EUROCASH

The broadest food distribution and platform in Group – executive summary Poland’s sizeable market has unique traits that favor neighborhood stores  GDP is of EUR 475 bn and population is of 38.4 m (EUR 26k per Capita PPP) but population density in large cities is quite low  Typically small living quarters lead to daily shopping nearby and has severely limited the success of “big box” retail formats

Through M&A and organic growth, Eurocash has built the broadest distribution and retail platform  With Sales of EUR 5.5 bn, and EBITDA of EUR 85 m, cash flow generation is of approximately 133% of EBITDA  While many retailers failed in Poland , Eurocash built scale through M&A and its purchasing power has kept small format stores competitive  Today, Eurocash is the 2nd largest player, No.1 in branded FMCG sales, the dominant small store operator, and leads in several product categories

As wholesale distribution leader, Eurocash invests to improve small store competitiveness and growth  With 27% market share serving most small stores including 13.5k soft franchisees, sales are of EUR 4.2 bn and EBITDA of EUR 95 m  Eurocash.pl is a fast growing e-commerce platform with sales of EUR 800 m, giving small store owners solutions comparable to modern trade

As the 7th largest retailer, the roll-up growth strategy for its chain brings synergy and upside  With sales of Eur 1.7Bn from 1500 hard franchise and own stores, the objective is to add 900 stores in 5 years to become the 3rd largest retailer  The retail strategy builds on already-strong product categories of wholesale while helping Eurocash grow into new, under-represented ones  Eurocash’s experience with post-acquisition integration of distressed assets offers the prospect of strong upside from profit recovery

Cash generation funds continued investment to innovate in support of small stores in a changing industry  Addressing the needs for automation, digitalization, and individualized customer offerings brings further competitiveness to small store formats  Following on investments of EUR 800 m over the last 10 years, today’s projects are at tipping point to show long-term benefits in growth and profitability

1 Poland is a unique market Demographics: small towns, small living quarters, that necessitate daily shopping close to home

Percentage of population living in cities/rural area Share of distribution channels in FMCG sales in Poland

Eurocash Others 26,2% Eurocash 22,5% market market 50.2% 50.2% Minimarkets 18,9% Rural 28% 17,0% Proximity Cities 0-20K 40% 7,0% 8,8% 4,9% 4,1% Cities 20-50K Large Supermarkets 14,5% 19.4% 12,5% 16.6% Cities 50-100K 8% Hypermarkets Cities 100K+ 11% 30,4% 33,2% 13% Discounters

2018 2023E Source: www.retailytics.com  Total population of 38.4 M  60% of Poles live in villages & small towns

 GDP per Capita PPP of EUR 26.1k  Small living quarters have limited space to store food

 GDP increase by 5.1% in 2018  As a result, most Poles shop almost every day

Source: GUS, Eurostat

2 Food market growth Small format stores accelerating their growth

Food market growth by channel Food market growth in small format channels (FY 2018, YoY) (FY 2018, YoY)

9,3% FY 2017 FY 2018 13,5% 8,5% 12,2% 6,5% 10,1%

4,5% 5,0% 2,0% 2,3% 0,9% 0,8%

0,0% -0,6% -0,8% Discounters Hypermarkets Supermarkets Small Format 2500+ 300-2500 -4,8%

FY 2017 FY 2018 Small Supermarkets Convenience 40-100 Small Grocers -40 Specialized & Others 100-300

 Total Poland Food sales increased by 5.4%, while in Small Format stores increase was of 6.5%

3 Source: Nielsen, Total Poland, All Food Food market dynamics Sales per one small format store is increasing the fastest despite declining number of all outlets

Change of sales per one store 16,6% 13,2% 10,1% 5,9% 4,2% 2,6% 0,7%

-3,5%

Discounters Hypermarkets Supermarkets 300- Small Format Small Convenience 40- Small Grocers -40 Specialized & 2500+ 2500 Supermarkets 100- 100 Others 300 2015 2016 2017 2018 No. of 3.3 8.9 27.0 33.2 22.3 4.0 0.3 91.5 stores (k) Change of number of stores 158 114

-5 -31 -244 -615

-2 197 -3 087 Discounters Hypermarkets 2500+ Supermarkets 300- Small Format Small Supermarkets Convenience 40-100 Small Grocers -40 Specialized & Others 2500 100-300

