Marvel Studios Analyst
Day Webcast
Thursday, August 10, 2006
1
Speaker: Peter Cuneo
2
Safe Harbor Disclosure
Except for any historical information that they contain, the statements in this
presentation regarding our plans are forward-looking statements that are
subject to various risks, including that we might be unable to attract and
retain creative talent; our films might be less successful economically than
we anticipate; our
films might be more
expensive to make
than we anticipate;
union activity might
interrupt our film
production; we might be
disadvantaged by
changes or disruptions in the
way films are
distributed; we might lose
potential sales
because of piracy of films and related
products; we
will depend on our distributor for the
implementation of internal controls related to the accounting of film-production
activities; we might fail to meet the conditions set by the lenders for the
funding of films; we might fail to meet the tests imposed by the lenders for
the funding of films beyond the first four; and accounting related to the
production of our films may result in significant fluctuations in our reported
income or loss.
These and other risks are described in our filings with the Securities and
Exchange Commission, including our Annual Reports on Form 10-K and our
Quarterly Reports on Form 10-Q. We assume no obligation to publicly update
or revise any forward-looking statements.
3
3
Participants
Peter Cuneo -
Vice Chairman, Marvel Entertainment
David Maisel -
Vice Chairman, Marvel Studios;
EVP Corporate Development, Marvel
Entertainment
Michael Helfant -
President/COO, Marvel Studios
Kevin Feige -
President – Production, Marvel Studios
Ken West -
EVP & CFO, Marvel Entertainment
John Turitzin -
EVP, CAO and General Counsel, Marvel
Entertainment
4
Marvel Studios Analyst Day –
Agenda and Goals
1.
Provide analysts and investors with exposure to senior
executives running our entertainment business
2.
Review Marvel’s strong track record in film production
3.
Discuss launch of new Marvel film slate and its advantages
4.
Provide illustrative financial models
5.
Address accounting, transparency, cash disbursements,
recoupment and financial controls
6.
Review Marvel Studios mission and operations
7.
Describe the process Marvel uses to make its films
8.
Discuss characters in development for film slate
9.
Answer any remaining questions
5
David Maisel
Vice Chairman, Marvel Studios
Executive Vice President, Marvel Entertainment
ƒ Joined Marvel in January 2004
– Conceived and executed direct to DVD animated feature deal
– Conceived and executed film slate financing
ƒ Film and entertainment Executive – 13 years
– Endeavor Talent Agency, Head of Corporate Development
– Chello Media (Europe), Managing Director
– Livent, Inc., President
– The Walt Disney Company, Director of Corporate Development
– Creative Artists Agency, Corporate Agent
ƒ Entertainment industry consultant, The Boston Consulting Group – 5 years
ƒ MBA, Harvard Business School
6
Michael Helfant
President and Chief Operating Officer, Marvel Studios
ƒ Joined Marvel in 2005
ƒ Film and entertainment executive – 17 years
– Beacon Pictures, Chief Operating Officer
– Miramax / Dimension Films, Senior EVP
– Interscope Communications/Polygram Filmed Entertainment, EVP
ƒ Involved in production and financing of over 75 films
– The Hand that Rocks the Cradle, Jumanji, Mr. Holland’s Opus,
Runaway Bride, Ladder 49
– Spy Kids, Scream and Scary Movie franchises
ƒ Entertainment lawyer – 5 years
ƒ JD/MBA - UCLA
7
Kevin Feige
President of Production, Marvel Studios
ƒ Joined Marvel in 2000
– President of Production – 1 year
– Executive Vice President – 3 years
– Senior Vice President – 2 years
ƒ Marvel Production Accomplishments:
– Executive Producer - X-Men: The Last Stand, Spider-Man 2,
The Hulk, The Punisher and Fantastic Four
– Co-Producer - X-Men 2: X-Men United and Daredevil
– Production executive - Spider-Man
ƒ The Donners’ Company
– Associate Producer (X-Men I ) – 2 years
– Production Team (You’ve Got Mail and Volcano) – 5 years
ƒ Selected as one of “Top 35 Executives Under 35” by Hollywood Reporter
ƒ USC School of Cinema-Television
8
Sid Ganis
Chairman of Marvel Film Slate Committee
Member Marvel Entertainment Board of Directors
ƒ Joined Marvel Board of Directors in 1999
ƒ Currently President of Academy of Motion Picture Arts & Sciences
(OSCARS)
ƒ Currently Chairman Out of the Blue Entertainment
ƒ Akeelah and the Bee, Big Daddy, Mr. Deeds, Deuce Bigalow
ƒ Vice Chairman of Columbia Pictures
ƒ A League of Their Own, A Few Good Men, Groundhog Day
ƒ President of Paramount Motion Picture Group
ƒ Ghost, Fatal Attraction, Top Gun
– Senior Vice President, Lucasfilm
– The Empire Strikes Back, Raiders of the Lost Ark
9
