United Labels AG

Quarterly Report • May 10, 2010

Our share price on the other hand has been less than satisfactory and, through the use of intensified capital market communications, we will try to ensure that our share performance, like our revenue figures, improves.

Thank you for placing your trust in us.

Peter Boder CEO

3-Months' report

Dear Shareholders,

The year 2010 has been encouraging thus far for UNITEDLABELS AG as we are seeing group-wide growth in revenue and an improvement in the company's earnings.

During the first quarter of 2010, consolidated revenue grew to €10.1 million. In addition, UNITEDLABELS' operating result rose, while its order backlog reached a record high of €17.9 million.

The performance of the company's foreign subsidiaries has also been pleasing. In Spain, Italy and Belgium, in particular, revenue increased significantly. While in Italy, revenue increased more than threefold, it doubled in Belgium and grew by 30% in Spain.

Our solid performance was attributable primarily to the measures introduced last year with regard to new approaches to marketing and growth. This action plan is based on four pillars: the expansion of the textiles segment, increasing the number of airport stores, the expansion of sales in Eastern Europe and continuous updating of the company's license portfolio with in-demand licenses.

With the creation of new textiles and clothing collections, UNITEDLABELS went on the offensive and was able to attract new customers for the first quarter of the year as well as generate significantly more orders from existing customers. Collections featuring the most well-known and in-demand comic stars are designed, produced and distributed in accordance with customers' individual wishes.

Eastern Europe offers enormous sales potential, which is why UNITEDLABELS has been acquiring leading retail chains in the region, especially in Poland, Romania and the Czech Republic. This led to a result well within positive territory for the first three months of the year, while for the current year as a whole we expect double-digit growth in revenue in this region.

At the beginning of the year, we opened new airports stores in Hamburg and Malaga. We have also received permission to open two new shops at Barcelona airport, which means that by the middle of the year UNITEDLABELS will be operating eight stores in five different locations, with this upward trend likely to continue into the future.

Just as in the previous year, UNITEDLABELS was represented at the Spielwarenmesse "International Toy Fair" in Nuremberg and at the "INTERGIFT International Gift Fair" in Madrid at the beginning of the year.

Here, trade visitors, media representatives and invited guests from all over the world were given the opportunity to delve once more into UNITEDLABELS' license portfolio. New licenses like "Mr. Men Little Miss" and "Toy Story 3" were showcased alongside well-established favourites like "Peanuts", "The Simpson's" and "SpongeBob SquarePants", all of whom appeared with new layouts and designs. The "INTERGIFT gift fair" in Madrid was particularly successful, with order volumes expanding significantly compared with the previous year.

CEO

Key Figures	2010 (T€)	2009 (T€)
Revenue	10,059	8,691
* EBITDA	377	(337)
EBIT	253	(465)
Profit before tax	168	(492)
Profit for the year	126	(218)
Order backlog	17,947	11,706
Earnings per share (€)	0.03	(0.05)
Number of embloyees	126	131

* incl. amortisation of usufructuary rights

Application of IFRS/IAS regulations

Accounting principles

The quarterly accounts were prepared in accordance with the internationally recognised accounting regulations based on the International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS) of the International Accounting Standards Board (IASB) as issued by the reporting date. To some extent, the preparation of the consolidated accounts requires estimates and assumptions to be made by the company's Management Board, which will have an impact on the figures disclosed for the company's assets and liabilities as well as those reported in the income statement. It should be noted that the actual results may deviate from these estimates and that strategies may have to be altered as a result of changes in the behaviour of consumers, licensors or trading partners (customers, suppliers).

The quarterly accounts were prepared according to uniform accounting and valuation methods. The reporting currency is the euro.

Since the beginning of the year, the revised version of IFRS 8, which governs the practice of segment reporting, applies. IFRS 8 requires entities to disclose financial and descriptive information relating to reportable segments. Segments represent components of a company for which separate financial information is available and which are monitored regularly by the operating area's senior management in order to decide how resources should be allocated and performance should be judged. IFRS 8 replaces IAS 14 and differs from it through its "management approach" for identifying and evaluating the operating segments where a reporting obligation exists. However, this new standard has not resulted in any changes for UNITEDLABELS. The reporting system used up to now is still the most important basis for corporate decision-making undertaken by both the company's Management Board and its Supervisory Board. The division of the company's operations into the segments of Key Accounts and Special Retail has therefore been maintained.

