David Tyler

Group Finance Director

3

GUS

• A leading retail and business services group

• UK’s largest general retailer by market capitalisation

• Sales of £7.9bn and PBT of £750m in last reported 12 months

• Outperformed FTSE100 consistently over last four years

4

Our businesses

ExperianArgos Retail Group Burberry

Leading global information services company

UK’s largest non-food retailer

Leading international luxury brand

5

ARG – a leading UK non-food retailer

UK retail sales £m

4,7554,547 4,452

4,143 4,117

ARG* Boots Dixons M&S** KingfisherMar 03 Mar 03 Apr 03 Mar 03 Jan 04

* Proforma including Homebase and excluding Home shopping and Reality** Excludes Food Source: Company accounts

6

Experian – a leading information services company

1,980

1,225

958 945

629

Experian Equifax Acxiom Harte-Hanks

Fair, Isaac

Mar 03 Dec 03 Mar 03 Dec 03 Sep 03

Sales$m

Source: Company accountsExchange rate £1:$1.80

7

Burberry – a leading luxury brand

3.4

2.9

2.5

1.7

1.2

Burberry LouisVuitton*

Gucci Hermès Coach

Mar 03 Dec 02 Jan 03 Dec 02 Mar 03

Estimated brand sales at retail value€bn

* Louis Vuitton brand only Source: Morgan Stanley estimates

8

Reshaping the portfolio

• Moving out of low growth or non-core areas– Disposal of Home shopping and Reality– Disposal of Property JV– Completed Finance wind down

• Major acquisitions– Homebase– Experian targeted infill acquisitions

• Realised value in Burberry– Partial IPO in July 2002– Further placing in November 2003 to improve liquidity

• South African Retailing– Partial IPO in calendar 2004, subject to market conditions

9

Reshaping the portfolio

Proforma EBIT*#EBIT*

5%

34%

15%

46%

Experian

ARG

Burberry

S. AfricaHome shopping

4%

30%

39%

9%

5%

6%7%

Experian

ARG

Burberry

S. Africa

Finance

Property

Year to March 2003Year to March 2000

* Before central costs# Including Homebase and excluding Home shopping, Reality and Property

10

Delivering growth

Profit before tax*£m

448 487 552 642

171 187 206 247

354

2000 2001 2002 2003 2004

First Half Second Half

+13%

+9%

+16%

+11%+9%

+20%

+44%

Year to March

* Before amortisation of goodwill and exceptional items

11

20% growth each year

0

100

200

300

400

500

600

700

800

900

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 20030

10

20

30

40

50

60

70

80

90

Sales (LHS) EBIT (RHS)

£m £m

Year to March

21% CAGR

23% CAGR

12

Experian International

Experian outside North America has grown sales and profits by over 20% pa CAGR since 1993

0

100

200

300

400

500

600

700

800

900

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 20030

10

20

30

40

50

60

70

80

90

Sales (LHS) EBIT (RHS)

£m £m21% CAGR

23% CAGR

Year to March

Don Robert

Chief Executive OfficerExperian North America

14

The information age

More information is needed by more organisations to talk to more customers in more

countries than ever before

We connect organisations to their customers in sectors as diverse as banking, retail and publishing in over 60 countries worldwide

15

Experian

Experian is a global leader in providing information solutions

to organisations and consumers

We help organisations find, develop and manage profitable customer relationships; with information, decision-making

