EUROCASH

The broadest food distribution and platform in Group – executive summary Innovative approach to understanding consumer needs

RAPIDLY GROWING E-COMMERCE B2B2C PLATFORM supported by scale as No. 1 wholesale distributor in Poland

7TH LARGEST RETAILER IN POLAND with fast expansion plan for chain with quality fresh products delivered daily and machine learning solutions addressing consumers individual preferences

POLAND’S SIZEABLE MARKET HAS UNIQUELY STRONG TRADITIONAL SECTOR with proximity entrepreneurs able to fight multinational players

STRONG CASH GENERATION OVER YEARS allows investment in innovative tools and solutions, with increasing ability to satisfy evolving consumer needs

2 Eurocash – digital company with sizeable scale in Poland’s food market Access to consumers all over the country brings tremendous advantage to understand needs through big data

Today Future objective

Personalization + advanced market data 10k wholesale clients Enable access by all 80k wholesale clients Eurocash.pl PLN 3.5 bn sales

Premiumization + Individualized approach Launched Consumer online access to Eurocash.pl in September 2019 full marketplace assortment Market

Personalization Platform extension on “white 1.5k retail stores label” basis to Wholesale’s POS + CRM 40% of turnover, 2.5x LFL franchise chain clients

Quality and efficiency 1.5k retail stores Fresh offered next to main franchised Fresh Products Quality, everyday delivery chains

New Technologies Warsaw 42% market share Profitable home delivery of Automated warehouse Stock-up mission in main Omnichannel cities opened in May 2019

Education 2.0 + Social Engagement of Entrepreneurs

3 Eurocash – digital company with sizeable scale in Poland’s food market Access to consumers all over the country brings tremendous advantage to understand needs through big data

Shopping missions: • Stock-up • Specialized & Occasions Online order Order

POS + CRM Independent store

Logo

Delivery Warehouse

Pick-up at store, or Traditional purchase Home delivery

Eurocash.pl 80 000 CRM + POS + Eurocash.pl Omnichannel Market stores Mobile App

4 Eurocash – 2nd largest overall player in Poland Top players in Poland 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)

Wholesale Retail 23 51 17 32 20 21 23 Eurocash 17 19 5 7 2 17 17 17 4 11 18 3 5 1 2 2 11 1011 10 10 5 8 8 10 1 18 18 9 10 7 16 17 6 15 15 15 8 1 5 1 1 6 9 3 0 9 7 2 Intermarche 5 1 2 0 5 6 7 3 2018 3 4 7 1 2 2 Żabka 4 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 7 Metro (Makro C&C) 2013 7 9 M&A history: 6 Dino 2 2009 3 MHC Delikatesy Tradis Inmedio Rogala MBO IPO PayUp McLane Batna Premium EKO 3 Centrum Group Mila Distributors Kolporter FMCG FHC-2 PayUp 3 KDWT Frisco.pl PDA Disposal Source: RZ500  Competitiveness of Traditional trade derive from our scale, rolling-up category leaders, capturing synergies around a common back-office

 Modern Trade’s focus on large formats failed: Hypermarkets have shown little growth for last 10 years

5 *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. Wholesale: no. 1 distributor in Poland Several times larger than next players, strongest in the categories sold mostly by small stores

Wholesale market share Dedicated distribution platforms covering different store profiles • Local sub-wholesalers 2018: • Producers own distribution Eurocash Generalists • Specialized & categories not Group 25% Cash&Carry covered by Eurocash 28% 4,5 Sales (PLN bn) Now merging:

Eurocash 26% Distribution 4,6 Others Alcohol 54% 13% Distribution Makro - FMCG 2,2 Specialized (C&C) 5%

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

6 Eurocash Group overview Enormous purchasing power and efficient logistics now serving to transition into Retail growth

Eurocash Sales’18: PLN 22.7 bn (+10% YoY) Group EBITDA’18: PLN 374 m (+4% YoY)

Wholesale Retail Projects Others (HQ)

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

Cash&Carry Delikatesy Centrum Duży Ben

Tobacco Specialized Kontigo Distribution Inmedio

Alcohol Specialized Others Distribution In merging process Already moved to Wholesale or Retail Eurocash Distribution since 2019 (W or R) having broken even:

Food Service (HoReCa) Faktoria Win (W) sold in 2018 PayUp (W) Over 80k clients. 13.8k retail stores organized Delikatesy Centrum: 1.56k stores - for 14x EBITDA within soft franchise chains: abc, Lewiatan, 564 own & 996 hard franchise , Eurosklep, Gama Inmedio: 449 newsagents Fresh Project (R)

