Kipa Acquisition Operational Rationale

MIGROS Key Investment Highlights 5 1 Turkey is a large, attractive and resilient market with significant growth potential specifically in food retail 2 Migros is a leading operator in the organized market with a consistent track record of market share gains... 3 ...And multiple formats catering to an "evolving" consumer Operations are supported by a truly best-in- class supply chain, IT and CRM infrastructure With a clear strategy to organically and inorganically drive growth in the decades ahead Industry best-in- class historical top line growth and cost management with strong cash flow generation 7

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