Across All Europris Stores! 212 0 49

Europris Analyst Presentation

20 August 2015

Norway’s leading discount variety retailer 55 122 42 Disclaimer

212 0

49 By attending the meeting where this presentation is made, or by reading the presentation slides or by accepting delivery of this document, you agree to be bound by the following limitations. IMPORTANT INFORMATION The presentation and any information provided does not constitute or form part of, and should not be construed as, an offer to acquire any securities of the Company or any of its subsidiaries nor should it or any part of it form the 0 basis of, or be relied on in connection with, any contract to purchase any securities of the Company or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any contract or 126 commitment whatsoever. 196 FORWARD LOOKING STATEMENTS Matters discussed in this document may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” “continue,” “should” and similar expressions. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; and developments in the Company’s markets. The forward-looking statements in this 75 Company Introduction are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown 75 risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause the actual results 77 of the Company or the industry to differ materially from those results expressed or implied in this Company Introduction by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement. NO UPDATES 239 Nothing contained in this Company Introduction is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, this Company Introduction speaks as of the date hereof. Neither the delivery of this Company Introduction nor any purchase of any of the securities, assets, businesses or undertakings of Europris shall, under any circumstances, be construed to indicate or imply that there has been no 90 change in the affairs of Europris since the date hereof. In addition, no responsibility or liability or duty of care is or will be accepted by Europris or their respective Representatives for updating this Company Introduction (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information. The information contained in this Company Introduction is necessarily based on economic, market and 24 other conditions as in effect on the date hereof or as stated herein. It should be understood that subsequent developments may affect such information and that Europris have no obligation to update or revise such information.

183 177 169

255 124 0

0 0 0

2 55 122 42 Important terms and definitions

212 0 49 Term Definition 0 126 Chain All Europris stores including both stores owned by the Company (directly operated) and franchise stores

196 Chain sales Total retail sales of the Chain

75 Stores All stores of the Chain, both franchise and stores owned by the Company (directly operated), unless explicitly stated 75 Measure of growth rate for stores that have been open for more than 12 months, including both franchise stores and stores owned by the Company (directly LFL growth 77 operated). The measure includes stores that have been modernised and relocated during the period in question Europris ASA (with subsidiaries), except for when referring to financial information prior to 1 April 2012 and certain financial information for the full fiscal year 2012 Company (P&L and cash flow items) for which the corresponding entity was Europris Holding AS (with subsidiaries) 239 Acquisition of a franchise store and conversion to a directly operated store. Transaction date and consolidation into Company financial accounts may differ from Franchise takeover 90 the date of formal merger 24 Europris changed the accounting principles for its financial statements from Norwegian GAAP to IFRS with effect from 1 January 2014 and has restated its financial figures for the first 9 months of 2012 and the full fiscal year of 2013. Financial figures presented herein for periods prior to 1 April 2012 (and Accounting standards consequently certain financial information for the full fiscal year 2012) were prepared based on Norwegian GAAP, which management considers comparable in all 183 material respects to IFRS for the purposes shown herein. Given the change in accounting standards (see above) some fiscal year averages and growth rates, including CAGR (“Compounded Average Growth Rate”) 177 Fiscal year averages and figures, are a combination of figures prepared based on Norwegian GAAP and IFRS. Management considers such figures to be comparable in all material growth rates 169 respects to IFRS for the purposes shown herein.

EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is not a measure of liquidity or performance calculated in accordance with IFRS 255 124 Adjusted EBITDA EBITDA before certain non-recurring operating expenses defined by management 0 Adjusted EBITDA margin Adjusted EBITDA as a percentage of Company revenue

0 EBITA Earnings Before Interest, Tax and Amortisation. EBITA is not a measure of liquidity or performance calculated in accordance with IFRS 0 Adjusted EBITA EBITA before certain non-recurring operating expenses defined by management (the same as for adjusted EBITDA) 0 Adjusted EBITDA less total capital expenditures (excluding amounts under financial lease) divided by adjusted EBITDA. Cash conversion is not a measure of Cash conversion liquidity or performance calculated in accordance with IFRS 3 55 122 42 Today’s agenda

212 0 49 Time Section Presenter(s) 0 Pål Chr. Andersen (Logistics Director), Jan Eilef Tomas Engen (Warehouse Manager), Pål 09.30 – 10.00 Central Warehouse tour 126 Wibe (CEO) 196 Travel to Europris HQ

75 10.30 – 10.45 Introduction to Europris Pål Wibe (CEO) 75 77 10.45 – 11.00 Our market position Pål Wibe (CEO)

Pål Wibe (CEO), Knut Spæren (Purchasing Director), Pål Chr. Andersen (Logistics Director), 11.00 – 12.45 Market winning retail model 239 Jon Boye Borgersen (Marketing Director), Øyvind Haakerud (Store Network Director) Strong platform for continued revenue and 90 12.45 – 13.10 Pål Wibe (CEO) 24 earnings growth 13.10 – 13.20 Break 183 177 13.20 – 14.10 Financial performance Espen Eldal (CFO)

169 14.10 – 14.25 Long term objectives Espen Eldal (CFO)

255 14.25 – 14.30 Summary and closing remarks Pål Wibe (CEO) 124 0 14.30 – 15.00 Q&A

Travel to Europris Dikeveien store 0 0 15:00 – 16.00 Europris Dikeveien store tour Pål Wibe (CEO), Øyvind Haakerud (Store Network Director) 0

55 122 42 Today’s presenters

212 0 49 Pål Wibe – CEO Seasoned and strong management team

0 Industry 126 CEO Europris since April 2014 Position experience (yrs) Prior experience 196 • Over 16 years of experience in Nordic retail Pål Chr. Andersen including as CEO of nille from 2006-2013 Logistics Director 17 Europris since 2013 75 • Voted retail CEO of the year by Virke 75 (Enterprise Federation of Norway) in 2013 77 Jon Boye Borgersen Marketing Director 24 Europris since 2005 239 90 Petter C. Wilskow 24 Director HR & Legal 18 Espen Eldal – CFO Europris since 2006 183 177 CFO Europris since January 2014 Knut Spæren 169 Purchasing Director 29 • 18 years of experience in Nordic and Europris since 2011 255 international retail and service industry companies 124 Øyvind Haakerud 0 • More than 12 years in senior management Store Network Director 22 positions as CEO, CFO and Sales Director Europris since 2013 0 • Worked alongside Wibe for 2 years in TRN 0 Ole Petter Harv 0 IT Director 19 Europris since 2014

I. Introduction to Europris

6 55 122 42 Europris at a glance

212 0 49 Norway’s leading discount variety retailer Europris in figures1

0  Undisputed market leadership in Norway 126 226 26m 196  Nationwide presence stores2,3 customer transactions3 75  Wide assortment at very low prices 75 77  Efficient sourcing with direct access to end producers 90% 4.7 / 4.3bn 239  23 years of continuous growth since start in 1992 brand Chain3/ 90 4 24 awareness Company sales Total revenue development (NOKbn)2 183 5 177 7.0% 13% 169 4 LFL growth3 Adj. EBITDA

255 3 margin 124 0 2

1 86% 2,600 0 cash employees3 0 0

0 conversion5

1993 1995 1997 1999 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1992 1994 1996 1998 2000

•General note: Please refer to page 3 for important terms and definitions that apply on this page, especially related to accounting standards for full year 2012 and prior years. 1. All figures for fiscal year 2014 except where explicitly stated otherwise. 2. As of Q2 2015 3. Based on chain sales (including franchise stores). 4. According to TNS Gallup; sum of assisted and non-assisted awareness. 5. Average for the period 2010 to 2014. 7

•Source: Europris 55 122 42 Our purpose and vision

212 0 49

0 126 196

75  Wide assortment covering basic needs at very low 75 Offering 77 prices

239 90 24  To offer our customers a distinct added value, great 183 Purpose 177 deals and affordable quality 169

255 124 0  To be the first choice for anyone who wants to buy Vision 0 smart and at the best price 0 0

55 122 42 Why Europris is unique

212 0 49 Fast growing defensive retail model Europris has a truly mixed assortment1

0  Europris is the largest and leading discount 126 variety retailer in the structurally attractive Laundry & Electronics Groceries 196 Norwegian market Cleaning 9% 12% 3% Candy & Chocolate 75 Personal Care 5% 75  Truly mixed assortment creating competitive 9% 77 House & flexibility and strong earnings resilience Pets Garden 3% 11% 239 Hobby & 90  Demonstrated price leadership – customers get Office 24 great value for money 7% Handyman 7% 183 Travel,  Strong brand recognition and unique nationwide Sports & 177 Home & network of stores – with 90% brand awareness2 Leisure Clothes & 169 11% Kitchen Shoes 15% 8% 255  Unique store layout with dedicated space to 124 seasonal merchandise, allowing Europris to “trade 0 the seasons” Packaged Food Home + Garden 0 Clothing + Shoes Leisure + Office 0  Online disruption supports the business model Health + Beauty Electronics + Appliances 0

•1. For 2014. 2. According to TNS Gallup; sum of assisted and non-assisted awareness 9

•Source: Europris 55 122 Resilient business model consistently beating the 42 market by a considerable margin 212 0 49 LFL growth performance Total growth performance

0 Y-o-Y LFL growth (%) Y-o-Y total growth (%) 126 196 2.2x 2.6x 3.0x 2.6x 2.6x 1.7x

75 10% 12% 75 77 10% 9.4% 8% 9.3% 7.0% 8.4% 239 90 6.2% 8% 6% 24 4.8% 6% 5.6% 183 4% 3.6% 177 2.7% 4% 3.3% 2.2% 169 2.1% 2% 2% 255 124 0% 0% Average 2014 H1-15 Average 2014 H1-15 0 2010-2014 2010-2014 1 1 Europris Market Europris Market 0 0 0 x Europris growth relative to market growth in the period

•General note: Please refer to page 3 for important terms and definitions that apply on this page, especially related to accounting standards for full year 2012 and prior years

•1. Market includes a large number of shopping centres throughout Norway (e.g. 230 in 2014) 10

•Source: Kvarud Analyse, Europris 55 122 42 Exceptional financial profile

212 0 49 Strong cash generation 0 126 196 High profitability New store Cash Payback 75 Conversion 75 Impressive growth Returns 77 Margin

239 Resilient 86% 1.1 year LFL 90 Total Growth 24 Growth Growth 12.9% 45% 183 Average Average 177 2010-20143 New Store2 169 11.5% 7.0% 17.8% Adjusted 2014 EBITDA Adjusted 255 Margin 2014 ROCE1 124 0 2010-2014 2014 LFL 2007-2009 Sales CAGR Growth Sales CAGR 0 0 0

•General note: Please refer to page 3 for important terms and definitions that apply on this page.

