Global Investment Watch

On June 16, 2008, UFCW sent a letter to fellow Tesco Shareholder alerting them to what they consider to be a potential source of long-term financial risks to the company and have requested meetings with portfolio managers with an interest in the UK-retailer. Specifically, the union cited “Tesco’s risky management behavior in connection with their U.S. expansion under the brand Fresh & Easy.” UFCW currently represents 1.3 million members in food retail and food processing throughout the United States and Canada, including the majority of workers in the areas Tesco Fresh & Easy is opening stores. The UFCW report “The Two Faces of Tesco” can be found at here.