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| SEB Nordic Seminar – Copenhagen 8. January 2014 Forward looking statements

This presentation contains statements relating to the future, including statements regarding Matas A/S’ future operating results, financial position, cash flows, business strategy and plans for the future. The statements can be identified by the use of words such as “believes”, “expects”, “estimates”, “projects”, “plans”, “anticipates”, “continues” and “intends” or any variations of such words or other words with similar meaning. The statements are based on management’s reasonable expectations and forecasts at the time of the disclosure of the interim report. Any such statements are subject to risks and uncertainties and a number of different factors, of which many are beyond Matas A/S’ control, can mean that the actual development and the actual result will differ significantly from the expectations contained in the interim report. Without being exhaustive, such factors include general economics and commercial factors, including market and competitive matters, supplier issues and financial issues.

2 Agenda

. Introduction to Matas

. The Strategic Priorities

. Trading Update for Q3 2013/14

3 The Matas share

. Listed on NASDAQ OMX 28 June 2013 . 40.8m shares in one share class . Market capitalization DKK 6.0bn (USD ~1bn) . 180 days lock-up for CVC and the former store owners expired 10 December 2013

4 Our Achievements

n°1 Health and Beauty n°1

~1.35 million Retailer in Beauty and Personal Care Club Matas Members Brand in Denmark 295 98% Stores Across Brand Awareness Among Denmark Women 5 38%

StyleBox Stores Market Share in Beauty ~25m 62% Transactions Market Share in High-end in 2012/13 Beauty ~5% DKK 3.2bn Annual Long-Term Revenue in FY 2012/13E Historical Chain Growth

5 Our History

. The Matas chain . Stripes brand . Matas launched . Liberalisation of . The chain . Matas acquired 7 . Club Matas is . Additional 37 is unified under launched the now familiar over-the-counter included more Associated launched prescription the first Matas blue / white shop medicine in than 295 stores Stores . New CPH medicine Logo profile and logo Denmark and a new . Online Store is flagship store collection points generation of launched . New IT system opened in Retail Stripes was . Sales excellence Stores launched programme . Matas acquired 2 launched Associated Stores

1949 1956 1957 1967 1974 1980 1995 2001 2005 2006 07/08 08/09 09/10 10/11 11/12 12/13 13/14

. Matas is . Matas is . The Vital Shop . The first two of . The Matas . Matas A/S and . Staff planning . Club Matas . Initial Public founded as a granted the created, Matas’ own MediCare 208 stores initiatives reached 1 Offering of cooperative right to encompassing brand products shop was acquired by . Freya acquired million members Matas A/S retail chain distribute vitamins receive the created CVC, 10 Associated . ClubM is . Acquisition of vitamins (introduced in Nordic Materialisterne, Stores launched Esthetique 1957) and Eco-label management . Rapid Online . New updated . Launch of dietary and key Store growth Online Store StyleBox, a new supplements employees launched retail concept . Matas acquired . Matas acquired . Refinancing of 24 Associated 1 Associated debt structure Stores Stores . Matas acquired 7 Ass. Stores

6 Our Store Concepts

Chain started in 1949 First store opened in 2013

Matas online store opened in 2008 Stylebox online store opened in 2013

7 Our Shop in Shops (Matas)

The Beauty Shop Vital Shop Own Brands: Stripes

74% 10% 17% Revenues(1) Revenues(1) of Revenues Across Segments (1)

Material Shop Matas MediCare (OTC) Professional Advice

9% 6% ~1,200 “Materialists” Revenues(1) Revenues(1) Highly Skilled Store Personnel

True One-Stop Shopping Experience, with High Level of In-Store Service

8

Source: Company Information Our Channel and Position

n°1 Market Position in All Key Segments Unmatched Store Network(2) Segment Market Share in 2012, % High-end Mass VMS OTC n°1 n°1 n°1 n°1 Rønne Frederikshavn 295 Matas Matas Matas Matas 15% Other 62% 29% 26% A Leading Online (1) Other Other Other H&B Store

38% Share in Beauty Lemvig Viborg

Holstebro Silkeborg n°1 Beauty and Personal Care Brand Ringkøbing Market Share in 2012, % Copenhagen 3,1%

2,6% Roskilde 2,3% 2,0% 1,8% 1,7% 1,6% 1,5% 1,5% 1,4%

Aabenraa Næstved Sønderborg

(Mass) (Haircare) 266 Retail Stores Nykøbing Falster 29 Associated Stores 5 StyleBox

1. Restrictions on owning more than four pharmacy locations in Denmark have kept the industry fragmented and no single pharmacist exceeds the 15% market share of Matas 2. Map shows Matas Store Network including Associated Stores, but excluding the recently acquired Esthetique Stores and Associated Store in Nuuk, Greenland, Retail Store in the Faroe Islands and two Retail Stores in Sweden. Matas Store Network totals 296 stores, with 266 Danish Retail Stores, 2 Swedish Retail Stores and 29 Associated Stores 9

