Pepco Group Bv · GPW:PCO

Pepco Group Bv — Investor Day (October 2023)

110 slides from Pepco Group Bv's investor day presentation, Oct 18, 2023

1. Slide 1: Capital Markets Day, 18 October 2023

   ĂƉŝƚĂůDĂƌŬĞƚƐĂLJ ϭϴKĐƚŽďĞƌϮϬϮϯ

2. Slide 2: Disclaimer

   ŝƐĐůĂŝŵĞƌ dŚŝƐƉƌĞƐĞŶƚĂƚŝŽŶŝŶĐůƵĚĞƐĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͘ůůƐƚĂƚĞŵĞŶƚƐŽƚŚĞƌƚŚĂŶƐƚĂƚĞŵĞŶƚƐŽĨŚŝƐƚŽƌŝĐĂůĨĂĐƚƐŵĂLJďĞĨŽƌǁĂƌĚͲůŽŽŬŝŶŐƐƚĂƚĞŵĞŶƚƐ͘tŽƌĚƐĂŶĚĞdžƉƌĞƐƐŝŽŶƐƐƵĐŚĂƐůĂƚĞƐƚĞƐƚŝŵĂƚĞ͕&zϮϯ͕ ĐŽŶƚŝŶƵĞ͕ĞdžƉĞĐƚƐ͕ŽƵƚůŽŽŬ͕ůĞĂĚŝŶŐ͕ƚƌĂŶƐŝƚŝŽŶ͕ƉůĂŶŶĞĚŽƌŽƚŚĞƌƐŝŵŝůĂƌǁŽƌĚƐŽƌĞdžƉƌĞƐƐŝŽŶƐĂƌĞƚLJƉŝĐĂůůLJƵƐĞĚƚŽŝĚĞŶƚŝĨLJ ĨŽƌǁĂ

3. Slide 3: Today's presenting team

   dŽĚĂLJ͛ƐƉƌĞƐĞŶƚŝŶŐƚĞĂŵ ŶĚLJŽŶĚ EĞŝů'ĂůůŽǁĂLJ ĂƌƌLJtŝůůŝĂŵƐ DĂƌĐŝŶ>ĂŶŐŽǁƐŬŝ ŐŶŝĞƐnjŬĂ:ĂǁŽƌƐŬĂ DĂƌŬůůŝŽƚƚ džĞĐƵƚŝǀĞ 'ƌŽƵƉ WĞƉĐŽD ĞĂůnj ŽŵŵĞƌĐŝĂů dƌĂŶƐĨŽƌŵĂƚŝŽŶ ŚĂŝƌ &K ;ƉƌĞǀŝŽƵƐůLJ D ŝƌĞĐƚŽƌ ŝƌĞĐƚŽƌ WŽƵŶĚůĂŶĚDͿ ϯ

4. Slide 4: Agenda

   ŐĞŶĚĂ dŝŵĞ ^ƵďũĞĐƚ ^ƉĞĂŬĞƌ ϴ͘ϬϬĂŵ /ŶƚƌŽĚƵĐƚŝŽŶΘŬĞLJƉƌŝŽƌŝƚŝĞƐ ŶĚLJŽŶĚ ϴ͘ϯϬĂŵ ŽŵƉĞƚŝƚŝǀĞƉŽƐŝƚŝŽŶ DĂƌŬůůŝŽƚƚ ϴ͘ϰϱĂŵ WŽƵŶĚůĂŶĚ ĂƌƌLJtŝůůŝĂŵƐ ϵ͘ϭϱĂŵ ŽŵŵĞƌĐŝĂůďƵƐŝŶĞƐƐŵŽĚĞůĂŶĚƐŽƵƌĐŝŶŐ ŐŶŝĞƐnjŬĂ:ĂǁŽƌƐŬĂ ϵ͘ϰϬĂŵ ĞĂůnj DĂƌĐŝŶ>ĂŶŐŽǁƐŬŝ ϭϬ͘ϬϬĂŵ Z< ϭϬ͘ϭϱĂŵ DŽĚĞůůŝŶŐ EĞŝů'ĂůůŽǁĂLJ ϭϭ͘ϰϱĂŵ hƉĚĂƚĞ EĞŝůƌŽǁŶ ϭϭ͘ϱϱĂŵ ůŽƐĞ

