Capital Reorganisation

Marshalls PLC
15 July 2004

15 July 2004

MARSHALLS PLC

REDUCTION OF CAPITAL BECOMES EFFECTIVE

The reduction of capital by Marshalls plc ('Marshalls') became effective today.
As a result, the nominal value of each Marshalls ordinary share has been reduced
from 150 pence to 25 pence. Dealings in respect of ordinary shares of 25 pence
each in the capital of Marshalls commenced on the London Stock Exchange at 8.00
a.m. today.

Enquiries:

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

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