Source: Management Analysis and Estimates, Euromonitor Our Brand Position

Overall Impression of Danish Retail Stores (2013) 4,2

4,1

4,0

3,9

3,8 40% 50% 60% 70% 80% 90% 100%

% Respondents Who Indicate Good or Very Good Knowledge of Retail Chain (2013) 10 Source: Carat Deep Blue Our Strong Reputation

100% 1% 1% 1% 3% 1% 2% 3% 4% 4% 7% 6% 5% 10% 12% 90% 15% 19% 22% 26% 80%

70% 53% 52% 57% 60%

63% 69% 50% 63% 61% MegetVery negative negativt impressionindtryk 58% 56% 40% LidtSlightly negativt negative indtryk impression

Hverken\ellerNeutral impression 30% EtPositive positivt impression indtryk

20% 40% 41% 35% EtVery meget positive positivt impression indtryk

22% 10% 20% 19% 16% 15% 14%

0% 2011 2012 2013 2011 2012 2013 2011 2012 2013 HeavyHeavy users users – 40% MediumMedium users users – 30% Light Lightusers users – 30% (buy at least once per month) (buy at least every 2 months) (buy 5 times per year or less)

11 Our Perfect Price Perception (price versus quality)

12 Our Competition

Supermarkets

Share of beauty and personal care is decreasing

Department Stores Online

Improving Growing, performance, but but still represents limited potential for a limited sales new locations channel

New Players / Pharmacies Foreign Entrants

Several examples of Very fragmented limited success market

13 Our Strategic Priorities

6 Potential Expansion into Pharmacy Market 5 StyleBox 4 Grow Online 3 Sales Launched: June’ 13 Expand and Consolidate 2 Matas’ Network Enhance and Increase the Value of Loyalty Programs

Well-Invested Platform, Yet to Be Fully Monetised

Existing Business New Initiatives Today Tomorrow

1 Strong Market Fundamentals: 3-4% CAGR Forecast Market Growth from 2012-17E(1)

14 More Than Stores: We Are Becomming A True Multi-Channel Retail Retailer

“Matas will leverage its unique in-store shopping

experience and exploit its Club Matas

online and loyalty programs Mobile App ClubM potential to become one of the best multi-channel retailers in the world”

E-mail 295 Stores

Social Media Matas Online Store Matas Leaflet 15 Data Is Key For Future Success

Data Collected at Registration Data Collected When Card is Used

 Timing of purchase  Name  Place of purchase  Date of birth  Basket size  Email  Basic Info  Mobile phone Basket items number  Utilisation of promotional offers  Address  Members’ behaviour on the Club  Housing type Matas website

Data Collected Online

 Number of children

 Most frequented Personal Matas store Interests  Specific interests, e.g. Fragrances, Haircare, Skincare

16 Big Potential in Using Data

2.0

3 Utilise Full CRM Potential 1.5 . Full use of buying habits analysis 2 First Usage of CRM . Targeted marketing / vouchers . “Missing in basket” / “Next best buy” . First use of CRM / proprietary data 1.0 . ‘My offers’ . Product bundling and floor planning . Targeted supplier campaigns 1 Marketing / Data Collection . Member’s engagement: in-store . Develop “Club-in-Club” concept events and targeted campaigns . Data collection at registration . Sale of CRM data to suppliers . Testing tailored promotions . +22m transactions registered . Marketing channel for promotions, based on profile (gender, age etc.) 2.0 . Suggestion on upselling items based 1.5 on current basket 3 Building Loyalty to Matas

2 Building a Platform . Sign up more partners ~1.35 million members . Target customers outside Matas . Boost knowledge and use of card . 11 leading Danish retailers signed . Partner vouchers in Pointshop ~60% of all Danish women aged . Customer intelligence reports 18-65 . +6 million partner emails

Yesterday Today Tomorrow

17 Our ClubM Partners

18 Consolidate the Matas Network

29 associated stores Aalborg 9 acquired stores and new openings in 2013

Aarhus

Copenhagen Esbjerg Odense

19 Growing Our Leading Online Position

Strong Online Platform Well-Positioned for Future Growth  Already one of Denmark’s leading health and beauty website – Revamped online store launched in 2011; run- rate of +400,000 unique visitors monthly – Access to selective beauty products – Dedicated online store team in-place – StyleBox webshop opened November 2013  Expand product selection online Increasing Revenue Contribution – Larger share of Matas’ full product range Online Store Revenues, DKKm 30 – Online-only products – Adjacent product categories (watches, jewellery, bags, electronics) 14  Further exploit synergistic relationship 6 – Club Matas – ClubM FY 10/11 FY 11/12 FY 12/13  Promote daily deals and flash sales

20 : New Concept Leveraging Existing Retail Platform And Unique Local Know-How Within Beauty

