EUROCASH

The broadest food distribution and platform in Group – executive summary Poland’s sizeable market has unique traits that favor neighborhood stores  GDP is of EUR 475 bn and population is of 38.4 m (EUR 26k per Capita PPP) but population density in large cities is quite low  Typically small living quarters lead to daily shopping nearby and has severely limited the success of “big box” retail formats

Through M&A and organic growth, Eurocash has built the broadest distribution and retail platform  With 2018 sales of EUR 5.5 bn and EBITDA of EUR 85 m, cash flow generation is of approximately 133% of EBITDA  While many retailers failed in Poland, Eurocash built scale through M&A and its purchasing power has kept small format stores competitive  Today, Eurocash is the 2nd largest player, no.1 in branded FMCG sales, the dominant small store operator and leads in several product categories

As wholesale distribution leader, Eurocash invests to improve small store competitiveness and growth  With 28% market share serving most small stores including 13.8k soft franchisees, sales are of EUR 4.2 bn and EBITDA of EUR 95 m  Eurocash.pl is a fast growing e-commerce platform with sales of EUR 800 m, giving small store owners solutions comparable to modern trade

As the 7th largest retailer, the roll-up growth strategy for its chain brings synergy and upside  With sales of EUR 1.7 bn from 1560 hard franchise and own stores, the objective is to add 900 stores till 2023 to become the 3rd largest retailer  The retail strategy builds on already-strong product categories of wholesale while helping Eurocash grow into new, under-represented ones  Eurocash’s experience with post-acquisition integration of distressed assets offers the prospect of strong upside from profit recovery

Cash generation funds continued investment to innovate in support of small stores in a changing industry  Addressing the needs for automation, digitalization and individualized customer offerings, brings further competitiveness to small store formats  Following on investments of EUR 800 m over the last 10 years, today’s projects are at tipping point to show long-term benefits in growth and profitability

1 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 live 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

2 Source: GUS, Eurostat, Nielsen RMS 2017 Food market growth Small and discounters accelerating the growth, big boxes are struggling, groceries still strong

Food market growth by channel Food market growth in small format channels (FY 2018 & LTM JUL 2019 YoY) (FY 2018 & LTM JUL 2019 YoY)

9,5% 13,5% 8,5% 12,2% 11,4% 10,3% 6,5% 6,0%

2,8% 2,3%

0,0% -0,6% -0,7%-0,3% -0,3% -1,2% Discounters Hypermarkets Supermarkets 300- Small Format Small Supermarkets Convenience 40-100 Small Grocers -40 Specialized & Others 2500+ 2500 100-300 FY 2018 LTM JUL 2019 FY 2018 LTM JUL 2019

 LTM July Food sales increased by 5.6%, while in Small Format stores increase amounted to 6.0%

3 Source: Nielsen Retail Trade Panel, Value sales, period: January 2017 – July 2019, Food categories Food market dynamics Sales per one small format store is increasing the fastest despite declining number of all outlets

Change of sales per one store 16,6% 13,2% 10,1% 5,9% 4,2% 2,6% 0,7%

-3,5% Discounters Hypermarkets Supermarkets 300- Small Format Small Convenience 40- Small Grocers -40 Specialized & 2500+ 2500 Supermarkets 100- 100 Others 300 No. of 2016 2017 2018 stores (k)

4.0 0.3 3.3 91.5 8.9 27.0 33.2 22.3 Change of number of stores 158 114

-5 -31 -244 -615

-2 197 -3 087 Discounters Hypermarkets 2500+ Supermarkets 300- Small Format Small Supermarkets Convenience 40-100 Small Grocers -40 Specialized & Others 2500 100-300

4 Source: Nielsen Retail Trade Panel, Value sales, period: 2016 – 2018, Food categories Inflation Food inflation accelerates to record values. CPI on levels haven’t seen since 2012.

