RNS Number:4192P
Marconi Corporation PLC
04 September 2003

            NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
                  THE UNITED STATES, CANADA, JAPAN, AUSTRALIA
                           OR THE REPUBLIC OF IRELAND


                                                                Press enquiries:
                     Joe Kelly, tel: 020 7306 1771; email: joe.kelly@marconi.com


                                                             Investor enquiries:
             Heather Green, tel: 020 7306 1735; email: heather.green@marconi.com


                           Marconi announces sale of
                          shares in Easynet Group Plc

                        44,682,364 shares placed at 127p

LONDON - 4 September 2003 - Marconi Corporation plc ("Marconi", London: MONI) is
pleased to announce the successful completion of the accelerated bookbuilding
process announced earlier today. A total of 44,682,364 ordinary shares of 4
pence each ("Placing Shares") in Easynet Group Plc ("Easynet", London: ESY) have
been placed by Hoare Govett Limited with a wide range of institutions at a price
of 127 pence per share, raising approximately #56.7 million before expenses.

The Placing Shares comprise new listed ordinary shares ("New Ordinary Shares")
arising on the conversion of Marconi's holding of an equivalent number of
unlisted non-voting ordinary shares. Application has been made for the New
Ordinary Shares to be admitted to the Official List of the UK Listing Authority
and to trading on the London Stock Exchange (together "Admission"). Admission is
expected to become effective no later than 9.00am on 9 September 2003 and it is
expected that settlement of the placing will take place on 11 September 2003.
Following the placing Marconi will cease to have an interest in the share
capital of Easynet.

The net cash proceeds will be paid into a mandatory redemption escrow account
pursuant to the terms of Marconi's Junior Secured Notes and Senior Secured
Notes. This will result in a mandatory partial redemption of Marconi's Junior
Secured Notes at a redemption price of 110% plus interest accrued to the
redemption date. A notification of mandatory partial redemption will be issued
to the holders of the Junior Secured Notes no later than 25 September 2003.

The shares placed had a carrying value of #10.4 million in Marconi's accounts as
at 31 July 2003.



Hoare Govett Limited

Lee Morton          020 7678 8000

Charles Lytle          020 7678 8000

This announcement is not for publication, distribution or release in or into the
United States of America (including its territories and possessions, any state
of the United States and the District of Columbia), Australia, Canada, Japan or
the Republic of Ireland, or in any other jurisdiction where such publication,
distribution or release is unlawful.

This announcement does not constitute or form part of an offer or solicitation
of an offer to purchase or subscribe for securities in the United States or in
any other jurisdiction. The securities referred to herein have not been and will
not be registered under the United States Securities Act of 1933, as amended,
and will not be offered or sold in the United States except pursuant to an
applicable exemption from registration. No public offering of securities is
being made in the United States or in any other jurisdiction.

This announcement is for information purposes only and has been issued by and is
the sole responsibility of Marconi.

Hoare Govett Limited is regulated in the United Kingdom by the Financial
Services Authority. Hoare Govett Limited is acting exclusively for Marconi and
no-one else in connection with the placing and will not be responsible to anyone
other than Marconi for providing the protections afforded to customers of Hoare
Govett Limited or for providing advice in relation to the placing or any other
matter referred to herein.



Notes to Editors

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications equipment, services and
solutions company. The company's core business is the provision of innovative
and reliable optical networks, broadband routing and switching and broadband
access technologies and services. The company's customer base includes many of
the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the symbol MONI.

Additional information about Marconi Corporation can be found at
www.marconi.com.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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