PORTUGAL. Jerónimo Martins Unchanged scenario in Poland: strong competition. Buy (Medium Risk) Target YE 14 ( ): 16.

RETAIL PORTUGAL April 08 2014 Jerónimo Martins Unchanged scenario in Poland: strong competition Company update Buy (Medium Risk) Target YE 14 ( ): 16.45 Price ( ): 12.055 COMPANY UPDATE João Flores, Equity Analyst +351 21 003 7830 joao.flores@millenniumbcp.pt 2012 2013 2014E 2015E Upside: 36% No. Shares (mn): 629.3 Fin ancials Market Cap ( mn): 7,586.1 Turnover ( mn) 10,876 11,829 13,061 14,435 Avg Daily Vol 3m (k): 1,132.8 EBITDA ( mn) 765 777 851 953 EPS 5Y CAG R: 8.9% Net Income ( mn) 360 382 424 474 YTD change -15.2% EPS ( ) 0. 57 0.61 0.67 0.75 Bloomberg: JMT PL CEPS ( ) 4. 82 5.05 5.49 6.15 P rices as at 07-Apr-2014 Ratios Pre-tax RoIC (%) 29.1 26.5 26.2 26.9 JM 130 RoE (%) 29.7 27.6 26.3 25.3 PSI2 0 Net Debt/EBITDA (x) 0.5 0.4 0.4 0.3 Net Debt/Equity (%) 23.8 20.7 17.8 11.9 110 Valuation P / E (x) 25.5 23.4 17.9 16.0 90 EV / Revenues (%) 93.1 83.0 65.0 58.4 EV / EBITDA (x) 13.2 12.6 10.0 8.9 Dividend Yield (%) 2.0 2.1 2.8 3.1 Source: Millennium investm ent banking 70 Apr-13 Jun-13 Aug-13 Oct -13 D ec -13 Feb-14 Based on JM`s 2013 Annual Report and changes in Fx (minor positive impact from updated Euro/Zloty) we decided to fine-tune our JM`s valuation. Furthermore, we updated the Portuguese 10yr Government Bond to 5% (from 6%). Our price target was slightly revised downwards to 16.45 YE14 from 16.85 YE14 (Buy recommendation, Medium Risk), meaning a 36% upside vs current price. Overall, we believe the major execution risk is on LfL sales in Poland since stores openings (3000 stores by 2015YE) will not be a problem. According to JM, Polish Food retail market is not benefiting from encouraging Polish economic indicators since there`s a strong competition between Food retail players. Food inflation declined in Poland and the effect is more pronounced in Biedronka`s basket. Updated estimates in Poland had a 1.20 negative effect on JM`s price target: i) Biedronka`s LfL sales numbers were downwards revised to 4% in 2014 from 6%; to 5% in 2015 from 6%); ii) EBITDA margin downwards revised (to 7.6% in 2014 from 7.9%; to 7.7% in 2015 from 7.9%); iii) while Euro/Zloty update (to 4.23YE14 from 4.25YE14) had a minor positive effect. Updated estimates in Portugal had a 0.10 positive effect: valuation was slightly revised upwards, leveraging on 2013 numbers higher than estimated. Furthermore Portuguese 10yr Government Bond update to 6% (from 7%) also benefited valuation. Updated estimates in Colombia had a 0.70 positive effect: based on JM`s 2013FY numbers and guidelines we fine-tuned Colombia estimates (lower Capex benefited valuation). JM will disclose 1Q14 Earnings on April 29th, after the market close. We highlight company will face an unfavorable comparison basis, since Biedronka`s LfL sales numbers reached 8.8% YoY in 1Q13. We estimate consolidated sales will grow by 5.3% YoY (penalized by numbers from Poland) while consolidated EBITDA margin is expected to reach 5.4% (from 6.0% in 1Q13). Overall, numbers are expected to show unchanged tough environment in Polish Food Retail market (strong competition, low/negative basket inflation) since consumers are increasingly price oriented (focused on prices campaigns). All prices are those of the end of the trading session unless otherwise indicated. For important Disclosure and Disclaimer go to the last page.

Index Investment Case 3 KPI 5 Valuation and Estimates 9 SoTP and Assumptions 11 DCF Business areas 13 JMR Wholesale Madeira Biedronka Manufacturing Quarterly Evolution 14 Colombia 15 Quarterly Preview 17 Consolidated Estimates 19 Income Statements Financial Balance Sheets Cash Flow Statements Annex I - Multiples / Margins 20 Annex II - Share price charts 24 Annex III - Economic Indicators 26 Disclosures and Disclaimer 27 Page 2 of 28

Investment case Based on JM`s 2013 Annual Report and changes in Fx (minor positive impact from updated Euro/Zloty) we decided to fine-tune our JM`s valuation. Furthermore, we updated the Portuguese 10yr Government Bond to 5% (from 6%). Our price target was slightly revised downwards to 16.45 YE14 from 16.85 YE14 (Buy recommendation, Medium Risk), meaning a 36% upside vs current price. Breakdown of changes in price target: i) Updated estimates in Poland had a 1.20 negative effect on JM`s price target: i) Biedronka`s LfL sales numbers were downwards revised to 4% in 2014 from 6%; to 5% in 2015 from 6%); ii) EBITDA margin downwards revised (to 7.6% in 2014 from 7.9%; to 7.7% in 2015 from 7.9%); iii) while Euro/Zloty update (to 4.23YE14 from 4.25YE14) had a minor positive effect. Overall, we believe the major execution risk is on LfL sales in Poland since stores openings (3000 stores by 2015YE) will not be a problem (estimated stores openings kept unchanged). According to JM, Polish Food retail market is not benefiting from encouraging Polish economic indicators (page 26) since there`s a strong competition between Food retail players. Food inflation declined in Poland and the effect is more pronounced in Biedronka`s basket (partially reflecting increased competition), thus we decided to downwards our estimated LfL sales numbers. Following fine-tune in LfL sales, we prefer a more cautious approach on estimated EBITDA margins ii) Updated estimates in Portugal had a 0.10 positive effect on JM`s price target: valuation was slightly revised upwards, leveraging on 2013 numbers higher than estimated (favorable comparison basis). Furthermore Portuguese 10yr Government Bond update to 6% (from 7%) also benefited valuation. iii) Updated estimates in Colombia had a 0.70 positive effect on JM`s price target: based on JM`s 2013FY numbers and guidelines (sales YE13 c.. 20mn; stores number YE13 36 stores; start-up losses YE13 c. 25mn) we fine-tuned Colombia estimates (lower Capex benefited valuation). We highlight it`s currently a (very) low scale business, thus minor changes in estimated early numbers will led to big differences in valuations. Recall Ara business has low visibility, thus emphasize early numbers could lead to erratic changes in valuation. Breakdown of changes in price target 16.00 12.00 Breakdown of changes in price target 16.85 + 0.10 + 0.70 16.45-1.20 8.00 4.00 0.00 Previous target (YE14) Poland Portugal Colombia New Price Target YE14 Source: Millennium investment banking Page 3 of 28

Strategy i) Execute business plan in Poland Biedronka`s risks are arising from strong competition and not from economic polish growth since country fundamentals and the prospects for the food retail market are showing recovery signs (polish food retail sales are recovering while polish food retail inflation is expected to increase). According to the company, Biedronka became more aggressive on prices (discounts, promotions, ) from July 2013 since Polish consumers are increasingly focused on prices. ii) Fine-tune in Colombia / increase market share in Portugal. Tests will continue in Colombia with three different store sizes (Attraction 600 sqm; High street 400 sqm; Neighborhood 200 sqm). Furthermore, we believe JM will be active in M&A in Colombia at medium term in order to increase scale. Company will use a strategy similar to Poland, thus following fine-tuning stores format and assortment, probably JM will try to be active on M&A (the same strategy when bought Plus stores in Portugal and Poland) or accelerate stores openings (the same strategy it`s currently using in Poland). In Portugal JM will increase its retail network via a third party management model (JM will open 30 P. Doce stores in 2014-16 from which 20 are franchised). A third party contract with P. Doce will own the stores while sales will increase P.Doce scale business. iii) New markets on the agenda? According to the news, JM showed interest in buying local operators in Mexico and Romania. We believe the best option (in line with JM`s conservative profile) is to consolidate / increase scale of its operation in Colombia and then try another geography (probably in 5-10 years), thus we believe JM`s stock will negatively react to formal interest in another geography at short term. Expand to another country at moment (Colombia on an early stage) it`s not on JM`s DNA, thus we do not believe it will happen. 1Q14 Earnings JM will disclose 1Q14 Earnings on April 29 th, after the market close). We highlight company will face an unfavorable comparison basis, since Biedronka`s LfL sales numbers reached 8.8% YoY in 1Q13. We estimate consolidated sales will grow by 5.3% YoY (penalized by numbers from Poland) while consolidated EBITDA margin is expected to reach 5.4% (from 6.0% in 1Q13). Overall, numbers are expected to show unchanged tough environment in Polish Food Retail market (strong competition, low/negative basket inflation) since consumers are increasingly price oriented (focused on prices campaigns). We estimate (pages 17-18) Biedronka`s sales growth will slowdown to 7.3% YoY, penalized by: i) negative Fx effect from Euro/Zloty (-0.7%); ii) expected negative LfL sales number (-1% YoY), reflecting an unfavorable comparison basis; iii) estimated negative basket inflation in Biedronka (-0.5% to -1%), reflecting strong competition in Polish Food retail market. Recall Biedronka`s basket inflation reached 0.6% in 2013 (vs 3% in 2012); iv) adverse calendar effect c. 2.5%-3.0% (Easter was on 1Q13 in 2013). EBITDA margin is expected to reach 6.5% (from 7.2% in 1Q13). Recall Biedronka`s price promotions started on July 2013, thus company will have an unfavorable comparison basis in 1H14. In Portugal, Hypermarkets and big supermarkets are increasing market share while supermarkets and traditional retail kept losing market share, which suggest Pingo Doce showed positive numbers. P. Doce sales number will reflect adverse calendar effect while EBITDA margin is expected to keep steady. Page 4 of 28

