Next Regulatory News (NXT)

Next plc

Notification of Transactions by Person Discharging Managerial Responsibility and Person Closely Associated With Them

The following awards were granted to executive directors on 18 September 2020 under the Next Long Term Incentive Plan (the "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;

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

· as outlined in the Directors' Remuneration Policy approved by shareholders on 14 May 2020, the Remuneration Committee has discretion to override and reduce formulaic outcomes under the LTIP awards should this be considered appropriate in the circumstances;

· 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;

· to the extent that awards vest, dividend equivalents will be accrued; and

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

LTIP awards are made twice a year. The maximum number of shares shown above is 125% 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. The total across the two LTIP awards made this year is 225% of each director's base salary.

The following notification made under article 19.1 of the Market Abuse Regulation ("MAR") related to awards granted to executive directors on 18 September 2020 under the LTIP. This announcement is made in accordance with Article 19.3 of MAR.

Seonna Anderson

Company Secretary