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Pinewood Shepperton plc

Pinewood Shepperton plc announces the submission of a new planning application for the expansion of Pinewood Studios

Pinewood Shepperton plc ("the Company"), a leading provider of services to the global film and television industry, announces that it will today be submitting a planning application to South Bucks District Council for the expansion of Pinewood Studios, called the Pinewood Studios Development Framework ("PSDF"). This follows extensive consultation with a wide range of local and national stakeholders, as well as with producers and developers of creative content.

The PSDF is a scheme of national importance designed to address increasing global demand for capacity in the UK and deliver growth for the next 15-20 years. It comprises a substantial expansion of the existing Pinewood Studios by adding a total of 100,000 sq m of new facilities, including studios and stages, workshops, production offices and streetscapes for filming. Once complete, this would make a major contribution to achieving Government priority objectives to grow the UK's creative industries, promote growth and create new jobs. 

The proposals will enable the Company to capture increasing international demand for studio facilities and respond to rising competition from outside the UK. They will also cement Pinewood Studios' position as a world leading hub for the global creative industries. 

The PSDF is a significant private sector infrastructure investment in the UK, consistent with Government policy, and will, according to Amion Consulting, have a positive impact on the economy by:

• providing £194m of private sector infrastructure investment

• supporting over 8,100 full time jobs

• creating some 3,100 net additional jobs

• producing an additional £149m in Gross Value Added (GVA)[i]

• providing an additional contribution to the Exchequer of £36m per annum

• generating an additional £37m per annum in UK exports

Ivan Dunleavy, Chief Executive said:

"This is a critical opportunity for the creative industries and particularly for the UK film industry. Global demand for filmed entertainment is increasing and the UK remains one of the leading destinations to produce creative content. We have the talent and skills and the Government has expressed its commitment to the industry through the various tax reliefs now available. Without infrastructure to meet the rising demand, the UK will inevitably turn away business. Pinewood Studios, the UK film industry and UK plc cannot afford to allow this to happen."

For further information please go to http://www.pinewoodgroup.com/pinewoodexpansion

Enquiries:

Notes to editors

·; Pinewood Shepperton plc is Europe's largest provider of stage and studio space.

·; Pinewood Shepperton plc provides finance to UK film and television production.

·; Pinewood, Shepperton and Teddington Studios together accommodate 34 stages, five dedicated digital television studios and five digital presentation studios.

·; Pinewood Studios is home to Europe's leading studio-based underwater filming stage, as well as one of the largest exterior water tanks in Europe.

·; Pinewood Studios has Europe's largest green screen.

·; Pinewood and Shepperton Studios have been home to over 1,500 films in the last 76 years.

·; Pinewood, Shepperton and Teddington Studios have hosted over 600 TV shows.

Forward looking statements

This announcement includes forward looking statements that are based on current expectations and assumptions. They involve risks and uncertainties and may differ, possibly materially, from actual results, performance and achievement. Neither the Company, nor any of its directors, undertakes any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

For more information

www.pinewoodgroup.com

Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website, nor any other website, is incorporated into, or forms part of this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.