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EUROCASH Empowering modern retail entrepreneurs

Eurocash Group – executive summary

2

NO. 1. WHOLESALE DISTRIBUTOR IN POLAND

with 27% market share & the biggest (3bn Pln) FMCG ecommerce platform

DYNAMICALLY ENTERING INTO RETAIL

already no. 7 with objective to become no. 3 retail chain in Poland

WITH INNOVATION AND BUSINESS DEVELOPMENT PROJECTS DELIVERING RESULTS

addressing digitalization, personalization & automation needs

AS THE DOMINANT SMALL FORMAT & PROXIMITY STORE OPERATOR

supported by globally changing trends & consumer habits

Group: steady strategy execution to build 2nd biggest purchasing power

3

Building scale and purchasing power to bring competitiveness to small stores

3

9

3

6

10

5

9

5

7

17

3

1,7

7

4

5

9

11

8

10

11

19

32

3

5

7

7

7

10

10

10

11

16

25

48

Selgros

Dino

Metro (Makro C&C)

Żabka

Intermarche

Carrefour

Auchan

Kaufland

Tesco

Lidl

Eurocash(Pro-Forma)

Biedronka

2017

2013

2009

3

1 2 2

5 6

7 8

10

17 17

20 20

23 25

0

2

4

6

8

10

12

14

16

18

20

22

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Pro

FormaSource: Company data

Eurocash Group sales evolution (PLN bn) Ranking of FMCG distributors & retailers (sales, PLN bn)

Source: RZ500

I. Wholesale: No. 1 distributor in Poland

4

Building scale and purchasing power to bring competitiveness to small stores

Wholesale market share

Eurocash Group 27%

Makro - FMCG (C&C) 6%

Selgros (C&C) 4%

PT Dystrybucja (T) 4%

Distribev (A) 3%

Bać-Pol 2% Alti (A) 1%

PHUP Gniezno (T) 1%

Others 51%

• Local sub-wholesalers • Producers own distribution • Specialized & categories not

covered by Eurocash

Dedicated distribution platforms covering

different store profiles

25%

25%

13%

32%

5%

4,3

4,4

2,3

5,7

0,8

Sales (PLN bn)

Cash&Carry

Eurocash

Distribution

Alcohol

Distribution

Tobacco & Impulse

Distribution

HoReCa

Del

iver

y

Ge

ne

ralists Sp

ecialized

T- Tobacco;

A-Alcohol,

Mobility

The first mobile application on the market

supporting store management.

Time saving

Intelligent, shopping lists based on advanced algorithms.

The fastest on the market, "learning" of the user, product

search engine.

Smart business decisions

Over 1000 professional articles, legal advice, personnel

management, information on products advertised on TV,

advice on the display of products.

Section "I Know More"

Module "In Your Neighbourhood"

Demographic data of consumers from the shop area,

preview of promotional leaflets of local competitors,

information about the best-selling products in the

neighborhood.

I. Wholesale: eCommerce FMCG - globally unique, Poland’s biggest A revolution that ensures ongoing competitiveness of the independent market

5

B2B

e-commerce sales

3 bn of Eurocash Distribution

customers order via

electronic channels

85 %

Today: Eurocash Distribution

Tomorrow : all wholesale Alcohol Distribution, Tobacco, Cash&Carry, Others

and gives opportunity to integrate wholesale assets

II. Retail: 1st nationwide proximity supermarket chain in Poland

6

Entering retail through market consolidation, followed by operational integration, with LT objective to become no. 3 retailer in Poland

Ranking of retailers (2017 sales, PLN bn)

4,3

3,1

1 527 stores

989

Number

Of Stores

Retail Sales

(PLN bn)

7.4 bn PLN

Own

Franchise

538

+5 bn PLN

> Retail Sales

+900 stores

> By 2023

Acquisitions

Green Field

Franchise Chain 2-3Y integration to ensure

standardized business

with unified processes

2

2

3

3

3

5

7

7

7

10

10

10

11

16

48

Piotr i Paweł

Polomarket

Stokrotka

E.Leclerc

Netto

Dino

Intermarche

Żabka

Delikatesy Centrum

Carrefour

Kaufland

Auchan

Tesco

Lidl

Biedronka

LT

objective

EV/Sales

39% (JMT)

36% (TSCO)

22% (CA)

?

