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SUPERMARKET INDUSTRY

Q1 2020 VALUATION UPDATE INDUSTRY – VALUATION UPDATE

“Industry valuation multiples have varied significantly due to the recent market dislocation caused by COVID-19’s global pandemic. We present below valuation multiples before the market disruption (February 19, 2020) as well as the latest available as of the publication date of this report” CURRENT MARKET SITUATION PUBLIC COMPARABLE COMPANIES – GLOBAL

Enterprise Avg. Anual EV / Pre Crisis Post Crisis Market Cap Revenues EBITDA Company Country Value EBITDA Feb. 19, 2020 Apr. 17, 2020 US$M US$M Margin EV / EV / EV / EV / US$M 2018 2019 EBITDA Revenue EBITDA Revenue Wamart, Inc. USA $374,200 $444,747 $523,964 6.3% 9.7x 11.3x 11.6x 0.8x 12.3x 0.8x Woolworths Group AUS $29,956 $40,567 $43,032 7.2% 10.9x 12.0x 14.5x 1.0x 12.7x 1.0x Limited Koninklijke Ahold NLD $25,993 $38,606 $74,042 6.4% 6.5x 8.0x 6.8x 0.6x 6.6x 0.5x Delhaize N.V.

The Co. USA $24,838 $45,607 $122,286 4.4% 7.2x 7.2x 7.5x 0.4x 7.3x 0.4x

Aeon Co., Ltd. JPN $17,283 $37,032 $79,422 5.9% 8.5x 8.0x 8.5x 0.5x 7.8x 0.5x

Carrefour SA FRA $12,148 $28,008 $82,949 4.7% 7.1x 7.6x 8.1x 0.4x 5.9x 0.3x Dairy Farm Int. Holdings HKG $6,696 $10,853 $11,192 5.2% 16.8x 17.5x 17.0x 1.0x 7.1x 1.0x Limited Sun Art Group HKG $14,770 $14,299 $13,695 7.9% 9.2x 8.3x 12.2x 0.9x 11.0x 1.0x Limited Shoprite Holdings RSA $3,481 $4,804 $11,099 5.2% 12.2x 11.0x 9.0x 0.5x 11.1x 0.6x Limited

J Sainsbury plc GBR $5,563 $13,480 $36,198 3.5% 6.9x 6.5x 11.0x 0.4x 10.9x 0.4x Public Joint Stock RUS $4,255 $11,425 $22,045 6.2% 6.5x 7.8x 9.4x 0.6x 6.7x 0.6x Company Magnit

X5 Retail Group N.V. NLD $7,745 $18,925 $27,934 8.5% 6.9x 7.9x 9.1x 0.8x 5.6x 0.7x

Morrisons GBR $5,555 $8,629 $23,133 5.7% 8.5x 7.2x 7.3x 0.4x 6.5x 0.4x

Cencosud S.A. CHL $3,272 $7,401 $12,698 6.5% 11.4x 12.0x 10.2x 0.7x 8.5x 0.7x

Metro Inc. CAN $10,745 $14,138 $12,775 8.1% 11.2x 12.7x 13.5x 1.1x 14.2x 1.2x

Lawson, Inc. JPN $5,492 $7,285 $6,741 19.5% 7.1x 6.3x 6.1x 1.2x 5.5x 1.1x

E-MART Inc. KOR $2,585 $7,394 $16,512 5.4% 9.5x 7.5x 6.4x 0.4x 8.1x 0.5x

Kesko Oyj FIN $5,988 $9,234 $12,030 5.7% 11.7x 15.5x 9.9x 0.9x 8.7x 0.8x

Metro AG GER $3,050 $7,835 $30,571 3.6% 5.6x 6.6x 8.7x 0.3x 7.1x 0.3x

Mean 9.8x 0.7x 8.6x 0.7x Median 9.1x 0.6x 7.8x 0.6x

Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. SUPERMARKETS INDUSTRY – VALUATION UPDATE

SUPERMARKETS – LATIN AMERICAN MULTIPLES

Enterprise Avg. Anual EV / Pre Crisis Post Crisis Market Cap Revenues EBITDA EBITDA Feb. 19, 2020 Apr. 17, 2020 Company Country Value US$M US$M Margin EV / EV / EV / EV / US$M 2018 2019 EBITDA Revenue EBITDA Revenue Wal-Mart de México, S.A.B. de C.V. MEX $52,738 $41,001 $34,265 10.4% 15.1x 14.7x 14.2x 1.6x 14.6x 1.6x

Organización , S.A.B. de C.V. MEX $2,276 $2,546 $8,257 7.5% 11.1x 8.8x 7.5x 0.6x 5.3x 0.4x

InRetail Perú Corp. PER $3,790 $4,839 $3,945 10.8% 11.2x 11.0x 12.2x 1.5x 9.2x 1.2x

Almacenes Éxito S.A. COL $1,865 $1,439 $4,660 10.1% 11.3x 8.0x 3.4x 0.5x 2.7x 0.4x

Grupo Chedraui, S.A.B. de C.V. MEX $1,341 $2,333 $6,863 6.2% 9.8x 7.5x 8.5x 0.5x 6.3x 0.4x Sociedad Anónima Importadora y ARG $296 $313 $1,071 1.7% 9.2x 14.4x NR 0.3x NR 0.3x Exportadora de la Patagonia NR: Not Relevant Mean 9.1x 0.8x 7.6x 0.7x

Median 8.5x 0.5x 6.3x 0.4x

Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. SUPERMARKETS INDUSTRY – VALUATION UPDATE

