Successful Securitisation

Marston's PLC
19 November 2007


                                                                19 November 2007

                                  Marston's PLC
                                        
                        Successful Securitisation Issue


Marston's PLC ('Marston's', and together with its subsidiaries the 'Marston's
Group' or 'the Group') has finalised the terms of a £330m tap issue of Marston's
Issuer PLC (formerly W&DB Issuer PLC) securitisation. This is backed by the
transfer of 437 freehold and long-leasehold tenanted pubs from the
non-securitised estate to the securitised estate. The pro-forma run-rate EBITDA
for the enlarged securitisation group as at 30 June 2007 was £147.3m.
Additionally, Marston's will retain £400m of its existing bank facilities.
Following the tap issue only approximately £150m will be drawn against these
facilities, providing the Group with significant financial and operational
flexibility.

The terms of the tap issue are announced today and the transaction is expected
to be completed this week. The refinancing delivers significant benefits to
Marston's:

• highly competitive ongoing cost of funds with a weighted average margin for 
  the tap issue of 0.80% over Libor, resulting in interest cost of the
  new issuance of 6.03%, including the costs of hedging.
• improves the efficiency of the Group's debt funding, replacing
  short-term bank borrowing with long term securitised financing.
• enhanced operational and financial flexibility within the revised debt 
  structure.
• all of the Group's debt is now at effective fixed rates of interest,
  with no refinancing risk or exposure to volatile credit markets.

Marston's tap issue is the only pub securitisation, and one of the very few
securitisations in Europe, to have been launched successfully and priced in
recent months.

Paul Inglett, Group Finance Director, said 'Despite adverse market conditions,
the terms of the refinancing demonstrate the strength of Marston's credit
profile and the high quality of its pub estate'.

The securitisation tap issue has been pre-placed. The pricing of the tap issue
is in line with previous pub securitisations and is very competitive given the
current difficult conditions in the securitisation markets. The securitisation
tap issue priced at the following levels:

Tranche Rating (S&P/F) Type    Maturity     Amount     Coupon

A4      A/A            FRN     2031         £250m      Libor + 65 bps1
AB1     BBB+/BBB+      FRN     2035         £80m       Libor + 125 bps1
Total                                       £330m      Libor + 80 bps2

Note 1: The FRNs are fully hedged and will be issued at a discount to par price
of 99.95%
Note 2: This is the weighted average margin to a step-up in coupon at year 5

As a result of the interest rate swaps put in place in October and the £330m tap
of the securitisation, all of the Group's borrowings are now effectively at
fixed rates of interest with a blended average cost of debt of approximately
6.1%.

Marston's will be holding a bondholder presentation on Monday 3rd December at
9.30am at the offices of Hudson Sandler, 29 Cloth Fair, London, EC1A 7NN. Please
contact Vanessa Laybourn at Hudson Sandler on 020 7796 4133 for details.

The Royal Bank of Scotland plc acted as the Arranger, Joint Bookrunner and Joint
Lead Manager in the transaction. HSBC Bank plc is a Joint Bookrunner and Joint
Lead Manager and Barclays Capital is a Joint Lead Manager on the transaction. NM
Rothschild & Sons Limited advised Marston's on its refinancing strategy.

Contact details

Marston's PLC

Ralph Findlay, Chief Executive             01902 329 516
Paul Inglett, Group Finance Director       01902 329 516

The Royal Bank of Scotland plc (Arranger and Joint Bookrunner)

Colin Lally, Director                      020 7085 6668
Paul Crawford, Director                    020 7085 5165

NM Rothschild & Sons Limited (Financial Adviser to Marston's)

Tom Smyth, Managing Director               020 7280 5719
Swagata Ganguly, Assistant Director        020 7280 5676

Hudson Sandler (PR Adviser to Marston's)

Andrew Hayes                               020 7796 4133
Nick Lyon                                  020 7796 4133




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