5. Slide 5: Introduction & key priorities

   /ŶƚƌŽĚƵĐƚŝŽŶΘŬĞLJƉƌŝŽƌŝƚŝĞƐ ŶĚLJŽŶĚʹ džĞĐƵƚŝǀĞŚĂŝƌ ϱ

6. Slide 6: Pepco Group is well positioned for future success

   WĞƉĐŽ'ƌŽƵƉŝƐǁĞůůƉŽƐŝƚŝŽŶĞĚĨŽƌĨƵƚƵƌĞƐƵĐĐĞƐƐ ͻ tĞŚĂǀĞĂĐůĞĂƌ͕ĐŽŵƉĞůůŝŶŐĂŶĚĞdžĐŝƚŝŶŐ ĨƵƚƵƌĞ͕ďƵƚǁĞŶĞĞĚƚŽĚŽůĞƐƐƚŽĂĐŚŝĞǀĞŵŽƌĞ ĂŶĚƌĞͲĞĂƌŶƚŚĞƌŝŐŚƚƚŽŐƌŽǁ ͻ KƵƌǀŝƐŝŽŶƚŽďĞƵƌŽƉĞ͛ƐďŝŐŐĞƐƚĂŶĚďĞƐƚ ĚŝƐĐŽƵŶƚǀĂƌŝĞƚLJďƵƐŝŶĞƐƐƌĞŵĂŝŶƐŝŶƚĂĐƚ͕ ƐĞƌǀŝŶŐĨĂŵŝůŝĞƐŽŶĂďƵĚŐĞƚĂĐƌŽƐƐŽƵƌĐŽƌĞ &D'͕ĐůŽƚŚŝŶŐĂŶĚŐĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞ;'DͿ ĐĂƚĞŐŽ

7. Slide 7: What is not working

   tŚĂƚŝƐŶŽƚǁŽƌŬŝŶŐ ͻ dŽƵŐŚĞdžƚĞƌŶĂůĞŶǀŝƌŽŶŵĞŶƚ͗ŽƌĞĐŽŶƐƵŵĞƌƵŶĚĞƌƉƌĞƐƐƵƌĞ͕ŐƌĞĂƚĞƌĐŽŵƉĞƚŝƚŝŽŶ ĂŶĚƵŶƉƌĞĚŝĐƚĂďůĞǁĞĂƚŚĞƌƉĂƚƚĞƌŶƐ ͻ tĞĂŬϰͲǁĂůů/dƉĞƌĨŽƌŵĂŶĐĞ͗/ŶƐƵĨĨŝĐŝĞŶƚƚŝŵĞŚĂƐďĞĞŶƐƉĞŶƚŽŶƌĞďƵŝůĚŝŶŐ ŚĞĂůƚŚŽĨƚŚĞĐŽƌĞďƵƐŝŶĞƐƐƉŽƐƚͲŽǀŝĚ ͻ 'ƌŽǁƚŚƚŽŽĂŵďŝƚŝŽƵƐ͗/ůůͲĚŝƐĐŝƉůŝŶĞĂƌŽƵŶĚƉƌŽũĞĐƚŵĂŶĂŐĞŵĞŶƚĂŶĚƚƌĂŶƐĨŽƌŵĂƚŝŽŶ͕ ŽǀĞ

