Capturing opportunities in structural change

11 March 2016

Norway’s leading

discount variety retailer

Europris snapshot

3•General note: Please refer to page 23 for important terms and definitions that apply on this page, especially related to accounting standards for full year 2012 and prior years. 1. All figures for fiscal year 2015 except where

explicitly stated otherwise. 2. Based on chain sales (including franchise stores). 3. According to TNS Gallup; sum of assisted and non-assisted awareness 2014.

•Source: Europris

Europris at a glance

Norway’s leading discount variety retailer Europris in figures1

Undisputed market leadership in Norway

Nationwide presence

Wide assortment at very low prices

Efficient sourcing with direct access to end producers

23 years of continuous growth since start in 1992

0

1

2

3

4

5

19

92

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93

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94

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95

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96

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14

Total revenue development (NOKbn)2

229stores2

27mcustomer

transactions2

5.1 / 4.6bnChain2/

Company sales

14%Adj. EBITDA

margin

90%brand

awareness3

5.4%LFL growth2

41. Total addressable market for packaged food, home & garden, clothing & shoes, leisure & office, health & beauty, and electronics & appliances. 2. Active SKUs year end 2014

•Source: Euromonitor, Europris

Wide assortment that taps into a large

addressable market

Europris has a truly mixed assortment2

Large market

Competitive flexibility

Resilience

Groceries12%

Candy & Chocolate 5%

Personal Care9%

Laundry & Cleaning

3%

Pets3% Home & Kitchen

15%

Hobby & Office7%

Handyman7%

House & Garden11%

Travel, Sports & Leisure

11%

Electronics9%

Clothes & Shoes8%

GroceriesGeneral

merchandise

Speciality

retail

Total addressable

market1:

~NOK 280bn

5•Source: Euromonitor, Ravninfo, Europris

•1. Chain sales – including franchise stores. 2. Management estimates

Europris is the largest discount variety

retailer in Norway

0

1,000

2,000

3,000

4,000

5,000

Offering Discount variety retailTools, car supplies, leisure

products

Hardware, home, leisure,

electrical, multimedia

Discount variety non-food

retail

Tools, home, electrical,

DYI, garden, leisure, car

supplies, clothing

Clothing, textiles,

cosmetics, tools, home

Home, DIY, tools, garden,

leisure, electrical

# of stores

2014220 56 71 366 23 21 5

Assortment

overlap to

Europris2

Sales in Norway 2013A (NOKm)

Entered in

2014

“ Mixed value retailers were the winners once again in 2014. Amongst others it’s

impressive to witness the growth Europris has experienced over the last couple of years

and in 2014 in particular. Europris’ concept fits well with all current market trends

Reidar G. Mueller – Nordic Retail Expert in Varde Hartmark”

1

6•Source: Ultima database and Euromonitor

Discount variety retail set for continued

structural growth

Clear discount variety retail outperformance Structural trends underpin continued growth

• Consumer focus on value for money

• FMCG supportive of channel as source of growth

• Landlords increasingly positive due to strong

footfall and online resilience

• Expanding seasons

• Favorable demographics

+16%

+6%

+4%

CAGRIndex: 2000 = 100

0

100

200

300

400

500

600

700

800

20

00

20

01

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13

Discount

variety retail

Specialist

retail

Total retail

Innovation – a means of adaptation

8

Adapting to a changing environment

Polarisation of tastes, including structural shift to

value for money

e-channel emergence and growing importance

Move from “specialist” to “generalist” retail

Industry consolidation

NOK depreciation

Oil price deflation and macro economic uncertainty

External factors framing Norwegian retail development

Agility and flexibility in assortment

and cost base – key to maintaining

stability in performance

Loyalty to core customer base

Innovation and modernisation –

supporting new customer attention

“Retail is detail” – revolution rarely

a good substitute for evolution

9

Spinning the innovation wheel

Increasedvalue to thecustomer

Clearer concept

andcategory strategy

Upgraded quality and

package design/PL

Renewal of marketing

Modernisedstores

(design)

Improved store

operations

Improved implement-ation of all parts of the value chain

10

Pre 2013/2014Pre 2013/2014

Europris is on a modernisation journey –

layout 5.0 is introduced

BEFORE(Pre 2013/2014)

TODAY(2014/2015)

11

Realising the potential in concept

development

• We are testing an upgrade to

5.01!

