Cinecitta Studios and Filmmaster Group Form New Italian Entertainment Group to Compete in Global Markets

Strategic Alliance Announced Between the Filmmaster Group and Cinecittà Studios

ROME, December 9, 2010 - 1. Italian Entertainment Group, holding company of Cinecittà Studios, is
taking a stake in the Filmmaster Group

2. An international group is being formed that will have sales of 126
million Euro in 2010 as a global player in the production of large events, TV
commercials, and drama series

3. Within the agreement's objectives, a 'Content Factory' to be
established to export to the world market

4. A big international live show dealing with cultural values and Italian
show business is in the development phase

(Logo: www.newscom.com/cgi-bin/prnh/20101209/424350-a )

(Logo: www.newscom.com/cgi-bin/prnh/20101209/424350-b )

After two years of trial co-operation, the partnership between
Filmmaster Group www.filmmaster.com, whose president and CEO is Sergio
Castellani, and Cinecittà Studios www.cinecittastudios.it, whose
president is Luigi Abete and is controlled by the Italian Entertainment
Group, has become a bona fide strategic alliance. The Italian Entertainment
Group converted the bond loan subscribed at the time and issued additional
assets amounting to 40% of the Filmmaster Group's capital, while the
Filmmaster Group's partners took a 4% capital stake in the Italian
Entertainment Group. Although various other possible combinations were
proposed to the Filmmaster Group, only this one was deemed feasible in terms
of synergy and business potential by the company's founding partners.

The fusion of the two groups has created one large 'Content
Factory' capable of producing a diverse selection of Italian visual
entertainment, from big drama shows to cinema. The estimated total sales for
the two groups in 2010 is approximately 126 million Euro.

The Filmmaster Group's and Cinecittà Studios' years of
experience have been consolidated into this worldwide endeavour, uniting the
best of Italian creativity with the greatest international cinematographic
production experience, together with entertainment events and advertising.
This will once again make Italy an attractive investment for foreign
companies while exporting the Italian entertainment model internationally.

Furthermore, the group's collective strength will be put to
work in producing an awe-inspiring travelling live show that will spread
Italian cultural values and generate worldwide interest.

In the medium term-over the next three years-the new group
will focus on attaining a Stock Market listing.

www.cinecittastudios.it

www.filmmaster.com

Ufficio stampa, Filmmaster Group, Francesca Marchi, +39-3471111920, Cristina Nespoli, +39-3463676683, Ufficio Stampa, Cinecittà Studios, Desiree Colapietro Petrini, +39-3393797191, Claudia Alì, +39-3381767629