KPI % 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2020E 2026E CAGR CAGR 13-16 16-26 Consolidated Sales 8691 9838 10876 11829 13061 14435 15656 16296 17462 21980 9.8% 3.5% sales growth % 18.8% 13.2% 10.5% 8.8% 10.4% 10.5% 8.5% 4.1% 3.5% 3.5% Biedronka 4807 5787 6731 7703 8795 9940 10892 11268 11602 14209 12.2% 2.7% sales growth % 29.1% 20.4% 16.3% 14.4% 14.2% 13.0% 9.6% 3.5% 2.7% 3.0% Biedronka (at constant exchange rate) 7703 8784 10149 11393 12216 13753 17011 13.9% 4.1% Ara 20 53 120 219 337 819 2125 121.9% 25.5% sales growth % 167.0% 124.1% 82.7% 54.2% 27.1% 12.4% P. Doce 2749 2866 3063 3181 3293 3440 3591 3718 4008 4494 4.1% 2.3% sales growth % 9.9% 4.2% 6.9% 3.9% 3.5% 4.5% 4.4% 3.5% 2.3% 1.5% Recheio 721 756 792 805 817 830 846 863 916 1021 1.7% 1.9% sales growth % 4.7% 4.9% 4.8% 1.7% 1.5% 1.5% 2.0% 2.0% 2.0% 1.5% Services 90 89 87 78 78 80 81 83 88 98 1.3% 1.9% sales growth % 3.4% -1.2% -2.2% -10.3% 0.0% 2.0% 2.0% 2.0% 2.0% 1.5% LfL sales Biedronka (Pln) 11.6% 13.4% 6.4% 4.2% 4.0% 5.0% 6.0% 2.0% 2.0% 2.0% Ara (Cop) 20% 20% 15% 15% 10% P. Doce 7.2% 0.8% -0.6% 2.8% 1% 1% 2% 2% 2% 2% Recheio 3.2% 2.4% -0.9% 0.4% 2% 2% 2% 2% 2% 2% Total Sales Area (sqm) 1,529,552 1,693,374 1,882,889 2,102,704 2,362,080 2,639,346 2,817,139 2,930,515 3,142,633 3,502,503 11.9% 2.2% Total Sales Area growth rate % 11.0% 10.7% 11.2% 11.7% 12.3% 11.7% 6.7% 4.0% 2.1% 1.7% Biedronka 954,450 1,113,192 1,301,006 1,500,038 1,726,548 1,964,198 2,097,877 2,172,142 2,283,541 2,506,338 11.8% 1.8% sales area growth % 17.2% 16.6% 16.9% 15.3% 15.1% 13.8% 6.8% 3.5% 1.7% 1.5% P. Doce 437,317 440,332 452,588 457,171 467,537 477,902 488,268 491,377 497,597 499,670 2.2% 0.2% sales area growth % 0.6% 0.7% 2.8% 1.0% 2.3% 2.2% 2.2% 0.6% 0.2% 0.0% Ara 16,200 38,700 67,950 101,700 137,700 232,200 367,200 84.5% 13.7% sales area growth % 138.9% 75.6% 49.7% 35.4% 13.2% 6.5% Recheio 123,532 125,597 129,295 129,295 129,295 129,295 129,295 129,295 129,295 129,295 0.0% 0.0% sales area growth % 8.0% 1.7% 2.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Sales / Sqm ( /m2) 5.682 5.810 5.776 5.626 5.529 5.469 5.557 5.561 5.557 6.276-0.4% 1.2% /m2 Growth % 7.0% 2.2% -0.6% -2.6% -1.7% -1.1% 1.6% 0.1% 1.3% 1.7% Number of stores 2051 2283 2538 2846 3211 3606 3871 4054 4420 5022 10.8% 2.6% Stores Openings 192 232 255 308 365 395 265 183 111 100-4.9% -9.3% Biedronka 1649 1873 2125 2393 2698 3018 3198 3298 3448 3748 10.1% 1.6% Stores Openings 183 224 252 268 305 320 180 100 50 50-12.4% -12.0% P. Doce 349 356 372 376 386 396 406 409 415 417 2.6% 0.3% Stores Openings 6 7 16 4 10 10 10 3 1 0 35.7% nm Ara 0 0 0 36 86 151 226 306 516 816 84.5% 13.7% Stores Openings 0 0 0 36 50 65 75 80 60 50 27.7% -4.0% Recheio 38 39 41 41 41 41 41 41 41 41 0.0% 0.0% Stores Openings 3 1 2 0 0 0 0 0 0 0 #DIV/0! nm Total Margin 2042 2244 2426 2541 nm nm Total Margin % 23.5% 22.8% 22.3% 21.5% Total Margin Dif 0.0pp -0.7pp -0.5pp -0.8pp EBITDA 653 722 765 777 851 953 1039 1102 1184 1534 10.2% 4.0% EBITDA Growth % 23.6% 10.6% 6.0% 1.6% 9.5% 11.9% 9.1% 6.1% 3.3% 3.5% EBITDA Margin 7.5% 7.3% 7.0% 6.6% 6.5% 6.6% 6.6% 6.8% 6.8% 7.0% EBITDA Margin evol. 0.3pp -0.2pp -0.3pp -0.5pp -0.1pp 0.1pp 0.0pp 0.1pp 0.0pp 0.0pp Biedronka 8.1% 7.9% 8.2% 7.8% 7.6% 7.7% 7.8% 7.9% 7.8% 7.5% EBITDA Margin evol. 0.80pp -0.20pp 0.31pp -0.41pp -0.19pp 0.10pp 0.10pp 0.10pp -0.05pp 0.00pp P. Doce 6.8% 6.7% 5.6% 5.8% 5.8% 5.9% 5.9% 6.0% 6.5% 6.5% EBITDA Margin evol. -0.2pp -0.1pp -1.1pp 0.2pp 0.1pp 0.0pp 0.0pp 0.1pp 0.2pp 0.0pp Ara 0.0% -55.0% -30.0% -20.0% -10.0% 0.0% 7.0% EBITDA Margin evol. -55.0pp 25.0pp 10.0pp 10.0pp 1.0pp 0.0pp Recheio 6.2% 6.4% 6.3% 5.8% 5.8% 5.9% 5.9% 6.0% 6.0% 6.0% EBITDA Margin evol. 0.2pp 0.2pp -0.1pp -0.5pp 0.0pp 0.1pp 0.0pp 0.1pp 0.0pp 0.0pp D&A 191 209 225 249 267 300 318 340 351 481 8.4% 4.2% D&A % Sales 2.2% 2.1% 2.1% 2.1% 2.0% 2.1% 2.0% 2.1% 2.0% 2.2% -1.2% 0.8% EBIT 462 512 540 528 585 653 721 763 833 1053 11.0% 3.9% Net Financials 68 30 31 39 39 38 38 38 38 48-0.7% 2.3% EBT 379 468 487 503 560 629 697 738 809 1019 11.5% 3.9% Taxes 79 111 121 111 123 138 154 163 179 226 11.5% 3.9% Effective tax rate (%) 20.9% 23.7% 24.8% 22.1% 21.9% 22.0% 22.0% 22.1% 22.1% 22.2% Minorities 19 17 6 10 13 16 20 24 41 61 25.2% 12.0% Net Income 281 340 360 382 424 474 524 551 590 732 11.1% 3.4% EPS 0.45 0.54 0.57 0.61 0.67 0.75 0.83 0.88 0.94 1.16 11.1% 3.4% Capex 434 449 466 540 696 734 652 566 552 582 6.5% -1.1% Capex / sales 5.0% 4.6% 4.3% 4.6% 5.3% 5.1% 4.2% 3.5% 3.2% 2.6% EBITDA - Capex 218 273 299 237 156 219 388 536 632 952 17.8% 9.4% EBITDA - Capex % sales 3% 3% 3% 2% 1% 2% 2% 3% 4% 4% Ordinary Dividend per Share 0.000 0.275 0.295 0.305 0.338 0.378 0.418 0.439 0.470 0.584 11.1% 3.4% Ordinary Pay Out 0.0% 50.9% 51.5% 50.2% 50.2% 50.2% 50.2% 50.2% 50.2% 50.2% Special Dividend per Share 0.000 0.239 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Special Pay Out 0.0% 44.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Dividend ( /share) 0.000 0.514 0.295 0.305 0.338 0.378 0.418 0.439 0.470 0.584 Closing price YE 11.40 12.79 14.60 15.60 16.60 17.60 18.60 19.60 22.60 28.60 Total Pay Out 0.0% 95.1% 51.5% 50.2% 50.2% 50.2% 50.2% 50.2% 50.2% 50.2% Dvd Yield 0.0% 4.0% 2.0% 2.0% 2.0% 2.1% 2.2% 2.2% 2.1% 2.0% Page 5 of 28

