TECHNICOLOR : TECHNICOLOR - 2012: A robust performance

            TECHNICOLOR : TECHNICOLOR - 2012: A robust performance

                                                                 PRESS RELEASE

                          2012: A robust performance

  oRevenue growth driven by Technology and Connected Home
  oAdj. EBITDA and Free Cash Flow generation exceeding objectives and up vs.
    2011
  oSignificant deleveraging and sharp reduction in net debt
  oReturn to net profit in H2 2012

FY 2012 Financial Highlights

· Revenue growth at  constant scope^[1] and currency:  up 2.2% at  €3.5 
billion, driven by Connected Home and Technology.

· Adjusted EBITDA^[2] at €512 million, exceeding objectives.

· Net profit of  €17 million excluding EU  antitrust fine; net loss  of 
€22 million including €38.6 million EU antitrust fine.

·  Group  Free  cash  flow^[3]  up  31%  at  €106  million,   exceeding 
objectives.

· Net debt at nominal value (non IFRS) at €839 million at December  31, 
2012, a reduction of €291 million compared to end December 2011.

H2 2012 Financial Highlights

· Group  revenues up  3.4% at  constant scope  and currency.  Excluding 
legacy  activities^[4]  which  affected  Entertainment  Services  performance, 
revenues were up 7.2% at constant rate.

· AdjustedEBITDA at €314 million.

· Net profit  of €4 million  including the €38.6  million EU  antitrust 
fine.

· Group Free Cash Flow more than doubled at €104 million.

In € million                          Second Half             Full Year
                                 2011   2012  Change,   2011   2012  Change,
                                              reported                reported
Group revenues from continuing
operations                       1,891  1,934    +2.2%  3,450  3,580    +3.8%
Change at constant currency
(%)                                  (0.8)%               (0.2)% 
Change at constant rate and
scope                                 +3.4%                +2.2%        
Adjusted EBITDA from
continuing operations              308    314    +2.0%    475    512    +7.8%
As a % of revenues              16.3%  16.2%  (0.1)pt  13.8%  14.3%   +0.5pt
Net Income                      (212)      4     +217  (324)   (22)     +302
Group Free cash flow               49    104      +55     81    106      +25
Cash position at 31 December                            370    397    +7.3%
Net Debt IFRS at 31 December                            957    718  (24.9)%
Net Debt non IFRS at 31
December                                               1,130    839  (25.8)%

Technicolor, on track to deliver on Amplify 2015

A strong 2012 business performance

  oTechnology: Solid growth in revenues driven particularly by the record
    performance of patent licensing programs and sustained MPEG LA revenues;
  oEntertainment Services: Resiliency of DVD activities, which outperformed
    the market in 2012; strong reduction in exposure to legacy activities;
    growth in Digital Creative Services despite some softness in H2;
  oConnected Home: Strong revenue growth driven by emerging markets;
    turnaround plan on track with a return to adjusted EBITDA positive in
    second half of 2012 and breakeven in FY 2012.

A strengthened financial position

  oTechnicolor's financial structure significantly improved in the second
    half of 2012 as a result of the capital increases completed in the third
    quarter and the significant positive free cash flow generation achieved by
    the Group in 2012.

       oNominal gross debt (non IFRS) reduced by €264 million;
       oIncrease of the Group's cash position to €397 million at end December
         2012 compared to €370 million at end December 2011;
       oNet debt at nominal value (non IFRS) reduced by €291 million.

  oTechnicolor significantly deleveraged its balance sheet in 2012 with Net
    Debt to adjusted EBITDA ratio (as per Group's covenants) strongly improved
    to 1.41x versus 1.97x the previous year.

Ramping up new growth areas in 2012

  oSustained pace of Intellectual Property production and continued
    contribution to standards;
  oLaunch of Color and Image Certification programs in Technology licensing
    and development of the Cinestyle offer to target prosumers, leveraging on
    Technicolor's technology expertise in color fidelity and image enhancement
    and its Hollywood name recognition;
  oLaunch of innovative solutions to address expanding digital markets and
    more specifically M-GO, the Group's digital initiative which aims at
    becoming consumers' first stop to find and watch satisfying entertainment
    content, and Magic Ruby, the Group's second-screen initiative, offering
    broadcasters and advertisers new monetization solutions;
  oLaunch of several new added value services for content creators, in
    particular on-set services and Cineglass, an end-to-end digital solution
    platform for content creators and distributors.

2013 objectives

· Growth of  adj. EBITDA between  5% to  10% compared to  FY 2012  adj. 
EBITDA at constant scope^[5] (€498 million):

o Licensing adj. EBITDA  broadly stable vs.  FY 2012 assuming  another 
year of strong contracts;

o Continued improvement of  Connected Home adj.  EBITDA and return  to 
positive free cash flow generation in this segment;

o Improved profitability  in Entertainment  Services reflecting  cost 
actions implemented in H2 2012;

o Continued increase  in operating  expenses for M-GO  and new  growth 
initiatives.

· Strong growth in Free Cash  Flow, above 30%, before one-off  payments 
for legacy litigation (mainly the EU antitrust fine for €38.6 million).

· Net debt to adj. EBITDA ratio (as per Group's covenants) below  1.25x 
at end December 2013.

Confirmed value of Technicolor's Intellectual Property portfolio:

  oTechnicolor SA has increased its statutory shareholders' equity in
    December 2012, ahead of its legal obligation, through the intra-group
    transfer of Thomson Licensing SAS, the owner of all Technicolor patents.
    The sale by Technicolor SA to a fully-owned subsidiary at market value
    resulted in a material non cash profit as the shares were previously
    registered at their historical value of €40 million.
  oTechnicolor chose NERA Economic Consulting, a division of Marsh & McLennan
    Group, as an independent firm to value Thomson Licensing SAS. NERA
    performed the valuation using the DCF approach as the principal method,
    backed-up by a Market Multiple approach and achieved an average value of
    Thomson Licensing SAS of €2.2 billion.
  oConsequently, the statutory equity of Technicolor SA amounted to €2.0
    billion at the end of 2012. This intra-group transaction had no impact on
    the Group's consolidated financial statements.

Frederic Rose, Chief Executive Officer of Technicolor, stated:

"Our 2012 results demonstrate that Technicolor  is fully on track to  achieve 
its Amplify 2015 strategic roadmap and capture new opportunities to deliver an
enhanced media  experience  to consumers  and  prosumers. With  higher  sales, 
improved profitability, free  cash-flow above our  targets and a  strengthened 
balance sheet,  2012  was  a  year  of  significant  financial  and  strategic 
achievements for Technicolor. Our strong operational performance  demonstrates 
the robustness of our business model and our capacity to innovate".