• Improved “shop-in-shop”

categorisation

• Brands more prominently

displayed

• “Value for money” visualisation

one step up

• The best of all…– Same investment as previous

version

– Limited cost for roll-out of

main elements to existing

stores

POST 2015

12

Successful test pilot 5.01

13

Successful test pilot 5.01

14

Realising the potential in category

development – yarn example

15

• Successful yarn pilot since May

2015

• Roll-out in early September 2015

to app. 150 stores– Improved sales display

– Increased shelf space

• Investment covered by supplier

A very promising start

16

Pet food “A” brand launched

• Pet food is an important traffic

driver

• Purina is a quality brand and dog

food test winner

• On sale in Europris from Q1 2016

17•Source: Europris

Online – a limited sales channel so far…

…that we are selectively tappingOnline is considered an opportunity…

Online retailers

struggle with our

low ticket size

We are a destination

shopping concept

Landlords are

getting nervous –

rents coming down

Online drives price

comparability – we

are the price leader!

• Europris is eminently positioned

• Unique opportunity to market our story. Traffic online

growing strongly

• Potential to expand into new and adjacent categories

with multi-channel approach

• Highly efficient logistics setup with nationwide

coverage to enable Click & Collect

• Strategically testing in the B2B segment

<

Price and store availability Online marketing

18•Source: Europris analysis

…but an increasingly important venue for

concept awareness and product display

Development in traffic on Europris’ website during 2015

December 2014 indexed to 100

--

50

100

150

200

250

300

350

400

Dec-1

4

Jan

-15

Fe

b-1

5

Ma

r-1

5

Ap

r-15

Ma

y-1

5

Jun

-15

Jul-

15

Au

g-1

5

Se

p-1

5

Oct-

15

Nov-1

5

De

c-1

5

19

Europris’ omni channel approach

Search

engine Kam-

panje-

web

E-

commerce

Online

advert-

isingCRM

Content

market-

ing

PR

Social

media

Direct

marketing

leafletDigital

channels

Trad.

channels

Cata-

logueTV

Radio

Adverts

Stores Outdoor

Pack-

aging

design

We aim to provide our customers with the best of both worlds while removing the barriers

between digital and traditional channels

Clear positioning will remain key

21

Purpose and vision

Wide assortment covering basic needs at very low

prices

To be the first choice for anyone who wants to buy

smart and at the best price

To offer our customers a distinct added value, great

deals and affordable quality

Offering

Purpose

Vision

22

•Source: Customer survey December 2014, Europris

•General note: Each trademark, trade name or service mark of any other company belongs to its holders.

•1. %-share of respondents stating that the store has lowest price. Based on a scale from 1-5 where 1 is expensive and 5 is low price. Estimated by identifying share of respondents grading the retailer as either a 4 or a 5.

2. Based on informal comparisons made on an ongoing basis.

True price leadership across

categories

Lowest on price… …clearly cemented with the consumer

“Which retailer do you think offers the lowest prices?”1

Partly variety retailers Grocery retailers

• We systematically compare the prices on the front page of

our Direct Marketing leaflets against our competitors

• Lowest price on 90%+2 of front page products tested in 2014

79%

73%

67%

65%

65%

61%

56%

56%

54%

36%

23Source: Europris, DM week 09 2016

Europris offers outstanding value

Performance so far

25•Source: Kvarud Analyse, Europris

•Note: Market includes a large number of shopping centres throughout Norway as defined by Kvarud Analyse (e.g. 237 in 2015)

Europris continues to outperform the

market

Overall growth performance

Y-o-Y LFL growth (%)

Europris growth rate in excess of market growth rate in the period

2,8 %

2,3 %2,7 %

6,2 %

5,4 %

7,0 %

0%

1%

2%

3%

4%

5%

6%

7%

8%

Q4 2015 2015 2014

Market Europris

+3.4 +3.1 +4.3

% points

26

Clear and resilient business model

Strong price perception Resilient business model

7,6 %

6,5 %

0,6 %

-0,2 %-1,0 %

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

8,0 %

Europris Market

LFL development in selected regions, FY 2015

Rogaland Hordaland

Source: MediaCom survey with 1,303 respondents over 15 years of age that have heard of Europris and have a store in proximity to where they live, updated autumn 2015; Europris analysis

