2013FIRSTHALFRESULTS. JERÓNIMO MARTINS Strategic Overview

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1 2013FIRSTHALFRESULTS JERÓNIMO MARTINS Strategic Overview

2 Disclaimer Statements in this presentation that are forward-looking statements are based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties relate to factors that are beyond Jerónimo Martins ability to control or estimate precisely, such as general economic conditions, credit markets, foreign exchange fluctuations and regulatory developments. Except as required by any applicable law or regulation, Jerónimo Martins assumes no obligation to update the information contained in this release or to notify a reader in the event that any matter stated herein changes or becomes inaccurate. 2

3 INDEX 1. OPERATING PROFILE FIVE YEARS IN REVIEW 3. RECENT DEVELOPMENTS 4. STRATEGIC PRIORITIES 5. APPENDIX 3

4 1. OPERATING PROFILE Brief Group s History Opening of a small food store in Lisbon 1949 Joint Venture with Unilever 1980 Setting up Pingo Doce supermarkets in Portugal initiating operations in food retail 1988 Acquisition of Recheio entering the wholesale sector 1992 Joint Venture with Ahold for Pingo Doce in Portugal 1994 Entry in Poland, acquiring Eurocash 1997 Acquisition of Biedronka stores in Poland 2011 First team on the ground in Colombia 2013 Opening of first stores in Colombia 4

5 1. OPERATING PROFILE 2014 OVERVIEW 5

6 1. OPERATING PROFILE BUSINESS STRUCTURE 6

7 1. OPERATING PROFILE THE FORMATS BIEDRONKA THE FORMAT Leader in food retail in Poland (c.17% market share) 1 Net Sales (2014) 8,432 m (+9.5% vs 2013) 2,659 stores (September 2015) Average selling area per store c.650 sqm Proximity & convenience locations Price leader Private brands c.50% of sales Perishables 2 c.20% of sales Non Food c.5% of sales 1 GfK Value Shares at Total FMCG as at Meat, Fruit, Vegetables and Bakery 7 7

8 1. OPERATING PROFILE THE FORMATS PINGO DOCE THE FORMAT Leader in supermarkets in Portugal (c.18% market share) 1 Net Sales (2014) 3,234 m (+1.7% vs 2013) 397 stores (September 2015) Average selling area per store c. 1,200 sqm Prime proximity locations Every Day Low Price and Promotions Private brands c.35% of sales (excl. perishables) The leading operator of perishables 2 c.35% of sales Non Food c.5% of sales 1 Internal estimates based on Turnover in Food Retail Trade published by INE as at Meat, Fish, Fruit, Vegetables, Bakery and Take Away 8 8

9 1. OPERATING PROFILE THE FORMATS RECHEIO THE FORMAT Leader in the Cash & Carry market in Portugal Net Sales (2014) 799 m (-0.7% vs 2013) 41 stores (September 2015) Average selling area per store c. 3,100 sqm Serving HoReCa (36% of sales) and Traditional Retailers (36% of sales) Private brands c.20% of sales Perishables 1 c.17% of sales Non Food c.5% of sales 1 Meat, Fish, Fruit and Vegetables 9 9

10 FIVE YEARS IN REVIEW 10

11 FIVE YEARS IN REVIEW THE GROUP Strong sales and profit growth Sales ( m) EBITDA ( m) 14, , % +11% +11% +7% % +7% +5% -6%

12 FIVE YEARS IN REVIEW THE GROUP Strong cash flow financing investments for expansion Funds from Operations 1 ( m) CAPEX ( m) Net Debt ( m) % % % Net Debt Gearing 1 Funds from Operations = EBITDA Interest Payment Income Tax 12

13 FIVE YEARS IN REVIEW THE GROUP Delivering solid earnings and returns Net Profit attributable to JM ( m) Pre-tax ROIC % +6% % +6% -21% 15% %

14 3. RECENT DEVELOPMENTS 14

15 3. RECENT DEVELOPMENTS Key Messages from 9M 15 Solid sales performance consistently delivered in the first three quarters of the year Biedronka maintained strong LFL volume growth more than compensating the high basket deflation along the period Pingo Doce and Recheio with a very sound sales performance across the 9 months EBITDA margin for the Group up in the quarter as the result of sales performance, rigorous execution and easier comparison versus same quarter in the previous year Strong cash flow generation brings debt below 200m (gearing at 10.1%) The Board of Directors proposes a distribution of free reserves of 236m to be paid in This includes the dividend that would usually be paid in May

