a nnual business review meeting october 2004 brazil

Annual Business Review MeetingOctober 2004

BRAZIL

2

Economic outlook2002 2003 2004 2005f

GDP (real growth rate, %) 1.6 1.8 4.2 4.0

GDP per capita (US$) 2,183 3,029 3,191 3,128

Exchange rate (Reais/US$) 2.71 2.88 3.08 3.23

Inflation (y-o-y, %) 12.6 9.3 11.8 7.5

Unemployment (%) 11.7 12.3 11.1 9.5

Fiscal Balance (% GDP) -4.1 -5.2 -2.9 -2.5

Total External Debt (US$bn) 227.7 235.4 209.5 148.7

Trade Balance (US$bn) 12.9 24.8 22.0 20.6

Exports (fob, US$bn) 60.3 73.1 80.0 85.6

Imports (cif, US$bn) 47.4 48.3 58.0 65.0

Reserves (US$bn) 37.8 49.3 44.6 40.9

3

EVOLUTION OF THE THEATRES CIRCUIT IN BRAZIL

SCREENS99 00 01 02 03 04

One screen 399 380 369 349 362 392 8% Complex (2-5 screens) 521 578 679 673 767 783 2% Multiplex (6+ screens) 431 520 536 582 679 735 8%TOTAL 1,351 1,478 1,584 1,604 1,808 1,910 Annual Growth 9% 7% 1% 13% 6%Accumulated growth 9% 17% 19% 34% 41%

2004: data until August

4

THEATRES

99 00 01 02 03 04 One screen 399 380 369 349 362 392 8% Complex (2-5 screens) 206 222 255 253 283 280 -1% Multiplex (6+ screens) 49 59 62 68 77 81 5%TOTAL 654 661 686 670 722 753 Annual growth 1% 4% -2% 8% 4%Accumulated growth 1% 5% 2% 10% 15%

2004: data until August

5

One screen for: Annual frequency(1000 inhabitants) per inhabitant

Spain 10 3.40 Australia 11 4.60 France 11 3.10 Germany 17 2.00 United Kingdom 17 3.00 Italy 19 1.90 Portugal 20 2.00 Mexico 35 1.60 Argentina 38 1.00 Japan 48 1.30 Korea 50 2.20 Chile 60 0.90 Venezuela 70 0.80 Panama 90 1.10 Brazil 95 0.57 Peru 113 0.40 Colombia 142 0.40

SCREENS PER INHABITANT:

exemples in the world

6

BOX OFFICE AND ADMISSIONS ( in million)

99 00 01 02 03 04Box office 336.2 362.4 421.9 529.6 647.6 757.0 Admission 65.9 68.0 74.3 90.9 103.0 113.0 Average Ticket Price 5.10 5.33 5.68 5.83 6.29 6.70 Box office evolution 8% 16% 26% 22% 17%Admissions evolution 3% 9% 22% 13% 10%ATP Evolution 4% 7% 3% 8% 7%IGP - M 10% 10% 25% 9% 8%IPCA 6% 8% 13% 9% 8%

2004: estimate

7

ADMISSIONS DISTRIBUTION (in million)99 00 01 02 03 04

National Admissions 5.7 7.2 7.0 7.3 22.1 16.0 Foreign Admissions 60.2 60.8 67.3 83.6 80.9 97.0 % National 9% 11% 9% 8% 21% 14%% Foreign 91% 89% 91% 92% 79% 86%Nat. Adm. Evolution 26% -3% 4% 203% -28%Foreign Adm.Evolution 1% 11% 24% -3% 20% Total admissions evolution 3% 9% 22% 13% 10%

2004: estimate

8

ATP x Print Cost% Accum. 2000 to 2004 (est)

0.0%

50.0%

100.0%

150.0%

200.0%

250.0%

2000 2001 2002 2003 2004 (est)

ATP Print

9

ATP x Midia Costs% Accum. – 2000 to 2004 (est)

0.0%

50.0%

100.0%

150.0%

200.0%

250.0%

300.0%

350.0%

2000 2001 2002 2003 2004 (est)

ATP Free TV Newsp. Pay TV Out Door

10

NEW LAW: A THREAT

• A law project is being prepared by the Ministry of Culture (MINC) creating the Audiovisual National Agency (ANCINAV) and it brings taxes increases in general.