7 * Consolidated sales. Total annualized sales including franchise retail sales amounted to 7.4 bn. Retail already includes Fresh Project. 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

Ranking of retailers (2018 sales, PLN bn) EV/Sales 7.4 bn PLN 1 560 stores Biedronka 51 50% (JMT)

Lidl 18 564 3,1 LT Auchan 11 Own objective Kaufland 10

Tesco 10 37% (TSCO)

996 Carrefour 8 22% (CA) 4,3 Incl. fuel Delikatesy Centrum 7 ? Franchise consolidated 5.1 Intermarche 7 Incl. DYI Retail Sales Number Żabka 7 62% (PE**) (PLN bn, 2018) of Stores Dino 6 114% (DIN, IPO) * 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 (Romania) Source: RZ500 Average 57%

8 *no data for 2018, data used for 2017 **PE – Private Equity deal 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 & support small stores

FRISCO.PL DUŻY BEN  Warsaw market leader, home delivery  Specialized liquor store with 42% market share  Supported by Eurocash scale  E-supermarket B2C  Deconsolidated market  Automated warehouse launched in May 2019 57 stores at the end of Q3 2019 with store level avg. break-even in 6 months. LFL in 9M 2019 +20%.

Value Market Share 42% Sweet&Alcohol store Sweet&Alcohol store sales (Warsaw) 36% independence (2018) dynamics (YoY 2018)

28% 57,0% 7,6% 43,0% 20% Doubled 5,4% market share in last 3 years

2015 2016 2017 2018 IndependentNon-Organized store Chain/organizedChain store Sweet & Alcohol TotalTotal MarketPoland

 Following Faktoria Win, PayUp & Fresh Projects success, new and promising ones are in expansion phase

 Frisco.pl – a laboratory for innovations, Duży Ben as the next most promising Project operating in non-organized market

9 Source: Nielsen Retail Trade Panel, Value sales, period: January 2017 – December 2018, Food categories; Nielsen 2018 In-store audit 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

Cash Conversion (in days)

-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

IFRS 15 accounting change (-2 days)*  Cash conversion one of best in the market and also if compared with international peers

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

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

10 *IFRS 15 impact on working capital rotation due to 2.4 bn PLN sales reclassification MSCI ESG Rating 2019: Eurocash with „AA” Eurocash score 2 levels higher from „BBB” to „AA” which indicates market leaders

Industry rating distribution

26% 21% 17% 15% 15% CCC B BB BBB A AA AAA

4% 2%

CCC B BB BBB A AA AAA LAGGARD AVERAGE LEADER

 MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers

 Eurocash over-performed many other global retailers and is placed in the top percentile of all measured companies

MSCI ESG Research provides in-depth research, ratings and analysis of the environmental, social and governance-related business practices of thousands of companies worldwide. Our research is designed to provide critical insights that can help institutional investors identify risks and opportunities that traditional investment research may overlook. The MSCI ESG Ratings are also used in the construction of the MSCI ESG Indexes, produced by MSCI, Inc. 11 Eurocash Group – executive summary Innovative approach to understanding consumers need

INNOVATIVE COMPANY FOCUSING ON INDIVIDUAL CONSUMER NEEDS ACROSS POLAND through big data management, digitalization, personalization & automation

NO. 1 WHOLESALE DISTRIBUTOR IN POLAND with 28% market share & the biggest (PLN 3.5 bn) FMCG e-commerce platform

DYNAMICALLY ENTERING INTO RETAIL already no. 7 player with fresh products and CRM system driving competitiveness of proximity

DOMINANT SMALL FORMAT & PROXIMITY STORE OPERATOR Positioned to anticipate consumer needs evolving towards time-saving, convenience and quality

12 APPENDIX

Market performance + Q3 2019 Eurocash Results

01 GROUP SALES INCREASED BY 6.9% IN Q3 2019 YOY

WHOLESALE RETAIL 02 SALES INCREASED BY PLN 315 M IN Q3 2019 03 DELIKATESY CENTRUM +4.1% RETAIL LFL IN (+6.6%) supported by stable EBITDA despite high base Q3 2019 with significant EBITDA improvement (+179%)

LTM OPERATING CASH FLOW AT 0.8X EBITDA IFRS16 IMPACT ON P&L AND BS: 04 with ND/EBITDA at 1.2x 05 EBITDA PLN +90 m, EBIT +9 m, Net Profit -16 m and Net Debt +1.8 bn

13 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 European countries

12% 10% 9% 8% 6% 5% 5% 2% 1% 21% 17% 17% 31% 46% 30% 43% 73% 28% 65% Rural 55% 62% 78% 84% 40% 61% 82% 83% 94% Cities 0-20K 40% 44% 64% Cities 20-50K 47% 30% 28% 26% 26% Cities 50-100K 18% 21% 17% 10% 7% 9% 11% 4% Cities 100K+ 8% 11% 13%

HM (+2500m²) SM (400-2500m²) SMALL FORMAT (under 400m²)

 Total population of 38.4 M  60% of Poles lives 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

14 Source: GUS, Eurostat, Nielsen RMS 2017 Food market growth Most of the market benefiting from strong consumption growth. Hypermarkets continue to struggle.

