Marstons Regulatory News (MARS)

Notification of interests of directors

 2 July 2010

The Company announces that on 1 July 2010 the Directors listed below were granted awards over ordinary shares in the Company under the Company's 2004 Long Term Incentive Plan with HM Revenue & Customs (HMRC) Approved Schedule (the "Plan"). Previously, nil cost options have been granted under the 2004 Long Term Incentive Plan ("LTIP Awards").

Awards under the Plan are structured as Approved Performance Share Plan Awards ("APSP Awards") and comprise three elements: (i) an HMRC Approved Option over shares with a total value at the date of grant of £30,000 with an exercise price of 94.6 pence per share; (ii) a "Linked Award" which is a funding award in the form of a nil cost option (i.e. in the form of an LTIP Award) over such number of shares whose total value at exercise equals £30,000; and (iii) an LTIP Award in the form of a nil cost option over shares to the value of the remainder of the APSP Award above the £30,000 limit. 

Subject to the satisfaction of the performance conditions which are based on EPS growth; the APSP Awards will vest and become exercisable in three years.

In addition to satisfaction of these performance conditions, the Approved Option will only become exercisable in the event that the market value of a share at exercise is greater than 94.6 pence per share. If the Linked Award is then used to fund the exercise price of the Approved Option, it will be satisfied by shares from the Company's employee benefit trust. Following the exercise of the Linked Award, these shares will be retained by the trust and not delivered to the participant.

In the event that the market value at exercise is less than 94.6 pence per share, the Approved Option will lapse and the maximum number of shares subject to the Linked Award will become available to the participant to exercise as an unapproved LTIP option.

The notification of these transactions is made pursuant to DTR 3.1.4R (1)(a) and is also deemed to be disclosure made in accordance with Section 793 of the Companies Act 2006 where appropriate.

Enquiries: Anne-Marie Brennan, Company Secretary, Marston's PLC, +44 (0) 1902 329163