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House Of Fraser PLC (HOF)

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Wednesday 08 January, 2003

House Of Fraser PLC

Statement re press comments by TBH Investments


8 January 2003

House of Fraser plc

Response to press commentary

The Board of House of Fraser notes press commentary today and would comment as follows:-

Following an unsolicited telephone call from Mr Tom Hunter to John Coleman, Chief Executive of House of Fraser, in the
afternoon of Tuesday 7 January requesting a meeting on Friday 10 January, Mr Hunter was asked to instruct his financial
advisers to contact House of Fraser's advisers, Dresdner Kleinwort Wasserstein, if TBH Investments Limited ("TBH") had
anything further to add to its previous public announcement of 6 December 2002. No such contact has been made and,
contrary to press coverage, no meetings have been requested by or arranged with TBH's financial advisers.

House of Fraser's position remains as stated in its announcement of 6 December 2002 namely that the Board is firmly of
the view that TBH's intention to potentially make an offer at 85p (announced on 6 December 2002) does not reflect the
value of the Company's business, assets and its prospects. Any comment suggesting a change of stance by the Board is
wholly misleading and inaccurate.

Dresdner Kleinwort Wasserstein Limited, which is regulated in the United Kingdom by the Financial Service Authority
Limited, is acting for House of Fraser in relation to any potential offer and is not advising any other person, and
accordingly will not be responsible to anyone other than House of Fraser for providing the protections afforded to
customers of Dresdner Kleinwort Wasserstein Limited or for providing advice in relation to any potential offer.