Speaker: David Maisel
10
Historical Box Office
Performance of Marvel PG-13 Films
Release
Date
Distributor
7/14/00
5/3/02
2/14/03
5/2/03
6/20/03
6/30/04
1/14/05
7/8/05
5/26/06
Fox
Sony
Fox
Fox
Universal
Sony
Fox
Fox
Fox
US Box
Office
$mm's
Int'l Box
Office
$mm's
Total
$mm's
PG-13-rated films:
X-Men
Spider-Man
Daredevil
X2: X-Men United
Hulk
Spider-Man 2
Elektra
Fantastic Four
X-Men: The Last Stand
Total
Average
(1)
(1 )
$
157.3
403.7
102.5
214.9
132.2
373.6
24.4
154.7
233.1
$ 1,796.4
$ 199.6
$
138.7
418.0
76.6
191.5
113.1
410.4
32.1
175.4
206.8
$ 1,762.7
$
195.9
$
296.0
821.7
179.2
406.4
245.3
784.0
56.6
330.1
439.9
$ 3,559.1
$ 395.5
Still in release
11
Marvel’s Unique Film
Advantages
ƒ
ƒ
ƒ
ƒ
ƒ
Large, established and loyal Marvel comic fan base worldwide
60-year history of the Marvel brand
– Marvel brand stands for high quality, family-friendly
entertainment, action and excitement, reaches across all
demographics
– One of the few studio brands meaningful to film consumers
Depth and breadth of the stories, characters and artwork in
Marvel’s IP library
– Rich storylines and characters transcending comic book
stereotypes
Potential to create film franchises from each Marvel property
– Opportunity for multiple sequels and spin-offs
Proven, experienced production team with a strong familiarity with
the characters histories and storylines
– Enviable track record
12
Key Film Slate Benefits:
Financial
With minimal cash risk:
ƒ Receive significant producer
fee
– 5% of all film related
revenues
ƒ Receive profit upside from
films
ƒ Eliminates studio sharing of
merchandising and toy
revenues
ƒ Build film library
Strategic
Give Marvel greater control of its
future:
ƒ Greenlight and schedule release of
films
ƒ Film development and production
process
ƒ Film marketing
ƒ Sequels and spin-offs
Enable “ripple-effect” deals
ƒ Regaining rights to previously
licensed characters like Hulk and
Iron Man
ƒ
Recapture merchandising
opportunities
13
Key Film Slate Elements –
Financial
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
100% debt/no equity
– $465 million revolving senior bank debt insured by AMBAC
(LIBOR + 1.635%)
– $60 million of junior debt (LIBOR + 7.0%)
– LIBOR capped at 6.0% for ~2/3 of expected borrowings
Marvel paid gross participation fee
– 5% of all film-related revenues including DVD
Marvel receives film profits
– Profits are crossed among films with various financial tests
to determine cash dispositions from facility to Marvel
Non-film revenues are not shared with the distributor or lenders
All interest, fees and closing costs paid from facility or film
proceeds
Marvel development costs fully paid back at film greenlight
Marvel receives reimbursement for actual incremental overhead
– Up to 2% of film budgets
Film budgets from $65-165 million
14
Key Film Slate Elements –
Legal
Debt is non-recourse to Marvel Entertainment
ƒ No cash collateral other than film profits - collateral is
theatrical film rights to the pledged characters
ƒ Duration through 2012/2013
ƒ Key greenlight requirements
ƒ
– $65-$165 million bonded budget
– PG or PG-13 rated
– Five foreign territories pre-sold: Germany, France, Spain,
Japan, Australia/New Zealand
– Completion bond in place
– Post the fourth film, passage of various interim asset and
pre-sale tests
15
Key Distribution Deal
Elements
Financial
Extremely competitive
distribution fee
ƒ Hard dollar financial minimums
set for spending on marketing
ƒ
– With built in escalations as
industry marketing costs
increase
– Excludes charges for
distributor’s internal
charges/overhead and interest
ƒ
ƒ
Protection on DVD margins
Distributor marketing spend
recoupment not crossed
Other
ƒ
Paramount obligation to distribute
10 films from facility
– Marvel flexibility to go elsewhere
in certain situations
– No distributor creative controls
ƒ
Key release date windows set
– Early Spring/Summer
– Fall Holiday
ƒ
ƒ
ƒ
Distribution in Germany, France,
Spain, Japan and Australia/New
Zealand reserved to Marvel
U.S. free TV distribution reserved
to Marvel
Mutual approvals on marketing
plan and creative material
16
Caution Regarding Illustrative
Models
The following models are not projections of the expected
performance of any individual film or of Marvel’s film
slate as a whole. They are presented only to illustrate the
possible performance of those films and to assist in an
understanding of Marvel’s self-produced filmmaking
operations. These models are based on the following
assumptions. The assumptions are mere estimates. If
the assumptions turn out to be incorrect, the actual film
performance will be different from the model. As with
any model, actual performance will be different, perhaps
significantly different, from the performance illustrated in
these models.
