2017 FULL-YEAR EARNINGS — FEBRUARY 8, 2018 2017 LIKE-FOR-LIKE1RETAILER SALES +2.1% VS. 2016 Strong acceleration in H2, SWEDEN with retailer sales +3.0% NORWAY +1.5% -1.6% Clear improvement in France DENMARK helped by a more favorable -1.4% consumer spending climate GERMANY +1.9% Outperforming national indices FRANCE CEE AND TURKEY by 120 bps2 BELGIUM +7.2% +2.2% ITALY 1 Like-for-like excludes the impact of asset sales and acquisitions. IBERIA 2Weighted average including: France: CNCC, Italy: ISTAT, Spain: INE, Portugal: INE, -0.1% Norway: Kvarud, Sweden: HUI, Denmark: Danmarksstatistik, Poland: PRCH, Hungary: +4.6% KSH, Czech Republic: CZSO, Netherlands: CBS, Turkey : AYD. Retailer sales and indexes over the first 11 months of 2017. 26