Proposed Strategic Investment

22 March 2006

The Board today announces that it is in discussions with Prime Focus Limited ("PFL"), one of India's largest post production houses, that might lead to an investment of approximately £4.5 million being made by PFL in the Company at around 35 pence per share, which would give PFL a shareholding of approximately 55 per cent. of the enlarged issued share capital of VTR (the "Proposal"). The Proposal would be subject to, inter alia, the approval of the Company's shareholders at an extraordinary general meeting.

The Board will advise shareholders of further developments, together with the background to these discussions, in due course.

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