An analyst conference call hosted by Frederic Rose, CEO, and Stéphane Rougeot,
CFO and SEVP Strategy, will  be held on Friday, February  22, 2013 at 3:00  pm 
CET.

Financial Calendar

Q1 2013 Revenues April 26, 2013
AGM 2013         May 23 2013
H1 2013 Results  July 26 2013
Q3 2013          25 October 2013

                                     ***

Warning: Forward Looking Statements

This   press   release   contains    certain   statements   that    constitute 
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future  events, trends, plans or objectives,  based 
on certain  assumptions or  which  do not  directly  relate to  historical  or 
current facts.  Such  forward-looking  statements are  based  on  management's 
current expectations and  beliefs and  are subject to  a number  of risks  and 
uncertainties that could cause  actual results to  differ materially from  the 
future results  expressed,  forecasted  or  implied  by  such  forward-looking 
statements. For  a  more complete  list  and  description of  such  risks  and 
uncertainties, refer to  Technicolor's filings  with the  French Autorité  des 
marchés financiers.

                                     ***

About Technicolor

Technicolor, a  worldwide technology  leader in  the media  and  entertainment 
sector, is at the  forefront of digital innovation.  Our world class  research 
and innovation  laboratories  enable  us  to lead  the  market  in  delivering 
advanced video services to content creators and distributors. We also  benefit 
from an extensive intellectual property portfolio focused on imaging and sound
technologies,  based  on  a  thriving  licensing  business.  Our   commitment: 
supporting the delivery of exciting new experiences for consumers in theaters,
homes and on-the-go. Euronext Paris: TCH Ÿ www.technicolor.com

Contacts

Press: +33 1 41 86 53 93

technicolorpressoffice@technicolor.com

Investor relations: +33 1 41 86 55 95

investor.relations@technicolor.com

         Fourth quarter and second half of 2012 financial highlights

Paris (France),  22  February2013 -  The  Board of  Directors  of  Technicolor 
(EuronextParis:TCH) met  yesterday  to review  the  Group's full  year  2012 
results.

Summary of consolidated  results for  the second half  and full  year of  2012 
(unaudited)

All figures are preliminary and subject to final completion of review
procedures.

Technicolor is presenting, in addition to  published results and with the  aim 
to  provide  a  more  comparable  view  of  the  evolution  of  its  operating 
performance compared with 2011, a set of adjusted indicators which exclude the
following items  as  per  the  statement of  operations  of  our  consolidated 
financial statements:

· Restructuring charges;

· Net impairment charges;

· Other income and expenses (other non-current items).

These adjustments,  the  reconciliation  of  which is  detailed  on  page  23, 
amounted  to  an  impact   on  Group  EBIT   from  continuing  operations   of 
€(58)million in the second half of 2012 (€(240)million in H2 2011).

In € million                          Second Half             Full Year
                                 2011   2012  Change,   2011   2012  Change,
                                              reported                reported
Group revenues from continuing
operations                       1,891  1,933    +2.2%  3,450  3,580    +3.8%
Change at constant currency
(%)                                  (0.8)%               (0.2)% 
Group gross margin                 436    476    +9.0%     736    830   +12.8%
As a % of revenues               23.1%  24.6%   +1.5pt  21.3%  23.2%   +1.9pt
Adjusted EBITDA from
continuing operations              308    314    +2.0%    475    512    +7.8%
As a % of revenues              16.3%  16.2%  (0.1)pt  13.8%  14.3%   +0.5pt
Adjusted EBIT from continuing
operations                         195    207    +6.3%    232    301   +29.5%
As a % of revenues              10.3%  10.7%   +0.4pt   6.7%   8.4%   +1.7pt
EBIT from continuing
operations                        (45)    149     +194   (33)    264     +296
Financial result                  (95)   (81)      +14  (187)  (197)      (9)
Share of profit/(loss) from
associates                           1    (1)      (2)      0    (5)      (6)
Income tax                        (70)   (27)      +43   (83)   (49)      +34
Profit/(loss) from continuing
operations                       (209)     40     +249  (303)     13     +316
Loss from discontinued
operations                         (3)   (35)     (32)   (21)   (35)     (14)
Net income                       (212)      4     +217  (324)   (22)     +302
Operating cash flow from
continuing operations^[6]         199    211      +12    261    312      +51
Group Free cash flow               49    104      +54     81    106      +25
Net financial debt (IFRS)                             957    718    (239)
Net financial debt at nominal
value (non IFRS)                                    1,130    839    (291)

Stable operating profitability in H2 2012

· In  the second  half  of 2012,  revenues from  continuing  operations 
amounted to €1,933 million compared with €1,891 million in the second half  of 
2011, a 2.2%  increase at  current currency but  a 0.8%  decrease at  constant 
currency. At constant scope and currency, revenues were up 3.4%.

· In the second half of 2012, gross margin amounted to €476 million, up
9% at current currency, and represented  24.6% of revenues, an improvement  of 
1.5 points year-on-year.

· Adjusted EBITDA from continuing  operations amounted to €314  million 
in the second half of  2012 compared with €308 million  in the second half  of 
2011, a 2.0% increase year-on-year  at current currency, with adjusted  EBITDA 
margin of 16.2% of revenues, broadly stable.

·  This  improvement  in  adjusted  EBITDA  was  driven  by   increased 
Technology profitability  generated by  strong Licensing  performance and  the 
return of Connected Home to positive adjusted EBITDA, which offset the  weaker 
performance in Entertainment Services. Corporate costs increased year-on-year,
as the  reduction in  costs  of transversal  functions  was offset  by  higher 
incentive program costs related to  the strong financial improvement  recorded 
year-on-year, increased costs for growth initiatives and a negative comparison
base versus. 2011 that included several positive non-recurring impacts.

Positive net result in H2 2012, despite the European Union antitrust fine

· In the second half of 2012, adjusted EBIT from continuing  operations 
amounted to €207 million compared to €195 million in the second half of  2011, 
an increase in margin of 0.4 point driven by lower depreciation & amortization
expenses.

· EBIT from continuing  operations totaled €149  million in the  second 
half of 2012 compared with a loss  of €45million in the second half of  2011. 
EBIT from  continuing  operations  included  in the  second  half  of  2012  a 
provision related  to  litigation with  a  third  party for  €17  million  and 
restructuring costs (including the closure of Thomson Angers operations)  just 
above 1% of revenues, down from 3.8% of revenues in the second half of 2011.

