Share consolidation ratio

Sainsbury(J) PLC
07 June 2004


7 June 2004



J Sainsbury plc announces share consolidation ratio

On 26 March 2004, Sainsbury's announced the sale of Shaw's Supermarkets and the
intention to return 35p per share to shareholders, approximately £680 million,
by way of a B share scheme and share consolidation.  The sale completed on 30
April 2004.   The share consolidation ratio of 7 for 8 shares has now been set,
based on a closing share price of 273p on 4 June 2004.   This means for every 8
existing ordinary shares held at close of business on 16 July 2004, shareholders
will received 8 B shares and 7 new ordinary shares. The original shares will be
cancelled.  As a result the number of shares in issue will reduce by 12.5 per
cent, equivalent to approximately 243 million shares.

Further details will be contained in the shareholder circular, which will be
sent out with the AGM documents this week.  The proposed return of capital is
subject to approval at the EGM, which will be held immediately after the AGM on
12 July 2004.



Enquiries:

Investor relations                              Media
[phone]                            [phone]
Roger Matthews                                  Jan Shawe
Lynda Ashton                                    Pip Wood




Notes:

KEY DATES                                                                                          2004

AGM and EGM                                                                                      12 July
Individual elections                                            Ordinary shares                  16 July
                                                                ADRs                             13 July
Original shares cease trading                                                                    16 July
Ex and record date for B shares and consolidation               At close of business             16 July
New shares and B shares commence trading                                                         19 July
Capital returned                                                Ordinary shares                  26 July
                                                                ADRs                             29 July




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