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Investor Presentation Investor Presentation July 2019 Katie Brine, Director Finance, Investor Relations Phone: 905-238-7124 x2092 Email: [email protected] Disclaimers Forward-Looking Information This document contains forward-looking statements which are presented for the purpose of assisting the reader to contextualize the Empire Company Limited’s (“Empire” or the “Company”) financial position and understand management’s expectations regarding the Company’s strategic priorities, objectives and plans. These forward-looking statements may not be appropriate for other purposes. Forward-looking statements are identified by words or phrases such as “estimates”, “plans”, “predicts”, “anticipates” and other similar expressions or the negative of these terms. These forward-looking statements include, but are not limited to, the following items: The Company’s expectations regarding the impact of Project Sunrise, including expected cost savings and efficiencies resulting from this transformation initiative, the expected timing of the realization of overall and fiscal 2020 in-year incremental benefits, and the expected $50 million overachievement of the initial $500 million target which could be impacted by several factors, including the execution and completion of category resets, time required by the Company to complete the project as well as the factors identified under the heading “Risk Management” in the fiscal 2019 annual Management’s Discussion & Analysis (“MD&A”); The Company’s estimates regarding future capital expenditures which includes acquisitions of property, equipment and investment properties as well as additions to intangibles, which may be impacted by operating results and the economic environment; The FreshCo expansion in Western Canada, including the Company’s expectations regarding future operating results and profitability, the amount and timing of expenses, and the number, location, feasibility and timing of conversions, all of which may be impacted by construction schedules and permits, the economic environment and labour relations; and The Company’s expectations regarding the implementation of its online grocery home delivery service which may be impacted by the timing of launching the business, the overall customer response to the service and the performance of its business partner, Ocado. By its nature, forward-looking information requires the Company to make assumptions and is subject to inherent risks, uncertainties and other factors which may cause actual results to differ materially from forward-looking statements made. For more information on risks, uncertainties and assumptions that may impact the Company’s forward-looking statements, please refer to the Company’s materials filed with the Canadian securities regulatory authorities, including the “Risk Management” section of Empire’s fiscal 2019 annual MD&A. Non-GAAP Financial Measures & Financial Metrics There are measures and metrics included in this earnings call presentation, such as adjusted EBITDA, adjusted earnings per share, same-store sales, free cash flow, funded debt and total capital that do not have a standardized meaning under generally accepted accounting principles (“GAAP”) and therefore may not be comparable to similarly titled measures and metrics presented by other publicly traded companies. The Company includes these measures and metrics because it believes certain investors use these measures and metrics as a means of assessing financial performance. For a more complete description of Empire’s non-GAAP measures and metrics, please see Empire’s MD&A for the fiscal year ended May 4, 2019. 2 CEO’s Direct Reports 3 Empire Company Limited – Who are we? • Canadian company headquartered in Stellarton, Quick Facts – Empire* Nova Scotia. Share price (CAN$)** $33.74 • Key businesses include food retailing and related real estate through wholly owned subsidiary Sobeys 52-Week High ** $33.78 Inc. and a 41.5% equity accounted interest in 52-Week Low ** $22.69 Crombie REIT. 30-day Average daily trading volume** 982,943 • Sobeys is one of only two national grocery retailers in Canada, serving the food shopping needs of Shares outstanding (diluted) 272.8M Canadians under retail banners that include Sobeys, Quarterly dividend $0.12 Safeway, IGA, Foodland, FreshCo, Price Chopper, Thrifty Foods, Farm Boy and Lawtons Drugs. Number of Stores*** 1,500 • In addition to food retail we are: Number of Retail fuel locations 350 • Pharmacy retailers with in-store pharmacy Employees ~123,000 banners and free-standing locations through Total Square footage ~40.0 M Lawton’s Drug Stores; Communities served 900 • Wholesalers with distribution to our corporate and franchised stores along with over 8,000 *As at Q4, Fiscal 2019 (May 4, 2019) unless noted otherwise **As of July 19, 2019 retail stores and independent wholesale *** See http://corporate.sobeys.com/at-a-glance/ for details of accounts; and stores per banner, and location • Owner and operator of fuel and convenience stores, and liquor operations. 