Kipa Acquisition Operational Rationale

MIGROS Near-Term Momentum 4Q15 vs 4016, TLm Sales Gross Profit EBITDAR EBITDA 2,378 +22.0% 2,901 Margin 27.3% 26.1% 649 +16.6% 757 Margin 11.6% 10.8% 275 +13.9% 313 Margin 6.3% 5.8% 149 +12.1% 167 4Q 2015 4Q 2016 24 24

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