Ashtead Loan

Rentokil Initial PLC
07 July 2005

                                                                   7th July 2005

                              Rentokil Initial plc

                    ASHTEAD UNSECURED CONVERTIBLE LOAN NOTE


Today Ashtead Group plc has announced details of a proposed refinancing. This
would include the early repayment of the £134 million unsecured convertible loan
note received by Rentokil Initial plc as partial consideration for the sale of
its US plant services business in June 2000 and which is due for repayment on
31st March 2008.


If the proposed refinancing is successfully completed prior to 15th August 2005,
Rentokil Initial plc would receive an agreed early repayment sum of £130
million, inclusive of all accrued interest and in addition to the £3.5 million
interest received in April 2005.


The board of Rentokil Initial plc believes that early repayment of the unsecured
convertible loan note is in the best interests of its shareholders given that it
would remove the potential risk of future payment default and eliminate the
potential volatility on future reported financial results under the new
International Financial Reporting Standards, particularly IAS39.


For further information


R C Payne, Finance Director                       01342 833022
C D Grimaldi, Corporate Affairs Director


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