Spackman Entertainment Group�s Film, DEFAULT, Grosses US$20 Million in Box Office Revenue, Surpassing Break-even Point of 2.6 Million Tickets within 12 Days

• DEFAULT, the highest
  November opening in the history of the Korean box office, regained #1 position
  and crossed its break-even point within 12 days since its first day of release
  on 28 November 2018
• DEFAULT, which is anticipated
  to continue its run for another three weeks, �has accumulated gross box office revenue of US$20 million and total
  ticket admissions of 2,723,607
  as of 9 December 2019
• As the producer and one of
  the investors of DEFAULT, the Group
  expects the film to start contributing positively to the Group’s upcoming
  financial performance from now onwards

 

SINGAPORE - Media
OutReach - 10 December 2018 – Spackman Entertainment Group
Limited (“Spackman Entertainment Group” or the “Company” and
together with its subsidiaries, the “Group“), one of Korea’s leading
entertainment production groups founded by international investor Charles
Spackman, wishes to announce that the Group’s upcoming film, DEFAULT, produced by the Company’s
indirect wholly-owned subsidiary, Zip Cinema Co., Ltd. (“Zip Cinema“), has grossed US$20 million in box office revenue and has accumulated
2,723,607
admissions, crossing its break-even point of 2.6 million tickets within 12 days since its
official wide release in Korea on 28 November 2018.

 

DEFAULT, the highest November opening in the history of the
Korean box office, regained the #1 position last Saturday and Sunday, after
occupying #2 last Wednesday, Thursday and Friday.

 

Based on the latest statistics from the
Korean Film Council DEFAULT captured
an average of at least 35%
of the nation’s market share of box office revenue as of 9 December 2018. As the highest November opening in the history of
the Korean box office, DEFAULT
continues to occupy an average of at least 1,080 screens daily.[1] The financial thriller film is anticipated to
continue its run for another three weeks leading to the Christmas holiday
period.

 

In addition to being the
producer of DEFAULT, the Group
invested 10% of the film’s total production budget. The estimated total production
budget for DEFAULT, including prints
and advertising costs, is approximately KRW 9.7 billion (or USD 8.6 million).

 

The film is expected to start contributing
positively to the Group’s upcoming financial performance from now onwards.

 

The latest daily statistics from
the Korean Film Council on the performance of DEFAULT are updated on the Group’s website at http://www.spackmanentertainment.com.

 

DEFAULT has been presold to 17 countries
including Canada, Italy, Japan, China (Hong Kong & Macau), Taiwan,
Singapore, Indonesia, Malaysia, Brunei, the Philippines and the United States.

 

CJ Entertainment is the overseas
distributor of DEFAULT. Clover Films
Pte. Ltd., a Singapore-based film distributor,
purchased the theatrical distribution rights in Hong Kong, Macau, Singapore and
Taiwan.

 

Headlined by Korean superstar Yoo Ah-in of UAA & Co
Inc., a subsidary of the Group’s associated company, Spackman Media Group
Limited, DEFAULT depicts the behind?the?scenes
story of the tumultuous week leading up to the rescue package agreed upon
between the International Monetary Fund (“IMF“) and the Republic of
Korea to prevent bankruptcy during the 1997 Asian Financial Crisis.

 

The film also stars veteran actress Kim Hye-soo, Heo Jun-ho, Jo
Woo-jin and French actor Vincent Cassel.

 

In DEFAULT, Yoo Ah-in plays a mega investor
betting against the country’s fortunes. Kim Hye-Soo acts as the leader of the
monetary policy team at the Bank of Korea, and French actor Vincent Cassel
takes on the role of the managing director of IMF. The film marks the first South Korean
project of Vincent Cassel, who starred in French independent films LA HAINE and L’APPARTMENT, as well as Hollywood movies OCEAN’S TWELVE, OCEAN’S
THIRTEEN and BLACK SWAN.

 

Directed
by Choi Kook-hee, DEFAULT
was previously
screened at the 71^st Cannes International Film Festival in May
2018. 

 

For
more information on DEFAULT and its
English trailer, visit the Group’s website at http://www.spackmanentertainmentgroup.com/default-1.html. 

 

Recent media coverage on DEFAULT
can also be found at http://www.spackmanentertainmentgroup.com/news.html.

 

About
Spackman Entertainment Group Limited

Spackman Entertainment Group
Limited (“SEGL” or the “Company“), and together with its
subsidiaries, (the “Group“), one of
Korea’s leading entertainment production groups founded by investment veteran,
Mr. Charles Spackman, is primarily engaged in the independent development,
production, presentation, and financing of theatrical motion pictures in Korea.
In order to diversify our revenue streams, in the second half of 2018, we will
to expand our business portfolio to include the production of Korean television
dramas. In addition to our content business, we also make investments into
entertainment companies and film funds that can financially and strategically
complement our existing core operations. SEGL is listed on the Catalist of the
Singapore Exchange Securities Trading Limited under the ticker 40E.

