These initial agreements, signed as part of the MoU with the Serbian government, are expected to generate approximately 5.9 million euros of revenue for the Group

Iervolino Entertainment Spa (“IE”), a company working in the production and co-production of film and television content for the international market and listed on the AIM Italia market,
following the Memorandum of Understanding signed with the government of the Republic of Serbia and Archangel Digital Studios (communicated last June 5th), has announced the signing of
the first contracts to license the copyrights for the “Puffins” web series.

Under the agreement, Archangel Digital Studios will license the copyrights for the animated characters in the “Puffins” series (the “Intellectual Properties”) and for the production process (the
“Pipeline”) of the IE animated series. For its part, the Iervolino Entertainment Group will invest in the project and, through its Serbian subsidiary Iervolino Studios, fulfil the role of executive
producer for the new episodes of the “Puffins: impossible” series.

The contracts signed apply to the first 18 episodes and will generate approximately €5.9 million of revenue for the Iervolino Entertainment Group, which will come to fruition this year and in
the first few months of next year. The executive production duties are already underway.

Andrea Iervolino, president and founder of Iervolino Entertainment, said: “The contracts signed demonstrate the strength of our expansion strategy in Eastern Europe, increasing the
Group’s revenue and margins thanks to the synergy between the Italian and Serbian studios, which are responsible for the internalised production process. Opening the studio in Serbia has allowed us to use and monetise our Intellectual Properties more than ever, in addition to reducing outsourcing.”

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