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) EBITDA Targets Achieved Consistently Best in Class in Operational Profitability Before Rent Pressures From Employee and Rent Costs are Managed Well Margin 6.6% 6.6% EBITDA 6.5% 6.4% 6.2% CAGR: 12.4% 686 602 532 469 430 2012 2013 2014 2015 2016 EBITDAR Margin 11.3% 11.4% 11.5% 11.5% 11.2% CAGR: 13.9% 1,240 1,082 934 736 813 2012 2013 2014 2015 2016 22 22

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