2Q 2016 RESULTS DISCUSSION

2Q 2016 RESULTS DISCUSSION

2Q 2016 Highlights SALES GROWTH AT 3% IN 2Q BUT 5% w/o DISCONTINUED SALES MARKET SHARE GROWTH IN MAIN CATEGORIES DEFLATION IN WHOLESALE PRICES AND CANNIBALIZATION AFFECTS LFL DYNAMICS STABLE CASH FLOW GENERATION AND WORKING CAPITAL ROTATION COSTS OF NEW PROJECTS AND CASH&CARRY EXPANSION RESULT IN LOWER EBITDA 2

Macroeconomic outlook Despite inflation in consumer prices, at wholesale level we observe deflation 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% 3,6% 3,9% 3,8% 3,6% 2,0% 1,5% 1,0% 0,9% 0,9% 0,6% 0,8% 0,6% 0,3% 0,4% 0,5% -0,4% -0,8% -0,3% -1,9% 0,1% -0,7% -0,9% -0,7% -0,6% -2,6% -1,5% -2,1% -0,9% -0,9% -3,7% 1Q2014 2Q 3Q 4Q 1Q2015 2Q 3Q 4Q 1Q2016 2Q CPI CPI - food & non-alcoholic beverages CPI - alcoholic beverages & tobacco CPI still affected by transportation (oil price) and clothes Source: CSO 3

FMCG Market in Poland Small supermarkets accelerating growth in 2016 Small grocers -40 Convenience 40-100 Small Supermarkets 100-300 Big Supermarkets 300-2500 Hypermarkets 2500+ Discounters -1,8% -1,5% 4,8% -0,2% 1,6% 10,7% -12% -5% 2% 9% 16% +1.1% Vodka Basic Tobacco Beer Culinary Sweets Drinks Fresh -0,7% -0,1% -0,5% 0,0% -0,4% -0,3% 0,2% 0,7% 0,6% 1,0% 0,9% 1,5% 1,5% 2,8% 2,8% 3,7% Small Format Total Poland -1,0% 0,0% 1,0% 2,0% 3,0% 4,0% LTM* May 2016 Total Food sales change (YoY) Total market growing by 3.5% LTM LTM* May 2016 Eurocash market shares growth in key categories Source: Nielsen Eurocash gaining market share in key categories *LTM Last Twelve Month Sales 4

Healthy sales growth to franchisees Group sales impacted by reduced export sales 6 000 5 000 4 000 Sales development (PLN m) +3% +5% 5 182 5 341 5 053 5 302 ECD Franchisees 2Q YoY sales growth to Franchisees 10% 3 000 2 000 Delikatesy Centrum 8% 1 000 - EC Group EC Group excl. export abc 5% 2Q 2015 2Q 2016 0% 5% 10% 15% Sales impacted by declining export - PLN 90m in 2Q and 119m in 1H YoY Sales excluding export grew by 5% in EC Group (+7% in ECD, +4% in ECA) in 2Q 2016 Increasing sales to main clients partners and franchisees Over 1% sales of CC moved to ECD & ECA due to migration of clients 5

2Q 2016 sales per distribution formats Market share growth in core business EC Serwis Cash&Carry EC Distribution Delikatesy Centrum incl. sales to Rogala EC Alkohole Inmedio EC Food Service Other 133 125 96 89 39 473 158 509 508 504 1 143 1 088 1 435 1 444 1 164 1 082 2Q 2016 2Q 2015-1% +2% 0% +7% w/o export +7% 1% +4% w/o export +7% +8% Sales decrease due to top-ups transfer to PayUp Cigarettes +7 in 2Q and +10% in 1H LFL at -1.3% 2Q and -2.6% 1H, impact of new openings and deflation in beer, dairy & fresh products Franchisees +10%, discontinued exports by PLN 77m Wholesale LFL +4.4% 2Q, and +3,6% in 1H Retail LFL +0.8% in 2Q and +1.0% in 1H Strong profitability improvement, exports - PLN 13m Sales growth in main categories Sales driven by Key Accounts, Start of Ultra-Fresh Project to find new niche for BU YoY change in sales by distribution formats (PLN m) 0 1 000 2 000 6

