The first facility, for £1.2 billion, matures on 13 August 2009 and is provided by BBVA, BNP Paribas, Citigroup, HSBC, Lloyds TSB and Morgan Stanley as Mandated Lead Arrangers and Bookrunners, and by Fortis Bank, Rabobank and Standard Chartered as Senior Lead Arrangers. The margin is 0.35% over LIBOR, and is fixed for the life of the facility.

The second facility, for £800 million, is provided by HSBC alone. It is a standby facility for use, if necessary, to bridge the period between the return of value to shareholders and the receipt of the proceeds from the disposal of M&S Money.

The expected timetable for the proposed Tender Offer, which was outlined in the operational review provided on 12 July 2004, is as follows:

Date 2004	Event
Tuesday 21 September	Announcement of details of the Tender Offer
By Thursday 23 September	Dispatch of circular to shareholders
Tuesday 12 October	Trading update for the period ending 2 October 2004
Friday 22 October	Extraordinary General Meeting to approve the Tender Offer Closure of the Tender Offer
By Tuesday 26 October	Announcement of the results of the Tender Offer
By Friday 29 October	Payment to CREST accounts and dispatch of cheques

As previously announced, the Interim Results will be released on Tuesday 9 November 2004.

Details of the expected timetable applicable to holders of the Company's American Depositary Shares will be set out in the circular to be sent to shareholders in connection with the Tender Offer.

For further information:
Investors/analysts: 020 7268 4195 (13th August) / 0208 718 1563 (w/c 16th August)
Press: 020 7268 1967/6166