Going Concern Qualification Included in Audit Report for National Lampoon Inc. Financial Statements

  
    
  
  
    
      National Lampoon, Inc. (NYSE Alternext US: NLN), the most widely 
      recognized brand in comedy, today announced that Section 610 of the NYSE 
      Alternext US LLC (the “Exchange”) Company Guide requires a company whose 
      securities are listed on the Exchange to make a public announcement 
      through the news media disclosing the receipt of an audit opinion that 
      contains a going concern qualification. This information was 
      inadvertently excluded from the earnings release issued by the Company 
      on November 11, 2008. The audit report included in the Company’s Annual 
      Report on Form 10-K, which was filed with the Securities and Exchange 
      Commission on November 10, 2008, included a going concern qualification.
    
    
      About National Lampoon
    
    
      National Lampoon, Inc. (NYSE Alternext US: NLN) has been a dominant 
      force in the US comedy world for almost 40 years, and is currently 
      active in a broad array of media and entertainment segments. These 
      include feature films, television programming, online and interactive 
      entertainment, home video, audio, and book publishing. The Company also 
      owns interests in all major National Lampoon properties, including National 
      Lampoon’s Animal House, the National Lampoon Vacation series 
      and National Lampoon’s Van Wilder. National Lampoon reaches 
      nearly one in four of all 18 to 24 year old college students in America 
      today. The Company has three core operating divisions: National Lampoon 
      Films, which includes production along with theatrical and video 
      distribution of feature films; College Marketing Division; and National 
      Lampoon Networks, providing humor content through a number of platforms. 
      These include its National Lampoon College TV network, the National 
      Lampoon Humor Network - the most trafficked humor sites on the web, Toga 
      TV.com - the company’s broadband channel, the Drunk University Network, 
      the new ZAZ Network, and the National Lampoon Video Network, which 
      includes channels on YouTube, AOL, Yahoo, Joost, and a number of digital 
      video platforms across the Internet. These are all anchored by the award 
      winning comedy website www.nationallampoon.com