4 Source: Nielsen, Total Poland, All Food Like for Like vs. inflation Small Format stores sales growth accelerated despite lower inflation than other segments

Like for Like sales dynamics by chain Food inflation by product category (YoY, 2018) 2018 4Q 2018 Large format categories Small format categories 6,8% 6,4% 5,9% 12%

10% 4,5% 4,3% 3,2% 8% 6,8% 2,8% 2,1% 5,4% 2,0% 2,0% 6% 4,7% 1,6% 3,9% Food 1,2% 0,9% 4% 2,7% average 1,7% 1,8% 2,0% 2% 1,4% 1,3% 1,3%

0% Small Stores Large Stores -0,1% -2% average +3.4% average +0.5% -2,4% -2,3% -2,8% -4% Fats Dairy Vegetables Bread and Food Meat Coffee & Tobacco Fish Beverages Alcohol Fruits Sugar, abc Gama Lewiatan EKO Delikatesy BiedronkaBierdronka CEE Cereals Tea incl. Spirits, sweets, (DC) Centrum Wine Beer jams

Source: Eurocash Group, Companies reports, Source: GUS wiadomościhandlowe.pl, abc – data for appx. 300 stores 2018 (I-IX) 2018 (I-XII)

Delikatesy Centrum inflation: wholesale prices -1.2%, retail prices +0.4% in 2018 YoY

5 Eurocash Group overview Enormous purchasing power and efficient logistics to serve small and neighborhood stores across Poland

Eurocash Sales*: PLN 22.7bn (+10% YoY) Group EBITDA*: PLN 374m (+4% YoY)

Wholesale Retail Projects Others (HQ)

Sales* PLN 17.7 bn (+6%) PLN 4.9 bn** (+26%) PLN 74 m N/A EBITDA* PLN 410 m (+18%) PLN 112 m (-13%) PLN -45 m PLN -102 m

Cash&Carry Delikatesy Centrum Duży Ben

Tobacco Specialized Inmedio Kontigo Distribution

Alcohol Specialized Others Distribution Already moved to Wholesale or Retail Food Service (HoReCa) (W or R) due to reach of break even point:

Faktoria Win (W) Eurocash Distribution recently sold for PayUp (W) Over 80k clients. 13.5k retail stores organized Delikatesy Centrum: 1.5k stores - 14x EBITDA within soft franchise chains: abc, Lewiatan, 500 own & 1000 hard franchise , Eurosklep, Gama Inmedio: 500 newsagents Fresh Project (R)

* Results for 2018 6 ** Consolidated sales. Total annualized sales including franchise retail sales amounted to 7.4bn. Retail already includes Fresh Project Eurocash - 2nd largest overall player in an unique market Top players are not names one would expect to outrank famous international retail chains

*IFRS 15 Eurocash Group sales evolution (PLN bn) accounting change (appx. 2.4bn PLN) Ranking of FMCG distributors & retailers (sales, PLN bn)

Biedronka 48 Wholesale Retail 23 17 32 21 Eurocash 23 20 19 (Pro-Forma) 7 19 5 2 11 16 17 17 17 4 5 3 1 2 Tesco 1011 2 9 8 10 10 5 10 8 1 18 18 10 11 6 7 16 17 10 1 15 15 15 Carrefour 5 1 6 9 3 1 0 9 Intermarche 7 2 7 5 1 2 0 5 6 3 2017 3 4 7 1 2 2 Żabka 4 7 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2016 2017 2018 Metro (Makro C&C) 7 2013 9 5 Dino 1,7 2009 3 MHC Delikatesy Tradis Inmedio Rogala 3 MBO IPO PayUp McLane Batna Premium EKO Mila Centrum Distributors Group Kolporter FMCG FHC-2 3 KDWT M&A history: Frisco.pl PDA PayUp Source: RZ500 Disposal  16 acquisitions aimed at rolling up strong category leaders , capturing synergies around a common back-office

 Hypermarkets have shown little growth for last 10 years *IFRS 15 – change of accounting rules, impacting sales revenues and costs of goods sold by EUR 2.4 bn due to reclassification part of sales into lower purchase conditions. No impact on EBITDA. 7 Wholesale: No. 1 distributor in Poland Building scale and purchasing power to bring competitiveness to small stores

