easyJet plc ("the Company")

Director/PDMR shareholding

05 February 2016

The Company announces that on 3 February 2016, the PDMR set out below exercised his award granted on 18 December 2012 under the easyJet Long Term Incentive Plan ('LTIP') and subsequently sold the number of ordinary shares of 27 and 2/7 pence set out against his name below.  

The LTIP award grant on 18 December 2012 was based on a share price of £7.37. The LTIP award vested on 18 December 2015 at 100% of the total award. Of this, 50% vesting required easyJet's ROCE to achieve targets of at least 16%. The targets were based on three year average ROCE (excluding operating lease adjustments) performance for the years ended 30 September 2013, 30 September 2014 and 30 September 2015 ("the Performance Period"). The Company achieved an average ROCE of 20% for the three financial years ended 30 September 2015.

The remaining 50% required a Total Shareholder Return (TSR) over the Performance Period to be in the upper quartile of a comparator group comprising the constituents of the FTSE 51 to FTSE 150 (as at the date of grant), the Company was ranked in the top decile in terms of TSR relative to FTSE 51-150 companies.  The vesting of the TSR portion of the award was subject to having a positive TSR over the period, this was met with a return of 236% for investment in easyJet shares in the period.

This notification is made pursuant to the requirements of the Disclosure and Transparency Rules 3.1.2R and 3.1.4R. The Company received notification of the LTIP transactions on 3 February 2016.

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