DIRECTOR/PDMR SHAREHOLDING - GRANT OF AWARDS

27 July 2015

Tesco PLC (the "Company")

Grant of Awards under the Tesco PLC Performance Share Plan 2011 (the "PSP") and the Tesco PLC Long-Term Incentive Plan 2015 (the "LTIP")

Performance Share Plan

On 24 July 2015, the persons listed below were granted nil-cost options over Tesco PLC Ordinary Shares under the Tesco PLC Performance Share Plan 2011, the number of shares being calculated using a market price of 219.37 pence per share.

The nil-cost options granted under the PSP will become exercisable on 24 July 2018, subject to the achievement of relative Total Shareholder Return and Cumulative Retail Cash Generated from Operations performance targets over the performance period, as outlined in the Directors' Remuneration Report of the Tesco PLC Annual Report and Financial Statements 2015.

Long-Term Incentive Plan

On 24 July 2015, the persons listed below were granted nil-cost options over Tesco PLC Ordinary Shares under the Tesco PLC Long-Term Incentive Plan 2015, the number of shares being calculated using a market price of 219.37 pence per share.  This is an exceptional one-off plan in which the CEO and CFO do not participate.

The nil-cost options granted under the LTIP will become exercisable on 24 July 2018, subject to continuous employment. 

In the event that dividends are paid in the period between grant and exercise, the number of shares subject to option in each case, under both the PSP and LTIP, will be increased to reflect the dividends that would have accrued had they been reinvested in shares.

This announcement is made in accordance with the requirements of DTR 3.1.4.