Smart & Final Stores LLC IR handout June 2018 v1

1. 0
Investor Presentation
June 2018

2. Disclaimer
This presentation contains certain forward-looking statements, which may be identified by the use of forward-looking terminology, including the terms “may,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or, in
each case, their negative, or other variations or comparable terminology. The forward-looking statements involve risks and uncertainties, some of which cannot
be predicted or quantified. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. The
Company derives many of its forward-looking statements from its operating budgets and forecasts, which are based upon detailed assumptions. While the
Company believes that its assumptions are reasonable, it is difficult to predict the impact of known factors and to anticipate all factors that could affect actual
results. As such, actual results may differ materially from those projected or implied and you should not place undue reliance on these forward-looking statements.
For a discussion concerning the factors that could cause these differences, please refer to the Company’s filings with the Securities and Exchange Commission
(the “SEC”).
This presentation makes no representations or warranties and no person has been authorized to make any representations or warranties on behalf of the
Company or any of its affiliates, or to give any information other than that contained in this presentation. Nothing contained in this presentation is, or shall be relied
upon as, a promise or representation or warranty, whether as to the past, present or the future. Certain of the economic and market information contained herein
has been obtained from published sources and/or prepared by other parties. None of the Company or any of its directors, partners, stockholders, officers,
affiliates, employees, agents or advisers nor any other person assumes any responsibility for the completeness of any information in this presentation, and we
expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in
expectations or events, conditions or circumstances on which such statements are based.
This presentation includes certain non-GAAP financial measures, including Adjusted Net Income (Loss), Adjusted Net Income (Loss) per Share, Adjusted Net
Income (Loss) per Diluted Share, EBIT Margin, EBITDA and Adjusted EBITDA. These non-GAAP financial measures should be considered only as supplemental
to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-
GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.
This presentation is confidential and may not be reproduced or otherwise distributed or disseminated, in whole or part, without the prior written consent of the
Company, which consent may be withheld in its sole and absolute discretion.
Any investment in the Company will be subject to certain risks related to the nature of the Company’s business and the structure and operations of the Company.
Any investment in the Company should be made only with an appreciation of the applicable risks, which will be described in the Company’s filings with the SEC.
1

3. Smart & Final Overview
2
 Value-oriented food and everyday staples retailer
− 323 non-membership, smaller-box, warehouse-
style stores(1)
− LTM Sales(1): $4,620 million
− LTM Adj. EBITDA(1): $186.8 million
 Unique platform that appeals to both household and
business customers
− Two complementary and highly productive banners
− “Everyday Low Prices”
− 98% non-union(2)
 Well positioned in digital commerce & delivery options
 Strong historic new store development
− FY2017 new stores (18) and Extra! conversions
and relocations (8)
− Expected development rate in 2018: New stores
(6-10) and Extra! expansions and relocations (3-5)
Annual Unit Growth 323 Locations in 8 States(1)
(1) As of March 25, 2018. Excludes 15 stores operated through a non-consolidated 50/50 joint venture in Mexico.
(2) As of December 31, 2017.
Smart FoodserviceExtra!
2
5
13
20
33
14
1
2
4
4
2
5
14
22
37
18
2012 2013 2014 2015 2016 2017

4. Differentiated Go-to-Market Strategy
3
COMPELLING VALUEDIFFERENTIATED PRODUCTS CONVENIENCE
 Targeted pricing substantially lower
than conventional grocers
 Targeted pricing competitive with
Walmart, Costco and leading discount
grocers such as Food 4 Less (Kroger)
 Consistently offer better value than
large discounters on produce
 No membership fee
 Smaller, easy-to-shop format stores
 Located near customer’s home or
business
 “2 shops in 1 stop”
 Large variety of warehouse club sizes
 Extensive selection of private label
 Unique items for businesses
Broad appeal across household and business customers