17
Key Film Model Assumptions
Revenue
Assumptions
International box office
98% of domestic box office (1)
Theatrical rentals revenue (includes
traditional non-theatrical)
Domestic
55% of domestic box office (1)
International
43% of international box office (1)
Reserved territories
Minimum guarantees from reserved
territories and tax incentives
33% of direct negative cost (2)
Percent of international Ultimate
allocated to reserved territories
40% (1)
(1) Based on historical actuals of Marvel PG-13 films
(2) Based on industry estimates
18
Key Film Model Assumptions
(continued)
Revenue
Assumptions
Home video/DVD revenue
Domestic
78% of domestic theatrical box office (1)
International
60% of domestic home video (1)
Television Revenue
Domestic
Pay-per-view
12.5% of dom. theatrical rentals, cap of $7.5mm (2)
Pay
45% of dom. theatrical rentals, cap of $17.5mm (2)
Free
18% of dom. theatrical rentals, cap of $40.0mm (2)
International
Pay
33% of int’l theatrical rentals, cap of $30.0mm (2)
Free
50% of int’l theatrical rentals, cap of $30.0mm (2)
(1) Based on historical actuals of Marvel PG-13 films
(2) Based on industry estimates
19
Key Film Model Assumptions
(continued)
Costs
Assumptions
Prints and advertising
Tied to distribution partner minimums
with escalation assumptions (3)
Home video costs
Tied to distribution partner cap (3)
Television costs
5% of television revenue (2)
Residuals
Home video
11% of first $1 million of home video royalty,
13% thereafter (3)
Television
9% of television revenue (3)
Participations
Marvel producer fee
5% of 100% of gross receipts (3)
Third parties
3.75% of 100% of gross receipts (2)
Distribution fee
10%, maximum allowed by loan agreement (3)
Production budget
$130 million
(2) Based on industry estimates
(3) Derived from contractual commitments
20
Illustrative Single Film P&L –
Revenue
(in millions)
Domestic Box Office
150
$ 200
$ 250
$ 300
82
117
8
18
15
$ 109
156
8
18
20
$ 137
195
8
18
25
$ 164
234
8
18
30
25
35
8
13
38
42
13
18
51
56
17
18
63
70
18
18
76
84
18
18
43
$ 292
43
393
43
$ 495
43
$ 594
43
$ 692
$ 100
Domestic
Theatrical Rentals/Non-theatrical $
Home Video
Pay-Per-View
Pay Television
Free Television
International, Net of Reserved
Territories
Theatrical Rentals
Home Video
Pay Television
Free Television
Minimum Guarantees from
Reserved Territories and Tax
Incentives
Total Gross Film Revenue
55
78
7
18
10
$
$
$
21
Illustrative Single Film P&L
(continued)
(in millions)
Total Gross Film Revenue (prior slide)
Distribution Fee
Domestic
Prints and Advertising
Home Video Costs
International
Prints and Advertising
Home Video Costs
Television Costs
Residuals
Participations
Total Distribution Expenses
Direct Negative Cost - including
capitalized interest
Total Film Operating Expenses
Total Film Profit
Marvel Producer Fee
Operating Income Contribution
$ 100
$ 292
Domestic Box Office
$ 150
$ 200
$ 250
$ 393
$ 495
$ 594
$ 300
$ 692
24
33
43
53
62
53
29
56
44
64
59
72
73
80
88
21
13
2
8
24
$ 174
22
16
2
10
33
$ 216
26
21
2
13
41
$ 269
29
26
3
15
50
$ 320
32
31
3
16
58
$ 371
134
$ 308
134
$ 350
134
$ 403
134
$ 454
134
$ 505
$ (16)
15
$ (1)
$ 42
20
$ 62
$ 92
25
$ 117
$ 140
30
$ 170
$ 187
35
$ 222
Possible Wholesale Toy Sales Per Film
Possible Merchandising Revenue Per Film
$35-150mm
$10-50mm
22
Illustrative Film Window
Assumptions*
Domestic
Theatrical
Home Video/DVD
Pay-per-view
Pay TV
Network TV/Cable TV
TV Syndication
International
Theatrical
Home Video/DVD
Pay-per-view & Pay TV
Free TV
0
4-6 months
7-9 months
12 months
24-30 months
48 months
0
4-6 months
12 months
48 months
* Timing of initial revenues post theatrical release
23
Illustrative Timing of
