EUROCASH

The broadest food distribution and retail platform in Poland

Eurocash Group – executive summary

As wholesale distribution leader, Eurocash invests to improve small store competitiveness and growth

With 28% market share serving most small stores including 13.5k soft franchisees, sales are of EUR 4.2 bn and EBITDA of EUR 95 m

Eurocash.pl is a fast growing e-commerce platform with sales of EUR 800 m, giving small store owners solutions comparable to modern trade

As the 7th largest retailer, the roll-up growth strategy for its supermarket chain brings synergy and upside

With sales of Eur 1.7Bn from 1563 hard franchise and own stores, the objective is to add 900 stores in 5 years to become the 3 rd largest retailer

The retail strategy builds on already-strong product categories of wholesale while helping Eurocash grow into new, under-represented ones

Eurocash’s experience with post-acquisition integration of distressed assets offers the prospect of strong upside from profit recovery

Cash generation funds continued investment to innovate in support of small stores in a changing industry

Addressing the needs for automation, digitalization, and individualized customer offerings brings further competitiveness to small store formats

Following on investments of EUR 800 m over the last 10 years, today’s projects are at tipping point to show long-term benefits in growth and profitability

Through M&A and organic growth, Eurocash has built the broadest distribution and retail platform

With Sales of EUR 5.5 bn, and EBITDA of EUR 85 m, cash flow generation is of approximately 133% of EBITDA

While many retailers failed in Poland , Eurocash built scale through M&A and its purchasing power has kept small format stores competitive

Today, Eurocash is the 2nd largest player, No.1 in branded FMCG sales, the dominant small store operator, and leads in several product categories

Poland’s sizeable market has unique traits that favor neighborhood stores

GDP is of EUR 475 bn and population is of 38.4 m (EUR 26k per Capita PPP) but population density in large cities is quite low

Typically small living quarters lead to daily shopping nearby and has severely limited the success of “big box” retail forma ts

1

10%

30%18%

28% 21%7%

47%

26%9%

64%

17% 11% 4%

26%

44%

40% 61%55% 62%

82%

43%

65%83%

30%

78% 84% 94%

73%

46%31%

21% 17% 17% 12% 10% 9% 8% 6% 5% 5% 2% 1%

HM (+2500m²) SM (400-2500m²) SMALL FORMAT (under 400m²)

Poland is a unique marketDemographics: small towns, small living quarters, that necessitate daily shopping close to home

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

Percentage of population living in cities/rural area

Small living quarters have limited space to store food

As a result, most Poles shop almost every day

Total population of 38.4 M

GDP per Capita PPP of EUR 26.1k

Share of distribution channels in European countries

GDP increase by 5.1% in 2018

2 Source: GUS, Eurostat, Nielsen RMS 2017

2,3%

12,2%

-0,6%

13,5%

2,2%

12,5%

-0,6%

11,2%

Small Supermarkets100-300

Convenience 40-100 Small Grocers -40 Specialized & Others

FY 2018 LTM MAY 2019

8,5%

-0,7%0,0%

6,5%

9,3%

-0,5% -0,4%

6,5%

Discounters Hypermarkets2500+

Supermarkets 300-2500

Small Format

FY 2018 LTM MAY 2019

Food market growthSmall format stores continue to grow

Source: Nielsen Retail Trade Panel, Value sales, period: January 2017 – May 2019, Food categories

Food market growth by channel (FY 2018 & LTM MAY 2019 YoY)

Food market growth in small format channels (FY 2018 & LTM MAY 2019 YoY)

LTM May Food sales increased by 5.7%, while in Small Format stores increase was of 6.5%

3

4,2%

0,7%

-3,5%

10,1%

2,6%

13,2%

5,9%

16,6%

Discounters Hypermarkets2500+

Supermarkets 300-2500

Small Format SmallSupermarkets 100-

300

Convenience 40-100

Small Grocers -40 Specialized &Others

2016 2017 2018

Food market dynamicsSales per one small format store is increasing the fastest despite declining number of all outlets

Change of sales per one store

Change of number of stores

158

-5

114

-3 087

-31 -244

-2 197

-615

Discounters Hypermarkets 2500+ Supermarkets 300-2500

Small Format Small Supermarkets100-300

Convenience 40-100 Small Grocers -40 Specialized & Others

4.0 91.50.3 3.3 8.9 33.227.0 22.3No. of

stores (k)