solutions and processing services

We empower consumers to understand, manage and

protect their personal information and assets

16

Experian – helping organisations

Reduce costs

Increase sales

Protect against risk

17

Experian – helping organisations

Enables major banks to

reduce bad debt losses

Helpsretailers to

grow customer loyalty and

cross-sell new products

Prevents fraud for

online retailers

18

Experian – helping consumers

Obtain the credit they

deserve

Receive appropriate

product offers from

companies

Protect their ID from misuse

19

Experian – helping consumers

Enabled44 million US consumers to

refinance their mortgage

Helps amobile phone company to

offer the right services to its

13m users

Told over 8m consumers

by text ande-mail about changes to their credit

report

20

Experian – what we do

Information

Credit

Marketing

OutsourcingSolutions

Credit

Marketing

Manage largedatabases

Build specialistanalytical solutions

Manage processesand logisticseffectively

21

Experian – how we are paid

Information

Credit

Marketing

Solutions

Credit

Marketing

Outsourcing

Volume-basedcontracts

Value-basedlong-term contracts

Cost–plus long-term contracts

22

Experian – blue chip customers

23

Experian – broad offering

Over 40,000 clients in more than 60 countries

Top 10 clients account for 25% of sales

% of sales by vertical market

Financial services

56%

Retail/ home

shopping14%

Telecom/utilities/ insurance

9%

Other6%Automotive

3%Publishing/media

5%

Consumer Direct7%

Year to March 2003

24

Experian – size and scale

Experian makes more than 5,000m

customer management

decisions each year

Experian classifies 800m consumers in 17 countries

Experian holds information on 400m vehicles

25

Experian – strong market position

No 1 or 2 in most of the markets in which we operate

Over 80% of top 50 clients

have been doing business with Experian for over five

years

Over 65%of sales are from clients

buying two or more services from Experian

26

Experian – competitive strength

Experian is the largest business in its sector

All figures are for last full year of actuals* Acxiom includes pro-forma European revenues of $230 following the acquisitions of Claritas Europe and ConsodataNumber on top of bar represents prospective PE ratingExchange rate £1:$1.80

Global sales revenue $m

Experian Equifax Acxiom* Harte-Hanks Fair, Isaac

North America International

Source: Company accountsMultex Global estimates

Mar 03 Dec 03 Mar 03 Dec 03 Sep 03

17x31x

22x

20x

$2bn

27

Experian – broad product reach

No single competitor offers as many products and solutions

Fair, IsaacEquifax

FDCTSYS

EquifaxTransUnion

D&B

Solutions

Credit

Marketing

OutsourcingInformation

Credit

Marketing

AcxiomHarte-Hanks

AcxiomEquifaxinfoUSA

28

Experian – financial performance

Sales£m

EBIT£m

1,201 2561,018 1,092 201 217 224949

Experian InternationalExperian North America

2000 2001 2002 2003 2004 2000 2001 2002 2003 2004H1Year to March Year to March

+10%+7%

+8%

+4%+8%

+14%+7%

+23%

29

Experian – strong cash flow

0

50

100

150

200

250

300

1999 2000 2001 2002 20030%

25%

50%

75%

100%

Operating cash flow (LHS) Operating cash flow as % of EBIT (RHS)

Year to March

£m

Operating cash flow is defined as operating profit plus depreciation and amortisation, less capex, plus change in working capital and associates

30

Experian – consistent global strategy

Build on core

businesses

Sell new

solutions

Grow by

acquisition

31

Build on corebusinessesBuild on core

• Leverage Credit and Marketing information

• Grow Consumer Direct

• Expand in new vertical markets

• Expand in emerging countries

32

Sell new solutions Sell new solutions

Direct-to-consumer online credit report

service

Car dealer information

International business reports

Classifying businesses

US consumer credit score index

Commercial marketing lists

33

Grow by acquisitionGrow by acquisition

Solutions OutsourcingInformation

Manage large databases

Manage processes andlogistics effectively

Build specialistanalytical solutions

Leverage assets and skills by acquisitions

New regions

New vertical markets ConsolidationData Product

34

Summary

• No single competitor matches our scale, product range or global footprint

• Strong organic growth opportunities across the businesses

• Managing regulatory and privacy concerns is a core competency

• Global R&D driving product innovation

• Acquisitions are a key part of our strategy for growth

• Successful integration of recent acquisitions

Appendices

1. Experian

36

Experian – what we are

Information

Credit

Marketing

Solutions

Credit

Marketing

Outsourcing

Sales (£m) 662 340 202

% of sales 55% 28% 17%

3 year average growth* 9% 7% 8%

No of people (FTE) 5,061 3,438 5,151

Sales per FTE (£k) 141 102 37

* At constant exchange rates, excluding impact of transferred activitiesSales are for year to March 2003. FTEs at March 2003

37

Experian – balanced portfolio

Credit

63%

Marketing

24%

Outsourcing

13%

North America

58%

International

42%

Information

58%

Solutions

29%

Outsourcing

13%

Proforma sales 2003*

* excluding US lettershops disposal

38

Experian - Information

Key characteristics*

Core skill – Acquire, compile, manage and deliver large databases

– Steady growth– Large market– Regulated

Market type

Sales channel – Data sell– Sales force-led– Contract, licences– Ad-hoc purchases (marketing only)– Revenue earned per transaction

