Posting of Revised Scheme Document

    Debenhams

Debenhams plc ("Debenhams" or the "Company") announces that, following a hearing
of the High Court of Justice of England and Wales (the "Court") held on 31
October 2003 in relation to modifications to the proposed scheme of arrangement
under Section 425 of the Companies Act 1985 between the Company and its
shareholders (the "Scheme") to effect the revised recommended cash offer by
Baroness Retail to acquire the Company for 470p per share (the "Revised Offer",
as announced on 23 October 2003), the Court has approved such modifications and
the date on which the Company has convened the Court Meeting and the
Extraordinary General Meeting (the "Debenhams EGM") remains 10 November 2003.

A revised document (the "Revised Scheme Document") setting out, inter alia, the
timetable, action to be taken by shareholders and the modifications to the
Scheme was posted/couriered to shareholders on 1 November 2003.

In view of the Royal Mail industrial action taking place as at the date of
printing the Revised Scheme Document, and the subsequent delays to deliveries
and collections in various parts of the United Kingdom, the Company hereby
announces that a copy of the Revised Scheme Document is available for
inspection:

(a) on the Company's website at www.debenhams.com/scheme;

(b) during normal business hours at the offices of Ashurst Morris Crisp,
    Broadwalk House, 5 Appold Street, London EC2A 2HA; and

(c) during normal business hours at the Document Viewing Facility of the
    Financial Services Authority at 25 The North Colonnade, Canary Wharf, London
    E14 5HS.

As described in the Revised Scheme Document, the Scheme will require the
approval of shareholders at the Court Meeting, the passing of a special
resolution by shareholders at the Debenhams EGM and the subsequent sanction of
the Court.

Expected timetable of principal events

Latest time for lodging blue forms of proxy for         11.00 a.m. on 8 November
the Court Meeting

Latest time for lodging pink forms of proxy for the     11.15 a.m. on 8 November
Debenhams EGM

Voting Record Time                                       6.00 p.m. on 8 November

Court Meeting                                          11.00 a.m. on 10 November

Debenhams EGM                                          11.15 a.m. on 10 November

First Hearing Date (to sanction the Scheme)                         28 November*

Hearing Record Time                                     6.00 p.m. on 1 December*

Second Hearing Date                                                  2 December*
(to sanction the reduction of capital)

Last day of dealings in Debenhams Shares                             3 December*

Scheme Record Time                                      6.00 p.m. on 3 December*

Effective Date of the Scheme                                         4 December*

Delisting of Debenhams Shares                           7.30 a.m. on 5 December*

Latest date for despatch of cheques                                 18 December*

* These dates are indicative only and will depend, inter alia, on the dates upon
which the Court sanctions the Scheme and the associated reduction of capital and
whether the conditions of the Revised Offer are either satisfied or waived.

Action to be taken

Shareholders should have received with the original scheme document that was
posted on 29 September 2003, the following:

-   a blue form of proxy for use in respect of the Court Meeting on 10 November
    2003;

-   a pink form of proxy for use in respect of the Debenhams EGM on 10 November
    2003;

-   a joint attendance card relating to the Meetings;

-   a Court Meeting voting card; and

-   a reply paid envelope for use in the United Kingdom.

The Company urges those shareholders who have access to the internet (especially
those in the areas affected by the Royal Mail industrial action) to submit
proxies electronically in accordance with the instructions set out in the
original scheme document to ensure that proxy votes are received by the relevant
time on 8 November 2003. In addition, shareholders may also return their Forms
of Proxy during normal business hours by hand to Computershare Investor Services
PLC, 7th Floor, Jupiter House, Triton Court, 14 Finsbury Square, London EC2A 1BR
or to Computershare Investor Services PLC, PO Box 1075, The Pavilions,
Bridgwater Road, Bristol BS99 3FA. Alternatively, shareholders can attend the
Court Meeting and Debenhams EGM and vote in person.

Enquiries:

For Debenhams:

Joanna George                     Debenhams                        020 7408 3459

Andrew Grant/Kirstie Hamilton     Tulchan Communications           020 7353 4200


For Baroness Retail:

Sue Pemberton/Chris Barrie        Citigate Dewe Rogerson           020 7638 9571