KPI Previous % 2010 2011 2012 2013E 2014E 2015E 2016E 2017E 2020E 2026E CAGR CAGR 12-15 16-26 Consolidated Sales 8691 9838 10876 11829 13277 14812 16100 16771 18179 22540 10.8% 3.4% sales growth % 18.8% 13.2% 10.5% 8.8% 12.2% 11.6% 8.7% 4.2% 4.0% 3.2% Biedronka 4807 5787 6731 7703 9005 10315 11332 11738 12285 14850 15.3% 2.7% sales growth % 29.1% 20.4% 16.3% 14.4% 16.9% 14.5% 9.9% 3.6% 3.2% 3.0% Biedronka (at constant exchange rate) 7703 9055 10568 11867 12725 14328 17726 Ara 20 53 120 219 339 800 1984 nm 24.6% sales growth % 166.2% 125.4% 82.8% 54.4% 25.6% 10.4% P. Doce 2749 2866 3063 3181 3301 3448 3600 3727 4017 4505 4.0% 2.3% sales growth % 9.9% 4.2% 6.9% 3.9% 3.7% 4.5% 4.4% 3.5% 2.3% 1.5% Recheio 721 756 792 805 798 806 822 838 890 992 0.6% 1.9% sales growth % 4.7% 4.9% 4.8% 1.6% -0.9% 1.0% 2.0% 2.0% 2.0% 1.5% Services 90 89 87 78 79 80 82 84 89 99-2.6% 1.9% sales growth % 3.4% -1.2% -2.2% -10.3% 1.0% 2.0% 2.0% 2.0% 2.0% 1.5% LfL sales Biedronka (Pln) 11.6% 13.4% 6.4% 4% 6% 6% 6% 2% 2% 2% Ara (Cop) 20% 20% 15% 15% 10% P. Doce 7.2% 0.8% -0.6% 3% 1% 1% 2% 2% 2% 2% Recheio 3.2% 2.4% -0.9% 0% 0% 2% 2% 2% 2% 2% Manufacturing -0.7% -3.2% 0.2% 1% 2% 2% 2% 2% 2% 2% Total Sales Area (sqm) 1,529,552 1,693,374 1,882,889 2,102,704 2,362,795 2,640,810 2,819,026 2,932,635 3,145,105 3,505,678 11.9% 2.2% Total Sales Area growth rate % 11.0% 10.7% 11.2% 11.7% 12.4% 11.8% 6.7% 4.0% 2.1% 1.7% Biedronka 954,450 1,113,192 1,301,006 1,500,038 1,727,263 1,965,663 2,099,763 2,174,263 2,286,013 2,509,513 14.7% 1.8% sales area growth % 17.2% 16.6% 16.9% 15.3% 15.1% 13.8% 6.8% 3.5% 1.7% 1.5% P. Doce 437,317 440,332 452,588 457,171 467,537 477,902 488,268 491,377 497,597 499,670 1.8% 0.2% sales area growth % 0.6% 0.7% 2.8% 1.0% 2.3% 2.2% 2.2% 0.6% 0.2% 0.0% Ara 16,200 38,700 67,950 101,700 137,700 232,200 367,200 nm 13.7% sales area growth % 138.9% 75.6% 49.7% 35.4% 13.2% 6.5% Recheio 123,532 125,597 129,295 129,295 129,295 129,295 129,295 129,295 129,295 129,295 0.0% 0.0% sales area growth % 8.0% 1.7% 2.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Sales / Sqm ( /m2) 5.682 5.810 5.776 5.626 5.619 5.609 5.711 5.719 5.780 6.430-1.0% 1.2% /m2 Growth % 7.0% 2.2% -0.6% -2.6% -0.1% -0.2% 1.8% 0.1% 1.9% 1.5% Number of stores 2051 2283 2538 2846 3211 3606 3871 4054 4420 5022 12.4% 2.6% Stores Openings 192 232 255 308 365 395 265 183 111 100 15.7% -9.3% Biedronka 1649 1873 2125 2393 2698 3018 3198 3298 3448 3748 12.4% 1.6% Stores Openings 183 224 252 268 305 320 180 100 50 50 8.3% -12.0% P. Doce 349 356 372 376 386 396 406 409 415 417 2.1% 0.3% Stores Openings 6 7 16 4 10 10 10 3 1 0-14.5% nm Ara 0 0 0 36 86 151 226 306 516 816 nm 13.7% Stores Openings 0 0 0 36 50 65 75 80 60 50 nm -4.0% Recheio 38 39 41 41 41 41 41 41 41 41 0.0% 0.0% Stores Openings 3 1 2 0 0 0 0 0 0 0 nm nm Total Margin 2042 2244 2426 nm nm Total Margin % 23.5% 22.8% 22.3% Total Margin Dif 0.0pp -0.7pp -0.5pp EBITDA 653 722 765 776 878 987 1072 1137 1241 1573 8.9% 3.9% EBITDA Growth % 23.6% 10.6% 6.0% 1.4% 13.2% 12.3% 8.6% 6.1% 4.2% 2.4% EBITDA Margin 7.5% 7.3% 7.0% 6.6% 6.6% 6.7% 6.7% 6.8% 6.8% 7.0% EBITDA Margin evol. 0.3pp -0.2pp -0.3pp -0.5pp 0.1pp 0.0pp 0.0pp 0.1pp 0.0pp -0.1pp Biedronka 8.1% 7.9% 8.2% 7.8% 7.9% 7.9% 7.9% 8.0% 7.9% 7.5% EBITDA Margin evol. 0.80pp -0.20pp 0.31pp -0.39pp 0.03pp 0.03pp 0.02pp 0.10pp -0.05pp -0.10pp P. Doce 6.8% 6.7% 5.6% 5.7% 5.8% 5.8% 5.8% 5.9% 6.3% 6.3% EBITDA Margin evol. -0.2pp -0.1pp -1.1pp 0.2pp 0.0pp 0.0pp 0.0pp 0.1pp 0.2pp 0.0pp Ara -125.0% -55.0% -30.0% -20.0% -10.0% 0.0% 7.0% EBITDA Margin evol. 70.0pp 25.0pp 10.0pp 10.0pp 1.0pp 0.0pp Recheio 6.2% 6.4% 6.3% 5.9% 5.9% 5.9% 5.9% 6.0% 6.0% 6.0% EBITDA Margin evol. 0.2pp 0.2pp -0.1pp -0.4pp 0.0pp 0.0pp 0.0pp 0.1pp 0.0pp 0.0pp D&A 191 209 225 249 284 320 338 339 355 484 12.4% 3.7% D&A % Sales 2.2% 2.1% 2.1% 2.1% 2.1% 2.2% 2.1% 2.0% 2.0% 2.1% 1.4% 0.2% EBIT 462 512 540 526 595 667 733 799 886 1089 7.3% 4.0% Net Financials 68 30 31 41 41 41 41 42 42 51 9.5% 2.1% EBT 379 468 487 501 567 640 706 771 858 1052 9.6% 4.1% Taxes 79 111 121 107 127 144 159 174 194 239 6.0% 4.1% Effective tax rate (%) 20.9% 23.7% 24.8% 21.3% 22.4% 22.5% 22.5% 22.6% 22.6% 22.7% Minorities 19 17 6 18 20 22 25 29 44 62 54.9% 9.5% Net Income 281 340 360 377 420 474 522 568 620 751 9.6% 3.7% EPS 0.45 0.54 0.57 0.60 0.67 0.75 0.83 0.90 0.98 1.19 9.6% 3.7% Capex 434 449 466 621 720 766 697 607 542 541 18.0% -2.5% Capex / sales 5.0% 4.6% 4.3% 5.3% 5.4% 5.2% 4.3% 3.6% 3.0% 2.4% EBITDA - Capex 218 273 299 154 158 220 375 530 698 1033-9.7% 10.7% EBITDA - Capex % sales 3% 3% 3% 1% 1% 1% 2% 3% 4% 5% Ordinary Dividend per Share 0.000 0.275 0.295 0.293 0.327 0.369 0.406 0.442 0.482 0.585 7.8% 3.7% Ordinary Pay Out 0.0% 50.9% 51.5% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% Special Dividend per Share 0.000 0.239 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Special Pay Out 0.0% 44.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Total Dividend ( /share) 0.000 0.514 0.295 0.293 0.327 0.369 0.406 0.442 0.482 0.585 Closing price YE 11.40 12.79 14.60 13.33 13.33 13.33 13.33 13.33 13.33 13.33 Total Pay Out 0.0% 95.1% 51.5% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% Dvd Yield 0.0% 4.0% 2.0% 2.2% 2.5% 2.8% 3.0% 3.3% 3.6% 4.4% Page 6 of 28

