Migros Financial Performance Update

MIGROS And a Track Record of Deleveraging Cash & Debt Items Cash & Cash equivalents Financial Debt Net Debt Net Debt/ EBITDA Additional debt due to acquisition¹ Net debt / EBITDA with Kipa after acquisition 1 including Kipa's debt Migros 2016 Cash and Leverage Position Total TL m TL m EUR m 967 51 1,157 2,979 409 692 1,822 2.7x ~500 ~500 3.4x Deleveraging Profile - Net Debt/ EBITDA 4.0x 3.2x 2.9x 2.7x 2013 2014 2015 2016 17 12

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