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Press Release Paris September 29th, 2011

STUDIOCANAL is proud to announce the successful closing of its inaugural slate transaction, encompassing approximately 100 films.

STUDIOCANAL has signed an agreement with ANTON CAPITAL ENTERTAINMENT (ACE), a European-based media fund, to co-finance the international films distributed by the studio over the next three years. ACE will finance 30% of the studio's releases providing STUDIOCANAL with additional capital to grow its successful multi-territory distribution model. The cumulative investment by STUDIOCANAL and ACE is expected to encompass approximately 100 films and reach up to EUR 500 million over the three year period. It is the first time in several years that any studio has been able to access this type of financing, and the first time ever for a European player. The deal was negotiated for STUDIOCANAL by Romain Bessi, Executive Vice President Strategy, Finance & Technical and for ANTON CAPITAL ENTERTAINMENT by Sébastien Raybaud and Mark-Field Marsham, ANTON CAPITAL LIMITED's partners. ACE's financing was arranged by ANTON CAPITAL LIMITED (ANTON CAPITAL) and provided by large European institutional investors, US-based Falcon Investment Advisors, as well as Union Bank and Bank of America. Falcon Investment Advisors is a private equity firm with over $1 billion of capital under management and has in the past supported several high profile film slate deals such as Legendary Pictures and Village Roadshow Entertainment Group. The Los Angeles based entertainment finance group at Union Bank lead arranged the senior revolving credit facility with Bank of America acting as syndication agent. Union Bank and Bank of America each have significant entertainment lending experience both in the United States and in Europe and consider the Anton co-financing vehicle with Studio Canal to be an important expansion of their European footprint in the entertainment sector. Olivier Courson, Chairman and CEO of STUDIOCANAL, said : "This deal is a major step forward in the company's development strategy. It will allow STUDIOCANAL to increase substantially its capacity to invest in the production and acquisition of international films. It is a strong sign for us to be the first in Europe to achieve this kind of financing and have the confidence of such highprofile institutions, all the more so in a time of volatility in the financial markets." Sébastien Raybaud, founding partner of ANTON CAPITAL, added: "We are very proud to be part of this landmark transaction. For the first time, European institutional investors are backing a slate financing, and one which is focussed on Europe. We are also pleased to see that such highprofile US-based institutions such as Falcon Investment Advisors, Union Bank and Bank of America have chosen this transaction to expand in Europe. STUDIOCANAL has shown solid artistic taste, tremendous financial discipline and strong risk management; investors really responded to their overall approach to distribution."

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About STUDIOCANAL STUDIOCANAL is a subsidiary of the CANAL+ Group. It is one of Europe's leading companies in the market for co-production, acquisition, distribution and sale of international feature films. STUDIOCANAL is the only studio operating simultaneously in three main territories across Europe: France, the United Kingdom and Germany. The company distributes a total of more than 50 films a year throughout Europe. Additionally, STUDIOCANAL owns one of the most important libraries in the world, with more than 5,000 international titles. STUDIOCANAL's latest fully financed film, the brilliant cold-war thriller TINKER, TAILOR, SOLDIER, SPY, has been number one in the UK box-office ever since it was released on Sept. 16th, 2011. Based on John le Carré's bestseller, it was directed by Tomas Alfreson, starring Gary Oldman, Colin Firth and Tom Hardy and produced by Working Title. The film will be released on February 2nd,2012, in Germany and on February 8th, 2012, in France. STUDIOCANAL will also entirely finance and handle international rights of Joel and Ethan Coen's next comedy, INSIDE LLEWYN DAVIS, produced by the Coens and Scott Rudin, to be shot early next year.

About ANTON CAPITAL ANTON CAPITAL is a media-focussed merchant banking boutique based in London, authorised and regulated by the UK Financial Services Authority. ANTON CAPITAL's goal is to leverage and apply its investing and arranging expertise to the media sector. Specifically it aims to source, structure and manage best-in-class transactions, both on the primary and the secondary markets, in partnership with institutional investors. Its partners Sébastien Raybaud and Mark Field-Marsham, are former bankers at, respectively, the media structured finance department of Société Générale in London, and Morgan Stanley's principal strategy group in London.

COMMUNICATIONS DEPARTMENT Sophie Kopaczynski +33 1 71 35 19 20 [email protected]ocanal.com Caroline Grangié +33 1 71 35 10 81 [email protected] Sébastien Raybaud +44 203 427 5391 [email protected]

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Microsoft Word - Press release Slate Financing.doc