 2005

Upcoming Titles June 1, 2005

USD @ FY05 Budget Rate (000’s) Herbie – Fully Loaded USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) A Lot Like Love USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) Sin City USD @ FY05 Budget Rate (000’s) June 1, 2005

USD @ FY05 Budget Rate (000’s) Amityville Horror USD @ FY05 Budget Rate (000’s) June 1, 2005

Competitive release schedule June 1, 2005

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June 1, 2005

Account receivables June 1, 2005

Account receivables- as of May 31st June 1, 2005

Other topics June 1, 2005

Appendix June 1, 2005

USD @ FY05 Budget Rate (000’s) Forecast P&L by title USD @ FY05 Budget Rate (000’s) June 1, 2005