INVESTORS PRESENTATION SUMMARY 1 LABELVIE GROUP P. 3 2 - PowerPoint PPT Presentation

October 2019 INVESTOR’S PRESENTATION

SUMMARY 1 LABEL’VIE GROUP P. 3 2 DEVELOPMENT STRATEGY AND H1-2019 RESULTS P. 10 3 BEST FINANCIERE P. 18 4 P. 21 APPENDICES LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

MODERN RETAIL IN MOROCCO & LABEL’VIE GROUP KEY FACTORS OF THE INVESTMENT • The retail sector, has a promising growth prospects in Morocco especially with the emergence of a middle class and the change in consumer habits. • Low penetration rate: only 15% of food purchases in Morocco are made in modern retail stores, • Sales area per inhabitant significantly below neighboring countries 1 • 2 nd largest retailer in Morocco with 31.6% market share in terms of sales area. The group recorded 47,5 million visitors at the end of 2018 in its 92 stores in 24 cities. 2 INVEST in • The expertise of Label 'Vie and its partner Carrefour in the retail industry, which allows the company to position itself LABEL’ VIE as a key player in Morocco, operating in 3 different formats: Supermarket, Hypermarket and Hyper-cash. 3 • A reference shareholder, a subsidiary of Best Financière which operates in several sectors, including distribution, commercial real estate and medical equipments. 4 • A steady dividend distribution rate throughout the duration of the business plan. 5 LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

PREVIEW OF LABEL’VIE History of the Label’Vie Group » Capital increase of VLV ; » Absorption of « Supermarché » Acquisition of a 27% » S a n a m H o l d i n g G r o u p » Birth of the first chain of Souissi » ; stake by BERD ; » 2 nd bond issue of acquires a stake in Retail s u p e r m a r k e t s w i t h a » Signature of a franchise 400 MMAD. » Merger absorption of holding. M o r o c c a n c a p i t a l » Creation of Label’Vie. agreement with Carrefour. Petra by VLV. « Carrefour Market ». 2017 1985 1986 2001 2002 2006 2008 2009 2010 2012 2014 2016 » Securitization of » Capital Raise of » A c q u i s i t i o n i n » Acquisition of Superdiplo » Change of the legal name » Opening of the first store in 20 properties 396 MMAD to Novembre 2010 of Maroc ; from Hyper S.A to Label’Vie Rabat. b e l o n g i n g t o f i n a n c e t h e Metro Cash & Carry S.A ; » Supply agreement with the LBV for 456,8 d e v e l o p m e n t Morocco ; international group (Ahold). » Initial Public Offering of MMAD ; plan of Label’Vie » 1 st bonds issue of 500 Label’Vie S.A. Group » 3 rd bond issue of MMAD. 1 500 MMAD. Evolution of sales revenue since 2004 Main players of the modern distribution in Morocco (MMAD) » Label ‘Vie is the 2nd largest player in Morocco with a market share of Bond issue Important event X 22 31% in terms of commercial surface area. 9.033 x 8 8.275 Acquisition gf 7.557 of Métro IPO 6.325 6.728 5.401 5.672 5.777 4.888 1.836 gf 870 1.179 704 563 412 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2016 & 2017: Excluding VLV LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential Source : Label’Vie

A VAST NETWORK COVERING MOROCCO’S MAJOR CITIES GEOGRAPHICAL DISTRIBUTION OF LABEL'VIE STORES AS OF 31/12/2018 10 Source : Label’Vie LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential 5

SUMMARY 1 LABEL’VIE GROUP P. 3 2 DEVELOPMENT STRATEGY AND H1-2019 RESULTS P. 10 3 BEST FINANCIERE P. 18 P. 21 4 APPENDICES LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

DEVELOPMENT STRATEGY AND BUSINESS PLAN GLOBAL OVERVIEW A strategy to strengthen the prominence and positioning of the Group’s brands as well as its operational optimization Capitalize on the brand awareness of Strengthen the brand awareness of « Carrefour Market » by implementing « atacadao » as the cheapest chain a convergence branding strategy stores brand in morocco Maintain the development of « Carrefour » hypermarkets at the Pursue the cost-rationalization program and benefit from more national level and capitalize on the economies of scale experience of the international Carrefour Group 1,9 Billion MAD of investments 30 000m ² /year of additional surface area Sustained growth in turnover For the next 3 years For the next 3 years Over 10 Billion MAD turnover in An average of 30 000 m ² /year: 2019 thanks to: An average investment of 600 MMAD/yea r: - For the 3 segments - Like for like sales growth of 2,7% for the supermarket and - Development plan (Excluding - Support of the property company hypermarket segments and 8% Land & Construction) for the development of Atacadao for Atacadao sales and Carrefour Hypermarket - Renovation and maintenance - Sales from new openings CAPEX Source : Label’Vie LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

