FOR IMMEDIATE RELEASE

Not for release, publication or distribution in whole or in part in or into the
United States, Canada, Australia, South Africa or Japan.

 

                                     Offer                                     

 

                   by Dawnay, Day Corporate Finance Limited                    

                                 on behalf of                                  

                                 Paramount PLC                                 

                          for Groupe Chez Gerard plc                           

 

Level of acceptances

Paramount PLC ("Paramount") announces that by 3.00 p.m. on 31 March 2003, valid
acceptances of the Offer had been received in respect of a total of 5,550,414
Groupe Chez Gerard Shares, representing approximately 26.9 per cent. of the
issued ordinary share capital of Groupe Chez Gerard.

Paramount already owns 655,000 Groupe Chez Gerard Shares, representing
approximately 3.2 per cent. of the issued ordinary share capital of Groupe Chez
Gerard. Therefore Paramount has acquired or agreed to acquire in total
6,205,414 Groupe Chez Gerard Shares, representing approximately 30.1 per cent.
of the issued ordinary share capital of Groupe Chez Gerard.

Prior to making the Offer, Paramount received irrevocable undertakings to
accept the Offer from certain Groupe Chez Gerard shareholders in respect of a
total of 5,513,000 GCG Shares representing approximately 26.7 per cent. of
existing issued ordinary share capital of  Groupe Chez Gerard.  As at 3.00 p.m.
on 31 March 2003, valid acceptances had been received pursuant of these
undertakings and are included in the valid acceptances disclosed above.

It is the intention of Paramount to terminate the Cash Alternative at 3.00 p.m.
on 10 April 2003, provided that, at that time, valid acceptances along with the
GCG Shares already owned by Paramount together exceed 50 per cent. of the
issued ordinary share capital of Groupe Chez Gerard. A letter from Paramount
reminding GCG Shareholders of this approaching deadline will be posted to GCG
Shareholders shortly.

Groupe Chez Gerard Shareholders who have not yet accepted the Offer and wish to
do so should, if they hold GCG Shares in certificated form, complete and return
the Form of Acceptance or, if they hold GCG Shares in uncertificated form
arrange for the giving of a TTE instruction as soon as possible, but, in any
event, so as to be received by no later than 3.00 p.m. on 10 April 2003 in
accordance with the procedures set out in the Offer document posted to GCG
Shareholders on 20 March 2003.

Save as disclosed above, (a) neither Paramount nor any person deemed to be
acting in concert with Paramount for the purpose of the Offer owned or
controlled any Groupe Chez Gerard Shares, or any rights over such Groupe Chez
Gerard Shares immediately prior to 25 September 2002, being the commencement of
the Offer Period; and (b) neither Paramount nor any person deemed to be acting
in concert with Paramount for the purpose of the Offer has acquired or agreed
to acquire any Groupe Chez Gerard Shares (or rights over Groupe Chez Gerard
Shares) during the Offer Period.

References in Appendix 1, Part B, paragraph 1(b) and (e) and elsewhere in the
Offer Document relating to the last date upon which the Offer, whether revised
or not, shall be capable of becoming unconditional should refer to 19 May 2003
(and not 21 May 2003 as stated therein).

The expressions in this announcement, unless the context otherwise requires,
bear the same meanings as in the Offer Document dated 20 March 2003.

Enquiries:

 

Guy Naggar, Chairman of Paramount                   Tel: 020 7834 8060
                                                                      
Nick Basing, Chief Executive Designate of Paramount Tel: 020 7834 8060
                                                                      
Barry Saint, Dawnay, Day Corporate Finance          Tel: 020 7509 4570
                                                                      
Tim Robertson, CardewChancery                       Tel: 020 7930 0777
                                                                      

The availability of the Offer to persons not resident in the United Kingdom may
be affected by the laws of their relevant jurisdiction. Persons who are not
resident in the UK should obtain their own advice and observe any applicable
legal and regulatory requirements. The Offer is not being made, directly or
indirectly, in or into, or by use of the mails, or by any means or
instrumentality (including, without limitation, telephonically or
electronically) of interstate or foreign commerce, or any facilities of a
securities exchange, of the United States, Australia, South Africa, Canada or
Japan, and the Offer is not capable of acceptance by any such use, means,
instrumentality or facility from within the United States, Australia, South
Africa, Canada or Japan. Accordingly, copies of this announcement are not
being, and must not be, directly or indirectly, mailed or otherwise forwarded,
distributed or sent in or into the United States, Australia, South Africa,
Canada or Japan and persons receiving this announcement (including custodians,
nominees and trustees) must not mail or otherwise forward, distribute or send
it in or into the United States, Australia, South Africa, Canada or Japan.
Doing so may render invalid any purported acceptance of the Offer.

Dawnay, Day Corporate Finance Limited ("Dawnay Day"), which is regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively for
Paramount and no one else in connection with the Offer and will not be
responsible to any person other than Paramount for providing the protections
afforded to its customers or for providing advice in relation to the Offer.
Dawnay  Day has given and has not withdrawn its consent to the publication of
this announcement containing references to its name in the form and context in
which they appear. The persons responsible for this announcement, which has
been approved by Dawnay Day for the purposes of S21 of the Financial Services &
Markets Act 2000, are the directors of Paramount.



END