5. Complementary Store Banners
4
FY 2017 Sales $3,558 million $1,013 million
0.7%FY 2017 SSS
Customer
Mix(2)
37%
63%
29%
71%
47%
53%
Store Footprint(1)
63 in CA, WA, OR, ID, NV, UT and MT194 in CA, NV and AZ 66 in CA, NV and AZ
Banner
Differentiator
~16,000 sq. ft.~28,000 sq. ft. ~20,000 sq. ft.
Merchandise
Mix (2)
Perishables
Grocery,
beverage,
paper &
packaging &
restaurant
supplies
Average Size(2)
“Two shops in one stop” “We sell ingredients”
Value Proposition Distinctive mix of household and business items at “Everyday Low Prices”,
including warehouse club pack sizes
No frills, focused on
business customers
Business: ~29% Household: ~71% ~90% ~10%
(1) As of March 25, 2018.
(2) For the 52 week fiscal year ended December 31, 2017.
2.4%

6. The Experience
5
Smart & Final Banner Mix(1)
(1) Reflects estimated data for fiscal year 2017.
Common National Brands
Common Private Label
Unique Private Label
Unique National Brands
Broad Range of Product Sizes
Unique Items
Wide selection of quality private
label and national brands
Household & business products
side-by-side
“Everyday Low Prices”
Perishables
Emphasis on high-quality,
fresh products
Differentiated, value-focused merchandise mix in a convenient format
Value
22%
16%
12%
50%
38%
Unique
28%
Private
Label
~$3.6 billion Net Sales
Key Private Label Brands

7. The Experience
6
Natural & Organic Products Warehouse Club Sizes
Bulk Foods OfferingReady-to-Eat Chicken

8. The Experience
7
Convenience
Ingredients and Supplies
Broad selection of everyday
foodservice products
Accessible locations and no
minimum order size
Competitive pricing with no
membership fee
Ability to hand-select high
quality, fresh perishables
Convenient, no-frills shopping environment for the business customer
Value
Continuing Store GrowthDiverse Customer Base
Format serves a wide variety of
businesses and organizations
Perishables
Cumulative New Stores (1)
(1) Cumulative since the Company’s initial public offering on September 23, 2014
1
3
7
11
15
2014 2015 2016 2017 2018E

9. 8
Primal Cut & Case Meats
Professional Foodservice Items Institutional Sizes
Quality Fresh Produce
The Experience

10. Key Drivers of Sales Growth
9
Expansions & Relocations New Store OpeningsSame Store Sales
Cumulative Expansions and Relocations Cumulative New Stores
 Continued new store growth in 2018
− 3-5 new Extra! stores
− ~4 new Smart Foodservice stores
 Significant additional opportunities in
current markets
 Potential for expansion of both banners
into adjacent / new markets; longer-term
national opportunity
 Continue opportunistic expansions and
relocations to Extra! format in 2018
− 1-2 planned expansions
− 2-3 planned relocations
 Pursue additional opportunities to
expand or relocate legacy stores
 Grow margin accretive private label sales
 Continue to evolve merchandising mix
 Drive business customer growth
 Enhance brand awareness to expand
customer reach
 Online ordering available in over 85% of
stores(1)
28%
29%
31%
33%
34%
35% 35%
2011 2012 2013 2014 2015 2016 2017
Smart & Final Banner Perishables
Penetration
12 14
23
30
38
52
58
64 69 70
18
20
21
22
22
24
28
34
37 40
30
34
44
52
60
76
86
98
106
110
Conversions / Expansions Relocations(1) As of Mar 25, 2018
.
4 4 5 7 12
25
45
78
92 96
2 2 2 2
2
3
5
9
13
17
6 6 7 9
14
28
50
87
105
113
Extra! Smart Foodservice Total

11. Compelling Store Development Opportunities
10
 Cash investment of ~$2 million
 Target pre-tax cash-on-cash returns of
~20-25% in year 3/4
 Accelerated growth in existing and new
markets
− 15 new stores in 2014 – 2018E
 Cash investment of ~$3 million
 Target pre-tax cash-on-cash returns of
20% in year 3
 Since 2008, have converted/expanded 69
legacy store locations to Extra!
− Add perishables and optimize
merchandising to maximize productivity
− Average sales increase of ~25%+ in 12
months following conversion
 Typical cash investment of ~$3.1 million
 Target pre-tax cash-on-cash returns of
~20-25% in year 3
 Proven execution of model through 80 new
Extra! stores opened to date
New Extra! Stores Legacy Expansions to Extra! New Smart Foodservice Stores
Attractive Store Economics(1)
New Unit
Growth in
Existing and
Adjacent
Markets
Longer-term
Growth
Opportunities
 Deep institutional knowledge of existing local markets
− Flexible real estate strategy with “new and adaptive reuse” sites
− Lower risk expansion utilizing existing distribution infrastructure
− Growth from higher densities in key California market
 Capitalize on Smart Foodservice banner opportunities to accelerate unit growth
 Pursue deep pool of new Extra! store targets in existing markets
 Pacific Northwest represents actionable expansion for Extra! banner
 Broader U.S. market has potential to support additional stores in both banners
 Growth opportunities in Mexico (beyond current 15 stores)
(1) As of March 25, 2018

