Redemption of Securities

Rank Group PLC
06 November 2003

6 November 2003
The Rank Group Plc
Redemption of Convertible Preference Shares

On 5 September 2003, The Rank Group Plc (the 'Company') announced its intention
to redeem all of the outstanding 8.25 per cent. convertible cumulative
redeemable preference shares of 20p each in the capital of the Company (the
'Convertible Preference Shares') before the year end. The Company is pleased to
announce that the redemption of the Convertible Preference Shares, which will
result in a substantial reduction in the Company's cost of borrowing, will now
take place on 9 December 2003.

As part of this process it was first proposed to amend certain covenants in all
of the Company's borrowing arrangements, including the £125,000,000 71/4 per cent.
guaranteed bonds due 2008 (the 'Bonds'). Having obtained approval from all of
the Company's other lenders, on 30 September 2003, the Company served notice to
the holders of Bonds that a meeting of bondholders would be held for the purpose
of considering the required amendments to the Trust Deed constituting the Bonds.
The proposed amendments included changes to certain covenants which would have
aligned the terms of the Bonds with those of the Company's other borrowings. At
an adjourned meeting, which was held today, the proposed amendments were not
approved by the requisite majority of bondholders.

As a result, the Company announces that it will tomorrow give notice to the
holders of the Bonds, in accordance with the existing terms of the Trust Deed,
that it will redeem all of the Bonds on 8 December 2003. While the redemption of
the Bonds will require the payment of a premium, it will further reduce the
Company's cost of borrowing and remove the last obstacle to redeeming the
Convertible Preference Shares. Accordingly, the Company will this month issue
notices of redemption, in accordance with its Articles of Association, to the
holders of the Convertible Preference Shares, such that all of these shares will
be redeemed on 9 December 2003.

Enquiries:
The Rank Group Plc                                  Tel: [phone]
Ian Dyson, Finance Director
Peter Reynolds, Director of Investor Relations

Press Enquiries:
The Maitland Consultancy                            Tel: [phone]
Angus Maitland
Suzanne Bartch






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