· In the second half of 2012, the Group's financial result amounted  to 
€(81) million  compared to  €(95) million  in  the second  half of  2011.  The 
financial result included net  interest charges of €69  million in the  second 
half of 2012, compared to €75 million in the second half of 2011.

· Net result was  a profit of  €4 million in the  second half of  2012, 
compared to a loss  of €212 million  in the second half  of 2011. This  figure 
includes the €38.6 million antitrust fine imposed by the European  Commission, 
classified as a "Net  loss from discontinued operations",  as it related to  a 
business discontinued by  the Group in  2005, and the  €17 million  litigation 
provision mentioned above.

Sustained Operating Cash Flow from continuing operations in H2 2012

·  Operating  cash   flow  from  continuing   operations  amounted   to 
€211million in the second half of  2012, an increase of €12 million  compared 
with  the  second  half  of  2011,  and  represented  10.9%  of  revenues,   a 
year-on-year increase of 0.4 point. In  the second half of 2012, cash  outflow 
for  net  capital  expenditures   amounted  to  €73million,  a   €8.5million 
year-on-year decrease resulting mostly from a decrease in capital  expenditure 
in Creative Services, reflecting the completion of sizeable investments.  Cash 
outflow related to restructuring amounted to €31million, or 1.6% of revenues,
broadly stable compared to the second half of 2011.

Group Free Cash Flow above €100 million in H2 2012

· Group Free Cash Flow amounted to €104 million in H2 2012, compared to
€49 million in H2 2011.

· Main impacts on Group Free Cash Flow are as follows:

  oCash financial charges amounted to €56 million in H2 2012;
  oOther cash charges, mainly related to tax, pensions and non-current items
    amounted to €49million in H2 2012;
  oFree Cash Flow from continuing operations amounted to €106 million, while
    Free Cash Flow from discontinued operations resulted in a cash charge of
    €2 million.

Significant net debt reduction

· Nominal  gross debt  (non IFRS)  amounted to  €1,236 million  (€1,115 
million IFRS) at end December 2012 compared to €1,500 million (€1,327  million 
IFRS) at end  December 2011,  a reduction  of €264  million. This  improvement 
reflected prepayments of  €162 million  related to the  capital increases  and 
Broadcast disposal, scheduled senior debt repayments of €58 million, other net
debt repayments of €8 million,  excess free cash flow  of €25 million in  2011 
and a foreign exchange impact of €11 million.

· The Group's cash position also improved and amounted to €397  million 
at end December 2012 compared to €370 million at end December 2011  reflecting 
strong  free  cash  flow  generation   of  €106  million  in  2012,   positive 
contribution of the capital increases of €179 million, debt reimbursement  for 
€(253) million (nominal basis) and others for €(5) million.

· Net debt  at nominal  value (non IFRS)  amounted to  €839 million  at 
endDecember 2012 compared to €1,130 million at end December 2011, a  decrease 
of €291 million.

· Net debt as per consolidated financial statements (IFRS) amounted  to 
€718million at end  December 2012  compared to €957million  at end  December 
2011, a decrease of €239 million.

· Technicolor  has  received  a  firm  offer  for  a  new  €50  million 
receivables backed credit facility replacing the existing €100m facility which
expires in April 2013. The replacement facility, at improved terms versus  the 
existing one, is currently under negotiation. Technicolor's other receivables
backed credit facility, a $125 million  facility with Wells Fargo in the  U.S, 
was amended in Q1 2012, extending the maturity to 2016 and improving the terms
and conditions.

Financial covenants
As of December 31, 2012, the Group met its financial covenants.

Covenants*                                            Actual on 31 December,
                                                               2012
Interest cover EBITDA/Financial   Interests    above           4.53x
               3.65x
Leverage       Net debt/EBITDA below 2.25x                     1.41x
Capital expenditure (in € million)                              140

* For the calculation of covenants, the definition of EBITDA as per the credit
agreements is the same as the definition of adjusted EBITDA detailed in
appendix on page 23.

       Fourth quarter, second half and full year of 2012 segment review

Summary of Group financial indicators by segment (unaudited)

In € million               Q4 2011 Q4 2012   H2 2011 H2 2012   FY 2011 FY 2012
Group revenues*              1,054   1,005     1,891   1,933     3,450   3,580
Change as reported (%)            (4.7)%           +2.2%           +3.8%
Change at constant                (6.2)%          (0.8)%          (0.2)%
currency (%)
o/w Technology                 130     150       237     279       456     515
Change as reported (%)            +15.7%            +17.6%            +12.9%
Change at constant                +20.0%            +23.3%            +13.5%
currency (%)
o/w Entertainment              594     524     1,048     973     1,832   1,730
Services
Change as reported (%)           (11.8)%            (7.2)%            (5.6)%
Change at constant               (15.1)%           (12.4)%           (11.0)%
currency (%)
o/w Digital Delivery           329     330       604     681     1,157   1,334
Change as reported (%)             +0.3%            +12.8%            +15.3%
Change at constant                (0.4)%          +10.0%          +12.0%
currency (%)
o/w Connected Home            283     326      517     671      989   1,244
Change as reported (%)            +15.1%          +29.9%          +25.7%
Change at constant                +14.2%          +26.6%          +22.0%
currency (%)
Adjusted EBITDA*                               308     314       475     512
Change as reported (%)                            +2.0%           +7.8%
As % of revenues                           16.3%   16.2%    13.8%   14.3%
o/w Technology                                183     222      346     400
Change as reported (%)                           +21.7%          +15.7%
As % of revenues                           77.2%   79.8%    75.9%   77.8%
o/w Entertainment                             163     132      230     199
Services
Change as reported (%)                          (18.8)%         (13.3)%
As % of revenues                           15.6%   13.6%    12.5%   11.5%
o/w Digital Delivery                          (2)      15     (20)      14
Change as reported (%)                               nm              nm
As % of revenues                          (0.4)%    2.1%   (1.7)%    1.1%
o/w Connected Home                          (17)      12     (43)       1
Change as reported (%)                               nm              nm
As % of revenues                          (3.4)%    1.8%   (4.4)%    0.1%
Adjusted EBIT*                                 195     207       232     301
As % of revenues                           10.3%   10.7%     6.7%    8.4%
o/w Technology                                180     225      337     400
As % of revenues                           76.1%   80.7%    73.9%   77.8%
o/w Entertainment                              75      39       53      26
Services
As % of revenues                            7.1%    4.0%     2.9%    1.5%
o/w Digital Delivery                         (23)     (0)     (73)    (20)
As % of revenues                          (3.9)%    0.0%   (6.3)%  (1.5)%
o/w Connected Home                          (32)     (2)     (81)    (34)
As % of revenues                          (6.2)%  (0.2)%   (8.2)%  (2.7)%

* Continuing operations.

