GLENDALE, Calif., Nov. 15 / -- DreamWorks Animation SKG, Inc. (NYSE: DWA) today announced that two senior members of the DreamWorks Animation team, Bill Damaschke and John Batter, have been promoted to Co-Presidents of Production for Feature Animation, with Mr. Damaschke also being appointed to the newly created position of President of Live Theatrical.

The announcement was made today by Jeffrey Katzenberg, DreamWorks Animation CEO, and Ann Daly, the studio's Chief Operating Officer.

"Having worked closely with both Bill and John for many years, I cannot think of a better pair to help lead the creative, artistic and operational direction of DreamWorks Animation," said Jeffrey Katzenberg, CEO of DreamWorks Animation. "On behalf of the entire studio, I'm pleased to congratulate them on their well-deserved promotions."

"I'm thrilled that these two talented individuals with very complimentary backgrounds and areas of expertise will co-lead our production efforts together," said Ann Daly, Chief Operating Officer. "With our upcoming slate of films and the launch of our 3-D initiatives, we are very fortunate to have Bill and John to help lead us during this very exciting time at the Company. In addition, Bill's deep production experience coupled with his live theater experience makes him the ideal candidate to lead DreamWorks Animation's live theatrical productions."

Mr. Damaschke, as Co-President of Production for Feature Animation and President of Live Theatrical will continue to oversee creative production and development for the studio and is currently involved with the production of the Company's upcoming film slate, including Kung Fu Panda, Monsters vs. Aliens, How to Train Your Dragon and Madagascar 2.

As President of Live Theatrical, Damaschke will oversee all live theatrical production, beginning with Shrek the Musical, which is currently in pre-production and is slated to open on Broadway as early as 2008.

Damaschke is an animation industry veteran, having joined DreamWorks Animation at its inception in 1995 as Production Coordinator on Prince of Egypt. Damaschke was named Head of Creative Production in 1999 and Head of Creative Production and Development in 2005. During his tenure at DreamWorks, Damaschke produced Shark Tale, executive produced Over the Hedge and worked on virtually all of DreamWorks Animation's feature productions.

Mr. Batter, as Co-President of Production for Feature Animation, will oversee film production operations and animation technology, guiding the overall operation of the studio and its state-of-the-art animation tools and technology. He is also currently involved in managing the production efforts for the Company's upcoming film slate, including its 3-D initiative on such films as Monsters vs. Aliens and How to Train Your Dragon.

Batter previously served as Head of Production Operations for DreamWorks Animation. In 1995, he joined the Company as CFO of DreamWorks Interactive and later served as CFO for PDI/DreamWorks from 1997 to 2000. He left PDI/DreamWorks in 2000 to join Electronic Arts, where he held a number of management positions, including Group Studio General Manager and General Manager of EA Mobile, before returning to DreamWorks Animation in 2006.

About DreamWorks Animation SKG

DreamWorks Animation is principally devoted to developing and producing computer generated, or CG, animated feature films. With world-class creative talent, a strong and experienced management team and advanced CG filmmaking technology and techniques, DreamWorks Animation makes high quality CG animated films meant for a broad movie-going audience. The Company has theatrically released a total of fifteen animated feature films, including Antz, Shrek, Shrek 2, Shark Tale, Madagascar, Wallace & Gromit: The Curse of the Were-Rabbit, Over the Hedge, Flushed Away, Shrek the Third and Bee Movie.

Caution Concerning Forward-Looking Statements

This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's plans, prospects, strategies, proposals and our beliefs and expectations concerning performance of our current and future releases and anticipated talent, directors and storyline for our upcoming films and other projects, constitute forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industry in which we operate and management's beliefs and assumptions. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of DreamWorks Animation SKG, Inc. These risks and uncertainties include: audience acceptance of our films, our dependence on the success of a limited number of releases each year, the increasing cost of producing and marketing feature films, piracy of motion pictures, the effect of rapid technological change or alternative forms of entertainment and our need to protect our proprietary technology and enhance or develop new technology. In addition, due to the uncertainties and risks involved in the development and production of animated feature projects, the release dates for the projects described in this document may be delayed. For a further list and description of such risks and uncertainties, see the reports filed by us with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our most recent quarterly reports on Form 10-Q. DreamWorks Animation is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

SOURCE DreamWorks Animation SKG, Inc.

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