Note: Rogaland includes 19 stores; Hordaland includes 20 stores

Respondents agreeing with statement: “offers generally low prices”2008 level indexed to 100

0

20

40

60

80

100

120

140

160

2008 2009 2010 2011 2012 2013 2014 2015

27

Performance is consistent across areas…

4,0 %

7,3 %

5,4 %

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

8,0 %

City Town Rural

13,7 % 13,6 %

14,5 %

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

City Town Rural

Source: Europris analysis

Definitions: City: Above 25.000 inhabitants in catchment area. 53 stores in 2015; Town: Between 10.000 and 25.000 inhabitants in catchment area. 108 stores in 2015; Rural: Less than 10.000 inhabitants in cathment area.

50 stores in 2015.

LfL growth: area Adj. EBITDA margin: area

Market

2.3%

28

…across store sizes…

Source: Europris analysis

Definitions: Under 900 sqm sales space: 42 stores in 2015; Between 900 and 1,200 sqm sales space: 108 stores in 2015; Between 1,200 and 1,500 sqm sales space: 44 stores in 2015; Above 1,500 sqm sales space: 17

stores in 2015.

6,1 %

5,5 % 5,6 %

3,3 %

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

Under 900 900-1200 1200-1500 over 1500

15,0 %

14,0 % 14,2 %

12,4 %

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

Under 900 900-1200 1200-1500 over 1500

LfL growth: store size (m2) Adj. EBITDA margin: store size (m2)

Market

2.3%

29

…and even with nearby competition

Source: Europris analysis; Level of competition based on Europris assessment and available market data

Definitions: Limited competition: 50 stores in 2015; Some competition: 104 stores in 2015; Significant competition: 57 stores in 2015

5,6 %

6,2 %

4,0 %

0,0 %

1,0 %

2,0 %

3,0 %

4,0 %

5,0 %

6,0 %

7,0 %

Limited Some Significant

13,2 %

14,2 % 14,2 %

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

Limited Some Significant

LfL growth: competitive intensity Adj. EBITDA margin: competitive intensity

Market

2.3%

30

2 751

3 052

3 464

3 757

4 259

4 629

8 %

11 %

13 %

8 %

13 %

9 %

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

16 %

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

5 000

2010 2011 2012 2013 2014 2015

•General note: Please refer to page 33 for important terms and definitions that apply on this page, especially related to accounting standards for full year 2012 and prior years

•Source: Europris

Strong revenue growth

Consistent store roll-out… …and solid LFL growth has driven sales

11% Total sales

CAGR:5%

Avg. LFL

growth:

# of Chain stores (year end)

Y-o-Y total sales growth (%)Sales (NOKm)

189196

205213

220229

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015

14

x # of new store openings

7 11 10 9 9

31

376

430450

465

551

640

13,7 %14,1 %

13,0 %12,4 %

12,9 %

13,8 %

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

0

100

200

300

400

500

600

700

2010 2011 2012 2013 2014 2015

1 175

1 292

1 470

1 603

1 835

2 060

42,7 % 42,3 % 42,4 % 42,7 %

43,1 %44,5 %

0,0 %

10,0 %

20,0 %

30,0 %

40,0 %

50,0 %

60,0 %

0

500

1 000

1 500

2 000

2 500

2010 2011 2012 2013 2014 2015

•General note: Please refer to page 33 for important terms and definitions that apply on this page, especially related to accounting standards for full year 2012 and prior years

•Source: Europris

High and stable profitability

Adjusted EBITDA (NOKm) Margin (%)Margin (%)

Stable gross margin Consistently high EBITDA margin

Gross profit (NOKm)

32

Structural shift to value for money supports Europris’ business model

Concept and market segment well positioned for economic slowdown

Modernisation journey vis-à-vis customers driving awareness and relevance

Category and concept innovation as a means to sustain growth

Proven performance through previous downturn

Well prepared for difficult times

33

Important terms and definitions

Term Definition

Chain All Europris stores including both stores owned by the Company (directly operated) and franchise stores

Chain sales Total retail sales of the Chain

Stores All stores of the Chain, both franchise and stores owned by the Company (directly operated), unless explicitly stated

