Tesco Regulatory News (TSCO)

APPOINTMENT OF CHIEF FINANCIAL OFFICER

Further to the CFO retirement announcement dated 2 June 2020, Tesco PLC announces that Imran Nawaz will join the Board as CFO in April 2021.

Imran Nawaz has a proven track record of financial leadership and extensive knowledge of the global food industry as CFO and executive director of Tate & Lyle and Senior Vice President of Finance for Mondelēz Europe He started his career with Deloitte and then with Philip Morris in corporate audit. He spent 16 years working at Mondelēz and Kraft Foods in a variety of roles gaining broad financial, business and international experience.

Ken Murphy, Group CEO, said: 'At the start of this search, we set out with the goal of finding a candidate with a blend of financial, strategic and leadership qualities, and with the right values to fit into the Tesco culture. In Imran, we have found all those attributes and I am looking forward to working alongside him.'

John Allan, Chairman, said: 'After an extensive search and selection process, I am delighted to welcome Imran to our Board as CFO. He brings a wealth of skills, experience and knowledge in the food sector and will be an incredibly valuable asset to Tesco.'

Contacts:

Notes:

Imran Nawaz will receive CFO employment terms in line with Tesco's remuneration policy. His basic salary will be £700,000 per annum and standard benefits and incentive awards commensurate with his position. His pension contribution will be 7.5% of basic salary, in line with the pension saving opportunity of the wider UK workforce.

Imran Nawaz may forfeit payments from his previous employment for which he will be compensated if they arise on a like for like basis in Tesco PLC shares and subject to any existing performance conditions. Full details of his total remuneration will be provided in the 2021 Annual Report.

There is no other information required to be disclosed pursuant to LR9.6.13R in respect of Imran Nawaz.