Recommended Cash Offer for Pinewood Shepperton plc

28 April 2011

                          CRYSTAL AMBER FUND LIMITED                           

                     ("Crystal Amber Fund" or the "Fund")                      

        Recommended Cash Offer for Pinewood Shepperton plc ("Pinewood")        

Further to yesterday's announcement relating to a recommended cash offer for
Pinewood of 200p per share by Peel Acquisitions (Pegasus) Limited ("Peel"),
Crystal Amber Fund confirms that it has entered into an irrevocable commitment
with Peel to vote in favour of the proposed scheme of arrangement through which
the acquisition will be effected. The binding commitment is in respect of the
entirety of the Fund's 13,365,861 shares in Pinewood, representing 28.91 per
cent of Pinewood's issued share capital. The commitment to vote in favour of
the acquisition is irrevocable, except in the event of a third party making an
alternative offer at a level not less than 250p (excluding the amount of the
announced final dividend of 2.5p per share).

The board of Crystal Amber Fund welcomes the certainty provided by the offer
from Peel which, as of 27 April 2011, held 29.78 per cent of the issued share
capital of Pinewood.

Richard Bernstein of Crystal Amber Advisers (UK) LLP, Investment Adviser to
Crystal Amber Fund, said:

"I am delighted that the Fund has had an outcome that vindicates its activist
approach to investment and its long-held belief that there was considerable
value to be unlocked in this iconic British asset. I am also pleased that the
offer, at 200p, is more than 5% above the level indicated by Pinewood when it
first announced it had received an approach. At Crystal Amber Fund's average
cost of 135p per share, this price represents a potential profit of £8.7
million if the acquisition is completed, and including dividends, potentially
equates to a profit of approximately 50% of the Fund's aggregate investment
cost."

For further enquiries please contact:

Crystal Amber Fund Limited

William Collins (Chairman)

Tel: [phone]

Merchant Securities Limited - Nominated Adviser & Joint Broker

David Worlidge/Bidhi Bhoma

Tel: [phone]

Numis Securities Limited - Joint Broker

Nathan Brown

Tel: [phone]

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: [phone]