Issue of Debt

Marks & Spencer Group PLC
09 March 2004


Issued: 9 March 2004

Marks & Spencer announces the pricing of £400m bond

Marks & Spencer announces that the terms of its bond issue have been set. The
proceeds will be used to make a capital injection into the Defined Benefit
Pension Scheme (in line with the announcement on Monday 1st March 2004).

The issue will be of £400 million 5.625% bonds due 24 March 2014, at an issue
price of 99.609. At the issue price, the bonds yield 5.599% s/a, representing a
spread of 0.93% over the 5% 2014 reference gilt.

Commenting on the issue, Alison Reed, Group Finance Director, said:

'We are delighted by the success of the issue, which was over-subscribed, and by
the strong support from bond investors. The proceeds of the issue will help us
to fulfil our commitment that the Defined Benefit Pension Scheme is adequately
funded.'

For further information contact
Investor Relations - Tony Quinlan 020 7268 4195 / Damian Evans 020 7268 1563
Press Enquiries - Catherine Bertwistle 020 7404 5959



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