•1. Return on Capital Employed (“ROCE”) is calculated as adjusted EBITA divided by average capital employed for the period (excluding goodwill). Capital employed (excluding goodwill) is calculated as the sum of total non- current assets (excluding goodwill) and total current assets (excluding cash and cash equivalents) less total short term debt (excluding short term borrowings). ROCE is not a measure of liquidity or performance calculated in 11 accordance with IFRS. 2. Please see page 100 for further details Key investment highlights

1  Unchallenged market leader in a fast growing retail segment

2  Unique discount variety retail model

3  Impressive track record of growth, high profitability and solid cash generation

4  Strong future growth potential

II. Our market position

13 55 122 Strong growth in the Norwegian discount variety 42 retail segment 212 0 49 CAGR Index: 2000 = 100 0 Discount variety retail: 126 700 16% 196

75 600 75 77 500 239 90 24 400

183 Specialist retail: 300 177 6% 169 200 255 124 0 100 Total retail: 4% 0 0 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

•Source: Ultima database for variety retail and specialist retail, Euromonitor for total retail market 14

55 122 42 Structural trends underpin continued growth

212 0 49

0 126 Strong Norwegian retail market fundamentals 196

75 75 77 Structural shift to value for money

239 90 24 FMCG supportive of channel as source of growth 183 177 169

255 Landlords increasingly positive due to strong footfall and online resilience 124 0

0 0 Expanding seasons 0

55 122 42 Attractive Norwegian retail market fundamentals

212 0 49

Average real GDP growth

2.4%

126 2.1%

1.7% 1.7% 1.7%

1.5% 1.5% 1.5%

196 1.4% 1.2% • Norwegian market is a fast growing and 75 0.3% highly resilient retail market 75 Norway UK Sweden Germany Europe Denmark 77

Average consumer expenditure growth − Highest GDP per capita in Europe

239

4.9%

4.6%

4.3%

4.2%

90 3.8%

3.4% − Consumer expenditure the highest in

3.3%

2.7% 2.1% 24 2.0% Europe, and expected to continue to grow, despite decrease in oil prices 183

177 (3.4)% 169 Norway UK Sweden Germany Denmark Europe • High levels of consumer loyalty, Norwegians Average consumer expenditure per capita stick with retail concepts they know and trust

255

124

30,038

€ • High levels of employment and consumer

0 26,228

€

23,060

22,934

22,021

21,179

€

20,165

20,084

€

19,698 €

18,299 confidence

€

12,638

11,193 € 0 € 0 0 Norway Denmark UK Sweden Germany Europe

2011A - 2014A 2015E - 2018E 16

•Source: Euromonitor 55 122 42 Structural shift to value for money

212 0 49 Consumers are shifting to value products Norwegian market remains underpenetrated

1 0 • Discount variety retail is the fastest growing sector Discount retail penetration of grocery and variety retail (%) 126 35% 196 • Consumers are to a larger extent buying affordable for their “everyday” goods to free up funds for indulgence spending 15% 13% 13% 12% such as holidays, luxury goods, etc. 11% 75 10% 8% 75 8% 8% • The increase in private label penetration in the food retail 77 channel in Norway is another testimony of this trend

239

UK Italy

90 Spain

France

Finland

Norway

Sweden Portugal 24 Germany Selected similar trends in other markets and geographies Switzerland

183 Airlines2 Sports Retail2 UK Retail3 177 169 2008-2014 Revenue CAGR 2008-2013 Revenue CAGR 2008-2014 Revenue CAGR 42.5%

24.9% 255 21.0% 124 0 4.4% 5.0%

0 (5.4)% Norwegian UK Big Retail 0 Sports Retail 0

•Source: Euromonitor, annual filings, Capital IQ, XXL prospectus, Sportsbransjen.no

•General note: Each trademark, trade name or service mark of any other company belongs to its holders.

•1. Includes grocery retail and variety retail; all variety retail defined as discount. Only Coop Obs of grocery retail chains is defined as “Discount” for the purpose of this analysis. Euromonitor defines Rema 1000, Kiwi, Rimi and Coop Prix as “Discounters”. However, these have been excluded in this comparison to other geographical markets where the “Discount” concepts are believed to be more differentiated on e.g. price and private label penetration. Source: Ultima database for variety retail and specialist retail; 17 Euromonitor for total retail market (left) and discount penetration (right). 2. SAS and Norwegian year end Dec. 2. XXL year end Dec. 3. B&M year end Mar, Tesco year end Feb, WM Morrison year end Jan, Sainsbury year end Mar. 55 122 42 FMCG supportive of channel as source of growth

212 0 49 FMCG struggling to drive growth in Western Europe Similar dynamics seen in Norway2 0 126 Year-on-year unit sales development1 Market share (%) 196 39% Food retail 34% 23% 75 consolidation 75 Branded products Private label in Norway… 77 0.0% -0.5% +0.5% 239

90 Stagnant growth 24 Hyper/Super Discounters EUR 395bn …and 183 -0.7% +1.9% increased 8.4% 13.9% 177 169 share of private label 2003 2014 255 124 0

0 0 0 Europris is a unique opportunity for growth

•Source: 1. Nielsen Strategic Planner (W.E Big 5 Countries) year end 2013; 2. AC Nielsen 18

•General note: Each trademark, trade name or service mark of any other company belongs to its holders. 55 122 Landlords are increasingly positive due to strong 42 footfall and online resilience 212 0 49 Increasingly attractive locations 0 126 Strømsø – Drammen 196 Newly opened shopping centre in the heart of Drammen 75 75 • Europris seen as a 77 NOK 592k destination concept, driving City centre store sales 239 in opening footfall 90 week 24 • Seen as a stable, long-term Main thoroughfare tenant based on exceptional 183 track record of growth and 177 Lørenskog 169 resilience New store above the central and attractive Steen & Strøm Metro Senter 255 • Landlords are under pressure 124 with shift to online for many 0 traditional retailers

0 0 Main 0 thoroughfare

•Source: Europris 55 122 42 Expanding seasons

212 0 49 Expanding seasons throughout the year Europris can trade the seasons

2 0 Jan January sale • Approximately 200m of selling space dedicated to seasonal 126 offerings 196 Feb Winter holiday • Management believes no other retailer in Norway has the 75 Mar Easter same flexibility and dedication 75 • Unmatched scale among competitors to communicate the 77 Easter Apr Preparation of summer holiday message to consumers May Summer collection 239 • Seasonal offerings are significant traffic drivers to drive cross 90 selling of more “everyday” products 24 Jun Preparation of summer sale Jul Summer sale 183 Seasonal contribution to total 177 Aug Back to school / winter collection 3 weeks of Easter sales 2015 (NOKm) 169 Summer 269 Sep Christmas preparation / Autumn expo 255 124 Oct Halloween

0 15% Christmas season / January sale Nov preparation / Black Friday 0 41 0 Christmas Dec Fireworks 0 Easter sales Total sales 20

•Source: Europris 55 122 Significant market opportunity from unique 42 position as a multi-category retailer 212 0 49 Europris has a truly mixed assortment2 0 126 General Groceries Laundry & 196 merchandise Cleaning Pets Personal Care 3% 3% Home & Kitchen 9% 15% 75 Candy & Chocolate 75 5% 77 Hobby & Office 7% 239 Groceries 12% 90 Handyman 24 Total addressable 7% market1: 183 ~NOK 280bn Clothes & Shoes 8% House & Garden 177 11% 169 Electronics 9% Travel, Sports & Leisure 255 11% 124 0  Large market Speciality  Competitive flexibility 0 retail 0  Resilience 0

Total addressable market for packaged food, home & garden, clothing & shoes, leisure & office, health & beauty, and electronics & appliances. 2. Active SKUs year end 2014 21 Source: Euromonitor, Europris 55 122 Various competitors across categories but 42 none with the same position 212 0 49 Discount variety retailers positioning1 0 General 126 Groceries 196 merchandise Strong * 75 75 Non-food variety retail 77

239 90 *

24 perception Price

(Hypermarket) 183 177 Weak 169 Low Degree of overlap in assortment High

* Assortment include groceries 255 124 Size of bubble represents sales for 2013A 0 Speciality  Most categories offered with extensive category depth 0 retail 0  Competes on chosen grocery trade categories 0