• ANCINAV would be an organ to rule and fiscalize all the activity, including:

11

NEW LAW: A THREAT

• Theatrical, Home Entert., Pay and Free TV, internet and cel. Companies, regarding the transmission of the audiovisual content.

12

NEW LAW: A THREAT

• The project has the opposition of all important companies of Brazilian audiovisual, including producers, distribuitors, exhibitors, TV and Pay TV broadcasts and telecommunication companies.

• There is news that some Ministries are against the project.

13

NEW LAW: A THREAT

• In the Congress,several senators have already expressed their opposition.

• However, MINC has the support of the small producers and filmakers, which are many and articulated.

14

NEW LAW: A THREAT

• MINC has retreated several original proposals, but even though, the taxes remain high. The main taxes are:

1. 3% over all the advertising campaigns in Free and Pay TV made in Brazil;

2. 5% over the sales price of VHS and DVD;

15

NEW LAW: A THREAT

3. Percentage not defined yet over the TVs, videos and DVD players

4. 3% over the remittance made by the Pay TV programmer(HBO, TNT, Disney, Warner, Sony, Fox, Cartoon, etc.)

5. Permanent amount before the importation of the master for the HE, Pay and Free TV markets.

16

NEW LAW: A THREAT

6. Permanent amount paid for the importation of internegative for theatrical market, according to the following table:

• Up to 10 prints: R$ 3,000• From 11 to 30 prints: R$ 6,000• From 31 to 80 prints: R$ 15,000• From 81 to 150 prints:R$ 30,000

17

NEW LAW: A THREAT

• From 151 to 300 prints: R$ 40,000• From 301 to 450 prints:

R$ 60,000• More than 450 prints:

R$ 80,0007.Presently, the title pays,

per media: R$ 3,000

18

NEW LAW: A THREAT• It will cause a decrease on the number of prints with consequences for the theatres of the small towns and from the popular areas of the big cities.

• It will affect the growth of the number of screens in these areas and it will favour the concentration of the market in the big exhibitors.

19

NEW LAW: A THREAT

• The new taxes may cause an increase of de 6% in the total of the Release costs.

• Based on the BVI and Sony releases in 2003 and 2004, I estimate a general reduction of printing between 10 and 15%.

20

BUDGET FORECAST

FY01 % FY02 % FY03 % FY04 % FY05 % FY05

REVENUE

Theatrical 6.713 6.948 15.119 9.685 11.337 14.923

Non- Theatrical 0 0

Total Revenue 6.713 100 6.948 100 15.119 100 9.685 100 11.337 100 14.923

DISTRIBUTION EXPENSES

Advertising/Publicity 3.214 47,9 3.209 46,2 4.497 29,7 4.737 48,9 5.347 47,2 4.784

Prints 1.432 21,3 1.698 24,4 2.836 18,8 2.466 25,5 2.384 21,0 3.466

Other Distribution Expense 522 7,8 787 11,3 1.811 12,0 1.562 16,1 283 2,5 2.237

-

-

Total Distribution Expense 5.168 77 5.694 82 9.145 60 8.765 91 8.014 71 10.487

- - -

DEPARTMENT EXPENSE

Labour 381 5,7 396 5,7 448 3,0 484 5,0 404 3,6 404

Other Department Expense 126 1,9 139 2,0 148 1,0 174 1,8 202 1,8 202

Sub- Distribution Fees

Total Department Expense 508 7,6 535 7,7 597 4 657 7 606 5 606

- - -

FACILITIES & SERVICES

Rent 64 0,9 74 1,1 69 0,5 69 0,7 101 0,9 101

Depreciation 31 0,5 24 0,3 26 0,2 22 0,2 51 0,4 51

Other Facilities & Services 18 0,3 17 0,2 20 0,1 15 0,2 50 0,4 50

- - -

Total Facilities & Services 113 1,7 115 1,7 115 1 106 1 202 2 202

- - -

- - -

NET BRAZIL 925 13,8 604 8,7 5.263 35 156 2 2.515 22 3.628

- - -

Burbank basics rebill 633 9,4 359 5,2 1.436 9,5 1.252 12,9 927 8,2 1.635

Print Recharges 209 160 704 4,7 454 4,7 -

- - -

NET CONTRIBUTION 84 85 3.122 (1.550) 1.588 1.993

21

BVI FY 2004 BUDGET RATE U$ 3,30

Film Release date Revenue AD/ PUB Prints Other Total RC Net BRAZIL Recharges Basics Net

