Ferguson Regulatory News (FERG)

4 February 2020

FERGUSON PLC

Share buy back program

Further to the announcement of Ferguson's intention to buy back up to US$500 million of its shares over the next 12 months, the Company announces that it has instructed its broker Barclays Capital Securities Limited ("Barclays") to execute the first part of the program by way of a non-discretionary and irrevocable arrangement to buy back up to £80 million of its shares commencing from 5 February 2020 and ending no later than 31 March 2020. Under this arrangement, Barclays, an independent third party, will act as principal and will make decisions under the program independently from the Company.

The Company's shareholders generally authorized the Company to purchase up to a maximum of 23,185,045 of its ordinary shares at the Annual General Meeting held on 21 November 2019. Pursuant to such authority, the Company intends to purchase shares until the conclusion of its 2020 Annual General Meeting expected to be held in December 2020 (the "2020 AGM"). The Company anticipates that it will request a similar general authority from shareholders at the 2020 AGM pursuant to which any purchases of shares in relation to the program will continue. The aggregate number of shares acquired by the Company pursuant to the program shall not exceed the maximum number of shares which the Company is authorized to purchase pursuant to such general authorities. It is intended that any shares repurchased under the program will be transferred into treasury.

The purpose of the program is to reduce the capital of Ferguson plc. To the extent required, the Company may in future use the repurchased shares to satisfy employee share options. Any purchases of shares by the Company in relation to the program will be carried out on the London Stock Exchange and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase shares granted by its shareholders, the Market Abuse Regulation 596/2014 and Chapter 12 of the Financial Conduct Authority's Listing Rules.

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Notes to Editors

1. About Ferguson plc

Ferguson plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors principally operating in North America. Revenue for the year ended 31 July 2019 was $21.8 billion and ongoing trading profit was $1.6 billion. Ferguson plc is listed on the London Stock Exchange (LSE: FERG) and is in the FTSE 100 index of listed companies. For more information, please visit www.fergusonplc.com or follow us on Twitter https://twitter.com/Ferguson_plc.

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