RNS Number:5881N
Honours PLC
15 July 2003

Honours signs letter of intent with Ventura to manage student loan portfolio

Honours plc and Honours Trustee Limited have entered into a letter of intent
with Club 24 Limited (trading as Ventura and referred to herein as Ventura), a
subsidiary of Next PLC, to take over the administration of its portfolio of
student loans. Honours expects to sign an agreement with Ventura shortly and for
Ventura's administration activities to commence in the first half of 2004.
Honours is seeking the consent of the UK Government and the Note Trustee which
will be conditions to this agreement becoming effective. Honours plc is also
seeking confirmation from each of the rating agencies to the notes issued by it
(the "Notes") that the entering into of this agreement will not have a
negative impact on the ratings of any of the classes of Notes. Ventura is one of
the UK's largest outsourcing companies and employs more than 4,000 people from
its principal sites in the Dearne Valley and Leeds.

Contacts

Robin Baker, Honours plc   +44 20 7614 1111 
David Liversedge, Ventura  +44 113 207 3709



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