Inflation Food inflation by product category (YoY) 7,2% Large format categories 6,8% Small format categories

5,6% 19,6% 4,7% 4,6% 3,9% 3,4% 3,4% 3,2% 6,8% 6,1% 5,4% 4,7% Food 2,2% 1,8% 3,9% 4,0% 4,3% 2,7% 3,4% 3,3% 1,9% average 1,6% 2,0% 1,8% 1,5% 1,7% 1,4%1,3% 0,7%1,7% 1,4% 1,3% 1,3% 1,1% 1,0% 1,1% 1,2% 0,0% 0,8% 0,9% 1,8% -0,7% -0,4% -0,1% 2,0% 1,8% 1,9% 2,2% 1,5% 1,7% 2,0% 1,4% 1,2% 2,4% 2,9% 2,8% -2,3% 1,1% 1Q'17 2Q 3Q 4Q 1Q'18 2Q 3Q 4Q 1Q'19 2Q Jul Aug (flash) (flash) 2018 (I-XII) 2019 (I-VII) -8,8%

Fats Dairy Vegetables Bread and Food Tobacco Coffee & Meat Fish Beverages Alcohol Fruits Sugar, CPI CPI - food & non-alcoholic beverages CPI - alcoholic beverages & tobacco Cereals Tea incl. sweets, Spirits, jams Wine Beer

 Trend in food inflation changed and accelerated to 4.7% in 2Q 2019 and 7.2% in August 2019

 Vegetables, bakery, meat and dry food driving food inflation. Beverages at stable level below 2%.

5 Source: GUS, data for entrepreneurs with more than 9 employees Eurocash Group overview Enormous purchasing power and efficient logistics to serve small and neighborhood stores across Poland

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) due to reach of break even point:

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)

* Consolidated sales. Total annualized sales including franchise retail sales amounted to 7.4 bn. 6 Retail already includes Fresh Project. Eurocash Group Evolution Almost 20 M&A in order to create the broadest food distribution and retail platform in Poland

1995- 2006- 2014-

CASH&CARRY ACTIVE DISTRIBUTION RETAIL

• Tobacco • Alcohol • Distribution

KDWT, Management Premium Grupa Tradis, Kolporter Delikatesy PayUp McLane PDA Buy-Out Distributors Pol Cater FMCG Centrum

1995 2003 2005 2006 2007 2008 2009 2010 2011 2014 2016 2017 2018 2019

48 C&C IPO at WSE Batna Inmedio, Rogala, EKO MILA Partner warehouses MHC take over Frisco.pl FHC-2

7 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)

Biedronka 51 Wholesale Retail 23 17 32 21 23 20 Eurocash 17 19 5 7 2 11 18 17 17 17 4 5 3 11 1 2 11 2 10 8 10 10 5 10 8 1 18 18 9 10 7 16 17 6 15 15 15 8 1 9 5 1 1 6 3 0 7 2 9 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) 7 2013 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  Almost 20 acquisitions aimed at rolling up strong category leaders, capturing synergies around a common back-office

 Hypermarkets have shown little growth for last 10 years

*IFRS 15 – change of accounting rules, impacting sales revenues and costs of goods sold by EUR 2.4 8 bn due to reclassification part of sales into lower purchase conditions. No impact on EBITDA. Wholesale: No. 1 distributor in Poland Building scale and purchasing power to bring competitiveness to 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) 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,

…but traditional wholesale and retail is a past..

9 Digital revolution of traditional wholesale Eurocash.pl allows local entrepreneurs to overbeat every centralized retail chain

Digital approach to increase store owners competitiveness

 To customize offer to local consumers

 To flexibly compete with centrally managed retail chains

 To reduce store costs, making work much easier and more automated

 To fully integrate supply chain from Eurocash to Consumer

# of Eurocash.pl users (thsd.) 2018 avg. order by type (pln) 2018 # of ordered SKU

1 173 33 8,0 8,7 80 934 +88% +26% +141% +108% 623 14 16

2017 2018 LT Others Sales Rep. www Objective Others Sales Rep. www

10 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 in Poland

Ranking of retailers (2018 sales, PLN bn) EV/Sales 7.4 bn PLN 1 560 stores 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 Delikatesy Centrum 7 ? Franchise consolidated 5.1 Intermarche 7 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%

11 *no data for 2018, data used for 2017 **PE – Private Equity deal Eurocash Retail: consistently investing in the future Acquisition of distressed regional chains boosts sales and store count but initially sales per sq. meter take a hit