8. Slide 8: Our competitive advantages must be maintained and leveraged

   KƵƌĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞƐŵƵƐƚďĞŵĂŝŶƚĂŝŶĞĚĂŶĚ ůĞǀĞƌĂŐĞĚ ͻ KƵƌĚŝƌĞĐƚƐŽƵƌĐŝŶŐŵŽĚĞůƚŚƌŽƵŐŚW'^;WĞƉĐŽ'ůŽďĂů^ŽƵƌĐŝŶŐͿ ͻ KƵƌŝŶͲŚŽƵƐĞĚĞƐŝŐŶĞĚĐůŽƚŚŝŶŐĂŶĚ'DŽĨĨĞƌ͕ĂůŽŶŐƐŝĚĞƚŚĞƐĐĂůĞĂŶĚŐƌŽǁƚŚǁĞŽĨĨĞƌ &D'ďƌĂŶĚƐ ͻ KƵƌĐŽŶǀĞŶŝĞŶƚůLJůŽĐĂƚĞĚƐƚŽƌĞƐĂŶĚĨŽƌŵĂƚƐŝnjĞ͕ŽĨĨĞƌŝŶŐďƌŽĂĚĐƵƐƚŽŵĞƌĂƉƉĞĂů ͻ KƵƌƉƌŽǀĞŶ͕ƉƌŽĨŝƚĂďůĞĂŶĚƐĐĂůĂďůĞƐ

9. Slide 9: Resetting the business – our immediate priorities

   ZĞƐĞƚƚŝŶŐƚŚĞďƵƐŝŶĞƐƐʹ ŽƵƌŝŵŵĞĚŝĂƚĞƉƌŝŽƌŝƚŝĞƐ ͻ ZĞĨŽĐƵƐŽŶƚŚĞ'ƌŽƵƉ͛ƐĐŽƌĞďƵƐŝŶĞƐƐ ĂŶĚďƌŝŶŐŝƚďĂĐŬƚŽĐƵƐƚŽŵĞƌĂŶĚ ĨŝŶĂŶĐŝĂůŚĞĂůƚŚ ͻ džƉůŽŝƚƚŚĞƐŝŐŶŝĨŝĐĂŶƚŐƌŽǁƚŚ ŽƉƉŽƌƚƵŶŝƚŝĞƐƚŚĂƚƌĞŵĂŝŶŝŶŽƵƌĐŽƌĞ ŵĂƌŬĞƚƐ ͻ WƌŽŐƌĞƐƐŝǀĞůLJŐƌŽǁŝŶƚŽŽƵƌĞdžŝƐƚŝŶŐ tĞƐƚĞƌŶƵƌŽƉĞĂŶƚĞƌƌŝƚŽƌŝĞƐ ͻ džĞĐƵƚĞŝŶĂŵŽƌĞĚŝƐĐŝƉůŝŶĞĚŵĂŶŶĞƌ ǁŝƚŚĂŶĞŶŚĂŶĐĞ

10. Slide 10: Rebuilding a healthy core

    ZĞďƵŝůĚŝŶŐĂŚĞĂůƚŚLJĐŽƌĞ • ŚĞĂůƚŚLJĐŽƌĞŝƐƚŚĞĞƐƐĞŶĐĞŽĨĂŶLJŐŽŽĚďƵƐŝŶĞƐƐ͘>ŽǁĞƌϰͲǁĂůů/dƉĞƌĨŽƌŵĂŶĐĞǀĞƌƐƵƐ ƉƌĞͲŽǀŝĚŵƵƐƚďĞĂĚĚƌĞƐƐĞĚ • 'ƌŽǁŝŶŐŽƵƌŐƌŽƐƐŵĂƌŐŝŶŝƐƚŚĞ ŬĞLJĨŽĐƵƐǁŝƚŚŝŶŽƵƌWΘ> •KƵƌƉůĂŶƚŽĚĞůŝǀĞƌϰͲǁĂůůƉƌŽĨŝƚŐƌŽǁƚŚŝŶĐůƵĚĞƐ͗ • ZĞĂĨĨŝƌŵƉƌŝĐĞĂŶĚƉƌŽŵŽƚŝŽŶĂůůĞĂĚĞƌƐŚŝƉ͕ĂůŽŶŐƐŝĚĞĐŽŶƚŝŶƵŽƵƐƉƌŽĚƵĐƚŝŵƉƌŽǀĞŵĞŶƚ͕ ƚŽŐĞŶ

