TRANSCRIPT OF SPEECH TO GOLDMAN SACHS MEDIA ANALYSTS

David Chang , Chief Financial Officer, Manka Bros. Studios

November 11, 2009

Good morning.

First of all, I want to clarify a few things Khan Manka said yesterday.

We have all been under quite a bit of stress and some people handle it differently than others.

I can assure you of Mr. Manka's strong mental health and continued competence in the leading of Manka Bros. into this new century.

With that... let's begin... First slide, please.

As you can see, last year was a not a record year in any way. Our expenses were up due to our planned launches of the Manka Food and Drink Channel as well as start-up costs for the Manka Docs Channel. Due to a relatively mild winter in Norway, our year round Manka Bros. Fun Park in Bergen did better than projected.

Our theatrical revenues were down... which we can partially attribute to the Asian economy. However, critically, our films were the best reviewed of any studio and we expect strong revenues in home video, HD-DVD - which is a format we will continue to embrace for the fans of ours who purchased these superior quality players during our HD-DVD giveaway promotion last year. We have decided whether to embrace Blu-ray now that HD-DVD manufacturing capabilities are harder to come by...

(chuckles from the audience)

Next slide...

As you can see, our Publishing Group's revenues were flat, but we have announced several of our key magazines will launch international versions...

Fire Marshall: Excuse me gentlemen and ladies... We have orders to clear the building... There is smoke coming from the third floor. Please exit quickly and orderly to the doors on your left.

David Chang: Saved by a fire... I will circulate print versions of the speech and slides to you later today... Hopefully, we can finish this speech in the near future. Okay, save yourselves.