4 Source: Nielsen Retail Trade Panel, Value sales, period: 2016 – 2018, Food categories

6,8%5,4%

4,7%3,9%

2,7%2,0% 1,8% 1,7% 1,4% 1,3% 1,3%

-0,1%

-2,3%

0,5%

-0,8%

15,8%

5,8%

2,9%

0,0% 0,7%2,2%

3,0%1,3% 1,9%

-11,5%

3,7%

Fats Dairy Vegetables Bread andCereals

Food Tobacco Coffee &Tea

Meat Fish Beverages Alcoholincl. Spirits,Wine Beer

Fruits Sugar,sweets,

jams

2018 (I-XII) 2019 (I-V)

6,4%

4,5%

3,2%

2,0%

0,9%

2,8%

1,6%

-2,8%

6,8%

4,3%

5,9%

2,0%

1,2%

2,1%

-2,4%

abc Gama Lewiatan EKO(DC)

DelikatesyCentrum

Bierdronka Carrefour Tesco CEE

2018 4Q 2018

Biedronka

Large format categoriesSmall format categories

Like for Like vs inflationInflation by categories on relatively similar levels

Food

average

Like for Like sales dynamics by chain(YoY, 2018)

Food inflation by product category

Delikatesy Centrum inflation: wholesale prices -1.2%, retail prices +0.4% in 2018 YoY

Delikatesy Centrum retail LFL +4.0% in Jan-Apr YTD 2019 YoY

Small Stores

average +3.4%

Large Stores

average +0.5%

Source: Eurocash Group, Companies reports,

wiadomościhandlowe.pl, abc – data for appx. 300 stores

5 Source: GUS

Eurocash Group overviewEnormous purchasing power and efficient logistics to serve small and neighborhood stores across Poland

Eurocash

Group

Wholesale Retail Projects Others (HQ)

Delikatesy CentrumCash&Carry

Tobacco Specialized

Distribution

Alcohol Specialized

Distribution

Food Service (HoReCa)

Over 80k clients. 13.7k retail stores organized

within soft franchise chains: abc, Lewiatan,

Groszek, Eurosklep, Gama

Eurocash Distribution

Delikatesy Centrum: 1.55k stores -

566 own & 997 hard franchise

Inmedio: 450 newsagents

Sales’18:

EBITDA’18:

PLN 17.7 bn (+6%)

PLN 410 m (+18%)

PLN 4.9 bn* (+26%)

PLN 112 m (-13%)

PLN 74 m

PLN -45 m

N/A

PLN -102 m

Inmedio

Duży Ben

Kontigo

Others

Faktoria Win (W)

PayUp (W)

Already moved to Wholesale or Retail

(W or R) due to reach of break even point:

Fresh Project (R)

Sales’18: PLN 22.7 bn (+10% YoY)

EBITDA’18: PLN 374 m (+4% YoY)

recently sold for

14x EBITDA

6* Consolidated sales. Total annualized sales including franchise retail sales amounted to 7.4bn.

Retail already includes Fresh Project

1 2 23 4 5 6 7

9

15 15 1518

16 17 18

00

1 11

1

1 2 2

23

45

1 2 23

56 7

8

10

17 17 17

2019

21

23

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Wholesale Retail

Eurocash – 2nd largest overall player in Poland

16 acquisitions aimed at rolling up strong category leaders , capturing synergies around a common back-office

Hypermarkets have shown little growth for last 10 years

3

9

3

6

9

5

10

5

7

17

3

2

7

4

5

9

10

8

11

11

17

32

3

6

7

7

7

8

10

10

11

18

23

51

Selgros

Dino

Metro (Makro C&C)

Żabka

Intermarche

Carrefour

Tesco

Kaufland

Auchan

Lidl

Eurocash

Biedronka

2018

2013

2009

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

Source: RZ500

*IFRS 15

accounting change (appx. 2.4bn PLN)

MBO IPODelikatesy

Centrum

KDWT

PayUp McLane Batna Premium

Distributors

Tradis

GroupInmedio

Kolporter FMCG

Frisco.pl

Rogala

FHC-2

PDA

EKO Mila

M&A history:

MHC

PayUp

Disposal

Top players in Poland are not names one would expect to outrank famous international retail chains

7*IFRS 15 – change of accounting rules, impacting sales revenues and costs of goods sold by EUR 2.4

bn due to reclassification part of sales into lower purchase conditions. No impact on EBITDA.

