B share scheme elections

Sainsbury(J) PLC
20 July 2004

20 July 2004



B share scheme elections and redemption of B shares


As announced yesterday, J Sainsbury plc  made a return of capital, by way of a B
share scheme, of 35 pence for each existing issued ordinary share held at the
close of business on 16 July 2004. As part of the return of capital,
shareholders were given the following choices:

-          to take an initial dividend of 35 pence in respect of their B
shares;

-          to have their B shares redeemed for 35 pence each; and/or

-          to retain their B shares for redemption in the future.



The Company today announces that shareholders holding in aggregate:



-            319,833,132 B shares (representing 16.46% of the total
number of B shares issued) have chosen to receive the initial dividend;

-            1,507,109,852 B shares (representing 77.56% of the total
number of B shares issued) have chosen to have their B shares redeemed and
accordingly 1,507,109,852 B shares were redeemed today; and

-            116,230,282 B shares (representing 5.98% of the total
number of B shares issued) have retained their B Shares to be redeemed in the
future on 18 January or 18 July in each calendar year until 18 July 2007.



Payments in respect of B shares redeemed today will be settled through the CREST
system or, for certificated holders, cheques will be despatched, by no later
than Monday 26 July 2004 and cheques will be despatched in respect of initial
dividends by no later than Monday 26 July 2004. The next date on which
outstanding B shares may be redeemed is 18 January 2005 and the Company shall be
obliged to redeem all B shares remaining in issue on 18 July 2007.



Enquiries:



Investor relations                       Media
[phone]                     [phone]
Roger Matthews                           Jan Shawe
Lynda Ashton                             Cheryl Kuczynski



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