Kipa Acquisition Operational Rationale

MIGROS Key Financial Highlights Consistent Organic Growth 232 New store openings in 2016 Strong long term top line and EBITDA growth 5-Year Sales CAGR of 14.4% and EBITDA CAGR of 12.4% Market Share Gains Reflected in the Top-line Improving Leverage Ratio 2016 Sales of TL 11,059mn, Gross Profit of TL 2,962mn and EBITDA of TL 686 mn Good near-term momentum Sales growth of in 22% in 4Q 2016 and of 18% in 2016 Domestic sales growth of 23% in 4Q 2016 and 20% in 2016 Improvement on leverage with Net Debt / EBITDA reduced to 2.7x in 2016 from 2.9x in 2015 20 20

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