Migros Financial Performance Update

MIGROS Migros 2016 Results with Kipa Run-Rate Estimates (RRE) Kipa offers an opportunity to deleverage the company faster w/o Asset Sales - 2016 RRE with Asset Sales¹ - 2016 RRE TL million 2016 Migros Kipa Run-Rate² Combined Kipa Run-Rate² Combined 11,059 Sales 1,746 12,805 1,746 12,805 EBITDA 686 132 818 90 776 (EBITDA Margin) (6.2%) (7.5%) (6.4%) (5.2%) (6.1%) Net Debt 1,822 Net Debt/ EBITDA 2.7x 2,322 2.8x ~ 1 This scenario includes TL 500 m real estate divestiture assumption in the next 2-3 years. 2 Run-Rate simulation period is 2-3 years. 1,822 2.4x 18

View entire presentation