C&C LFL dynamics Transfer of clients to other formats, cannibalization of new openings 5% 3% 1% -1% -3% -5% -7% 1,3% 2,5% 0,7% LFL Cash&Carry 0,0% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2-2,7% -2,2% -1,3% -4,9% -5,0% -4,0% -1,3% 2Q LFL C&C abc others 2,4% -3,7% abc: 61% of sales others: 39% of sales -2.1% -1% -1.9% Cannibalization impact on LFL Migration of clients to ECD & ECA Wholesale price deflation impact on LFL (Beer, dairy & fresh) 7

Delikatesy Centrum LFL dynamics LFL accelerating driven by fresh project 15% 10% LFL Delikatesy Centrum -4,7% 6,2% -4,0% -5,0% 2,6% -3,9% 2,1% -0,3% 2,7% 4,4% 5% 0% -5% -10% Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2-4,5% 1,5% -2,8% -0,4% 0,6% -1,2% 1,4% -0,4% 1,2% 0,8% Delikatesy Centrum wholesale LFL Delikatesy Centrum retail LFL +4.4% +0.8% Wholesale LFL +4.4% in 2Q and 3.6% in 1H Retail LFL +0.8% in 2Q and + 1.0% in 1H New price policy and fresh project 8

Expansion Strengthening LFL growth in DC, new model of expansion designed 70 60 50 40 30 20 10 0-10 -20 CASH&CARRY 189 C&C stores 1 opening in 2Q 7 993 abc stores New openings 65 34 24 19 20 20 15 7 10 2 4 0 1 2 2 5 1 1 1Q'14 2Q 3Q 4Q 1Q'15 2Q 3Q 4Q 1Q'16 2Q -11-5 DELIKATESY CENTRUM 1 060 Delikatesy Centrum stores with 5 stores less than in 1Q Expansion impacted by higher closures Effect of retail tax projects Last years weak openings with not experienced franchisees or in new regions New expansion model designed with stronger control, different profile of franchisees and capex participation Delikatesy Centrum Openings Cash&Carry Openings 9

2Q 2016 Financial summary Sales growth by 5% excluding export PLN m 2Q 2015 2Q 2016 % of Sales 2Q 2015 % of Sales 2Q 2016 Y/Y Change Net sales 5 182 5 341 3,1% Gross profit 514 558 9,9% 10,5% 8,7% EBITDA 114 110 2,2% 2,1% -3,3% EBIT 75 70 1,5% 1,3% -7,0% Profit before tax 66 63 1,3% 1,2% -3,9% Net profit 52 53 1,0% 1,0% 2,9% Gross Margin growth by 0.6 p.p. and 0.3 p.p. ex M&A EBITDA hit by higher costs: New Projects (-3 m) Transport costs (-7m) Salary increase (-7m) Net profit with positive impact of lower net financial costs and tax assets 10

Increasing costs of New Projects and sales 40 35 30 25 20 15 10 5 0-5 -10 New Projects development 35 22-4,8-7,6 2q 2015 2q 2016 450 400 350 300 250 200 150 100 50 0 335 Sales Cost contribution (PLN m) 20 7 7 18 387 Sales EBIT Increase of transport costs driven by Fresh Project and salary increases Costs of New Projects development of innovative retail formats: 1minute abc on wheels Big Ben Kontigo Faktoria Win 11

1H 2016 Financial summary Sales growth by 5% excluding export PLN m 1H 2015 1H 2016 % of Sales 1H 2015 % of Sales 1H 2016 Y/Y Change Net sales 9 787 10 105 3,2% Gross profit 933 1 021 9,5% 10,1% 9,4% EBITDA 156 158 1,6% 1,6% 1,2% EBIT 82 77 0,8% 0,8% -6,6% Profit before tax 60 66 0,6% 0,7% 10,4% Net profit 49 55 0,5% 0,5% 13,5% Gross Margin growth due to retail margin from M&A EBITDA hit by higher costs: New Projects Transport costs Salary increase Net profit with positive impact of lower net financial costs and tax assets

