Investment Highlights

½ Retail acquisitions have created a significant regional food retailer

½ Spartan’s neighborhood market strategy has successfully competed with ’s, Wal-mart and in several and Ohio Markets

½ Significant growth opportunities as a result of: ½ Acquisitions of retailers ½ Shift of business to higher margin segments of food industry ½ Synergies as a result of acquisition integration Investment Highlights - Continued

½ Strong distribution base from which to grow retail operations

½ Experienced management team; additional talent added

½ Fiscal year 2000 Pro Forma sales of $3.8 billion

½ Strong comp store sales growth of 5.4% through second quarter (24 weeks) of Fiscal year 2001 Retail Division Retail Division - Continued

½ $1.3 billion in annualized revenues

½ Operates: 93 grocery stores and 25 deep discount food/drug combo stores

½30 stores throughout Northern and Central Michigan

½16 stores in metropolitan Grand Rapids, Michigan

½72 stores in southern Michigan, Toledo, Ohio and central Ohio markets

½ Employs approximately 9,000 associates Retail Division - Continued ½Grocery Store Format ½Sizes range from 16,000 to 60,000 sq. ft. ½Average 40,000 sq. ft. ½Offer services such as bakery, deli, pharmacy and banking ½Significant “niche” between 100,000+ sq. ft. supercenters and 10,000 sq. ft. convenience stores ½Food/Drug Combo Store Format ½Sizes range from 10,000 to 50,000 sq. ft. ½Average 29,000 sq. ft. ½90 percent overlap with grocery store product offering ½Increased focus on general merchandise and seasonal offerings Retail Division, Continued Pro Forma Second Quarter Retail revenues from 0% to 37.1% in 24 Months Pro Forma Retail revenues as % of total revenues

40%

35% 37.1%

30%

25% 17.7% 20%

15%

10%

5%

0% 1999 2000 2001 Actual 2 Q Pro Forma Retail Division, Continued

Retail store growth from 0 to 118 in 24 months Number of Retail Stores

118 120

100

80

60

47 40

20

0 FY 1999 FY 2000 FY 2001 24 weeks ended 9/9/00 Metropolitan Market Share ½ Spartan’s retail grocery stores have strong market share in their specific markets

40%

40%

33% 35%

30%

25% 19% 19%

20%

15%

10%

5%

0% Glen's Market - Northern Food Town - Toledo, OH /Great Day - Ashcraft's Market - Central Michigan Greater Grand Rapids, MI Michigan Wholesale Division Wholesale Division

Grocery Distribution ½$1.4 billion of annualized revenues (after elimination) ½9th largest grocery wholesaler in U.S. ½Distribute over 40,000 products ½Extensive private label offering (over 2,000 SKU’s) ½Serve approximately 350 independent locations in MI, IN, OH ½Distribution facilities total approximately 2.1 million sq. ft. with locations in: Grand Rapids, MI, Plymouth, MI and Toledo, OH Wholesale Division - Continued

Convenience Distribution

½Annualized revenues of $.9 billion

½6th largest convenience store wholesaler in U.S.

½Serve 9,600 locations in 8 states (Michigan, Georgia, Illinois, , Kentucky, Ohio, Pennsylvania and West Virginia)

½Distribution facilities total 340,000 sq. ft with locations in (Grand Rapids, Gahanna and Louisville) Michigan Market Share ½ Spartan supplied and owned grocery stores have the leading market share in Michigan

25% 22.0%

20% 17.0%

15% 12.0% 12.0%

10%

5% 3.0% 2.0% 2.0% 2.0% 1.0%

0% Company Facts -- Sales Mix

Spartan Stores, Inc. March 27, 1999 Sales Mix

Grocery Distribution 67.5%

Real Estate 0.4%

Convenience Distribution Insurance 31.5% 0.6%

$2.7 Billion in Revenues Company Facts --Sales Mix ½Increasing retail revenues

Spartan Stores, Inc. Pro Forma Sales Mix (24 Weeks ended Sept. 9, 2000)

Real Estate 0.3% Grocery Distribution 37.9% Retail 37.1%

Insurance 0.3% Convenience Distribution 24.4%

$1.8 Billion in Pro Forma Revenues Company Vision

½ Dominant regional food retailer operating neighborhood markets with the scale and efficiency of a self-distributing chain