1. Assortment overlap based on management assumptions (see page 26); price perception based on study on page 35 (Rusta shown at same level as Jula for illustrative purposes); Rusta sales is an estimate based on number of stores and average selling space. General note: Each trademark, trade name or service mark of any other company belongs to its holders. 22 Source: Euromonitor, Europris 55 122 Europris is the largest discount variety retailer in 42 Norway with the widest assortment 212 0 49 Sales in Norway 2013A (NOKm) 0 126 “ Mixed value retailers were the winners once again in 2014. Amongst others it’s 196 5,000 impressive to witness the growth Europris has experienced over the last couple of years and in 2014 in particular. Europris’ concept fits well with all current market trends 4,000 75 Reidar G. Mueller – Nordic Retail Expert in Varde Hartmark 75 ” 3,000 77

2,000 239 90 1,000 24 Entered in 2014 0 183 1 177 169 Tools, home, electrical, Tools, car supplies, leisure Hardware, home, leisure, Discount variety non-food Clothing, textiles, Home, DIY, tools, garden, Discount variety retail DYI, garden, leisure, car Offering products electrical, multimedia retail cosmetics, tools, home leisure, electrical supplies, clothing 255 124 # of stores 0 220 56 71 366 23 21 5 2014

0 Assortment 0 overlap to 0 Europris2

•Source: Euromonitor, Ravninfo, Europris 23

•1. Chain sales – including franchise stores. 2. Management estimates 55 122 42 Online disruption supports the Europris model

212 0 49 Online is considered an opportunity… …that we are selectively tapping

0 • Europris is eminently positioned 126 196 • Unique opportunity to market our story Online retailers We are a destination struggle with our shopping concept 75 low ticket size • Potential to expand into new and adjacent 75 categories with multi-channel approach 77 • Highly efficient logistics setup with nationwide 239 coverage to enable Click & Collect

90 <

24 • Strategically testing in the B2B segment

183 Price and store availability Online marketing 177 169 Landlords are Online drives price 255 getting nervous – comparability – we 124 rents coming down are the price leader! 0

0 0 0

•Source: Europris III. Market winning retail model

25 55 122 42 Market winning retail model

212 0 49

0 126 1. Unique 196 customer value proposition 75 75 2. True price 77 leadership across 239 categories 90 5. Fully 24 integrated, low cost 183 operating 177 model 3. Nationwide 169 presence and deep brand 255 recognition 124 0 4. Clear category strategy and 0 seasonal focus 0 0

26 55 122 42 Market winning retail model

212 0 49

27 55 1 122 42 Unique customer value proposition

212 0 49

0 126  A true discounter 196 Value for money  Clear price leadership 75 75 77  Valuing the shopping experience 239 Bargain hunting  Great deals 90  Seasonal focus 24 “Mer til

183 overs”  Leading brands 177 Affordable quality 169  Affordable own brands “Spend less – save more” 255 124 0  Truly mixed assortment Basic needs  12 main categories 0 0  ~8,800 SKUs 0

55 1 122 42 The customer is reminded every week

212 0 49 NOK 1.2m sold in week 15 0 126 196 Unique bargain

75 75 Affordable own 77 brand

239 90 24 Leading 183 Unquestionable shampoo brand 177 value 169 Sold at specialised 255 (online) retailers for NOK 124 Great deals every 239 – 269 and at 0 hairdressers for as much day of the week as NOK 749 0 0 0

55 122 42 Market winning retail model

212 0 49

30 55 122 2 42 True price leadership across categories

212 0 49 Lowest on price… …clearly cemented with the consumer 0 “Which retailer do you think offers the lowest prices?”1 126 196 79% 75 73% 75 77 67%

239 65% 90 24 65%

183 61% 177 169 56%

255 56% 124 54% 0

• We systematically compare the prices on the front page of 36% 0 our Direct Marketing leaflets against our competitors 0 • Lowest price on 90%+2 of front page products tested in 2014 0 Partly variety retailers Grocery retailers

•Source: Customer survey December 2014, Europris

•General note: Each trademark, trade name or service mark of any other company belongs to its holders.

•1. %-share of respondents stating that the store has lowest price. Based on a scale from 1-5 where 1 is expensive and 5 is low price. Estimated by identifying share of respondents grading the retailer as either a 4 or a 5. 31 2. Based on informal comparisons made on an ongoing basis. 55 122 Segmentation used consciously to guide 2 42 pricing relative to comparable products 212 0 49

0 Price index to competitors (% below) 126

196 50%

Maintain: Discount to specialists and on par with lowest 75 discount food chains (if any) 75 25% Harvest: Typically products with limited direct competition 77

239 0%

90 strategy Pricing 24 “Beat the “Match the competition” competition” 183 177 SKU 169 Super KVI1 KVI1 Non-KVI1 definition

255

124 0

0 examples 0 Illustrative

•1. Key Value Item 32

•Source: Europris 55 122 2 42 Europris offers outstanding value

212 0 49 Kids overalls Block candle 0 126 Competitor price Competitor price -33% -18% 196 NOK 299 NOK 60

75 75 Towels Chips 77 Competitor price Competitor price -66% -34% 239 NOK 299 NOK 42.8 90 24 Car seat (kids) Curtains 183 177 Competitor price Competitor price 169 NOK 399.9 -37% -47% NOK 75

255 124 Shampoo 0 Washer fluid Competitor price Competitor price 0 NOK 92 -37% -45% NOK 91.6 0 0 Europris discount to other mix retailers

Note: This is an illustrative example based on comparison against front page products for selected competitors in week 36 2014 33 Source: Europris 55 122 42 Market winning retail model

212 0 49

34 55 122 42 Nationwide store network 3

212 0 49 Unique network of stores 0 126 • 226 stores across Norway 196 Total: − 162 own stores 226 5 75 7 − 64 franchise stores 75 77 • Present in both rural and urban areas

239 10 − Proven ability to thrive in small catchment 90 areas 24

6 − Several underpenetrated urban areas 183 177 13 • Driver of footfall with attractive proposition for 169 15 landlords 15 7 255 15 • Consistent nationwide marketing efforts 124 12 21 19 0 8

20 14 0 More than 25k inhabitants per store 0 10 10 8 Between 15k and 25k inhabitants per store 0 8 15k or fewer inhabitants per store 35

•Source: Company data 55 122 Proven ability to thrive in all types of 42 locations and store sizes 3 212 0 49 Overview of store portfolio1 0 2 126 Store category (sqm ) <900 900-1,200 1,200-1,500 >1,500 Total 196 Number of stores 52 116 36 16 220 75 75 77 - of which rural / town (%) 77% 84% 53% 25% 73%

239 90 - of which city (%) 23% 16% 47% 75% 27% 24

183 Owned stores (%) 62% 64% 78% 94% 68% 177 169 Average store size (sqm2) 811 1,058 1,322 2,205 1,126 255 124 0 Seasonal space (sqm2) ~100 ~150 ~200 ~250 ~200

0 Avg. EBITDA margin 14.4% 14.0% 12.7% 12.0% 13.6% 0 (contribution to Company)3 0

•General note: Please refer to page 3 for important terms and definitions that apply on this page.

•1. As of year end 2014 2. Conversion rate to square feet 1:10.7639. 3. EBITDA for each store on a Company basis (excluding certain overhead costs for the “Total” column). 36

•Source: Company data as of December 2014 55 122 Large and growing customer base with high 42 brand awareness 3 212 0 49 Growing customer base High brand awareness

0 # of tickets for Chain (m) 126 196 30

75 CAGR: 75 5.2% 26.2 “Europris is an iconic Norwegian brand with 77 24.8 25 24.2 more than 90% awareness, being the top-of- 239 90 22.5 24 mind mixed retail chain in Norway” 20.9 20.2 183 20 177 169

255 124 15 0 2009 2010 2011 2012 2013 2014

0 0 0

•Source: Europris 55 122 42 Who are our customers? 3

212 0 49 Customer demographics1 How far do customers travel?