16 3. RECENT DEVELOPMENTS Key Figures (Million ) 9M 14 9M 15 NET SALES excluding F/X EBITDA excluding F/X 6,052 9,333 5, % 9.0% 10, % 6,644 6, % 8.7% + 7.3% % % EBITDA MARGIN 5.9% 5.8% NET ATTRIBUTABLE RESULTS excluding non-recurrent EPS NET DEBT Gearing % % % 28.4% 23.5% 10.1% 16

17 3. RECENT DEVELOPMENTS Sales Performance Group Group sales grew 9% to 10.2bn Strong volume growth in Poland and Portugal drove Group LFL to reach 3.3% (+3.7% in Q3 15) Ara and Hebe reached 155m of sales in the 9M 15 from 103m in 9M 14 Expansion programme for the year almost concluded: 92 Biedronka, 19 Pingo Doce and 24 Ara stores opened Contribution to Consolidated Sales Growth (Million ) Contribution to Consolidated Sales Growth (Million ) 9, % 10, % +10.4% 67.2% Biedronka Pingo Doce 25.6% +5.0% 24.7% 6.5% +4.6% 6.2% 9M 14 9M 15 Recheio Others 17

18 3. RECENT DEVELOPMENTS Sales Performance Biedronka (i) Sales growth of 10.4% to 6.8bn 92 new stores opened in the 9M 15 (72 net additions) Average market share increase of 2.1p.p. in the first 8 months of the year * SALES (Million ) 6, ,800 6, % +10.4% 9M 14 LFL New Stores/ Revampings 9M 15 excl. F/X F/X 9M 15 * Average of GfK Bimonthly Value Shares of main retailers at Total FMCG 18

19 3. RECENT DEVELOPMENTS Sales Performance Biedronka (ii) LFL SALES GROWTH FOOD INFLATION IN POLAND 2.9% 2.4% 3.5% 2% 0.3% 0.3% 0% -2.7% -1.3% -2% Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 LFL Basket Inflation -4% Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Continued solid volume delivery across the quarters Volume growth more than offsetting material basket deflation Q3 15 LFL performance with good contribution of both basket and ticket evolution 19

20 3. RECENT DEVELOPMENTS Sales Performance Pingo Doce Commercial strategy and investment to reinforce shopping experience fuelled a strong performance LFL in Q3 15 continued to be very sound and reached 4.7% in the 9M 15 Total sales grew 5% to 2.5bn 19 new stores in 9M 15 (17 net additions) LFL SALES GROWTH (EXCL. FUEL) SALES (Million ) 4.2% 4.7% 5.2% 2, , % 2.7% 1.8% +5.0% -1.4% Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 9M 14 LFL New Stores/ Revampings 9M 15 20

21 3. RECENT DEVELOPMENTS Sales Performance Recheio Strong LFL continued to be supported by a dynamic commercial approach Total sales grew 4.6% to reach 631m LFL SALES GROWTH 4.7% 4.1% 3.9% SALES (Million ) % -0.4% 0.0% +4.6% -2.3% Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 9M 14 LFL New Stores/ Revampings 9M 15 21

22 3. RECENT DEVELOPMENTS EBITDA Performance (i) Group EBITDA reached 588m, a growth of 7.3% (+8.9% in Q3 15) Sales performance compensating for the investments being made in the businesses competitive positioning Start-up losses from Ara and Hebe reached 42m in the 9M 15 CONTRIBUTION TO CONSOLIDATED EBITDA GROWTH (Million ) % +7.3% 9M 14 Biedronka Pingo Doce Recheio New Businesses Others 9M 15 excl. F/X F/X 9M 15 22

23 3. RECENT DEVELOPMENTS EBITDA Performance (ii) EBITDA Margin Group EBITDA Margin at 5.8% (10bps down on 9M 14) Biedronka EBITDA margin at 6.9% incorporating the investment made in the value proposition Biedronka Distribution Portugal Group 9M 14 9M 15 Distribution Portugal s margin reflects the support given to top line growth New businesses impacted 9M 15 EBITDA margin in 50bps 23