Wholesale: No. 1 distributor in PolandBuilding scale and purchasing power to bring competitiveness to small stores

Wholesale market share

Eurocash Group28%

Makro - FMCG (C&C) 5%

Selgros (C&C)4%

PT Dystrybucja (T) 3%

Distribev (A)3%

PHUP Gniezno (T) 2%Alti (A) 1%

Others54%

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

covered by Eurocash

Dedicated distribution platforms covering

different store profiles

25%

26%

13%

33%

3%

4,5

4,6

2,2

5,9

0,5

Sales (PLN bn)

Cash&Carry

Eurocash

Distribution

Alcohol

Distribution

Tobacco & Impulse

Distribution

HoReCa

Del

iver

y

Gen

eralistsSp

ecialized

T - Tobacco;

A - Alcohol,

8

2018:

Merging:

…but traditional wholesale and retail is a past..

8,0 8,7

2017 2018 LTObjective

80

# of Eurocash.pl users (thsd.)

1 173934

623

wwwSales Rep.Others

2018 avg. order by type (pln)

33

1614

wwwSales Rep.Others

2018 # of ordered SKU

+26%+88% +108%+141%

Digital approach to increase store owners competitiveness

To customize offer to local consumers

To flexibly compete with centrally managed retail chains

To reduce store costs, making work much easier and more

automated

To fully integrate supply chain from Eurocash to Consumer

Digital revolution of traditional wholesaleEurocash.pl allows local entrepreneurs to overbeat every centralized retail chain

9

51

18

11

10

10

8

7

7

7

6

3

3

3

2

2

Biedronka

Lidl

Auchan

Kaufland

Tesco

Carrefour

Delikatesy Centrum

Intermarche

Żabka

Dino

Netto*

E. Leclerc

Stokrotka

Polomarket*

Piotr i Paweł*

Retail: 1st nationwide proximity supermarket chain in PolandEntering retail through market consolidation, followed by operational integration, with LT objective to become no. 3 retailer in Poland

Ranking of retailers (2018 sales, PLN bn)

4,3

3,1

1 563 stores

997

Number

of Stores

Retail Sales

(PLN bn, 2018)

7.4 bn PLN

Own

Franchise

566

+5 bn PLN

> Retail Sales

+900 stores

> By 2023

Acquisitions

Green Field

Franchise Chain2-3Y integration to ensure

standardized business

with unified processes

LT

objective

EV/Sales

50% (JMT)

37% (TSCO)

22% (CA)

?

62% (PE**)

114% (DIN, IPO)

49% (PE**)

57%

Profi (Romania) 68% (PE**)

Average

consolidated 5.1

10

Source: RZ500

*no data for 2018, data used for 2017

**PE – Private Equity deal

20,1

18,9

2016 2018

1 0861 539

2016 2018

4,6

7,4

2016 2018

237

399

2016 2018

Eurocash Retail: consistently investing in the future

Expansion already started through consolidation of two chains, both having potential to increase sales density

Selling area (k sqm) Brand sales revenues (PLN bn)

No. of storesSales per sqm (k PLN)

+68% +61%

+42%

Strong asset

base increase

Asset integration &

operational standardization

Expansion & sales development through

new stores and additional acquisitions

Rebranded EKO stores are still at early stage but already started to show strong LFL* improvement

*LFL – Like-for-Like sales growth or same store growth

Acquisition of distressed regional chains boosts sales and store count but initially sales per sq. meter take a hit

11

Retail – biggest supermarket chain in PolandMerger of 3 businesses under professional process management

EKO stores remodeling

EKO logistics integration Head Office & Operational integrationTogether work as

market leader

December

2017

June

2019

September

2019

Further realization of

strategic goals and

process development

4Q 2019

Key milestones for integration process

Finished integration project

Strategyreview

1

ExpansionHQ, HR &

Internal communication

IT

Business Case, Synergies &

KPIs

CRM & Marketing

Risk Management

Finance & Accounting

Logistics / Supply chain

Legal

Assortment Review & CVP

Stores Operations

CentralCommercialProcesses

32

4

5

6 8

9

10

11

12

7 13

December

2018

Mila stores remodeling

12

FRISCO.PLWarsaw market leader, home delivery

with 42% market share

E-supermarket B2C

Fully automated warehouse launched

in June 2019

Projects serve to incubate forward-looking retail concepts and solutions

DUŻY BEN Specialized liquor store

Supported by Eurocash scale

High cash generation

Deconsolidated market

Already 50 stores, with store level avg.