0 Relative preference for shopping at Europris (1=average) Travelling distance to nearest Europris store (% of respondents)2 126 80% 196 20-29 years 66% 30-39 years 60% 75 40-49 years 75 50-59 years 40% 77 groups Age 60 + years 25% 20%

239 No children 2% 1% 0% 2% 0% 90 0-6 years 7-12 years < 10 10-20 21-30 31-60 > 60 Unknown

24 Families min min min min min 13-19 years

183 Under 50 years How often do they visit? 177 Over 50 years 169 Singles How frequent do people shop at Europris (% of respondents)2 0.0 0.5 1.0 1.5 50% 255 40% 33% 33% 124 • Strong position across a wide demographic 30% 0 21% 20% • Particular strength within the customer groups with 8% 10% 5% 0 the highest purchasing power – the 40+ segment 0% 0 Weekly Monthly Every 6 Less than Never 0 months every 6 months

1. TNS Gallup survey including 45,000 phone interviews and 13,000 postal interviews. 38 2. MediaCom survey with 1,300 respondents over 15 years of age that have heard of Europris and have a store in proximity to where they live 55 122 42 Market winning retail model

212 0 49

39 55 122 42 Clear category strategy 4 212 0 49 7 focus “Destination” product article groups1 0 126 Personal Care Laundry & Cleaning 196

75 75 • 12 main categories – 7 specific 77 “Destination” areas to drive traffic Candy & Chocolate Petfood & Accessories 239 • Prominent positions in stores

90 < +40% of • Proven category management models 24 sales2 • Low ticket items 183 177 Home Storage Socks & Underwear • Seasonal offerings across all 169 categories underpin category strategy

255 124 0 Candles & Napkins Seasonal 0 0 0

•1. Please see 12 main product categories on page 12. Home Storage and Candles & Napkins are included in the Home & Kitchen category. Socks & Underwear is included in the Clothes & Shoes category. 2. For 2014 40

•Source: Europris 55 122 Proven category management tools 42 Execution exemplified: Personal Care 4 212 0 49 1 0 Sales development Assortment 126 optimisation NOKm 196 400 CAGR: 19% 75 75 6 2 300 77 In-store Redesigned optimisation packaging 200 239 90 100 24 2011 2012 2013 2014

183 Gross profit development 177 5 3

169 NOKm Improved in-store Campaign communication development 100 255 CAGR: 19% 124 80 0 60 4 0 40 0 Revitalised 0 marketing 20 2011 2012 2013 2014

•Source: Europris 55 122 42 Europris is Norway’s largest seasonal store 4 212 0 49

0 126 196

75 75 77

239 90 24

183 177 169

255 124 • Average of approximately 200m2 of selling space dedicated to • Nationwide network of stores and 0 seasonal offerings unmatched scale ensures ability to effectively communicate the 0 • Management believes no other retailer in Norway has the same message to “all” consumers 0 flexibility and dedication 0 • Example: “All of Norway’s Easter store” 42

•Source: Europris 55 122 42 Own brands and leading brand offerings 4 212 0 49 Product mix to drive both traffic and margins1 Affordable own brands (examples) 0 Groceries Leisure Textiles Home Handyman 126 Own brands 196 Non-branded 25% products 75 41% 75 77 Branded products 239 34% 90 24 Leading brands important to drive traffic2 Building brands in the local market 183 2010 Current 177 . Leading UK brand in paint 169 brushes and decorating tools

255 . High quality product previously 124 largely unknown in Norway 0 23% 34% . Europris has established Harris as a fully adequate substitute to 0 the market leader 0 0 . Active use of “expert campaigns”

•1. Last twelve months sales figures. 2. Share of branded products 43

•Source: Europris 55 122 42 Market winning retail model

212 0 49

44 55 122 42 Fully integrated, low cost operating model 5

212 0 49

0 126 196

75 75 77

239 90 1 Sourcing 2 Logistics 3 Marketing 4 Stores 24

183 177 169

255 22 years of 124 Highly efficient 0 sourcing Unmatched Cost efficient setup with experience from scale and locations and nationwide 0 low cost integration operations reach 0 countries 0

•Source: Europris 1 1 Differentiated sourcing model

46 55 122 42 Smart sourcing is in our DNA

212 0 49 The Competitive edge 0 126 196 The Europris DNA 22 years sourcing experience from low cost countries

75 75 77 Opportunistic spirit Longstanding relationships with high quality producers 239 90 Innovative approach 24 Bargain hunters Direct access to the local end producer 183 Relationship driven 177 169 Highest ethical standards Strong product knowledge 255 124 0

0 High value chain flexibility and fast execution 0 0

•Source: Europris 55 122 Strong sourcing organisation with dedicated 42 responsibility throughout the value chain 212 0 49 Knut Spæren 0 Purchasing Director 126 196 • Responsible for margins 75 throughout the value chain 75 Interior & Sports, Tools & Groceries 77 textiles Leisure

• Category strategy and in-

239 < store product solutions 90 24 • From sourcing to operative replenishment 183 Highly experienced and enthusiastic organisation 177 of 45 employees with strong local relationships • A highly motivated and

169 end responsibility

- and deep category expertise experienced team to 255 - 124 < 0 End

0 Content Sales HSE Replenishment 0 0

•Source: Europris 55 122 42 High degree of sourcing flexibility

212 0 49 Suppliers by COGS in 2014 0 126 196 Other Top 20 suppliers 75 62% • Long term relationships with key suppliers based 75 38% 77 on 22 years of sourcing experience • Large part of assortment sourced from low cost 239 90 countries in Asia and Europe 24 Suppliers by geography in 2014 • Diverse supplier base – no supplier accounts for more than 5% of total purchases 183 North 177 America Norway 2% • Highly competitive pricing 169 17% • Buying power further increased by newly 255 Asia established JV with Tokmanni 124 41% 0

0 0 Europe 0 40%

55 122 42 Strategic sourcing and value chain initiatives

212 0 49 Sourcing JV with Tokmanni in Shanghai Highly experienced local organisation

0 • Europris and Tokmanni cooperation to improve Low 14 employees in total 126 Cost Country Sourcing (“LCCS”) since 2013 196 Magnus Brofelth • Solid results in several categories, but still General Manager 75 significant potential Financial & HR Senior Sourcing 75 Quality Manager Manager Manager 77 • Only 75% of sourcing volume defined in project covered so far Quality Engineer & 239 Merchandiser 90 • Over NOK 50m in annual savings already secured 5 4 24 Sourcing Sourcing managers assistants 183 Improved Sourcing Project 177 169 • Renegotiate contracts with major brands

255 • Continue to eliminate LCCS agents/ intermediates 124 0 • Move additional products to low cost countries

0 • Evaluate new purchasing alliance in non-fresh food 0 0

55 122 Sourcing advantage proven: Price, quality and 42 documentation 212 0 49

0 126 196

75 75 77

239 90 24 Low price and no faults – 183 best in test in all 177 categories 169

255 124 0

0 0 0

Note: Please see details of study in appendix 51 Source: VG 55 122 42 We take CSR seriously

212 0 49

0 •We focus on the We care about We support our 126 196 environment our employees surroundings

75 75 77

239 90 24

183 177 169 Eco-Lighthouse certified Employee well being Ethical Trading Initiative Energy consumption Inclusive workplace Norway 255 Internal ethical guidelines 124 Effective packaging Focus on Occupational 0 Sorting of waste Safety and Health (OSH) Rigorous selection of producers Effective logistics 0 Local engagement and 0 support 0

1 2 Efficient logistics setup

53 55 122 Highly efficient logistics setup with central 42 warehouse in Fredrikstad 212 0 49 Central warehouse in Fredrikstad • Several successful initiatives have reduced capacity needs 0 Location Sqm 126 to allow potential for further growth 196 Central Warehouse* 30,000 • Several additional tangible initiatives identified for further Hjalmar Bjørgesvei* 16,700 optimisation within the base, seasonal and campaign 75 assortments 75 Værste 7,000 77 Harbor storage 5,700  Improved timing and shipment size Bredmyra (Sarpsborg) 2,900 239  More efficient realisation 90 Kampenv. (new 2015) 11,500 24  Direct delivery and cross docking Total 73,800  Improved timing for inbound goods 183 • Operated using modern WMS software (by Astro) 177  Better phase in/out of SKUs 169 • Pick-by-Voice technology  Optimised safety stock • Immediate proximity to Fredrikstad Harbour 255 • Current setup supports the Company’s business plan 124 • Buffer storage during peak-seasons 0 • Potential opportunity for new warehouse setup from 2018, • 85% fixed staffing - 1 shift staffing which could improve efficiency further 0 0 0 * Main warehouses 54

•Source: Europris 55 122 Efficient flow of goods to nationwide store network 42 in Norway 212 0 49 Shipping and land transport routes

0 • Nor Lines handles sea freight (approx. 30% of total 126 volumes), which is significantly less expensive than 196 Central Warehouse by truck and more environmentally friendly Route by sea 75 • Very high fill rate of over 90% on truck transport 75 Route by truck 77 • 85-87% of goods sold are sourced through own wholesale setup 239 90 • Low degree of separate deliveries directly to stores 24

183 177 169

255 124 Highly efficient set-up at 0 Fredrikstad Harbour with close proximity to central 0 warehouse 0 0

55 122 42 Initiatives to further improve efficiency

212 0 49 Significant improvement in key KPIs Improvement initiatives

0 Example: Packing efficiency – m3 per pallet • “Evening” deliveries to stores 126 1.40 196 1.35 • Pick-routes as per shop planograms 75 1.30 • Quality control at central warehouse 75 1.25 77 1.20 • Split deliveries to stores during peak season 1.15 • New order management system facilitating 239 1.10 90 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 automatic ordering 24 Transport and Distribution cost • Reduce waste 183 • Reduce handling at CW 177 Transportation/distribution cost as % of Company revenue 169 • Reduce handling at store 4% • Optimise shipping 3.1% 255 3% 2.8% 2.8% • Reduce breakage 124 0 2% • Automatic ordering ORDER • Upstream tracking 1% 0 MNGT • Order management booking 0 SYSTEM 0 0% • Vendor performance 2012 2013 2014 • Carrier performance 56

•Source: Europris Effective marketing strategy and 3 1 optimised in-store presentation

57 55 122 Main focus on direct marketing supported by 42 follow-up ads across other channels 212 0 49 • Main marketing focus on effective 0 direct marketing leaflets 126 196 • Weekly distribution Direct 75 marketing 75 • Cementing price leadership position 77 • Reaching “bargain hunters” with 239 attractive campaigns and promotions 90 24 • Increased marketing focus going into 183 177 the weekend 169 Direct • Various nationwide online and offline 255 marketing channels to support the direct 124 follow-up marketing leaflets 0