Technology

Technology financial indicators

In € million               Q4 2011 Q4 2012   H2 2011 H2 2012   FY 2011 FY 2012
Revenues                       130     150      237     279       456     515
Change as reported (%)             15.7%           17.6%          +12.9%
Change at constant                 20.0%           23.3%          +13.5%
currency (%)
o/w Licensing revenues         129     150      234     278       451     512
Change as reported (%)             16.6%           18.4%          +13.6%
Change at constant                 20.9%           24.2%          +14.2%
currency (%)
Adjusted EBITDA                               183     222       346     400
Change as reported (%)                            21.7%          +15.7%
As % of revenues                           77.2%   79.8%    75.9%   77.8%
Adjusted EBIT                                 180     225       337     400
As % of revenues                           76.1%   80.7%    73.9%   77.8%
EBIT                                          186     225       343     403
As % of revenues                           78.3%   80.7%    75.2%   78.3%

In the second half of 2012, Technology revenues reached €279million, up 17.6%
at current currency and up 23.3%  at constant currency compared to the  second 
half of 2011. adjusted EBITDA margin  for the Technology segment increased  by 
2.6 points year-on-year to 79.8% of revenues, driven by a particularly  strong 
performance in Licensing, as well as continuing cost optimization.

For the full year 2012, Technology revenues totaled €515 million, up 12.9%  at 
current currency and up 13.5% at  constant currency compared to the full  year 
2011, with  Licensing  revenues  recording  an all-time  high.  As  a  result, 
adjusted  EBITDA  margin  for  the  Technology  segment  rose  by  1.9  points 
year-on-year to 77.8% of revenues.

Q4 2012 Revenue Highlights

In the fourth quarter of 2012,  Technology revenues amounted to €150  million, 
up 15.7% at current currency and up 20.0% at constant currency compared to the
fourth quarter of 2011.

Licensing

In the fourth quarter of 2012, Licensing revenues recorded year-on-year growth
of 20.9% at constant currency,  as a result of  the strong performance of  the 
Group's non MPEG LA patent Licensing programs. In line with the trends of  the 
third quarter  of  2012,  the patent  licensing  programs  experienced  strong 
growth, notably across the Digital TV programs, benefiting from additional new
contracts and contract renewals, along  with good volume performances by  some 
of the Group's licensees in the fourth quarter of 2012.

Research and Innovation ("R&I") activities in 2012

In 2012, the Research  and Innovation ("R&I")  division sustainedthe pace  of 
high quality  Intellectual Property  production andits  contributions in  key 
standardization bodies.

Over  2012,  R&I  significantly  increased  its  contribution  to   standards, 
representing Technicolor  in more  than 10  Standardization bodies,  including 
MPEG, ATSC, DVB, SMPTE, DVB & VQEG.

R&I  focused   on  areas   where  Technicolor   has  strong   differentiation, 
specifically in High Efficiency Video Coding ("HEVC") and MPEG/ITU, in  coding 
sound and  image.  HEVC is  the  next generation  video  compression  standard 
jointly developed between  MPEG and ITU-T  VCEG. Technicolor has  participated 
from the outset, chairing or  co-chairing core experiments during  development 
of the  standard and  contributing  innovative technologies.  Technicolor  was 
instrumental in the creation of the Main10 profile for improved video quality,
likely to play a key role in Ultra-High Definition (UHD). A further  extension 
of the standard, Scalable HEVC (SHVC) is at the centre of new activity in R&I,
underlining the  commitment  of  Technicolor  to  the  evolution  of  industry 
standards. Similarly, R&I has developed ground-breaking technology to underpin
its active participation  in the MPEG  Call for Proposal  on 3D Audio  Coding. 
This standard is envisaged to deliver  a highly immersive audio experience  to 
home theaters  and  personal devices,  bringing  incomparable quality  to  the 
combined Home and Consumer Electronic markets.

Technicolor also significantly increased its investment inATSC 3.0  (Advanced 
Television  Systems  Committee).  Thisproject  capitalizes  on  Technicolor's 
existing and  developing technologies,  in  which Technicolor  is one  of  the 
historical participants. Specifically, Technicolor's interests are focused  on 
the physical, transport and application layers, including audio/video coding.

In 2012,  Technicolor filed  444  priority applications  with respect  to  new 
inventions. The maintained pace of  filings underpins the commitment to  focus 
on high quality patents in targeted technology areas (such as Video and  Audio 
Compression,    Image    enhancement,    Networking,Content    security     & 
Privacy),creating long term  monetization opportunitiesforPatent  Licensing 
andTechnology Licensing. Technicolor was also  granted 2,300 patents in  2012 
compared to  2,000 granted  patents on  average per  year over  the  2004-2011 
period. At the end of 2012, over  66% of Technicolor's patent portfolio has  a 
lifetime of 10 years or more.

R&I significantly raised  its scientific  excellence and  reputation in  2012. 
Scientific excellence is measured through  publications (that in turn lead  to 
strong Intellectual Property differentiation) and collaboration with the  best 
academic research institutions worldwide. R&I  published in 2012 more than  40 
articles in  top  tier  scientific  events  (per  the  international  research 
community ranking). Collaborations have been  established with four among  the 
top six universities (per the Shanghai ranking): Berkeley, Stanford, MIT,  and 
Cambridge.  In  France,  the  IP  agreement  with  INRIA,  a  public  research 
institute, has been renewed.

Entertainment Services

Entertainment Services include Creative Services, DVD Services and IZ-ON Media
(formerly PRN). Technicolor  has been developing  new technology solutions  to 
support the transition of its customers to digital and is managing its digital
creative services  business to  capture growth  opportunities, while  limiting 
exposure to fast  declining legacy activities.  Therefore, Technicolor is  now 
presenting  the  performances  of  its  Creative  Services  business  in   two 
categories:   Digital   Creative   Services   (Digital   Production,   Digital 
Postproduction  and  Distribution,  Digital  Cinema)  and  legacy   activities 
(Photochemical film, Compression & Authoring, Tape duplication).