12. Well Positioned for Growth in E-commerce
11
− Online ordering available in 85%+ stores with delivery and click-and-collect models
− Partners with industry leaders – Instacart and Google
− In-house services for business delivery in densely populated locations
April 2014
Non-perishable orders
with Google Express in
SF and West LA
June 2015
Initial launch with
Instacart in 21 stores
August 2017
Launched
shop.smartandfinal.com
in partnership with
Instacart
April 2018
Launched Smart &
Final delivery app,
powered by Instacart
Strong
Capabilities in
E-commerce
and Delivery
Rapidly
Evolving
Landscape
− Small sales penetration but rapid growth rate
− Target new customers and retention of existing business
− Evolving economic models
− Invest for digital relevance and flexible framework
2015-2017
Expand as Instacart
extends its range
% Stores with
E-commerce:
10% 20% 50% 85%

13. Delivering Solid Financial Results
12
$125
$139
$164 $176
$193
$180 $184 $187.1
4.4% 4.6%
5.1% 5.0% 4.9%
4.1% 4.0% 4.0%
2011 2012 2013 2014 2015 2016 2017 1Q 2018
LTM
Adjusted EBITDA % Margin
Net Sales
$2,840
$3,043 $3,210
$3,534
$3,971 $4,342 $4,571 $4,620
2011 2012 2013 2014 2015 2016 2017 1Q 2018
LTM
($ in millions)
Adjusted EBITDA(2) and Margin
% SSS
($ in millions)
 Solid record of sales growth in both store banners
− Dynamic geographic market with strong economy
− Contribution from new store opportunities
− Continuing growth from merchandising initiatives
− But, 2016-2017 impact from industry-wide deflation
 Historically strong margin/EBITDA growth
− Margin initiatives strengthening merchandise margin
(private label, produce, perishables, natural & organic)
− Recent dilution from new store cannibalization &
product price deflation
 Strong opportunity for future EBITDA leverage
− Continuing merchandise margin opportunities
− Inflation returning to normal 2% level
− Leverage in fixed occupancy and distribution expense
from maturing stores
6.3%
4.5%
4.5% -0.5%4.0% 1.0%
(1) Represents quarterly SSS for Q1 2018.
(2) Adjusted EBITDA defined as earnings (income or loss) before income tax provision, interest expense (net), depreciation and amortization, as adjusted for the items set forth in the
reconciliation schedule in the Appendix. 2012 amounts are pro forma for acquisition of Company by affiliates of Ares Management, L.P. (the “Ares Acquisition”).
1.2%(1)6.7%9.5%

14. 2018 Guidance(1)
13
(1) This information was provided by the Company on March 14, 2018. Actual results may differ materially from those projected or implied.
Full Year 2018
Net sales growth 4.0 - 5.0%
Comparable store sales growth 1.0 - 2.0%
Unit growth (net new stores)
3-5 Smart & Final Extra!
3-5 Smart Foodservice
Relocations of existing stores to Extra! format 2-3 Smart & Final stores
Expansions or conversions of legacy stores to Extra! format 1-2 Smart & Final stores
Adjusted EBITDA $180 - $190 million
Adjusted net income $31 - $35 million
Adjusted diluted EPS $0.42 - $0.47
Capital expenditures (net of tenant improvement allowances) $80 - $90 million
Fully diluted weighted average shares 74 - 75 million

15. What Makes Us Different?
14
 Unique stores designed to serve both
household and business customers
 Distinctive and value-focused merchandise
offering including foodservice assortment
 Growth opportunities in digital commerce
and through new stores in existing markets
 Experienced and committed management
team with developed infrastructure
 Two highly productive store banners
 Positive same store sales
growth in 27 out of the last
29 years
 Unique sizes and extensive
selection of private label at
highly competitive prices
 Digital commerce integrated
with brick-and-mortar
 Sales per square foot of
$611(1)
(1) For the 52-week fiscal year ended December 31, 2017.

