CRESTANI

Crest Animation Studios Limited has informed the Exchange vide its letter dated April 20, 2012 that "With respect to certain media reports, Crest Animation Studios Limited "Company" clarifies that DE Shaws continues to hold their investment in the Company and has not divested any holdings from the date of its acquisition".

News Verification : The media had reports that Crest Animation Studios Limited. may be acquired by multinational media firm. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Crest Animation Studios Limited has vide its letter inter-alia stated,"The above mentioned article is speculative in nature. The Company has maintained and continues to maintain high level of corporate disclosure and governance."

Crest Animation Studios Limited had informed the Exchange regarding the resignation of Mr. Richard Rich as Director of the Company. The Company has now informed the Exchange that: "In view of various investors queries, we would like to clarify the matter as under: Mr. Richard Rich has resigned as Director of Crest animation Studios Limited in place of Mr.Noah Fogelson, who has been appointed as an Additional Director of the Company. Mr. Richard Rich is associated and continuing with our US based subsidiary viz. Crest Animation Productions, Inc (Formerly known as RichCrest Animation, Inc.) as P

Clarification of News : The press had reports that Crest Animation Studios Limited might go for a stake sale or a strategic investor might pick-up stake in the company. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Crest Animation Studios Limited has vide its letter inter-alia stated, "The article is speculative in nature and the Company and its officials do not wish to comment on such matters".

Clarification of News : The press had reports that Crest Animation Studios Limited may announce some big animation orders from international markets. The Exchange, in order to verify the accuracy or otherwise of the information reported in the press and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Crest Animation Studios Limited has vide its letter inter-alia stated, "The article is speculative in nature and the Company and its officials do not wish to comment on such matters".