0 • Radio proven as efficient 0 complimentary channel 0

55 122 42 Direct Marketing to drive footfall

212 0 49

Follow-up through the week 0 126 196 Focus on the season 75 75 77

239 Clear bargains 90 “Guarantees” 24

183 177 7 “Destination” areas 169

255 Great deals throughout 124 the week – multiple 0 visits Leading brands at great prices 0 0 0

55 122 42 Dedicated catalogues to support the seasons

212 0 49

0 126 196

75 75 77

239 90 24

183 177 169 • Seasonal catalogues with complete assortment overview for a certain category 255 124 • Strengthens Europris position as Norway’s seasonal store 0 • Typically distributed as a 30-50 page magazine with 400-600,000 copies – also available online 0 0 0 • Summer/Spring and Christmas editions – Fall edition new for 2015

55 122 Strengthening the Europris image with inspiring 42 ads using category experts 212 0 49 Candles

0 Knitting 126 196

75 Gardening 75 77 • Supports the season and category

239 • Strengthens credibility versus speciality retailers 90 24 • Increased focus on reaching female readers 183 177 Pets 169

255 124 0

0 0 0

55 122 Massive modernisation programme to improve in- 42 store communication with strong results 212 0 49 75-80% of own stores modernised by the end of 2015

0 126 196 12% 44% Laundry & Cleaning 75 75 65% 77

239 2013 2014 H1 2015 90

24 Share of stores in the latest format Share of stores in previous formats

183 Clothing & Shoes 177 • 51 projects completed in 2014 and 36 in H1 2015 169 • Average investment for a store modernisation to 5th 255 generation lay-out is approximately 0.9m 124 0 • Strong return on investment based on significant uptick in LFL growth following store modernisations 0 Personal Care 0 0

•Source: Europris 1 4 Strong store operations

63 55 122 42 Focus on execution

212 0 49 Work to increase the basket size Three key focal points for success 0 126 1 196 Operational quality 75 Motivate purchases – upselling – campaigns - mood 75 77

239 2 90 24 Largest on seasons Every season is its own project 183 177 169

255 3 124 0 We strive to sell more high margin Improved profitability in every store products every day Personnel efficiency – margins – profitability plan 0 0 0

55 122 42 This is where the shopping experience begins

212 0 49

0 126 196

75 75 77

239 90 24

183 177 169

255 124 0

0 0 0

55 122 42 Walking through the store – Entrance area

212 0 49 Outside of the store “Leaflet area” – promoting selected SKUs used in Direct Marketing 0 126 196

75 75 77

239 90 24

183 177 169

255 124 0

0 0 0

55 122 42 Walking though the store – Category areas

212 0 49 Personal care Clothing & shoes Cleaning 0 126 196

75 75 77

239 90 24 Grocery Handyman Pets 183 177 169

255 124 0

0 0 0

55 122 42 Walking though the store – Exit area

212 0 49 Last chance area Check out 0 126 196

75 75 77

239 90 24

183 177 169

255 124 0

0 0 0

55 122 New basket size focus area every second month to 42 improve execution within key areas 212 0 49 2015 0 126 196 January February March April May June

75 75 • Leading brands location with • Cross-selling initiatives • Store service and customer 77 billboards clearly visible from experience the normal pathway/active 239 90 use of gondala ends 24

183 177 169

255 124 0

0 0 0

55 122 42 Potential for last minute basket size increase

212 0 49 • Last minute basket increase 0 Why? • Impulse shopping 126 196 • 2 pallets immediately prior to checkout 75 How? • One decided centrally, one locally 75 77 • Can potentially reach 100% of the customers 239 Product selection • Limited SKUs to create maximum attention 90 “Last chance” stand 24 “Last chance” product schedule H1 2015: 183 Suggested upselling Week 177 "Last chance" area products H1 2015 products 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 169 Dent Babywipes 3 pack Cotton sticks 255 Antibacterial hand cleaning Wipes 124 New Energy 0 Tooth brush 3 pack Cotton pads Tooth paste 2 pack Tooth pick Cube candles 2 pack lighter 0 Frisk bigpack 0 Hazel bread 0 Shoe care 3 pack reading glasses Screen cleaner Glass cleaning Screen cleaner 70

55 122 42 Solid returns across the store portfolio

212 0 49 EBITDA per square meter for stores opened before 20141

0 EBITDA per square meter 2014 (NOK) 126 196 8,000

75 75 77 6,000

239 • Proven concept – proven 90 profitability – nationwide 24 4,000 • 207 out of 212 stores profitable1 183 177 • Strong focus on improving low 169 2,000 performing stores

255 124 0 0

0 0 0 -2,000

•Source: Europris 71

•1. Stores opened before 2014. Also including franchise stores; contribution to Company EBITDA. 55 122 42 How to improve everyday execution?

212 0 49

0 126 • Frequent and regular visits by district managers 196 • Focus on best practise, checklists and status 75 Continuous store reports 75 optimising 77 • Hands-on leadership teams

239 • Product expos and seminars creating enthusiasm 90 24

183 177 169 • Well prepared managers

255 Improve review • Two annual full store reviews Europris employees should 124 process structure “ have fun at work! 0 • Mini checklists during short visits and follow-ups

0 • Motivate and create enthusiasm! 0 0 ”

55 122 42 Highly interactive e-learning platform

212 0 49

0 126 196

75 75 77

239 90 24

183 177 169

255 124 0

0 0 0

55 122 42 We will remain champions of the seasons!

212 0 49 Focus on exceptional season execution

0 Timing examples based on Christmas season Christmas season 126 196 Close follow-up Seasons organised as stand- (detailed “FOCUS” follow-up twice a alone project initiatives 75 week) (t – 9 months) 75 77 Competition between Company wide planning to 9 1 stores ensure efficient sourcing, 239 8 marketing, logistics and sales (ongoing schedule throughout 2 90 the season) (t – 8 months) 24 7 3 183 Picture updates Seasonal kick-off seminars 177 (weekly or every other 6 Easter season 169 week during season) 4 (t – 3 months) 5

255 Facilitate for cooperation Training and district 124 between stores execution planning 0 (t – 3 months) Execution planning (t – 2 months) in the stores 0 (t – 2 months) 0 0 Preparation Execution 74

55 122 2014: Christmas season began 09:00 3 Nov – 42 across all Europris stores! 212 0 49

0 126 196

75 75 77

239 90 24

183 177 169

255 124 0

0 0 0 Preparation started for stores: 26 February Season launched: 3 November LFL growth in Dec: 13.6%

55 122 42 Store activity and preparation

212 0 49 Jan  January sale 0 126 Feb  Winter holiday 196 Mar  Easter 75 Apr  Preparation of summer holiday 75 77 May  Summer collection Summer Easter 239 Jun  Preparation of summer sale 90 24 Jul  Summer sale

183 Aug  Back to school / winter collection 177 169 Sep  Christmas preparation / Autumn expo

255 Oct  Halloween 124 Christmas season / January sale 0 Nov  preparation / Black Friday

0 Dec  Fireworks Constitution Day Christmas 0 0

IV. Strong platform for continued revenue 1 and earnings growth

77 55 122 42 We have come far, but we want more!

212 0 49 Two core drivers of the Europris 2020 business plan

0 126 196

75 75 77 Category Management Focused new store rollout supporting LFL growth programme 239 90 24

183 177 169 LFL growth 20141: 7.0% Net new stores 2014: 7

255 124 0 Planned net new LFL growth H1-151: 6.2% 10 0 stores 2015: 0 0

General note: Please refer to page 3 for important terms and definitions that apply on this page. 78 1. Based on Chain sales, which includes franchise stores 55 122 42 Building blocks for sustainable LFL growth

212 0 49 1 Category management 2 Own brands and leading brand offerings

0 126 Clothing & Shoes Home & Kitchen 196

75 75 77

Full focus on two high-potential categories (Clothing & Shoes and 239 Improved own brands Building leading brands 90 Home & Kitchen) while continuing success in the others 24

183 3 Optimised marketing strategy 4 Unprecedented store modernisation program 177 169 Accredited authorities 255 124 75-80% of own 0 stores modernised by the end of 2015 0 0 0 2008 2012 2014

•Source: Europris 55 122 Proven category management tools to grow 42 1 underperforming categories 212 0 49 Category Main improvement levers

0 126 Home and kitchen . Match category structure and roles to actual customer behaviour Occasion based 196 displays . Rethink merchandising and improve in-store operations 75 75 . Review assortment and product placement to maximise SKU productivity 77 . Optimise pricing based on product role to drive traffic and build profits 239 90 . Review promotion tactics to match with customer preferences 24

183 Clothing & Shoes 177 169 . Develop core sub-categories (e.g. Socks & Underwear)

255 . Increased seasonal focus for low performing sub-categories 124 0 . Reorganise space to prioritise high performing categories 0 0 0

55 122 42 2 Own brands and leading brand offerings

212 0 49 Focus on own brand quality perception Introduce leading exclusive brands

0 126 . UK market leader with high quality products 196

. Europris has exclusive rights to sell in Norway 75 75 Abrasive . Price points on average well below market leader 77

239 90 24 Experts 183 177

169 Windowcleaner

255

124 0 Segmentation 0

0 Detergent 0 ELITE PRO SELECT

•Source: Europris 55 122 42 3 Optimised marketing strategy

212 0 49 Continuously improve direct marketing Use of experts

0 126 196

75 75 77

239 2008 2012 2014 90 24 30 days satisfaction guarantee Online and digital marketing 183 177 169