62% (PE)

114% (DIN, IPO)

49% (PE)

49%

Profi (Romania) 68% (PE)

Average

consolidated 5.1

*PE- Private Equity deal

II. Retail: Consistently investing in the future position

7

Bumps on the road are expected, but potential is huge and Eurocash has proven record for executing challenging business plans

Polish peers EBITDA Margin (2017 or 2016)

6,3%

4,5%

2,1%

7,2%

5,9% 6,2%

8,5%

6,6%

2016 2017 3Q 2018 Biedronka Kaufland Żabka Dino Netto

237

394

2016 2017 incl. EKO&Mila

4,6

7,4


1 086 1 527


20,1

18,1


Selling area (k sqm) Sales revenues (PLN bn)

No. of stores Sales per sqm (k PLN)

+66% +60%

+41%

Eurocash Retail

STORES REMODELING

EKO – 183 stores (Sept),191 (Oct 2018)

INTEGRATION:

Mila start in 2019

2017 2018 2019 2020 2021

EXPANSION

ACCELERATION

SALES

DEVELOPMENT HO & OPERATIONS

III. Projects: delivering innovative form of category development

8

Each start-up was unprofitable in initial phase, but nowadays gives competitive advantage and profits

35 45

57

83 98

121 132 137 146

156

1Q 2016 2Q 3Q 4Q 1Q 2017 2Q 3Q 4Q 1Q 2018 2Q

Fresh Project sales evolution (PLN m)

Further potential for growth:

Increase of Delikatesy Centrum penetration

Development to Lewiatan, Gama, Euro Sklep, Groszek

Expansion with own retail chain

FRESH PROJECT

Break even point in 3.5 years

FAKTORIA WIN

Reinvented wine category

in small stores

29.6% 30.6%

34.7%

2013 2015 2017

Small Format stores market share

WHISKY

Total market has been recently developed

mainly by small format stores

33%

19% 17%

30% 35%

17% 16%

32%

Discounters Hypermarkets Supermarkets Small Stores

2017 2018 YTD

17%

3% 3%

14%

Discounters Hypermarkets Supermarkets Small Stores

Whisky sales dynamics in 2018 (July YTD)

Whisky market share Example how to bring large

format category to small stores

Source: Nielsen

B2C eCommerce Warsaw market leader with app. 40% annual growth

Development with Delikatesy Centrum to bring stock-up mission to small stores

Fully automated warehouse to be tested as a potential for duplication

in wholesale & retail logistics

III. Projects: innovative store concepts

9

Other start-ups at initial phase, impacting short-term EBITDA, with high future potential

FRISCO.PL

Proven concept of liquor store – category with Eurocash purchase power

20 stores: 12 own, 10 franchise and agency

Nationwide roll-out initiated with initial clusters development

DUŻY BEN

IV. Poland is a place for proven concepts of small stores

10

Demographics: small towns, small living quarters, daily shopping nearby assure mom & pops stores half of the market

40%

13% 11%

8%

28% Rural

Cities 0-20K

Cities 20-50K

Cities 50-100K

Cities 100K+

60% of Poles live in villages & small towns

Share of distribution channels in food sales in Poland

LTM July 2018, % Percentage of population living in cities/rural area

42,0%

15,4%

9,8%

32,8%

Small Format

Supermarkets 300-2500

Hypermarkets 2500+

Discounters

Small living quarters have limited space to store food

As a result, Poles shop almost every day

Source: GUS, Nielsen

(YTD Sep 2018, YoY)

Food market growth by channels

IV. European trends of growing small stores already visible in Poland

11

Acceleration of sales dynamics of small stores in 2018

Small format increasing sales by 6.3% vs. food market

growth of 5.3% in YTD Sep 2018.

Small format stores and discounters gaining market

share at expense of super/ hypermarkets

Source: www.retailytics.com

0%

1%

2%

3%

4%

5%

6%

Hypers (L)6501-14800

Hypers (M)4401-6500

Hypers (S)2501-4400

Supers (XL)1401-2500

Supers (L)1101-1400

Supers (M)801-1100

Supers (S)401-800

Minimarkets(L)

201-400

Minimarkets(S)

1-200

Source: Nielsen

CAGR (%) 2018-2023

Europe: Store Size Groups (sqm).

