llard Co-Global Heads Equity Research Michael Spencer Regional Head Mia Pacific Research International Locations Ralf Hoffmann Regional Head Deutsche Bank Research. Germany Andreas Neubauer Regional Head Equity Research. Germany Steve Pollard Regional Head Americas Research Deutsche Bank AG Deutsche Bank

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EBIT margin (RHS) 1.031 Source: Deutsche Bank estimates (Candour Hypers vs. Leclerc on horizontal: Franco EBIT on LHS: France EBIT margin on RHS) Deutsche Bank Research. Etuopean Equity Focus —January 2018 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086793 SDNY_GM_00232977 EFTA01385507

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it 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10 Deutsche Bank Research Tram Stoic torsten.slokedb.com +1 212250-2155 Mardi 2018 Let us know if you would like to add a colleague to this distribution list. Torsten Stoi

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Subject: Automatic reply: Welcome to Deutsche Bank Research — [C] From: Stewart Oldfield Date: Thu, 21 Sep 2017 08:34:11 -0400 To: Martin Zeman ‹ > Please note that I will be out of the office until Monday

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