Formal Notice to Noteholders

SHANKS GROUP PLC

€100,000,000 Five per cent. Guaranteed Notes due 22 October 2015 (the "Notes")

ISIN: XS0544487837

Common Code: 054448783

NOTICE TO NOTEHOLDERS; Release of Guernsey Guarantors

The Board of Shanks Group Plc announces that, as part of a group reorganisation and following the distribution of the assets of three Guernsey subsidiaries Shanks SIL Capital Limited, Shanks SIL Finance Limited and Shanks SIL Investments Limited to Shanks Finance Limited (an existing guarantor to the Notes), each of these three Guernsey companies has been released from their obligations as guarantors of the Notes.