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Wednesday 27 April, 2005

Dawnay Day Corp Fin.

Offer Update

Dawnay Day Corporate
27 April 2005


                                  Press Release

                               Craftbutton Limited

                              Recommended Offer for

                                  Paramount PLC


                          Offer extended to 11 May 2005

For immediate release                                           27 April 2005

Dawnay, Day Corporate Finance Limited ('Dawnay Day') announces, on behalf of
Craftbutton Limited ('Craftbutton'), that the closing date of the Offer for the
whole of the issued and to be issued ordinary share capital of Paramount PLC
('Paramount') not already owned by Craftbutton ('the Offer') has been extended
to 1.00 pm on 11 May 2005.

Prior to the commencement of the offer period, Craftbutton held 2,065,000
Paramount Shares (representing 2.5% of its issued share capital). It
subsequently acquired 18,587,725 Paramount Shares increasing its holding to
20,652,725 Paramount Shares (representing 25.01% of its issued share capital) by
6 April 2005 when the offer document was posted. An acceptance has been received
in relation to 25,000 Paramount shares which were subject to a contract for 
differences entered into and closed out by Craftbutton during the offer period.
North Atlantic Value LLP and other persons acting in concert with Craftbutton 
Limited held 55,532,085 Paramount Shares and 200,000 Paramount Shares 
respectively (representing, in aggregate, 67.5% of Paramount's issued share 
capital) at the commencement of the offer period. During the offer period North 
Atlantic Value LLP sold 8,120,000 Paramount shares to Craftbutton.

Craftbutton received a non-binding letter of intent to accept the Offer from
North Atlantic Value LLP in respect of 47,412,085 Paramount Shares held by its
discretionary clients, representing approximately 57.4 per cent. of the existing
issued Paramount Shares. North Atlantic Value LLP has now accepted the Offer in
respect of 42,412,085 of these shares and is taking steps to procure the
acceptance of the Offer in respect of the remaining 5,000,000 Paramount shares.
Other persons acting in concert with Craftbutton have accepted the Offer in
respect of 200,000 Paramount Shares. 

As at 1.00 pm on 27 April 2005 acceptances of the Offer have been received in
respect of 53,374,350 Paramount Shares representing 64.64 per cent. of the
existing issued Paramount Shares. As at 1.00 pm on 27 April 2005 the aggregate
of acceptances received and Paramount Shares held by Craftbutton represent 89.66
per cent. of the existing issued Paramount Shares.

Enquiries

Dawnay, Day Corporate Finance Limited

David Floyd Tel: 020 7509 4570

The issue of this announcement has been approved by the Craftbutton Board. The
Craftbutton Directors are the persons responsible for the information contained
in this announcement. To the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case) the information contained
in this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information. Each of the Craftbutton
Directors accepts responsibility accordingly.

This announcement has been approved for the purposes of section 21 of the
Financial Services and Markets Act 2000 by Dawnay Day. Dawnay Day, which is
regulated by the Financial Services Authority, is acting for Craftbutton and
no-one else and will not be responsible to anyone other than Craftbutton for
providing the protections afforded to customers of Dawnay Day.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR
JAPAN

Unless otherwise stated or the context requires otherwise, words and phrases
used in this announcement shall bear the definitions ascribed to them in the
offer document dated 6 April 2005.



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