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Report of the month

January 2012

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Tesco Cheshunt, Hertfordshire, United Kingdom Report Facts Company name: Tesco PLC Fiscal year end: February 28, 2011 Report title: Annual Review – Annual Report Chairman: David Reid Group Chief Executive: Philip Clarke Number of books: 2 Report length: 40 + 162 pages Auditors: PricewaterhouseCoopers LLP Website: http://ar2011.tescoplc.com Design and production: Conran Design Group	Report Rating 3.5/5 (Rating scale below) Mission In order to reflect changing consumer needs and the increasingly global nature of our business we’ve evolved our strategy... Our next step is to be an outstanding international retailer in stores and online... We now aim to be as strong in everything we sell as we are in food. (Report excerpts. Italics are own company’s words) Key Figures Sales: £ 67,573 million (including VAT) Operating profit: £ 3,811 million Operating profit margin: 6.3% Net profit: £ 2,655 million (after tax) Earnings per share (basic): £ 33.10 pence Dividend: £ 14.46 pence Return on equity: 22.6% Return on capital employed: 12.9% (Source: figures sourced from the annual report only) Competitors - Peers J Sainsbury Walmart Carrefour Ahold Delhaize Woolworths Casino Auchan ...

Triple A > Very well-built and comprehensive annual report homepage, with multiple menus and links and interactive chart options. The whole online report is really designed for on-screen readability. > Key performance indicators made most accessible, well chosen and very clearly displayed online. > Board details, governance, compensation and committee information up to best practice.

Double A > Choose your language option at the top is not so common in the UK. Even Mr. Sarkozy and a few others should appreciate! > Good review of the seven-part strategy and progress achieved over the last year. > Nice story-telling pictures, working effectively online and in print.

Simple A > Printed/PDF covers not up to online/HTML homepage (no message). > Is the business so obvious to any investor or stakeholder that it doesn’t deserve a quick profile or overview? > Highlighting Underlying diluted earnings per share is fine, highlighting actual earnings for shareholders would be finer. > Good review of Principal risks and uncertainties, setting forth Key controls and mitigating factors.

B Sides > Where is the real financial review? > Online report URL (http://ar2011.tescoplc.com) doesn’t begin with the company name. > Back-and-forth navigation happens on the same screen window. Even the PDF download doesn’t pop up as new window. > Quick links don’t include a company profile or a financial review.

How does the company report in key areas? What are the main report pluses and minuses? The Report Scan gives an overview of strengths and weaknesses, and scores each item. Contact e.com@reportwatch.net

Selected Page (Key performance indicators in Tesco online Annual Report 2011)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.