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SPLENDID PICTURES, INC. (hereafter SPI or Company) produces and distributes motion pictures in the worldwide marketplace. SPI also provides filmed entertainment to the marketplace by selling and/or licensing the exhibition rights in specific countries over specific periods of time. Cologne-based SPLENDID MEDIEN AG and Los Angeles-based CUTTING EDGE ENTERTAINMENT formed SPI, in January 2002, as a new entity to be headed by Cutting Edge founder and principal David Glasser and Splendid CEO Andreas Klein. With SPLENDID MEDIEN's Initial Public Offering on the Neuer Markt in Frankfurt on 24 September,1999, and its subsequent focus on high-quality motion-picture productions, Splendid inaugurated a new era in its 25 year history. SPLENDID MEDIEN AG is the holding company for seven subsidiaries and affiliates, covering the entire value chain of the film business, beginning with production, via cinema, video, and DVD, and extending to pay TV and free TV. SPLENDID FILM GMBH, acquires and distributes motion pictures throughout the world. POLYBAND distributes and produces video cassettes and DVDs for sale in German-speaking countries. SPLENDID FILM and POLYBAND market their videos and DVDs via Splendid's affiliate, WARNER VISION GMBH of Hamburg. WARNER VISION also handles the distribution of videos and DVDs for other companies. ASCOT MEDIEN GMBH is engaged in the business of rental video cassettes and DVDs. ENTERACTIVE ENTERTAINMENT GMBH designs and develops digital added-value services, such as animation, trailers, and games for DVD and the Internet. ENTERACTIVE completes the spectrum of Internet/new media business activity for SPLENDID, and together with SPLENDID SYNCHRON GMBH, forms the backbone for our post-production services. Finally, SPLENDID TELEVISION, LLC, of New York acquires, finances, and co-produces high-quality TV movies, and distributes them internationally. Some of the film projects that were co-produced/co-financed by Splendid are DR. T & THE WOMEN, starring Richard Gere, and directed by Robert Altman; and GANGS OF NEW YORK directed by Martin Scorsese, and starring Leonardo DiCaprio. We are very proud to have co-produced and financed TRAFFIC, starring Michael Douglas, and directed by Steven Soderbergh, which won four Oscars. THE DANGEROUS LIVES OF ALTAR BOYS, with Oscar-winner Jodie Foster, is currently in post-production. Splendid's film library currently comprises more than 720 feature films, which are mostly amortized already, and were entirely self-financed. SPLENDID PICTURES INC. will concentrate on feature film development, production and distribution and will encompass CEE's current production roster and staff in its entirety. Backed by a $150 million feature film production facility, SPI plans to produce two $40 million pictures and 8-10 features in the $5 million-$40 million range per year. The focus is on constant development of new projects with established writers and directors, as well as cultivating relationships with up-and-coming talent represented by the major agencies. Importance is placed on a well-balanced production slate of various genres and themes. Upcoming SPI releases, currently in post-production include: THE DEVIL & DANIEL WEBSTER, starring Anthony Hopkins, Alec Baldwin, Jennifer Love Hewitt, Dan Aykroyd & Kim Catrall; NARC (nominated in dramatic competition at Sundance 2002), starring Ray Liota, Jason Patric & Busta Rhymes; IN THE SHADOWS, a suspense-thriller starring James Caan, Matthew Modine, Joey Lauren Adams and Cuba Gooding Jr.; CUTAWAY, an action/thriller in the vein of Drop Zone and Point Break, starring Tom Berenger, Stephen Baldwin, Dennis Rodman, Ron Silver, Casper Van Dien, and Maxine Bahns. This year's production slate brings a number of exciting projects. We are currently preparing THE COURIER, to be directed by Jan de Bont; WITHOUT APPARENT MOTIVE, to be directed by Bille August; REDLINERS, to be directed by Tony Kaye; DOLAN'S CADILLAC - a Stephen King action/thriller starring Sylvester Stallone, Kevin Bacon, and being directed by Stacey Title; QUEEN OF THE RODEO for 20TH CENTURY FOX; and BOUNTY KILLER, written and directed by Jonathan Hensleigh, and produced by Gale Anne Hurd. These films are all in pre-production, and will begin principal photography in March through June of 2002.