Migros Financial Performance Update

MIGROS 1 Turkey is a large, attractive and resilient market with significant growth potential specifically in food retail Turkey GDP ($bn)¹ GDP ($bn) 900 800 700 600 500 1994 Economic Crisis 400 300 200 100 0 1980 1985 1999 Marmara Earthquake ল 2009 World Economic Crisis 10x larger economy In 35 years 2001 Economic Crisis 1990 1995 2000 2005 2010 2015 Population (m) Total Grocery Spend per Capita ($) Next 5Y Growth² (0.7)% (0.6)% 1.1% 2.0% 2.8% 4.9% 1.1% 10.5% 3.5% 1.9% 3.9% 2.5% 1.6% 1.4% Next 5Y CAGR³ 3,780 82 3,435 79 64 65 61 46 38 55 2,710 2,357 2,370 1,396 1,169 1 Worldbank, Turkstat. 2 Based on Euromonitor. 3 Based on Euromonitor (current prices, fixed 2016 FX rates). C⭑ C⭑ 80

View entire presentation