Reduction Effective

Next PLC
26 November 2002



                     REDUCTION OF CAPITAL BECOMES EFFECTIVE

The Board of NEXT plc (formerly NEXT Group Plc, company number 4412362)
announces that the Reduction of Capital became effective today and that the
nominal value of an ordinary share in the capital of NEXT plc has been reduced
from GBP5.00 to 10 pence. Dealings in respect of the ordinary shares of 10 pence
each in the capital of NEXT plc 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.






                      This information is provided by RNS
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