PRESIDENT’S REPORT - MEDIAHOUSE LIMITED

Hamilton, Bermuda: 31 March 2009 - The Board is pleased to announce that MediaHouse Limited (“MHL” or the “Company”) earned a net profit for the year of $2,149,871, or $4.35 per common share.  Although the results are down from the prior year’s net profit of $2,741,399, the current year net profit is positive considering the depressed economic conditions currently facing Bermuda and counties around the world.

The depressed market both inside and outside of Bermuda posed a substantial challenge for your management team as competition for scarce advertising dollars has never been greater. MHL management has had to think of new and creative ways to maintain and grow revenue while continuing to deliver first class customer service, superior products, and distinctive value.

Of all of our markets, the Bermuda market has been hardest hit by the economic downturn.  All of our core economic drivers - international business, tourism, and retail - experienced substantial decline during the year.  The knock-on effect for the MHL subsidiaries like Island Press, Bermuda.com, and Bermuda.com the Guide (formerly Preview of Bermuda) has been considerable as businesses reined in their media expenditure.

On the other hand Global Directories Limited (“GDL”), the Company’s Caribbean directory division, has maintained its pre-downturn sales while increasing profitability.  GDL provides a multi-platform service to clients in print, on-line, and mobile. Seamless delivery of these products and services to our directory customers is core to the subsidiary’s success.

The Bermuda Sun Limited held its own in the year under review. Our bi-weekly newspaper, through its dedicated management and personnel, continue to deliver top stories and news that Bermudians want to read.  This fundamental strength drives the paper’s circulation numbers and delivers value to its advertisers. 

As noted in the March 31, 2009 Director’s report, the timing of revenue recognition results in proportionally more directory revenue being recognized in the opening six months of the current fiscal year versus the closing six months of the current fiscal year.  This is consistent with the cyclical nature of the Company’s directory operations.

During the year your Board of Directors declared a dividend of $0.50 per common share to common shareholders of record at the close of business on 14 April, 2009. The Board would like to thank you, our shareholders, for your confidence and continuing support.

As a public company listed on the Bermuda Stock Exchange, it should be noted that the directors and the officers of MHL hold 354,745 common shares.  No rights to subscribe for shares in MHL have been granted to any director or officer and there are no service contracts with any director or officer.

Finally, the Board wishes to extend thanks to all of our Company Members for their continuing support and effort during these challenging times. Our personnel are the life-force of the Company and will see us through these challenging times.

D. Randolph French

Chairman and CEO