Spy Kids 3 10-out-03 705 189 117 76 382 323 57 9 257

Seabiscuit 14-nov-03 38 72 41 8 121 (83) 45 (5) (123)

Open Range 28-nov-03 35 18 43 7 67 (33) 21 8 (61)

Brother Bear 12-dez-03 1.336 638 244 152 1.035 301 35 146 120

The Haunted Mansion 16-jan-04 637 313 178 76 566 71 40 77 (46)

Master And Commander 30-jan-04 922 279 214 131 624 298 56 109 133

Under the Tuscan Sun 06-f ev-04 133 19 36 21 76 57 24 15 18

Apasionados 13-f ev-04 6 24 16 8 48 (42) - 1 (43)

Cold Mountain 13-f ev-04 536 295 184 82 560 (24) 21 67 (112)

Freaky Friday 20-f ev-04 151 104 77 23 204 (53) 37 36 (126)

Veronica Guerin 27-f ev-04 12 24 14 1 39 (27) 17 33 (77)

Hidalgo 09-abr-04 292 243 154 40 437 (145) 44 105 (295)

Motorcycle Diaries 07-mai-04 925 410 111 125 646 279 2 32 245

Valentin 14-mai-04 42 11 13 7 30 12 3 4 5

Viva Voz 21-mai-04 199 208 81 31 319 (121) - 3 (124)

Ladykillers 28-jun-04 122 51 19 19 89 32 23 58 (49)

Home on the Range 09-jul-04 879 183 96 112 392 487 25 116 346

Calendar Girls 16-jul-04 31 25 2 8 35 (4) 8 37 (50)

Starsky & Hutch 23-jul-04 53 130 50 10 190 (137) 12 54 (203)

King Arthur 17-set-04 1.186 295 120 77 491 695 13 125 556

The Village 03-set-04 1.290 390 239 156 785 505 7 56 442

21

Totals 9.528 3.921 2.048 1.168 7.137 2.391 491 1.087 813

41% 21% 12% 75% 25% 5% 11% 9%

BUDGET FY 04 15.633 6.421 4.432 903 11.757 3.876 - 1.067 2.809

41% 28% 6% 75% 25% 0% 7% 18%

NOTE: I n the column "BASICS" we included Burbank Basics and Walt Disney Co. Brazil Basics.

22

BVI BUDGET FY 2005

Film Release date Revenue AD/ PUB Prints Other Total RC Net BRAZIL Basics & Rec. Local Prod. Net

DONA DA HISTÓRIA 01-out-04 1.567 582 273 235 1.089 477 - 60 417

PRINCESS DIARIES 2 22-out-04 455 152 122 68 342 113 60 53

CLEOPATRA 05-nov-04 39 8 8 5 21 18 - 18

LADDER 49 12-nov-04 339 106 130 51 287 52 75 (24)

ZATOICHI 19-nov-04 24 8 8 4 19 5 - 5

SHALL WE DANCE 26-nov-04 618 182 150 93 424 194 33 160

GARDEN STATE 03-dez-04 24 8 8 4 19 5 - 5

HERO 03-dez-04 118 36 27 18 81 37 - 37

THE INCREDIBLES 10-dez-04 2.652 758 394 398 1.549 1.103 264 839

NATIONAL TREASURE 07-jan-05 893 273 255 134 661 231 139 92

J OGO SUBTERRÂNEO 25-f ev-05 220 91 45 33 169 51 - 51

DARK WATER 19-ago-05 577 182 225 87 493 84 68 16

CASAMENTO ROMEU & J ULIET 11-mar-05 1.582 485 255 237 977 605 - 226 379

LIFE ACQUATIC 18-mar-05 143 45 22 21 89 53 65 (11)

PERIGOSA OBSESSÃO 08-abr-04 58 15 30 9 54 4 - 4

HEFFALAMP MOVIE 15-abr-05 536 182 150 80 412 124 48 76

1972 16-mai-05 240 121 60 36 217 23 23

THE PACIFIER 25-mai-05 446 152 150 67 368 78 43 35

HITCHHIKER'S GUIDE... 03-jun-05 670 212 180 100 492 177 48 129

A LOT LIKE LOVE 10-jun-05 659 182 150 99 431 229 23 206

CINDERELLA MAN 24-jun-05 824 273 225 124 621 203 72 131

CHICKEN LITTLE 08-jul-05 1.339 424 300 201 925 414 117 297

ICE PRINCESS 23-set-05 140 61 60 21 142 (1) 14 (15)

