• DEFAULT released on 1,176screens and grossed US$1.7 million in box office revenue as of the first day of its wide release
• Starring Yoo Ah-in of Spackman Media Group, the film has been presold to 17 countries

SINGAPORE- Media OutReach - 29 November 2018 - Spackman Entertainment GroupLimited ("Spackman Entertainment Group" or the "Company" andtogether with its subsidiaries, the "Group"), one of Korea's leadingentertainment production groups founded by financier Charles Spackman, wishesto announce that the Group's upcoming film, DEFAULT,produced by the Company's indirect wholly-owned subsidiary, Zip Cinema Co.,Ltd. ("Zip Cinema"), opened #1 atthe Korean box office on the first day of its wide release on 28 November 2018.

Basedon the latest statistics from the Korean Film Council, DEFAULT recorded total ticket admissions of 315,052with gross box office revenue of US$1.7 million as of its openingday, 28 November 2018. The film, which was released on 1,176 screens,captured 39.8% of the nationwidemarket share of box office revenue for that day.

In addition to being theproducer of DEFAULT, the Groupinvested 10% of the film's total production budget. The estimated totalproduction budget for DEFAULT,including prints and advertising costs, is approximately KRW 9.7 billion (orUSD 8.6 million).

The latest daily statisticsfrom the Korean Film Council on the performance of DEFAULT are updated on the Group's website at https://www.spackmanentertainment.com.

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

CJ Entertainment is theoverseas distributor of DEFAULT. CloverFilms Pte. Ltd., a Singapore-based filmdistributor, purchased the theatrical distribution rights in Hong Kong, Macau,Singapore and Taiwan.

Starring Korean superstar Yoo Ah-in of UAA & Co Inc., a subsidaryof the Group's associated company, Spackman Media Group Limited, veteranactress Kim Hye-soo, Heo Jun-ho, Jo Woo-jin and French actor Vincent Cassel, DEFAULT depicts the behind‐the‐scenesstory of the tumultuous week leading up to the rescue package agreed uponbetween the International Monetary Fund ("IMF") and the Republic ofKorea to prevent bankruptcy during the 1997 Asian Financial Crisis.

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

Directedby Choi Kook-hee, DEFAULT waspreviously screened at the 71^st Cannes International Film Festivalin May 2018. 

Formore information on DEFAULT and itsEnglish trailer, visit the Group's website at https://www.spackmanentertainmentgroup.com/default-1.html. 

Recent media coverage onDEFAULT can also be found at https://www.spackmanentertainmentgroup.com/news.html.

AboutSpackman Entertainment Group Limited

Spackman Entertainment GroupLimited ("SEGL" or the "Company"), and together with itssubsidiaries, (the "Group"), one ofKorea'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 willto expand our business portfolio to include the production of Korean televisiondramas. In addition to our content business, we also make investments intoentertainment companies and film funds that can financially and strategicallycomplement our existing core operations. SEGL is listed on the Catalist of theSingapore Exchange Securities Trading Limited under the ticker 40E.

SEGL's Zip Cinema Co., Ltd. ("Zip Cinema") is one of the mostrecognised film production labels in Korea and has originated and produced someof Korea's most commercially successful theatrical films, consecutivelyproducing 8 profitable movies since 2009 representing an industry leading trackrecord. Recent theatrical releases of Zip Cinema's motion pictures include someof 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 https://zipcine.com  

SEGL also owns Novus MediacorpCo., Ltd. ("Novus Mediacorp"), aninvestor, presenter, and/or post-theatrical distributor for a total of 76 films(53 Korean and 23 foreign) including ROSEOF BETRAYAL, THE OUTLAWS and SECRETLY, GREATLY, which was one of thebiggest 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 thepost-theatrical rights distributor of ALLABOUT MY WIFE, a top-grossing romantic comedy produced by Zip Cinema. In2018, THE OUTLAWS, co-presented byNovus Mediacorp broke the all-time highest Video On Demand ("VOD") sales records in Korea. NovusMediacorp is currently in the process of seeking a listing on the SingaporeStock Exchange. For more information on Novus Mediacorp, do visit  https://novusmediacorp.com 

Our films are theatricallydistributed and released in Korea and overseas markets, as well as forsubsequent post-theatrical worldwide release in other forms of media, includingcable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. Werelease all of our motion pictures into wide-theatrical exhibition initially inKorea, and then in overseas and ancillary markets.

We also operate a café-loungecalled Upper West, in the Gangnam district of Seoul and own a professionalphotography studio, noon pictures Co., Ltd..

The Company holds an effectiveshareholding interest of 43.88% in Spackman Media Group Limited ("SMGL"). SMGL, a company incorporated inHong Kong, together with its subsidiaries, is collectively one of the largest entertainmenttalent agencies in Korea in terms of the number of artists under management,including some of the top names in the Korean entertainment industry. SMGLoperates its talent management business through renowned agencies such as MSTeam Entertainment Co., Ltd., UAA & Co Inc., Fiftyone K Inc., SBDEntertainment Inc., and Kook Entertainment Co., Ltd. Through these full-servicetalent agencies in Korea, SMGL represents and guides the professional careersof a leading roster of award-winning actors/actresses in the practice areas ofmotion pictures, television, commercial endorsements, and brandedentertainment. SMGL leverages its unparalleled portfolio of artists as aplatform to develop, produce, finance and own the highest quality ofentertainment content projects, including theatrical motion pictures, varietyshows, and TV dramas. This platform also creates and derives opportunities forSMGL to make strategic investments in development stage businesses that cancollaborate with SMGL artists. SMGL is an associated company of the Company.

TheGroup owns a 100% equity interest in Frame Pictures Co., Ltd. ("Frame Pictures"). Frame Pictures is a leader in the movie/dramaequipment leasing business in Korea. Established in 2014, Frame Pictures hasworked with over 25 top directors and provided the camera and lightingequipment 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 BaeDoona of SMGL. In 2018, FramePictures 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 ParkHyung-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 andNovus Mediacorp are currently seeking to list on the Singapore Stock Exchange.

TheCompany owns a 100% equity interest in Take Pictures Pte. Ltd. ("Take Pictures") which has a strong lineup of 10 film projectsincluding STONE SKIPPING and theco-production with Zip Cinema for THEPRIESTS 2.

TheCompany owns a 100% equity interest in Constellation Agency Pte. Ltd. ("Constellation Agency"). Constellation Agency, which owns The PFactory Co., Ltd. ("The P Factory")and Platform Media Group Co., Ltd. ("PMG"),is primarily involved in the business of overseas agency for Korean artistsventuring into the overseas market. The P Factory is an innovative marketingsolutions provider specializing in event and branded content production. PMG isa talent management agency which represents and manages the careers of majorartists in film, television, commercial endorsements, and brandedentertainment.

The Company owns a100% equity interest in Greenlight Content Limited which is mainly involved in the business ofinvesting into dramas and movies, as well as providing consulting services forthe production of Korean content.

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