Wholesale market share Dedicated distribution platforms covering different store profiles • Local sub-wholesalers • Producers own distribution Eurocash Generalists • Specialized & categories not 25% Cash&Carry covered by Eurocash Group 4,5 Sales (PLN bn) 27%

Eurocash Others 51% 26% Distribution 4,6

Alcohol 13% Distribution Makro - FMCG 2,2 Specialized (C&C) 6%

Tobacco & Impulse Selgros (C&C) 33% Delivery Distribution 4% 5,9 PT Dystrybucja (T) 4% Distribev (A) 3% 3% HoReCa PHUP Gniezno 0,5 Bać-Pol 2% (T) 1% Alti (A) 1%

T- Tobacco; A-Alcohol,

8 Eurocash.pl - successfully developed in 2018 Tremendous change in everyday life of store owner

Digital approach to increase store owners competitiveness

 To customize offer to local consumers

 To flexibly compete with centrally managed retail chains

 To reduce store costs, making work much easier and more automated

 To fully integrate supply chain from Eurocash to Consumer

# of Eurocash.pl users (thsd.) 2018 avg. order by type (pln) 2018 # of ordered SKU

1 173 33 8,0 8,7 80 934 +88% +26% +141% +108% 623 14 16

2017 2018 LT Others Sales Rep. www Objective Others Sales Rep. www

9 Retail: 1st nationwide proximity supermarket chain in Poland Entering retail through market consolidation, followed by operational integration, with LT objective to become no. 3 retailer in Poland

Ranking of retailers (2017 sales, PLN bn) EV/Sales 7.4 bn PLN 1 539 stores 48 47% (JMT)

Lidl 16 537 3,1 LT Tesco 11 39% (TSCO) Own objective Auchan 10

Kaufland 10 21% (CA) 1002 Carrefour 10 4,3 Delikatesy Centrum 7 ? Franchise consolidated 5.1 Żabka 7 62% (PE) Retail Sales Number Intermarche 7 (PLN bn) Of Stores Dino 5 114% (DIN, IPO)

Netto 3 Acquisitions +5 bn PLN +900 stores E.Leclerc 3 > Retail Sales > By 2023 Green Field Stokrotka 3 49% (PE) 2-3Y integration to ensure 2 Franchise Chain standardized business Piotr i Paweł 2 68% (PE) with unified processes Profi () Average 57%

10 *PE- Private Equity deal Eurocash Retail: consistently investing in the future Acquisition of distressed regional chains boosts sales and store count but initially sales per sq.meter take a hit

Selling area (k sqm) Brand sales revenues (PLN bn)

399 7,4 237 +68% 4,6 +61%

2016 2018 2016 2018

No. of stores Sales per sqm (k PLN) 20,1 +42% 1 539 1 086 18,9

2016 2018 2016 2018

 Expansion already started through consolidation of two chains, both having potential to increase sales density  Rebranded EKO stores are still at early stage but already started to show strong LFL* improvement

 Strong asset  Asset integration &  Expansion & sales development through base increase operational standardization new stores and additional acquisitions

11 *LFL – Like-for-Like sales growth, or same store growth Retail – biggest supermarket chain in Poland Merger of 3 businesses under professional process management

Key milestones for integration process December December June September From October 2017 2018 2019 2019 2019

Further realization of EKO stores remodeling Mila stores remodeling strategic goals and process development Head Office & Operational integration EKO logistics integration Together work as market leader

Finished integration project

HQ, HR & Logistics / Internal Expansion IT 12 Legal 4 6 8 10 Supply chain Central communication Strategy Stores 1 2 Commercial review 3 Operations Processes Business Case, Assortment CRM & Finance & Risk 5 Synergies & 13 7 Review & CVP 9 Marketing 11 Accounting Management KPIs

12 Projects serve to incubate forward-looking retail concepts and solutions In a changing industry, Eurocash is able to keep investing in good times and bad to innovate in support of small stores

FRESH PRODUCE FAKTORIA WIN Break even point already achieved in 2018 Reinvented wine category in small stores after 3.5 years from launch with cumulative lo Wine market share up in Small Format sses at 5% of sales stores from 29,6% (2013) to 35,3% (2018) Delivery every day before 11am Crucial for retail development