– Volume-driven pricing– Country specific– Capital intensive– Online, real-time delivery

Product characteristics

* Excluding direct-to-consumer

39

Experian - Solutions

Key characteristics

Core skill – Specialist analytical and software development skills

Market type – Good growth– Many niche competitors– Strategic for clients

Sales channel – Executive level sponsorship– Software/IT sell– Sell to client specialists– Consultancy-led– Long-term, high value relationships– Revenue earned per transaction and by fees

– Highly customised– Value-added pricing– Global products – Global alliances– Intellectual property rights

Product characteristics

40

Experian - Outsourcing

Key characteristics

– Process and logistics knowledgeCore skill

Market type – Steady growth– Many competitors, including clients’ in-

house offers

Sales channel – Capacity sell– Service-led– Long-term, high-value relationships– Revenue earned per transaction

– Generic process; customised delivery– Cost-based pricing– Volume-driven; scale is key– Country specific– Labour intensive

Product characteristics

41

Experian North America – sales mix

Outsourcing*Credit

Information

Solutions

Marketing

Information

Solutions

Sales ($m) 738 286 87

% of sales 66% 26% 8%

3 year average growth 9% 0% (6%)

* Sold December 2003Sales are for year to March 2003

42

Experian North America

-1%

10%

N/A

12%

8 %7%

Credit Marketing Outsourcing* Total

Information Solutions

12 months to March 2004(e)Dollar sales growth %

% of sales 73 27 0 100

* Sold December 2003+ Excludes corporate acquisitions and disposals

+

43

Mortgage originations in US

• As expected, refinancing now slowing

• 8% pa growth in purchase originations over last 10 years

• Transamerica acquisition

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,50090

91

92

93

94

95

96

97

98

99

00

01

02

03

04F

05F

Purchase originations Refinance originations

$bn

Source: Mortgage Bankers Association – March 2004

44

Experian International – sales mix

OutsourcingCredit

Information

Solutions

Marketing

Information

Solutions

Sales (£m) 252 87 146

% of sales 52% 18% 30%

3 year average growth* 13% 12% 14%

* At constant exchange rates excluding impact of transferred activitiesSales are for year to March 2003

45

Experian International

10%11%11%

7%

12%

-4 %

Credit Marketing Outsourcing Total

Information Solutions

12 months to March 2004(e)Underlying* sales growth %

% of sales 55 16 29 100

* Excluding acquisitions and disposals and at constant exchange rates

46

Build on corebusinessesAffiliate bureaux acquisitions

• Programme to acquire affiliate bureaux

• 38 affiliate bureaux in US

– c20% of Credit Information sales

• Taking control of value chain

• Will enhance sales and profit as sell to end customer at retail price versus wholesale

• Cost c$300m; double digit post tax returns

• 21 completed to date, including three of the top 5 largest affiliates

47

Build on corebusinessesConsumer Direct

• Consumer awareness of credit reporting and scores

• Increasing rate of consumer purchases on the Internet

• Concerns about identity theft

48

Sell new solutionsSupporting ‘&more’ launch

‘&more’ Card Chargecard

New business system In-house/Experian In-house

Fraud detection system Experian In-house

Credit card processing Experian In-house

Collection system Experian In-house

Loyalty system In-house In-house

Management information Experian/In-house In-house

Statement production Experian In-house

Card embossing OCS/Schlumberger In-house

Source: Marks & Spencer

49

Experian – cost profile

Global*

Depreciation and data amortisation: 11% of sales in North America and 7% of sales in International R&D: about 5% of sales in both businesses

North America* International

100% of sales 100% of sales 100% of sales

16%

9%

8%

48%

19%

19%

8%

11%

42%

20%

13%

9%3%

57%

18%

Other

IT

Data

Labour

EBIT

Other

IT

Data

Labour

EBIT

Other

ITData

Labour

EBIT

Year to March 2003 * Direct businesses only, before restructuring costs

50

Experian Global – cash flow

Year to March 2001 2002 2003

£m £m £m

Operating profit 217 224 256

Depreciation/amortisation 97 114 118

Property capital

expenditure (12) (31) (8)

Other capital expenditure (125) (146) (120)

Total capital expenditure (137) (177) (128)

Working capital (16) (39) 34

Dividend from associates,less share of profit (7) (9) (10)

