Next Regulatory News (NXT)

Next plc

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility

The following awards were granted to executive directors on 11 September 2015 under the Next Long Term Incentive Plan ("LTIP"):

Under the terms of the LTIP the award comprises a conditional award of shares on the following terms:

· the award will vest following the third anniversary of the date of grant subject to performance targets and continued employment in the NEXT Group;

· a variable percentage of the maximum number of shares above can vest, depending on the relative Total Shareholder Return of NEXT over a three year period against a comparator group (comprising 20 other UK listed retail companies selected by the Remuneration Committee as being comparable with NEXT in size or nature of their business);

· for relative performance against the comparator group the percentage vesting will be

· before any of the awards vest, the Committee must have regard to the performance of the Company in the light of underlying economic and other circumstances, including EPS performance of the Company and of other UK retailers over the period;

· to the extent that the performance condition is not met, the award will lapse completely; and

· any vesting of these awards granted to executive directors will be settled in shares and, after payment of tax, the net shares received should be retained for a period of two further years.

LTIP awards are made twice a year. The maximum number of shares shown above is 100% of each director's base salary at the date of each grant, divided by NEXT's average share price over the three months prior to the start of the performance period.

This notification is provided in accordance with DTR 3.1.4R(1).

Seonna Anderson

Company Secretary

Next plc