255 124 100% satisfied or get 0 “your money back

0 Internet ad supporting the direct marketing 0 0 ” Europris app

55 122 42 4 Extensive store modernisation program

212 0 49 Massive improvement of layout and appeal Extensive modernisation program with strong results 0 Before modernisation # of store modernisations and relocations 126 196

75 75 51 53 77

239 90 ~25 24 ~20

183

177 After modernisation 169 2014 2015 2016 2017

255 • Average investment for a store modernisation to 5th 124 0 generation lay-out is approximately 0.9m • Strong return on investment based on significant 0 uptick in LFL growth following store modernisations 0 0

83 •Source: Europris 55 122 Significant “white spot” potential in the Norwegian 42 market 212 0 49 Current 2020 year plan After 2020 0 220 stores1 Rollout plan leading Significant remaining • ~110 potential new locations 126 196 to ~270 stores potential above current base • Ambition to establish 8-10 stores 75 annually towards 2020 75 77 • Focus on city stores

— Higher value than rural stores 239 90 — Europris is currently 24 underpenetrated 183 • Additional plan of 10-12 annual 177 < < < relocations and extensions 169 Rigorous site selection process 255 124 • Catchment area analysis 0 • Strict adherence to detailed financial criteria 0 0 • Historical data as input for future decision making 0 • Cannibalisation closely monitored and analysed

•Source: BCG, Europris 84

•Note: 1. Year end 2014 55 122 Significant remaining potential both in high value 42 cities and in rural and town locations 212 0 49 ~110 potential new locations Sales densities in large urban areas

0 Current stores Total population divided by current Europris stores (Thousand) 126 >25k inhabitants per store 100 196 5 85 1 15k-25k inhabitants per store 7 80 57 75 60 75 <15k inhabitants per store 1 37 77 40 Potential new stores 23 3 10 20 239 1 90 0 8 8 4 Oslo Bergen Trondheim Norway 24 6 7 13 Both urban and rural/town locations 183 2 15 1 177 Potential locations split by type (%) 169 15 7 15 11 17 12 21 255 19 8 124 Rural/tow n 20 47% 0 9 20 14 Urban 53%

10 0 6 10 8 0 2 8 0 4 1 4 <25k inhabitants >25k inhabitants 85

•Source: Europris 55 122 Further substantiating the remaining potential 42 in higher value urban areas 212 0 49 Under 20,000 0 served area Size = Population

126

196 Oslo Bærum 75 15,000 75 77 Stavanger

Bergen Trondheim 239 Kristiansand Sarpsborg 90 10,000 Tromsø 24 Drammen Alesund 50th Percentile

183 Fredrikstad Porsgrunn Skedsmo Skien 177 Arendal Ringerike Lillehammer 169 5,000 Nedre Eiker Hamar Nes

255 Population per discount variety store 124 0 Over 50th Percentile served area 0 0 -50% -40% -30% -20% -10% 0% 0 High market Low market Europris store per discount variety store 0 share share

•Note: Competitors in the analysis include nille, Clas Ohlson and Coop Obs 86

•Source: Europris 55 122 42 Rigorous approach to site selection

212 0 49 Identified drivers of revenue per store

0 Population density within 126 5 minutes drive ++ 196

Net Sales Area (m2) ++ 75 • Detailed statistical analysis of No. of R2 75 Customers ~45% existing store base to understand 77 Share of +45y olds in drivers of revenue potential for regions + new stores and relocations 239 Proximity to other 90 discount variety retailers – • Revenue potential important 24 Revenue driver of store profitability potential Minutes driving to nearest ++ 183 Europris store • New sites must fulfil rigorous 177 financial criteria 169 n=156 Net Sales Area (m2) ++ Average R2 • Potential cannibalisation of 255 Basket Size ~43% nearby existing stores included 124 Store Manager Assessment + in every business case for a new 0 store opening Proximity to other – 0 discount retailers 0 0 Positive coefficient Negative coefficient +/- Relative weighting 87

•Source: Europris 55 122 42 No diminishing returns on store roll-out

212 0 49 Estimated first year sales – 27 near term prospects

0 NOKm 126

196

75 75 • Estimated first year sales for the vast 77 majority of the most tangible near term prospects are above levels experienced in 239 prior years 90 Negotiations 24 • Following the average maturity curve these stores will likely increase the average sales 183 per store for the entire base

177

169 • Average sales per store has in fact increased for 21 out of the last 22 years 255 124

0 Approved

0 0 0 Avg. 2011-2013 vintage

•Source: Europris 1 V. Financial performance

89 55 122 42 Strong revenue growth and high profitability

212 0 49 Solid LFL growth has driven sales Consistently high EBITDA margins

0 Adjusted EBITDA (NOKm) Margin (%) Company Avg. LFL 126 12% 5% revenue CAGR: growth: 600 16% 196 551 14.1% 13.7% Company revenue (NOKm) Y-o-Y total revenue growth (%) 75 450 75 5,000 20% 465 77 430 12% 4,259 13.0% 12.4% 12.9% 400 376 239 4,000 3,757 15% 90 3,464 24 3,052 8% 3,000 2,751 13% 13%

183 11% 10% 177 200 169 2,000 8% 8% 4% 5% 255 1,000 124 0

0 0% 0 0% 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 0 Revenue Growth EBITDA Margin (%) 0

•General note: Please refer to page 3 for important terms and definitions that apply on this page 90

•Source: Europris 55 122 42 Reporting structure reflecting business drivers

212 0 49 % of revenue 149

0 Owned store 126 sales 196 Total Company 57% NOK 3,168m COGS 75 75 77 • Rent Total Chain Franchise to Total Company • Transport / 239 sales Other operating owned revenue 16% distribution 90 expenses 24 (sales from all • Marketing NOK 4,259m stores) • Other 71 Personnel 15% 183 costs 177 NOK 4,741m Franchise fee 169 and wholesale to franchise Total Company 255 NOK 1,085m EBITDA 13% 124 0 NOK 540m Other: NOK 5m

0 0 0 x Number of stores year-end

•General note: Please refer to page 3 for important terms and definitions that apply on this page 91

•Source: Europris 55 122 42 Summary profit & loss reflecting business drivers

212 0 49 Summary P&L Key reporting considerations

0 NOKm 2012A 2013A 2014A • Chain sales is retail sales from all stores 126 Chain sales 4,099 4,337 4,741 196 • The main components of Company revenue Sales - owned stores 2,157 2,505 3,168 are of sales from own stores, franchise fees 1 Franchise fees 128 119 101 75 and wholesale to franchise, of which the Wholesale to franchise 1,175 1,131 984 1 75 latter two naturally amount to less than the Other income 4 3 5 77 total sales of the franchise stores Company revenue 3,464 3,757 4,259 COGS 1,994 2,154 2,424 • Franchise fee on average a fixed percentage 239 of total franchise sales in 2014A 90 Gross profit 1,470 1,603 1,835 24 Margin (%) 42.4% 42.7% 43.1% Personnel 494 495 616 • Non-recurring expenses of NOK 10.5m in 183 Rent 232 256 298 2014A related to a second stocktaking for the 2 177 Transport/distribution 96 118 118 year (normally perform only one) and a VAT 169 Marketing 99 107 111 claim from 2012 related to consulting fees Other 112 167 152 255 Total OPEX 1,033 1,143 1,295 124 EBITDA 436 460 540 • Depreciation related to fittings and fixtures 0 and software, which contributed with NOK 2 Non-recurring expenses 14 5 11 3 47.1m and NOK 16.4m in 2014A, Adj. EBITDA 450 465 551 respectively – all other items subject to 0 Margin (%) 13.0% 12.4% 12.9% impairment test going forward 0 3 Depreciation 50 57 64 0 Adj. EBITA 400 408 487 Margin (%) 11.5% 10.9% 11.4%

•General note: Please refer to page 3 for important terms and definitions that apply on this page. 92

•Source: Europris 55 122 Consistent roll-out of new owned stores coupled 42

with significant# of stores franchise takeovers 212 0 49 # of stores ∑ 200 0 121 9 2 150 13 Openings: 34 126 8 10 2 0 1 9 2 196 100 6 Closures 6 Own stores 130 149 50 94 109 75 87 Franchise 34 75 0 takeovers:

YE 2010 YE 2011 YE YE 2012 YE 2013 YE 2014 YE

Closures Closures Closures Closures

Openings Openings Openings Openings

Takeovers Takeovers Takeovers 239 Takeovers 90 24 # of stores 150 ∑ 183 1 0 1 2 0 8 177 0 0 13 Openings: 3 100 0 0 121 169 Franchise Closures 50 102 102 0 96 83 255 stores 71 Franchise 34 124 0 takeovers:

YE 2010 YE 2011 YE YE 2012 YE 2013 YE 2014 YE

Closures Closures Closures Closures

Openings Openings Openings Openings

Takeovers Takeovers Takeovers 0 Takeovers 0 0 Total # of chain stores 189 196 205 213 220

•General note: Please refer to page 3 for important terms and definitions that apply on this page.

