Entertainment One Ltd. Trading Update for the nine months ended 31 December 2014

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1 Entertainment One Ltd. Trading Update for the nine months ended 31 December 2014 STRONG PERFORMANCE AHEAD OF MANAGEMENT EXPECTATIONS Strong financial performance drives positive outlook for full year Full year earnings expected to be ahead of management expectations Improved underlying EBITDA margin % across both Film and Television in the period, driven by outstanding Family performance and tight management of Film operational costs Strong Television performance up 36.8% offset by 13.5% decline in Film, with Group revenues down 5% in the period, and digital sales increasing to 22% of Group revenues (2014: 19%) Peppa Pig performance on track to deliver 100% year-on-year growth Strong Christmas performance ahead of expectations Walmart launch in the US in Spring 2015, with focus on developing the brand in China, Japan and South Korea during the year Peppa on track to deliver over US$1 billion retail sales globally in the current financial year Building a global television production business Group has delivered 306 half hours of new programming in the period (2014: 281 half hours), on track to deliver over 550 half hours in full year Paperny and Force Four integration plans substantially complete with both businesses delivering in line with management expectations Multi-year Amazon Prime Instant Video output deal announced for the UK and Germany Higher investment in acquired content and productions in line with increased production volumes and third party programme acquisitions Film slate looking stronger Lower Film revenues driven by fewer eone releases and a weaker theatrical market in comparison to the prior period Titles released by eone performing well, with stronger pipeline for next financial year Investment in content down year-on-year reflecting lower volume of releases Strategy execution continues with Mark Gordon Company joint venture Acquisition of 51% stake gives eone access to some of the best US television and film content with new projects exclusively distributed by eone globally MGC forms a platform to attract new creative talent and partnerships and is focused on building a leading US independent film and television studio Joint venture will retain rights to new film and television programming with studio expansion plans funded from existing library participation cash flow Low leverage and future cash generation underpin Group s financial strength Group expects pro forma underlying EBITDA leverage of c.2 times adjusted net debt at year end Management anticipates positive free cash flow outlook to reduce leverage further in future years Financial results are stated on a pro forma/constant currency basis including the results of Phase 4 Films, Paperny Entertainment and Force Four Entertainment, which were acquired on 3 June 2014, 31 July 2014 and 28 August 2014, respectively, as if those businesses had been acquired on the first day of the comparative period.

2 STRATEGY Entertainment One recently set out its updated growth strategy which aims to double the earnings of the Group within the next five years. The Group s focus is to bring the best content to the world by being: a true partner to the world s best creative talent; and a leading distributor through a locally-deep, globally-connected network. The successful execution of the strategy will drive growth across both divisions, particularly in Television where structural change within the industry is creating significant opportunities for the Group. The Group has made excellent strategic progress, with a number of important milestones already achieved. Most recently, on 6 January 2015, the Group announced the acquisition of a 51% stake in The Mark Gordon Company ( MGC ) for a consideration of US$132.6 million. This represents a transformational opportunity for the Group as it is now partnered with one of the best creative talents in the world s most important and valuable content market, the United States. The partnership creates a new film and television studio joint venture which will be funded through existing MGC cash flows from a valuable content library including 40 films and 650 television episodes, including hit shows such as Grey s Anatomy and Criminal Minds. MGC will become a platform for new partnerships, attracted by the reputation, track record and production expertise of the Mark Gordon team. As part of this deal all future programming rights from MGC will be distributed under an exclusive agreement by eone s international television sales business. MGC recently received two new series pilot orders including Quantico, a new action drama, from ABC Studios. FILM Film revenues were 13.5% lower than the same period last year driven primarily by lower theatrical activity and the anticipated decline in home entertainment. Against the backdrop of the weaker global box office the Group has continued to manage its release slate and the associated print and advertising and operational costs carefully, helping deliver improved gross margin % and maintain underlying EBITDA in line with management expectations. In the nine month period to 31 December 2014, the Group released 191 films (2014: 220), generating box office receipts of US$255 million (2014: US$380 million), including The Hunger Games: Mockingjay Part 1, Mr Turner, Nativity 3, The Water Diviner, Nightcrawler and The Theory of Everything. Looking ahead, the Group anticipates around 220 releases for the current financial year with the slate for the final quarter featuring titles such as Paddington, Foxcatcher, Insurgent and Suite Française. The Group s film slate for the 2016 financial year continues to look strong and management anticipates benefiting not only from this, but also from a more sustained improvement in the global box office over the next 18 months. The Group s Film Production activities continue to progress, with Woman in Black 2: Angel of Death generating a global box office of $36 million to date since its release on 2 January Suite Française will be released in Spring 2015, followed by Insidious: Chapter 3, Sinister 2 and Eye in the Sky, which are all in post-production. TELEVISION Production and International Sales Continuing the momentum from the first six months of the year, the Group s Television Production and International Sales business has maintained its strong performance. Revenues were 22.9% higher than the same period in the prior year, driven by increased production volumes and more programme sales to international broadcasters and digital platforms such as Amazon and Netflix.