Entertainment Services financial indicators

In € million               Q4 2011 Q4 2012   H2 2011 H2 2012   FY 2011 FY 2012
Revenues                       594     524    1,048     973     1,832   1,730
Change as reported (%)           (11.8)%          (7.2)%          (5.6)%
Change at constant               (15.1%)         (12.4)%         (11.0)%
currency (%)
Adjusted EBITDA                               163     132       230     199
Change as reported (%)                          (18.8)%         (13.3)%
As % of revenues                           15.6%   13.6%    12.5%   11.5%
Adjusted EBIT                                  75      39        53      26
As % of revenues                            7.1%    4.0%     2.9%    1.5%
EBIT                                           10      29      (29)      12
As % of revenues                            0.9%    3.0%   (1.6)%    0.7%

In the  second half  of  2012, Entertainment  Services revenues  totaled  €973 
million, down 7.2% at  current currency and down  12.4% at constant  currency. 
Excluding legacy activities, revenues were  down 2.4% at current currency  and 
down 7.9% at constant currency reflecting some softness in Digital  Production 
and Digital Cinema and  a revenue decrease in  DVD Services largely driven  by 
the decline  in Standard  Definition  volumes. In  the  second half  of  2012, 
combined Standard Definition DVD and Blu-ray(TM) volumes decreased by 5%, with
Blu-ray^TM growth of 26% and Games  growth of 8%. Adjusted EBITDA amounted  to 
€132 million  or  13.6% of  revenues,  down 2.0  points,  due to  the  revenue 
decline.

In the full  year of 2012,  Entertainment Services experienced  a decrease  in 
revenues largely due to legacy activities,  which represented in 2012 only  5% 
of the Group's  total revenues  compared to 8%  in full  year 2011.  Excluding 
legacy activities, revenues  were flat at  current currency and  down 5.8%  at 
constant currency. Adjusted EBITDA amounted to €199 million in full year  2012 
or a margin of 11.5%, down 1.0 point compared to full year 2011.  Performances 
by division are as follows:

  oCreative Services experienced a year-on-year decrease in revenues, with
    continued weakness in legacy activities partly offset by slight growth in
    Digital Creative Services revenues, despite some softness in the second
    half of the year. The activity of Visual Effects ("VFX") for feature film
    recorded a weak performance due to the delay in some sizeable projects,
    leading to a particularly low level of VFX activity for feature films in
    the London facilities.

The Group implemented  cost reduction measures  in its Creative  Services 
division in the second half of 2012  to mitigate the impact of lower sales  on 
its profitability. Profitability  has been progressively  restored and in  the 
fourth quarter adjusted EBITDA  margin recorded a decrease  of only 0.5  point 
compared to the fourth quarter of 2011 despite the softness experienced in the
quarter.

  oIn DVD Services, a total of 1.45 billion units were replicated in 2012, a
    6% decrease compared to the full year 2011, which benefited from several
    successful Harry Potter-related releases. Blu-ray(TM) shipments
    accelerated throughout the year and Standard Definition DVD volumes were
    resilient in the North American market - despite continued pressure in the
    TV-DVD category.

For the full year 2012, adjusted EBITDA margin for DVD Services  remained 
stable, despite an 8% year-on-year contraction in revenues and a slight margin
decline in the second  half of 2012. This  performance was driven by  multiple 
factors, including an improved  products mix, the  positive impact of  ongoing 
cost savings initiatives and efficiency improvement programs, and reduction of
offload, which offset  specific customer  price reductions.  The DVD  Services 
division posted solid free  cash flow generation in  the second half of  2012, 
largely due  to continuing  focus  on cost  savings  and tight  management  of 
working capital requirements.

  oIn 2012, IZ-ON Media experienced a decline in revenues resulting from a
    weak US advertising market during the course of the year which has
    impacted its contribution to the adjusted EBITDA margin.

Creative Services - Q4 2012 Revenue Highlights

In the  fourth quarter  of  2012, Creative  Services recorded  a  year-on-year 
decline in revenues, due to the sharp drop of legacy activities and  continued 
weakness in VFX  for feature  films. The Group  continued to  take actions  to 
adjust its cost base to lower revenues and changing activity mix.

Digital Creative Services

  oDigital Production activities recorded a year-on-year decrease in revenues
    in the fourth quarter of 2012, reflecting softness in Visual Effects
    ("VFX") for feature films, offset in part by stable revenues in VFX for
    commercials. The softness in feature film VFX activities was due to delays
    in some sizeable projects that impacted the London facility, while
    customer workload was ramping up at the Vancouver facility. Commercial VFX
    activities recorded stable revenues following three quarters of strong
    performance, especially at Los Angeles and New York facilities.

In the  fourth quarter  of 2012,  VFX teams  completed work  on Man  of  Steel 
(Warner), while  continuing  work  on Maleficent  (Disney),  The  Seventh  Son 
(Warner), The Lone Ranger (Disney) and 47 Ronin (Universal). They also started
work on Percy Jackson: Sea  of Monsters (Fox). VFX  teams won the BAFTA  award 
for Life of Pi  (Fox), and have  been nominated for Oscars  for their work  on 
Prometheus  (Fox)  and  Life  of   Pi.  This  was  another  demonstration   of 
Technicolor's excellence in servicing its studio customers.

  oDigital Postproduction and Distribution Services activities experienced
    mixed trends in the fourth quarter of 2012, following several straight
    quarters of sustained revenue growth. Sound activities continued to expand
    at a fast pace, thanks to the ramp-up of the Group's new facilities,
    notably in Hollywood, whereas Video activities suffered from market
    softness. During the quarter Hollywood Postproduction teams maintained
    their leading position in Broadcast TV series, and gained market share
    with tent-pole movies.

Technicolor's excellence  in  servicing was  also  demonstrated as  the  Group 
served 19 projects that have received Oscar nominations, including 6 of the  9 
films nominated for the Best Picture Oscar and award nominations for its sound
mixing team on Skyfall (Sony).

Digital Distribution Services activities  delivered another quarter of  strong 
year-on-year revenue growth  in the  fourth quarter of  2012, benefiting  from 
continued  work  on  the  catalogs   of  titles  of  major  Over-the-Top   and 
Video-on-Demand players, as well as initial  work on new delivery formats  for 
in-flight entertainment.

  oDigital Cinema activities reported a slight year-on-year revenue decline
    in the fourth quarter of 2012, with a significant rebound in volume offset
    by specific customer price reductions given early in the year. At the end
    of December 2012, digital screen penetration was 84% in North America and
    70% in Europe.

