CONTACT:

Christine Taylor, Senior Vice President of MacAndrews & Forbes Holdings Inc. 212-572-5988 917-968-5261

New York and Los Angeles, Jan. 27, 2006 - MacAndrews & Forbes Holdings Inc. today announced that it has completed its approximately $750 million acquisition of the Deluxe film processing and creative services business from The Rank Group Plc. Deluxe, with operations in Hollywood, Toronto, London, Barcelona and Rome, provides a wide range of entertainment industry services and is the world's largest processor of 35mm film for the motion picture industry and the world's largest physical distributor of release and trailer prints for motion pictures.

The transaction, which was originally announced on December 23, 2005, was approved by Rank's shareholders on January 16, 2006.

Deluxe's current management team, led by Cyril Drabinsky, will continue to run Deluxe's day-to-day operations. "I am very pleased that Deluxe has such a fine and knowledgeable owner in MacAndrews & Forbes and Ronald Perelman. Their years of experience in the motion picture and entertainment industries will be a perfect complement to our business and we anticipate a long and prosperous future under their ownership," said Cyril Drabinsky, CEO, Deluxe Film.

"This is a great company with outstanding management. We look forward to working with them to maintain the gold standard in products and services that Deluxe has delivered to its customers over the years and will continue to look for ways to enhance those services," said Ronald O. Perelman, Chairman and CEO of MacAndrews & Forbes Holdings Inc.

About Deluxe
Deluxe provides film laboratory services and release printing, worldwide distribution and fulfillment services and a broad range of entertainment industry services and technologies to an international client base, including DVD software and content production, physical and digital asset management, content repurposing and conversion and digital intermediate production.

About MacAndrews & Forbes Holdings Inc.
MacAndrews & Forbes Holdings Inc. is a private diversified holding company with interests in consumer products, gaming, entertainment, financial services, defense, private security, medical devices, biotechnology and other industries. Among the companies in which it holds interests are AM General, Revlon, M&F Worldwide, Panavision, Allied Security, Nephros, SIGA Technologies, Transtech Pharma Inc. and Scientific Games Corporation.

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