FRISCO.PL IN PROGRESS DUŻY BEN IN PROGRESS market leader, home delivery Specialized liquor store with 41% market share Supported by Eurocash scale E-supermarket B2C High cash generation Fully automated warehouse Deconsolidated market Already 24 stores, with store level avg. BEP after 9 months

 Each start-up was unprofitable in initial phase, but nowadays gives competitive advantage and are starting to generate profits

 Cumulative EBITDA investment of EUR 40 m in last 4 years to address recent consumers’ behavior changes:

 Digitalization  Automation  Personalization  Professionalization

13 Eurocash Group: high cash generation is the key enabler of success Now, as before, a capex-light business model and working capital discipline underpin M&A and investments Cumulative Operational Cash Flow (OCF) and Investment Cash Flow (ICF) PLN bn 4,7 4,2 3,7 3,4 3,4 3,0 2,7 2,4 2,4 2,1 2,0 2,3 206% 158% 1,8 1,9 1,6137% 135% 137% 133% 101% 100% 93% 0,9 74% 0,4 0,7 0,7 60% 0,2 0,2 0,3

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Cum. OCF Cum. ICF OCF/EBITDA

-5,8 -11,6 -11,7 -12,4 -11,1 -13,2 -17,2 -19,4 -17,3 -25,6 -27,6 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Cash Conversion (in days) IFRS 15 accounting change (-2 days)*  Cash conversion one of best in market and compared with international comparables

 Cash generative business model funds M&A and innovation for long-term

 We kept investing even in tough macro environments: Total investment in last 10 years of EUR 800m

14 *IFRS 15 impact on working capital rotation due to 2.4bn PLN sales reclassification Changing consumer habits are opportunity for small stores in Poland Proximity and small stores will get even more importance having access to Eurocash innovations

Big Shopping Small Shopping

61% 58% 73% 55% 55% 65% 44% 51% 38% 36% 23% 24% 12% 15% 4% 7%

Hypermarkets Supermarkets Discounters Small Stores Hypermarkets Supermarkets Discounters Small Stores Unexpected need Daily routine shopping Special Occasion Stocking Up Q:In which store do you most often perform given types of shopping missions? .  Thanks to digitalization, automation and e-commerce growth SMALL STORES MAY TAKE OVER BIG SHOPPING FROM LARGE CHAINS

Growing consumption of F&V, Food: eco, organic, Growing share ready meals; less bread, meat, sugar veg, regional, exotic of pensioners

Growing disposable income e- and m-commerce as standard

15 Consumer change from passive to active Eurocash Group – executive summary

NO. 1. WHOLESALE DISTRIBUTOR IN POLAND with 27% market share & the biggest (PLN 3bn) FMCG ecommerce platform

DYNAMICALLY ENTERING INTO RETAIL already no. 7 with objective to become no. 3 retail chain in Poland

WITH INNOVATION AND BUSINESS DEVELOPMENT PROJECTS DELIVERING RESULTS addressing digitalization, personalization & automation needs

AS THE DOMINANT SMALL FORMAT & PROXIMITY STORE OPERATOR supported by globally changing trends & consumer habits

16 APPENDIX 1 2018 RESULTS

17 Executive Summary

01 SMALL STORES WITH HIGH SALES INCREASE with sales dynamics at +6.5% in 2018 YoY

02 WHOLESALE 03 RETAIL STRONG GROWTH OF 6%IN 2018 INTEGRATION ONGOING, BUT LFL with EBITDA PLN +63m (+18%) STARTED TO IMPROVE with Delikatesy Centrum +2% in 4Q 2018

STRONG CASH GENERATION NET DEBT/EBITDA DECREASE 04 With OCF at 1.4x EBITDA 05 FROM 1.7x IN Q3 TO 0.9x IN Q4 due to PayUp disposal and strong OCF

FY WHOLESALE SALES INCREASE BY APPX. 1.0bn , RETAIL BY APPX. PLN 0.9bn

18 2018 Eurocash financial summary Sales increase by 10%, reported EBITDA by 70% (PLN +172m ), normalized EBITDA by 4% (PLN +13m)

% of % of EBITDA CHANGE Y/Y SEGMENT PLN m 2017 2018 Sales Sales (2018,PLN m) (YoY PLN, m) Change 2017 2018 Net sales 20 713 22 833 10% Wholesale +410 Gross profit 2 465 2 882 11,8% 12,6% 17% +63

