Return of Value

Brown (N.) Group PLC
22 February 2007



                               
                                N Brown Group plc

               Return of Value and Listing of New Ordinary Shares

At the Extraordinary General Meeting of N Brown held on 21 February 2007,
Shareholders approved the Return of Value of approximately £80 million, by way
of a B Share scheme, of 27p for each Existing Ordinary Share held at 5.00 p.m.
on 21 February 2007 and the consolidation of Existing Ordinary Shares on the
basis of 19 New Ordinary Shares for every 21 Existing Ordinary Shares.

295,906,293 B Shares will be issued and allotted at 8.00 a.m. today to
Shareholders who were on the register at 5.00 p.m. on 21 February 2007.   The B
Shares will neither be admitted to the Official List of the UK Financial
Services Authority nor to trading on the market for listed securities of the
London Stock Exchange.

Reflecting the issue and allotment of the B Shares, 295,906,293 Existing
Ordinary Shares have today been consolidated into 267,724,741 New Ordinary
Shares of 11 1/19 pence each. It is expected that the New Ordinary Shares will
be admitted to the Official List of the UK Financial Services Authority and will
commence trading on the London Stock Exchange at 8.00 a.m. today.

Further details of the Return of Value are contained in the Circular to
Shareholders dated 25 January 2007. All definitions used in the Circular to
Shareholders apply to this announcement.

Enquiries:

N Brown Group plc:                                                 0161 238 2202
Alan White, CEO
Dean Moore, CFO

Credit Suisse:                                                     020 7888 8888
John Hannaford

Gavin Anderson:                                                    020 7554 1400
Fergus Wylie




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