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Thursday 24 February, 2005

Paulsmeier Inc Group

Statement re Marks & Spencer

Paulsmeier Inc Group
24 February 2005


STATEMENT OF AN INTENTION NOT TO MAKE AN OFFER UNDER RULE 2.8 OF THE CITY CODE
ON TAKEOVERS AND MERGERS

In view of press speculation about the Paulsmeier Inc. Group's intentions
regarding Marks & Spencer plc, the Group wish to make the following statement to
clarify its position.

The Paulsmeier Inc. Group is not a financier of takeover bids or other
transactions. Its role is limited to business facilitation: bringing together
those with ideas for business opportunities with providers of venture capital or
corporate expertise. The Group is not leading, nor contemplating making, any
takeover bid for Marks & Spencer plc and would not wish to be part of any such
bid.

The Group has been involved in the facilitation of a possible Management Buy Out
for Marks & Spencer plc but, in the light of developments, has decided to
dissociate itself from any transaction involving a bid for the company and will
not have any further involvement with this project.


Yours sincerely,

Mark Paulsmeier



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