Film P&L
Single Film
(in millions)
Marvel Producer Fee
Film Receipts
Amortization of Film Costs
Operating Income
Year 1
$ 12
46
(31)
$ 27
Year 2
$ 10
125
(73)
$ 63
Assumptions:
• $130 million budget
• Films released in May and July of each year
Year 3 Years 4-7
$
1
$
1
36
19
(19)
(11)
$ 18
$
10
Total
$ 25
226
(134)
$ 117
Note: illustration excludes
merchandising and licensing
contributions
• $200 million domestic box office
Note: years 1-7 are calendar years
24
Illustrative Timing of Film P&L
Full 10 Film Slate Contribution
Operating Income Impact
(millions)
Film
Released
Film 1
Year 1
Film 2
Year 1
Film 3
Year 2
Film 4
Year 2
Film 5
Year 3
Film 6
Year 3
Film 7
Year 4
Film 8
Year 4
Film 9
Year 5
Film 10
Year 5
Total Operating Income
Year 1
$
27
$
19
Year 2
$
63
$
70
$
27
$
19
$
$
46
Assumptions:
• $130 million budget
• Films released in May and July of each year
• $200 million domestic box office
Note: years 1-7 are calendar years
179
Year 3 Years 4-7
$
18 $
10
$
19 $
10
$
63 $
27
$
70 $
29
$
27 $
90
$
19 $
97
$ 111
$ 111
$ 108
$ 108
$ 215 $ 700
Note: illustration excludes
merchandising and licensing
contributions
25
Speaker: Ken West
26
Marvel Studios – Financial
Concepts
ƒ Reporting transparency
ƒ Accounting fundamentals
– Net inventories
– Income recognition – timing and method
– Individual film forecast method
– “Ultimates” - All forecasted revenues and costs of a
film for the first 7-10 years
ƒ Funding Sources
– Scripts and other pre-production costs
– Production and post-production costs
ƒ Interest
27
Interest on Outstanding Film
Facility Debt
Debt characteristics
ƒ
ƒ
ƒ
ƒ
ƒ
$525 million credit facility consists of $60 million mezzanine (interest @ LIBOR
+ 7%) and $465 million senior debt (interest @ LIBOR + 0.7% plus 0.935%
Ambac insurance premium)
Unused commitment fee on mezzanine (0.5%) and senior (0.2% plus 0.4%
Ambac insurance premium)
Mezzanine is drawn down first (to date, approximately $30 million has been
drawn down to pay closing costs and interest)
Once mezzanine is fully drawn, senior is drawn down
Senior debt revolves; mezzanine remains outstanding for the term of the debt
Interest presentation on Marvel financial statements
ƒ Interest on funds borrowed to finance film production is capitalized through
delivery of the completed film. Capitalized interest is amortized as a cost of
production
ƒ Interest on funds borrowed to pay closing costs and interest as well as
interest on funds borrowed to finance film production after delivery are
expensed during the period
28
Illustrative Example of Marvel
P&L Impact
(millions)
Total Gross Film Revenue (prior slide) (A)
Distribution Fee
Domestic
Prints and Advertising
Home Video Costs
International
Prints and Advertising
Home Video Costs
Television Costs
Residuals
Participations
Total Distribution Expenses
Direct Negative Cost (Includes
Capitalized Interest)
Total Film Operating Expenses
Total Film Profit
Marvel Producer Fee
Operating Income Contribution
$ 100
$ 292
Domestic Box Office
$ 150
$ 200
$ 250
$ 393
$ 495
$ 594
$ 300
$ 692
24
33
43
53
62
53
29
55
44
64
59
72
73
80
88
21
13
2
8
24
(B) $ 174
22
16
2
10
33
$ 216
26
21
2
13
41
$ 269
29
26
3
15
50
$ 320
32
31
3
16
58
$ 371
134
$ 308
134
$ 350
134
$ 403
134
$ 454
134
$ 505
$ (16)
15
$ (1)
$ 42
20
$ 62
$ 98
25
$ 117
$ 140
30
$ 170
$ 187
35
$ 222
(C)
As Presented on Marvel Income Statement
Revenue [(A) - (B) + (C)]
$ 133
Amortization of Film Costs
134
Operating Income Contribution
$ (1)
$ 196
134
$ 62
$ 251
134
$ 117
$ 304
134
$ 170
$ 356
134
$ 222
29
Five-Minute Intermission
Questions for Marvel Studios management may be
submitted via e-mail at: mvlq&a@jcir.com.