New One-Stop-Shop Beauty Concept Leveraging on Our Core Competencies

 First Danish retail chain concept combining hair, nail and make-up treatments with sale of selective beauty products

 Stores to be located in larger cities on high streets and in shopping centers with high footfall

 Open up for a new range of professional products not available in the Matas retail stores

 Leveraging on our core competencies: extensive market and consumer knowledge, proven retail excellence and scale advantages

Launched in June 2013

Initial period 1 . Establish up to 7 stores in prime locations . 5 stores opened since June

Concept roll-out . If successful during the test period, the concept 2 could be rolled out in larger cities and shopping centers www.stylebox.dk

21 Well Positioned to Enter the DKK 12bn Pharmacy Market – If …..

Pillars Underpinning Potential Pharmacy Expansion The Process is Underway…  2011: Danish government established an Logical Extension of One-Stop Extensive Store Network in Place interdepartmental commission to review Shop for Health and Beauty with High Traffic pharmacy market and prepare proposals

 June 2012: Danish Competition Authority recommends pharmacy liberalisation

 May 2013: Danish Productivity Commission recommends pharmacy liberalisation

 Mar 2014: New legislation expected Attractive Market Opportunity Associated with Market Through Favourable Position in OTC Online Pharmacy and Collection  DKK12bn of sales(1) - large revenue potential Compared to Peers Points  57 million packages sold annually(2) Would Buy OTC at Retailer (%) 88  Traffic and cross-selling opportunity 57

35 30 30 29 29 Detailed Plan in Place

Pharma- Føtex Brugsen Kvickly  Store by store feasibility study conducted cies Matas Bilka Helsam  Roll-out and hiring plans in place

Source: Company Information, Carat Deep Blue Retail Survey November 2013  Minimal disruption to existing business

1. Based on all sales of prescription drugs, OTC and other goods through pharmacies. DKK 550-600m of OTC sales overlap with the Danish Health and Beauty Market. Some sales of other goods, including VMS and Mass Beauty, are included in the Danish Health and Beauty market. 2. Number of prescription packages sold to individuals in Denmark in 2011, according to the Danish Health and Medicines Authority 22 Long-Term Sales Growth of Matas Chain

Matas Chain(1) Sales for FY Ending in March, in Value

~5% CAGR

FY FY FY FY FY FY FY FY FY FY FY FY 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09 09/10 10/11 11/12 12/13 Danish 286 287 290 291 292 292 294 294 292 294 294 293 Stores(2)

Long History of Growth with Recent Resilience and Improved Profitability Despite Economic Downturn

Source: Company Information

1. Based on sales registered through the POS terminals of all Danish Matas stores, including the Online Store and Associated Stores. The data is extracted from Matas' data warehouse and is unadjusted and unaudited 2. Refers to Matas Danish Store Network at FYE 23 Trading Update Q3 2013/14

. The positive development has continued in Q3 2013/14 with sales up 7% to DKK1,019m . Like-for-like growth was recorded at 5.5% in Q3 2013/14 and 4.1% for 9M 2013/14 . 12m trailing LFL growth increased to 3,5% from 3,1% after Q2 2013/14 . EBIT margin in October and November developed according to plans . Q3 2013/14 EBIT margin to be slightly negative affected by a revaluation of capitalized Club Matas points. 8,0% 7,0% 6,0% 5,5% 5,0% 4,4% 4,3% 3,9% 4,0% 3,3% 3,1% 2,5% 2,9% 2,8% 3,5% 3,0% 3,5% 2,9% 2,0% 3,1% 2,9% 3,0% 3,1% 2,1% 2,1% 1,0% 1,5% 0,0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2011/12 2012/13 2013/14

Like-for-like growth 12m trailing LFL 24 Outlook for 2013/14 , Capital Structure and Dividend Policy

 Revenue growth is expected to be slightly higher than the growth in the last financial year of 3.3% FY2013/14  Adjusted EBIT margin expected to be in line with or slightly above margin in the last financial year Outlook  Above excludes impact of i) StyleBox(1) ii) any potential acquisition of Associated Stores, iii) IPO costs

 Total investment of up to approx. DKK 25m in FY13/14  Within that, includes DKK 14m related to capital expenditure, working capital and inventory building StyleBox  Net negative impact on Adjusted EBIT of approx. DKK 7-10m due to start-up costs in FY13/14  Up to 7 of 9 acquired stores expected to be rebranded and reopened under “StyleBox” during FY13/14

Capital  Targeted leverage ratio of ~2x Net Debt / EBITDA in the near-to-medium term Structure

Dividend  At least 60% of Adjusted Profit After Tax(2), to be distributed through dividends or share buybacks Policy  Further excess capital is intended to be distributed once target leverage ratio reached

1. Net impact of the launch and roll-out of StyleBox and related Esthetique acquisition costs 2. Adjusted Profit After Tax is IFRS profit for the year plus the tax-adjusted impact of amortisation of intangibles and impairment losses and Offering-related costs in FY2013/14 25