Legacy activities

As expected,  legacy activities  continued to  decline sharply  in the  fourth 
quarter  of   2012,  in   particular   photochemical  film   activities   with 
photochemical film  footage  down  59% and  revenues  down  40%  year-on-year. 
Technicolor  continued  in  the  quarter  to  reduce  its  exposure  to   such 
activities, which represented 4.3% of Group revenues.

DVD Services - Q4 2012 Revenue Highlights

In  the  fourth  quarter  of  2012,  combined  Standard  Definition  DVD   and 
Blu-ray(TM) volumes decreased by  8% compared to the  fourth quarter of  2011. 
This decline was driven by a decrease in Standard DVD volumes, attributable to
an overall weaker title release slate  year-on-year, as well as a  challenging 
comparison base in Europe, which benefited from the release of multi-disc  and 
special edition collector's  box-sets for  the Harry Potter  franchise in  the 
fourth quarter of 2011.

These factors were  partially offset  by strengthening  growth in  Blu-ray^TM, 
with volumes up 27% in the fourth quarter of 2012 following a 25% increase  in 
the third quarter  of 2012,  as well as  stronger Games  shipments, driven  by 
several major title releases  for Microsoft's Xbox  video game console.  Major 
titles produced in the  fourth quarter of 2012  included Brave (Walt  Disney), 
The Dark Knight Rises (Warner Bros.), Ted (Universal) and Paranormal  Activity 
4 (Paramount).

DVD / Blu-ray(TM) volumes

In million units           Q4 2011 Q4 2012  H2 2011 H2 2012   FY 2011 FY 2012
Total Volumes                  529     487      947     895      1540   1,454
Change (%)                          (8)%            (5)%            (6)%
o/w SD-DVD (Standard           423     365      772     691      1270   1,160
Definition)
Change (%)                         (14)%           (10)%            (9)%
o/w Blu-ray(TM)                 57      72      101     127       152     182
Change (%)                          +27%            +26%            +19%
Games                           38      40       57      62        85      88
Change (%)                           +6%             +8%             +4%
Software and Kiosk             10       9        16      15       33      25
Change (%)                          (9%)            (10)%           (25)%

Digital Delivery

Following   the   sale   of   the   Broadcast   Services,   the    SmartVision 
(television-over-IP)  businesses   and  the   Cirpack  softswitch   operations 
(voice-over-IP), Technicolor  has  renamed  the  existing  "Digital  Delivery" 
segment to "Connected Home". The business review is focused on Connected  Home 
activities.  Digital   Delivery  financial   indicators  are   presented   for 
reconciliation purposes.

Digital Delivery financial indicators

In € million               Q4 2011 Q4 2012   H2 2011 H2 2012   FY 2011 FY 2012
Revenues                       329     330       604     681     1,157   1,334
Change, as reported (%)               0.3%           12.8%           15.3%
Change at constant                  (0.4)%           10.0%           12.0%
currency (%)
Adjusted EBITDA                              (2)      15      (20)      14
As % of revenues                              (0.4)%    2.1%    (1.7)%    1.1%

Connected Home financial indicators

In € million               Q4 2011 Q4 2012   H2 2011 H2 2012   FY 2011 FY 2012
Revenues                       283     326       517     671       989   1,244
Change, as reported (%)              15.1%           29.9%           25.7%
Change at constant                   14.2%           26.6%           22.0%
currency (%)
Adjusted EBITDA                             (17)      12      (43)       1
As % of revenues                              (3.4)%    1.8%    (4.4)%    0.1%
Adjusted EBIT                                (32)     (2)      (81)    (34)
As % of revenues                          (6.2%)  (0.2)%   (8.2%)  (2.7)%
EBIT                                        (183)    (43)     (242)    (56)
As % of revenues                         (35.5)%  (6.5)%  (24.4)%  (4.5)%

In the second half of 2012,  Connected Home revenues totaled €671million,  up 
29.9% at current currency  and up 26.6% at  constant currency compared to  the 
second half  of  2011. This  performance  was primarily  driven  by  sustained 
customer demand  across  Latin  America, strong  growth  in  the  Asia-Pacific 
region, as  well  as increasing  mix  of  higher-end Cable  devices  in  North 
America. Connected Home adjusted EBITDA amounted to €12 million in the  second 
half of  2012  compared  to €(17)million  in  the  second half  of  2011  and 
€(12)million in the first half of 2012, due to very strong revenue growth and
the benefit of cost savings initiatives.  Gross margin improved by 3.5  points 
at 14.5% in the second half of  2012, driven by Connected Home's new  customer 
wins for solutions and  services across all regions  over the period and  cost 
savings initiatives  completed  in  the  second half  of  2012.  Cost  savings 
achieved in  full year  2012 amounted  to €27  million, a  gap of  €5  million 
compared to the target announced in December 2011 and mainly due to some delay
in the restructuring in Europe.

For the full year 2012, Connected Home revenues were €1,244million, up  25.7% 
at current currency  and up 22.0%  at constant currency  compared to the  full 
year 2011, driven  by record  product volumes  of more  than 30million  units 
(+27%), an  all-time  high. Connected  Home  adjusted EBITDA  amounted  to  €1 
million in the full year 2012 compared to €(43) million in the full year 2011,
reflecting the positive outcome of the  turnaround plan launched by the  Group 
in December 2011. This performance was  in line with the Group's objective  to 
achieve adjusted  EBITDA breakeven  for the  Connected Home  segment in  2012. 
Gross margin also improved by 2.6 points year-on-year to 13.0%. Free cash flow
was impacted by restructuring expenses associated with cost reduction  actions 
initiated as part of the turnaround plan of the Connected Home segment and  by 
operating working capital needs associated with the significant growth of  the 
business in 2012.