We will address as many
questions as time permits
following the end of
the presentations.
30
Speaker: Michael Helfant
31
MARVEL STUDIOS
ƒ Primary goals and objectives
– Build entertainment franchises based on Marvel characters
– Create content that drives, supports and enhances all of
Marvel’s business activities
ƒ New Strategic Plan
– Self-finance feature films in order to retain creative and
strategic control of franchise properties
– Capture full upside of self-financed films
– Retain long term ownership of film and television library assets
32
Current Business Segments
ƒ Live Action
– Licensed Third Party Studio Films
– New Self-Financed Film Slate
– Television Series
ƒ Animation
– Direct to DVD Features
– Television Series
33
Animation
Direct-to-DVD Features
Status
Ultimate Avengers 2
Released 8/8/06
Iron Man
In production
Doctor Strange
In production
Teen Avengers
Development
TV Series
Fantastic Four
In production
Wolverine and the X-Men
Pre-production
Iron Man
Development
Spider-Man
Development
34
Animation
ƒ Marvel Studios responsible for all
creative development and design
ƒ Actual animation executed by third
party animation houses
ƒ Direct to DVD and series productions
will become Marvel library assets
35
Studio Financed Films
Production
Ghost Rider
Sony
Feb. ‘07
Spider-Man 3
Sony
May ‘07
Fantastic Four 2
Fox
June ‘07
Development
Deathlok
Paramount
Gargoyle
Sony
Magneto
Fox
Namor
Universal
The Punisher 2
Lions Gate
Wolverine
Fox
36
Studio Financed Films
ƒ “Business as usual”
ƒ Marvel Studios will have a
balance of studio financed and
self-financed films
37
Self-Financed Film Slate
ƒ Plan to release 2 self-financed films per year
beginning in 2008
ƒ Development
– 7 projects in development
ƒ First film: Iron Man – May 2, 2008
ƒ Incredible Hulk likely to be second film
38
Film Slate - Production
ƒ
Fully controlled by Marvel
ƒ
Additional staffing/infrastructure as needed
– Physical Production, Production Finance and
Business/Legal Affairs
ƒ
Pre-production activities
ƒ
Production financing with new revolving film facility after
“greenlight”
ƒ
Same quality as studio-financed films
ƒ
Competitive advantages
39
Film Slate:
Production Risk Management
ƒ Extensive pre-production
ƒ Experienced crews
ƒ Complete production insurance package
ƒ Strict budget and financial controls
ƒ Completion bond
– Independent review/approval of budgets
– Guaranty of completion and delivery
– Guaranty of over-budget financing if needed
40
Film Slate - Distribution
ƒ
Principal distribution arrangements
– Paramount
– Universal for Incredible Hulk
ƒ
Major studio distribution partners in US and various international
territories
ƒ
Marvel’s reserved distribution rights
– Australia/New Zealand, Germany, France, Spain and Japan
– Domestic free television
– All ancillary rights, including merchandising, music publishing
and soundtrack rights
ƒ
Additional staffing to manage and oversee all activities of Marvel
Studios distribution partners
– Marketing and distribution executives
41
Speaker: Kevin Feige
42
MARVEL STUDIOS:
“How We Make Marvel Movies”
43
INTRODUCTION
How does a Marvel superhero
go from comic books pages to a
global box office phenomenon?
The answer is a team of experts
working in concert to make sure
that every detail is imagined
and executed during the
painstaking film process.
Here’s a look at how Marvel Studios has made some of the biggest
movies of all time…
44
ƒ 1 DEVELOPMENT
ƒ 2 PRE-PRODUCTION
ƒ 3 PRODUCTION
ƒ 4 POST-PRODUCTION
ƒ 5 MARKETING / RELEASE
45
DEVELOPMENT
46
MINING MARVEL’S VAST
IP LIBRARY
Marvel Studios draws upon its rich library of comic
books and characters to create hit films.