Business performance in the first quarter of 2010

UNITEDLABELS' consolidated revenue for the first three months of the year amounted to €10.1 million (previous year: €8.7 million), which was the first time that the company's revenue exceeded the €10 million mark in a first quarter. Encouragingly, this increase in revenue was seen in both segments of the company: Special Retail and Key Accounts. In Spain and Italy, where the Special Retail segment is particularly buoyant, revenue in this segment increased by 59% thanks to a very popular local license (Patito Feo), while the Key Account segment in these two countries also saw impressive revenue growth of 39%. Business in Germany got off to a more modest start, with revenue declining by 13% overall, largely as a result of the company's decision to withdraw from operations in the Special Retail segment in Germany, Belgium and France.

Earnings before interest and taxes (EBIT) for the first quarter amounted to €0.3 million (previous year: €-0.5 million), while consolidated profit after taxes amounted to €0.1 million (previous year: €-0.2 million). Thus, both key indicators moved back into positive territory. This is due to an increase in the profit margin, which is based on the higher share of the Special Retail segment in overall revenue and earnings.

The solid result achieved by the Special Retail segment in Spain and Italy meant that this segment's contribution to the company's overall revenue increased to 39% compared with the previous year's figure of 30%. Earnings in the Special Retail segment rose accordingly from €0.1 million in the previous year to €0.3 million in the first quarter of 2010. This figure also includes one-off expenses of €0.2 million resulting from the withdrawal from the Special Retail segment in Germany.

The Key Account segment experienced only a modest increase in revenue in the first three months of the year. However, earnings generated within this segment still grew by 62% to €0.7 million. Here too, this is the result of an improved profit margin resulting from a change in the customer portfolio. While revenue from hard discounters was down on the previous year's values, revenue from clothing chains and from Eastern Europe increased.

UNITEDLABELS Group's order backlog has grown significantly, increasing by 53% over the previous year to reach a record high for the first quarter of €17.9 million. In particular, the number of orders in Belgium, Spain and Italy increased markedly.

The particulary high level of order intake in the first three month continued beyond the end of the first quarter.

Financial position

On the assets side, inventories decreased once more to €7.0 million, representing a drop of 11% from the €7.9 million recorded at the end of 2009. Of this, €3.1 million (31 December 2009: €4.1 million) was attributable to remaining inventories in Germany. Cash and cash equivalents were used for expanding the company's operating business and for the opening of the two new airport stores. This reduced the company's bank balances from €3.7 million to €2.0 million, while its net debt stood at €6.2 million. Factoring ceased to be used by the company in Germany at the end of last year.

As at 31 March 2010, the company's equity ratio was 60.3%. The company continues to hold 46,199 no-par value shares with an average carrying amount per share of €6.68. The company's equity covers its non-current assets by 141% and its liabilities by 152%.

Employees

At the reporting date of 31 March 2010, UNITEDLABELS employed a total of 126 people (previous year: 131). Of these, 62 were employed in Germany and 54 in Spain.

Licenses

We will continue to keep our license portfolio up to date in 2010. For example, UNITEDLABELS now has new licences like "Mr. Men Little Miss", "Toy Story 3" as well as "Peppa Pig" and "SpongeBob by SpongeBob" in its portfolio, which are primarily aimed at preschool children as well as teenagers and young adults.

The level of brand awareness for "SpongeBob SquarePants" in Germany lies at 96% for those aged between 14 and 49 years of age, which should serve as an ideal platform from which to grow the new lifestyle brand "SpongeBob by SpongeBob".

"Peppa Pig" (also known by the name "Peppa Wutz" in Germany) is a television series for preschool children, which is all about the life of a young female pig, her family and their friends.

