All Tesco colleagues who have completed at least three months’ continuous service by 17 November 2023.

For each SAYE scheme, a discounted option price is set. Usually, this is the Tesco share price at the time, with a 10% discount. This year, the discount will be 20% which means that your discount is twice as good. The option price for the current invitation can be found at the top of the invitation page, posters and ourtesco.com/our-benefits/shares-in-tesco from Friday 17 November.

Your savings will be taken from your pay after tax every four weeks, starting in February 2024.

Deductions will stop being taken from your pay in November 2026 for the three year savings period, and September 2028 for the five year savings period.

This is dependent on tax weeks and the payroll cycle.

No, once the invitation has closed you won’t be able to change the amount. However, you can cancel at any time and your savings will be returned to you. You can also take a savings holiday if you need to.

This year, Tesco has introduced a tax-free bonus for colleagues at the end of their savings period.

The three and five year tax-free bonuses are set by the Bank of England at the time of the invitation.

For the November 2023 invitation, under the three year scheme the bonus is 1.1 times your four-weekly saving amount and under the five year scheme the bonus is 3.2 times your four-weekly saving amount

Example - if you apply to save £50 in either the 3 or 5 year scheme, at the end of the savings period you’ll receive a tax-free bonus. A more detailed example can be found under the Useful links section of this site:

SAYE Scheme	Four-weekly saving	Bonus rates 2023 SAYE schemes	One-time bonus at the end of the savings period
3 year	£50	1.1	£55
5 year	£50	3.2	£160

For more information please go to ourtesco.com/reward-and-benefits/shares/saye-2020.

Alternatively, you can call the Tesco Shares Helpline on 0371 384 2976*.

*Calls to 03 numbers cost no more than a national rate call to 01 or 02 numbers.

In making an application, you’re applying to join the SAYE Scheme which is run in accordance with the Scheme rules on which we intend to rely. Full terms and conditions, Bank Prospectus and the Financial Services Compensation Scheme Information Sheet and Exclusions list referred to have been made available in the Useful links section. These form the basis on which Equiniti services will be provided to you. For your own benefit you should read these terms carefully before giving an application instruction. If you do not understand any point please call 0371 384 2976*. You understand that if this declaration is untrue in any respect any interest or bonus payable under the Plan will be forfeited. By applying to join the Scheme you acknowledge that you have read the Financial Services Compensation Scheme Information Sheet and Exclusions list.

Textel/Minicom Service Number 0371 384 2255*.

If you would like to receive a copy of this brochure in an alternative format, for example Braille or audio tape, please contact Equiniti on 0371 384 2976*.

*Calls to 03 numbers cost no more than a national rate call to 01 or 02 numbers.