Director Shareholding

GUS PLC
31 March 2004


GUS PLC Director Shareholdings

On 30 March 2004, Towers Perrin Share Plan Services (Guernsey) Limited made the 
following disposal of Ordinary shares of 25p each in the Company:

1,760,000 Ordinary shares as trustee of The GUS plc ESOP Trust No. 3 at a price 
of £7.335 per share,

Directors of the Company are potential beneficiaries of this ESOP and 
accordingly this share sale is deemed to reduce their interests in the Ordinary 
share capital of the Company.

These shares were held for the purpose of hedging Employer's National Insurance 
Contribution liabilities arising from the Company's employee share incentive 
schemes. Following a change in accounting standards, these hedging arrangements 
are being restructured. The Company will continue to hedge these liabilities, by 
means of a number of equity swap transactions covering 1,760,000 Ordinary 
shares.


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