Selling area (k sqm) Brand sales revenues (PLN bn)

399 7,4 237 +68% 4,6 +61%

2016 2018 2016 2018 No. of stores Sales per sqm (k PLN) 20,1 1 539 1 086 +42% 18,9

2016 2018 2016 2018

 Expansion already started through consolidation of two chains, both having potential to increase sales density  Rebranded EKO stores are still at early stage but already started to show strong LFL* improvement

 Strong asset  Asset integration &  Expansion & sales development through base increase operational standardization new stores and additional acquisitions

12 *LFL – Like-for-Like sales growth or same store growth Retail – biggest supermarket chain in Poland Merger of 3 businesses under professional process management

Key milestones for integration process December December June September 4Q 2019 2017 2018 2019 2019

Further realization of EKO stores remodeling Mila stores remodeling strategic goals and process development

EKO logistics integration Head Office & Operational integration Together work as market leader

Finished main part of integration project

HQ, HR & Logistics / Internal Expansion IT 12 Legal 4 6 8 10 Supply chain Central communication Strategy Stores 1 2 Commercial review 3 Operations Processes Business Case, Assortment CRM & Finance & Risk 5 Synergies & 13 7 Review & CVP 9 Marketing 11 Accounting Management KPIs

13 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 of 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  Fully automated warehouse launched in June 2019 50 stores at the end of 1H 2019 with store level avg. BEP after 9 months. LFL in first half of year +21%.

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, promising ones are in expansion phase

 Cumulative EBITDA investment of EUR 40 m in last 4 years to address recent consumers’ behavior changes:

 Digitalization  Automation  Personalization  Professionalization

14 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 compared with international peers

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

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

15 *IFRS 15 impact on working capital rotation due to 2.4 bn PLN sales reclassification Changing consumer habits are opportunity for small stores in Poland Proximity and small stores will get even more importance having access to Eurocash innovations

Big Shopping Small Shopping

61% 58% 73% 55% 55% 65% 44% 51% 38% 36% 23% 24% 12% 15% 4% 7%

Hypermarkets Supermarkets Discounters Small Stores Hypermarkets Supermarkets Discounters Small Stores Unexpected need Daily routine shopping Special Occasion Stocking Up Q: In which store do you most often perform given types of shopping missions? .  Thanks to digitalization, automation and e-commerce growth SMALL STORES MAY TAKE OVER BIG SHOPPING FROM LARGE CHAINS

Growing consumption of F&V, Food: eco, organic, Growing share ready meals, less bread, meat, sugar veg, regional, exotic of pensioners

Consumer change from Growing disposable income e- and m-commerce as standard passive to active

16 Eurocash Group – executive summary

NO. 1 WHOLESALE DISTRIBUTOR IN POLAND with 28% market share & the biggest (PLN 3 bn) FMCG ecommerce platform

DYNAMICALLY ENTERING INTO RETAIL already no. 7 with objective to become no. 3 retail chain in Poland

WITH INNOVATION AND BUSINESS DEVELOPMENT PROJECTS DELIVERING RESULTS addressing digitalization, personalization & automation needs

DOMINANT SMALL FORMAT & PROXIMITY STORE OPERATOR supported by globally changing trends & consumer habits

17 APPENDIX EUROCASH RESULTS 1H 2019

18 Executive Summary

01 GROUP’S SALES INCREASE BY 1.2 BN PLN IN 1H 2019 driven by acquisitions and strong organic growth

02 WHOLESALE 03 RETAIL EBITDA INCREASE BY PLN 22 M YOY STRONG DELIKATESY CENTRUM RETAIL (+14%) supported by 5.1% organic sales LFL AT +3.4% IN 1H 2019 and 8.0% in 2Q increase 2019

LTM OPERATING CASH FLOW AT IFRS16 IMPACT ON P&L AND BS: 04 THE LEVEL OF 0.7X EBITDA 05 EBITDA PLN +178 m, EBIT +19 m, Net with ND/EBITDA at level 1.5x driven by Profit -9 m and Net Debt +1.8 bn dividend and M&A