11. Slide 11: Significant opportunities in our core markets remain

    ^ŝŐŶŝĨŝĐĂŶƚŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶŽƵƌĐŽƌĞŵĂƌŬĞƚƐƌĞŵĂŝŶ • ^ŝŐŶŝĨŝĐĂŶƚŚĞĂĚƌŽŽŵŝŶŵŽƐƚŽĨŽƵƌĞdžŝƐƚŝŶŐŵĂƌŬĞƚƐƚŽŽƉĞŶƉƌŽĨŝƚĂďůĞƐŚŽƉƐŐĞŶĞƌĂƚŝŶŐŚŝŐŚ ƌĞƚƵƌŶƐ • EĞǁůŽŽŬƌĞĨŝƚƉƌŽŐƌĂŵŵĞŝƐŶŽƚĚĞůŝǀĞƌŝŶŐƌĞƋƵŝƌĞĚůĞǀĞůŽĨƌĞƚƵƌŶƐ͘WƌŽŐƌĂŵŵĞƉĂƵƐĞĚƚŽ ĞǀĂůƵĂƚĞĚŝƌĞĐƚŝŽŶ • ZĞĂĚũƵƐƚŝŶŐŽƵƌǀŝƐŝŽŶĨŽƌƚŚĞh<ďƵƐŝŶĞƐƐ͗ • KŶĞŽĨƵƌŽƉĞ͛ƐůĂƌŐĞƐƚƌĞƚĂ

12. Slide 12: Focused growth

    &ŽĐƵƐĞĚŐƌŽǁƚŚ ͻ tĞƐƚĞƌŶƵƌŽƉĞͲ ^ŝŐŶŝĨŝĐĂŶƚƉƌŽŐƌĞƐƐŝŶtĞƐƚĞƌŶ ƵƌŽƉĞŚĂƐďĞĞŶŵĂĚĞ͕ďƵƚǁĞŶĞĞĚƚŽďĞ ĚŝƐĐŝƉůŝŶĞĚĂďŽƵƚƚŚĞƉĂĐĞĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨ ĂĐĐĞůĞƌĂƚĞĚŐƌŽǁƚŚŝŶĞĂĐŚŵĂƌŬĞƚ͘/ƚĂůLJĂŶĚ ^ƉĂŝŶǁŝůůƌĞŵĂŝŶŬĞLJŐƌŽǁƚŚŵĂƌŬĞƚƐ͕ǁŚŝůĞǁĞ ĐŽŶƚŝŶƵĞƚŽůĞĂƌŶĂďŽƵƚ'ĞƌŵĂŶLJ ͻ EŽŶͲĐŽƌĞƉƌŽũĞĐƚƐͬŵĂƌŬĞƚƐͲ tĞǁŝůůďĞĨŽĐƵƐĞĚ ŽŶǁŚĞŶǁĞŶĞĞĚƚŽƐƚŽƉ͕Đ

13. Slide 13: FY24 will be a year of rebuilding

    &zϮϰǁŝůůďĞĂLJĞĂƌŽĨƌĞďƵŝůĚŝŶŐ ͻ tĞǁŝůůƌĞƐĞƚĂŶĚƌĞďƵŝůĚŽƵƌĐĂƉĂďŝůŝƚLJĂŶĚƉůĂŶƐĨŽƌƚŚĞĨƵƚƵƌĞ ͻ tĞǁŝůůƌĞďƵŝůĚƚŚĞŚĞĂůƚŚĂŶĚƉƌŽĨŝƚĂďŝůŝƚLJŽĨŽƵƌĐŽƌĞƐƚŽƌĞƐͲ /͛ŵĐŽŶĨŝĚĞŶƚǁĞĐĂŶŐĞƚďĂĐŬƚŽ ƉƌĞͲŽǀŝĚůĞǀĞůƐŽǀĞƌƚŚĞŶĞdžƚϭϮŵŽŶƚŚƐ ͻ tĞǁŝůůŚĂǀĞĂŵŽƌĞĚŝƐĐŝƉůŝŶĞĚĂƉƉƌŽĂĐŚƚŽŐƌŽǁƚŚ͕ĐĂƉĞdžĂŶĚƌŝƐŬ͘tĞǁŝůůŽƉĞŶĂƚůĞĂƐƚϰϬϬ ŶĞƚŶĞǁƐƚŽƌĞƐĂĐƌŽƐƐ

