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Statement by Gerald M Krasner of Begbies Traynor, joint administrator of Twickenham Film Studios Ltd:

Gerald Krasner

Administration

| June 6th 2012

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Statement by Gerald M Krasner of Begbies Traynor, joint administrator of Twickenham Film Studios Ltd:

“The joint administrators are pleased to announce that following the re-marketing of the Studios, a successful bidder has been found. Sixty-two confidentiality letters were sent out, of which 21 were returned, and these all received sales packs.

“A number of offers were received and on Friday, 1 June 2012, contracts were exchanged with a third party to acquire the Studios as a going concern, retaining all of the staff. A 10% deposit has been paid to the joint administrators’ solicitors and it is envisaged that completion will take place later this year. At this stage, the purchaser wishes to remain anonymous and further details will be released after completion.”

Any party requiring further details should contact Gerald Krasner on 07836 607 782 or email Gerald.Krasner@begbies-traynor.com

Gerald Krasner

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Gerald Krasner

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Gerald qualified in 1971 as an ACA with Peat Marwick Mitchell and subsequently joined Bartfields Chartered Accountants where he began to specialise in Insolvency. He was one of the first licence holders in 1986 when he specialised in CVAs before they became more popular. Gerald has worked on numerous successful cases including Krasner v Dennison, for which he won in the Court Of Appeal and as a consequence changed the treatment of a bankrupts' pensions.

In 2004 he became chairman and part owner of Leeds United AFC which had debts of circa £103 million. These were reduced to £24 million before the club was sold the following year. In 2007 he sold the insolvency division of Bartfields to Begbies Traynor and became a partner at the firm.

Gerald has lectured both nationally and internationally to fellow insolvency practitioners and other professionals, and has also been involved in committees for both R3 and Insol.

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Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland
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