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20.07.2007 – 23:43

Zapf Creation AG

euro adhoc: Financing, Stock Offerings (IPO)
Zapf Creation: Syndicate of banks and major shareholders reach agreement regarding follow-up financing

--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------

Follow-up financing


Roedental, July 20, 2007 - Zapf Creation AG, Europe's leading manufacturer of play and functional dolls, today announced that it has reached agreement with an international syndicate of banks and   the major shareholders of Zapf Creation AG, MGA Entertainment, Inc. and its CEO Mr. Isaac Larian, Mr. Nicolas Mathys and Mr. Gustavo Perez regarding the long-term follow-up financing for the company.

The new financing plan calls for a new, long-term syndicated loan of EUR 65 million. This loan is based on the condition precedent that an equity contribution of EUR 30 million is made by October 31, 2007 in a way to be determined by the shareholders. The major shareholders will make the equity contribution possible. They have already   assured the company in writing that they will support the equity contribution in the amount of EUR 30 million.

The previous syndicate of banks of Zapf Creation AG has agreed to allow repayment of the credit lines used in the amount of approx. EUR 45 million, which has been due since June 30, 2007, to be deferred until October 31, 2007. To finance peak capital needs in the course of the company's operations, the lead manager of the new syndicate of banks has also agreed to providing interim financing of up to EUR 20 million until October 31, 2007. These funds can be utilized as defined and depending on the equity contributions made at such a time.

All agreements are subject to the provision that there is no material adverse change to the economic situation of the Zapf Creation Group until October 31, 2007. Furthermore, they are subject to signature of the final documents.

end of announcement                                                 euro adhoc 20.07.2007 23:07:17

ots Originaltext: Zapf Creation AG
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Further inquiry note:
Frank Elsner
Frank Elsner Kommunikation für Unternehmen GmbH
Phone: +49 (0) 5404 - 91 92 0
Fax: +49 (0) 54 04 - 91 92 29

Branche: Consumer Goods
ISIN:      DE0007806002
WKN:        780600
Index:    CDAX, Classic All Share, Prime All Share
Börsen:  Börse Frankfurt / official dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse Hannover / free trade
              Börse München / free trade