Kipa Acquisition Operational Rationale

MIGROS Migros at a Glance (2/2) ■Sales increased 17.8% to TL 11.1bn ■EBITDA increased 14.0% to TL 686m with an Sales (TLbn) EBITDA margin of 6.2% 2016 Full Year Results ■Net Debt decreased to 2.7x EBITDA in 2016 versus 2.9x in previous year CAGR +14.4% 6.5 Kipa Acquisition TL199m purchase price ■Closed on 01-Mar-17 ■Kipa 3Q 2016 LTM Sales of TL 2.3bn Portfolio of 168 stores including hypermarkets, large supermarkets and express stores ■37 retail real estate properties (16 of which are long term ground lease properties) 2012 11.1 2016 Sales Area (SQM '000s) 1 1,399 852 CAGR +6.1% 1,079 2012 2016 [882 Stores] [1,605 Stores] 2016 with KIPA [1,773 Stores] 5

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