Total FMCG Market Evolution Food market growth by channel Food market growth in small format channels (PMR, incl. VAT) (LTM SEP 2019 YoY) (LTM SEP 2019 YoY)

9,5% 279 CAGR 9,1% CAGR 245 9,0% 230 2,0% 4,5%

CAGR CAGR 152 4,4% 107 6,1% 128 5,9% 3,2% 2,9%

123 CAGR 117 CAGR 128 -1,8% 3,0% -0,7% 2012 2015 2018 Discounters Hypermarkets Supermarkets Small Format 2500+ 300-2500 Small Format Large Format -4,0%

Small Convenience 40- Small Grocers - Specialized & Supermarkets 100 40 Others 100-300

Source: PMR Source: Nielsen Retail Trade Panel, Value sales, period: October 2018 – September 2019, Food categories

 In the PLN 280 bn FMCG market, Small format stores have 46% and have grown 3% p.a. last 3 years

 LTM September Food sales increased by 5.5%, Nielsen data revised by inclusion of one supermarket chain

15 Inflation Food inflation on record levels

Inflation Food inflation by product category (YoY) 6,7% 6,1% Small format categories 5,6% 4,6% 4,7% 3,9% 3,4%3,4% 21,6% 3,2% 2,2% 1,8% 1,7% 1,6% 1,4%1,3% 1,1% 1,0% 1,1% 1,2% 0,8% 0,9% 1,8% 6,1% Food 1,1% 4,7% 4,6% 4,2% 3,6% average 1,8% 1,6% 2,0%1,8%1,9%2,2%1,5%1,7%2,0%1,4%1,2%2,4%2,8%2,5% 0,7% 0,1%

1Q'17 2Q 3Q 4Q 1Q'18 2Q 3Q 4Q 1Q'19 2Q 3Q Oct -0,2% (flash) -1,6% -5,5% CPI CPI - food & non-alcoholic beverages CPI - alcoholic beverages & tobacco Vegetables Bread and Food Sugar, Meat Fish Alcohol Beverages Coffee & Tobacco Dairy Fats Fruits Cereals sweets, incl. Spirits, Tea jams Wine, Beer 2019 (I-IX)

 Accelerating food inflation reaching 6.7% in Q3 2019

 Vegetables, bakery, sugar and meat driving food inflation. Beverages, alcohol and tobacco below 2%.

16 Source: GUS, data for entrepreneurs with more than 9 employees 3Q 2019 financial summary 7% sales growth with reported EBITDA margin at 3.3% driven by IFRS16

% of Sales 3Q 2019 % of Sales % of Sales PLN m 3Q 2018 Y/Y Change 3Q 2019 3Q 2019 before IFRS16 3Q 2018 3Q 2019 before IFRS16

Net sales 6 242 6 673 6.9% 6 673

Gross profit 785 835 6.4% 12.6% 12.5% 835 12.5%

EBITDA 105.1 129.0 22.7% 1.7% 1.9% 219.2 3.3%

EBIT 51.5 75.2 45.9% 0.8% 1.1% 84.3 1.3%

Net profit 38.2 41.1 7.4% 0.6% 0.6% 25.1 0.4%

 Gross Margin flat due to fast growing low margin Tobacco distribution format  Consolidated EBITDA impacted by one-offs: PLN +12.25 m Pay-Up earn-out and PLN -7.98 m Sushi 2 Go write-off  IFRS16 drives EBITDA by PLN +90 m, EBIT by PLN +9.2 m and net profit by PLN -16.0 m (incl. PLN -7.8 m currency effect)

17 9M 2019 financial summary 9.5% sales growth with reported EBITDA margin at 3.0% driven by IFRS16

% of Sales 9M 2019 % of Sales % of Sales PLN m 9M 2018 Y/Y Change 9M 2019 9M 2019 before IFRS16 9M 2018 9M 2019 before IFRS16