16. 11.8
9.0
4.6
10.4
4.7
5.5
5.0
2.7
2.0
(0.2)
4.7
5.4
3.8
3.4
8.8
11.0
2.6
2.8
6.0
8.7
3.8
2.9
9.5
6.7
4.0
6.3
4.5
(0.5)
1.0 1.2
A Long History of Growth
Historical SSS Performance (%)
Positive same store sales growth in 27 of the last 29 fiscal years
15
2018 SSS performance % based on Q1 actuals

17. Appendix
16

18. Reconciliation of EBITDA and Adjusted EBITDA
17
Smart & Final Stores, Inc. and Subsidiaries
Reconciliation of EBITDA to Adjusted EBITDA
(Unaudited)
(In Thousands)
Twelve Weeks Ended March 25, 2018 March 26, 2017
Net loss (7,094)$ (4,592)$
Depreciation and amortization 23,292 21,683
Interest expense, net 9,251 8,174
Income tax benefit (2,748) (5,978)
EBITDA 22,701 19,287
Adjustments to EBITDA
Net loss from closed stores and exit costs (a) 91 390
Loss from asset dispositions (b) 1,418 328
Share-based compensation expense (c) 3,285 1,815
Non-cash rent (d) 1,203 1,555
Pre-opening costs (e) (69) 977
Other items (f) - 56
Adjusted EBITDA 28,629$ 24,408$
(a) Represents costs associated with store closure and exit costs.
(b) Represents non-cash loss associated with asset dispositions and impairment charges.
(c) Represents expenses associated with the Company's equity-based incentive award program.
(d) Represents non-cash component of recognized rent expense.
(e) Represents new store and relocation opening costs consisting primarily of rent, utilities, distribution, store labor and advertising.
(f) Represents severance costs in the twelve week fiscal quarter ended March 26, 2017.

19. Reconciliation of Net Loss and Adjusted Net Loss
18
(a) Represents costs associated with store closure and exit costs.
(b) Represents non-cash loss associated with asset dispositions and impairment charges.
(c) Represents expenses associated with the Company's equity-based incentive award program.
(d) Represents non-cash component of recognized rent expense.
(e) Represents new store and relocation opening costs consisting primarily of rent, utilities, distribution, store labor and advertising.
(f) Represents severance costs in the twelve week fiscal quarter ended March 26, 2017.
Smart & Final Stores, Inc. and Subsidiaries
Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss
(Unaudited)
(In Thousands, Except Share and Per Share Amounts)
Twelve Weeks Ended March 25, 2018 March 26, 2017
Net loss (7,094)$ (4,592)$
Income tax benefit (2,748) (5,978)
Loss before income taxes (9,842) (10,570)
Adjustments to net loss
Net loss from closed stores and exit costs (a) 91 390
Loss from asset dispositions (b) 1,418 328
Share-based compensation expense (c) 3,285 1,815
Non-cash rent (d) 1,203 1,555
Pre-opening costs (e) (69) 977
Other items (f) - 56
Adjusted income tax benefit 1,092 3,935
Adjusted net loss (2,822)$ (1,514)$
Adjusted Net Loss Per Share
Net loss per share - basic (0.10)$ (0.06)$
Per share impact of net income adjustments 0.06 0.04
Adjusted net loss per share - basic (0.04)$ (0.02)$
Net loss per share - diluted (0.10)$ (0.06)$
Per share impact of net income adjustments 0.06 0.04
Adjusted net loss per share - diluted (0.04)$ (0.02)$
Weighted average shares - basic 72,231,171 72,287,891
Weighted average shares - diluted 72,231,171 72,287,891