The series has already received several awards: at the Annecy International Animated Film Festival it was awarded the main prize of "Best TV Production" as well as receiving the awards of "Best TV Series for Preschool Children" and "Best European TV Series" at the Cartoons on the Bay International Television and Cross-Media Animation Festival in Italy. Old favourites like "Peanuts", "Winnie the Pooh", "The Simpson's" and "Cars" remain, of course, in the company's extensive portfolio.

Annual General Meeting

UNITEDLABELS' 10th Annual General Meeting will be held on 19 May 2010 at the "Messe und Congress Centrum Halle Münsterland" in Münster. The company's Management Board and Supervisory Board look forward to answering questions from private and institutional investors as well as from other guests and media representatives on its performance during the 2009 financial year.

The Annual General Meeting gets under way at 11 am, with the doors opening from 10 am.

Shares owned by the company bodies

As at 31 March 2010, UNITEDLABELS AG had a total of 4.2 million no-par value shares. The company's Management Board as well as the members of the Supervisory Board held the following shares and options on 31 March 2010:

Peter Boder held 2.63 million shares while the Chairman of the Supervisory Board Dr. Jens Hausmann and the Supervisory Board members Prof. Helmut Roland and Michael Dehler held zero, 10,000 and 441 no-par value shares respectively. As at 31 March 2010, there were no option rights and no option rights programme in place.

Outlook

According to many experts, the worst of the financial and economic crisis is over for the time being. However, nobody is able to predict how events such as the debt crisis in Greece for example will impact on Europe's financial and economic engine. Neither can anybody forecast how consumers' purchasing behaviour will develop. In February for example, German retailers took in less revenue than in the same month last year, and the HDE ("Hauptverband des Deutschen Einzelhandels" or German Retailers' Association) expects sales to stagnate and fears that consumers will be less willing to spend because of rising unemployment.

Despite all this, UNITEDLABELS got off to a positive start in 2010. The measures developed last year with regard to new approaches to marketing and growth have led to a rise in revenue and earnings, and this trend should of course continue into the future.

The effects of these new approaches, which are based on four pillars, should be seen over the coming weeks and months:

Market analyses suggest that the clothing area for licensed products is the category with the greatest potential volume. We hope to further expand this area and to increasingly target large customers both at home and abroad. We will develop new collections with our customers, where follow-on collections will be a possibility. Textiles in particular appeal to a large target group that has nowhere near been exhausted yet by UNITEDLABELS.

Eastern Europe is a region that offers enormous sales potential for UNITEDLABELS, with the three largest Eastern European countries of Poland, Romania and the Czech Republic having a total population of around 70 million people. The Eastern European market has by now developed a taste for licensed merchandise and is a market that we want to tap into more and more in order to gain new well-known customers and therefore grow both in terms of revenue and earnings.

The expansion of UNITEDLABELS' airport stores continues. After opening two new airport shops in Hamburg and Malaga in the first quarter of the year, we also received permission for two new shops in Barcelona airport. This means that, from June/July of this year, UNITEDLABELS will be operating eight shops, with more planned for the future: preparations for further airport projects in Berlin, London, Paris, Frankfurt, Zurich and Munich are already under way.

UNITEDLABELS will continue to keep its portfolio of licenses up to date. In order to keep abreast of developments in the world of licensed merchandise, UNITEDLABELS will participate in the biggest and most important licensing events and trade fairs. The company enjoys an excellent reputation in the world of licence marketing, as proven by the many awards it has received, including the "Licensor of the Year" award from LIMA (International Licensing Industry Merchandisers' Association).