24 4. STRATEGIC PRIORITIES 24

25 4. STRATEGIC PRIORITIES Biedronka Food consumption in Poland still has significant room to grow Per capita expenditure on food (US$ ) 3,258 2,950 2, % growth per year in ,539 2,329 2,064 1,779 1,593 1,434 1,142 France Germany Italy Portugal UK Slovenia Turkey Czech Poland Ukraine Source: International Monetary Fund, World Economic Outlook Database, April

26 4. STRATEGIC PRIORITIES Biedronka Modern retailers still have growth to be capture Sales market share traditional vs. modern retail in Poland and Western Europe 25% Traditional retailers 52% 46% ~40% Modern retailers 48% 54% ~60% vs. 75% Poland 2009 Poland 2013 Poland 2017E W. European markets 2013¹ 1. Most Western European markets with a penetration of 75-80% of modern retail Source: GFK 26

27 4. STRATEGIC PRIORITIES Biedronka Discounters have been the main driver of modern retail growth Sales evolution per format in the grocery market 100% = total retail market (modern and traditional) 4.4% 14.3% 4.7% 14.0% 5.1% 13.8% 5.7% Franchise & Convenience 13.7% Hypermarkets Evolution p.p p.p. 14.7% 15.4% 15.5% 15.8% Supermarkets p.p. 15.1% 17.3% 19.5% 21.4% Discounters p.p E Source: PMR

28 4. STRATEGIC PRIORITIES Biedronka and will continue being so in the future Market share of discount stores in food retail sales (2012) Higher discount penetration Lower discount penetration 57% 41% 41% 37% Discount formats still have significant room to grow 27% 26% 21% Norway Belgium Germany Denmark Austria Czech Rep. Poland 2013 Source: The Nielsen Company 28

29 4. STRATEGIC PRIORITIES Biedronka Biedronka will continue capturing a relevant part of the growth Retail Market Share Evolution Top 5 Players (%) Average market share increase of 2.1p.p.* in the first 8 months of 2015 (YoY) Biedronka Jan/ Feb Mar/ Apr May/ Jun Jul/ Aug Jan/ Feb Mar/ Apr May/ Jun Jul/ Aug *Source: GfK Bimonthly Value Shares of main retailers at Total FMCG 29

30 4. STRATEGIC PRIORITIES Focus in continuing to present a more engaging store increasing its relevance to the consumer and maximising sales density Proceed with its opening programme Pre tax ROIC to increase through capital turnover Pingo Doce and Recheio will continue to leverage on their strong commercial strategy Both Companies focused in continuing to outperform, reinforcing its market shares Pingo Doce will maintain its focus on a solid LFL sales performance while reinforcing its marketing mix in all its components *Outlook given at Biedronka s Day (November 13, 2014). 30

31 4. STRATEGIC PRIORITIES Ara Why we entered Colombia Democracy & Rule of Law More than sixty years of continuous democracy. According to the World Economic Forum Colombia is one of the best countries to do business Significant Population Second largest country in South America, with 46m citizens, with expectation to grow to 50m by 2020 Stable and Robust Economy Market Opportunity in Food Retail Since the Second World War, Colombia has only experienced one year of negative growth. Strong growth in the last decade driven by Private Consumption, Exports and Foreign Direct Investment High presence of traditional retail and independent local chains 31

32 4. STRATEGIC PRIORITIES Ara Why we entered Colombia Dominance of the Traditional Retail - 60% of the food retail market operated through traditional street markets and 20% through small non organized players Price - All players in the market offer a high price value proposition, even when compared to western standards - Most of the food products are expensive 32

33 4. STRATEGIC PRIORITIES New Businesses Validation of the Colombian model while preparing for future expansion A minimum of 50 new stores to be opened in 2015 Second region in the country opened in September 2015 Moving forward with the offer development and creating brand awareness in the market Building the key differentiation features of the model EBITDA losses for the two new businesses Ara and Hebe expected in the range 60-70m (excl. F/X) in

34 5. APPENDIX 34

35 5. APPENDIX Outlook for 2015 Biedronka EBITDA margin expected above the established floor of 6.5% Store opening programme confirmed with c.100 new Biedronka stores expected EBITDA losses for the two new businesses Ara and Hebe expected in the range 60-70m (excl. F/X) Capex for the year expected not to be higher than 450m Proposed distribution of 236m to Shareholders from free reserves to be paid in 2015, equivalent to gross per share 35

36

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