Capital Reorganisation

Marshalls PLC
08 July 2004

8 July 2004

MARSHALLS PLC

SCHEME OF ARRANGEMENT BECOMES EFFECTIVE

The reorganisation of Marshalls plc ('Marshalls') by way of a scheme of
arrangement under section 425 of the Companies Act 1985 between Marshalls and
its shareholders involving the creation of a new holding company, became
effective today.

Accordingly, 141,766,577 new ordinary shares of 150 pence each in the new
holding company were admitted to the Official List and to trading on the London
Stock Exchange at 8.00 a.m. today.

Enquiries:

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

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