LFL growthMeasure of growth rate for same-store sales. Same-store sales exclude the sales of a store if the store was not open for the full calendar year and the entire prior calendar year. The stores

included in calculating like-for-like growth are redefined each year at the beginning of the year and include both directly owned stores and franchise stores. The measure includes stores that

have been refurbished, relocated or expanded during an applicable calendar year

Company Europris ASA (with subsidiaries), except for when referring to financial information prior to 1 April 2012 and certain financial information for the full fiscal year 2012 (P&L and cash flow items)

for which the corresponding entity was Europris Holding AS (with subsidiaries)

Franchise takeover Acquisition of a franchise store and conversion to a directly operated store. Transaction date and consolidation into Company financial accounts may differ from the date of formal merger

Accounting standards

Europris changed the accounting principles for its audited financial statements from Norwegian GAAP to IFRS with effect from 1 January 2014 and has restated its audited financial figures for

2013 and 2012. Because the Company acquired the previous parent holding company of the business on 1 April 2012, the audited consolidated financial statements for 2012 do not reflect the

period from 1 January 2012 to 31 March 2012. Accordingly, certain financial figures and other metrics presented herein for 2012 are calculated using IFRS audited financial statements for

2012 (reflecting April through December) and NGAAP unaudited financial information for the period from January to March. In addition, certain financial figures and other metrics presented

herein for 2011 and 2010 are calculated using NGAAP audited financial statements for 2011 and 2012. IFRS differ in certain significant respects from NGAAP and investors should seek their

own advice regarding the differences between IFRS and NGAAP. As a result, certain financial figures and other metrics for the 2012, 2011 and 2010 are not directly comparable to the

financial figures and other metrics for 2014 and 2013. Please see the Prospectus for additional details

Fiscal year averages and

growth ratesGiven the change in accounting standards (see above), some fiscal year averages and growth years, including CAGR (“Compounded Average Growth Rate”) figures, are a combination of

figures prepared based on Norwegian GAAP and IFRS

EBITDA EBITDA represents operating income before depreciation and write-downs. EBITDA is not a measure of liquidity or performance calculated in accordance with IFRS

Adjusted EBITDA EBITDA before certain non-recurring operating expenses defined by management

Adjusted EBITDA margin Adjusted EBITDA as a percentage of Company revenue

EBITAEBITDA less depreciation of fixtures & fittings and software (consistent with reported operating income going forward before any impairment charges). EBITA is not a measure of liquidity or

performance calculated in accordance with IFRS

Adjusted EBITA EBITA before certain non-recurring operating expenses defined by management (the same as for adjusted EBITDA)

Cash conversionAdjusted EBITDA less total capital expenditures (excluding amounts under financial lease) divided by adjusted EBITDA. Cash conversion is not a measure of liquidity or performance

calculated in accordance with IFRS

34

Disclaimer

By attending the meeting where this presentation is made, or by reading the presentation slides or by accepting delivery of this document, you agree to be bound by the following limitations.

IMPORTANT INFORMATION

The presentation and any information provided does not constitute or form part of, and should not be construed as, an offer to acquire any securities of the Company or any of its subsidiaries nor should it or any part of it form the

basis of, or be relied on in connection with, any contract to purchase any securities of the Company or any of its subsidiaries, nor shall it or any part of it form the basis of or be relied on in connection with any contract or

commitment whatsoever.

FORWARD LOOKING STATEMENTS

Matters discussed in this document may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,”

“intends,” “estimate,” “will,” “may,” “continue,” “should” and similar expressions. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or

performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; and developments in the Company’s markets. The forward-looking statements in this

Company Introduction are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the

Company’s records and other data available from third parties. Although the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown

risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause the actual results

of the Company or the industry to differ materially from those results expressed or implied in this Company Introduction by such forward-looking statements. No representation is made that any of these forward-looking statements

or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement.

NO UPDATES

Nothing contained in this Company Introduction is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, this Company Introduction speaks as of the date hereof.

Neither the delivery of this Company Introduction nor any purchase of any of the securities, assets, businesses or undertakings of Europris shall, under any circumstances, be construed to indicate or imply that there has been no

change in the affairs of Europris since the date hereof. In addition, no responsibility or liability or duty of care is or will be accepted by Europris or their respective Representatives for updating this Company Introduction (or any

additional information), correcting any inaccuracies in it which may become apparent or providing any additional information. The information contained in this Company Introduction is necessarily based on economic, market and

other conditions as in effect on the date hereof or as stated herein. It should be understood that subsequent developments may affect such information and that Europris have no obligation to update or revise such information.