Trends of the retail and FMCG market in Greece - April 2016

1. Market View
Year 2015, January – April 2016

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 Value Sales Trend: Super/Hyper Markets FMCG Metrics
 Super/Hyper Markets (including Key Retailers, smaller
Retailers and Sklavenitis real data)
 Channels
 Greece Mainland
 Crete
 Areas
 YR 2015 vs YR 2014
 Jan-Apr 2016 vs Jan-Apr 2015
 Periods
Study ID
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 Stores with large selling
spaces (over 2500 sqm)
and even broader range
of products
Hypermarket
 Self-service retail stores
with a central check-out
area and at least 2 cash
registers, offering a
large variety of
groceries as well as
consumer durables and
goods
Supermarket
 Self-service retail stores
carrying mainly
groceries in limited
range with emphasis on
own label products and
low prices
Discounters
Channels definitions

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Greece economy
RETAIL TURNOVER INDEX
(w.o AUTOMOTIVE FUEL)
INFLATION RATE TREND
UNEMPLOYMENT
- 4 .9 %
- 7 .1 %
- 5 .3 %
- 1 .8 %
- 0 .2 %
- 6 .4 %
2010 2011 2012 2013 2014 2015
GDP
4.7%
3.3%
-0.9%
-1.3%
-1.7%
1.5%
2010 2011 2012 2013 2014 2015
1 4 .8 %
2 1 .0 %
2 7 .5 % 2 6 .5 %
2 5 .0 %
2 6 .9 %
2010 2011 2012 2013 2014 2015
-1.2%
-7.2%
-8.6%
-1.0% -1.0%
-11.3%
2010 2011 2012 2013 2014
Jan/Oct
'15 vs.
Jan/Oct
'14
Source: ELSTAT Feb 2016 (latest available period/provisional data)

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HM/SM VALUE SALES TREND
YR 2013
YR 2014
YR 2015
YR 2013 YR 2014 YR 2015
-1.4% -2.1%
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data)
In 2015 the negative sales trend is deccelarating compared to the
previous years

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HM/SM VALUE SALES TREND
YTD 2014 YTD 2015
YTD 2016
YTD 2014 YTD 2015 YTD 2016
-1.1% -5.7%
Overall sales in YTD are declining
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data), YTD: Jan-Apr 2016

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TRENDS PER SHOP TYPE - YTD
Medium sized Super Markets (400-1000 sq.m.) manage to reverse
the negative trend in YTD
0-400 sqm
2500+ sqm
400-1000 sqm
1000-2500 sqm
• % Value Contribution: 13,3%
• Value sales trend: -17,7%
• % Value Contribution: 9,1%
• Value sales trend: -23,9%
• % Value Contribution: 44,4%
• Value sales trend: -1,6%
• % Value Contribution: 33,2%
• Value sales trend: 1,3%
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data), YTD: Jan-Apr 2016

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LIDL VALUE SALES TREND
YTD 2014 YTD 2015
YTD 2016
Column 2YTD 2014 YTD 2015 YTD 2016
1.2% 9.0%
Lidl sales are increasing in YTD
Source: IRI Lidl estimation, YTD: Jan-Apr 2016

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HM/SM SALES AND PRICE TREND
Decline in consumption leads to price level upraise
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data), YTD: Jan-Apr 2016
-1,4
-2,1
-5,7
0,6
-2,1
-9,0
-2,0
0,2
4,0
2014 2015 YTD 2016
Value Volume Price per Volume

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HM/SM VALUE SALES TREND BY MONTH
-0,4%
-3,7%
-0,6%
-7,7%
-1,4%
-2,9%
-6,9%
-6,6%
-4,1%
-2,4%
-3,1%
-2,6%
-4,2%
3,0%
-2,7%
-4,8%
4,1%
1,5%1,5%
-3,3%
-3,1% -3,4%
-2,7%
-2,5%
2,3%
-4,4%
3,1%
-6,3%
-0,1%
5,5%
-8,3%
-0,5%
-2,6%
-3,9%
-3,6%
-7,5%
-6,0%
-8,3%
-8,8%
2,0%
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data)
April was the first month with a positive growth sign after the
referendum due to Easter period