BEP after 9 months. 22% LFL (1Q 2019)

Digitalization Automation Personalization Professionalization

Following Faktoria Win, PayUp & Fresh Projects success new, promising ones are in expansion phase

Cumulative EBITDA investment of EUR 40 m in last 4 years to address recent consumers’ behavior changes:

In a changing industry Eurocash is able to keep investing, in good times and bad, to innovate & support of small stores

13

Sweet&Alcohol store

independence (2018)

Sweet&Alcohol store sales

dynamics (YoY 2018)

57,0%43,0%

Non-Organized Chain

7,6%

5,4%

Sweet & Alcohol Total Market

20%

28%

36%

42%

2015 2016 2017 2018

Value Market Share

(Warsaw)

Doubled

market share

in last 3 years

Source: Nielsen Retail Trade Panel, Value sales, period: January 2017 – December 2018, Food categories;

Nielsen 2018 In-store audit

Chain/organized storeIndependent store Total Poland

-11,6 -11,7 -12,4

-5,8-11,1

-17,2-13,2

-19,4 -17,3

-25,6 -27,62008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0,2 0,4 0,7 0,9

1,6 2,1 2,4

3,4 3,7

4,2 4,7

0,2 0,3 0,7

1,8 1,9 2,0 2,3 2,4

2,7 3,0

3,4

158%

101% 93% 100%137% 135%

60%

206%

74%

137% 133%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Cum. OCF Cum. ICF OCF/EBITDA

Cumulative Operational Cash Flow (OCF) and Investment Cash Flow (ICF) PLN bn

Cash Conversion (in days)

Cash conversion one of best in market and compared with international comparables

Cash generative business model funds M&A and innovation for long-term

We kept investing even in tough macro environments: Total investment in last 10 years of EUR 800m

Eurocash Group: high cash generation is the key enabler of success

IFRS 15

accounting change (-2 days)*

*IFRS 15 impact on working capital rotation due to 2.4bn PLN sales reclassification

Now, as before, a capex-light business model and working capital discipline underpin M&A and investments

14

Changing consumer habits are opportunity for small stores in PolandProximity and small stores will get even more importance having access to Eurocash innovations

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 standardGrowing disposable income

Food: eco, organic,

veg, regional, exoticGrowing consumption of F&V,

ready meals; less bread, meat, sugar

Growing share

of pensioners

Consumer change from passive to active 15

Eurocash Group – executive summary

NO. 1. WHOLESALE DISTRIBUTOR IN POLAND

with 28% market share & the biggest (PLN 3bn) 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

16

APPENDIX

EUROCASH RESULTS

17

Executive Summary

FY 2018 WHOLESALE SALES INCREASE BY APPX. 1.0 bn , RETAIL BY APPX. PLN 0.9 bn

01

WHOLESALESTRONG GROWTH OF 6% IN 2018 AND

3.5% IN 1Q 2019

with EBITDA PLN +18% in 2018

and +15% in 1Q 2019

RETAILINTEGRATION ONGOING, BUT LFL

STARTED TO IMPROVE

with Delikatesy Centrum +4.0% in 4M 2019

02

04 IFRS16 IMPACT ON 1Q P&L AND BS:

1Q 2019 EBITDA PLN +88 m (330m

annually), EBIT +9 m, Net Profit -6 m

and Net Debt +1.8 bn

03

05STRONG CASH GENERATION

With OCF at 1.4x EBITDA in 2018

18

SMALL STORES WITH HIGH SALES INCREASEwith sales dynamics at +6.5% LTM May 2019 YoY

Eurocash financial summary In 2018 sales increase by 10%, reported EBITDA by 70% and normalized EBITDA by 4%