EBITDA 246 419 1,2% 1,8% 70% Retail +107 -46 One offs: -114 45

Pay Up 75 Projects -41 +11 Restructuring provision -27

Others -57 +45 Mila M&A fees (2Q18) -3 (-102*) (-15*)

EBITDA normalized 361 374 1,7% 1,6% 4% *normalized

 Gross profitability increased by 80bps driven by consolidation of Mila. Excluding Mila increase was of 22 bps  Normalized EBITDA increased by 4% in 2018 driven mainly by wholesale and off-set by retail  2018 cost optimization program (PLN +72m in 2018) was off-set by remuneration increase

19 Wholesale Segment – strong growth in 2018 FY 2018: +956m sales and +63m EBITDA increase

FY 2018 Sales of goods evolution FY 2018 EBITDA evolution (PLN m) (PLN m)

17 682 410 16 726 +956m 405 +63m 16 217 +508m +5.7% 347 +18.2% +3.1% -58m -14.4% 2,50% 2,32% 2,07%

2016 2017 2018 2016 2017 2018

 Strong performance in FY 2018 with sales +5.7%, EBITDA +18.2% and EBIT +27.1% YoY.

 Cost pressure covered by improved efficiency.

20 Wholesale sales dynamics Wholesale segment supported by professionalization of small format stores

Wholesale sales evolution by format C&C LFL (2018 YoY) 6,9% 43 9

3,8% 438 2,6% 2,7% 1,5% 53 358 0,7% 0,3% 1,3% 0,0% 0,3% 17 673 17 682 17 630 -1,3% 162 -0,4% -2,2% 17 192 +95717 192 16 887 -2,7% -3,6% 16 725 16 725 -3,5% -4,0% -4,6% -4,9% +5.7% -5,2% Wholesale Cash&Carry Tobacco Alcohol Distribution Food Service Other Wholesale 2017 2018

 Wholesale sustained the growth, with 5.7% in FY 2018 and 5.4% in Q4 2018

 C&C LFL in FY 2018 showed best performance since 1Q 2013, with +4.1% and +6.9% in Q4 2018.

 ECD sales to franchisees (Lewiatan, PSD, Euro Sklep, Groszek) increased by 10.1% in 2018 YoY

21 Retail – increased asset base Ongoing integration affecting short-term retail results

FY 2018 Sales of goods evolution FY 2018 EBITDA evolution (PLN m) (PLN m)

4 319 151 153 3 436 +883m +1.2% -46m +1 039m -30.2% 107 +25.7% 6,32% +2m 2 397 +43.4% 4,46%

2,48%

2016 2017 2018 2016 2017 2018

 Sales increase driven by M&A. Consolidated 2018 Mila sales 835 m PLN (369m in Q4 2018)

 Delikatesy Centrum LFL in 2018 +2.9% wholesale and +0.9% retail. In Q4 2018: +3.4% wholesale and +2.0% retail

 EBITDA impacted by ongoing integration of 3 separate businesses.

22 Projects – investments in the future growth PLN 11m result improvement due to Fresh project break even point in 3Q 2018.

FY 2018 Sales of goods evolution FY 2018 EBITDA evolution (PLN m) (PLN m)

680 +129 2016 2017 2018 551

271 +280

+11 -40 -12 -41 2016 2017 2018 -52

Projects – R&D on behalf of independent retailers:

Faktoria Win PayUp Fresh Project 1minute Duży Ben Kontigo Others

Successfully developed Suspended Under expansion and further development

23 2018 financial summary - profitability Normalized net profit impacted by increase of depreciation and net financial costs due to increased leverage

% % Y/Y PLN m (normalized) 2017 2018 of Sales of Sales Change 2017 2018  Depreciation increase by PLN 21m, driven by

EBITDA 360,7 373,6 1,7% 1,6% 4% Retail segment (Mila+EKO: PLN 16m)

EBIT 177,4 169,6 0,9% 0,7% -4%  Net Financial costs increase by PLN 16 m due

Net Financial Costs -42,7 -58,8 -0,2% -0,3% 38% to increased leverage and lower one-off financial revenues Profit before tax 134,7 110,6 0,6% 0,5% -18%

