1) Kesko is a Finnish retail group that operates in eight countries with net sales of €8.7 billion and 22,000 employees. 2) In 2015, grocery trade accounted for 54% of sales, home improvement 37%, and car trade 9%. Kesko plans to increase its market share in grocery trade through acquisitions in Finland and focus on neighborhood stores. 3) Kesko also aims to grow its home improvement business in Europe through strategic acquisitions like Onninen, increasing its B2B sales from 40% to 60% of the division total.

1. 1
KESKO’S
ROADSHOW
JUKKA ERLUND
MARCH 2016

2. • Net sales €8,679m
• Operating profit* €244.5m
• ROCE* 11.7%
• Personnel 22,000
• Shareholders 40,000
• Market capitalisation €3.2bn (Dec 31, 2015)
* excl. non-recurring items
2
KESKO 2015

3. 3
OPERATIONS IN
EIGHT COUNTRIES
Norway
5% Sweden
2%
Finland
81%
Lithuania
4%
Latvia
1%
Estonia
2%
Russia
4%
Belarus
1%
Retail sales, € million, 2015
Finland 8,927
Sweden 209
Norway 664
Estonia 136
Latvia 90
Lithuania 366
Russia 311
Belarus 116

4. • K-Group’s sales €10.8bn
• Operations is eight countries
• Over 1.3 million customer visits
every day
• Personnel 40,000
FOR SHOPPING TO BE FUN
4
K-GROUP

5. NET SALES BY DIVISION 2015
€4,673m€3,250m
€748m
Grocery trade
-1.0%
Home
improvement
and speciality
goods trade
+2.3%
Car trade -2.4%
54%37%
9%
5
Comparable change

6. INVESTING IN STRATEGIC
GROWTH AREAS
• Grocery trade (Finland, Russia, Kespro)
• Increasing the market share in the Finnish grocery
trade
• Focus on the development of neighbourhood
retailing
• Building and home improvement trade (Europe)
• Increasing building and home improvement trade in
Europe
• Increasing B2B sales
• Car trade (Finland, the Baltic countries)
6

7. Real estate
arrangement
Divestment of
Anttila
Kesko–Senukai
arrangement in
the Baltic
countries
Acquisition of
Suomen
Lähikauppa
Acquisition of
Onninen
7
STRATEGY IMPLEMENTATION IS
PROGRESSING
One unified Kesko – the customer and quality in everything we do

8. GROCERY TRADE
8

9. KESKO GROCERY TRADE
9
Net sales €4,673m
Operating profit* €177.5m
Operating margin* 3.8%
ROCE* 20.4%
K-Group 33.1%
S-Group 45.7%
Lidl 7.6%
Suomen Lähikauppa 6.8%
Others 6.8%
Total market €16.7 billion in 2014
Source: Nielsen
* excl. non-recurring items
2015

10. RETAIL STORES
Sales 2014
€ million, VAT 0%
Number of stores at
31.12.2015
Concept
1,505+581 81 Hypermarket
1,725 219 Supermarket
1,216 476
Neighbourhood
store
103 9
Compact hyper,
Russia
Others 161 108 Incl. online store
Total 5,292 893
10

11. 11
STRATEGIC OBJECTIVES OF THE GROCERY
TRADE
• Increasing the market share in the Finnish grocery trade
• Focus on the development of neighbourhood retailing
• Customer focused renewal of concepts
• Further improving quality and service level
• Improving price competitiveness and price image
• Offering leading digital services in grocery
• Developed retailer business model

12. KESKO TO INVEST IN FINLAND BY ACQUIRING
SUOMEN LÄHIKAUPPA
• Kesko has made an agreement to acquire the whole share capital of Suomen
Lähikauppa Oy from the private equity investment firm Triton
• The net sales of Suomen Lähikauppa in 2014 were €999.2 million
• It has 643 neighbourhood stores and 4,100 employees
• Suomen Lähikauppa has excellent business locations – the acquisition will
accelerate the implementation of the grocery trade strategy
• The transaction price of the debt-free acquisition, structured as a share
purchase, is approximately €60 million
12