8,8%

0,1%

3,4%

1,2%

7,8%

-0,4%

0,8%

6,3%

Discounters Hypermarkets 2500+ Supermarkets 300-2500

Small Format

YTD 2017 YTD 2018

IV. Changing consumer habits are opportunity for small stores in Poland

12

Proximity and small stores will get even more importance having access to Eurocash innovations

Source: GfK. Q:In which store do you most often perform given types of shopping missions? .

55% 58%

38%

23%

61%

44%

55%

12%

Hypermarkets Supermarkets Discounters Small Stores

Special Occasion Stocking Up

4% 7%

24%

51%

15%

36%

65% 73%

Hypermarkets Supermarkets Discounters Small Stores

Unexpected need Daily routine shopping

Big Shopping Small Shopping

Thanks to digitalization, automation and e-commerce growth

SMALL STORES MAY TAKE OVER BIG SHOPPING FROM LARGE CHAINS

e- and m-commerce as standard Growing disposable income

Food: eco, organic, veg, regional, exotic

Growing consumption of F&V, ready meals; less bread, meat, sugar

Growing share of pensioners

Consumer change from passive to active

Eurocash Group – executive summary

13

NO. 1. WHOLESALE DISTRIBUTOR IN POLAND

with 27% market share & the biggest (3bn Pln) FMCG ecommerce platform

DYNAMICALLY ENTERING INTO RETAIL

already no. 7 with objective to become no. 3 retail chain in Poland

WITH INNOVATION AND BUSINESS DEVELOPMENT PROJECTS DELIVERING RESULTS

addressing digitalization, personalization & automation needs

AS THE DOMINANT SMALL FORMAT & PROXIMITY STORE OPERATOR

supported by globally changing trends & consumer habits

14

APPENDIX

9M 2018 Results

15

I. Executive Summary

STRONG IMPROVEMENT IN WHOLESALE, PREPARING GROUND FOR RETAIL

01 SMALL STORES ACCELERATING with sales dynamics at +6,3% in 9M 2018 YoY

WHOLESALE STRONG GROWTH

with EBITDA + 52m PLN (+21.6%)

RETAIL INCREASED ASSET BASE

with integration impacting profitability

02

04 PAY UP DISPOSAL AGREEMENT

5.8m PLN EBITDA (2017)

at a price of 110m PLN (in. earn-outs)

03

05 FRESH ROLL-OUT AT BREAK EVEN

with 452m PLN sales

in 9M 2018 (+101m PLN)

II. Food market growth Small format stores accelerating their growth

16 Source: Nielsen, Total Poland, All Food

8,8%

0,1%

3,4%

1,2%

7,8%

-0,4%

0,8%

6,3%

Discounters Hypermarkets 2500+ Supermarkets 300-2500 Small Format

YTD 2017 YTD 2018

9,4%

-0,5%

-5,2%

4,2%

2,0%

12,2%

-0,9%

13,2%

Small Supermarkets100-300

Convenience 40-100 Small Grocers -40 Specialized & Others

Food market growth by channels (YTD Sep 2018, YoY)

Food market growth by small format channels (YTD Sep 2018, YoY)

Food sales in Total Poland increased by 5.3%, while in Small Format stores increase was of 6.3%

9,8%

4,0%

7,2%

3,3% 2,3%

3,4% 2,0% 2,5%

1,2% 1,2% 1,1%

3,0%

-2,8% Fats Fruits Dairy Food Meat Bread and

CerealsCoffee &

TeaTobacco Fish Beverages Alcohol incl.