KPI Biedronka % 2011 2012 2013 2014E 2015E 2016E 2017E 2020E 2026E CAGR CAGR 13-16 16-26 Consolidated Sales 9838 10876 11829 13061 14435 15656 16296 17462 21980 9.8% 3.5% Consolidated sales growth % 13.2% 10.5% 8.8% 10.4% 10.5% 8.5% 4.1% 3.5% 3.5% Biedronka Sales 5787 6731 7703 8795 9940 10892 11268 11602 14209 12.2% 2.7% Biedronka Weights total sales 58.8% 61.9% 65.1% 67.3% 68.9% 69.6% 69.1% 66.4% 64.6% Biedronka sales growth % 20.4% 16.3% 14.4% 14.2% 13.0% 9.6% 3.5% 2.7% 3.0% Biedronka (at constant exchange rate) 7703 8784 10149 11393 12216 13753 17011 13.9% 4.1% Biedronka Sales (Pln) 23843 28119 32330 36869 42595 47818 51271 57721 71398 13.9% 4.1% Biedronka sales growth % (Pln) 24.2% 17.9% 15.0% 14.0% 15.5% 12.3% 7.2% 3.7% 3.5% LfL sales (Pln) 13.4% 6.4% 4.2% 4.0% 5.0% 6.0% 2.0% 2.0% 2.0% Total Sales Area (sqm) 1,693,374 1,882,889 2,102,704 2,362,080 2,639,346 2,817,139 2,930,515 3,142,633 3,502,503 11.9% 2.2% Total Sales Area growth rate % 10.7% 11.2% 11.7% 12.3% 11.7% 6.7% 4.0% 2.1% 1.7% Biedronka Sales Area 1,113,192 1,301,006 1,500,038 1,726,548 1,964,198 2,097,877 2,172,142 2,283,541 2,506,338 11.8% 1.8% Biedronka sales area growth % 16.6% 16.9% 15.3% 15.1% 13.8% 6.8% 3.5% 1.7% 1.5% Biedronka Sales / Sqm ( /m2) 5.198 5.174 5.135 5.094 5.061 5.192 5.188 5.081 5.669 0.4% 0.9% /m2 Growth % 3.2% -0.5% -0.7% -0.8% -0.6% 2.6% -0.1% 1.0% 1.5% Biedronka stores 1873 2125 2393 2698 3018 3198 3298 3448 3748 10.1% 1.6% Stores Openings 224 252 268 305 320 180 100 50 50-12.4% -12.0% Consolidated EBITDA 722 765 777 851 953 1039 1102 1184 1534 10.2% 4.0% Cosolidated EBITDA Margin 7.3% 7.0% 6.6% 6.5% 6.6% 6.6% 6.8% 6.8% 7.0% Biedronka EBITDA 458 552 600 668 765 850 890 899 1066 12.3% 2.3% Biedronka Weights total EBITDA 63.5% 72.2% 77.2% 78.5% 80.3% 81.8% 80.8% 75.9% 69.5% Biedronka EBITDA Margin 7.9% 8.2% 7.8% 7.6% 7.7% 7.8% 7.9% 7.8% 7.5% EBITDA Margin evol. -0.20pp 0.31pp -0.41pp -0.19pp 0.10pp 0.10pp 0.10pp -0.05pp 0.00pp Biedronka D&A 95 106 133 148 170 185 192 209 313 11.7% 5.4% D&A % Sales 1.6% 1.6% 1.7% 1.7% 1.7% 1.7% 1.7% 1.8% 2.2% -0.5% 2.6% Biedronka EBIT 363 447 467 521 595 664 699 690 753 12.4% 1.3% Biedronka Capex ( ) 312 398 402 527 539 436 341 345 337 2.8% -2.5% Biedronka Capex (Zloty) 1286 1663 1687 2210 2309 1916 1552 1715 1694 4.3% -1.2% Capex / sales 5.4% 5.9% 5.2% 6.0% 5.4% 4.0% 3.0% 3.0% 2.4% EBITDA - Capex 146 154 198 141 227 413 549 555 728 27.7% 5.8% EBITDA - Capex % sales 3% 2% 3% 2% 2% 4% 5% 5% 5% KPI Ara % 2013 2014E 2015E 2016E 2017E 2020E 2026E CAGR CAGR 13-16 16-26 Consolidated Sales 11829 13061 14435 15656 16296 17462 21980 9.8% 3.5% Consolidated sales growth % 8.8% 10.4% 10.5% 8.5% 4.1% 3.5% 3.5% Ara Sales 20 53 120 219 337 819 2125 121.9% 25.5% Ara Weights total sales 0.2% 0.4% 0.8% 1.4% 2.1% 4.7% 9.7% Ara sales growth % 167.0% 124.1% 82.7% 54.2% 27.1% 12.4% Ara (at constant exchange rate) 58 135 258 419 1164 4010 #DIV/0! 31.6% Ara Sales (Cop) 50220 144662 337227 643720 1044636 2902774 9998393 134.0% 31.6% Ara sales growth % (Cop) 188.1% 133.1% 90.9% 62.3% 32.8% 17.4% LfL sales (Cop) 4.2% 4% 5% 6% 2% 2% 2% Total Sales Area (sqm) 16,200 38,700 67,950 101,700 137,700 232,200 367,200-67.0% 13.7% Total Sales Area growth rate % 138.9% 75.6% 49.7% 35.4% 13.2% 6.5% Ara Sales Area 16,200 38,700 67,950 101,700 137,700 232,200 367,200 84.5% 13.7% Ara sales area growth % 138.9% 75.6% 49.7% 35.4% 13.2% 6.5% Ara Sales / Sqm ( /m2) 1.235 1.380 1.761 2.149 2.447 3.526 5.787 20.3% 10.4% /m2 Growth % 11.7% 27.7% 22.0% 13.9% 12.4% 5.5% Ara stores 36 86 151 226 306 516 816 84.5% 13.7% Stores Openings 36 50 65 75 80 60 50 27.7% -4.0% Consolidated EBITDA 777 851 953 1039 1102 1184 1534 10.2% 4.0% Cosolidated EBITDA Margin 6.6% 6.5% 6.6% 6.6% 6.8% 6.8% 7.0% Ara EBITDA -25-29 -36-44 -34 0 149 20.5% #NUM! Ara Weights total EBITDA -3.2% -3.4% -3.8% -4.2% -3.1% 0.0% 9.7% Ara EBITDA Margin -125.0% -55.0% -30.0% -20.0% -10.0% 0.0% 7.0% EBITDA Margin evol. 70.00pp 25.00pp 10.00pp 10.00pp 1.00pp 0.00pp Ara D&A 2 5 12 10 15 25 56 72.3% 18.5% D&A % Sales 10.1% 10.0% 10.0% 4.7% 4.3% 3.0% 2.6% -22.4% -5.6% Ara EBIT -27-35 -48-54 -48-25 93 26.0% #NUM! Ara Capex ( ) 34 63 83 98 115 85 93 42.5% -0.6% Ara Capex (Cop) 84770 170171 232692 289495 357178 299783 435218 50.6% 4.2% Capex / sales 170.0% 117.6% 69.0% 45.0% 34.2% 10.3% 4.4% EBITDA - Capex -59-92 -118-142 -149-85 56 34.0% #NUM! EBITDA - Capex % sales -295% -173% -99% -65% -44% -10% 3% Page 7 of 28