4 Key Achievements – Last twelve months 2018 July • Acquired 51% of South Asian grocer, Kim Phat; 3 locations in Montreal, expanding the Company’s ethnic food expertise September • Announced first quarter results reflecting a return to sustainable, positive tonnage December • Completed the acquisition of Farm Boy, Ontario’s fastest growing food retailer • Announced second quarter results reflecting strong food same-store sales and second consecutive quarter of tonnage growth 2019 January • Announced progress implementing a labour decision provided by a Special Officer appointed by the Government in B.C. • Decision sets terms that provide a framework to improve store profitability and enable conventional Safeway stores to compete on a level playing field in B.C. • Decision enabled Empire to move forward with Discount expansion strategy in B.C. March • Announced third quarter results reflecting strong sales momentum and the third consecutive quarter of tonnage growth April • Opened first Western Canada FreshCo store in in Mission B.C. May • Unveiled Voilà by Sobeys and Voilà par IGA – the name and brand for the Company’s online grocery home delivery service for the Greater Toronto Area, Ottawa and major cities in the province of Quebec • Announced changes to Executive Committee, as the Company sets its sights on stronger execution, innovation & growth June • Announced locations of additional FreshCo store investments in Western Canada - 18 Western FreshCo locations confirmed • Announced fourth quarter and full year results reflecting fourth consecutive quarter of tonnage growth • Same-store sales excluding fuel increased by 3.8% for the quarter (4.2% excluding pharmacy) • Project Sunrise exceeded targets for fiscal 2019 – achieved $200 million of incremental savings in fiscal 2019, and increased total savings target to $550 million • Annual dividend per share increased 9% to $0.48 • Capital investment program for fiscal 2020 expected to be $600 million • Intent to repurchase approximately $100 million of Non-Voting Class A shares • First full quarter of Farm Boy results 5 Strategic Focus Reset our ​Bolster our Win in our Enhance Win E-commerce Foundation Brand Stores Discount Successful ​Strengthen the Improve service Expand discount Launch home completion of emotional and offering in our to Western delivery through Sunrise by end of connection to our conventional Canada and Ocado fiscal 2020. banner brands. stores. refine our partnership. FreshCo model. 6 Project Sunrise Update In the fourth quarter of fiscal 2017, the Company launched Project Sunrise, a comprehensive, three year transformation initiative intended to simplify organizational structures and reduce costs. The initiative is expected to generate at least $550 million in annualized benefits by the end of fiscal 2020 and will be achieved through three phases: 1) Organizational realignment – from a regional to a national structure, is complete. 2) Operational efficiencies – store operations, labour standards and other operational process initiatives continue to progress as planned, with increased benefits achieved in fiscal 2019 and planned for 2020. 3) Cost of goods sold – harmonization of costs with suppliers; more competitive net acquisition costs achieved; category resets are providing an improved, simplified and in some cases more innovative assortment for customers. Financial benefits from Phases one and two largely impacted selling and administrative expenses. Phase three financial benefits will be reflected mostly in gross margin expansion and growth in sales via improved customer experience. Approximate In-Year Year Achieved Through Savings break-down ($M) Organizational design, indirect sourcing cost reductions and improvements in store 1 F2018 (completed) ~100 operations. 2 F2019 (completed) ~200 Initial rollout of category resets, continued cost reductions and operational improvements. Completion of category resets rollout, continued cost reductions and operational 3 F2020 (expected) ~250 improvements. Total ~550 Initial Target (set May 2017) 500 Expected to exceed by ~50 7 Project Sunrise Update Significant improvement in Empire’s key metrics since the launch of Project Sunrise. Fiscal 2019 2017 Change 52 weeks 52 weeks +/- 4-May-19¹ 6-May-17 Sales $25,142.0 $23,806.2 + 5.6% Same-store sales, excluding fuel 4.3% 3.3% + 100 bps Gross margin 24.2% 24.0% + 20 bps Adjusted EBITDA $1,076.2 $769.9 + 39.8% Adjusted EBITDA margin 4.3% 3.3% + 100 bps Selling and Administrative margin (adjusted)² 22.1% 22.9% -
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