SUPERMARKETS – GLOBAL TRANSACTIONS

Size EV/ EV/ Date Target Country Description Buyer Stake % US$M EBITDA Revenue

Dec-19 AEON TOHOKU Co., Ltd. JPN Supermarkets chain Aeon Co., Ltd. 29.9% $52 11.1x 0.2x

Apr-19 Smart & Final Stores, Inc. USA Supermarkets chain Apollo Management IX LP 100.0% $2,135 13.2x 0.4x

Mar-19 Shufersal Ltd. CHN Supermarkets chain Comprador no revelado 7.5% $116 10.3x 0.6x

Jul-18 Tobu Store Co., Ltd JPN Supermarkets chain Tobu Railway Co., Ltd. 64.8% $156 7.3x 0.2x

Apr-18 Fiesta Mart, L.L.C. USA Minisupers Grupo Comercial Chedraui 100.0% $265 - -

Apr-18 Emperia Holding S.A. POL Supermarkets MAXIMA GRUPE, UAB 93.7% $336 11.9x 0.4x

Yonghui Superstores Co., Linzhi Tencent Tech. Company Feb-18 CHN Supermarkets chain 5.0% $637 - 1.4x Ltd. Ltd. Sun Art Retail Group Monicole Exploitatie Maatschappij Jan-18 HKG Hypermarkets 36.6% $2,907 5.9x 0.4x Limited BV; Taobao China Holding Limited

Aug-17 Whole Foods Market, Inc. USA Organic food Amazon.com, Inc. 100.0% $14,621 10.3x 0.9x

Feb-17 S.C. Profi Rom Food S.R.L. ROM Supermarkets chain Mid Europa Partners LLP 100.0% $562 - -

Feb-17 , Inc. JPN Convenience stores Mitsubishi Corporation 16.6% $3,292 7.7x 1.6x

Lianhua Supermarket Supermarkets and Shanghai Yiguo E-Commerce Co., Dec-16 CHN 21.2% $122 - - Holdings Co., Ltd. hypermarkets Ltd. Owns hypermarkets and Nov-16 Kesko Food Rus FIN Lenta Limited 100.0% $172 - - supermarkets

Jul-16 Groupe Delhaize SA BEL Supermarkets Koninklijke N.V. 100.0% $13,588 8.6x 0.5x

May-16 Tienda Inglesa URU Supermarkets Klaff Realty, LP 90.0% $140 - -

Big C Supercenter Public May-16 THA Operates hypermarkets BJC Supercenter Company Limited 39.4% $2,333 - 1.7x Company Ltd. Hypermarkets and Apr-16 Big C VIE The ; Nguyen Kim 100.0% $1,145 - 1.7x supermarkets Big C Supercenter Public Mar-16 THA Operates hypermarkets BJC Supercenter Company Limited 32.1% $1,881 - 1.6x Company Ltd.

Jan-16 Ticaret A.S. TUR Minisupers Kenan Investments S.A. 15.1% $235 11.5x 0.7x

Jan-16 Wumart Stores Inc. CHN Supermarkets Wumei Holdings, Inc. 43.7% $717 6.4x 0.2x

Dec-15 Segisor, S.A. FRA Supermarkets Almacenes Éxito S.A. 50.0% $1,536 - -

70 Hipermercados OBI Group Holding SE & Co.KGaA; Oct-15 AUT Hypermarkets 100.0% $225 - - "Baumax" Supernova Management GmbH Mean 8.9x 1.0x Median 8.6x 0.9x

Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. SUPERMARKETS INDUSTRY – VALUATION UPDATE

SUPERMARKETS – LATIN AMERICAN TRANSACTIONS

Size EV/ EV/ Date Target Country Description Buyer Stake % US$M EBITDA Revenue

Nov-18 Rey Holdings Corp. PAN Supermarkets chain Corporación Favorita CA 73.0% $347 NM 0.6x

Supermarkets and Jun-18 Walmart Brasil Ltda. BRA Advent International Corporation NA $250 - - hypermarkets Owns and operates Tenedora CL del Noroeste, S.A. Jan-18 Casa Ley, S.A. de C.V. MEX 49.0% $345 - - supermarkets de C.V.

Sep-16 St. Marche Ltda BRA Supermarkets chain L Catterton 52.0% $70 - -

Hypermarkets and Jun-16 Comercial Mexicana MEX Tiendas Soriana, S.A. De C.V. 3.7% $159 - 1.8x supermarkets Hypermarkets and Jan-15 Comercial Mexicana MEX Tiendas Soriana, S.A. de C.V. 96.3% $2,375 9.2x 0.7x supermarkets NM: Not Meaningful Mean 9.2x 1.2x Median 9.2x 1.2x

Supermarkets Industry Sources: Capital IQ, Mergermarket Seale & Associates Q1 2020 Creative Solutions. Trusted Advice. REPRESENTATIVE MEXICO ENGAGEMENTS

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Brett M. Carmel Senior Managing Director & Co-founder Since 1999, Seale & Associates has been the trusted advisor to [email protected] Felipe Bueno Viesca highly respected public and private companies from around the Senior Director world, with a track record of success in a diverse range of [email protected] Sergio Garcia del Bosque industries. Seale is an elite boutique global investment banking Managing Director [email protected] firm with extensive experience in mergers and acquisitions Adan Sierra (M&A), corporate finance advisory, and enterprise level Managing Director [email protected] strategy consulting. Our experienced team of professionals are Carlos Hernandez committed to serving clients with excellence and integrity, Managing Director [email protected] while offering innovative ideas and solutions to address Alejandro Montemayor complex dealings. Senior Associate [email protected] ADVISOR TO LEADING COMPANIES WORLDWIDE Sofia Felix Business Development [email protected]

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