Spirits,Wine Beer

Vegetables Sugar,sweets,

jams

2018 (I-VI) 2018 (I-IX)

Source: GUS

Large format categories Small format categories

II. Inflation Small Format stores sales growth accelerated with lower inflation than other segments

17

Food average

4,4%

3,1% 3,1% 2,7%

2,2%

3,3%

2,1%

Discounters Hypermarkets2500+

Supermarkets300-2500

Small Format SmallSupermarkets

100-300

Convenience40-100

Small Grocers-40

Source: Own estimation based on Nielsen

1.7% difference

% Food basket inflation (YoY, YTD Sep 2018)

Food inflation by categories

Eurocash inflation much below the market average:

wholesale prices in Delikatesy Centrum: -1.0%, retail prices +0.8% in 9M 2018 YoY

257 239

291

2,09% 1,90%

2,18%

9M 2016 9M 2017 9M 2018

12 252 12 599 13 377

9M 2016 9M 2017 9M 2018

+6.2%

III. Wholesale Segment – accelerating the growth 9M 2018: +778m PLN sales and +52m PLN EBITDA increase

18

+778m +347m

+2.8%

+52m

+21.6%

-17.8m

-6.9%

Strong performance in 9M 2018 with sales +6.2%, EBITDA +21.5% and EBIT +32.7% YoY.

Cost pressure covered by improved efficiency.

9M 2018 Sales of goods evolution (PLN m)

9M 2018 EBITDA evolution (PLN m)

12 599

13 377

338

93 283 -16 31 49

11% 3% 7% -1% 10% 6%

Wholesale9M 2017

Distribution Cash&Carry Tobacco Alcohol FoodService

Other Wholesale9M 2018

III. 9M Wholesale sales dynamics Wholesale segment supported by increased competitiveness of small format stores

19

+778m +6.2%

3,8%

2,7%

1,5%

-0,4% 0,3% 0,3%

-4,6%

-5,2%

-3,6%

-1,3%

-4,0%

-3,5%

-2,2%

-2,7%

0,0%

-4,9%

0,7%

2,6%

1,3%

3,6%

Wholesale sales evolution by formats (9M 2018 YoY)

C&C LFL

Wholesale accelerated growth from 4.6% in 2Q 2018 to 6.9% in 3Q 2018

C&C LFL in 3Q 18 at +3.8% and 2.8% in 9M 2018 - best performance in last 5 years.

ECD sales to franchisees (Lewiatan, PSD, Euro Sklep, Groszek) increased by 11.9% in 3Q and 10.3% in 9M YoY

91

106

63 5,09%

4,12%

2,07%

9M 2016 9M 2017 9M 2018

1 795

2 564

3 032

9M 2016 9M 2017 9M 2018

III. Retail – increased asset base, ongoing integration Integration affecting short-term retail results

20

+461m

+18.3% +768m

+44.3%

-43m

-40.5% +14m

+15.6%

3 622 pro forma

+41% incl. Mila

Sales increase driven by M&A. Consolidated 2018 Mila sales 466 m PLN (345m in 3Q 2018)

Delikatesy Centrum LFL in 9M 2018 + 2.7% wholesale and +0.5% retail. 3Q 2018: -0.3% wholesale and -2.0% retail

M&A impacting EBITDA with ongoing integration incl: stores remodeling (183 DC stores), Head Office integration, pricing and assortment

policy standardization.



Retail integration to standardize supermarket chain 2020 objective: PLN 40m savings

21

HO & OPERATIONAL INTEGRATION

2017 2018 2019 2020 2021

Pricing & Promotions

Assortment

Marketing

Buying

BackOffice (Accounting, HR,

Controling, etc.)

IT

Operations (Franchise + Own)

Logistics

20,1

18,1

Delikatesy Centrum (ex.Eko&Mila)

Eurocash Retail(DC+Eko+Mila)

Avg. annual sales per sqm (thds, 2017)

11% diff

STORES REMODELING EXPANSION ACCELERATION SALES DEVELOPMENT

EKO – 183 stores (Sept),191 (Oct 2018) Mila start in 2019

7.4 bn PLN sales 1.5k stores

-26

-39

-32

-15,26%

-9,95%

-6,41%

9M 2016 9M 2017 9M 2018

170

395

506

9M 2016 9M 2017 9M 2018

III. Projects – investments in the future growth Fresh Project reached break even point in 3Q 2018

22

+111m

+225m

+7m -13m

Fresh Project with 452m PLN sales in 9m 2018 (+101m) reached break even in 3Q 2018.

Most relevant for Delikatesy Centrum positioning and competitiveness.