½ Capitalize on our 83 year history of being a partner to the neighborhood operator

½ Goal of reaching $7 billion in annual revenue by the end 2005 Business Strategy

½ Diversify Business Operations

½ Position the Company as the neighborhood market while taking advantage of Spartan’s overall scale

½ Focus on acquisitions throughout the Midwestern U.S. Become the acquirer of choice for high quality independent retail grocers who operate neighborhood markets Business Strategy - Continued

½ Create a Spartan retail marketing network

½ Continue to offer value-added wholesale services to existing distribution customers

½ Be a low cost, efficient operator Wholesale Operations Strategy

½ Continue position as value added partner to independent retail customers

½ Leverage strength as the #9 supermarket wholesaler

½ Leverage strength as the #6 convenience store wholesaler

½ Continue to rationalize products, services and operations to be the most cost effective wholesaler in markets served

½ Provides foundation for growth strategy Neighborhood Market Strategy

½ Alternative to the “supercenters”

½ Targeted merchandise selection recognizing unique demographics -- with the scale and efficiencies of a self- distributing chain

½ Convenient locations Neighborhood Market Strategy, Continued ½ Pricing strategy

½ Employ high/low promotional merchandising message

½ Comprehensive “background” pricing program to identify margin opportunities within each category

½ Enhanced margin and sales by establishing “value” as the focus of marketing efforts Neighborhood Market Strategy, Continued ½ Superior quality “branded” perishable offerings ½ Deliver variety, quality, freshness and value to draw customers

½ Prepared foods ½ Introduction of innovative, fresh and convenient food service programs

½ Expanded multi-tiered private label program(one of the most successful in industry) ½ Higher margins ½ Build brand and store loyalty ½ Create leverage with packaged good manufacturers Neighborhood Market Strategy, Continued

½ Special emphasis on in-store merchandising to drive sales and margin

½ Continue to remodel and develop stores to drive neighborhood market strategy Retail Marketing Network Strategy ½ Synergistic approach to marketing and procurement to enhance margins and sales by bringing the benefits of a self- distributing chain to the independent grocer ½ Common marketing and promotional programs across banners ½ Common procurement programs ½ Benefits ½ Guaranteed execution to manufacturer ½ Reduces distribution and transportation costs ½ Increased impact of promotions across network ½ Reduced administrative cost for network participants ½ Bridge between traditional wholesale customers and acquired chains Acquisition Strategy

½ Key element to earnings growth ½ Acquisition criteria ½ Exit strategy of choice for independent grocery retailers operating neighborhood markets ½ Consolidation of chains in contiguous markets throughout the Midwestern United States ½ Profitable stores that can benefit from more efficient management and increased buying leverage ½ Accretive to earnings within 12 to 24 months ½ Acquisitions will be targeted to add an additional 5%-10% revenue growth annually Acquisition Strategy - History Acquisition Date Number of Stores January 1999 8

March 1999 13

May 1999 22

December 1999 3

August 2000 72 Food Town Assimilation

½Positive sales trends

½Positive employee response

½Management changes

½Improved in-stock

½Revised marketing program

½Commenced roll-out of Spartan private label Food Town Acquisition Synergies

½ Acquisition synergies from Food Town expected to result in at least $6 million in cost reductions during fiscal year ended March 31, 2002

½ Elimination of duplicative overhead

½ Merchandise procurement

½ Warehouse and transportation

½ Marketing programs

½ Expansion of private label program

½ Implementation of best practices across company Streamline Existing Operations

½ Increase EBITDA margin to between 3.5% and 4.0%

½ Drive distribution costs to best in class

½ Consolidate administrative functions

½ Consolidate purchasing functions

½ Leverage purchasing scale across operating units and customers served Financial Overview ½ Spartan has realized strong sales growth ($ in 000’s)

$3,200,000 $3,050,282

CAGR 7.2% $3,000,000

$2,800,000 $2,671,700

$2,600,000 $2,489,250 $2,475,025

$2,400,000

$2,200,000

$2,000,000 1997 1998 1999 2000

- Comparative store sales increase of 2.3% Financial Overview, Continued ½Sales Through Second Quarter (24 weeks) of Fiscal 2001 and Fiscal 2000 ($ 000’s) $1,510,470

