Strategic rationale for the acquisitions

C. Key Risks (cont'd) 2.8 Acquisition accounting Metcash is required to undertake an assessment of the fair value of the tangible and intangible assets acquired as well as the actual and contingent liabilities of each of Superior Food, Alpine Truss and Bianco at the dates of the Acquisitions. Accounting standards provide twelve months from completion for this assessment to be finalised. The outcome of this assessment could give rise to different values being applied than those used in the pro forma financial information contained in this Presentation. Such an outcome will impact the values of assets and liabilities reported in the consolidated statement of financial position by Metcash. There will also be differences in the statement of comprehensive income, including those arising from changes in the statement of financial position, the application of Metcash accounting policies and depreciation and amortisation charges which may impact reported profit before tax and net profit after tax. 3. Key general and share related risks 3.1 Risks associated with an investment in shares There are general risks associated with investments in equity capital. The trading price of shares may fluctuate with movements in equity capital markets in Australia and internationally. Generally applicable factors which may affect the market price of shares over which Metcash and Metcash Directors have no control include: • • General movements in Australian and international stock markets; Investor sentiment; Australian and international economic conditions and outlook; Changes in interest rates and the rate of inflation; Change in government regulation and policies; Announcement of new technologies; and Geo-political stability, including international hostilities and acts of terrorism. No assurances can be given that the new shares offered under the Placement or the SPP will trade at or above the issue price. None of Metcash, its directors or any other person guarantees the market performance of the new shares. The operational and financial performance and position of Metcash and Metcash's share price may be adversely affected by general rather than company-specific factors, including the general state of the economy, COVID-19 or other pandemics, investor uncertainty, geopolitical instability, and global hostilities and tensions. Any of these events and resulting fluctuations may materially adversely impact the market price of Metcash shares. 3.2 Equity raising dilution risks If shareholders do not participate in the SPP then their percentage shareholding in Metcash will be diluted as a result of the issue of new Shares under the Equity Raising. Even if a shareholder does apply for the maximum number of new Shares under the SPP, their percentage shareholding in Metcash may be diluted by the Placement and may also be diluted by the SPP either as a result of scale-back or because participation is limited to a fixed amount and that amount is less than the amount that a particular shareholder would be able to apply for if they were entitled to participate in the Equity Raising on a pro rata basis relative to their existing shareholding. Metcash NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES 59

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