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HM/SM UNIT SALES TREND BY MONTH
1,9%
0,8%
3,2%
-2,5%
-0,6%0,0%
-5,6%-6,0%
-2,3%
-2,7%
-1,8%-1,6%
-3,1%
-2,5%
-3,2%
0,3%
-2,6%
1,5%
3,2%
-7,2% -5,5% -5,4%
-6,4%
-8,5%
2,0%
-5,0%
1,4%
-7,6%
-0,8%
4,8%
-9,3%
-3,8%
-6,7%
-9,5%
-7,8%
-11,6%
-11,2%
-11,7%
-13,5%
-0,9%
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data)
Despite Easter period, April is slightly negative in unit sales

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HM/SM VALUE SALES TREND 2015
-2,0%
-2,4%
-2,1%
FOOD
HBA
HOUSEHOLD
YTD
-6,1%
-4,2%
-3,2%
FOOD
HBA
HOUSEHOLD
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data), YTD: Jan-Apr 2016
All segments mark negative trends in YTD

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HM/SM UNIT SALES TREND 2015
-4,4%
-3,9%
-2,4%
FOOD
HBA
HOUSEHOLD
YTD
-10,6%
-4,6%
-6,8%
FOOD
HBA
HOUSEHOLD
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data), YTD: Jan-Apr 2016
Food categories are driving the loss in unit sales

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Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data)
Frozen and packaged foods were the only categories with a positive
growth
HM/SM VALUE SALES TREND 2015
-1,2%
-3,7%
-2,4%
-2,4%
1,7%
-0,3%
-4,5%
1,1%
-4,0%
-2,0%
-5,5%
HOUSEHOLD CLEANERS & DETERGENTS
OTHER HOUSEHOLD PRODUCTS
PERSONAL CARE & BEAUTY
PERSONAL HYGIENE
PACKAGED FOOD
SNACKS
DAIRY
FROZEN FOOD
COOKING AIDS, INGREDIENTS & CONDIMENTS
NON ALCOHOLIC BEVERAGES
ALCOHOL DRINKS

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Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis data)
Packaged foods were the only categories with a positive growth
HM/SM UNIT SALES TREND 2015
-2,6%
-2,2%
-3,0%
-4,8%
0,3%
-5,5%
-5,3%
-2,4%
-7,8%
-4,3%
-7,9%
HOUSEHOLD CLEANERS & DETERGENTS
OTHER HOUSEHOLD PRODUCTS
PERSONAL CARE & BEAUTY
PERSONAL HYGIENE
PACKAGED FOOD
SNACKS
DAIRY
FROZEN FOOD
COOKING AIDS, INGREDIENTS & CONDIMENTS
NON ALCOHOLIC BEVERAGES
ALCOHOL DRINKS

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HM/SM VALUE SALES TREND YTD
-2,8%
-4,0%
-1,6%
-6,7%
-5,6%
-3,6%
-9,4%
-8,7%
-2,1%
-5,1%
-9,7%
HOUSEHOLD CLEANERS & DETERGENTS
OTHER HOUSEHOLD PRODUCTS
PERSONAL CARE & BEAUTY
PERSONAL HYGIENE
PACKAGED FOOD
SNACKS
DAIRY
FROZEN FOOD
COOKING AIDS, INGREDIENTS & CONDIMENTS
NON ALCOHOLIC BEVERAGES
ALCOHOL DRINKS
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis), YTD: Jan-Apr 2016
All categories decrease in value during the first 4 months of 2016

