Kipa Acquisition Operational Rationale

MIGROS Kipa Acquisition Benefits to Our Stakeholders Consumers Economies of scale will enable us to give more value to our customers Products better in quality & freshness at attractive prices Suppliers ■ Opportunity for suppliers to leverage Migros' warehouse network and logistics ■ Scale opportunity for all suppliers Shareholders Realize future growth potential earlier Equity of combined company is bolstered through acquired properties Expected deleveraging might be realized faster Employees New career opportunities for working for one of the largest retailers in the country ■ New learning opportunity through cultural enrichment and work-place best practices 15

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