47
SCRIPT DEVELOPMENT
We condense decades of comic books into one
screenplay. This is the most crucial - and longest - stage
of the development process.
48
PRE-PRODUCTION
49
STORYBOARDS
Every major sequence is carefully drawn out by storyboard artists.
The filmmakers then use these boards to plan every detail of the
sequence. Comic books are a valuable resource during this
process since they are basically storyboards themselves.
50
PRE-VISUALIZATION –
ANIMATICS
Complex action sequences are fully animated to give the
filmmakers a better idea of how the sequence will look and feel
51
CASTING
Marvel Studios works with an impressive array of talented actors to
bring our characters to life. Very often, after appearing in a Marvel
Studios production, these actors go on to enjoy superstar status.
52
PRODUCTION
When all the details are in place the production is
ready to go before the cameras. This process can
last many months.
53
POST-PRODUCTION
54
POST PRODUCTION –
EDITING
55
POST PRODUCTION –
VISUAL EFFECTS
56
POST PRODUCTION –
VISUAL EFFECTS
57
POST PRODUCTION –
VISUAL EFFECTS
58
POST PRODUCTION –
VISUAL EFFECTS
59
POST PRODUCTION –
VISUAL EFFECTS
60
POST PRODUCTION –
VISUAL EFFECTS
61
POST PRODUCTION – SOUND
EFFECTS, SCORING & FINAL MIX
62
MARKETING / RELEASE
63
THE MARVEL FILM SLATE –
IRON MAN
Billionaire industrialist Tony
Stark builds a high-tech suit of
armor to fight injustice on a
global scale.
Director - JON FAVREAU
(Made, Elf, Zathura)
Production Designer –
J. MICHAEL RIVA (Spider-Man 3,
Zathura)
VFX Supervisor – JOHN NELSON
(I Robot, The Matrix 2, 3, Academy
Award winner for Gladiator)
Director of Photography –
MATTHEW LIBATIQUE (Inside Man,
Requiem for A Dream)
Release date - May 2nd, 2008
64
THE MARVEL FILM SLATE –
THE INCREDIBLE HULK
Caught in the heart of a gamma
explosion, Dr. Bruce Banner now
finds himself transformed in times
of stress into seven feet, one
thousand pounds of unfettered
fury – the most powerful creature
to ever walk the earth…
The Incredible Hulk!
Director: Louis Leterrier
(Unleashed, The
Transporter 2)
Writer: Zak Penn (X-Men: The
Last Stand, X2: X-Men
United, Last Action Hero) 65
THE MARVEL FILM SLATE –
ANT MAN
Small time crook Scott Lang
stumbles upon an old uniform
once worn by the reclusive Dr.
Hank Pym a.k.a. Ant-Man.
Now, the torch is passed and
an unlikely new hero is born.
Director: Edgar Wright
(Shaun of The Dead)
66
THE MARVEL FILM SLATE –
CAPTAIN AMERICA
In 1942 Steve Rogers is
picked to participate in a
super-soldier experiment
which transforms him
into Captain
America. Thought lost in
battle towards the end
of WW2, Captain
America awakens in the
present day to a world
he doesn't recognize.
Writer: David Self
(Road to Perdition,
Thirteen Days)
67
THE MARVEL FILM SLATE –
NICK FURY
Super-spy Nick Fury uses
high-tech equipment and a
team of agents from the
most powerful spy
organization in the world to
fight an evil group
determined to send the
world into chaos.
Writer: Andrew Marlowe
(Air Force One,
Hollow Man,
End of Days)
68
THE MARVEL FILM SLATE –
THOR
An epic tale of Norse
mythology, this is the
story of Thor, the god of
thunder, being banished
to live as a human among
mortal men.
Writer: Mark Protosevich
(I Am Legend, The Cell)
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THE MARVEL FILM SLATE –
THE AVENGERS
The Avengers are Earth's
mightiest heroes, formed to
fight the foes no single hero
could withstand. The
Avengers are the most
prestigious and powerful
super-hero team in the world.
Writer: Zak Penn (The Incredible
Hulk, X-Men: The Last Stand,
X2: X-Men United, Last Action
Hero)
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Question and Answer Period
Moderated by: Peter Cuneo
e-mail questions now to
mvlq&a@jcir.com
71
Thank You For Joining Us Today!
Marvel Entertainment, Inc.
(NYSE: MVL)
www.marvel.com
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