RNS Number:8412P
Marconi Corporation PLC
16 September 2003



                                                                Press enquiries:
                    Joe Kelly,  tel: 0207 306 1771; email: joe.kelly@marconi.com
                   David Beck, tel: 0207 306 1490; email: david.beck@marconi.com

                                                             Investor enquiries:
             Heather Green, tel: 0207 306 1735; email: heather.green@marconi.com



                          NOTICE OF PARTIAL REDEMPTION
                           OF MARCONI CORPORATION PLC
                  10% GUARANTEED JUNIOR SECURED NOTES DUE 2008
                             CUSIP No. : G58129AD2
                            ISIN No. : XSO166109768

$103.2m (#64.6m) Junior Notes to be redeemed at 110%, reducing principal amount
                      of Junior Notes to $317.6m (#198.9m)


London - 16 September 2003 - Marconi Corporation plc (MONI) today gave notice to
the owners of its 10 per cent guaranteed Junior Secured Notes, due 2008 (the
Securities) pursuant to Section 3.02 of the Indenture dated as of 19 May 2003
(the Indenture) made between the Company, the guarantors named therein and JP
Morgan Chase Bank (the Trustee) that pursuant to Section 3.08 of the Indenture
$103,195,433 aggregate principal amount of Securities (the Redemption
Securities) will be redeemed on 30 September 2003 (the Redemption Date).

The redemption price (the Redemption Price) shall be 110.0% of the principal
amount of the Redemption Securities redeemed plus 60 days accrued interest to
the Redemption Date and any Additional Amounts (as defined in the Indenture).

In line with the mechanism used for the previous partial redemption of the
Junior Secured Notes which took effect on 31 July 2003, a pool factor will be
applied to every holding. Further details of the pool factor to be applied from
the redemption date will be announced once the pool factor has been confirmed by
the Registrar.

This mandatory partial redemption has primarily resulted from the previously
disclosed sale of the Group's remaining stake in Easynet Group plc, its entire
stake holding in Gamma Telecom Holding Ltd, and the release of collateral
following expiry of certain performance bonds and letters of credit.

The paying agent with respect to the Redemption Securities is:

                        The Bank of New York
                        One Canada Square
                        London E14 5AL
                        England
                        Attention: Corporate Trust Office

Any queries in respect of payment, pool factor or related matters should be
directed to Emma Wilkes at Bank of New York on (+44) 20 7964 7662, who are the
Registrar, the Depositary and the Paying Agent.

On the Redemption Date, the Redemption Price, together with accrued interest and
any Additional Amounts, will become due and payable. Unless the Company defaults
in making the redemption payment, the Redemption Securities shall cease to bear
interest from and after the Redemption Date. The Redemption Securities will be
cancelled following redemption by the Company.



ENDS/...



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.

Copyright (c) 2003 Marconi Corporation plc. All rights reserved. All brands or
product names are trademarks of their respective holders.

This Press Release contains certain statements that are not historical facts,
including statements about Marconi's expectations and beliefs and statements
with respect to its business plan and other objectives. Such statements are
forward-looking statements. These statements typically contain words such as
"intends", "expects", "anticipates", "estimates" and words of similar import.
Undue reliance should not be placed on such statements, which are based on
Marconi's current plans, estimates, projections and assumptions. By their
nature, forward-looking statements involve risk and uncertainty because they
relate to events and depend on circumstances which may occur in the future.
There are a number of factors that could cause actual results and developments
to differ materially from those expressed or implied by such forward-looking
statements. These factors include, but are not limited to future revenues being
lower than expected; increasing competitive pressures within the industry;
general economic conditions or conditions affecting the relevant industries,
both domestically and internationally, being less favourable than expected.
Marconi has identified certain important factors that may cause actual results
to differ materially from those contained in these forward-looking statements or
in the press releases of Marconi plc dated August 29, 2002, December 16, 2002
and March 15, 2003. Other such factors are described in Marconi's Form 20-F
annual report and Form 6-K reports filed with the US Securities and Exchange
Commission. Marconi disclaims any obligation to publicly update or revise these
forward-looking statements, whether to reflect new information or future events
or circumstances or otherwise.




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

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