•1. Constitutes operational takeovers. 4 additional stores consolidated as own stores in the accounts for 2014. 93

•Source: Europris 55 122 Company revenue driven by LFL growth, new store 42 openings and franchise takeovers 212 0 49 2013A1 2014A

0 NOKm NOKm

126 5,000 5,000 53 25 196 295 78 4,500 77 13 4,500 96 79 75 Growth 4,000 4,000 75 drivers 4,728 4,327 4,327 77 3,500 4,088 3,500 Chain 3,000 3,000 239 sales 2 2 2012A LFL stores FY effect New stores Closed 2013A 2013A LFL stores FY effect New stores Closed 2014A 90 < 2012 stores 2013 stores < 2013 stores 2014 stores 2012 (2012 / 2013 (2013 / 24 2013) 2014)

183 Underlying growth 177 for franchise stores 169 5,000 offset by franchise 5,000 takeovers 664 146 4,500 4,500 18 2 255 394 Growth 4,000 44 9 1 4,000 124 drivers 3,500 3,500 0 4,257 4,259 3,000 3,000 3,757 3,757 Company 3,418 0 2,500 2,500 revenue 0 2,000 2,000 2013A Sales Whole sale Franchise Other 2014A 2013A Sales Whole sale Franchise Other 2014A 0 owned to franchise fee owned to franchise fee stores revenue stores revenue

General note: Please refer to page 3 for important terms and definitions that apply on this page, especially related to accounting standards for full year 2012 and prior years. 1. Excluding revenue own stores from Iceland of 94 NOK 46m in 2012. 2. Both in current year and full year effect of stores closed prior year. Source: Europris 55 122 42 Components of LFL growth – Chain sales

212 0 49 LFL growth performance1 Development in traffic

0 Y-o-Y LFL growth (%) Traffic growth (%)

126 8% Highly successful 20-year 196 4.0x 1.3x 2.6x anniversary in 2012 with a number of effective campaigns 6% 4.8 % 10% increasing footfall with some 3.6 % 75 4% degree of normalisation in 2013 75 8.7 % 77 2% 8% 7.0 % 0%

239 -2% -0.9 % 90 6% 2012 2013 2014 24 Development in basket size 183 4% 177 Basket size growth (%) 169 2.4 % 8% 2% 2.7 % 255 2.2 % 6% 124 1.8 % 3.7 % 0 0% 4% 3.4 % 3.3 % 2012 2013 2014 2% 0 LFL growth Market LFL growth

0 0% 0 x Europris growth relative to market growth in the period 2012 2013 2014

•General note: Please refer to page 3 for important terms and definitions that apply on this page.

•1. Market includes a large number of shopping centres throughout Norway (e.g. 230 in 2014) 95

•Source: Kvarud Analyse, Europris 55 122 42 Strong payback on new stores

212 0 49 Store payback analysis for stores opened 2010 – 2013

0 Stores opened1 • Close to all stores deliver positive 126 EBITDA contribution within the first 196 2010 2011 2012 2013 year of operation

Year 1 • Significant EBITDA ramp-up in 75 NA 15.7m 13.5m 15.6m (12 months) second full year with weighted 75 Average average margin of 9.8% for the revenue 77 Year 2 16.3m 16.6m 15.2m NA 2010-2012 vintages (12-24 months) • Further margin expansion from LFL 239 Year 1 growth and operating leverage 90 NA 1.8m 0.5m 0.9m (12 months) 24 Average • Based on second full year EBITDA EBITDA Year 2 average payback on invested capex 1.6m 2.0m 1.1m NA 183 (12-24 months) is 1.1 years and 3.1 years including 177 inventory 169 Average capex per store 1.9m 1.2m 1.5m 1.8m • These figures are biased downwards from somewhat lower 255 performance of 2012 vintage Average inventory per store 2.3m 3.1m 3.3m 3.0m 124 primarily due to underperformance 0 of one store particularly (Skotterud) Payback period (excl. inventory) ~1.2 years ~0.6 years ~1.4 years NA • Improvement for 2013 vintage (Based on Year 2 EBITDA) 0 based on first full year financials, 0 which will likely be more in line with Payback period (incl. inventory) 0 ~2.6 years ~2.1 years ~4.6 years NA 2010 vintage (Based on Year 2 EBITDA)

•General note: Please refer to page 3 for important terms and definitions that apply on this page.

•1. 2010: Including 13 stores and excluding 1 closed store and 2 relocations/expansions; 2011: Including 7 stores; 2012: Including 10 stores and excluding 1 closed store; 2013: Including 10 stores 96

•Source: Europris 55 122 42 Stable gross margin development

212 0 49 Gross margin development Key considerations

0 Company gross margin development (%) • Stable gross margin development 126 2,000 60% 196 1,835 • Somewhat higher growth in lower margin categories offset by franchise takeovers 75 1,603 improving Company gross margin 75 1,470 1,500 42.7% 42.3% 77 • Further savings of above NOK 50m 1,292 42.4% 42.7% 43.1% 40% realised from LCCS initiative (including 1,175 239 sourcing JV with Tokmanni from 2013) – full 90 potential of which not yet realised 24 1,000 • Further potential from identified initiatives, 183 including renegotiating contracts with major 177 20% 169 brands, continue to eliminate agents/ 500 intermediates and move additional products 255 to low cost countries 124 0 0 0% 0 2010 2011 2012 2013 2014 0 Gross profit Margin (%) 0

•General note: Please refer to page 3 for important terms and definitions that apply on this page. 97

•Source: Europris 55 122 FX exposure is hedged 6 months forward which 42 allows sufficient time to adjust prices 212 0 49 • Given the share of sourcing from low cost countries in 0 126 Asia and Europe a considerable part of purchases are 196 denominated in USD and to a lesser extent in EUR, which is consistently hedged 6 months forward 75 Hedging/FX policy 75 • However, few of our suppliers have USD denominated 77 cost bases, which means that the actual underlying The Company aims to achieve exposure is considerably lower 239 predictable cash flows in NOK by using • Further, the hedging policy allows sufficient time to 90 forward contracts as a hedging strategy 24 increase prices as response to FX fluctuations – Europris

for its exposure to USD and EUR. The < increased prices on almost the entire base assortment in hedging strategy is based upon an 183 December 2014 without any visible impact on volume assessment of the possibilities and 177 169 estimated time period required to adjust • Prices increased on an additional 600 SKUs in March the business to changes in FX rates 2015 255 124 • Have managed historical FX fluctuations in the same 0 manner and 6 months forward hedging has provided sufficient time for planning and well timed execution 0 0 • Potential upside when FX rates normalise as price tends 0 to be more “sticky”

•Source: Europris 55 122 Operational leverage offset by significant franchise 42 takeovers 212 0 49 OPEX split as % of total sales 2012A – 2014A

0 • Total OPEX has remained 126 Total % of stable relative to sales 196 30% 30% 30% Company revenue over the last three years

75 • Operational leverage in 75 35% 77 underlying operations 30% (particularly for marketing, 3.6% Other 239 3.2% 4.5% rent and other) offset by 2.6% Marketing franchise takeovers (own 90 25% 2.8% 2.8% 24 2.8% 2.8% Transport/distribution stores naturally have 3.1% 20% higher OPEX for the 183 6.7% 7.0% Rent Company) 177 6.8% 15% 169 • Improvement in transport and distribution cost driven 255 10% by continued efficiency 124 14.3% 13.2% 14.5% Personnel improvements through 0 5% 2014

0 0% 0 2012A 2013A 2014A 0

•General note: Please refer to page 3 for important terms and definitions that apply on this page. 99

•Source: Europris 55 122 42 Illustrative P&L impact of franchise takeover

212 0 49 Illustrative example of franchise takeover • All figures are illustrative to exemplify dynamics 0 Excluding operational improvements 126 196 % of store retail sales Company margin (%) • Franchise stores contribute to Company revenue through franchise fees and wholesale to franchise, which naturally 100% 100% amount to less than the total sales of the franchise stores 75

80% 75 68% • The example assumes that 87% of goods are sold to 77 60% 42% franchise stores on a wholesale basis Franchise fee + 40% Franchise to wholesale 17% • Company gross margin from a franchise store is lower, but 239 20% < Total retail sales 90 Franchise OPEX is also lower for the Company 0% 24 Mature store Company revenue Company gross Company EBITDA (retail) sales contribution margin margin • In the illustrative example, franchise takeovers are EBITDA accretive, but margin dilutive as consolidated Company 183 revenue from an owned store is higher 177 100% 100% 169 100% • Further, main focus for takeovers has been lower performing stores with tangible improvement potential, which means long 80%

255 term value creation is higher than in the illustrative example 52% 124 60% 0 40%

Owned 20% 14%

0 0% Mature store Company revenue Company gross Company EBITDA 0 (retail) sales contribution margin margin 0

100

•Source: Europris 55 122 42 Highly cash generative business model

212 0 49 Strong free cash flow1 and cash conversion2

0 NOKm EBITDA CAGR: 10% 126 196 Adj. EBITDA 376 430 450 465 551

75 Cash 82% 92% 87% 89% 83% • Very moderate maintenance capex 75 conversion 77 needs Average EBITDA cash conversion: 86%2 600 • Expansion capex is earnings 239 enhancing 90 500 71 24 23 39 12 30 13 < • Significant store modernisation 400 30 23 programme in 2014 183 47 22 177 300 • Strong return on investments in new 169 457 stores and store modernisations 200 395 390 413 255 307 • Average payback on new store capex 124 100 of 1.1 years3 0 0 4 0 2010 2011 2012 2013 2014 0 EBITDA less total capex Maintenance capex 5 Expansion capex 5 0

•General note: Please refer to page 3 for important terms and definitions that apply on this page, especially related to accounting standards for full year 2012 and prior years

