Statement of Corporate Governance

This Statement of Corporate Governance is intended to provide an overview of the corporate governance of American Media, Inc. (“AMI”) and AMI’s directly and indirectly owned subsidiaries (collectively, the “Subsidiaries”).

AMI and the Subsidiaries are governed by their respective Certificates of Incorporation of Incorporation and bylaws.

Board of Directors
The Board of Directors oversees the business and operations of AMI and the Subsidiaries by establishing company policy, formulating strategic direction, reviewing performance, approving annual budgets and seeking to enhance the interests of stockholders.

Size, Composition and Term of the Board of Directors
The Board of Directors is comprised of four (4) members. Each member of the Board of Directors shall serve until removed by the AMI shareholder(s) or until death, disability or resignation.

Meetings of the Board of Directors
The bylaws provide that regular meetings of the Board of Directors may be held at such time and at such place as may be determined by the Board of Directors from time to time. The bylaws also provide that special meetings of the Board of Directors may be called by the Chairman, if there be one, the President, or any two directors.

Committees of the Board of Directors
The Board of Directors has established an Audit Committee. The Audit Committee is charged with the oversight of financial reporting and disclosure.

Access to Management and Independent Advisors
The Board of Directors receives monthly, quarterly and annual operating and financial reports of AMI. The Board of Directors also has unrestricted access to senior management, financial advisors, auditors, legal counsel and other consultants.

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