Kipa Acquisition Operational Rationale

MIGROS Kipa Acquisition Operational Rationale Scale Benefits Significant increase in market share & economics of scale Accelerated Expansion An important chance to increase Migros footprint in our priority regions (both in terms of consumer wealth and local production / farming capabilities) Achieve the optimum tenant mix in shopping malls to benefit our core retail business while gaining valuable experience in shopping mall management An excellent opportunity for enlarging Migros large store portfolio network in an accelerated way Desirable Locations Significant real estate content increases operational flexibility Cost Efficiency Better absorption of supply chain and HQ fixed costs for combined operations 14 14

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