M&S Café and Spend & Save vouchers were distributed in January 2008 and were valid from 1 February 2008 to 31 March 2008. We hope our shareholders enjoyed spending them in one of our many stores. We value our private shareholders and have one of the highest percentages of share capital held in individual ownership among major companies in the UK. We recognise that many of our shareholders are also customers, and our customers have made us what we are today. This is one of the features that sets us apart from many of our competitors.

From listening to our shareholders’ comments regarding last year’s vouchers we updated the offers as follows:

• included technology products within the home voucher;
• reduced the amount shareholders had to spend to use the kidswear voucher;
• included an offer that could be used on our website; and
• moved the offer from the Autumn to the Spring, so shareholders no longer had to wait so long to use them.

We welcome comments and suggestions as we continue to develop the offer. Please email chairman@marks-and-spencer.com