14. Slide 14: Pepco Group is well positioned for future success

    WĞƉĐŽ'ƌŽƵƉŝƐǁĞůůƉŽƐŝƚŝŽŶĞĚĨŽƌĨƵƚƵƌĞƐƵĐĐĞƐƐ ͻ tĞŚĂǀĞĂĐůĞĂƌ͕ĐŽŵƉĞůůŝŶŐĂŶĚĞdžĐŝƚŝŶŐ ĨƵƚƵƌĞ͕ďƵƚǁĞŶĞĞĚƚŽĚŽůĞƐƐƚŽĂĐŚŝĞǀĞŵŽƌĞ ĂŶĚƌĞͲĞĂƌŶƚŚĞƌŝŐŚƚƚŽŐƌŽǁ ͻ KƵƌǀŝƐŝŽŶƚŽďĞƵƌŽƉĞ͛ƐďŝŐŐĞƐƚĂŶĚďĞƐƚ ĚŝƐĐŽƵŶƚǀĂƌŝĞƚLJďƵƐŝŶĞƐƐƌĞŵĂŝŶƐŝŶƚĂĐƚ͕ ƐĞƌǀŝŶŐĨĂŵŝůŝĞƐŽŶĂďƵĚŐĞƚĂĐƌŽƐƐŽƵƌĐŽƌĞ &D'͕ĐůŽƚŚŝŶŐĂŶĚŐĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞ;'DͿ ĐĂƚĞŐŽ

15. Slide 15: Competitive position

    ŽŵƉĞƚŝƚŝǀĞƉŽƐŝƚŝŽŶ DĂƌŬůůŝŽƚƚʹ dƌĂŶƐĨŽƌŵĂƚŝŽŶŝƌĞĐƚŽƌ ϭϱ

16. Slide 16: Inflation has impacted household consumption in core markets

    ŐŐƌĞƐƐŝǀĞŝŶĨůĂƚŝŽŶŚĂƐŵĂƚĞƌŝĂůůLJŝŵƉĂĐƚĞĚŚŽƵƐĞŚŽůĚĐŽŶƐƵŵƉƚŝŽŶŝŶŽƵƌ ĐŽƌĞŵĂƌŬĞƚƐ Key macroeconomic indicators: July 2022 – September 2023 % YoY Quarterly real household consumption Monthly CPI expenditure per capita growth 26% 8% 24% 6% 22% 4% 20% 18% 2% 1% Romania 18% 17%18% 17% 18% 17% 0% 0% 16% Hunga

17. Slide 17: Decline in volume growth of clothing and homeware

    dŚŝƐŚĂƐĚƌŝǀĞŶĂƐŝŐŶŝĨŝĐĂŶƚĚĞĐůŝŶĞŝŶƚŚĞǀŽůƵŵĞŐƌŽǁƚŚŽĨĐůŽƚŚŝŶŐĂŶĚ ŚŽŵĞǁĂƌĞ Drivers of market growth – Volume: October 2022 to July 2023 3-month rolling YoY % growth Clothing Homewares 25% 0% 20% -4%-5% 16% -5% -5% 15% -7% 15% 13% -8% 12% -9% 11% 9% -10% Romania 10% -14% -14% Poland 5% -15% -15% 2% -15%

18. Slide 18: Tentative signs of recovery as real wage growth turns positive

    dŚĞƌĞĂƌĞƚĞŶƚĂƚŝǀĞƐŝŐŶƐŽĨƌĞĐŽǀĞƌLJĂƐƌĞĂůǁĂŐĞŐƌŽǁƚŚƌĞƚƵƌŶƐƚŽƉŽƐŝƚŝǀĞ ƚĞƌƌŝƚŽƌLJ Quarterly average real wage growth: January 2022 – 2025F % YoY growth Forecast 12% 10% 8% Hungary 6% Czechia 3.9% 4% Romania 3.7% 2% 1.7% Core CEE1,2 0.4% 1.7% Poland 0% -0.9% -1.4% -2% -3.2% -2.8% -4% -6% -8% -10% -12% Q1 2