PLN m 2017 2018

% of

Sales

2017

% of

Sales

2018

Y/Y

Change

Net sales 20 713 22 833 10%

Gross profit 2 465 2 882 11,8% 12,6% 17%

EBITDA 246 419 1,2% 1,8% 70%

One offs: -114 45

PayUp 75

Restructuring provision -27

Mila M&A fees (2Q18) -3

EBITDA normalized 361 374 1,7% 1,6% 4%

EBIT reported 177 170 0,9% 0,7% -4%

Net profit reported -30 112 -0,1% 0,5%

19

PLN m 1Q 20181Q 2019

before

IFRS16

1Q 2019% of

Sales 1Q 2018

% of

Sales

1Q 2019 before

IFRS16

% of

Sales 1Q 2019

Y/Y

Change

Net sales 4 987 5 483 5 483 10%

Gross profit 582 712 712 11,7% 13,0% 13,0% 22%

EBITDA 40 34 121 0,8% 0,6% 2,2% -16%

EBIT -7 -19 -10 -0,1% -0,3% -0,2% -167%

Net profit -19 -34 -40 -0,4% -0,6% -0,7% -83%

Gross profitability increasing due to consolidation of Mila (retail)

Stable EBITDA driven, by wholesale cost improvement and off-set by retail integration. 1Q 2019 impacted by Easter.

1Q 2019 IFRS impact of: EBITDA PLN +87.9 m, EBIT PLN +9.4 m, net profit PLN -6.3 m

405

347

410

2,50%

2,07%2,32%

2016 2017 2018

Sales of goods evolution (PLN m)

16 217 16 72617 682

2016 2017 2018

3 970 4108

1Q’17

Wholesale Segment – continuing strong growthFY 2018: +956 m sales and +63 m EBITDA increase

Strong performance in FY 2018 with sales +5.7%, EBITDA +18.2% and EBIT +27.1% YoY

Cost pressure covered by improved efficiency

EBITDA evolution (PLN m)

20

+508 m

+3.1%

+956 m

+5.7%

-58 m

-14.4%

+63 m

+18.2%

3 715

+6.9%

1Q’19

35.5 46.1 52.8

1Q’18 1Q’191Q’181Q’17

+3.5%

+29.9% +14.5%

16 725 16 72516 887

17 192 17 192

17 630 17 673 17 682

162

35853

438

43 9

Wholesale2017

Cash&Carry Tobacco Alcohol Distribution Food Service Other Wholesale2018

1,3%

2,6%

0,7%

-4,9%

0,0%

-2,7%

-2,2%

-3,5%-4,0%

-1,3%

-3,6%

-5,2%

-4,6%

0,3% 0,3%

-0,4%

1,5%

2,7%

3,8%

6,9%

3,1%

Wholesale sales dynamics Wholesale segment supported by professionalization of small format stores

+957

+5.7%

Wholesale sales evolution by format (2018 YoY)

C&C LFL

Wholesale sustained the growth, with 5.7% in FY 2018 and 5.4% in Q4 2018

C&C LFL in FY 2018 showed best performance since 1Q 2013, with +4.1% and +6.9% in Q4 2018.

ECD sales to franchisees (Lewiatan, PSD, Euro Sklep, Groszek) increased by 10.1% in 2018 YoY

21

151 153

1076,32%

4,46%

2,48%

2016 2017 2018

2 397

3 436

4 319

2016 2017 2018

Retail – increased asset baseOngoing integration affecting short-term retail results

Sales increase driven by M&A. Consolidated 2018 Mila sales 835 m PLN

Delikatesy Centrum retail LFL in 2018 +0.9%. In 4M 2019: +4.0% YoY

EBITDA impacted by ongoing integration of 3 separate businesses

Sales of goods evolution (PLN m)

EBITDA evolution (PLN m)

22

+1 039 m

+43.4%

+883 m

+25.7%

+2 m

+1.2%-46 m

-30.2%

898 9691 327+7.9%+36.9%

1Q’191Q’181Q’17 1Q’191Q’181Q’17

25.519.0 13.3

-41

-52

51

39

20182017

Projects – investments in the future growthFresh Project at break even point in 3Q 2018. Already moved to Retail segment.