Connected Home - Q4 2012 Revenue Highlights

In  the  fourth  quarter  of   2012,  Connected  Home  revenues  amounted   to 
€326million, up 15.1% at current currency  and up 14.2% at constant  currency 
compared to the fourth quarter of 2011, confirming the solid trend experienced
in the second and third quarters of 2012 (revenues up in double-digits).  This 
performance principally  reflected  strong  customer  demand  across  emerging 
markets, particularly in Latin America  and Asia-Pacific, as well as  improved 
overall product mix in North America, driven by Cable customers.

  oIn North America, Connected Home product volumes recorded a year-on-year
    decline in the fourth quarter of 2012, reflecting softer shipments in
    Satellite set top boxes and digital-to-analog Cable adaptors. Overall
    product mix however significantly improved year-on-year, driven by growing
    contribution from new products introduced in the third quarter of 2012 and
    higher-end devices in Cable, partly offset by weaker deliveries of HD PVRs
    in Satellite compared to the prior-year quarter.
  oIn Latin America, global demand was strong in the fourth quarter of 2012,
    as reflected by double-digit year-on-year growth in Connected Home product
    volumes, driven by stronger shipments of Satellite set top boxes,
    particularly in Brazil, as well as increased deliveries of broadband
    gateways to Telecom customers, especially in Mexico. However overall
    product mix was less favorable year-on-year, principally as a result of a
    decreased proportion of HD devices in total volumes compared to the
    prior-year quarter.
  oIn Europe, Middle-East and Africa, Connected Home products posted a slight
    year-on-year volume decline in the fourth quarter of 2012, as strong
    growth in shipments of Telecom broadband gateways and Cable modems largely
    offset softer set top box deliveries, due primarily to the phase-out of
    some Satellite and Telecom devices. Overall product mix was slightly lower
    year-on-year, driven principally by a reduced contribution of HD set top
    boxes in total shipments compared to the prior-year quarter.
  oIn Asia-Pacific, customer demand remained at a high level across the
    region in the fourth quarter of 2012, as reflected by more than a
    three-fold increase in Connected Home product volumes year-on-year,
    primarily as a result of a sharp growth in set top box shipments to
    Satellite customers, especially in India and Malaysia and new high-end
    solutions delivered to Telecom customers, in particular in Australia.

Connected Home Product Volumes

In million units           Q4 2011 Q4 2012   H2 2011 H2 2012   FY 2011 FY 2012
Total Connected Home           6.4     7.9      11.6    15.7      23.7    30.1
Product Volumes*
Change (%)                          +22%            +35%            +27%
o/w  North America             1.9     1.1       3.5     2.8       7.7     6.8
     Change (%)                    (39)%           (19)%           (12)%
     Latin America             2.9     3.8       4.7     7.6       8.9    13.7
     Change (%)                     +31%            +63%            +53%
     Europe, Middle-East       1.3     1.3       2.4     2.5       4.9     5.4
     and Africa
     Change (%)                     (2)%             +2%            +10%
     Asia-Pacific              0.4     1.7       1.0     2.8       2.2     4.3
     Change (%)                    +311%           +172%            +99%

* Including tablets and other connected devices

               UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in € million)                                       Year ended December 31,
                                                  Unaudited 2012     2011
Continuing operations
Revenues                                                   3,580        3,450
Cost of sales                                            (2,750)      (2,714)
Gross margin                                                 830          736
                                               
Selling and administrative expenses                        (397)        (376)
Research and development expenses                          (132)        (128)
Restructuring costs                                         (29)         (83)
Net impairment losses on non-current operating              (10)        (188)
assets
Other income (expense)                                         2            6
Profit (loss) from continuing operations                     264         (33)
before tax and net finance income (expense)
                                               
Interest income                                                4            5
Interest expense                                           (149)        (154)
Other financial income (expense)                            (52)         (38)
Net finance income (expense)                               (197)        (187)
                                               
Share of loss from associates                                (5)            -
Income tax                                                  (49)         (83)
Profit (loss) from continuing operations                      13        (303)
                                               
Discontinued operations                        
Net loss from discontinued operations                       (35)         (21)
Net income (loss)                                            (22)        (324)
Attributable to:
- Equity holders                                             (20)        (323)
- Non-controlling interests                                   (2)          (1)
                                                     Year ended December 31,
(in euros, except number of shares)                     2012          2011
Weighted average number of shares outstanding      275,885,374  211,364,435
(basic net of treasury shares held) ^(1)
Earnings (loss) per share from continuing      
operations
- basic                                                      0.05        (1.4)
- diluted                                                    0.05        (1.3)
                                                                  
- basic                                                    (0.12)        (0.1)
- diluted                                                  (0.12)        (0.1)
Total earnings (loss) per share                
- basic                                                    (0.07)        (1.5)
- diluted                                                  (0.07)        (1.4)

1.According to IAS 33.26 and IAS 33.27b, the weighted average number of
    shares outstanding was adjusted in 2012 and 2011 to take into account the
    share capital increase with preferential subscription rights that occurred
    on August 14, 2012. The 2011 earnings (loss) per share was adjusted
    accordingly.

           UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in€ million)                           Unaudited December  December 31,
                                                  31, 2012            2011
ASSETS
Non-current assets                                            
Property, plant and equipment                               350            401
Goodwill                                                    478            481
Other intangible assets                                     433            459
Investments in associates and joint                          18             14
ventures
Investments and available-for-sale                            7              7
financial assets
Derivative financial instruments                              -              1
Contract advances and up-front prepaid                       42             49
discount
Deferred tax assets                                         388            394
Income tax receivable                                        20             20
Other non-current assets                                     66             67
Cash collateral and security deposits                        15             14
                                                                  
Total non-current assets                                  1,817          1,907
Current assets:                                               
Inventories                                                 112            118
Trade accounts and notes receivable                         526            585
Income tax receivable                                        12             13
Other current assets                                        340            325
Cash collateral and security deposits                        29             35
Cash and cash equivalents                                   397            370
Assets classified as held for sale                            4             66
                                                              
Total current assets                                      1,420          1,512
Total assets                                              3,237          3,419

           UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in€ million)                               Unaudited December  December 31,
                                                   31, 2012           2011
EQUITY AND LIABILITIES                     
                                           
Shareholders' equity:                      
Common stock (335,543,841 shares at
December 31, 2012 with nominal value of €1                  335           224
per share)
Treasury shares                                           (156)         (156)
Additional paid-in capital                                  940           857
Subordinated perpetual notes                                500           500
Notes redeemable in shares                                    -            13
Other reserves                                                -            60
Retained earnings (accumulated deficit)                 (1,142)       (1,122)
Cumulative translation adjustment                         (240)         (225)
                                           
Shareholders' equity                                         237           151
Non-controlling interests                                     4             4
                                           
Total equity                                                241           155
                                           
Non-current liabilities:                   
Borrowings                                                1,019         1,242
Retirement benefits obligations                             353           349
Restructuring provisions                                      1             2
Other provisions                                             76            83
Deferred tax liabilities                                    158           167
Other non-current liabilities                                96            97
                                           
