Assumed Vision, Strategy & Priorities Tesco Assumed Vision, Strategy & Priorities © The Delos Partnership 2005

© The Delos Partnership 2005 Key People Terry Leahy became Chief Executive in 1997. Joining Tesco in 1979, he held a number of marketing and commercial positions prior to being appointed to the Board of Tesco PLC on 5 October 1992. David Potts, Retail and Logistics Director was appointed to the Board on 16 November 1998. He joined Tesco in 1973. From 1997 he directed the integration of our businesses in Northern Ireland and the Republic of Ireland before returning to the UK in his current role in July 2000. Andrew Higginson, Finance and Strategy Director was appointed to the Board on 17 November 1997. He is a member of the 100 Group of Finance Directors, Chairman of Tesco Personal Finance and Non- executive Director of C & J Clark Limited and BSkyB Plc. Tim Mason 47, Marketing, e-commerce, Property and Republic of Ireland Director was appointed to the Board on 16 February 1995. He joined Tesco in 1982. He is a Non-executive Director of Capital Radio plc. Richard Brasher Commercial and Trading Director was appointed to the Board on 15 March 2004. He joined Tesco from RHM in 1986. He has held a number of marketing, commercial and store operations positions, most recently Non- food commercial Director. Philip Clarke International and IT Director was appointed to the Board on 16 November 1998. Prior to his appointment he held a number of roles in store operations, commercial and marketing. © The Delos Partnership 2005

© The Delos Partnership 2005 5 Year Financials* * Source Hemscott © The Delos Partnership 2005

© The Delos Partnership 2005 Tesco Europe Europe Tesco's expansion overseas includes six countries in Europe: its business in the Republic of Ireland and five businesses in Central Europe. The hypermarket format has been the focus of their Central European activities since 1994. At 50,000 square feet or more, hypermarkets have the space to offer customers extensive food and non-food ranges. More recently, they have developed into new formats, including compact hypermarkets and Express. © The Delos Partnership 2005

Tesco International Strategy* LOOKING FOR RETURNS… Commitment to expanding outside of the UK – Asia, Europe (West & East) Tesco's international sales leaped by about a quarter to £4.2 bn. in the first half of its financial year, within a 14 percent rise in overall sales to £18.8 bn. * Source Andrew Higginson Tesco © The Delos Partnership 2005

© The Delos Partnership 2005 Tesco Europe © The Delos Partnership 2005

© The Delos Partnership 2005 Tesco 2005 Interims Key Numbers – Highlights Sales up 14.1% Pre-Tax profit up 18.7% On track to develop 17,000 new jobs UK Deflation of 2% (Price Cuts for Customers) Ireland – Good 1st Half. 3 New Stores in H1 2005 and 3 new planned for H2 2005 © The Delos Partnership 2005

© The Delos Partnership 2005 Tesco Values What they say * Customer – Lifetime Loyalty Going the extra mile Treat people the way we like to be treated. No-one tries harder for customers. We use simple processes so that shopping is Better for customers, Simpler for staff and Cheaper for Tesco. Every little helps… * Source Tesco Website What others might say ** Getting smarter every day. Persistent and determined until they get what they want. Use their huge Purchasing power intelligently. ** Quotations from Sources with Tesco experience © The Delos Partnership 2005

© The Delos Partnership 2005 Tesco Europe Profit 2005 % Operating Profit/ Sales = 5.7% © The Delos Partnership 2005

Assumed Tesco 2006/7 Priorities Geographic Sales increase Increased Market Share Customer Range, Choice & Value Operating profit improvement Costs / Restructuring Synergies & Processes © The Delos Partnership 2005