MAJOR H1-2019 EVENTS H1-2019 OPENINGS Points de vente en déc. 2018 73 8 11 92 Number of stores dec 2018 Sales area in sqm m ² de ventes 83 034 44 800 59 564 187 398 en % du total Groupe % Total Group 44% 24% 32% 100% Openings Ouvertures 7 0 0 7 Sales Area opened m ² ouverts 4 468 0 0 4 468 Points de vente S1-2019 80 8 11 99 Number of stores by June 30th 2019 Sales are in sqm m ² de ventes 87 502 44 800 59 564 191 866 en % du total Groupe 46% 23% 31% 100% % Total Group Ø 7 new stores opened in H1-2019 Ø 99 stores at June 30 th , 2019 LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

GROUP ORGANIZATION STRUCTURE Multi-Formats Retailer Label’Vie SA Manages supermarkets & the Group’s Central Office 95% 100% 95% SLV MLV HLV Manages Manages Manages Atacadao Gas-Stations Hypermarkets Stores 5% owned by Carrefour 5% owned by Carrefour (CPI) (CPI) Ø Every format is managed by a dedicated entity Ø A Business Unit structure to ensure client’s proximity and to benefit from the Group’s synergies LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

H1-2019 RESULTS INCOME STATEMENT H1-2019 VS H1-2018 q Growth in Total Revenues by 12%, and of the Gross Margin by 10 % compared to H1-2018 q Decrease of the Gross Margin Ratio by 38 bps (-48bps in direct margin: -56bps Atac; -58bps CRF Mkt). q Decrease of Operating Expenses by -15 bps compared to H1-2018 from 13.8% to 13.7% q +5% in EBIT (drop of 32 bps in ration; -22 bps in EBITDA; -9 bps in depreciation) q Strong leap of Income before Taxes by 23% and +44 bps in ratio terms. q Jump of Net income by 20% and +27 bps in ratio terms (4.0% of sales vs. 3.7% previously) LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

SALES GROWTH H1-2019 BY FORMAT +9.0% § Increase in hypermarket sales by 9% thanks to: 8 retail outlets q Like-for like sales growth of 4% q Sales from Carrefour Tetouan opened in May 2018. +12.0% § Increase in supermarket sales by +12% thanks to: 80 retail outlets q Like-for like sales growth of 3% q Store openings done in 2018 and 2019 +13.1% § Increase in hyper-cash sales by 13.1% in H1-2019 11 retail outlets LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential H1-2019 Results

BALANCE SHEET CASH FLOW & WORKING CAPITAL Change 2018 2019 FINANCIAL INDICATORS Value Day of sales Value Day of sales Value Day of sales VALUE Working Capital 213 077 9 181 549 8 -31 528 -2 Equity 1 853 543 82 1 873 801 81 20 258 -1 Net income 288 401 168 710 Dividends -150 000 -150 000 Rights Issue - - Minority Interest 4 162 1 548 Financing Debt 2 307 390 102 2 324 210 100 16 820 -2 New loans 324 488 80 000 Bonds - - Reinmbursements -120 837 -63 179 Permanet Financing 4 160 933 185 4 198 011 181 37 079 -3 Net Debt Ratio 42,8% 47,4% 0 0 Fixed Assets -3 947 855 -175 -4 016 462 -174 -68 607 2 Investments 519 418 223 481 Sale -55 300 -394 Depreciation -275 085 -154 481 Normative Operating Working Capital 732 927 33 431 860 19 -301 067 -14 Inventory -1 478 326 -66 -1 471 811 -64 Receivable/Debt 2 211 253 98 1 903 671 82 Other Currents Assets -420 897 -19 -280 498 -12 140 399 7 TREASURY AND PLACEMENTS 525 106 23 332 910 14 -192 196 -9 q Decrease in cash and cash equivalents by 192 MADm compared to its level in December 2018 due to: q Decrease of Working Capital by -32 MADm due to a delay of contracting commercial loans; q Decrease of Operating Working Capital by 301 MADm due to the suppliers account (Ramadan and Chaaban seasonal imports); q Gain in other current assets by 140 MADm (Dividends of 150 MADm to be distributed in September) LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential H1-2019 Results Résultats Annuels 2016 q Retention of the net debt ratio 42% of the permanent financing

SUMMARY 1 LABEL’VIE GROUP P. 3 DEVELOPMENT STRATEGY AND H1 2019 RESULTS 2 2 P. 10 3 P. 18 3 BEST FINANCIERE P. 21 4 APPENDICES LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential

LABEL’VIE � Capital Increase by cash – Investor’s Presentation � Strictly Confidential