Re Pension Fund Changes

St. Ives PLC
15 March 2004


15th March 2004



                              Pension Fund Changes



St Ives plc announces that it is today informing members of the Company's
defined benefit pension scheme ('the Scheme') of changes which are scheduled to
take effect at the end of May 2004.

The changes have been accepted by the Trustees of the Scheme and provide for a
future accrual rate of 1/80th per annum for all members of the Scheme. This
represents a reduction of accrual for the majority of scheme members. The
Company's ordinary contribution rate will increase to 10.6 per cent from the
current rate of 8.25 per cent.

As part of these changes, the Company will make a one-off payment of £25 million
into the Scheme to strengthen its financial position. This payment will be
funded from the Company's existing resources and available facilities. The
Scheme has been closed to new members since April 2002.

Enquiries:
St Ives plc                                        020 7928 8844
Miles Emley (Chairman)
Brian Edwards (Managing Director)

Smithfield                                         020 7360 4900
John Antcliffe







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