Director Shareholding

Marshalls PLC
12 May 2004

12 May 2004

Marshalls plc announces that it was informed on 11 May 2004 that David Graham
Holden had exercised an option over 161,000 ordinary shares of which 139,936 had
been sold on 11 May 2004 at a price of 280p per ordinary share to finance the
exercise of those options and settle the taxation liability and costs. The
exercise of this option was in accordance with the normal rules of the Option
Scheme. The net effect of this transaction is that his interest in the ordinary
shares of the Company has increased by 21,064 shares.

In addition, David Graham Holden and John Douglas Marshall have today called for
74,674 and 116,140 ordinary shares respectively to which they are entitled under
the Marshalls plc 1998 Long Term Incentive Plan and they have today sold 30,616
and 47,617 ordinary shares at a price of 280p per ordinary share respectively in
order to settle the taxation liabilities arising thereon. The net effect is
that their interests in the ordinary shares of the Company have increased by
44,058 and 68,523 shares respectively.

Following the above transactions, the interests in the shares of the Company for
David Graham Holden and John Douglas Marshall are 188,660 ordinary shares and
621,966 ordinary shares respectively.


Enquiries:

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


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