New York, March 19, 2003- Marvel Enterprises, Inc. (NYSE: MVL), a global provider of entertainment content, today announced that it is converting all remaining approximately 3.3 million outstanding shares of its 8% Cumulative Convertible Exchangeable Preferred Stock (OTC BB: MVLEP; CUSIP No. 57383M207) at the stated conversion rate of 1.039 shares of Marvel Common Stock for each share of Convertible Preferred Stock.

The conversion is expected to be accretive to FY 2003 earnings per diluted share guidance by approximately $0.02-$0.03 by eliminating the Convertible Preferred Stock's burden of mandatory paid-in-kind dividends, currently amounting to approximately $0.7 million on a quarterly basis, or approximately $2.7 million annually. The conversion will increase the trading float and liquidity of Marvel's common stock as well as extinguish Marvel's obligation to redeem any remaining preferred stock for $10.00 per share in cash in 2011.

Pursuant to the terms of the Convertible Preferred Stock, Marvel is able to force the conversion of all outstanding Convertible Preferred Stock following the completion of 10 consecutive trading days in which Marvel's Common Stock closes above $11.55 per share. Tuesday, March 18 marked the 10th consecutive day of trading in which Marvel's closing share price met this criterion. Marvel will issue approximately 3.4 million shares of Common Stock in the conversion. No one-time charges are required for this action, as the conversion is taking place at the stated conversion ratio of the Convertible Preferred Stock.