3 The Production business delivered 306 half hours during the period (2014: 281 half hours) and expects to deliver in excess of 550 half hours in this financial year. The Group s most recent scripted mini-series The Book of Negroes started its broadcast run in Canada on CBC in January this year, with the highest audience ratings for a series premiere since 1990 for the network. These strong ratings will further support the production s US debut on the BET network later this year. The recent strategy update highlighted the Group s focus on partnering with the best creative talent. In 2014, the Television business and IDW Entertainment entered into a partnership to co-develop, co-fund and co-produce television series based on IDW s extensive library of over 300 original comic book and graphic novel properties. The first project has since been announced, a conspiracy thriller entitled COBB based on the comic book secret agent, Frank Cobb. Television also announced a deal with Take The Shot Productions to co-produce a television series adaptation of Caught (based on author Lisa Moore s best-selling novel) for CBC. The Group s international sales operation reaches over 500 broadcasters in 150 territories, making it one of the leading television distribution networks worldwide. This reach and scale has been a key factor in enabling the Group to secure some of the world s best content for its sales operation. Landmark television shows include David Attenborough s Great Barrier Reef and AMC s The Making of the Mob: New York. In addition, Television recently signed a multi-year television sales agreement with Amazon Prime Instant Video for the UK and Germany. Amazon Prime subscribers in the UK and Germany will have first run access to a portfolio of original scripted series from AMC and Sundance TV, for which eone manages international distribution on an exclusive basis. As well as shows such as Turn, The Red Road and Halt and Catch Fire (all of which have been re-commissioned for second series), the agreement also covers new AMC shows such as martial arts drama Badlands. Family The Family business performed significantly ahead of expectations. Revenues for the nine months to 31 December 2014 doubled, delivering significant underlying EBITDA growth. The Christmas period saw very strong retail sales for Peppa Pig in all territories. In the US, Peppa Pig products will be sold in Walmart stores for the first time from Spring 2015 onwards, to be followed by sales in Target stores later in the year. In South East Asia, initial launches of the brand in territories such as Hong Kong, Taiwan and Singapore have been strong, providing a platform to launch over the coming year into other territories in the region, such as China, Japan and South Korea. During the course of the year, Family has been rolling out the brand to new territories such as Brazil, Chile, Mexico, Peru and Russia where broadcast deals with the leading children s channels have supported merchandising programmes. In addition to Peppa Pig, other Family brands have performed well over the period. Following strong demand across all categories, the new toy ranges for Ben & Holly s Little Kingdom sold well in the UK over the Christmas period, and there is a high level of retail confidence for the rest of the year. The brand was launched into new European markets including Italy and Spain, generating solid demand. Germany and the Benelux region will follow later this year. Digital The Group s joint venture partner Secret Location recently announced the launch of Whatever, Linda, its first ten episode original scripted entertainment production. In addition, the Group signed a multi-year output deal with YouTube singing phenomenon Cimorelli, aimed at creating and distributing original content in all filmed entertainment media.

4 FINANCING Adjusted net debt at the end of the period was higher than in the comparable period in the prior year. This is primarily due to the acquisitions made during the period, which included Paperny Entertainment, Force Four Entertainment, Phase 4 Films and the Group s strategic investment in digital content company Secret Location. Following the end of the period to 31 December 2014, the Group increased its debt facility to finance the acquisition of its stake in MGC, however, management anticipate that pro forma adjusted net debt to EBITDA leverage will be 2 times at the end of the current financial year with future years seeing leverage fall as the business generates positive free cash flow. OUTLOOK The outlook for the remainder of the year is positive for the Group. Management looks forward to the end of the year with confidence, with full year earnings anticipated to be ahead of expectations. Management anticipates a more sustained improvement in the global box office and also expects television markets to continue to evolve with demand for high quality, exclusive content growing from both traditional broadcast networks and digital platforms. With expertise in both content creation and distribution, eone is well-positioned to benefit from this long term trend. In addition, Peppa Pig goes from strength to strength both in established markets and newer territories, and our presence in territories globally is providing a strong platform for our wider Family portfolio. TRADING UPDATE CONFERENCE CALL Management will be hosting a conference call for analysts and investors this morning at 8.00am. The dial-in details are as follows: UK Toll Number: UK Toll-Free Number: Participant Pin Code: # For further information please contact: Redleaf Polhill Emma Kane / Rebecca Sanders-Hewett Tel: +44 (0) Entertainment One Darren Throop (CEO) via Redleaf Polhill Giles Willits (CFO) via Redleaf Polhill Patrick Yau (Director of Investor Relations) Tel: +44(0) J. P. Morgan Cazenove (Joint Broker) Hugo Baring / Virginia Khoo Tel: +44 (0) Cenkos Securities plc (Joint Broker) Stephen Keys Tel: +44 (0) J.P. Morgan Securities plc is acting as corporate broker to the Company and no one else and will not be responsible to any other person for providing the protections afforded to clients of J.P. Morgan in connection with any matter referred to herein.

5 About Entertainment One Entertainment One Ltd. (LSE:ETO) is a leading international entertainment company that specialises in the acquisition, production and distribution of film and television content. The Company s comprehensive network extends around the globe including Canada, the US, the UK, Ireland, Spain, Benelux, France, Germany, Scandinavia, Australia, New Zealand, South Africa and South Korea. Through established Film and Television divisions, the company provides extensive expertise in film distribution, television and music production, family programming, merchandising and licensing, and digital content. Its current rights library is exploited across all media formats and includes more than 40,000 film and television titles, 4,500 hours of television programming and 45,000 music tracks.

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