$1,600,000 $1,403,426

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0 2000 2001 - Total Sales Increase of 7.6% Financial Overview, Continued ½With solid EBITDA performance ($ in 000’s)

Fiscal Years

$78,090

80,000

CAGR 23.3% 70,000

$57,162 60,000 $51,492

50,000 $41,650

40,000

30,000

20,000 1997 1998 1999 2000 Financial Overview, Continued ½ EBITDA Through Second Quarter (24 weeks) of Fiscal 2001 and Fiscal 2000 ($ 000’s) $44,833

$45,000 $37,524 $40,000

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

$0 2000 2001

Note: For the first two quarters of Fiscal 2000, EBITDA excludes a restructuring charge of $792K 19.5% Increase In EBITDA Financial Overview -- Pro Forma

($ in 000’s)

Pro Forma Sales Pro Forma EBITDA (1)

$3,770,588 $111,796 $112,556

$3,800,000 $120,000

$3,750,000 $100,000

$3,700,000 $3,603,143 $80,000

$3,650,000 $60,000

$3,600,000 $40,000

$3,550,000 $20,000

$3,500,000 $- 1999 PF 2000 PF 1999 PF 2000 PF

(1) Includes unusual and non-recurring gains of $7.0 million in fiscal year 1999 and $0.5 million in fiscal year 2000. (After-tax of $4.4 million and $0.3 million in fiscal 1999 and 2000,respectively.)

Note: Pro forma to give effect to Spartan’s retail acquisitions. Financial Overview -- Pro Forma ½ Through Second Quarter (24 Weeks) of Fiscal 2001 and Fiscal 2000 ($ in 000’s) Pro Forma Sales Pro Forma EBITDA

$63,269

$53,343

$1,766,365 $1,782,526 $2,000,000 $70,000

$1,950,000

$1,900,000 $60,000

$1,850,000 $50,000 $1,800,000

$1,750,000 $40,000

$1,700,000 $30,000 $1,650,000

$1,600,000 $20,000 $1,550,000

$1,500,000 $10,000 Thru 9/11/99 Thru 9/9/00 Thru 9/11/99 Thru 9/9/00 Financial Overview -- Through Second Qtr (24 Weeks) (9/9/2000)

Combined Balance Sheet Actual Actual ($ in 000’s) Sept. 9, 2000 March 25, 2000 Cash and Marketable Securities $ 89,463 $ 57,050 Other Current Assets 293,063 199,729 Other Assets 166,008 135,202 Net Property & Equipment 274,644 178,592 Total Assets $ 823,178 $ 570,573

Total Current Liabilities $ 241,098 $ 144,470 Current Portion of Long-term Debt 26,612 23,862 Long-term Debt & Capital Lease Obligations 320,714 266,071 Other Long-term Liabilities 24,535 10,163 Total Shareholder’s Equity 210,219 126,007 Total Liabilities & Shareholder’s Equity $ 823,178 $ 570,573 Summary Update of “Current Events”

½ Strong comp store sales growth of 5.4% ½ Assembling additional talent to ensure success ½ Rick Corbitt, Div. VP of Finance - Retail (Kroger) ½ Ross England, Div. VP of Pharm Operations (Raley’s) ½ Gary James, Div. VP of Food Town Operations (H.E.B.) ½ Pat Kameen, Treasurer (Geisinger/Servistar) ½ Sheridan Lewis-Rardin, Div. VP - Food Service Operations (H.E.B.) ½ Reductions of Corporate staff “Current Events”, Continued

½Rationalization of distribution capacity

½Consolidation of convenience store distribution facility - announced closure of Sandusky Distribution Center Summary

½ Accelerate growth through retail acquisitions

½ Accomplish synergies through integration of acquisitions

½ Focus on neighborhood market strategy ½ Significant opportunities to streamline operations, reduce costs and create long-term shareholder value Forward Looking Statements

This presentation contains expectations and other forward-looking statements about Spartan Stores, Inc. and , Inc. and the business and operations of Spartan Stores that involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward- looking statements. Factors that may cause such a difference include factors described in the Spartan Stores’ Registration Statement on Form S-4, the Annual Report on Form 10-K and other filings with the SEC. Spartan Stores disclaims any intention or obligation to update or revise any forward-looking statement.