Total non-current liabilities                             1,703         1,940
                                           
Current liabilities:                       
Borrowings                                                   96            85
Derivative financial instruments                              -             1
Retirement benefits obligations                              35            37
Restructuring provisions                                     45            79
Other provisions                                             78            58
Trade accounts and notes payable                            445           499
Accrued employee expenses                                   164           138
Income tax payable                                           13            14
Other current liabilities                                   414           361
Liabilities classified as held for sale                       3            52
                                           
Total current liabilities                                 1,293         1,324
Total liabilities                                         2,996         3,264
                                           
Total equity and liabilities                              3,237         3,419
                                          

               UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in€ million)                                          Year ended December 31
                                                       Unaudited 2012   2011
Net income (loss)                                                (22)  (324)
Loss from discontinued operations                                 (35)   (21)
Profit (loss) from continuing operations                            13  (303)
Summary adjustments to reconcile profit from
continuing operations to cash generated from          
continuing operations
Depreciation and amortization                                      219    261
Impairment of assets ^(1)                                           16    191
Net changes in provisions                                         (75)      1
Gain on asset disposals                                              -    (8)
Interest (income) and expense                                      145    149
Other non-cash items (including tax)                                77     80
Changes in working capital and other assets and                     26     20
liabilities
Cash generated from continuing operations                           421    391
Interest paid                                                    (117)  (124)
Interest received                                                    4      5
Income tax paid                                                   (49)    (7)
Net operating cash generated from continuing                        259    265
activities
Net operating cash used in discontinued operations                 (6)   (19)
Net cash from operating activities (I)                             253    246
Acquisition of subsidiaries, associates and                       (10)   (12)
investments, net of cash acquired
Net cash impact from sale of investments                            17     14
Purchases of property, plant and equipment (PPE)                  (80)  (106)
Proceeds from sale of PPE and intangible assets                      2      5
Purchases of intangible assets including                          (69)   (64)
capitalization of development costs
Cash collateral and security deposits granted to                   (4)    (7)
third parties
Cash collateral and security deposits reimbursed by                  8     31
third parties
Loans (granted to) / reimbursed by third parties                   (1)      1
Net investing cash used in continuing activities                  (137)  (138)
Net investing cash used in discontinued operations                 (5)   (20)
Net cash used in investing activities (II)                       (142)  (158)
Increase in capital (net of fees paid)                             179      -
Changes in ownership interests with no gain / loss of                -      3
control, net of transaction fees
Proceeds from borrowings                                             2      4
Repayments of borrowings                                          (255)   (55)
Fees paid linked to the debt and capital                           (1)    (9)
restructuring
Hedge accounting                                                     2      -
Net financing cash generated used in continuing                    (73)   (57)
activities
Net financing cash used in discontinued operations                   -      -
Net cash used in financing activities (III)                       (73)   (57)
Net increase in cash and cash equivalents (I+II+III)               38     31
Cash and cash equivalents at beginning of year                    370    332
Exchange gains/(losses) on cash and cash equivalents             (11)      7
Cash and cash equivalents at end of year                           397    370

(1) Including €6 million and €3 million of impairment of assets as part of
restructuring plans in 2012 and 2011, respectively.

        Summary of consolidated results at constant scope (unaudited)

At constant scope: excluding Broadcast Services activities, sold by the  Group 
in July 2012, as well as IPTV/VoIP activities.

In € million                           Second Half            Full Year
                                   2011  2012  Change,   2011  2012  Change,
                                               reported               reported
Group revenues from continuing
operations                         1,804 1,923    +6.6%  3,282 3,489    +6.3%
Change at constant currency (%)        +3.4%               +2.2% 
Group gross margin                   415   469   +13.0%     703   800   +13.9%
As a % of revenues                 23.0% 24.4%   +1.4pt  21.4% 22.9%   +1.5pt
Adjusted EBITDA from continuing
operations                           293   312    +6.5%    452   498   +10.3%
As a % of revenues                16.2% 16.2%    0.0pt  13.8% 14.3%   +0.5pt
Adjusted EBIT from continuing
operations                           186   206   +10.6%    225   287   +27.8%
As a % of revenues                10.3% 10.7%   +0.4pt   6.8%  8.2%   +1.4pt
EBIT from continuing operations     (37)   152     +189   (23)   263     +286

                    Reconciliation of adjusted indicators

Technicolor is presenting, in addition to  published results and with the  aim 
to  provide  a  more  comparable  view  of  the  evolution  of  its  operating 
performance compared with 2011, a set of adjusted indicators which exclude the
following items  as  per  the  statement of  operations  of  our  consolidated 
financial statements:

· Restructuring charges;

· Net impairment charges;

· Other income and expenses (other non-current items).

These adjustments, the reconciliation  of which is  detailed in the  following 
table, amounted to an impact on  the Group EBIT from continuing operations  of 
€(36) million for the full year of 2012 (€(266)million for the full year  of 
2011).

In € million                            H2 11 H2 12  Change FY 11 FY 12 Change
EBIT from continuing operations          (45)   149    +194  (33)   264   +297
Restructuring charges, net               (73)  (21)     +52  (83)  (29)    +55
Net impairment losses on non-current    (175)   (5)    +170 (189)  (10)   +179
operating assets
Other income / (expense)                    8  (32)    (40)     6     3    (4)
Adjusted EBIT from continuing             195   207     +12   232   301    +68
operations
As a % of revenues                      10.3% 10.7%  +0.4pt  6.7%  8.4% +1.7pt
Depreciation and amortization (D&A)*      113   107     (6)   243   211   (32)
Adjusted EBITDA from continuing           308   314      +6   475   512    +37
operations
As a % of revenues                      16.3% 16.2% (0.1)pt 13.8% 14.3% +0.5pt

* Including impact of provisions for risks, litigations and warranties.

-------------------------

[1] At constant scope: excluding Broadcast Services and IPTV activities sold
in 2012, and VoIP activities sold in January 2013

[2] EBIT from continuing operations excluding other income (expense), and
Depreciation & Amortization (including impact of provisions for risks,
litigations and warranties)

[3]Free Cash Flow from both continuing operations and discontinued operations

[4] Legacy activities include photochemical film, compression & authoring and
tape duplication

[5] Adjusted EBITDA at constant scope excluding Broadcast Services and IPTV
activities sold in 2012, and VoIP activities sold in January 2013 (see table
page 22)

[6] Operating cash flow from continuing operations is defined as adjusted
EBITDA minus net capex and restructuring cash out.

Technicolor - 2012: A robust performance

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