Capital Reorganisation

Marshalls PLC
13 July 2004

13 July 2004

MARSHALLS PLC

PROPOSED RETURN OF £75 MILLION - OUTCOME OF COURT HEARING TO SANCTION THE
REDUCTION OF CAPITAL

Marshalls plc ('Marshalls') is pleased to announce that at a hearing today, the
High Court sanctioned Marshalls' reduction of capital (the 'Reduction of
Capital').

The Reduction of Capital is expected to become effective on 15 July 2004,
whereupon the proposed return of approximately £75 million by way of redeemable
B shares (the 'Return of £75 million') will become unconditional and the nominal
value of each Marshalls ordinary share will be reduced from 150 pence to 25
pence. Dealings in respect of Marshalls ordinary shares of 25 pence each are
expected to commence on the London Stock Exchange at 8.00 a.m. on 15 July 2004.

Shareholders wishing to defer redemption of their B shares must return their
Forms of Election in respect of their B shares to Computershare Investor
Services PLC by no later than 3.00 p.m. on 15 July 2004. Shareholders choosing
to have their B Shares redeemed immediately on 16 July 2004 will be sent monies
due by 21 July 2004.

Further announcements will be made in due course.

Enquiries:

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

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