Convertible Bonds

Rank Group PLC
03 December 2003


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA, ITALY OR JAPAN OR TO US, AUSTRALIAN, CANADIAN, ITALIAN OR
JAPANESE PERSONS. THIS RELEASE IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER OR AN ADVERTISEMENT OF AN OFFER OF SECURITIES IN THE UNITED
STATES OR IN ANY OTHER JURISDICTION.

3 December 2003

                               The Rank Group Plc

                      Pricing of Convertible Bond Offering

Further to the announcement earlier today, The Rank Group Plc ('Rank' or the
'Group') announces the pricing of the offering of £150 million Convertible Bonds
due 2009 (the 'Bonds').

Rank is issuing the Bonds primarily to refinance the Group's £125,000,000 7.25%
guaranteed bonds due 2008, which are due to be redeemed on 8 December 2003,
hence benefiting from the attractive financing opportunities available in the
current convertible bond market.

The Bonds will be issued by Rank and will, subject to the terms and conditions
of the Bonds, be convertible into a maximum of 39,851,222 new Rank ordinary
shares ('Shares') at the initial conversion price (representing approximately
6.7% of Rank's current issued ordinary share capital). The Bonds will be issued
at 100% of their principal amount. The coupon on the Bonds will be 3.875% per
annum payable semi-annually in arrears and the initial conversion price will be
376.4p, a premium of 31% to the reference price of Rank's Shares. Settlement is
expected on or about 20 January 2004.

In addition, Rank has granted the Joint Lead Managers an option to subscribe for
additional Bonds with an aggregate principal amount of up to £17.7 million at
any time before settlement. Applications will be made for the Bonds to be
admitted to the Official List of the UK Listing Authority and to trading on the
London Stock Exchange's market for listed securities.

Deutsche Bank and JPMorgan are Joint Lead Managers. Deutsche Bank will act as
stabilisation manager.

Enquiries:

The Rank Group Plc                 Tel: [phone]
Ian Dyson, Finance Director
Peter Reynolds, Director of Investor Relations

Deutsche Bank                      Tel: [phone]
Martin Fisch
Phil Cowdy

JPMorgan                           Tel: [phone]
Viswas Raghavan
John Lydon

Press Enquiries:

The Maitland Consultancy           Tel: [phone]
Angus Maitland
Suzanne Bartch

Any investment decision in respect of the Bonds should be based on the listing
particulars to be published by Rank in due course. Members of the general public
are not eligible to take part in the Bond offering. In the United Kingdom, the
promotion of this offering is restricted by Section 21 of the Financial Services
and Markets Act 2000 ('FSMA'). This announcement, in so far as it constitutes an
invitation or inducement to participate in the Bond offering, is directed
exclusively at (a) persons who have professional experience in matters relating
to investments who fall within Article 19(5) (Investment Professionals) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as
amended) ('the Order') or (b) are persons falling within Article 49(2)(a) to (d)
(high net worth companies, unincorporated associations etc) of the Order or (c)
other persons to whom it may be directed without contravention of Section 21 of
FSMA (all such persons together being referred to as 'relevant persons'). This
announcement, in so far as it constitutes an invitation or inducement to
participate in the offering, must not be acted on or relied on by persons who
are not relevant persons. Any investment or investment activity to which this
communication relations is available only to relevant persons and will be
engaged in only with relevant persons.

Stabilisation / FSA
Neither the Bonds nor the Shares have been, or will be, registered under the US
Securities Act of 1933, as amended (the 'US Securities Act') and may not be
offered or sold within the United States or to US persons (as defined in
Regulation S under the US Securities Act ('Regulation S')), except pursuant to
an exemption from, or in a transaction not subject to, registration under the US
Securities Act of 1933. There will be no public offer of the Bonds or the Shares
to be issued on conversion of the Bonds in the United States.

This release does not constitute an offer of securities for sale in the United
States, Canada, Australia, Italy or Japan.

Neither this announcement nor any copy of it is for distribution, directly or
indirectly, in or into the United States or to any US person (as defined in
Regulation S) or into Canada, Australia, Italy or Japan. Any failure to comply
with this restriction may constitute a violation of Canadian, Australian,
Italian or Japanese securities laws.





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