the gap vs. Leclerc would be costly 1.200 1,000 800 600 400 200 -200 EBIT (LHS) -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