Offer Update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

11 July 2011

Recommended Cash Offer for Pinewood Shepperton plc

by

Peel Acquisitions (Pegasus) Limited

OFFER CLOSED

Overview

On 21 June 2011, the Board of Peel Acquisitions announced that all conditions in relation to its Offer for Pinewood had been satisfied or waived, and that the Offer was therefore declared unconditional in all respects and would remain open for acceptance until 1.00 p.m. (London time) on 8 July 2011.

Accordingly, the Offer has now closed.

Level of acceptances

As at 1:00 p.m. (London time) on 8 July 2011, Peel Acquisitions had received valid acceptances of the Offer in respect of a total of 19,808,318 Pinewood Shares, representing approximately 41.9 per cent. of Pinewood's existing issued share capital of 47,248,683 Shares and approximately 59.2 per cent. of the 33,482,183 issued Pinewood Shares to which the Offer related.

This includes acceptances received in respect of 15,441,614 Pinewood Shares (representing approximately 32.7 per cent. of Pinewood's existing issued share capital and approximately 46.1 per cent. of the issued Pinewood Shares to which the Offer related) which were the subject of irrevocable commitments procured by Peel Acquisitions.

Accordingly, including the 13,766,500 Pinewood Shares owned by the Peel Group prior to the Offer, the Peel Group now holds 33,574,818 Pinewood Shares, representing approximately 71.1 per cent. of the existing issued share capital of Pinewood, and carrying approximately 71.1 per cent. of the voting rights currently exercisable at general meetings of Pinewood.

Terms used but not defined in this announcement shall have the meaning given to them in the Offer Document.

Enquiries

Peel

Paul Newman, Director of Communications Tel: 0161 660 3709

This announcement does not constitute or form part of any offer or invitation to sell or purchase any securities or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, pursuant to the Offer or otherwise.