American Stock Exchange News Release

Equity Release
Media Contact: Javier E. David
American Stock Exchange
212-306-1440
javier.david@amex.com

AMERICAN STOCK EXCHANGE LISTS COMMON STOCK OF NATIONAL LAMPOON INC.

New York, August 2, 2005 -  The American Stock Exchange (Amex) will begin trading on Wednesday, August 3, 2005 the shares of National Lampoon Inc. under the ticker symbol NLN.

National Lampoon, Inc. is a media and entertainment company based in Los Angeles that creates and distributes comedic content. The company's primary business areas include National Lampoon Networks, Motion Pictures and Television Programming, Licensing, Home Entertainment, Publishing, Internet, and National Lampoon Tours.

"National Lampoon has entertained audiences for years, and we are pleased they have chosen to list on the American Stock Exchange," said Amex Equities Group Senior Vice President John McGonegal. "We look forward to supporting the company's effort to reach a wider investor audience."

"Our listing on the Amex is a significant step in the ongoing development of our company," said Daniel Laikin, Chief Executive Officer of National Lampoon, Inc. "The listing should increase visibility of our company among the investment community, will help to expand the investor base, and should create additional liquidity and marketability for our shareholders."

The specialist in National Lampoon Inc. will be AIM Securities Co. For more information on NLN , or any Amex-listed company, please visit www.amex.com.

About American Stock Exchange

The American Stock Exchange® (Amex®) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 164 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.