Zapf Creation AG: Long-term financing concept successfully implemented 

·    Additional capital increase by 10% carried out as planned
·    Chief Financial Officer Jens U. Keil: "The Group's financing has now been secured"

Roedental, Germany, December 21, 2007 – The Zapf Creation Group, Europe's leading manufacturer of play and functional dolls, today announced the successful implementation of the long-term financing concept for the Group that was agreed with the major shareholders and a new syndicate of banks.

The additional capital increase by 10% of the share capital excluding shareholders' subscription right that was announced previously in this context has been carried out as planned and has been recorded in the commercial register in the meantime. All shares were subscribed by the major shareholders MGA Entertainment, Inc. or companies affiliated with it, and Mr. Nicolas Mathys. As a result of the measure, the company's share capital has increased from EUR 12.0 million to EUR 13.2 million. In October 2007, Zapf Creation had already carried out a capital increase by EUR 3.2 million. As agreed, additional funds flowed to the Group by way of subordinated shareholder loans.

This completes the capital infusion of EUR 30 million stipulated as part of the long-term financing package. At the same time, the syndicate of banks has made a syndicated loan of EUR 65 million available to Zapf Creation.

Jens U. Keil, chief financial officer of Zapf Creation AG, said: "After the completion of  these highly complex negotiations, we can finally look ahead. The new combination of equity and outside capital provides a solid financial framework for the Group that enables us to further develop our operating business in the medium and long term."

Further information:
Frank Elsner            
Frank Elsner Kommunikation für Unternehmen GmbH
Phone: +49 (0) 5404 – 91 92 0
Fax: +49 (0) 54 04 – 91 92 29

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