Lewis Group Partial IPO

GUS PLC
27 August 2004

27 August 2004

Not for publication, distribution or release in the United States, Canada,
Australia or Japan (including its territories and possessions)

GUS plc

                            LEWIS GROUP PARTIAL IPO

GUS plc, the retail and business services group, today confirms its intention to
seek a partial IPO of the Lewis group, its South African retailing business, on
the JSE Securities Exchange South Africa in the coming weeks.

As previously stated, the listing will enable GUS to release value for its
shareholders, while enhancing the development opportunities for the Lewis group.

John Peace, Group Chief Executive of GUS, commented:

'The plan to float part of the Lewis group is another important step in
reshaping the GUS portfolio, by focusing it on fewer activities. The Lewis group
has a clear strategy for growth underpinned by its strong market position and
excellent management team.'

Full details of the offering will be included in a prospectus expected to be
published in the middle of September. Trading is expected to commence, subject
to market conditions and the fulfilment of all conditions to the offer and
listing, in early October 2004.

The listing is expected to be effected by way of a domestic offer in South
Africa, with a tranche being made available to institutional investors outside
of South Africa. UBS Investment Bank has been appointed as sole bookrunner of
the offering. Cazenove and Investec Bank are acting as co-lead managers.


Enquiries

GUS
David Tyler                 Finance Director                    020 7495 0070
Fay Dodds                   Director of Investor Relations

Finsbury
Rupert Younger                                                  020 7251 3801
Rollo Head

Notes to editors

Founded in 1934, the Lewis group operates in Southern Africa selling furniture,
household and electrical goods, mainly on credit, together with associated
financial products. It trades under the 'Lewis' brand in 400 furniture stores,
under the 'Best Electric' brand in 47 specialist electrical stores and under the
'Lifestyle Living' brand in 18 upmarket furniture and electronic goods stores.
The 'Lewis' brand is the largest single brand by number of stores in the retail
furniture industry in South Africa. In the year to 31 March 2004, sales were
£160m and operating profit £43.5m.

This announcement has been issued by, and is the sole responsibility of, GUS
plc. UBS Limited is acting for GUS plc and no-one else in connection with this
matter and will not be responsible to any other person providing the protection
afforded to clients of UBS Limited or for providing advice in relation to this
matter. UBS Limited, Cazenove & Co. Limited and Investec Bank Limited are acting
for GUS plc and the Lewis group in relation to the partial IPO and no-one else,
and will not be responsible to anyone other than GUS plc and the Lewis group for
providing the protections afforded to their respective clients or for providing
advice in relation to the partial IPO.

No offer or invitation to acquire shares of the Lewis group is being made by or
in connection with this announcement. Any such offer will be made solely by
means of a prospectus to be published in due course and any acquisition of
shares should be made on the basis of the information contained in such
prospectus. The value of shares can go down as well as up. Past performance is
not a guide to future performance. Potential investors should consult a
professional adviser as to the suitability of any offering for the individual
concerned.

This announcement is not for distribution, directly or indirectly, in or into
the United States. The securities referred to herein have not been and will not
be registered under the United States Securities Act of 1933, as amended (the
Securities Act) and may not be offered or sold in the United States (as defined
in Regulation S under the Securities Act) absent registration or an exemption
from registration, and any offering of securities to be made in the United
States will be made by means of a prospectus that may be obtained from the Lewis
group that will contain detailed information about the Lewis group and
management, as well as financial statements. No public offering of the shares
will be made in the United States.

Members of the public in the United Kingdom are not eligible to take part in the
Placing. In the United Kingdom this announcement, in so far as it constitutes an
invitation or inducement to participate in the Placing, is directed only at
persons who have professional experience in matters relating to investments who
fall within article 19(1) of The Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 (as amended) (the 'Order') or are persons
falling within article 49(1) of the Order (all such persons together being
referred to as 'Relevant Persons'). This announcement, in so far as it
constitutes an invitation or inducement to participate in the Placing, must not
be acted on or relied on by persons who are not Relevant Persons. Any investment
or inducement activity in so far as relating to participation in the Placing is
available only to Relevant Persons and will be engaged in only with Relevant
Persons.

This announcement does not constitute an offer to sell, exchange or transfer any
securities of the Lewis group and is not soliciting an offer to purchase,
exchange or transfer such securities in any jurisdiction where the offer, sale,
exchange or transfer is not permitted or to any person or entity to whom it is
unlawful to make that offer, sale, exchange or transfer. This announcement is
not an offer of securities for sale in the United States.

This announcement and the information contained herein are not for publication
or distribution to persons in the United States, Canada, Australia or Japan or
in any jurisdiction in which such publication or distribution is unlawful.


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