EuropaCorp

Earnings Release • Feb 12, 2009

Accumulated Revenue for 9 months: €97.9 m

• Activity of the 3rd quarter equivalent to the revenue from the 1st half year 2008/09
• Financing capacity for films strenghtened by a new line of credit
• Revenue for the financial year expected to be less than for 2007/2008 taking into account the delays in films which have been announced.

Paris, 12 February 2009 – EUROPACORP (FR0010490920), film producer and distributor and one of the leading European independent film studios, today announces its consolidated unaudited revenue for the 3rd quarter and the first 9 months of its financial year.

Revenue* (€ million)	Q3 2008/09	Q3 2007/08	9 months 2008/09	9 months 2007/08	Δ
International sales % of Revenue	26.2	3.5	30.9 31.6%	10.7 11.9%	+188.8%
Cinemas, France % of Revenue	5.5	2.3	8.1 8.3%	3.9 4.3%	+107.7%
Video, France % of Revenue	5.6	1.1	12.2 12.5%	24.5 27.2%	-50.2%
Television, France % of Revenue	7.6	4.9	34.6 35.3%	19.8 22.0%	+74.7%
Subsidies % of Revenue	1.7	0.4	2.6 2.7%	3.9 4.3%	-33.3%
Others % of Revenue	2.3	4.2	9.4 9.6%	27.2 30.2%	-65.4%
EuropaCorp Group	49.0	16.4	97.9	90.0	+8.8%

Consolidated revenue - unaudited

*Close of the financial year is 31st March annually

The level of activity in the third quarter produces a consolidated revenue of €49 million, i.e. a level of activity which is equivalent to the revenue from the first semester of the current financial year.

This activity is particularly driven by international sales amounting to €26.2 million, which include a significant proportion of sales generated through the international distribution of Transporter 3.

Thanks to the release of Transporter 3 and Go Fast (totalling 1.4 million and 730,000 admissions respectively), the heading "Cinemas, France" totals €5.5 million, as compared with €2.6 million for the whole of the first half-year.

"Video, France" heading come to €5.6 million for the quarter, mainly thanks to the DVD release of Taken at the end of November 2008.

French television sales cover the opening of 4 major broadcast windows, including those of the films Masked Mobsters and The Dinner Guest; thus coming to €7.6 million.

Detailed evolution of quarterly revenues

	2008/09			2007/08
Revenue (€ millions)	Q1	Q2	Q3	Q1	Q2	Q3
International sales	2	2.8	26.2	1.7	5.4	3.5
Cinemas, France	1.5	1.1	5.5	0.6	1	2.3
Video, France	1.7	4.9	5.6	5	18.4	1.1
Television, France	18.2	8.8	7.6	7.5	7.3	4.9
Subsidies	0.3	0.6	1.7	0.9	2.7	0.4
Others	3.3	3.7	2.3	18.7	4.3	4.2
EuropaCorp Group	26.9	22.0	49.0	34.5	39.1	16.4

Reimbursment of Bonds with redeemable share subscription warrants

The balance of the bond issue (€4.1m), which was contracted within the issuance of bonds with redeemable share subscription warrants in January 2004, was reimbursed on 4 February 2009. As had also been covered in the contract, the company reimbursed the balance of the redeemable share subscription warrants which accounted for 1.95% of the potential dilution (after subscription), which was immediately nullified.

New line of credit of €15m

An additional line of credit of €15 million was arranged at the end of 2008 in order to support new investment in production planned for 2009. This credit will complement the means for financing already in place (including a revolving line of credit of €70 million available until September 2010).

Prospects

Four films will be released in French cinemas during the 4th quarter:

• Special Correspondents, starring Gérard Jugnot and Gérard Lanvin, was released on 21 January 2009 and has totalled more than 500,000 French admissions in the three weeks since its release;
• District 13 Ultimatum (sequel to the first film which totalled almost a million admissions in French cinemas), 18 February 2009;
• Miss Pettigrew Lives for a Day, a film acquired by EuropaCorp, 25 February 2009;
• Staten Island, an English-language film starring Ethan Hawke, Vincent D'Onofrio and Seymour Cassel, 25 March 2009.

While Taken has gotten off to a record-breaking start in the USA, which attests to the Group's know-how in the design and production of films adapted to an international audience's expectations, nonetheless, EuropaCorp should not register any revenue generated by this success in this financial year's accounts.

EuropaCorp's revenue for the last quarter should be down on the last quarter of the previous financial year, due to the delay of the French cinema release of Villa Amalia which has been postponed until April, in addition to the ones already announced. As a result, the Group's annual revenue should also be lower compared to that of the financial year 2007/2008.

EuropaCorp Line-Up

EuropaCorp is starting or continuing the shooting of several films at the moment, including:

• Coursier, directed by Hervé Renoh, starring Michaël Youn playing alongside Géraldine Nakache and Jimmy Jean-Louis;
• L'immortel, directed by Richard Berry, starring Jean Reno, Kad Mérad, Jean-Pierre Darroussin and Marina Foïs;
• Arthur and the Revenge of Maltazard and Arthur and the War of the Two Worlds, directed by Luc Besson.

Furthermore, the Group has finalised the shooting of 6 films including:

• I Love You Phillip Morris, directed by John Requa and Glenn Ficarra, starring Jim Carrey and Ewan McGregor;
• From Paris with Love, directed by Pierre Morel, starring John Travolta and Jonathan Rhys-Meyers;
• In the Beginning, directed by Xavier Giannoli, starring François Cluzet, Emmanuelle Devos and Gérard Depardieu.

Finally, 4 films being coproduced by EuropaCorp are currently in post-production or have been completed, including:

• Rose et Noir, directed by and starring Gérard Jugnot, also starring Bernard Lecoq and Patrick Haudecœur;
• Le Siffleur, directed by Philippe Lefebvre, starring François Berléand, Thierry Lhermitte and Virginie Efira.

Financial Calendar* **

• 14 May 2009: second half year 2008/09 revenue
• 18 June 2009: annual consolidated income 2008/09
• * Publication of the press releases at the close of the stock market
• ** Subject to changes

About EuropaCorp

The EuropaCorp group produces and distributes films for the French and international markets. Structured around the "vertically integrated studio" concept, its strategy aims to control each stage of the production/distribution cycle of its ambitious and varied films. Since the start of its activity in 1999, EuropaCorp has produced or co-produced 60 feature-length films. For further information: www.europacorp-corporate.com