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Marconi PLC (MONI) - Statement re. Press Comment

Marconi PLC
28 August 2002



MARCONI PLC

STATEMENT RE: PRESS COMMENT

London - 28th August 2002 - Further to press speculation, Marconi plc (MONI)
today confirmed that negotiations are continuing with its syndicate banks and an
informal ad hoc committee of bondholders in respect of the Group`s financial
restructuring.

As stated previously, the restructuring process is likely to involve a debt for
equity swap for a significant proportion of Marconi`s indebtedness. It is
currently envisaged that existing holders of Marconi ordinary shares would
receive 0.5 per cent of the share capital immediately following the
restructuring together with warrants allowing the purchase of 5 per cent of the
issued share capital, subject to certain criteria.

The prospective capital structure being discussed has been designed to provide
flexibility for Marconi Group`s ongoing success, maximise cash and overall
recovery for creditors and allow existing Marconi shareholders to maintain an
ongoing economic interest in the Group. It is currently expected that Marconi
will have pro forma net debt following the restructuring of approximately GBP300
million.

As stated above, the negotiations are ongoing and the above details may be
subject to change. Further announcements will be made in due course.

ENDS/....

[IOU]

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