KPI P. Doce % 2011 2012 2013 2014E 2015E 2016E 2017E 2020E 2026E CAGR CAGR 13-16 16-26 Consolidated Sales 9838 10876 11829 13061 14435 15656 16296 17462 21980 9.8% 3.5% Consolidated sales growth % 13.2% 10.5% 8.8% 10.4% 10.5% 8.5% 4.1% 3.5% 3.5% P. Doce Sales 2866 3063 3181 3293 3440 3591 3718 4008 4494 4.1% 2.3% P. Doce Weights total sales 29.1% 28.2% 26.9% 25.2% 23.8% 22.9% 22.8% 23.0% 20.4% P. Doce sales growth % 4.2% 6.9% 3.9% 3.5% 4.5% 4.4% 3.5% 2.3% 1.5% LfL sales ( ) 0.8% -0.6% 2.8% 1.0% 1.0% 2.0% 2.0% 2.0% 1.9% Total Sales Area (sqm) 1,693,374 1,882,889 2,102,704 2,362,080 2,639,346 2,817,139 2,930,515 3,142,633 3,502,503 11.9% 2.2% Total Sales Area growth rate % 10.7% 11.2% 11.7% 12.3% 11.7% 6.7% 4.0% 2.1% 1.7% P. Doce Sales Area 440,332 452,588 457,171 467,537 477,902 488,268 491,377 497,597 499,670 2.2% 0.2% P. Doce sales area growth % 0.7% 2.8% 1.0% 2.3% 2.2% 2.2% 0.6% 0.2% 0.0% P. Doce Sales / Sqm ( /m2) 6.508 6.768 6.958 7.043 7.197 7.355 7.566 8.054 8.994 1.9% 2.0% /m2 Growth % 3.5% 4.0% 2.8% 1.2% 2.2% 2.2% 2.9% 2.1% 1.5% P. Doce stores 356 372 376 386 396 406 409 415 417 2.6% 0.3% Stores Openings 7 16 4 10 10 10 3 1 0 35.7% -100.0% Consolidated EBITDA 722 765 777 851 953 1039 1102 1184 1534 10.2% 4.0% Cosolidated EBITDA Margin 7.3% 7.0% 6.6% 6.5% 6.6% 6.6% 6.8% 6.8% 7.0% P. Doce EBITDA 193 171 183 192 202 212 223 260 292 5.0% 3.3% P. Doce Weights total EBITDA 26.7% 22.4% 23.5% 22.6% 21.2% 20.4% 20.2% 22.0% 19.0% P. Doce EBITDA Margin 6.7% 5.6% 5.8% 5.8% 5.9% 5.9% 6.0% 6.5% 6.5% EBITDA Margin evol. -0.05pp -1.14pp 0.16pp 0.08pp 0.03pp 0.03pp 0.11pp 0.20pp 0.00pp P. Doce D&A 94 101 98 102 106 110 121 104 98 4.0% -1.2% D&A % Sales 3.3% 3.3% 3.1% 3.1% 3.1% 3.1% 3.3% 2.6% 2.2% -0.1% -3.4% P. Doce EBIT 98 70 85 90 95 101 102 156 195 6.0% 6.8% P. Doce Capex ( ) 107 42 76 78 83 86 76 82 89 4.0% 0.4% Capex / sales 3.7% 1.4% 2.4% 2.4% 2.4% 2.4% 2.0% 2.0% 2.0% EBITDA - Capex 86 129 107 114 119 126 147 178 203 5.6% 4.9% EBITDA - Capex % sales 3% 4% 3% 3% 3% 4% 4% 4% 5% KPI Recheio % 2011 2012 2013 2014E 2015E 2016E 2017E 2020E 2026E CAGR CAGR 13-16 16-26 Consolidated Sales 9838 10876 11829 13061 14435 15656 16296 17462 21980 9.8% 3.5% Consolidated sales growth % 13.2% 10.5% 8.8% 10.4% 10.5% 8.5% 4.1% 3.5% 3.5% Recheio Sales 756 792 805 817 830 846 863 916 1021 1.7% 1.9% Recheio Weights total sales 7.7% 7.3% 6.8% 6.3% 5.7% 5.4% 5.3% 5.2% 4.6% Recheio sales growth % 4.9% 4.8% 1.7% 1.5% 1.5% 2.0% 2.0% 2.0% 1.5% LfL sales ( ) 2.4% -0.9% 0.4% 1.5% 2.0% 2.0% 2.0% 2.0% 2.0% Total Sales Area (sqm) 1,693,374 1,882,889 2,102,704 2,362,080 2,639,346 2,817,139 2,930,515 3,142,633 3,502,503 11.9% 2.2% Total Sales Area growth rate % 10.7% 11.2% 11.7% 12.3% 11.7% 6.7% 4.0% 2.1% 1.7% Recheio Sales Area 125,597 129,295 129,295 129,295 129,295 129,295 129,295 129,295 129,295 0.0% 0.0% Recheio sales area growth % 1.7% 2.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Recheio Sales / Sqm ( /m2) 6.020 6.126 6.228 6.322 6.417 6.545 6.676 7.085 7.900 1.7% 1.9% /m2 Growth % 3.1% 1.8% 1.7% 1.5% 1.5% 2.0% 2.0% 2.0% 1.5% Recheio stores 39 41 41 41 41 41 41 41 41 0.0% 0.0% Stores Openings 1 2 0 0 0 0 0 0 0 #DIV/0! #DIV/0! Consolidated EBITDA 722 765 777 851 953 1039 1102 1184 1534 10.2% 4.0% Cosolidated EBITDA Margin 7.3% 7.0% 6.6% 6.5% 6.6% 6.6% 6.8% 6.8% 7.0% Recheio EBITDA 48 50 47 48 49 50 51 55 61 2.2% 2.1% Recheio Weights total EBITDA 6.7% 6.5% 6.0% 5.6% 5.1% 4.8% 4.7% 4.6% 4.0% Recheio EBITDA Margin 6.4% 6.3% 5.8% 5.8% 5.9% 5.9% 6.0% 6.0% 6.0% EBITDA Margin evol. 0.20pp -0.06pp -0.49pp 0.00pp 0.09pp 0.00pp 0.05pp 0.00pp 0.00pp Recheio D&A 11 11 11 12 12 12 12 13 15 2.0% 2.0% D&A % Sales 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 0.3% 0.1% Recheio EBIT 37 38 36 36 37 38 39 42 47 2.2% 2.1% Recheio Capex ( ) 13 4 14 12 12 13 13 14 15-3.2% 1.9% Capex / sales 1.7% 0.5% 1.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% EBITDA - Capex 35 46 33 35 37 37 38 41 46 4.3% 2.1% EBITDA - Capex % sales 5% 6% 4% 4% 4% 4% 4% 5% 5% Page 8 of 28

Valuation and Estimates Sales mn 2011 2012 2013 2014E 2015E 2016E 2017E 2018E 2020E 2026E CAGR CAGR 13-16 16-26 Consolidated Sales 9,838 10,876 11,829 13,061 14,435 15,656 16,296 16,541 17,462 21,980 9.8% 3.5% Portugal 4,052 4,145 4,126 4,213 4,374 4,545 4,691 4,811 5,041 5,647 3.3% 2.2% Poland 5,787 6,731 7,703 8,795 9,940 10,892 11,268 11,250 11,602 14,209 12.2% 2.7% Colombia 53 120 219 337 481 819 2,125 #DIV/0! 25.5% Domestic Retail (P. Doce) 3,318 3,346 3,485 3,601 3,753 3,911 4,043 4,150 4,354 4,880 3.9% 2.2% Store Sales 2,866 3,063 3,181 3,293 3,440 3,591 3,718 3,818 4,008 4,494 4.1% 2.3% Wholesale (Recheio) 756 792 805 817 830 846 863 880 916 1,021 1.7% 1.9% Services 89 87 78 78 80 81 83 84 88 98 1.3% 1.9% Poland (Biedronka ) 5,787 6,731 7,703 8,795 9,940 10,892 11,268 11,250 11,602 14,209 12.2% 2.7% Poland (Biedronka Zlt) 23,843 28,119 32,330 36,869 42,595 47,818 51,271 53,661 57,721 71,398 13.9% 4.1% Colombia (Ara ) - - 0 53 120 219 337 481 819 2,125 #DIV/0! 25.5% Colombia (Ara Cop) - - 0 144,662 337,227 643,720 1,044,636 1,562,634 2,902,774 9,998,393 #DIV/0! 31.6% Consolidation Adjustments -339-309 -242-284 -288-293 -298-304 -316-353 6.6% 1.9% Sales - % growth % 2011 2012 2013 2014E 2015E 2016E 2017E 2018E Consolidated Sales 13.2% 10.5% 8.8% 10.4% 10.5% 8.5% 4.1% 1.5% 3.5% 3.5% Portugal 4.3% 2.3% -0.4% 2.1% 3.8% 3.9% 3.2% 2.6% 2.3% 1.5% Poland 20.4% 16.3% 14.4% 14.2% 13.0% 9.6% 3.5% -0.2% 2.7% 3.0% Colômbia 167.0% 124.1% 82.7% 54.2% 42.7% 27.1% 12.4% Domestic Retail (P. Doce) 10.8% 0.9% 4.2% 3.3% 4.2% 4.2% 3.4% 2.6% 2.3% 1.5% Dom. Retail Store Sales 4.2% 6.9% 3.9% 3.5% 4.5% 4.4% 3.5% 2.7% 2.3% 1.5% Wholesale (Recheio) 4.9% 4.8% 1.7% 1.5% 1.5% 2.0% 2.0% 2.0% 2.0% 1.5% Services -1.2% -2.2% -10.3% 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.5% Biedronka 20.4% 16.3% 14.4% 14.2% 13.0% 9.6% 3.5% -0.2% 2.7% 3.0% Biedronka Zlt 24.2% 17.9% 15.0% 14.0% 15.5% 12.3% 7.2% 4.7% 3.7% 3.5% Colombia - - - 167.0% 124.1% 82.7% 54.2% 42.7% 27.1% 12.4% Colombia Cop - - - - 133.1% 90.9% 62.3% 49.6% 32.8% 17.4% Intragroup Adjustments 13.0% -8.9% -21.7% 17.4% 1.3% 1.8% 1.9% 1.9% 2.0% 1.5% 2020E 2026E Store Openings MIB Mbcpi. estimates 2014/16 JM Inv. Day 2014/16 Net Store Openings 2011 2012 2013 2014E 2015E 2016E 2017E 2020E 2014 2015 2016 2014 2015 2016 Portugal / Pingo Doce Per year 7 16 4 10 10 10 3 1 10 per year 10 per year Total nº stores 356 372 376 386 396 406 409 415 Poland / Biedronka Per year 224 252 268 305 320 180 100 50 805 over 3Y period min 800 over 3Y period JM Outlook 270 Total nº Stores 1873 2125 2393 2698 3018 3198 3298 3448 3198 in 2016 3200 stores in 2016 JM Outlook 3000 3200 Colombia / Ara Per year 36 50 65 75 80 60 JM Outlook 36 min 50 Total nº Stores 36 86 151 226 306 516 226 in 2016 min. 200 stores in 2016 JM Outlook 36 min 150 min 200 Store Openings -Before MIB Mbcpi. estimates 2014/16 JM Inv. Day 2014/16 Net Store Openings 2011 2012 2013E 2014E 2015E 2016E 2017E 2020E 2014 2015 2016 2014 2015 2016 Portugal / Pingo Doce Per year 7 16 4 10 10 10 3 1 10 per year 10 per year Total nº stores 356 372 376 386 396 406 409 415 Poland / Biedronka Per year 224 252 268 305 320 180 100 50 805 over 3Y period min 800 over 3Y period JM Outlook 270 Total nº Stores 1873 2125 2393 2698 3018 3198 3298 3448 3198 in 2016 3200 stores in 2016 JM Outlook 3000 3200 Colombia / Ara Per year 36 50 65 75 80 60 JM Outlook 36 min 50 Total nº Stores 36 86 151 226 306 516 226 in 2016 min. 200 stores in 2016 JM Outlook 36 min 150 min 200 Page 9 of 28