•1. Free cash flow calculated as adjusted EBITDA less total capex (calculated as the sum of maintenance and expansion capex). 2. Free cash flow divided by adjusted EBITDA. 3. Average for vintages 2010-2012 based on second year EBITDA. 4. Excluding capex related to the Iceland operations. 5. Expansion capex includes capex related to new store roll-out, relocations/layout conversions, upgrades and logistics. Total capex (calculated as the sum of maintenance and expansion capex) may differ in certain years from reported capital expenditures due to certain capital expenditures financed through financial leasing (includes NOK 8m for fiscal year 2013). 101

•Source: Europris 55 122 Stable working capital development with 42 improvement potential for inventory turnover 212 0 49 Net working capital and % of sales Inventory management

0 NWC (NOKm) NWC in % Sales Inventory per store (NOKm) Inventory turnover 126 (COGS / Inventory) 196 600 12.9% 5 2.6x 2.6x 11.5% 2.5x 10.9% 75 4 75 400 77 3

4.5 464 2 3.9 239 200 446 430 3.7 90 24 1

0 0 183 2012A 2013A 2014A 2012A 2013A 2014A 177 169 % of sales • Steady decline in net working capital Inventory 21.7% 22.1% 23.1% relative to sales with increasing inventory 255 124 Trade receivables 6.9% 5.3% 5.4% offset by lower trade receivables and higher accounts payable 0 Accounts payable -10.5% -10.6% -11.3% Other NWC items1 -5.2% -5.4% -6.3% • Improvement potential in inventory turnover 0 0 Total NWC 12.9% 11.5% 10.9% based on new order management system 0

•1. Includes other receivables, tax payable, public duties payable and other short term debt 102

•Source: Europris 55 122 42 Balance sheet overview

212 0 49 Summary balance sheet1

0 NOKm 2012A 2013A 2014A • Goodwill related to acquisition by Nordic 126 Goodwill 1,548 1,557 1,580 Capital in 2011 196 Other intangible assets 642 568 420 Total intangibles 2,190 2,125 2,000 • Capex for new stores and store 75 Fixtures and fittings 143 147 186 modernisations are the main drivers of 75 Financial assets 26 22 17 77 Fixtures & Fittings Total non-current assets 2,358 2,294 2,202 Inventories 753 831 984 • Cash and equivalents normally somewhat 239 higher at year end than average for the year 90 Trade and other receivables 293 266 336 24 Cash and cash equivalents 285 293 245 – comfortable level as of Q1-15 Total non-current assets 1,331 1,389 1,566 • Total interest bearing debt was refinanced 183 Total assets 3,689 3,684 3,768 ahead of IPO – see next page 177 169 Total shareholder equity 956 971 1,205 Provisions 125 111 73 255 Debt to financial institutions 1,356 1,698 1,481 124 Other long-term debt 518 34 42 0 Total long-term liabilities 1,999 1,843 1,596 Short-term borrowings 134 119 111 0 Accounts payables 365 396 482 0 Other short-term liabilities 235 354 375 0 Total short-term liabilities 734 870 967

Total assets 3,689 3,684 3,768

•1. After IFRS conversion 103

•Source: Europris 55 122 42 Leverage and financial policy

212 0 49 Net debt overview

0 NOKm FY2014 H1-15 Financial policy

126 1 196 Financial debt 1,621 1,650 Financial leases 15 10 75 Gross financial debt 1,636 1,660 Europris will initially target a dividend pay- 75 Cash & cash equivalents 245 77 out ratio of 50-60% of the Company’s net 77 profit for the period. Net financial debt 1,391 1,584

239 NIBD / LTM adj. EBITDA 2.52x 2.61x 90 The Company’s leverage policy is to run the 2 24 LTM cost of debt 8% business with moderate leverage and maintain an efficient balance sheet. 183 177 • Financial debt refinanced in connection with the IPO3 169 − 5 year non-amortising term loan of NOK 1,650m with flexible down payments 255 124 − NOK 450m RCF of which NOK 350m can be used as ancillary 0 facilities (e.g. overdraft, letter of credit and guarantees)

0 − New weighted average cost of debt around 3% of drawn 0 amount 0

•1. Debt to financial institutions before IFRS fair value adjustments. 2. Financial expense related to debt to financial institutions divided by average interest bearing debt for the period. 3. Subject to the terms and conditions 104 described in the Prospectus 1 VI. Long term objectives

105 55 122 42 Strong profitable growth expected to continue

212 0 49 Avg. 2010–2014 2014 2015

0 126 196 New stores 10 p.a. 9 10 net new stores1 75 75 Store closures 1-2 p.a. 2 77

239 Franchise takeovers 8 p.a. 12 3 – 5

90 <

24 LFL growth (%) 4.7% 7.0% Mid single digit 183 177 169 Gross margin (%) 42.6% 43.1% 255 124 0 OPEX % of revenue2 29.4% 30.2%

0 NOK ~94m NOK ~130m 0 Capex NOK ~60m (incl. ~47m relocations and (incl. ~60m relocations and 0 modernised) modernisations)

•General note: Please refer to page 3 for important terms and definitions that apply on this page.

•1. Defined as new store openings less closures of existing stores. 2. Excluding non-recurring items 106

•Source: Europris 55 122 42 Long term objectives

212 0 49 Avg. 2010–14 2014 2015 Long-term

0 126 New stores 10 p.a. 9 196 Around 8 net new 10 net new stores stores1 75 Store closures 1-2 p.a. 2 75 77 Franchise takeovers 8 p.a. 12 3 – 5 Around 4 239 90 LFL growth (%) 4.7% 7.0% Mid single digit < Mid single digit 24

183 Gross margin (%) 42.6% 43.1% Stable 177 169 2 Some operational OPEX % of revenue 29.4% 30.2% (excl. potential new warehouse setup) leverage 255 124 Capex per new store ~NOK 1.6m ~1.7m ~2.0m 0 (2010-13 vintages)

0 Annual maintenance capex ~NOK 20m NOK 20m ~30m 0 0

•General note: Please refer to page 3 for important terms and definitions that apply on this page.

•1. Defined as new store openings less closures of existing stores. 2. Excluding non-recurring items 107

•Source: Europris 1 VII.Closing remarks

108 Key investment highlights

1  Unchallenged market leader in a fast growing retail segment

2  Unique discount variety retail model

3  Impressive track record of growth, high profitability and solid cash generation

4  Strong future growth potential

109

55 122 42

212 0 49

0 126 196

75 75 77

239 90 Q&A 24

183 177 169

255 124 0

0 0 0

110

1 Appendix

111 55 1 122 42 Price, quality and documentation

212 0 49 Survey in VG daily newspaper: lighting products

0 Price (NOK/m) Products by category Fire safety Labelling NEMKO commentary¹ 126 (% vs EP) 196

  72% None

75   92% None 75 77   12.50 Cheapest and no faults – best in test in category

239 String Lights   180% Most expensive and most faults – worst in test in category 90 -14% Cheapest in category but with faults 24  −

122% Cable is unusually unwieldy – worst in category 183   177  − 21% None 169

  4.95 Cheapest and no faults – best in test in category Christmas tree tree Christmas

255 lighting(indoor) 21% Bought at half price 124  

0  − 71% Cable is unusually unwieldy, with other faults – worst in category 0   14% None 0 0   7.00 Cheapest and no faults – best in test in category

Christmas tree tree Christmas -2% Bought at half price (therefore cheapest) but with faults lighting(outdoor) − 

•¹ NEMKO was established in 1933 as a national Norwegian authority for the certification of electrical products. 112

•General note: Each trademark, trade name or service mark of any other company belongs to its holders. Summary P&L, cash flow and balance sheet

P&L Balance Sheet NOKm 2013 2014 NOKm 2013 2014

Net sales 3,636 4,153 Goodw ill 1,557 1,580 Other income 121 106 Other intangible assets 568 420 1 Total operating revenue 3,757 4,259 Total intangible assets 2,125 2,000 Cost of goods sold 2,154 2,424 Fixed assets 147 186 Employee benefits expense 495 616 Financial assets 22 17 Other operating expenses 648 678 Total non-current assets 2,294 2,202 Total operating expenses 3,297 3,718 Inventories 831 984 EBITDA 460 540 Trade receivables 200 230 Non-recurring expenses 5 11 Other receivables 66 107 Adj. EBITDA 465 551 1 Cash and cash equivalents 293 245 Depreciation1 57 64 Total current assets 1,389 1,566 Adj. EBITA 408 487 Total assets 3,684 3,768

Cash Flow Total shareholder's equity 971 1,205 NOKm 2013 2014 Provisions 111 73 EBITDA 460 540 Long term debt to financial institutions 1,698 1,481 -Change in net w orking capital 0 -59 Other long-term debt 34 42 1 -Interest paid -158 -138 Total long-term debt 1,843 1,596 -Income tax paid -13 -48 Short-term borrow ings 119 111 -Other non-cash adjustments -30 1 Accounts payable 396 482 Net cash generated from operating activities 258 296 Tax payable 54 100 Net capex -44 -94 Public duties payable 100 113 Net purchases of shares in subsidiaries -16 -28 Other 201 163 Net interest received 2 8 Total short term debt 870 967 Net cash used in investing activities -58 -114 1 Total debt 2,713 2,563 Net cash used in financing activities -193 -230 Total debt and equity 3,684 3,768 Net decrease/increase in cash and cash equivalents 7 -48

•General note: Please refer to page 3 for important terms and definitions that apply on this page. 113 •1. Including fixed assets and software and excluding trademarks and contractual rights, which have either been written down or are now subject to impairment tests.