13. HOME
IMPROVEMENT
AND SPECIALITY
GOODS TRADE
13

14. HOME IMPROVEMENT AND
SPECIALITY GOODS TRADE
14
Net sales €3,250m
Operating profit* €63.6m
Operating
margin*
2.0%
ROCE* 7.7%
Sports trade
€186m
Furniture trade
€179m
Agricultural and machinery
trade Finland €500m
Others
€37m
Building and home improvement
trade Belarus €116m
Building and home
improvement trade
Russia €192m
Building and home
improvement trade
Finland €794m
Building and home
improvement trade
Scandinavia €627m
Building and home
improvement trade
Baltics €461m
Agricultural and machinery
trade Baltics €115m
* excl. non-recurring items
2015

15. 15
STRATEGIC OBJECTIVES OF THE BUILDING AND
HOME IMPROVEMENT TRADE
15
• Kesko #5 in Europe – strong potential for further growth organically or
through acquisitions
• Providing excellent services from the same store network to the three
different customer segments
• Consumer customers
• Project customers
• B2B customers
• A common core for all countries to ensure efficient operations
• Offering the best omni-channel digital services

16. KESKO TO STRENGTHEN ITS POSITION IN THE
BUILDING AND TECHNICAL TRADE
• Kesko has made an agreement to acquire Onninen Oy's whole share capital
from Onvest Oy
• The pro forma net sales of the business to be acquired were €1,438 million
and the EBITDA was €39 million for the period from October 2014 until the
end of September 2015
• The transaction price of the debt-free acquisition, structured as a share
purchase, is €369 million
• Onninen's steel business and Russian subsidiary are not included in the
acquisition
16

17. KESKO AND ONNINEN - PERFECT MATCH
SELECTIONS COMPLEMENT EACH OTHER EXCELLENTLY
0
300
600
900
Building
materials
HEPAC Electrical Other product
groups
Onninen
K-Group
17
€m
K-Group’s and Onninen’s B2B sales in 2014

18. SHARE OF B2B SALES RISES FROM
40 PER CENT TO 60 PER CENT
1.6 1.6
1.3
2.7
0
1
2
3
4
5
K-Group K-Group and Onninen
Business customers
Project and consumer
customers
18
40%
60% 40%
60%
€bn
€2.9bn
€4.3bn
Retail sales, 2014

19. 13.8
12.1
5.6
4.8 4.3
3.4
2.6
0
5
10
15
Groupe
Adeo
Kingfisher OBI Bauhaus K-group
and
Onninen
Hornbach Wolseley
Nordic
Net sales, 2014
KESKO AND K-GROUP ONE OF THE LEADERS IN
ITS FIELD IN EUROPE
Source: Companies’ annual reports, websites,
Baumarktmanager
€bn
19
5/2015

20. CAR TRADE
20

21. CAR TRADE
21
Net sales €748m
Operating profit* €26.1m
Operating margin* 3.5%
ROCE* 25.2%
Volkswagen 11.9%
Toyota 11.2%
Skoda 9.2%
Ford 7.9%
Volvo 6.9%
Nissan 6.7%
Kia 6.0%
Audi 5.0%
Seat 1.6%
Others 33.6%* excl. non-recurring items
2015

22. 22
MAXIMISING VALUE CREATION ALSO IN OTHER
BUSINESSES
• Important to have the best platform for Kesko’s small and medium
sized businesses to succeed in tight competition
• Furniture trade (Finland and Estonia)
• Agricultural trade (Finland)
• Machinery trade (Finland and the Baltic countries)
• Shoe trade (Finland)
• Sports trade (Finland and Russia)
• All options which improve competitiveness of other businesses and
retailer entrepreneurs are possible
22

23. FINANCIALS
23

24. NET SALES
BY QUARTER
24
2,000
2,500
1,000
500
1,500
0
2,129
2,371
2,082
2,203
2,374 2,304
Q4
2,227
2,362
Q3
2,166
Q2
2,267
Q1
2,159
2,420
€m
20152013 2014

25. OPERATING PROFIT EXCL. NON-RECURRING ITEMS
BY QUARTER
25
67
84
70
19
62
84
68
19
59
83
76
27
0
20
40
60
80
100
Q4Q3Q2Q1
€m
2014 20152013

26. 26
FINANCIAL TARGETS AND
CAPITAL EXPENDITURE
• Return on capital employed 14%
• Return on equity 12%
• Interest bearing net debt / EBITDA < 2.5
• Capital expenditure in 2015–2017 approximately €750 million
• Excluding possible acquisitions
Dividend policy: Kesko Corporation distributes at least 50% of its earnings
per share excluding non-recurring items as dividends, taking however the
company's financial position and operating strategy into account.