breakdown of sales in the first 3 months 2009 for key

UNITEDLABELS Aktiengesellschaft, Münster

Group Statement of Comprehensive Income (IFRS) for the period

1 January to 31 March 2010

	01/01/2010 31/03/2010		01/01/2009 31/03/2009		01/01/2010 31/03/2010		01/01/2009 31/03/2009
	€	%	€	%	€	%	€
Sales revenues	10,058,899.96	100.0%	8,691,151.16	100%	10,058,899.96	100.0%	8,691,151.16
Cost of materials	(5,438,810.15)	(54.1%)	(5,166,004.10)	(59.4)%	(5,438,810.15)	(54.1%)	(5,166,004.10)
Amortisation of usufructuary rights	(1,025,264.66)	(10.2%)	(800,373.31)	(9.2)%	(1,025,264.66)	(10.2%)	(800,373.31)
	3,594,825.15	35.7%	2,724,773.75	31.4%	3,594,825.15	35.7%	2,724,773.75
Other operating income	202,887.33	2.0%	114,879.08	1.3%	202,887.33	2.0%	114,879.08
Staff costs	(1,731,394.69)	(17.2%)	(1,582,840.29)	(18.2)%	(1,731,394.69)	(17.2%)	(1,582,840.29)
Depreciation of property, plant and equip ment, and amortisation of intangible assets (excl. amortisation of usufructuary rights)	(123,543.59)	(1.2%)	(127,701.58)	(1.5)%	(123,543.59)	(1.2%)	(127,701.58)
Other operating expenses	(1,689,287.39)	(16.8%)	(1,593,703.16)	(18.3)%	(1,689,287.39)	(16.8%)	(1,593,703.16)
Profit from operations	253,486.81		2.5% (464,592.20)9	(5.3)%	253,486.81	2.5%	(464,592.20)
Finance income	5,930.45	0.1%	12,185.61	0.1%	5,930.45	0.1%	12,185.61
Result from at-equity investments	33,307.65	0.3%	84,695.45	1,0%	33,307.65	0.3%	84,695.45
Finance cost	(124,441.19)	(1.2%)	(124,008.77)	(1.4)%	(124,441.19)	(1.2%)	(124,008.77)
Net finance cost	(85,203.08)	(0.8%)	(27,127.71)	(0.3)%	(85,203.08)	(0.8%)	(27,127.71)
Profit before tax	168,283.72	1.7%	(491,719.91)	(5.7)%	168,283.72	1.7%	(491,719.91)
Taxes on income	(42,098.39)	(0.4%)	273,237.91	3.1%	(42,098.39)	(0.4%)	273,237.91
Consolidated net profit / (loss)	126,185.34	1.3%	(218,482.00)	(2.5)%	126,185.34	1.3%	(218,482.00)