Sales of goods evolution (PLN m)

EBITDA evolution (PLN m)

23

1Q’191Q’18

1216

2017 1Q’18 2018 1Q’19

v

-11 -12

Faktoria Win, PayUp, Fresh Project – successfully developed, already moved to Wholesale or Retail

EBITDA impacted by costs of expansion and investments into brand awareness increase

Expansion needed to reach break even point

+12 m

+30.8%

+30.8%

+11 m

31 31 28 30 30 27 24 21 23

25 23 21 24 24 24 20 20 25

( 21) ( 21) ( 22) ( 27) ( 23) ( 25) ( 24) ( 28) ( 25)

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

( 68) ( 70) ( 72)

-100

-80

-60

-40

-20

0

20

40

Q1 2017 Q2 Q3 Q4 Q1 2018 Q2 Q3 Q4 Q1 2019

Receivables Stock Cash conversion Liabilities

Strong cash flow generation sustained. 1Q 2019 impacted by seasonal effects.

Net Working Capital at the long-term optimum level with small seasonal changes

Cash FlowIn 2018 LTM Operating CF at 133% EBITDA (normalized)

Cash conversion cyclePLN m 2017 2018 1Q 2018

1Q 2019before

IFRS16

1Q 2019

Net operating cash flow 471 499 (55) (222) (134)

Net profit (loss) before tax 20 156 (17) (30) (37)

Depreciation 183 204 47 53 131

Change in working capital 247 175 (88) (276) (276)

Other 21 (37) 3 31 48

Net investment cash

flow (336) (379) (40) (123) (123)

Net financial cash flow (95) (126) 390 313 225

Total cash flow 41 (6) 295 (33) (33)

24

431 441 419 361 363 360 363 419 412584 486 464 370 468 685 608 382 729

1,36

1,10 1,111,02

1,29

1,901,67

0,91

1,77

1Q'17 2Q 3Q 4Q 1Q'18 2Q 3Q 4Q 1Q'19 beforeIFRS16

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

25

Q1 2019 Net Debt increase of PLN 347 m

Net debt vs. LTM EBITDANet Debt increase due to seasonality and M&A.

IFRS16 not impacting operations and financial capabilities

Net Debt vs. EBITDA

2 554

(incl. IFRS16)2

IFRS16 drives ND to PLN 2.55 bn

742

(incl. IFRS16)1

3.44x

(incl. IFRS16)3

3301

1 825

IFRS Index below 3.5x IFRS16 EBITDA

(1) IFRS16 EBITDA – estimation for 2019 based on the assumption that the number of contracts will be constant and no change of their conditions is to occur. The estimated IFRS16 EBITDA shall not constitute any definitive forecasts and as

such is not guaranteed by Eurocash to any extent .(2) NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents(3) IFRS16 INDEX – new measure of indebtedness including operating leasing. The estimation shall not constitute any definitive forecasts and as such is not guaranteed by Eurocash to any extent.

(1) IFRS16 EBITDA – estimation for 2019 based on the assumption that the number of contracts will be constant and no change of their conditions is to occur. The estimated IFRS16 EBITDA shall not constitute any definitive forecasts and as

such is not guaranteed by Eurocash to any extent .(2) NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents(3) IFRS16 INDEX – new measure of indebtedness including operating leasing. The estimation shall not constitute any definitive forecasts and as such is not guaranteed by Eurocash to any extent.

CAPEX-light business model will drive IFRS16 Index / EBITDA (1) to 2.9x, EBITDA (1) to PLN 748 m

and EBITDA (1) margin to 3.3%

IFRS 16Net Debt vs. EBITDA in 2018 (PLN m)

AFTER IFRS 16IFRS 16 IMPACTCURRENT

2 184 (3)1 802382 (2)NET DEBT /IFRS16 INDEX

748(1)330(1)419EBITDA

2.9(3)0.9NET DEBT (IFRS16 INDEX)/ EBITDA

3.3%1.8%EBITDA margin

22 83322 833SALES

26

+ 88

+1.6 p.p.

+ 1 825

+1.7

1Q 2019 vs

1Q 2018

E-learning: 12,4k students, 70 courses

Workshops: 6k students, 70 towns

Conference: 5k participants

Business Studies: 72 students

Certification

400 initiatives from 250 towns

submitted to the contest by store owners

100 grants for initiatives to support local

society

PLN 1.5 m in total

Each grant: PLN 10k, 50k and 100k

Key successful developments in 2018Educational and social projects driving competitiveness of small stores in their neighborhoods

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Disclaimer

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

cezary.giza@eurocash.pl

mobile: +48 693 930 415

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