Top AFMA Executives in New Pact

FOR IMMEDIATE RELEASE

TOP AFMA EXECUTIVES IN NEW PACT

JEAN PREWITT TO CONTINUE AS PRESIDENT AND CHIEF EXECUTIVE OFFICER JONATHAN WOLF AS EXECUTIVE VICE PRESIDENT, AFMA, MANAGING DIRECTOR, AFM

LOS ANGELES, MAY 4, 2004 – AFMA’s Board of Directors have unanimously agreed to extend the contracts of the Association’s top executives, it was announced by Michael Ryan, Chairman, AFMA and Director of IAC Film. Jean M. Prewitt will continue as President and Chief Executive Officer of the Los Angeles based global trade organization while Jonathan Wolf will retain his positions as Executive Vice President, AFMA and Managing Director, AFM. Both executives have signed new contracts through 2006.

Commented Mr. Ryan, “This is an extremely exciting time for the independent film industry and for AFMA. Our board moved early and enthusiastically to ensure Jean and Jonathan’s continued presence. Both have contributed significantly to making AFMA a quality service organization in one of the entertainment industry’s fastest growing sectors. I’m personally delighted that they will continue to steer us into the future.”

Since Ms. Prewitt’s appointment in April 2000, AFMA and the services it provides its members have dramatically evolved. With wide-ranging expertise in motion picture distribution, new technologies and public policy, she spearheads AFMA’s global focus and activities.

In his current position since 1998, Mr. Wolf has guided the growth and repositioning of the AFM, the world’s largest motion picture trade event, which now hosts more than 7,000 industry leaders and screens more than 400 films.

Most recently, Ms. Prewitt and Mr. Wolf crafted a new strategic relationship between the AFM and AFI Los Angeles Film Festival (AFI FEST), which has resulted in the AFM moving forward by three months – from February to November beginning in 2004, and the two events joining forces in marketing, sponsorship, scheduling and a variety of other initiatives.

Before joining AFMA, Ms. Prewitt was a principal from 1994 to 1999 at Podesta Associates, a Washington, D.C. based lobbying and public relations firm (more) -2- representing some of the world’s most prestigious entertainment and high technology companies. Prior to Podesta, she served as a senior government official with the U.S. Department of Commerce. In this role, Ms. Prewitt represented the White House and Executive Branch on international communications and information policy matters.

Ms. Prewitt also worked for eight years as Senior Vice President and General Counsel of United International Pictures (UIP), the foreign distribution arm of Paramount, Universal and MGM studios, implementing the initial creation of the global distribution network and supervising legal and government affairs on a worldwide basis.

Ms. Prewitt began her legal career at the New York firm of Donovan Leisure Newton & Irvine where she specialized in federal tax, antitrust and copyright litigation. She is a graduate of Harvard University and Georgetown University Law Center.

Mr. Wolf joined AFMA in August 1993 as Senior Vice President of business development. His primary responsibilities were to identify new revenue resources for AFMA member distribution companies and to support association programs. Mr. Wolf established AFMA Collections, which now administers the international levy rights of more than 25,000 titles and has distributed over $35 million to participating members.

Before joining AFMA, Mr. Wolf spent two years as President and Chief Operating Officer of Studio Three Film Corporation, a U.S. theatrical marketing and distribution company. From 1986 to 1990, he served as Chief Financial Officer of New World International where he oversaw all financial aspects of the company’s international operations.

Prior to this, Mr. Wolf held finance positions with CBS Inc. for six years, culminating as Director, Finance with CBS Broadcast International in New York. Wolf began his career in 1978 with the international accounting firm of Deloitte & Touche. He is a graduate of the University of Southern California Business School.

AFMA is the global trade association for the independent motion picture and television industry. Headquartered in Los Angeles, the organization represents and provides significant entertainment industry services to more than 150 member companies from 15 countries, consisting of independent production and distribution companies, sales agents, television companies, studio-affiliated companies, and financial institutions engaged in film finance. Forty percent of AFMA’s

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-3- membership and thirty percent of the association’s board are from outside the U.S. Collectively, AFMA members produce more than 350 independent films and countless hours of television programming each year and generate more than $4 billion in distribution revenues annually.

AFMA members include such well-known names in the film and TV industry as Alliance-Atlantis, Capitol Films, Crystal Sky, Filmax, Focus Features, Franchise Pictures, FremantleMedia, Goldcrest Films, Good Times Entertainment, HBO, IAC, Intermedia, Liberty Entertainment, Lions Gate, Lola Films, Miramax, Morgan Creek, New Line, NU Image, First Look Media, Pathe, StudioCanal, Summit, TF1, Troma and Wild Bunch.

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