19. Slide 19: Long-term market dynamics remain structurally favourable

    dŚĞůŽŶŐͲƚĞƌŵŵĂƌŬĞƚĚLJŶĂŵŝĐƐĂĐƌŽƐƐƌĞŵĂŝŶƐƚƌƵĐƚƵƌĂůůLJĨĂǀŽƵƌĂďůĞ Key retail market dynamics in Europe: 2018 - 2028F Real GDP growth Real disposable income growth Offline retail sales growth % CAGR % CAGR % CAGR Western Europe +0.5% +0.6% +1.5% 2018-23E1 Core CEE +2.3% +2.0% +6.4% 2018-23E2 Core CEE +2.6

20. Slide 20: Pepco competitor landscape

    WĞƉĐŽŚĂƐĂĚŝĨĨĞƌĞŶƚŝĂƚĞĚƉŽƐŝƚŝŽŶĂƐĂŶĂƉƉĂƌĞůͲůĞĚǀĂƌŝĞƚLJĚŝƐĐŽƵŶƚĞƌ ILLUSTRATIVE Pepco competitor landscape Apparel & Homeware 1 Discounters 5 Mass Market 2 GM Discounters 4 3 Grocer Discounters Mass/ Value Apparel 4 Specialists Price Position 5 Large Discount Grocer 2 3 Value / Discounter 1 Apparel Sof

21. Slide 21: Competitor intensity has increased in Poland

    ŽŵƉĞƚŝƚŽƌŝŶƚĞŶƐŝƚLJŚĂƐŝŶĐƌĞĂƐĞĚŝŶWŽůĂŶĚŝŶƚŚĞůĂƐƚĨŝǀĞLJĞĂƌƐĂƐƚŚĞ ŵĂƌŬĞƚŵĂƚƵƌĞƐ Number of stores – Polish non-food value market1 % share CAGR 19-23 Key competitors have added over 700 stores in 32% 31% Other Poland over the last 5 years 37% -4% 47% 41% (vs. 300+ in Pepco) 5% 5% Competitor A 4% 7% 8% Com

22. Slide 22: Pepco has maintained share despite competitor growth

    WĞƉĐŽŚĂƐŵĂŝŶƚĂŝŶĞĚƐŚĂƌĞĚĞƐƉŝƚĞĂĐĐĞůĞƌĂƚĞĚŐƌŽǁƚŚďLJŬĞLJĐŽŵƉĞƚŝƚŽƌƐ Total Polish apparel & homeware discount market shares: 2017 - 2022 % Apparel Market pp change Homeware Market pp change 2019-22 72% 2019-22 77% 77% 76% Other -3 pp 71% Other -7 pp 81% 79% 75% 0% Competitor B 81% 3% Competitor B 78% 4%

23. Slide 23: Pepco retains entry price leadership in clothing

    WĞƉĐŽƌĞƚĂŝŶƐĐůĞĂƌĞŶƚƌLJƉƌŝĐĞůĞĂĚĞƌƐŚŝƉŝŶĐůŽƚŚŝŶŐ͙ Key competitor price difference vs Pepco Poland1 on entry price basket CLOTHING Competitor average • Pepco continues to maintain its entry price leadership in Clothing (30% 54% cheaper on average 49% than competitors) 43% 44% 40% 31% 30% • However, th

24. Slide 24: Entry price leadership in home categories

    ͙ĂŶĚĐůĞĂƌĞŶƚƌLJƉƌŝĐĞůĞĂĚĞƌƐŚŝƉŝŶŚŽŵĞĐĂƚĞŐŽƌŝĞƐ Key competitor price difference vs Pepco in Poland1 on entry price basket HOME Competitor average • Pepco continues to 62% maintain its entry price leadership in 49% Home (~50% 42% 37% cheaper than 28% competitors) 21% 19% • However, there is some relati