Duży Ben & Kontigo – moved into proven franchise system.

Duży Ben: 15 stores with 4 in franchise / agency model



PLN m (Normalized*) 9M 2017 9M 2018 % of Sales

9M 2017

% of Sales

9M 2018 Y/Y Change

Net sales (total) 15 659 17 032 9%

Gross profit 1 814 2 073 11,6% 12,2% 14%

EBITDA normalized* 259 265 1,7% 1,6% 2%

One-off costs* 114 3

EBITDA reported* 144,8 261,8 0,9% 1,5% 81%

EBIT normalized* 126,0 115,0 0,8% 0,7% -9%

Profit before tax

normalized* 99,9 82,0 0,6% 0,5% -18%

Net profit normalized* 75,1 58,7 0,5% 0,3% -22%

23

Sales driven mainly by wholesale segment

(+778m PLN) and consolidation of Mila

(+466m PLN).

Gross Margin increase mainly by

consolidation of Mila.

Normalized EBITDA increased by 6m PLN,

driven by wholesale segment, and off-set by

EKO & Mila integration.

Depreciation driven by retail segment.

Net Profit affected by increased effective tax

rate due to changes in law.

IV. 9M 2018 financial summary Strong sales increase driven by wholesale segment

* 2018 results normalized by costs of Mila M&A, 2017 by add. VAT payment

24

IV. EBITDA* performance by segments Core business results strong improvement, off-set by 2017-18 M&A

* 2017 results normalized by costs of add. VAT

259 262

52 43 7

13

Eurocash Group 2017 Wholesale Retail Projects Other Eurocash Group 2018

9M 2018 EBITDA development by segments (PLN m)

Profit increase in most

businesses (ECD, EC

C&C, ECA, Food

Service)

Wholesale sales

development

outperform total food

market

EKO & Mila

impacting results

Fresh Project at

break even point

Duży Ben roll-out

with franchise and

agency model

Provision for

employees bonuses,

compliance (incl.

GDPR), IT, Quality

Control

31 31 28 30 30 27 24

25 23 21 24 24 24 20

(21) (21) (22) (27) (23) (25) (24)

(76) (75) (71) (81) (77) (76)

(69)

-100

-80

-60

-40

-20

0

20

40

Q1 2017 Q2 Q3 Q4 Q1 2018 Q2 Q3

Receivables Stock Cash conversion Liabilities

25

Strong cash generation sustained in 9M 2018.

Consolidation of Mila changing rotation of each WC component but with no impact on total Net WC rotation.

PLN m 3Q 2017 3Q 2018 9M 2017 9M 2018

Net operating cash flow 112 115 284 301

Net profit (loss) before tax 49 37 (14) 79

Depreciation 43 54 133 150

Change in working capital 33 21 174 83

Other (13) 4 (9) (11)

Net investment cash flow (81) (37) (285) (415)

Net financial cash flow (79) (74) (81) 64

Total cash flow (48) (0) (82) (54)

*12M – ostatnie 12 miesięcy

IV. Cash Flow LTM Operating CF at 138% EBITDA

Cash conversion cycle (after IFRS 15)

Mila effect

431 441 419 361 363 360 363 584 486 464 370 468 685 608

1,36

1,10 1,11 1,02

1,29

1,90 1,67

1Q'17 2Q 3Q 4Q 1Q'18 2Q 3Q

LTM EBITDA (PLN m) NET DEBT (PLN m) NET DEBT / EBITDA

26 *NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents

**Adjusted for one-off item – 114 m PLN potential VAT liability payment done in Aug 2017

0,71x

0,93x

335 excl. M&A

258 excl. M&A

Net Debt decrease by 77m PLN 3Q 2018

IV. Net debt vs. LTM EBITDA** Healthy and declining leverage thanks to strong cash generation

Net Debt* vs. 12M EBITDA in 3Q 2018

27

2015 2016 2017

Sales Revenues (before IFRS15)

220 329 440

EBITDA 0,8 4,1 5,8

EBITDA % 0,3% 1,2% 1,3%

EBIT -2,1 0,3 0,7

EBIT % -1,0% 0,1% 0,2%

IV. PayUp disposal to Polskie ePłatności Finalization upon receiving consent from antimonopoly office

Long-term cooperation

agreement

Eurocash Group will focus on its core

business

Maximum price:

