Update on demerger

GUS PLC
24 May 2006


Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan.


24 May 2006

                                    GUS plc
                        Further information on demerger

As announced on 28 March 2006, the Board of GUS proposes, subject to shareholder
approval, that ARG and Experian should be separated by means of a demerger with
both businesses becoming independently listed on the London Stock Exchange.
Today, we are updating investors further on the demerger process:

Timing: We are aiming to complete the demerger in October 2006, subject to
shareholder approval.

Debt allocation: At 31 March 2006, GUS had net debt of £2.0bn. The Board of GUS
believes that Experian, as an independent company, should have net debt of about
£1.0bn after the proposed equity issue. This, it believes, would be consistent
with a BBB+/Baa1 credit rating. ARG will be allocated net debt of about £200m,
in addition to its substantial leasehold obligations.

New share issue in Experian: Subject to any major changes in our financing
requirements prior to the demerger, the Board now expects to raise about £800m
through the issue of new shares in Experian. These shares will be offered to
existing GUS shareholders and new investors, with new investors being offered a
maximum of 5% of Experian's ordinary share capital.

Dividend policy: The dividend policy of Experian and ARG is a matter for each
Board following the demerger. However, at this stage, it is anticipated that
Experian will have a cover of no less than three times and ARG a cover of no
less than two times.

Outstanding bonds: As announced on 22 May, we have proposed certain amendments
to the terms and conditions of our outstanding bonds. Approval for these
amendments is being sought from bondholders on 13 June.

Tax rates: Subject to any changes in legislation, it is expected that the
effective tax rate based on Benchmark PBT will be in the region of 30% for ARG
and in the low twenties for Experian, reflecting its more international business
mix.

Reporting currency: Experian will report in US dollars post separation, given
that the majority of its profit comes from the US. Nearly two-thirds of
Experian's EBIT in 2006 was generated by Experian North America.

Sector classification: As previously announced, it is expected that, following
discussions with the FTSE, ARG will be classified in the General Retailers
sector and Experian in the Support Services sector.

We will continue to update the market accordingly as further decisions are made.

Enquiries

GUS
John Peace         Group Chief Executive         020 7495 0070
David Tyler        Group Finance Director
Fay Dodds          Director of Investor Relations

Finsbury
Rupert Younger                                   020 7251 3801
Rollo Head

This announcement is not an offer of securities for sale in any jurisdiction.

Any shares to be issued in Experian have not been and will not be registered
under the US Securities Act of 1933 (the 'Securities Act') and may not be
offered or sold within the United States absent registration under the
Securities Act or an exemption from registration. No public offering of such
shares will be made in the United States.




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