TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Debenhams plc

2.    Reason for the notification     

Entry into a forward contract between Baugur Group hf and Landsbanki Islands hf.

3.    Full name of person(s) subject to the notification obligation:

Baugur Group hf

4. Full name of shareholder(s) (if different from 3.):

Landsbanki Islands hf.

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

8 July 2008

6. Date on which issuer notified:

14 July 2008

7. Threshold(s) that is/are crossed or reached

6% threshold crossed on 8 July 2008

8. Notified details:

A: Voting rights attached to shares

N/A

B: Financial Instruments

Resulting situation after the triggering transaction:-

Type of financial instrument:    Forward Contract

Expiration date:            11 September 2008

Exercise/conversion period/date:    Anytime 

No. of voting rights that may be

Acquired (if the instrument is

Exercised/converted):        57,547,879

%age of voting rights:        6.57%

Total A +B

57,547,879 = 6.57%

9.  Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable.

Baugur Group hf (6.57%)

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date of which proxy holder will cease to hold voting rights:

N/A

13. Additional Information:

The notification is being made as a result of the entry into a forward contract between Baugur Group hf. and Landsbanki Islands hf.

14. Contact Name:

Paul Eardley

Company Secretary

15. Contact telephone number:  

020 7408 3529

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