Further re demerger

GUS PLC
18 November 2005

      
18 November 2005

                                    GUS plc
                           Share consolidation ratio


Further to the announcement yesterday, GUS plc today announces the consolidation
ratio for GUS shares which will accompany the demerger of its remaining stake in
Burberry Group plc.

Subject to shareholder approval and based on the average closing price of the
four days up to and including 17 November 2005 of GUS (863p) and Burberry
(394p), GUS shareholders will receive 860 new GUS shares for every 1,000
existing GUS shares held at 0700 hours on 13 December 2005.

Following the demerger, the number of new consolidated GUS shares for the
purpose of calculating earnings per share in a full year will be 849m (excluding
own shares held in Treasury and in the ESOP Trust).

The GUS circular setting out the detailed proposals regarding the demerger will
be sent to GUS shareholders on 19 November 2005.


Enquiries

GUS
David Tyler             Group Finance Director                     020 7495 0070
Fay Dodds               Director of Investor Relations

Finsbury
Rupert Younger                                                     020 7251 3801
Rollo Head

GUS and Burberry announcements are available on www.gusplc.com.


Burberry Ordinary Shares are listed on the Official List and traded on the
London Stock Exchange. The Burberry Ordinary Shares have not been and will not
be registered under the US Securities Act of 1933, as amended (the 'Securities
Act'), and may not be offered or sold unless pursuant to a transaction that is
registered under the Securities Act, or not required to be registered
thereunder, or pursuant to an exemption from the registration requirements
thereof.

The Burberry Ordinary Shares referred to in this announcement have not been
approved or disapproved by the US Securities and Exchange Commission, any state
securities commission in the United States or any other US regulatory authority,
nor have such authorities passed upon or determined the adequacy or accuracy of
this announcement.  Any representation to the contrary is a criminal offence in
the United States.

JPMorgan Cazenove Limited ('JPMorgan Cazenove') is acting for GUS in connection
with the demerger and no one else and will not be responsible to anyone other
than GUS for providing the protections afforded to clients of JPMorgan Cazenove
or for providing advice in relation to the demerger or any other matters
referred to in this announcement.


                      This information is provided by RNS
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