STRONG WHOLESALE AND DEVELOPING RETAIL DRIVING SMALL STORES COMPETITIVENESS

19 1H 2019 financial summary 11% sales growth with reported EBITDA margin at 2.8% driven by IFRS16

% of Sales 1H 2019 % of Sales % of Sales PLN m 1H 2018 Y/Y Change 1H 2019 1H 2019 before IFRS16 1H 2018 1H 2019 before IFRS16

Net sales 10 747 11 921 10.9% 11 921

Gross profit 1 288 1 550 20.4% 12.0% 13.0% 1 550 13.0%

EBITDA 156.6 159.9 2.1% 1.5% 1.3% 337.5 2.8%

EBIT 60.5 53.2 -12.2% 0.6% 0.4% 71.7 0.6%

Net profit 17.5 15.8 -9.4% 0.2% 0.1% 6.7 0.1%

 Gross Margin driven mainly by consolidation of retail companies. Wholesale margin slightly improved.  EBITDA increase by PLN 3.3 m, while EBITDA margin deteriorate due to change of sales mix.  IFRS16 drives EBITDA by PLN +178 m, EBIT by PLN +18.6 m and impacts net profit by PLN -9.1 m

20 Wholesale Segment – EBITDA increase accelerates to 14.2% Supported by 5.1% organic sales increase 278 (IFRS16)

1H Sales of goods evolution 1H EBITDA evolution (PLN m) (PLN m) 8 995 8 561 179,6 8 120 +433 m 157,3 +442 m +5.1% 139,9 +22.4 m +5.4% +17.4 m +14.2% +12.5% 2,00% 1,72% 1,84%

1H 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 Sales EBITDA EBITDA/Sales before IFRS16

 Sales increase by PLN 433 m, EBITDA by PLN 22.4 m and EBITDA margin by 0.16 p.p. in 1H 2019

 EBITDA driven by Tobacco, Cash&Carry, ECD and partially off-set by Alcohol Distribution

21 Wholesale sales dynamics by distribution format Strong 5% sales increase despite further reductions of sub wholesalers and deals in Alcohol Distribution

Wholesale sales evolution by format +433 m (1H 2019 YoY)

+5.1% 20 8 995 77 +2.4% +8.8% 291 +9.2% ex. Alcohol dist. 8 561 4 +11.4% Franchisees +10.0% +2.1%

Sales 1H 2018 Cash&Carry Tobacco Distribution Food Service & Other Sales 1H 2019

 Strong Tobacco sales increase by 10%, followed by ECD, C&C and Food Service healthy dynamics

 Eurocash Distribution ex. Alcohol growth by 9.2% driven by sales to franchisees (+11.4% in 1H and +15.0% in 2Q 2019 YoY), Alcohol currently off-setting the growth due to merger process (Logistics and HO cost reduction, digital sales introduction, change of sales strategy)

22 Retail – sales growth driven by M&A Accelerating Delikatesy Centrum LFLs, EBITDA growth partially off-set by consolidation of Mila 129 1H Sales of goods evolution 1H EBITDA evolution (IFRS16) (PLN m) (PLN m) 2 826 64,8 +741 m -14.7 m 52,7 2 085 +35.5% 50,1 1 880 -22.6% +205 m +10.9% +2.5 m 3,45% +5.0% 2,40% 1,86%

1H 2017 1H 2018 1H 2019 1H 2017 1H 2018 1H 2019 Sales EBITDA EBITDA/Sales before IFRS16

 Sales increase driven by M&A (Mila PLN +560 m, Partner PLN +61 m).

 Ongoing integration on schedule: strategy revision, concept of operational model ready, new design of organizational structure with full team in place. Phase of common IT solution roll out currently being developed.

