Remuneration report

This report sets out the remuneration of NEXT's directors for the year to January 2014 and is in three parts: (1) Remuneration Committee Chairman's statement, (2) directors' remuneration policy, and (3) annual report on remuneration, each prepared in accordance with Schedule 8 to the Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013 ("the new regulations"), UK Listing Rules and UK Corporate Governance Code.

Separate resolutions to approve the directors' remuneration policy and to approve the directors' remuneration report (excluding the directors' remuneration policy) will be proposed at the 2014 AGM.