Operating cash flow 154 113 270

51

Experian – current products by region

USA

Scan

dina

via

•Direct-to-consumer

••••••••Micromarketing

••Database management

••••••••Scoring

••Remittance processing

•

•

•

•

•

•

•

•

•

•

•

•

••Cheque/debit and document processing••••Call centres

Print and mail•Customer Relationship Management

•List enhancement••••Account processing

•••••••Application processing•••••••Strategic customer management••••••Fraud systems

•Property information•Insurance information•Automotive information•Marketing information

•••Business information•••••••Consumer information

UK Fran

ce

Ger

man

y

Ital

y

Spai

n

Oth

er

•

Appendices

2. GUS

53

Profit by division

Argos Retail Group 249.8 212.7 37.1 35.9

Experian 256.4 224.2 32.2 45.6

Burberry 116.7 90.3 26.4 30.8

Other 42.3 48.9 (6.6) (3.4)

Continuing activities 665.2 576.1 89.1 108.9

Discontinued activities 35.3 42.5 (7.2) (7.2)

Interest (58.1) (66.5) 8.4 7.4

Profit before goodwill,exceptionals & tax 642.4 552.1 90.3 109.1

2003 2002 Change Change at£m £m £m constant

FX rate£m

12 months to 31 March

54

Profit from other divisions

South African Retailing 31.8 30.9 0.9 4.1

Property 25.9 24.8 1.1 1.1

Finance Division 6.6 15.1 (8.5) (8.5)

gusco.com (2.7) (4.8) 2.1 2.1

Central costs (19.3) (17.1) (2.2) (2.2)

Total 42.3 48.9 (6.6) 3.4

2003 2002 Change Change at£m £m £m constant

FX rate£m

12 months to 31 March

55

EBITDA by division

* Excluding amortisation of goodwill

Argos 291.6 256.1Homebase 11.3 -Financial Services (11.5) (17.4)Wehkamp 23.0 21.7Experian North America 252.7 239.5Experian International 122.1 98.0Burberry 135.7 104.3South Africa 34.1 33.1Other 26.8 22.8Continuing activities 885.8 758.1Discontinued activities 59.8 72.3Depreciation & amortisation* (245.1) (211.8)Net interest (58.1 (66.5) Profit before goodwill, exceptionals & tax 642.4 552.1

2003 2002£m £m

12 months to 31 March

56

Group cash flow

Profit before goodwill, exceptionals & tax 642 552Exceptional items - (45)Corporation tax (141) (82)Change in working capital 201 163Capital expenditure (329) (322)Depreciation 245 212Free cash flow 618 478

Dividends (220) (213)Acquisitions and divestments (1,037) (35)

Net cash flow (639) 230

Securitisation repayments (201) (380)FX movements 38 (4)Movement in net debt (802) (154)

2003 2002£m £m12 months to 31 March

57

Group balance sheet

Goodwill 2,388 2,436

Fixed assets 1,238 1,221

Investments 436 447

Working capital* 250 622

Net debt (1,513) (2,086)

Total capital employed 2,799 2,640

£m30 Sept 31 Mar

2003 2003

* At 30 September 2003, this includes the outstanding instalment of £140m on the Home shopping disposal

58

Contacts

GUS plc

One Stanhope Gate

London

W1K 1AF

Tel: +44 20 7 495 0070

Fax: +44 20 7 495 1567

Website: www.gusplc.com

Fay DoddsDirector of Investor RelationsTel: +44 20 7 318 6245Fax: +44 20 7 318 6253Email: fay.dodds@gusplc.com

David TylerGroup Finance DirectorTel: +44 20 7 318 6204Fax: +44 20 7 318 6257Email: david.tyler@gusplc.com

Stuart FordInvestor Relations ManagerTel: +44 20 7 318 6245Fax: +44 20 7 318 6253Email: stuart.ford@gusplc.com

Peter BlytheDirector of FinanceTel: +44 20 7 318 6206Fax: +44 20 7 318 6253Email: peter.blythe@gusplc.com

59

Financial calendar

25 May 2004 - Preliminary Results

21 July 2004 – AGM

– First Quarter Trading Update

13 October 2004 – First Half Trading Update

18 November 2004 – Interim Results

60

Disclaimer

Certain statements made in this presentation are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward-looking statements.