Kipa Acquisition Operational Rationale

MIGROS 6 Industry best-in-class historical top line growth and cost management with strong cash flow generation Strong Long Term Growth, Last 5 Years (TLm) Number of Stores 723 New Stores 168 1,773 1,605 1,410 1,190 Robust Domestic 1,004 882 Growth of 19.7% in 2016 Accelerated Sales Growth Momentum More Competitive and Higher Household Penetration 2012 2013 2014 2015 2016 KIPA Total Growth 10.2% Sales 14.0% 15.6% 17.8% CAGR: 14.4% 11,059 9,390 8,123 6,467 7,127 2012 2013 2014 2015 2016 221

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