27. ROCE AND ROE
EXCL. NON-RECURRING ITEMS, %
12.4
14.7
10.2
7.4
14.0
13.1
9.0 9.8 9.9
14.0
10.0
14.6
8.1
3.8
8.7 8.8
6.9
7.7 7.6
12.0
0
2
4
6
8
10
12
14
16
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 target
ROCE ROE
27
11.7
8.2

28. RETURN ON CAPITAL EMPLOYED
MOVING 12 MO, EXCL. NON-RECURRING ITEMS
28
Group totalHome improvement
and speciality
goods trade
Grocery trade Car trade
%
20.4
7.7
25.2
11.7
0
5
10
15
20
25
30

29. 29
0
50
100
150
200
250
300
350
400
450
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Capital expenditure in store sites Acquisitions Other capital expenditure
average
CAPITAL EXPENDITURE
€m

30. FINANCIAL POSITION
30
31.12.2015 31.12.2014
Equity ratio, % 54.7 54.5
Liquid assets, €m 887 598
Interest-bearing net debt / EBITDA -1.4 -0.3
Operating cash flow, €m 276 304
Capital expenditure, €m 219 194

31. EARNINGS / SHARE AND DIVIDEND
31
2010 2011 2012 2013 2014 2015
2.5
2.0
1.5
1.0
0.5
0.0
2.50
1.70
1.50
1.65
1.40
1.68
1.20
1.47
1.20
1.84
1.30
1.78
Dividend (2015 Board’s proposal to the AGM)
Earnings / share excl. non-recurring items
€
€

32. 32
REAL ESTATE IN 6/2015
32
Owned properties
Country
Area,
1,000 m2
Finland 550
Other Nordic countries 66
Baltic countries and Belarus 113
Russia 179
Total
Carrying amount
908
€1,070m
Leased properties total
1,000 m2
3,008
Classification
Strategic properties 59%
Standard properties 32%
Development properties 8%
Realisation properties 1%

33. 33
SHAREHOLDERS 12/2015
The largest registered
shareholders by number of
shares
Foreign ownership of
B shares 39%
1 K-retailers´ Association 3,877,707 3.88
2 Vähittäiskaupan Takaus Oy 3,491,771 3.49
3 Kruunuvuoren Satama Oy 3,438,885 3.44
4
Ilmarinen Mutual Pension
Insurance Company 1,970,632 1.97
5 Valluga-sijoitus Oy 1,340,439 1.34
6
Varma Mutual Pension Insurance
Company 1,130,986 1.13
7
Foundation for Vocational Training
in the Retail Trade 1,100,426 1.10
8 Oy The English Tearoom Ab 1,000,000 1.00
9 The State Pension Fund 950,000 0.95
10 Elo Pension Company 896,968 0.90
%

34. MARKET
SITUATION AND
FUTURE OUTLOOK
34

35. 0
2
4
6
8
10
12
14
16
1/00
7/00
1/01
7/01
1/02
7/02
1/03
7/03
1/04
7/04
1/05
7/05
1/06
7/06
1/07
7/07
1/08
7/08
1/09
7/09
1/10
7/10
1/11
7/11
1/12
7/12
1/13
7/13
1/14
7/14
1/15
7/15
1/16
Expectations for own finances
Expectation, 21st century
average
CONSUMER CONFIDENCE IN FINLAND
35
odotukset omasta taloudesta seuraavan 12 kk:n kuluttua
Source: Statistics Finland