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HM/SM UNIT SALES TREND YTD
-3,8%
-9,7%
-0,5%
-8,6%
-10,0%
-12,0%
-11,3%
-16,2%
-10,3%
-7,3%
-12,1%
HOUSEHOLD CLEANERS & DETERGENTS
OTHER HOUSEHOLD PRODUCTS
PERSONAL CARE & BEAUTY
PERSONAL HYGIENE
PACKAGED FOOD
SNACKS
DAIRY
FROZEN FOOD
COOKING AIDS, INGREDIENTS & CONDIMENTS
NON ALCOHOLIC BEVERAGES
ALCOHOL DRINKS
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis), YTD: Jan-Apr 2016
All categories decrease in units during the first 4 months of 2016

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Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis), YTD: Jan-Apr 2016
Winning and losing categories in YTD
CATEGORIES WITH THE BIGGEST
GROWTH IN VALUE
CATEGORIES WITH THE BIGGEST
DECLINE IN VALUE
• Food supplements • Iron aids and water
• Insecticides • Olives
• Seasonal chocolates • Packaged sausages
• Female razors and blades • Baby colognes
• Baby food (jars, juices, biscuits) • Sun care products

19. 19
Evolution of Private Labels
IRI InfoScan

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PL losing ground for the first time in 2015, marking the lowest share
in YTD ’16 since 2012
PL IN SUPER/HYPER MARKETS, 2007-2016
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis), YTD: Jan-Apr 2016
Figures in grey brackets, indicate PL‘s value growth vs YA
5,9%
7,3%
8,6%
11,9%
16,1%
17,8% 18,3% 19,0%
18,0%
16,9%
2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD
7.4%
0.8%
2.3%
-7.0%
-16.1%
34.5%
35.9%
19.1%
25.8%

21. 21
Leading barcodes
IRI InfoScan

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No 3
• Καραμολέγκος σταρένιο
φόρμα 680γρ
No 2
• Λουμίδης Παπαγάλος
παραδοσιακός 200γρ
No 1 in unit
• Νερό Ζαγόρι 500ml
Leading barcodes for April ‘16 in terms of value and unit sales
No 3
• Νescafe classic 200γρ
No 2
• Νescafe classic 100γρ
No 1 in value
• Λουμίδης Παπαγάλος
παραδοσιακός 200γρ
Top 3 barcodes contribute 0.88% of total FMCG value sales
Top 3 barcodes contribute 1.07% of total FMCG sales in units
Source: IRI InfoScan, HM/SM (including Key Retailers, smaller Retailers and Sklavenitis), YTD: Jan-Apr 2016

23. 23
Top manufacturers’ performance
IRI InfoScan

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VALUE SALES TREND 2015 AND YTD
-5,7%
-2,4%-2,9%
-12,1%
-2,5%
-6,6%-7,2%
-15,7%
-4,1%
8,0%
11,1%
-0,8%
-7,6%
-0,5%
1,0%
-8,5%
-1,4%-0,3%
-7,4%
-14,6%
1,9%
-15,1%
-4,1%
-6,2%
7,8%
9,4%
TOTALMARKET
UNILEVER
P&G
DELTA-B.STATHIS
NESTLE-PURINA
CCHBC
FRIESLAND
OLYMPOS
MONDELEZ
PAPADOPOULOU
MEGA
COLGATE-PALMOLIVE
FAGE
ELBISCO
SARANTIS
HENKEL
ATHENEAN
RECKIT
MINERVA
BOLTON
ION
SCA
TASTY
PEPSICO
GIOTIS
KARAMOLEGOS
YTD
-2,1% -2,4% -6,8% -3,6% -2,2% -2,0% -5,4% -0,5% -1,0% 4,3% 20,5% 1,1% -10,0% 4,8% -5,8% 1,8% 1,4% -3,8% -2,4% 7,3% 1,9% -17,1% -0,6% -12,0% 5,6% 6,4%
Key manufacturers
Figures in blue indicate the trend for 2015
Source: IRI InfoScan, Ranked based on value sales 2015, YTD: Jan-Apr 2016
General Mills
2015 vs 2014 +2.7%
YTD Jan – Apr +3.5%

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writing, this information should not be released or disclosed to other third parties.