EBITDA Margins Not restated numbers 2009 2010 2011 2012 2013 2014E 2015E 2016E 2020E 2026E JM Guidance EBITDA margin 7.2% 7.5% 7.3% 7.0% 6.6% 6.5% 6.6% 6.6% 6.8% 7.0% stable Polish Retail (Biedronka) 7.3% 8.1% 7.9% 8.2% 7.8% 7.6% 7.7% 7.8% 7.8% 7.5% Colombia Retail (Ara) nm nm nm nm nm -55.0% -30.0% -20.0% 0.0% 7.0% Dom. Ret. (Inc. Mad. from 2011) 7.0% 6.8% 6.6% 5.6% 5.8% 5.8% 5.9% 5.9% 6.5% 6.5% improving Dom Whol. (Inc. Mad. from 2011) 6.0% 6.2% 6.3% 6.3% 5.8% 5.8% 5.9% 5.9% 6.0% 6.0% stable Services 1.6% 1.6% 1.8% 1.6% 0.0% 1.4% 1.4% 1.4% 1.4% 1.4% EBITDA Margins - Before 2009 2010 2011 2012 2013E 2014E 2015E 2016E 2020E 2026E JM Guidance EBITDA margin 7.2% 7.5% 7.3% 7.0% 6.6% 6.6% 6.7% 6.7% 6.8% 7.0% stable Polish Retail (Biedronka) 7.3% 8.1% 7.9% 8.2% 7.8% 7.9% 7.9% 7.9% 7.9% 7.5% Colombia Retail (Ara) nm nm nm nm nm -55.0% -30.0% -20.0% 0.0% 7.0% Dom. Ret. (Inc. Mad. from 2011 7.0% 6.8% 6.6% 5.6% 5.8% 5.8% 5.9% 5.9% 6.5% 6.5% improving Dom Whol. (Inc. Mad. from 201 6.0% 6.2% 6.3% 6.3% 5.9% 5.9% 5.9% 5.9% 6.0% 6.0% stable Services 1.6% 1.6% 1.8% 1.6% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% Capex Highlights - 14-16 MIB Mbcpi. estimates 2014/16 JM Inv. Day 2014/16 Capex 2011 2012 2013 2014E 2015E 2016E 2017E 2020E 2014 2015 2016 Poland 312 398 402 527 539 436 341 345 1.5Bn over the 3Y period 1.5Bn over 3Y period Colombia 0 0 34 63 83 98 115 85 244Bn over the 3Y period Portugal 121 46 90 90 95 98 89 96 284Mn over the 3Y period Retail / Pingo Doce 107 42 76 78 83 86 76 82 247Mn over the 3Y period Wholesale / Recheio 13 4 14 12 12 13 13 14 37Mn over the 3Y period Industry 16 22 0 0 0 0 0 0 Others 14 15 17 19 20 27 51Mn over the 3Y period Total 449 466 540 696 734 652 566 552 Poland 69% 85% 74% 76% 73% 67% 60% 62% 2.1Bn over the 3Y period * 2.2Bn over 3Y period JM Outlook 2014 600mn- 700mn Capex - Before MIB Mbcpi. estimates 2014/16 JM Inv. Day 2014/16 Capex 2011 2012 2013E 2014E 2015E 2016E 2017E 2020E 2014 2015 2016 Poland 312 398 454 519 537 449 366 344 1.5Bn over the 3Y period 1.5Bn over 3Y period Colombia 0 0 50 78 99 113 127 84 290Bn over the 3Y period Portugal 121 46 117 123 130 134 114 114 388Mn over the 3Y period Retail / Pingo Doce 107 42 101 107 114 118 98 96 339Mn over the 3Y period Wholesale / Recheio 13 4 16 16 16 16 17 18 49Mn over the 3Y period Industry 16 22 0 0 0 0 0 0 Total 449 466 621 720 766 697 607 542 Poland 69% 85% 73% 72% 70% 65% 60% 63% 2.2Bn over the 3Y period * 2.2Bn over 3Y period JM Outlook 2013 600-650, 70% in Poland, 50mn in Colombia Page 10 of 28

SoTP and Assumptions Sum of the Parts million Enterp. Previous Stake Attrib. JM % Equity % EV Implied Multiples Value Value for JM Revision Polish Retail 8,668.44 84% 74% 9,252.29-6% Biedronka 8,668 100% 8,668.44 84% 74% 13.1x EV/EBITDA 14 16.8x EV/EBIT 14 9,252.29-6% Colombia Retail 432.97 4% 4% 234.02 85% Ara 433 100% 432.97 4% 4% 8.1x EV/SALES 14 234.02 85% Portuguese Retail 2,482.24 24% 21% 2,024.07 23% P. Doce 2,022 100% 2,021.86 20% 17% 10.5x EV/EBITDA 14 22.5x EV/EBIT 14 1,653.11 22% Recheio (Wholesale) 460 100% 460.38 4% 4% 9.7x EV/EBITDA 14 12.8x EV/EBIT 14 370.96 24% Portuguese Manufacturing JVs* 81 80.54 1% 1% 76.10 6% Financial Investments & Other 0.80 0% 0% 0.74 9% BCP Shares (Apr.) 0.45 0% 0% Market value of 0.22 per share 0.38 17% Other Financial Investments 0.36 0% 0% 0.4x YE13 Book value of 0.9mn 0.36 0% Enterprise Value 11,664.98 113% 100% 13.7x EV/EBITDA 14 20x EV/EBIT 14 11,587.21 1% Net Debt 557.61 5% 5% 417.67 34% YE13 Consolidated Net Debt 340.67 207.87 64% Unfunded Pension Liabilities 25.27 0.73x YE05 Book value of 34.9mn 25.27 0% Dividends to be paid out in 2014 191.67 30% 45.3% Payout ratio 184.53 4% Minority Interests 759.61 559.25 36% 49% of JMR 752.47 41.6x PER 14 552.11 36% Minority Interests JMR 7.14 YE09E Book Value 7.14 0% Equity Value 10,347.75 100% 89% 24.4x PER 14 10,610.29-2% Shares (mn) 629.29 629.29 0% Price Target ( ) YE14 16.45 16.85-2% Source: Millennium investment banking *When consolidating its interest in Unilever Jerónimo Martins and Gallo Worldwide using the equity method, JM will recognize an investment in joint ventures (non-current assets) in the amount of 76.1mn. Minority interests 49% of JMR million Enterp. Previous Stake Attrib. JM % Equity % EV Implied Multiples Value Value for JMR Revision Portuguese Retail 1,927.5 126% 100% 1,545.1 25% Domestic Retail Inc-Madeira (100%) 1,940.5 100% 1,940.5 126% 101% 0.0% 0.0% 1,558.2 25% Retail in Madeira -37.4 50% -18.7-1% -1% 0.3x EV/SALES 14 0.3-18.7 0% Wholesale in Madeira (50%) 11.3 50% 5.7 0% 0% 0.3x EV/SALES 14 0.3 5.7 Enterprise Value 1,927.5 127% 100% 9.9x EV/EBITDA 14 21.2x EV/EBIT 14 1,545.1 25% Net Debt 384.7 25% 20% 411.3-6% Leasings + Others 17.9 17.9 YE13 Net Debt 366.8 393.4-7% Minority Interests 7.1 0% 0% YE14E Book Value 7.1 0% Equity Value 1,535.7 100% 80% 41.6x PER 14 1,126.7 36% 49% of Equity Value 752.5 552.1 36% DCF assumptions - Poland New Assumptions Previous Explicit period Terminal Value Explicit period Terminal Value Risk-Free Rate 4.25% 4.25% 4.25% 4.25% Country Risk Premium 0.00% 0.00% 0.00% 0.00% Market Premium 5.00% 5.00% 5.00% 5.00% Unlevered Beta 0.90 0.90 0.90 0.90 Levered Beta 1.14 1.14 1.14 1.14 Cost of Equity 9.97% 9.97% 9.97% 9.97% Cost of Debt 6.25% 6.25% 6.25% 6.25% Corporate Tax Rate 19.00% 19.00% 19.00% 19.00% After-tax Cost of Debt 5.06% 5.06% 5.06% 5.06% Spread 2.00% 2.00% 2.00% 2.00% Leverage 25.00% 25.00% 25.00% 25.00% WACC 8.74% 8.74% 8.74% 8.74% Perpetuity Growth Rate 2.52% 2.52% Real Perpetuity Growth Rate 1.25% 1.25% LT Inflation 1.25% 1.25% WACC - G 6.22% 6.22% Euro/Zloty (Fwd YE14) 4.23 4.25 Page 11 of 28