25. Slide 25: Price leadership reflected in customer perception

    dŚŝƐƉƌŝĐĞůĞĂĚĞƌƐŚŝƉŝƐĂůƐŽƌĞĨůĞĐƚĞĚŝŶĐƵƐƚŽŵĞƌƉĞƌĐĞƉƚŝŽŶǁŝƚŚWĞƉĐŽƚŚĞ ĐůĞĂƌǁŝŶŶĞƌ Pepco Customers Perception on Price Leaders1 % of Respondents who are Aware of all Brands +23 pp +35 pp 53 30 18 Pepco Competitor A Competitor B 1. Q52 – Which of the retailers prices are the best today? Source: OC&C Pepc

26. Slide 26: Low price perception sustained since 2019

    WĞƉĐŽŚĂƐƐƵƐƚĂŝŶĞĚƚŚŝƐůŽǁƉƌŝĐĞƉĞƌĐĞƉƚŝŽŶǁŝƚŚĐƵƐƚŽŵĞƌƐƐŝŶĐĞϮϬϭϵ ǁŚŝůĞŝŵƉƌŽǀŝŶŐŝŶŽƚŚĞƌĂƌĞĂƐŽĨƚŚĞƉƌŽƉŽƐŝƚŝŽŶ Key Purchase Criteria Rating – Pepco, 2019 vs 20231 Average Rating out of 5 4.4 4.3 4.2 2023 4.1 2019 4.0 3.9 3.8 3.7 0.0 Low prices Value for Great Good quality Wide range Convenient Functional

27. Slide 27: Pepco has the best NPS in the market

    WĞƉĐŽŚĂƐƚŚĞďĞƐƚEW^ŝŶƚŚĞŵĂƌŬĞƚ Net Promoter Scores 20231 29 25 14 8 3 Pepco Competitor A Competitor B Competitor C Competitor D Increasing NPS 1. Q: Overall, how likely are you to recommend [Selected Retailer] to a friend on a scale of 1-10? Source: OC&C Consumer Survey, OC&C analysis Ϯϳ

28. Slide 28: Closing thoughts

    ůŽƐŝŶŐƚŚŽƵŐŚƚƐ • Despite short-term macro pressures in 2023, the long-term retail outlook in CEE is favourable • The underlying fundamentals of Pepco’s customer proposition also remain strong: • Despite increasing competition in Poland, Pepco has maintained market share • Price leader with average e

29. Slide 29: Poundland

    WŽƵŶĚůĂŶĚ ĂƌƌLJtŝůůŝĂŵƐʹ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌŽĨWĞƉĐŽ;ƉƌĞǀŝŽƵƐůLJ WŽƵŶĚůĂŶĚͿ Ϯϵ

30. Slide 30: Agenda

    ŐĞŶĚĂ h<ŵĂƌŬĞƚĚLJŶĂŵŝĐƐ WŽƵŶĚůĂŶĚƉƌŽƉŽƐŝƚŝŽŶ WŽƵŶĚůĂŶĚŽƉƉŽƌƚƵŶŝƚLJ &ƵƌƚŚĞƌƐƚƌĞŶŐƚŚĞŶŝŶŐŽƵƌŽĨĨĞƌ ϯϬ ϯϬ

31. Slide 31: UK is a significant and attractive retail market

    h<ŝƐĂƐŝŐŶŝĨŝĐĂŶƚĂŶĚĂƚƚƌĂĐƚŝǀĞƌĞƚĂŝůŵĂƌŬĞƚ ^ŝnjĞŽĨƌĞƚĂŝůŵĂƌŬĞƚŝŶƵƌŽƉĞŝŶϮϬϮϯ;άďŶͿ ƵŵƵůĂƚŝǀĞƌĞƚĂŝůŵĂƌŬĞƚŐƌŽǁƚŚŽǀĞƌŶĞdžƚϱLJĞĂƌƐ ŚĂƌƚdŝƚůĞ ϱϳϴ ϰϳϬ ϭϰй ϰϬϭ ϭϮй ϯϱϯ ϵй ϮϮϴ ