Outcome to Exchange Offer

Sainsbury(J) PLC
12 February 2004


                                J Sainsbury plc
            (Incorporated and registered in England and Wales under
                        the Companies Acts 1908 to 1917)

                NOTICE OF OUTCOME TO EXCHANGE OFFER TO HOLDERS OF

                               Store Finance plc
            £300,000,000 Asset Backed 6.50 per cent. Bonds due 2007
                  (ISIN: XS0124072629; Common Code: 012407262)
                                 (the 'Bonds')


J Sainsbury plc ('Sainsbury's') has today announced the results of the offer
made to the holders of the Bonds listed above to exchange such Bonds for new
securities ('Sainsbury Exchange Securities') to be issued by Sainsbury's (the '
Exchange Offer'). Acceptances in aggregate of 99.9% of the total outstanding
principal amount of the Bonds have been received and Sainsbury's has declared
its unconditional acceptance of all Bonds tendered for exchange.

The Sainsbury Exchange Securities will bear interest at a fixed rate of 5.25 per
cent payable annually in arrear. The Issue Price of the Sainsbury Exchange
Securities is 99.729 per cent. The Exchange Price for the Bonds is 104.477585
per cent. The Exchange Ratio, calculated as (i) the Exchange Price divided by
(ii) the Issue Price, is 1.047615.  Holders of each £1,000 principal amount of
Bonds tendered will receive Sainsbury Exchange Securities (rounded down to the
nearest integral multiple of £1,000) equal to the product of £1,000 and the
Exchange Ratio.

The Settlement Date of the Exchange Offer is expected to be Thursday, 19
February 2004.

The Exchange Offer is being made upon the terms and subject to the conditions
set out in the Exchange Offer Memorandum dated 29 January 2004.



                                 EXCHANGE AGENT

                              The Bank of New York
                               One Canada Square
                                 London E14 5AL



Dated 12 February 2004


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