(unaudited)									03/2010 € '000	03/2009 € '000
								Consolidated profit/loss for the year	126	(218)
	01/01/2010 31/03/2010		01/01/2009 31/03/2009		01/01/2010 31/03/2010		01/01/2009 31/03/2009	Interest income from financing activities	118	112
	€ 10,058,899.96	%	€	%	€	%	€	Depreciation of proberty, plant and equipment, and amortisation of intangible assets	1,149	928
Sales revenues		100.0%	8,691,151.16	100%	10,058,899.96	100.0%	8,691,151.16
Cost of materials	(5,438,810.15)	(54.1%)	(5,166,004.10)	(59.4)%	(5,438,810.15)	(54.1%)	(5,166,004.10)	Change in provisions	250	(115)
Amortisation of usufructuary rights	(1,025,264.66)	(10.2%)	(800,373.31)	(9.2)%	(1,025,264.66)	(10.2%)	(800,373.31)	Other non-cash expenses	(18)	(373)
	3,594,825.15	35.7%	2,724,773.75	31.4%	3,594,825.15	35.7%	2,724,773.75	Result from disposal of non-current assets	0
Other operating income	202,887.33	2.0%	114,879.08	1.3%	202,887.33	2.0%	114,879.08
								Change in inventories, trade receivables, and other assets not attributable to investing or financing activities	(1,182)	2,770
Staff costs	(1,731,394.69)	(17.2%)	(1,582,840.29)	(18.2)%	(1,731,394.69)	(17.2%)	(1,582,840.29)
								Change in trade payables and other liabilities not attributable to investing or financing activities	(1,733)	(5,706)
Depreciation of property, plant and equip ment, and amortisation of intangible assets
(excl. amortisation of usufructuary rights)	(123,543.59)	(1.2%)	(127,701.58)	(1.5)%	(123,543.59)	(1.2%)	(127,701.58)	Cash flows from operating activities	(1,291)	(2,602)
								Proceeds from the disposal of non-current assets	0
Other operating expenses	(1,689,287.39)	(16.8%)	(1,593,703.16)	(18.3)%	(1,689,287.39)	(16.8%)	(1,593,703.16)
Profit from operations	253,486.81		2.5% (464,592.20)9	(5.3)%	253,486.81	2.5%	(464,592.20)	Payments for investments in non-current assets	(302)	(76)
Finance income	5,930.45	0.1%	12,185.61	0.1%	5,930.45	0.1%	12,185.61	Cash flows from investing activities	(302)	(76)
								Proceeds from bank loans	331
Result from at-equity investments	33,307.65	0.3%	84,695.45	1,0%	33,307.65	0.3%	84,695.45
								Payment of dividends	0
Finance cost	(124,441.19)	(1.2%)	(124,008.77)	(1.4)%	(124,441.19)	(1.2%)	(124,008.77)	Repayment of financial loans	(228)	(228)
Net finance cost	(85,203.08)	(0.8%)	(27,127.71)	(0.3)%	(85,203.08)	(0.8%)	(27,127.71)
								Interest received	6	12
Profit before tax	168,283.72	1.7%	(491,719.91)	(5.7)%	168,283.72	1.7%	(491,719.91)	Interest paid	(124)	(124)
Taxes on income	(42,098.39)	(0.4%)	273,237.91	3.1%	(42,098.39)	(0.4%)	273,237.91	Cash flows from financing activities	(15)	(340)
								Net cash change in cash and cash equivalents	(1,607)	(3,018)
Consolidated net profit / (loss)	126,185.34	1.3%	(218,482.00)	(2.5)%	126,185.34	1.3%	(218,482.00)
								Currency translation	(37)
( Consolidated earnings per share								Cash and cash equivalents at the beginning of the period	3,694	4,986
basic					0.03 €		(0.05) €
diluted					0.03 €		(0.05) €	Cash and cash equivalents	2,050	1,970
Weighted average shares outstanding
basic					4,153,801 shares		4,153,801 shares	Gross debt bank	8,278	5,795
diluted					4,153,801 shares		4,153,801 shares	Net debt bank	6,228	3,825
								Composition of cash and cash equivalents:
								Cash and cash equivalents	2,050	1,970
8

( Consolidated earnings per share
basic	0.03 €	(0.05) €
diluted	0.03 €	(0.05) €
Weighted average shares outstanding
basic	4,153,801 shares	4,153,801 shares
diluted	4,153,801 shares	4,153,801 shares

UNITEDLABELS Aktiengesellschaft, Münster Group Statement of Cash Flows

(unaudited)

Consolidated profit/loss for the year	126	(218)
Interest income from financing activities	118	112
Depreciation of proberty, plant and equipment, and amortisation of intangible assets	1,149	928
Change in provisions	250	(115)
Other non-cash expenses	(18)	(373)
Result from disposal of non-current assets	0	0
Change in inventories, trade receivables, and other assets not attributable to investing or financing activities	(1,182)	2,770
Change in trade payables and other liabilities not attributable to investing or financing activities	(1,733)	(5,706)
Cash flows from operating activities	(1,291)	(2,602)
Proceeds from the disposal of non-current assets	0	0
Payments for investments in non-current assets	(302)	(76)
Cash flows from investing activities	(302)	(76)
Proceeds from bank loans	331	0
Payment of dividends	0	0
Repayment of financial loans	(228)	(228)
Interest received	6	12
Interest paid	(124)	(124)
Cash flows from financing activities	(15)	(340)
Net cash change in cash and cash equivalents	(1,607)	(3,018)
Currency translation	(37)	2
Cash and cash equivalents at the beginning of the period	3,694	4,986
Cash and cash equivalents	2,050	1,970
Gross debt bank	8,278	5,795

UNITEDLABELS Aktiengesellschaft, Münster Group Statement of Financial Position (IFRS) as at 31 March 2010

(unaudited)