36. -2,0
0,0
2,0
4,0
6,0
8,0
10,0
1/2013
2/2013
3/2013
4/2013
5/2013
6/2013
7/2013
8/2013
9/2013
10/2013
11/2013
12/2013
1/2014
2/2014
3/2014
4/2014
5/2014
6/2014
7/2014
8/2014
9/2014
10/2014
11/2014
12/2014
1/2015
2/2015
3/2015
4/2015
5/2015
6/2015
7/2015
8/2015
9/2015
10/2015
11/2015
12/2015
latestmonth
Estonia
Sweden
Lithuania
Latvia
Norway
Finland
RETAIL TRADE TRENDS IN OPERATING COUNTRIES
ROLLING 12 MO
36
Source: Eurostat, excl. motor vehicles and fuels
Latest
month
%(rolling12mo)

37. FUTURE OUTLOOK
37
Estimates of the future outlook for Kesko Group's net sales and operating profit excluding
non-recurring items are given for the 12 months following the reporting period (1-12/2016)
in comparison with the 12 months preceding the reporting period (1-12/2015).
The general economic situation and the expected trend in consumer demand vary in
Kesko’s different operating countries. In Finland, owing to the weak trend in consumers’
purchasing power, the trading sector’s performance is expected to remain modest in all
product lines, which may be complicated further by actions taken to balance the public
finances. In the Finnish grocery trade, intense competition is expected to continue. The
market for the Finnish building and home improvement trade and car trade is expected to
remain weak. With respect to foreign countries, the economic situation and consumers’
purchasing power, as well as the outlook in Russia have weakened further. Whereas in
Sweden and Norway and the Baltic countries, the market is expected to grow.
Kesko Group's net sales for 2016 are expected to equal the level of the previous year. The
operating profit excluding non-recurring items for 2016 is expected to slightly exceed the
level of 2015.
The future outlook does not take account of the acquisitions of Suomen Lähikauppa and
Onninen, in respect of which estimates will be given in connection with their respective
completions.

38. 38
THE WORLD’S
MOST
SUSTAINABLE
RETAIL OPERATOR
Davos, January 2015 and 2016:
’The Global 100 Most Sustainable
Corporations in the World’ list.

39. KESKO IS THE MOST RESPONSIBLE FOOD AND
STAPLES RETAILER IN THE WORLD
39
In 2015, Kesko rose to CDP’s Climate A List for the first time
At the top of the Nordic Climate Disclosure Leadership climate index since 2011.
In 2015, Kesko was awarded the full 100 points
In ’The Global 100 Most Sustainable Corporations in the World’ list since 2005
Included in the FTSE4Good index since 2009
Included in the STOXX Global ESG Leaders index family since 2011
Included in the Dow Jones sustainability indexes DJSI World and DJSI Europe
2003-2014

40. Q4 REPORT
40

41. HIGHLIGHTS IN 2015
• Stable market position and good profitability of the grocery trade
• Marked improvement in the profitability of the building and home improvement
trade
• Kesko’s new strategy
• Divestment of Anttila in March
• Completion of real estate arrangement in June
• Significant acquisitions in line with new growth strategy
41

42. KEY PERFORMANCE INDICATORS
EXCL. NON-RECURRING ITEMS
42
2015 2014
Net sales, €m 8,679 9,071
Operating profit*, €m 244.5 232.6
Operating margin*, % 2.8 2.6
Profit before tax, €m 188.0 145.0
Earnings per share*, € 1.70 1.65
Return on capital employed*, % 11.7 9.9
Return on equity*, % 8.2 7.6
*excl. non-recurring items

43. ENHANCEMENT OF OPERATIONS CONTINUES
• The weak economic situation and a
decline in sales have weakened the
Group’s cost effectiveness regardless of
saving measures taken
• The key objective is to improve the
expense ratio in all operations
• By increasing sales
• By implementing cost savings
• The €50 million savings programme
announced in 2015 is progressing as
planned
• The integration and synergies of Suomen
Lähikauppa and Onninen will improve the
Group’s cost effectiveness
43
16,8 %
17,0 %
17,2 %
17,4 %
17,6 %
17,8 %
18,0 %
18,2 %
18,4 %
2010 2011 2012 2013 2014 2015
Expense ratio
Expense ratio, Kesko Group excl. Anttila
18.4%
18.2%
18.0%
17.8%
17.6%
17.4%
17.2%
17.0%
16.8%

