Tesco PLC announced the Purchase Price to be paid in connection with the previously announced cash tender offer that the Offeror commenced on January 19, 2021, for any and all of its 6.15% Senior Notes due 2037 (the "Securities") for purchase by the Offeror for cash (the "Offer"). The terms and conditions of the tender offer are described in a tender offer memorandum dated January 19, 2021 (the 'TenderOffer Memorandum'). Capitalized terms not otherwise defined in this announcement have the same meaning as assigned to them in the Tender Offer Memorandum. The Offer commenced on January 19, 2021 and will expire at 5:00 p.m. (New York City time) January 26, 2021 (the "Expiration Deadline"), unless extended, re-opened and/or terminated as provided in the Tender Offer Memorandum. In addition to the payment of the Purchase Price, each Holder whose Securities are validly tendered and delivered (and not validly withdrawn) (including those validly tendered in accordance with the Guaranteed Delivery Procedures) and accepted for purchase will also be paid Accrued Interest equal to interest accrued and unpaid on the Securities from (and including) the immediately preceding interest payment date for the Securities to (but excluding) the Settlement Date. The Purchase Price and the Accrued Interest for the Securities validly tendered (and not validly withdrawn) in the Offer will be paid on the Settlement Date or the Guaranteed Delivery Settlement Date, as applicable (subject to any postponement of the applicable Settlement Date or the Guaranteed Delivery Settlement Date, as applicable, as described in the Tender Offer Memorandum). The Settlement Date and the Guaranteed Delivery Settlement Date are expected to occur on January 28, 2021 and January 29, 2021, respectively. Accrued Interest will cease to accrue on the Settlement Date, and (in the case of Securities for which the Guaranteed Delivery Procedures are used) no additional accrued interest will be paid in respect of the period from the Settlement Date to the Guaranteed Delivery Settlement Date. The Offer is not conditioned on any minimum amount of Securities being tendered. The Offeror's obligation to accept and pay for Securities in the Offer is, however, subject to the satisfaction or waiver of the General Conditions contained in the Tender Offer Memorandum. Subject to applicable securities laws and the terms set within the Tender Offer Memorandum, the Offeror reserves the right, with respect to the Offer made by it, (i) to waive or modify in whole or in part any and all conditions to the Offer, (ii) to extend the Withdrawal Deadline or the Expiration Deadline, (iii) to modify or terminate the Offer or (iv) to otherwise amend the Offer in any respect. Announcements in connection with the Offer will be made by the delivery of a press release to a recognized financial news service and by publication through RNS. The results of the Offer are expected to be announced on January 27, 2021.