ASSETS

Assets	31/03/2010 €	31/12/2009 €
Non-current assets
Property, plant and equipment	5,930,191.72	5,761,735.64
Intangible assets	8,881,855.96	8,971,806.64
At-equity investments	866,873.25	833,565.60
Deferred tax assets	4,065,174.72	4,080,016.65
	19,744,095.65	19,647,124.53
Current assets
Inventories	7,016,817.20	7,907,377.25
Trade and other receivables	15,120,439.65	13,205,372.99
Other assets	2,088,689.92	1,931,051.28
Cash and cash equivalents	2,049,637.87	3,694,490.52
	26,275,584.65	26,738,292.04
Total assets	46,019,680.31	46,385,416.57

UNITEDLABELS Aktiengesellschaft, Münster Group Statement of Financial Position (IFRS) as at 31 March 2009

(unaudited)

EQUITY AND LIABILITIES

Equity Capital and reserves attributable to the owners of the parent company Non-current liabilities

	31/03/2010 €	31/12/2009 €
Equity
Capital and reserves attributable to the owners of the parent company
Issued capital	4,200,000.00	4,200,000.00
Capital reserves	19,194,174.55	19,194,174.55
Retained earnings	2,883,209.63	2,883,209.63
Currency translation	(403,227.10)	(366,135.90)
Consolidated unappropriated surplus	2,118,511.78	1,992,326.44
Treasury shares	(223,413.73)	(223,413.73)
Total equity	27,769,255.13	27,680,160.99
Non-current liabilities
Provisions for pensions	970,651.75	937,270.00
Financial liabilities	2,915,780.00	2,976,892.00
Trade payables	1,372,847.44	901,776.64
Deferred tax liabilities	7,179.63	7,179.63
	5,266,458.82	4,823,118.27
Current liabilities
Provisions	1,100,261.57	883,358.06
Current tax payable liabilities	92,068.69	27,905.31
Financial liabilities	5,362,028.61	5,198,573.29
Trade and other payables	6,429,607.49	7,772,300.65
	12,983,966.36	13,882,137.31
Total liabilities	18,250,425.18	18,705,255.58
Total equity and liabilities	46,019,680.31	46,385,416.57

Primary reporting format – Customer segments

(unaudited)

Secondary reporting format – Geographical segments (in € '000) (unaudited)

2010
in € '000	Special Retail Key Account		Unallocated items	Group
Sales revenue	3,933	6,126		10,059
Segment expenses	(3,187)	(4,754)	(716)	(8,657)
Depreciation/amortisation	(488)	(632)	(29)	(1,149)
Segment result	258	740	(745)	253
Net finance cost				(119)
Result from at-equity investment				33
Result from ordinary activities				168
Taxes				(42)
Consolidated profit/loss				126
€m	Special Retail Key Account		Adminis tration	Group
Segment assets	12.8	20.3	12.9	46.0

Segment liabilities 3.6 6.4 8.2 18.2

Sales revenues	2010	2009
Germany, Austria, Switzerland	3,681	3,770
Iberian Peninsula	3,013	2,301
France	1,313	1,743
Rest of the World	2,052	877
Group	10,059	8,691

Total assets	2010	2009
Germany, Austria, Switzerland	28,488	32,990
Iberian Peninsula	10,362	8,465
France	1,140	1,355
Rest of the World	6,030	4,551
Group	46,020	47,361

	Unallocated
	items	Group

2009
			Unallocated
in € '000	Special Retail Key Account		items	Group
Sales revenue	2,638	6,054		8,692
Segment expenses	(2,299)	(4,958)	(946)	(8,203)
Depreciation/amortisation	(286)	(640)	(26)	(953)
Segment result	53	456	(973)	(464)
Net finance cost				(112)
Result from at-equity investment				85
Result from ordinary activities				(491)
Taxes				273
Consolidated profit/loss				(218)
€ '000	Special Retail Key Account		Adminis	Group
			tration
Segment assets	13.787	19.331	14.243	47.361
Segment liabilities	3.869	6.126	5.132	15.127

	tration	Group

Financial calendar 2010

If you require further information on UNITEDLABELS or its financial results, please contact:

Mr. Timo Koch

phone: +49 (0) 2 51 - 32 21 - 406 fax: +49 (0) 2 51 - 32 21 - 960

e-mail: tkoch@unitedlabels.com investorrelations@unitedlabels.com

UNITEDLABELS AG Gildenstraße 6 48157 Münster Germany phone: +49 (0) 251- 32 21- 0 fax: +49 (0) 251- 32 21- 999 info@unitedlabels.com www.unitedlabels.com	Pathoekeweg 48 8000 Brügge Belgium
UNITEDLABELS Ibérica S.A. Av. de la Generalitat, 29E Pol. Ind. Fontsanta 08970 Sant Joan Despi Barcelona Spain phone: +34 93 - 4 77 13 63 fax: +34 93 - 4 77 32 60 info@unitedlabels.es	Wanchai, Hongkong China
UNITEDLABELS France SAS ZAC du Moulin Rue de Marquette Batiment C n 10 59118 Wambrechies France phone: +33 (0) 328 - 33 44 01 fax: +33 (0) 328 - 33 44 02 info@unitedlabels.fr	50136 Firenze Italy info@unitedlabels.it
UNITEDLABELS Ltd.

4 Imperial Place Maxwell Road Borehamwood Herts WD 6 1 JN United Kingdom phone: +44 (0) 208 - 21 33 16 8 fax: +44 (0) 208 - 21 33 18 0 info@unitedlabels.co.uk

UNITEDLABELS Belgium N.V.

phone: +32 (0) 50- 45 69 60 fax: +32 (0) 50- 31 28 22 info@unitedlabels.be

UNITEDLABELS Comicware Ltd. Unit 1501-2, Valley Centre, 80-82 Morrison Hill Road, Wanchai, Hongkong

phone: +85 (0) 225 - 44 29 59 fax: +85 (0) 225 - 44 22 52 info-hk@unitedlabels.com

UNITEDLABELS Italia Srl. Via Frà Paolo Sarpi, 5d

phone: +39 (0) 55 - 61 20 35 0 fax: +39 (0) 55 - 61 20 57 9 info@unitedlabels.it

House of Trends europe GmbH Alenconer Straße 30 49610 Quakenbrück

Germany

phone: +49 (0) 54 31 - 90 86 0 fax: +49 (0) 54 31 - 90 86 22 info@houseoftrends.com

May19 Annual General Meeting in: "Messe und Congress Centrum Halle Münsterland" Albersloherweg 32 48155 Münster Start: 11 o'clock

May 10 Publication of 3-Months' Report

August Publication of 6-Months' Report

November Publication of 9-Months' Report

November 22 - 24 Participance at the German Equity Forum in Frankfurt

Group Statement of Changes in Equity

(unaudited)

	Subscribed capital € '000	Capital reserves € '000	Revenue reserves € '000	Translation reserve € '000	Treasury shares € '000	Total € '000
Balance at 31/12/2008	4,200	24,384	4,374	(285)	(223)	32,450
Currency translation	0	0	0	2	0	2
Consolidated loss Q1 2009	0	0	(218)	0	0	(218)
Total comprehensive loss for the period	0	0	(218)	2	0	(216)
Balance at 31/03/2009	4,200	24,384	4,156	(283)	(223)	32,234
Currency translation	0	0	0	(81)	0	(81)
Consolidated loss 2009	0	0	(3,858)	0	0	(3,858)
Total comprehensive income for	0	0	(3,858)	(81)	0	(3,939)
the period
Dividend payment	0	0	(831)	0	0	(831)
Withdrawal from capital reserves at
parent company to offset loss	0	(5,190)	5,190	0	0	0
Balance at 31/12/2009	4,200	19,194	4,875	(366)	(223)	27,680
Currency translation	0	0	0	(37)	0	(37)
Consolidated profit Q1 2010	0	0	126	0	0	126
Total comprehensive income for the period	0	0	126	(37)	0	89
Balance at 31/03/2010	4,200	19,194	5,001	(403)	(223)	27,769

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