 

SEGL’s Zip Cinema Co., Ltd. (“Zip Cinema“) is one of the most
recognised film production labels in Korea and has originated and produced some
of Korea’s most commercially successful theatrical films, consecutively
producing 8 profitable movies since 2009 representing an industry leading track
record. Recent theatrical releases of Zip Cinema’s motion pictures include some
of Korea’s highest grossing and award-winning films such as MASTER (2016), THE PRIESTS (2015), COLD EYES
(2013), and ALL ABOUT MY WIFE (2012).
For more information on Zip Cinema, do visit http://zipcine.com  

 

SEGL also owns Novus Mediacorp
Co., Ltd. (“Novus Mediacorp“), an
investor, presenter, and/or post-theatrical distributor for a total of 76 films
(53 Korean and 23 foreign) including ROSE
OF BETRAYAL, THE OUTLAWS and SECRETLY, GREATLY, which was one of the
biggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS fame, as well as FRIEND 2: THE GREAT LEGACY. In 2012, Novus Mediacorp was also the
post-theatrical rights distributor of ALL
ABOUT MY WIFE, a top-grossing romantic comedy produced by Zip Cinema. In
2018, THE OUTLAWS, co-presented by
Novus Mediacorp broke the all-time highest Video On Demand (“VOD“) sales records in Korea. Novus
Mediacorp is currently in the process of seeking a listing on the Singapore
Stock Exchange. For more information on Novus Mediacorp, do visit  http://novusmediacorp.com 

 

Our films are theatrically
distributed and released in Korea and overseas markets, as well as for
subsequent post-theatrical worldwide release in other forms of media, including
cable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. We release
all of our motion pictures into wide-theatrical exhibition initially in Korea,
and then in overseas and ancillary markets.

 

We also operate a café-lounge
called Upper West, in the Gangnam district of Seoul and own a professional
photography studio, noon pictures Co., Ltd..

 

The Company holds an effective
shareholding interest of 43.88% in Spackman Media Group Limited (“SMGL“). SMGL, a company incorporated in
Hong Kong, together with its subsidiaries, is collectively one of the largest
entertainment talent agencies in Korea in terms of the number of artists under
management, including some of the top names in the Korean entertainment
industry. SMGL operates its talent management business through renowned
agencies such as MS Team Entertainment Co., Ltd., UAA & Co Inc., Fiftyone K
Inc., SBD Entertainment Inc., and Kook Entertainment Co., Ltd. Through these
full-service talent agencies in Korea, SMGL represents and guides the
professional careers of a leading roster of award-winning actors/actresses in
the practice areas of motion pictures, television, commercial endorsements, and
branded entertainment. SMGL leverages its unparalleled portfolio of artists as
a platform to develop, produce, finance and own the highest quality of
entertainment content projects, including theatrical motion pictures, variety
shows, and TV dramas. This platform also creates and derives opportunities for
SMGL to make strategic investments in development stage businesses that can
collaborate with SMGL artists. SMGL is an associated company of the Company.

 

The
Group owns a 100% equity interest in Frame Pictures Co., Ltd. (“Frame Pictures“). Frame Pictures is a leader in the movie/drama
equipment leasing business in Korea. Established in 2014, Frame Pictures has
worked with over 25 top directors and provided the camera and lighting
equipment for some of Korea’s most notable drama and movie projects including the upcoming Korean film GIRL COPS (2018) featuring rising star Wi Ha-jun of SMGL and THE GREATEST DIVORCE (2018) starring Bae
Doona of SMGL. In 2018, Frame
Pictures has also won contracts to supply equipment to THE BEAUTY INSIDE (2018),
HUNDRED MILLION STARS FROM THE SKY (2018), LOVELY HORRIBLY (2018), THE GUEST (2018),
historical Korean movie MALMOI, SUITS (2018) featuring Park Hyung-sik
of SMGL, MISTRESS (2018), LIFE (2018), LIVE (2018) starring Lee Kwang-soo of RUNNING MAN, MY MISTER
(2018) and Netflix’s first Korean original production LOVE ALARM (2018). Frame Pictures and Novus Mediacorp are currently
seeking to list on the Singapore Stock Exchange.

 

The
Company owns a 100% equity interest in Take Pictures Pte. Ltd. (“Take Pictures“) which has a strong lineup of 10 film projects
including STONE SKIPPING and the
co-production with Zip Cinema for THE
PRIESTS 2.

 

The
Company owns a 100% equity interest in Constellation Agency Pte. Ltd. (“Constellation Agency“). Constellation Agency, which owns The P
Factory Co., Ltd. (“The P Factory“)
and Platform Media Group Co., Ltd. (“PMG“),
is primarily involved in the business of overseas agency for Korean artists
venturing into the overseas market. The P Factory is an innovative marketing
solutions provider specializing in event and branded content production. PMG is
a talent management agency which represents and manages the careers of major artists
in film, television, commercial endorsements, and branded entertainment.

 

The Company owns a
100% equity interest in Greenlight Content Limited which is mainly involved in the business of
investing into dramas and movies, as well as providing consulting services for
the production of Korean content.

 

On 7 May 2018, the Company announced that it would spin-off
Novus Mediacorp and Frame Pictures into a combined entity to seek listing on
the Catalist Board of the Singapore Exchange Securities Trading Limited to
exploit the growing post-theatrical and camera equipment leasing markets.For more details, do visit http://www.spackmanentertainmentgroup.com/