20. Summary Historical Financials(1)
Notes:
(1) 2012 amounts are pro forma for the Ares Acquisition. 2017 includes recording a $180M goodwill impairment charge
19
($ in millions)
2013 2014 2015 2016 2017
Smart & Final 188 201 221 246 260
Cash & Carry 52 53 55 59 63
Total Stores 240 254 276 305 323
Smart & Final 3.40% 5.00% 4.40% -0.60% 0.66%
Cash & Carry 6.10% 10.00% 4.50% -0.30% 2.38%
Total SSS 4.00% 6.30% 4.50% -0.50% 1.04%
Smart & Final $2,425 $2,669 $3,037 $3,401 $3,558
Cash & Carry 785 865 934 941 1013
Total Sales $3,210 $3,534 $3,971 $4,342 $4,571
% growth 5.50% 10.10% 12.40% 9.30% 5.26%
Gross Margin 474 527 599 630 674
% of sales 14.80% 14.90% 15.10% 14.50% 14.75%
Goodwill Impairment -180
Income (loss) from operations 87 89 95 47 -127
% of sales 2.70% 2.50% 2.40% 1.10% n/a
Net Income (Loss) $8 $33 $38 $13 ($139)
% of sales 0.30% 0.90% 1.00% 0.30% n/a
GAAP Basic EPS $0.14 $0.54 $0.52 $0.18 ($1.92)
GAAP Diluted EPS $0.14 $0.52 $0.50 $0.17 ($1.92)
Adjusted EBITDA $164 $176 $193 $180 $184
% of sales 5.10% 5.00% 4.90% 4.20% 4.04%
Adjusted Net Income $32 $47 $56 $42 $34
% of sales 1.00% 1.30% 1.40% 1.00% 0.73%
Adjusted Basic EPS $0.56 $0.76 $0.77 $0.58 $0.47
Adjusted Diluted EPS $0.54 $0.73 $0.73 $0.54 $0.45
Fiscal Year Ended

21. Consolidated Quarterly P&L Performance(1)
20
(1) Quarter ended Dec 31, 2017 includes recording a $180M goodwill impairment charge
($ in millions)
19-Jun-16 9-Oct-16 1-Jan-17 26-Mar-17 18-Jun-17 8-Oct-17 31-Dec-17 25-Mar-18
Net sales $1,038.3 $1,394.4 $1,000.6 $967.0 $1,078.3 $1,457.4 $1,067.9 $1,016.2
Cost of sales, distribution and store occupancy 881.1 1191.4 859.7 833.9 916 1243.5 903.5 870
Gross Margin 157.2 203 140.9 133.1 162.3 213.9 164.4 146.2
Operating and administrative expenses 138.8 183.4 135.2 135.7 143.1 195.3 327.1 147.4
Income (loss) from operations 18.4 19.6 5.7 -2.6 19.2 18.6 -162.6 -1.2
Interest expense, net 7.4 10 7.9 8.2 8.3 11.2 8.7 9.3
Loss on early extinguishment of debt 0 -5 0 0 0 0 0 0
Equity in earnings of joint venture 0.2 0.5 0.3 0.2 0 0.4 0.3 0.6
Income (loss) before income taxes 11.2 5.1 (1.9) (10.6) 10.9 7.7 (171.0) (9.8)
Income tax (provision) benefit -3.4 1.9 1.7 6.0 -3.8 -2.6 24.5 2.8
Net Income (Loss) $7.80 $7.00 ($0.30) ($4.60) $7.10 $5.10 ($146.56) ($7.10)
Net income (loss) per share – basic $0.11 $0.10 $0.00 ($0.06) $0.10 $0.07 $2.03 ($0.10)
Net income (loss) per share – diluted $0.10 $0.09 $0.00 ($0.06) $0.09 $0.07 $2.03 ($0.10)
Weighted average shares - basic 73,197,064 72,601,724 71,962,127 72,287,891 72,573,681 72,446,404 72,068,998 72,231,171
Weighted average shares - fully diluted 78,907,184 77,705,917 71,962,127 72,287,891 76,251,510 74,253,374 72,068,998 72,231,171
Sales Growth 14.70% 11.90% 0.30% 6.40% 3.90% 4.50% 6.70% 5.10%
Gross Margin 15.10% 14.60% 14.10% 13.80% 15.10% 15.00% 15.40% 14.40%
EBIT Margin 1.80% 1.40% 0.60% -0.30% 1.80% 1.30% -15.20% -0.10%
Net Income Margin 0.80% 0.50% 0.00% -0.50% 0.70% 0.40% -13.70% -0.70%
Quarter Ended