Spackman Entertainment Group’s Film, DEFAULT, Surpasses 1.5 Million Tickets Within Four Days And Secures Over 40% Of The Market Share, Recording The Highest November Opening In The Korean Box Office History

SINGAPORE - Media OutReach - 3 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“), crossed more than 1.5 million tickets within four
days after its first day of its wide release in Korea on 28 November 2018. The
film secured its highest market share of 43.0% as of yesterday, the first
Sunday since its opening day.

 

DEFAULT

attained the highest November opening in the history of the Korean box office, surpassing previous top
November titles INSIDE MEN (2015) and
INTERSTELLAR (2014). INSIDE MEN (2015), which stars Lee
Byung-hun, posted 230,949 tickets on
its opening day and ultimately grossed US$50.4 million in box office revenue
with total ticket admissions of more than 7 million. INTERSTELLAR (2014), the top 4 foreign films of all time in the
history of the Korean box office, recorded 227,025 tickets on its opening day
and eventually grossed US$73.7 million in box office revenue with total ticket
admissions of more than 10 million.

 

DEFAULT

has continued to rank #1 at the Korean box office, securing more than
40% of the nationwide market share of
box office revenue for its first opening weekend.

 

DEFAULT

also received a 95% approval rating as of 2 December 2018, based on
the CGV Golden Egg Score which
measures the actual audience response on the film. As the top November release
in the history of the Korean box office, DEFAULT‘s
opening day performance of achieving more than 300,000 ticket admissions
validated the film’s popularity and relevance amongst the general public.

 

Based on the latest
statistics from the Korean Film Council, DEFAULT
achieved solid weekend box office figures, recording 426,925 tickets for its
first Saturday and 399,258 tickets for its first Sunday. Total ticket
admissions stood at 1,570,673 with gross box office revenue of US$11.4 million
as of 2 December 2018. The film, which was released on an average of 1,155
screens since its first day of its wide release, captured more than 40% of the
nationwide market share of box office revenue for its first opening weekend.

 

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 latest daily statistics
from the Korean Film Council on the performance of DEFAULTare 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.