ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.

3-month report

12.05.2010

Roedental, May 12, 2010 - The Zapf Creation Group today announced 
improved results in what traditionally is the weakest quarter for the
toy industry. The Group´s consolidated revenue increased by 12.4% to 
EUR 11.9 million (2009: EUR 10.6 million).

Zapf Creation reports improved earnings and cash position: Gross 
profit rose by 16.6 percentage points to 46.3%. Adjusted for one-off 
items and restructuring costs, consolidated EBIT improved to EUR -1.4
million. The net loss for the period was EUR 2.4 million, compared to
EUR 4.9 million in the prior-year period.

The cash flow from operating activities rose by 14.9% to EUR 7.8 
million (2009: EUR 6.8 million). Net liabilities reduced to EUR 18.4 
million (December 31, 2009: EUR 25.0 million).

As part of the Group's long-term financing, Zapf Creation´s Banking 
Consortium have agreed to waive compliance with key financial 
covenants until May 31, 2010.

end of announcement                               euro adhoc

Further inquiry note:

Claudia Dorst
Telefon: +49 (0)9563-7251-513
E-Mail: claudia.dorst@zapf-creation.de

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