HERBIE: FULLY LOADED 02-set-05 625 188 180 94 461 164 64 100

SKY HIGH 30-set-05 134 61 60 20 141 (7) 53 (60)

OTHER FILMS 448

Totals 14.923 4.784 3.466 2.237 10.487 4.436 1.635 286 2.515

32% 23% 15% 70% 30% 11% 2% 17%

BUDGET FY 05 11.337 5.347 2.384 283 8.014 3.323 927 - 2.396

47% 21% 2% 71% 29% 8% 0% 21%

23

Key Titles ReleasedKey Titles Released

24

Home on the range

Release date 9-jul-04

P&L Breakdown IMD Budget Forecast Var % Brother

F / B Bear

Admissions (´000s) 1.053.850

Net Box Office $1.870

Average retention % 47%

# prints 113

Revenue $545 $1.414 $879 -38% $1.336

Ad/Pub $182 $501 $183 -63% $674

% vs revenue 33% 35% 21% 50%

Prints $79 $386 $96 -75% $279

% vs revenue 14% 27% 11% 21%

Other $67 $106 $112 6% $153

% vs revenue 12% 7% 13% 11%

Net Brazil $218 $421 $488 16% $231

% vs revenue 0,4 30% 56% 17%

Basics & Print Recharges $69 $141 104% $189

% vs revenue 0% 5% 16% 14%

Net contribution $218 $352 $347 -1% $43

% vs revenue 40% 25% 39% 3%

25

King ArthurRelease date 17-Sep-04

P&L Breakdown IMD Budget Forecast Var % Pirates

F / IMD Caribbean

Admissions (´000s) 1,200,000

Net Box Office $2,635

Average retention % 45%

# prints 133

Revenue $747 $0 $1,186 59% $1,589

Ad/Pub $227 $0 $295 30% $659

% vs revenue 30% 25% 41%

Prints $136 $0 $120 -12% $489

% vs revenue 18% 10% 31%

Other $91 $0 $77 -16% $185

% vs revenue 12% 6% 12%

Net Brazil $292 $0 $694 138% $257

% vs revenue 39% 59% 16%

Basics & Print Recharges $25 $138 442% $171

% vs revenue 0 12% 11%

Net contribution $292 -$25 $556 90% $86

% vs revenue 39% 47% 5%

26

The VillageRelease date 3-Sep-04

P&L Breakdown IMD Budget Forecast Var % Unbreakable

F / B

Admissions (´000s) 1,300,000

Net Box Office $2,671

Average retention % 48.3%

# prints 255

Revenue $1,167 $944 $1,290 37% $1,610

Ad/Pub $364 $110 $390 254% $458

% vs revenue 31% 12% 30% 28%

Prints $333 $464 $239 -48% $182

% vs revenue 29% 49% 19% 11%

Other $152 $59 $156 164% $99

% vs revenue 13% 6% 12% 6%

Net Brazil $318 $311 $505 63% $872

% vs revenue 27% 33% 39% 54%

Basics & Print Recharges $95 $81 -15% $30

% vs revenue 0% 10% 6% 2%

Net contribution $318 $215 $424 97% $841

% vs revenue 27% 23% 33% 52%

27

MONTH/DAYCOLUMBIA TRISTAR BUENA VISTA

20 CENTURY FOX

WARNER BROS. U I P INDEPENDENTES

NOV 5THE FORGOTTEN CLEOPATRA TAXI CRIMINAL

MANCHURIAN CANDIDATE

FABIO FABULOSO (LP)

NINA (LP) TOUCH OF SPICE

NOV 12WHITE CHICKS LADDER 49

MALA EDUCACION, LA

BEFORE SUNSET CELLULAR

DIRTY DANCING 2: HAVANA NIGHTS

NOV 15 REPUBLIC'S PROCLAMATION DARKNESS

PRENDIMI L'ANIMA

NOV 19 BON VOYAGE ZATOICHISKY CAPITAIN I'M NOT SCAREDCONTRA TODOS (LP) VIVA SAPATO! (LP)

NOV 26SHALL WE DANCE?