Net sales 16 988 18 594 9.5% 18 594

Gross profit 2 073 2 385 15.1% 12.2% 12.8% 2 385 12.8%

EBITDA 261.8 289.0 10.4% 1.5% 1.6% 556.7 3.0%

EBIT 112.0 128.3 14.5% 0.7% 0.7% 156.0 0.8%

Net profit 55.7 56.9 2.1% 0.3% 0.3% 31.8 0.2%

 Gross Margin driven mainly by consolidation of retail companies  EBITDA increased by PLN 27.2 m, while EBITDA margin slightly deteriorated due to change of sales mix  IFRS16 drives EBITDA by PLN +268 m, EBIT by PLN +27.7 m and net profit by PLN -25.1 m (incl. PLN -7.8 m currency effect)

18 Wholesale Segment – organic sales increased by 6.6% Sales growth continues by 6.6%, EBITDA remained at PLN 130 m despite strong base 177,3 (IFRS16)

3Q Sales of goods evolution 3Q EBITDA evolution (PLN m) (PLN m) 5 087 129,7 +0.3 m 130,0 4 772 +315 m +0.2% 4 479 +293 m +6.6% 96,5 +33.3 m +6.5% +34.5% 2,72% 2,56% 2,15%

3Q 2017 3Q 2018 3Q 2019 3Q 2017 3Q 2018 3Q 2019 before IFRS16 Sales EBITDA EBITDA/Sales

 Sales increase of PLN 315 m driven by fast growing sales of Tobacco distribution format

 EBITDA margin impacted by strong sales growth in low margin Tobacco distribution format

19 Wholesale sales dynamics by distribution format Strong 6.6% sales increase despite ongoing integration process in Alcohol Distribution

Wholesale sales evolution by format +315 m (3Q 2019 YoY)

+6.6% 5 087 16 21

+0.9% +16.0% 270 4 772 8 +14.1% Franchisees +16.9% +0.7% +11.5% ex. EC Alcohol

Sales 3Q 2018 Cash&Carry Tobacco Distribution Food Service & Other Sales 3Q 2019

 Significant Tobacco sales increase by 17%, followed by ECD and Food Service positive dynamics

 Eurocash Distribution continue to increase sales to franchisees: +14.1% in Q3 2019 YoY

 Alcohol off-setting the growth due to merger process aimed at cost reduction and decrease of sales to sub-wholesale competition

 C&C growth at +0.7% despite very strong summer last year

20 Retail – EBITDA growth with integration on track 4.1% Delikatesy Centrum LFLs, sales increase with Mila already in base 73,8 (IFRS16) 3Q Sales of goods evolution 3Q EBITDA evolution (PLN m) (PLN m) 1 523 1 417 +107 m +7.5% 1 053 +364 m 32,5 +34.6% 28,2 +20.9 m -16.6 m +179.4% -58.7% 11,6 2,68% 2,14% 0,82% 3Q 2017 3Q 2018 3Q 2019 3Q 2017 3Q 2018 3Q 2019 before IFRS16 Sales EBITDA EBITDA/Sales

 Retail sales increase by PLN 106 m with Mila consolidated in all comparable periods of last year

 EBITDA increased by PLN 21 m driven mainly by ex-EKO & Mila chains

 IFRS16 doubling EBITDA to PLN 74 m

21 Retail development Sales increase across all formats, Mila already in base

Retail sales evolution by format Delikatesy Centrum like for like (3Q 2019 YoY)

8,5% 8,0% 1 523 33 10 6,3% 6,7% 1 417 126 Inmedio 8.3% +8.3% 64 +6.0% 4,1% 4,1% 8.2% 116 Inmedio +8.6% 3,4% 811 2,1% Own 53.2% 0,9% 747 +106 m Supermarkets 52.7% Own -0,3% Supermarkets -1,5% -1,5% +7.5% -1,8% -2,0% 587 39.1% 554 38.5% Franchise Franchise 1Q'18 2Q 3Q 4Q 1Q'19 2Q 3Q Sales 3Q 2018 Supermarkets Own Delikatesy Inmedio Sales 3Q 2019 Centrum Franchise Delikatesy Centrum Wholesale Delikatesy Centrum Retail

 Own supermarkets increasing sales by PLN 64 m  Delikatesy Centrum LFL at +4.06% in Q3 2019 and average

 Franchise stores with sales increase of 6.0% in Q3 2019 retail basket inflation at +3.18%  Inmedio newsagents LFL +4.98% in Q3 2019

22 Projects – accelerating expansion of already defined formats Duży Ben with significant increase in sales

3Q 2019 Sales of goods evolution 3Q 2019 EBITDA evolution (PLN m) (PLN m)