44. NET SALES
Q4 IN LOCAL CURRENCIES EXCL. ANTTILA +0.9%
44
10,000
8,000
6,000
4,000
2,000
0
2015
8,679
2014
9,071
Q4/2015
2,166
Q4/2014
2,267
€m
Reported net sales, €, incl. Anttila

45. OPERATING PROFIT
EXCL. NON-RECURRING ITEMS
45
0
50
100
150
200
250
2014 2015
244.5
232.6
Q4/2015
59.1
Q4/2014
61.9
€m

46. RETURN ON CAPITAL EMPLOYED
EXCL. NON-RECURRING ITEMS, ROLLING 12 MO
46
0
2
4
6
8
10
12
Q4/2015
11.7
Q3/2015
11.3
Q2/2015
10.9
Q1/2015
10.2
Q4/2014
9.9
Q3/2014
10.0
Q2/2014
9.9
Q1/2014
9.9
Q4/2013
9.8
Q3/2013
9.7
Q2/2013
9.3
Q1/2013
8.8
%

47. OPERATING CASH FLOW
47
-95
115114
244
-59
137134129 123
86
142
-75-100
-50
0
50
100
150
200
250
Q4Q3Q2Q1
€m
201520142013

48. GROCERY TRADE
48

49. GROCERY TRADE
• Market share of K-citymarket and K-supermarket chains strengthened in
2015 *
• Focus on the development of neighbourhood retailing
• All K-market stores to be renewed
• Acquisition of Suomen Lähikauppa
• Implementation of customer focused strategy is progressing
• Store specific development of selections and services according to local
customer needs
• The best digital services in the grocery trade
• Comparable change in Q4 net sales -0.5% owing to decline in retail prices in
Finland
• Kespro’s market share increased and profitability remained at a good level in
2015
* Source: Finnish Grocery Trade Association (PTY)
49

50. NET SALES
Q4 COMPARABLE CHANGE -0.5%
50
5,000
4,000
3,000
2,000
1,000
0
4,673
2014
4,754
Q4/2015
1,249
Q4/2014
1,260
2015
€m

51. OPERATING PROFIT EXCL. NON-RECURRING ITEMS
51
0
50
100
150
200
250
2015
177.5
2014
223.2
Q4/2015
54.5
Q4/2014
62.2
€m

52. HOME
IMPROVEMENT
AND SPECIALITY
GOODS TRADE
52

53. HOME IMPROVEMENT AND
SPECIALITY GOODS TRADE
• Profitability of building and home improvement trade improved
significantly in 2015 especially in foreign operations
• Market share of the K-Group’s building and home improvement trade
strengthened in several markets in 2015
• Growth strengthened especially in B2B trade
• Growth in the Baltic countries and Belarus is promoted by centralising
operations in Kesko-Senukai
• Good profit performance in the furniture trade and the agricultural and
machinery trade
• Acquisition of Onninen will strengthen Kesko’s position in the building
and technical trade
53

54. NET SALES
Q4 IN LOCAL CURRENCIES EXCL. ANTTILA +3.1%
54
736837
0
3,000
2,000
4,000
1,000
3,250
2014
3,568
Q4/2015 2015Q4/2014
€m
Reported net sales, €, incl. Anttila

55. OPERATING PROFIT EXCL. NON-RECURRING ITEMS
55
0
10
20
30
40
50
60
70
2015
63.6
2014
0.4
Q4/2015
7.5
Q4/2014
3.7
€m

56. CAR TRADE
56

57. CAR TRADE
• Volkswagen the market leader in passenger cars and vans in 2015
• At the end of 2015, order books for Volkswagen, Audi and Seat higher than
the year before
• Profitability in 2015 continued to remain at a good level, return on capital
employed 25.2%
• Volkswagen Group’s diesel engine repairs in Finland will start in March
57

58. NET SALES
Q4 +1.5%
58
748766
177175
0
200
400
600
800
20152014Q4/2015Q4/2014
€m

59. OPERATING PROFIT EXCL. NON-RECURRING ITEMS
59
0
10
20
30
2015
26.1
2014
28.9
Q4/2015
3.8
Q4/2014
5.2
€m

61. 61
CONTACT INFORMATION
61
IR@kesko.fi
www.kesko.fi/investor
Twitter.com/Kesko_IR