DCF assumptions - Colombia New Assumptions Previous Explicit period Terminal Value Explicit period Terminal Value Risk-Free Rate 6.50% 6.50% 6.50% 6.50% Country Risk Premium 0.00% 0.00% 0.00% 0.00% Market Premium 5.00% 5.00% 5.00% 5.00% Unlevered Beta 1.05 1.00 1.05 1.00 Levered Beta 1.31 1.25 1.31 1.25 Cost of Equity 13.06% 12.75% 13.06% 12.75% Cost of Debt 10.50% 8.50% 10.50% 8.50% Corporate Tax Rate 25.00% 25.00% 25.00% 25.00% After-tax Cost of Debt 7.88% 6.38% 7.88% 6.38% Spread 4.00% 2.00% 4.00% 2.00% Leverage 25.00% 25.00% 25.00% 25.00% WACC 11.77% 11.16% 11.77% 11.16% Perpetuity Growth Rate 4.30% 4.30% Real Perpetuity Growth Rate 2.00% 2.00% LT Inflation 2.25% 2.25% WACC - G 6.86% 6.86% Euro/Cop (Fwd YE14) 2766.00 2760.00 DCF assumptions Portugal New Assumptions Previous Assumptions Explicit period Interim period Terminal Value Explicit period Interim period Terminal Value Risk-Free Rate 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Country Risk Premium 4.00% 3.00% 2.00% 5.50% 4.00% 2.00% Market Premium 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Unlevered Beta 0.85 0.85 0.90 0.85 0.85 0.90 Levered Beta 1.05 1.05 1.11 1.05 1.05 1.11 Cost of Equity 11.46% 10.41% 9.79% 13.04% 11.46% 9.79% Cost of Debt 6.00% 5.00% 4.00% 6.00% 5.00% 4.00% Corporate Tax Rate 29.00% 29.00% 29.00% 29.00% 29.00% 29.00% After-tax Cost of Debt 4.26% 3.55% 2.84% 4.26% 3.55% 2.84% Spread 4.00% 3.00% 2.00% 4.00% 3.00% 2.00% Leverage 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% WACC 9.66% 8.69% 8.05% 10.84% 9.48% 8.05% Perpetuity Growth Rate 1.75% 1.75% Real Perpetuity Growth Rate 0.25% 0.25% LT Inflation 1.50% 1.50% WACC - G 6.30% 6.30% We kept our WACC approach in order to better capture specific country risks and also to discriminate between temporary shocks and more structural changes. We kept unchanged the German 10-year Government yield bond at 2.0% while the Portuguese 10-year Government yield bond was updated to 5% from 6%. In Poland, we kept unchanged risk free rate at 4.25%: we are using a WACC of 8.74% in the explicit period and a WACC of 8.74% to terminal value. DCF Assumptions were updated in Portugal: we are applying a WACC of 9.66% in the first half of explicit period, 8.69% in the Interim period and a WACC of 8.05% to terminal value. In Colombia, we kept unchanged risk free rate at 6.5%: we are using a WACC of 11.77% to Colombian retail units in the explicit period and a WACC of 11.16% to terminal value. Page 12 of 28

DCF Business areas Biedronka PLN million 2012 2013 2014E 2015E 2016E 2017E 2018E 2020E 2026E CAGR CAGR 13-16 16-26 EBIT 1,866 1,981 2,183 2,549 2,917 3,179 3,273 3,434 3,784 13.8% 2.6% Depreciation 441 538 619 730 813 872 939 1,039 1,571 14.7% 6.8% Cash Flow from Op. Act 2,307 2,519 2,802 3,280 3,730 4,050 4,212 4,473 5,355 14.0% 3.7% Income Taxes -355-376 -415-484 -554-604 -622-653 -719 13.8% 2.6% Capital Expenditure -1,663-1,687-2,210-2,309-1,916-1,552-1,585-1,715-1,694 4.3% -1.2% Working Capital Changes 469 461 497 627 572 378 262 226 268 7.4% -7.3% Free Cash Flow 759 917 675 1,114 1,832 2,273 2,268 2,332 3,209 25.9% 5.8% Discount Factor 1.00 0.92 0.85 0.78 0.72 0.60 0.37 Discounted Cash Flow 675 1,025 1,550 1,768 1,622 1,411 1,174 PV of Cash Flows 17,325 Terminal Value 19,342 Enterprise Value (Zloty) 36,667 YE14E EUR/PLN 4.23 Enterrprise Value ( mn) 8,668 Ara Cop million 2013 2014E 2015E 2016E 2017E 2018E 2020E 2030E CAGR CAGR 13-16 16-30 EBIT 0-94,030-134,891-159,094-149,524-93,931-87,462 803,858 #DIV/0! nm Depreciation 5,022 14,466 33,723 30,350 45,060 62,678 87,462 332,461 82.2% 18.6% Cash Flow from Op. Activities 5,022-79,564-101,168-128,744-104,464-31,253 0 1,136,319-394.9% nm Income Taxes 0 0 0 0 0 0 0-200,964 #DIV/0! nm Capital Expenditure -84,770-170,171-232,692-289,495-357,178-338,132-299,783-252,845 50.6% -1.0% Working Capital Changes 0 15,853 21,103 33,588 43,936 56,767 78,489 122,878 #DIV/0! 9.7% Free Cash Flow -79,748-233,881-312,757-384,651-417,706-312,617-221,294 805,388 69.0% nm Discount Factor 1.00 0.89 0.80 0.72 0.64 0.51 0.17 Discounted Cash Flow -233,881-279,833-307,929-299,189-200,346-113,532 136,599 PV of Cash Flows -878,799 Terminal Value 2,076,384 Enterprise Value COP 1,197,584 YE14E EUR/COP 2,766 Enterrprise Value ( mn) 433 P. Doce million 2012 2013 2014E 2015E 2016E 2017E 2018E 2020E 2026E CAGR 13-16 EBIT 70.2 84.8 90.0 95.5 101.2 101.7 124.3 156.0 194.5 6.0% 6.8% Depreciation & Amortisation 101.1 98.1 102.0 106.1 110.3 121.3 116.2 104.5 97.6 4.0% -1.2% Cash Flow from Op. Act 171.4 182.9 192.0 201.6 211.5 223.1 240.5 260.5 292.1 5.0% 3.3% Income Taxes -18.6-22.5-23.8-25.3-26.8-27.0-32.9-41.3-51.5 6.0% 6.8% Capital Expenditure -42.0-76.0-78.1-83.0-85.5-76.2-75.3-82.0-88.6 4.0% 0.4% Working Capital Changes 20.7 12.4-0.8 11.4 15.1 12.7 10.0 9.2 6.6 7.0% -7.9% Free Cash Flow 131.5 96.8 89.2 104.7 114.3 132.6 142.3 146.3 158.6 5.7% 3.2% Discount Factor 1.00 0.91 0.84 0.77 0.71 0.60 0.37 Discounted Cash Flow 89.2 95.4 95.9 102.3 101.0 87.9 58.1 PV of Cash Flows 1,083 Terminal Value 939 Enterprise Value 2,022 CAGR 16-26 Wholesale million 2012 2013 2014E 2015E 2016E 2017E 2018E 2020E 2026E CAGR 13-16 EBIT 38.5 35.5 36.0 37.2 37.9 39.1 40.3 42.0 46.7 2.2% 2.1% Depreciation 11.4 11.3 11.5 11.8 12.0 12.2 12.5 13.0 14.6 2.0% 2.0% Cash Flow from Op. Act 49.9 46.8 47.5 48.9 49.9 51.4 52.8 55.0 61.3 2.2% 2.1% Income Taxes -10.2-9.4-9.5-9.9-10.1-10.4-10.7-11.1-12.4 2.2% 2.1% Capital Expenditure -4.0-14.0-12.3-12.4-12.7-12.9-13.2-13.7-15.3-3.2% 1.9% Working Capital Changes 6.8 2.5-14.1 2.1 2.8 2.9 2.9 3.1 2.6 3.7% -0.9% Free Cash Flow 42.5 25.9 11.7 28.7 30.0 30.9 31.9 33.1 36.2 5.0% 1.9% Discount Factor 1.00 0.91 0.84 0.77 0.71 0.60 0.37 Discounted Cash Flow 11.66 26.20 25.17 23.87 22.63 19.92 13.26 PV of Cash Flows 246 Terminal Value 214 Enterprise Value 460 CAGR 16-26 Page 13 of 28

