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France Telecom Gives Technicolor the Boot

Technicolor confirmed that France Telecom plans to end its next generation Set-Top Box (STB) development project with the company.

With its stock price falling nearly 15% in trading today, Technicolor also announced that it is maintaining its previously announced financial guidance for 2011.

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Unedited press release follows:

Technicolor Information

Paris (France) – September 22, 2011 – Following the significant decline in Technicolor’s share price (Euronext Paris: TCH) recorded today in a very volatile market and in important daily volumes, the Group maintains its 2011 guidance and confirms it has no information which would affect this guidance.

The Group also confirms the news published today in the press related to France Telecom’s intention to stop the new generation set-top-box development project with Technicolor, due to a time-lag between the development phase and the expected launch date. The Group specifies that this will have no material impact on its 2011 and 2012 revenues and adjusted EBITDA. Technicolor remains committed to its software platform for set-top-boxes and gateways and pursues actively the development for its customers.

About Technicolor Technicolor is home to industry-leading creative and technology professionals committed to the creation, management and delivery of entertainment content to consumers around the world. Propelled by a culture of innovation and underpinned by a dedicated research organization, the company’s thriving licensing business possesses an extensive intellectual property portfolio focused on imaging and sound technologies. Serving motion picture, television, and other media clients, the company is a leading provider of high-end visual effects, animation, and postproduction services. In support of network service providers and broadcasters globally, Technicolor ranks among the worlds’ leading suppliers of digital content delivery services and home access devices, including set-top boxes and gateways. The company also remains a large physical media service provider, being one of the world’s largest film processors and independent manufacturers and distributors of DVDs and Blu-ray™ discs. Euronext Paris: TCH