CIT -49,9 -43,9 -12%  Reported Net Profit increase by PLN 141m

Net profit 84,8 66,9 0,4% 0,3% -21%

Net profit reported -29,6 111,7 -0,1% 0,5%

24 Cash Flow LTM Operating CF at 133% EBITDA (normalized)

Cash conversion cycle PLN m 2017 2018 (after IFRS 15) 40 Net operating cash flow 471 499 31 31 28 30 30 27 24 21 20 Net profit (loss) before tax 20 156 25 23 21 23 24 24 20 20 0 Depreciation 183 204 -20 (21) (21) (22) Change in working capital 247 175 -40 (27) (23) (25) (24) (28) (68) Other 21 (37) -60 (71) (70) (76) (75) (80) (77) (76) -80 Net investment cash flow (336) (379) -100 Net financial cash flow (95) (126) Q1 2017 Q2 Q3 Q4 Q1 2018 Q2 Q3 Q4

Total cash flow 41 (6) Receivables Stock Cash conversion Liabilities

 Cash from NWC driven by receivables due to: Tobacco receivables decrease, non-recourse factoring and credit limits management  Consolidation of Mila changing rotation of each WC component

25 Net debt vs. LTM EBITDA Healthy and declining leverage thanks to strong cash generation

Net Debt vs. EBITDA in 2018 1,90 1,67

1,36 1,29 1,10 1,11 1,02 0,91

431 584 441 486 419 464 361 370 363 468 360 685 363 608 419 382

1Q'17 2Q 3Q 4Q 1Q'18 2Q 3Q 4Q LTM EBITDA (PLN m) NET DEBT (PLN m) NET DEBT / EBITDA

 Q4 2018 Net Debt decreased by PLN 226m

*NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents 26 IFRS 16 Net Debt vs. EBITDA in 2018 (PLN m)

CURRENT IFRS 16 IMPACT AFTER IFRS 16

SALES 22 833 22 833

EBITDA 419 330(1) 748(1)

EBITDA margin 1,8% 3,3%

NET DEBT / (2) (3) IFRS16 INDEX 382 1 802 2 184

NET DEBT (IFRS16 INDEX) (3) / EBITDA 0,9 2,9

 CAPEX-light business model will drive IFRS16 Index / EBITDA (1) to 2.9x, EBITDA (1) to PLN 748m and EBITDA (1) margin to 3,3%

(1) IFRS16 EBITDA – estimation for 2019 based on the assumption that the number of contracts will be constant and no change of their conditions is to occur. The estimated IFRS16 EBITDA shall not constitute any definitive forecasts and as such is not guaranteed by Eurocash to any extent . (2) NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents (3) IFRS16 INDEX – new measure of indebtedness including operating leasing. The estimation shall not constitute any definitive forecasts and as such is not guaranteed by Eurocash to any extent. 27 Key successful developments in 2018 Educational and social projects driving competitiveness of small stores in their neighborhoods

 E-learning: 12,4k students, 70 courses  400 initiatives from 250 towns submitted to the contest by store owners  Workshops: 6k students, 70 towns  100 grants for initiatives to support local  Conference: 5k participants society

 PLN 1.5 m in total  Business Studies: 72 students  Each grant: PLN 10k, 50k and 100k  Certification

28 2018 Summary

WHOLESALE RETAIL PROJECTS

SALES

EBITDA IN PROGRESS IN PROGRESS

CASH FLOW

29 Disclaimer

This presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to uncertainty and changes in circumstances. Those forward-looking statements may include, but are not limited to, those regarding capital employed, capital expenditure, cash flows, costs, savings, debt, demand, depreciation, disposals, dividends, earnings, efficiency, gearing, growth, improvements, investments, margins, performance, prices, production, productivity, profits, reserves, returns, sales, share buy backs, special and exceptional items, strategy, synergies, tax rates, trends, value, volumes, and the effects of Eurocash S.A. merger and acquisition activities. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to developments in government regulations, foreign exchange rates, oil and gas prices, political stability, economic growth and the completion of ongoing transactions. Many of these factors are beyond the Company's ability to control or predict. Given these and other uncertainties, you are cautioned not to place undue reliance on any of the forward looking statements contained herein or otherwise. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements (which speak only as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as maybe required under applicable securities laws. Statements and data contained in this presentation and the associated slides and discussions, which relate to the performance of Eurocash S.A. in this and future years, represent plans, targets or projections.

For more information please contact: Cezary Giza Investor Relations Director

[email protected] mobile: +48 693 930 415

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