Cash Flow Operational CF at the level of EBITDA 1 100 1 000 900 800 700 600 500 400 300 200 100 Operational Cash Flow vs. EBITDA 130% 168% 197% 206% 194% 120% 882 978 931 717 538 561 413 426 448 476 481 467 1Q '15 2Q 3Q 4Q 1Q 2016 2Q 250% 200% 150% 100% 50% 0% 40 20 0-20 -40-60 -80 30 30 29 32 29 28 27 28 29 29 24 25 24 27 20 19 17 18 20 20 (12) (16) (15) (13) (10) (18) (19) (20) (21) (20) (67) (72) (67) (72) (59) (65) (62) (66) (70) (69) Q1 2014 Cash conversion cycle Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 LTM EBITDA (PLN m) LTM Operational Cash Flow (PLN m) LTM OCF / LTM EBITDA Receivables Stock Cash conversion Liabilities Strong OCF remained in 12M at 120% EBITDA level Maintained efficient inventory rotation - 20 days in 2Q 2015 Cash conversion improved mainly due to longer liabilities rotation - 4 days Y/Y *LTM Last Twelve Month

Net Debt vs. EBITDA 900 800 700 600 500 400 300 200 100 0 821 1,99 413 506 426 448 476 481 1,19 467 0,61 273 240 175 0,50 0,37 0,68 1Q'15 2Q 3Q 4Q'15 1Q'16 2Q LTM EBITDA (PLN m) NET DEBT (PLN m) NET DEBT / EBITDA 317 140m 2,5 2,0 1,5 1,0 dividend 0,5 0,0 Net Debt* vs. 12M EBITDA in 2Q 2016 Net Debt / EBITDA at level of 0.68x in 2Q 2016 PLN 139 m dividend payment in 2Q 2016 *NET DEBT - the sum of long and short term loans, borrowings and financial liabilities less cash and cash equivalents 14

Retail tax Potentially supportive for our clients, low direct impact on Eurocash RETAIL TAX EUROCASH RETAIL SALES Progressive with tax-free sales of PLN 17m/month; 0.8% for monthly sales between PLN 17m and PLN 187m; 1.4% for monthly sales above PLN 187m. Rogala: app. 360 Inmedio: app. 530 EKO: app. 900 TOTAL: app. PLN 2bn Comes into force on 1 September Most of Eurocash clients falling into tax free zone 15

2Q 2016 Financial Summary P&L PLN m 2Q 2016 2Q 2015 Y/Y Change 1H 2016 1H 2015 Y/Y Change Sales revenues (traded goods, materials) 5 341 5 182 3% 10 105 9 787 3% Gross profit on sales 558 514 9% 1 021 933 9% Gross profitability on sales (%) 10,5% 9,9% 0,54p.p. 10,1% 9,5% 0,57p.p. EBITDA 110 114-3% 158 156 1% (EBITDA margin %) 2,1% 2,2% -0,14p.p. 1,6% 1,6% -0,03p.p. EBIT 70 75-7% 77 82-7% (EBIT margin %) 1,3% 1,5% -0,14p.p. 0,8% 0,8% -0,08p.p. Net Income 53 52 3% 55 49 13% (Net profitability %) 1,0% 1,0% 0p.p. 0,5% 0,5% 0,05p.p.

2Q 2016 Financial Summary Cash Flow PLN m 2Q 2016 2Q 2015 Change 1H 2016 1H 2015 Change Net operating cash flow, including: 96 466-371 143 560-417 Net profit (loss) before tax 63 66-3 66 60 6 Depreciation 40 39 2 81 74 7 Change in working capital (31) 340-371 (20) 403-423 Change in inventories 108 21 87 292-135 426 Change in trade receivables -6 29-35 -51 36-88 Change in trade payables 38-55 92 303 46 257 Other 23 22 1 15 23-8 Net investment cash flow -32-32 0-136 -83-52 Net financial cash flow -41-432 391 33-484 517 Total cash flows 23 2 20 40-7 47

2Q 2016 Financial Summary Balance Sheet PLN m 30 JUN 2016 31 DEC 2015 Change [%] Change Non-current assets 2 307 2 288 0,8% 19 Current assets 3 223 2 729 18,1% 494 Inventories 1 148 968 18,6% 180 Trade receivables 1 725 1 533 12,5% 192 Cash and cash equivalents 126 86 46,7% 40 Total Assets 5 531 5 017 10,2% 513 Equity 1 043 1 161-10,1% -118 Liabilities 4 487 3 856 16,4% 631 Long-term financial debt 157 159-1,4% -2 Short-term financial debt 287 102 181,7% 185 Trade payables 3 637 3 226 12,8% 412 Total equity and liabilities 5 531 5 017 10,2% 513

For more information please contact: Jan Domański Investor Relations & M&A Director jan.domanski@eurocash.pl 19