PLN 110 m (depends on earn-outs)

Estimated maximum net profit

PLN 102 m

Faktoria Win

Eurocash Group business portfolio

Cash from mature wholesale is invested in retail growth and innovation

28

29

231 266

490 402 412

476 440 361

216 266

670 542

246

978

324

589

93% 100% 137% 135% 60% 206% 74% 163%

0%

50%

100%

150%

200%

250%

0

200

400

600

800

1 000

1 200

2010 2011 2012 2013 2014 2015 2016 2017

EBITDA Operating cash flow OCF/EBITDA

* 2017 adjusted by one-off items, VAT issue

-12,4

-5,8

-11,1

-17,2

-13,2

-19,4 -17,6

-22,0 -25,0

-20,0

-15,0

-10,0

-5,0

0,0

2010 2011 2012 2013 2014 2015 2016 2017

-19

-43 -53 -60

-50

-40

-30

-20

-10

0

2015 2016 2017

3,0% 2,7%

3,0% 2,4% 2,4% 2,3%

2,1% 1,6%

0,8% 0,9%

-0,2%

2,0%

3,7%

4,5% 4,4% 3,9%

2,6%

4,3% 3,7%

0,9%

0,0%

-0,9% -0,6%

2,0%

-2,0%

-1,0%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

-2,0%

-1,0%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

2010 2011 2012 2013 2014 2015 2016 2017

Eurocash EBITDA margin % Gross Salary CPI (Inflation)

Operational Cash Flow* vs. EBITDA* Cash Conversion (in days)

Eurocash EBITDA margin %

vs. gross salary and inflation in PL New Projects EBIT (PLN m)

Ability to generate

cash necessary to

invest into future

growth

Eurocash:

New initiatives impact

short term profitability

but are investment

into future

competitiveness of our

clients

Clear potential to

increase profits

We kept investing despite unfavorable macro trends and growing costs of innovative projects

Eurocash generates cash to keep investing for future competitiveness Cash generative business model funds M&A and innovation for long-term even in recent tough business context

After many years of growth we are now able to focus on profitability

30

Improvement

of Wholesale

EBITDA

Head Office

cost optimization

~60m PLN

EC C&C

restructuring

~10m PLN

Logistics: ECD Merger with ECA

then ECS impulse

~40m PLN

(2019-2020)

Retail Head Office

cost optimization

up to ~40m PLN

(2020)

WHOLESALE RETAIL

150 M PLN by 2020 - identified potential for cost reduction

9M 2018 EBITDA* evolution

(PLN m)

257 239 291

2,09% 1,90% 2,18%

9M 2016 9M 2017 9M 2018

+52m

+21.6%

-17.8m

-6.9%

Disclaimer

31

This presentation and the associated slides and discussion contain forward-looking statements. These statements are naturally subject to

uncertainty and changes in circumstances. Those forward-looking statements may include, but are not limited to, those regarding capital

employed, capital expenditure, cash flows, costs, savings, debt, demand, depreciation, disposals, dividends, earnings, efficiency, gearing,

growth, improvements, investments, margins, performance, prices, production, productivity, profits, reserves, returns, sales, share buy

backs, special and exceptional items, strategy, synergies, tax rates, trends, value, volumes, and the effects of Eurocash S.A. merger and

acquisition activities. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual

results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties and other factors

include, but are not limited to developments in government regulations, foreign exchange rates, oil and gas prices, political stability,

economic growth and the completion of ongoing transactions. Many of these factors are beyond the Company's ability to control or predict.

Given these and other uncertainties, you are cautioned not to place undue reliance on any of the forward looking statements contained

herein or otherwise. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements

(which speak only as of the date hereof) to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated

events, except as maybe required under applicable securities laws. Statements and data contained in this presentation and the associated

slides and discussions, which relate to the performance of Eurocash S.A. in this and future years, represent plans, targets or projections.

For more information please contact:

Cezary Giza

Investor Relations Director

[email protected]

mobile: +48 693 930 415

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