Lapse of Offers for Novar plc

Melrose PLC
20 December 2004


For immediate release

Not for release or publication in or into the United States, Canada, Japan or
Australia

                                  Melrose PLC

                         Lapse of Offers for Novar plc

Melrose announces that as at 3.00 p.m. (London time) on 20 December 2004, valid
acceptances of the Ordinary Offer had been received in respect of 17,731,626
Novar Ordinary Shares, representing approximately 4.10 per cent. of the issued
Novar Ordinary Shares and valid acceptances of the Preference Offer had been
received in respect of 1,156,910 Novar Preference Shares, representing
approximately 0.91 per cent. of the issued Novar Preference Shares.

Neither Melrose nor, so far as Melrose is aware, any party acting in concert
with Melrose (i) held any Novar Shares on 3 November 2004, the business day 
prior to the commencement of the Offer Period or (ii) has acquired or agreed to
acquire any Novar Shares or rights over Novar Shares during the Offer Period.

As the Conditions to the Melrose Offer have not been satisfied, and following
the announcement by Honeywell International Inc. on 13 December 2004 of
recommended cash offers for Novar, Melrose also announces that its Offers will
not be extended and have therefore lapsed.

The Extraordinary General Meeting of Melrose to approve the Offers due to be
held on Wednesday 22 December 2004 will also be adjourned indefinitely.
Terms defined in the Melrose Offer Document dated 29 November 2004 have the same
meanings in this announcement.

Enquiries:

M: Communications:
Nick Miles: 020 7153 1535
Nick Fox: 020 7153 1540
Tom Hampson: 020 7153 1522



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