Capital Reorganisation

Marshalls PLC
16 July 2004

16 July 2004

MARSHALLS PLC

REDEMPTION OF B SHARES

By 3.00 p.m. on 15 July 2004, valid Forms of Election in respect of 11,876,624
B shares, representing approximately 7.1 per cent of the B shares in issue, had
been received and not revoked in respect of the deferred redemption choice.
Accordingly, 155,665,695 B shares, representing approximately 92.9 per cent of
the B shares in issue, will be redeemed at 45 pence per B share today, 16 July
2004. Shareholders choosing to have their B shares redeemed immediately will be
sent monies due by 21 July 2004.

Following this redemption, 11,876,624 B shares will remain in issue. The next
redemption date will be 31 December 2004.

Enquiries:

Ian Burrell, Company Secretary, Marshalls plc Tel: [phone]

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