23 Retail development Sales increase in all formats despite low basket inflation

Retail sales evolution by format Delikatesy Centrum like for like (1H 2019 YoY) 2 826 19 49 8,0% 230 Inmedio 8.1% 8,5% 2 085 +9.2% 6,3% 673 +4.9% 6,7%

1 550 10.1% 211 Inmedio +76.7% Own 54.8% 3,4% Supermarkets 877 2,1% 42.1% Own +741 m 0,9% Supermarkets +138 -0,3% -1,8% -1,5% -1,5% +35.5% 1 046 -2,0% 997 Franchise 37.0% 47.8% Franchise +3.5% 1Q’181Q 2Q 3Q 4Q'184Q 1Q’191Q 2Q Sales 1H 2018 Supermarkets Delikatesy Centrum Inmedio Sales 1H 2019 Delikatesy Centrum Wholesale Delikatesy Centrum Retail Own Franchise

 Own supermarkets increasing sales by PLN 673 m  Delikatesy Centrum LFL at level of +3.35% in 1H 2019 and average retail basket inflation at +0.72%  Franchise stores with sales increase by 4.9% in 1H 2019  Inmedio newsagents LFL +5.22% in 1H 2019

24 Projects – accelerating expansion of already defined formats Projects excluding Fresh Project

1H 2019 Sales of goods evolution 1H 2019 EBITDA evolution (PLN m) (PLN m)

39,0 before IFRS16 1H 2017 1H 2018 1H 2019 +15.1 m 23,9 +63.3% +8.3 m 15,5 +10 m from +53.7% Duży Ben

( 14,8) -5.5 m -2.2 m ( 20,2) 1H 2017 1H 2018 1H 2019 ( 22,4) (20) Sales EBITDA (IFRS16)

 Duży Ben driving sales with 50 stores at the  EBITDA impacted by costs of expansion and investments into end of 2Q 2019 brand awareness

 LFL in Duży Ben in 1H 2019 amounted to +20.8%  Further expansion needed to reach break even point

25 Cash Flow Operating CF driven by depreciation from IFRS16. LTM OCF before IFRS16 at 0.71x EBITDA. Cash conversion cycle 1H 2019 PLN m 1H 2019 1H 2018 40 before IFRS16 31 31 28 30 30 27 24 21 23 22 20 Net operating cash flow 265 83 186 25 23 21 24 24 24 20 20 25 20 0 Net profit (loss) before tax 19 30 42 -20 Depreciation 266 107 96 ( 21) ( 21) ( 22) -40 ( 27) ( 23) ( 25) ( 24) ( 28) ( 25) ( 25) Change in working capital 1 1 63 -60 ( 68) ( 70) ( 68) ( 75) ( 71) ( 76) ( 72) Other (21) (55) (15) ( 76) ( 81) ( 77) -80 Net investment cash flow (180) (180) (378) Net financial cash flow (84) 98 138 -100 Q1 2017 Q2 Q3 Q4 Q1 2018 Q2 Q3 Q4 Q1 2019 Q2 Total cash flow 1 1 (54) Receivables Stock Cash conversion Liabilities

 OCF at level of PLN 265 m. Before IFRS16 at 83 m.  Net Working Capital rotation at stable LT optimum level of -25 days

 Working capital impacted by increased sales and inventory reductions as of end 2018. Rotation of each position impacted by change in mix of sales (increase of share of tobacco and fresh categories in total revenues).

26 3.44x Net debt vs. LTM EBITDA (incl. IFRS16)3 3.21x Net Debt increase due to seasonality and M&A. (incl. IFRS16)3 2 554 IFRS16 not impacting operations and financial capabilities (incl. IFRS16)2 2 416 (incl. IFRS16)2 1 825 1 788 Net Debt vs. EBITDA 742 752 1 (incl. IFRS16)1 (incl. IFRS16)

210 m M&A 3301 + Dividend

 Q1 2019 Net Debt increase of PLN 347 m  IFRS16 drives ND to PLN 2.55 bn  IFRS Index below 3.5x 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 . (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 IFRS 16 Net Debt vs. EBITDA in 2018 (PLN m)

2Q 2019 CURRENT IFRS 16 IMPACT AFTER IFRS 16 vs 2Q 2018

SALES 22 833 22 833

EBITDA 419 330(1) 748(1) + 178

EBITDA margin 1.8% 3.3% +1.3 p.p.

NET DEBT / (2) (3) IFRS16 INDEX 382 1 802 2 184 + 1 788

NET DEBT (IFRS16 INDEX) (3) / EBITDA 0.9 2.9 +1.7

 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 . (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. 28 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: Cezary Giza Investor Relations Director

[email protected] mobile: +48 693 930 415

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