Court Sanctions Reduction

Next PLC
25 November 2002



                   HIGH COURT SANCTIONS REDUCTION OF CAPITAL


The Board of NEXT plc (formerly NEXT Group Plc, company number 4412362)
announces that, at a hearing today, the High Court approved the Reduction of
Capital of NEXT plc whereby the nominal value of each NEXT plc ordinary share is
to be reduced from GBP5.00 to 10 pence.

The Reduction of Capital is expected to become effective at or after 4.30 p.m.
on 26 November 2002 whereupon the nominal value of a NEXT plc ordinary share
will be reduced from GBP5.00 to 10 pence. Dealings in NEXT plc ordinary shares
of 10 pence each are expected to commence on the London Stock Exchange's market
for listed securities at 8.00 a.m. on 27 November 2002.


For further information please contact:


NEXT

Simon Wolfson, Chief Executive                             Tel: [phone]
David Keens, Group Finance Director                        Tel: [phone]


LAZARD


Jonathan Dawson                                            Tel: [phone]
Nigel Costain                                              Tel: [phone]



Lazard & Co., Limited ('Lazard'), is acting for NEXT plc and NEXT Group Plc in
connection with the scheme of arrangement of NEXT Group Plc (the 'Scheme') and
the listing of the ordinary share capital of NEXT plc (the 'Listing') and no-one
else and will not be responsible to anyone other than NEXT plc and NEXT Group
Plc for providing the protections offered to clients of Lazard nor for providing
advice in relation to the Scheme or the Listing or any other matters referred to
herein.

Terms and expressions used in this announcement shall have the same meaning as
those used in the circular posted to NEXT Group Plc shareholders on 7 October
2002 unless the context otherwise requires.




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