Conversion of Securities

Feedback PLC
24 January 2001

                                 FEEDBACK PLC                                 
                         - Changes in share capital -                         

Feedback PLC announces that following the receipt of a conversion notice 5,560
10 per cent. (net) Convertible Redeemable Cumulative Preference Shares of £1
have been converted into 27,800 Ordinary Shares of 10p each in the Company.

The issued share capital of the Company following this conversion is 878,504
10 per cent. (net) Convertible Redeemable Cumulative Preference Shares and
11,843,571 Ordinary Shares.