27,2 before IFRS16 3Q 2017 3Q 2018 3Q 2019 +15.2 m +126.0% +2.0 m 12,0 +10 m 10,1 +19.4% Duży Ben

+1.3 m ( 7,5) ( 8,8) -3.2 m 3Q 2017 3Q 2018 3Q 2019 ( 10,7) Sales EBITDA (9,1) (IFRS16)

 Duży Ben driving sales with 57 stores at the  EBITDA impacted by costs of expansion and investments in end of Q3 2019 brand awareness

 Kontigo with 20 stores at the end of Q3 2019  Further expansion needed to reach break even point

23 3Q 2019 EBITDA evolution (before IFRS16) Retail increased by PLN 20.9 m

129,0 20,9 5,9 105,1 0,3 3,2 +0.2% +179.4%

EBITDA 3Q 2018 Wholesale Retail Projects Others EBITDA 3Q 2019 before IFRS16 before IFRS16

 Wholesale with stable result despite very strong last year summer season  Retail generated PLN 20.9 m (+179.4%) additional EBITDA, mainly from ex-EKO and Mila chain  Others impacted by one-offs: PLN +12.25 m Pay-Up earn-out and PLN -7.98 m Sushi 2 Go write-off

24 Cash Flow Operating CF driven by depreciation from IFRS16- LTM OCF before IFRS16 is at 0.81x EBITDA.

Cash conversion cycle 3Q 2019 40 PLN m 3Q 2019 3Q 2018 31 31 28 30 30 27 before IFRS16 24 21 23 23 20 20 25 24 24 24 25 23 21 20 20 20 18 Net operating cash flow 263 177 115 0 -20 Net profit (loss) before tax 38 58 37 ( 21) ( 21) ( 22) -40 ( 27) ( 23) ( 25) ( 24) ( 25) ( 26) ( 25) Depreciation 135 54 54 ( 28) ( 63) -60 ( 68) ( 70) ( 68) Change in working capital 75 75 21 ( 75) ( 71) ( 76) ( 72) ( 76) ( 81) ( 77) Other 15 (9) 4 -80

Net investment cash flow (59) (59) (37) -100 Net financial cash flow (244) (159) (74) Q1 2017 Q2 Q3 Q4 Q1 2018 Q2 Q3 Q4 Q1 2019 Q2 Q3 Total cash flow (40) (40) 4 Receivables Stock Cash conversion Liabilities

 OCF of PLN 263 m. Before IFRS16 at 177 m.  Net Working Capital rotation at stable level of -25 days

 Changes in Net Working Capital rotation due to different sales mix (fast growing sales of Tobacco category)

25 3.44x Net debt vs. LTM EBITDA (incl. IFRS16)3 3.21x 3 Net Debt decrease by PLN 108 m in Q3. (incl. IFRS16) 2.95x 2 554 (incl. IFRS16)3 IFRS16 not impacting operations and financial capabilities. (incl. IFRS16)2 2 416 1 825 (incl. IFRS16)2 2 285 Net Debt vs. EBITDA 1 788 (incl. IFRS16)2

1 764 1,90 776 742 1,77 752 1 1 (incl. IFRS16) 1,67 (incl. IFRS16)1 (incl. IFRS16) 1,49 1 1 330 1 330 1,29 330 1,17 0,91

363 468 360 685 363 608 419 382 412 729 422 628 446 521

1Q'18 2Q 3Q 4Q 1Q'19 before IFRS16 2Q before IFRS16 3Q before IFRS16 LTM EBITDA (PLN m) NET DEBT (PLN m) NETNET DEBT DEBT / /EBITDA EBITDA, definition of bank covenant

 IFRS16 drives ND to PLN 2.3 bn  IFRS Index below 3.0x IFRS16 EBITDA

(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. Full year assumption of PLN 330 m. (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. 26 IFRS 16 Net Debt vs. EBITDA in 2018 (PLN m)

Q3 2019 (after IFRS16) CURRENT IFRS 16 IMPACT AFTER IFRS 16 vs Q3 2019 (before IFST16)

SALES 22 833 22 833

EBITDA 419 330(1) 748(1) + 87

EBITDA margin 1.8% 3.3% +1.4 p.p.

NET DEBT / (2) (3) IFRS16 INDEX 382 1 802 2 184 + 1 764

NET DEBT (IFRS16 INDEX) (3) / EBITDA 0.9 2.9 +1.8

 CAPEX-light business model will drive IFRS16 Index / EBITDA (1) to 2.9x, EBITDA (1) to PLN 748 m 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. Full year assumption of PLN 330 m. (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 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: Jan Domański Corporate Relations Director

[email protected] mobile: +48 507 010 095

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