The Lemon Fool

Further to the announcements made on 10 April 2024, Tesco PLC (the "Company") announces that it has entered into an arrangement with Citigroup Global Markets Limited ("Citi") to repurchase shares, together with any other ordinary shares in the Company (the "Shares") purchased on behalf of the Company (on a riskless principal basis) on the London Stock Exchange and/or Cboe Europe Limited through the BXE and CXE order books, and/or Turquoise. The first tranche of this buyback programme (the "Initial Programme") will be for an aggregate market value of up to £450m. Any further tranches of the buyback programme, which may be conducted after completion of the Initial Programme, will be announced in due course.

The arrangement allows Citi to purchase Shares on the Company's behalf (on a riskless principal basis) in accordance with the Company's current buyback authority granted by shareholders at the Company's 2023 Annual General Meeting and any subsequent authority and shall be made independently of and uninfluenced by the Company (including, for the avoidance of doubt, in the case of any purchases made during closed periods).