CLEARING, THE

POLAR EXPRESS

TEAM AMERICA ENTREATOS (LP)

NOELWILD SIDEPEÕES (LP)

28

MONTH/DAY

COLUMBIA TRISTAR BUENA VISTA

20 CENTURY FOX


DEC 3

CHRISTMAS WITH THE KRANKS HERO DE-LOVELY

AROUND THE BEND

BRIDGET JONES 2

THE TEXAS CHAINSAW MASSACREMILLIONS

NON TI MUOVERE

DEC 10THE

INCREDIBLESDREAMERS,

THESURVIVING CHRISTMAS BAD SANTA

WONDERLAND

DEC 17 XUXA 4 ALFIE EDUKATORSDEC 24

CHRISTMAS OCEAN'S 12SPONGEBOB SQUAREPANTS

MARIA LLENA ERES DE GRACIA

DEC 31 RAISE YOUR VOICE

29


20 CENTURY FOX


JAN 7TAINÁ 2 (LP)

NATIONAL TREASURE BLADE 3

SON OF CHUCKYTHE GRUDGEVANITY FAIR

JAN 14 SPANGLISH ALEXANDERLEMONY

SNICKET'S DOOR IN THE FLOORAROUND THE WORLD

IN 80 DAYS

JAN 21GARDEN STATE

FLIGHT TO PHOENIX RAY ELLA ENCHANTED

RIDING THE BULLET

JAN 28

MEET THE FOCKERS THE WOODSMANJAN THE STORY OF THE

30


20 CENTURY FOX


FEB 4 CLOSER KINSEY FINDING NEVERLAND8 -

CARNIVAL UNFINISHED LIFEMONDOVINO

FEB 11 AVIATOR RIDING GIANTS

FEB 18 ELEKTRAPHANTOM OF

OPERAWHITE NOISE

FEB 25

JOGO SUBTERRÂNEO

(LP)HIDE AND SEEKFEB HOUSE OF FLYING

31


20 CENTURY FOX WARNER BROS. U I P INDEPENDENTES

MAR 4 HITCHA VERY LONG ENGAGEMENT SINERGY

MAR 11

O CASAMENTO DE ROMEU E JULIETA BE COOL CONSTANTINE

MAR 18 ROBOTSMAR 25 HOLLY FRIDAY

MISS CONGENIALITY

2 IF ONLYMAR

32


20 CENTURY FOX


APR 1LIFE

AQUATIC PROOFHOUSE OF D

APR 8

ARE WE THERE YET?

PERIGOSA OBSESSÃO

THE INTERPRETER

APR 15HEFFALUMP MOVIE

INTO THE BLUE

NANNY McPHEE UPSIDE OF ANGER

21 Tiradentes APR 22 THE RING 2 CURSED

CÃO SEM DONO (LP)

APR 29

xXx: STATE OF THE UNION

MELINDA AND MELINDA

ASSAULT ON PRECINCT 13

ACHADOS E PERDIDOS (LP)

33


20 CENTURY FOX


MAY 6 1972 (LP)KINGDOM OF HEAVEN CRASH

MAY 13PACIFIER,

THEOTHERWISE ENGAGED

THE WEATHERMAN

MAY 20STAR WARS:

EP. 3ELVIS HAS LEFT THE

BUILDING26 - Corpus Christi MAY 27

MAN OF THE HOUSE

IN HER SHOES HAPPY FEET A GOOD WOMAN

JUN 3 THE CAVE

HITCHHIKER'S GUIDE TO THE

GALAXYHOUSE OF

WAX RUNNING SCARED

JUN 10A LOT LIKE

LOVEMR. AND

MRS. SMITH IMAGINARY HEROES

JUN 17BATMAN BEGINS

JUN 24CINDERELLA

MANWAR OF THE

WORLDTHE BRIDGE OF SAN

LUIS REY

34


20 CENTURY FOX


1 - 30 Winter

Vacations JUL 1

CHICKEN LITTLE THE JACKET

JUL 8FANTASTIC

FOUR

JUL 15

CHARLIE AND THE FACTORY OF CHOCOLAT MADAGASCAR

JUL 22

FUN WITH DICK AND JANE ROSE AND THE SNAKE

JUL 29 COLUMBIA BUENA VISTA 20 CENTURY WARNER U I P INDEPENDENTESAUG 5 BEWITCHED SHADOWBOXER

AUG 12

SISTERHOOD OF THE

TRAVELING PANTS

AUG 19 DARK WATERPINK

PANTHER, THE BIG WHITE

AUG 26 STEALTHAUG NOT CLASS MONSTER-IN-LAW

35


20 CENTURY FOX WARNER BROS. U I P INDEPENDENTES

SEP 2LORDS OF DOGTOWN

HERBIE: FULLY LOADED

ELIZABETH TOWN THE BLACK DAHLIA

7 Independence

Day SEP 9

SEP 16

THE LONGEST YARD

EVERYTHING'S ILLUMINATED

SEP 23LEGEND OF ZORRO

ICE PRINCESS,

THE PAPASEP 30 SKY HIGH

OCT 7 A MÁQUINAWALLACE & GROMITT

12 - Brazil Saint'Patron

Day OCT 14

DEUCE BIGALOW 2

OCT 21SCANNER DARKLY

OCT28 ANNAPOLIS

36


20 CENTURY FOX


2 - All Soul's Day

NOV 4

NOV 11 FLIGHT PLAN

TIM BURTON'S CORPSE BRIDE

15 - Republic Proclamation

NOV 18

NOV 25HARRY

POTTER 4COLUMBIA BUENA VISTA 20 CENTURY WARNER U I P INDEPENDENTESDEC 2DEC 9 CARS

DEC 16KING KONG

(14)DEC 23DEC 30DEC LUCKY YOU

37


20 CENTURY FOX


JAN 6 NARNIAJAN 13

JAN 20THE

PRODUCERSJAN 27JAN

38

LOCAL PRODUCTION• More and more the Brazilian films co-produced through the fiscal benefits, assume great importance for the Distributors;

• For Sony, in 2003, the Brazilian films represented 48% of the Gross Revenue and 84% of the Net Contribution, before overhead and royalties.

39

LOCAL PRODUCTION• In 2004, despite of and due to the Spider-Man 2, the Brazilian films should represent 25% of the Gross Revenue and 35% of the Net Contribution before overhead and royalties.

• For BVI the estimate is that the Brazilian films released in FY 05 represent 25% of the Gross Revenue and 27% of the Net Brazil (before overhead and basics).

40

LOCAL PRODUCTION

• The local product benefits all the Line of Business and the company as a whole. For instance, although the release of Caminho das Nuvens in Brazil was not so well, it presents a positive forecast:

41

LOCAL PRODUCTIONIn $US (000) FY04 Bud Rates

BRAZIL

Other Latam

Markets USA + Japan TOTAL

REVENUES: 400 435 75 910

DISTRIBUTION EXPENSES: 379 239 - 617

Net (includ. Distr. Fee and BVI Equity sh) 21 196 75 293

BVI/BVHE EQUITY SHARE 5 49 19 73

DISTRIBUTION FEE 113 123 - 236

PRODUCTION COST (417) (417)

Subsidies 417 417

CONDECINE tax Savings 262 262

NET INCOME TO DISNEY 380 172 19 572

42

LOCAL PRODUCTION• Films and projects for the next

years, including contracts executed, in process of being executed and operations not forward to Burbank yet:

1. 1972: in post-production; release in May 2005;

2. CASAMENTO DE ROMEU E JULIETA; in post-production; release in March 2005.

43

3. JOGO SUBTERRÂNEO (UNDERGROUND GAME):in post-production; release in March 2005.

4. PERIGOSA OBSESSÃO (DANGEROUS OBSESSION): co-production with Patagonik; already released inArgentina; Release in Brazil in April 2005

5. A MÁQUINA (THE MACHINE): in post-production; release in October 2005

6. SÓ DEUS SABE (ONLY GOD KNOWS): co-production with Mexico. Shotting.

7. GOLEIRO (GOOL KEEPER): in pre-production,shooting in May/June.

8.MUITO GELO E DOIS DEDOS DE ÁGUA (A LOT OF ICEAND 2 FINGERS OF WATER): in development. ShootingScheduled for September / October.

44

9. O ESPECTRO (THE GHOST): in development; shooting scheduledfor the end of 2005.

10. O MAGNATA (THE TYCOON): in development; shooting scheduled for 2006.

11. QUALQUER GATO... (ANY CAT HAS ASENTIMENTAL LIFE HEALTHIER THAN OURS): In development; shooting scheduled for 2006

12. COLEÇÃO CAMISA 13 (COLLECTION SHIRT 13):Series of documentaries for video/DVD and TV about the 13 main soccer clubs in Brazil, each one directed by na important filmaker. Possible joint with ESPN and/or ESPN BRASIL. Objective: period pre World Cup 2006.

a nnual business review meeting october 2004 brazil

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