Kipa Acquisition Operational Rationale

MIGROS 6 Industry best-in-class historical top line growth and cost management with strong cash flow generation (TLM) Low Capex Business Strong Cash Generation through Sustainable Working Capital Capex as a Percentage of Sales Capex 3.2% 2.9% 3.0% 2.7% 297 281 226 232 2013 2014 2015 2016 Cash Contribution from Working Capital TL175m TL259m -37 Days TL102m TL76m -38 Days -38 Days -37 Days 2013 2014 2015 2016 23

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