Quarterly evolution Sales Growth Quarterly % YoY Total Sales Growth FY11 1Q12 2Q12 3Q12 4Q12 FY12 1Q13 2Q13 3Q13 4Q13 FY13 Biedronka Euro 20.4% 13.1% 7.6% 16.9% 27.8% 16.3% 22.1% 13.9% 12.5% 10.6% 14.4% Pln 24.2% 21.0% 15.6% 16.8% 18.8% 18.0% 20.1% 12.4% 15.5% 12.6% 15.0% Retail Portugal 4.2% 2.1% 6.1% 2.5% -0.6% 2.4% 5.3% 2.3% 4.1% 3.9% 3.9% Supermarkets 4.7% Hypermarkets 0.3% Wholesale / Recheio 4.9% 4.0% -1.0% 0.0% -3.0% -0.2% -2.1% 1.8% 3.6% 2.7% 1.7% % Like-for-Like Sales Growth Biedronka Euro Pln 13.4% 9.5% 4.7% 5.5% 6.4% 6.4% 8.8% 2.0% 4.0% 2.5% 4.2% Retail Portugal 0.8% -1.6% 2.4% -0.6% -2.6% -0.6% 2.9% 1.2% 4.0% 3.0% 2.8% Supermarkets 0.9% Hypermarkets 0.3% Wholesale / Recheio 2.4% 2.6% -2.9% -0.1% -2.9% -0.9% -2.8% 1.0% 2.1% 1.0% 0.4% Store network Quarterly FY11 1Q12 1H12 9M12 FY12 1Q13 1H13 9M13 FY13 Number Stores 2283 2318 2353 2419 2538 2559 2598 2660 2810 Biedronka 1873 1908 1941 2006 2125 2145 2184 2245 2393 Pingo Doce 356 369 371 372 372 373 373 374 376 Recheio (Wholesale) 39 41 41 41 41 41 41 41 41 Net Stores Openings 119 35 35 66 119 21 39 62 150 Biedronka 117 35 33 65 119 20 39 61 148 Pingo Doce 2 13 2 1 0 1 0 1 2 Recheio (Wholesale) 0 2 0 0 0 0 0 0 0 Sales Area (sqm) 1,693,374 1,714,009 1,739,376 1,789,157 1,882,889 1,900,845 1,929,624 1,977,085 2,086,504 Biedronka 1,113,192 1,136,315 1,159,369 1,207,345 1,301,006 1,317,779 1,346,154 1,392,615 1,500,038 Pingo Doce 440,332 449,024 451,337 452,837 452,588 453,771 454,175 455,175 457,171 Recheio (Wholesale) 125,597 128,670 128,670 128,975 129,295 129,295 129,295 129,295 129,295 Sales Area Growth % YoY 11.9% 12.4% 11.8% 12.4% 11.2% 10.9% 10.9% 10.5% 10.8% Biedronka 18.6% 19.7% 18.6% 19.4% 16.9% 16.0% 16.1% 15.3% 15.3% Pingo Doce 0.7% 2.7% 3.0% 2.6% 2.8% 1.1% 0.6% 0.5% 1.0% Recheio (Wholesale) 1.7% 4.2% 2.5% 2.7% 2.9% 0.5% 0.5% 0.2% 0.0% Sales Area Growth % QoQ 6.4% 1.2% 1.5% 2.9% 5.2% 1.0% 1.5% 2.5% 5.5% Biedronka 10.1% 2.1% 2.0% 4.1% 7.8% 1.3% 2.2% 3.5% 7.7% Pingo Doce -0.2% 2.0% 0.5% 0.3% -0.1% 0.3% 0.1% 0.2% 0.4% Recheio (Wholesale) 0.0% 2.4% 0.0% 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% Page 14 of 28

Colombia Our estimates are based on JM`s Investor Day and 2013 FY numbers. We highlight updated Capex estimates strongly benefited unit valuation. Recall Ara business has low visibility, thus emphasize early numbers could lead to erratic changes in valuation. We believe JM will be active in M&A in Colombia at medium term in order to increase scale. Company will use a strategy similar to Poland, thus following fine-tuning stores format and assortment, probably JM will try to be active on M&A (the same strategy when bought Plus stores in Portugal and Poland) or accelerate stores openings (the same strategy it`s currently using in Poland). The Ara stores are proximity food stores, with a strong presence in residential neighborhoods. They combine a cheerful and colorful store environment with an architecture and product layout that offer a very pleasant shopping experience. The average sales area is between 300 and 600 sqm and each store has around 15 employees. Strategy highlights: i) Plans to reach a minimum of 150 stores by 2015 ii) Tests to continue with three different store sizes (Attraction 600 sqm; High street 400 sqm; Neighborhood 200 sqm) iii) A minimum of 50 new stores to be opened in 2014 iv) Second region in the country should be opened in 2015 Colombia - KPI mn 2013 2014E 2015E 2016E 2017E 2020E 2026E 2030E Sales 20 53 120 219 337 819 2125 3210 Store network (JM`s guidelines) 36 86 151 226 306 516 816 1,016 Sales area (sqm) 16 39 68 102 138 232 367 457 Sales per sqm 1.235 1.380 1.761 2.149 2.447 3.526 5.787 7.021 Costs 45 83 156 262 371 819 1976 2985 EBITDA -25-29 -36-44 -34 0 149 225 EBITDA Margin (peers margin, Biedronka breakeven, newsflow)* 0.0% -55.0% -30.0% -20.0% -10.0% 0.0% 7.0% 7.0% 5 years to reach EBITDA break-even in Colombia 0 1 2 3 4 7 13 17 7 years to reach EBITDA break-even in Poland (2003) Depreciations -2-5 -12-10 -15-25 -56-66 EBIT -27-35 -48-54 -48-25 93 159 Capex (JM`s guidelines) 34 63 83 98 115 85 93 0 Capex (% sales) 170% 118% 69% 45% 34% 10% 4% 0% EBITDA-Capex -59-92 -118-142 -149-85 56 225 * 5 years to reach EBITDA break-even in Colombia (2018) 7 years to reach EBITDA break-even in Poland (2003) According to the news, JM expects to reach positive net income in Colombia by 2020-21, while we estimate EBITDA break-even in 2018 Colombia - Mib estimates 1Q13E 2Q13E 3Q13E 4Q13E 2013 Biedronka 2013 sales ( mn) 7703 Biedronka 2013 sales per week ( mn) 148 # Biedronka Stores (YE13) 2393 Biedronka sales 2013 per week, per store ( mn) 0.062 Discount 0.022 New stores in Colombia 5 9 14 8 ACC stores in Colombia 5 14 28 36 36 Estimated sales in Colombia ( mn) 1 5 6 8 ACC estimated sales in Colombia ( mn) 1 6 12 20 20 Sales in Colombia per store ( mn) 0.43 0.43 0.56 Sales in Colombia per store (Cop: /Cop 2.675) 0.0002 Source: Company Data, Millennium investment banking Page 15 of 28

Colombia - store network Store network 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E JM / Ara 36 86 151 226 306 Exito / Casino 264 260 299 351 427 Hypermarkets: Exito 87 89 128 190 224 Supermarkets: Pomona, Carulla 94 89 79 75 79 Bodega: Surtimax discount outlets 14 47 54 78 119 Other stores ( Ley, Homeart, Cafam) 69 35 38 8 5 Carrefour 59 69 73 95 na Hypermarkets 59 69 73 75 na Convenience stores 0 0 0 20 na Olimpica 212 203 211 223 na Source: Company Data, Millennium investment banking Colombia - Sales area Sales area (`000 sqm) 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E JM / Ara 16 39 68 102 138 Exito / Casino 647 649 676 695 740 Hypermarkets: Exito 456 463 501 551 594 Supermarkets: Pomona, Carulla 92 87 75 70 73 Bodega: Surtimax discount outlets 20 44 43 49 65 Other stores ( Ley, Homeart, Cafam) 79 55 57 24 8 Carrefour 330 376 392 404 na Hypermarkets 330 376 392 401 na Supermarkets 0 0 0 0 na Convenience stores 0 0 0 3 na Olimpica 229 225 240 na na Source: Company Data, Millennium investment banking Colombia - Average area per store Average area per store (`000 sqm) 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E JM / Ara 0.450 0.450 0.450 0.450 0.450 Exito / Casino 2.450 2.496 2.260 1.980 1.732 Hypermarkets: Exito 5.239 5.206 3.912 2.902 2.652 Supermarkets: Pomona, Carulla 0.975 0.975 0.954 0.934 0.919 Bodega: Surtimax discount outlets 1.430 0.929 0.789 0.631 0.544 Other stores ( Ley, Homeart, Cafam) 1.149 1.572 1.504 3.035 1.648 Carrefour 5.593 5.449 5.370 4.253 na Hypermarkets 5.593 5.449 5.370 5.347 na Convenience stores 0.150 na Olimpica 1.080 1.108 1.137 na na Source: Company Data, Millennium investment banking Colombia - Sales per sqm ( Mn) Sales per sqm ( ) 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E JM / Ara 0.000 1.380 1.761 2.149 2.447 Exito / Casino* 3.825 3.598 4.414 4.788 5.443 Supermarkets: Pomona, Carulla 5.131 4.895 6.691 7.129 na Bodega: Surtimax discount outlets 1.483 2.245 2.872 3.379 na Carrefour 3.376 3.263 3.939 3.790 na Olimpica 3.760 4.080 4.792 na na Source: Company Data, Millennium investment banking Page 16 of 28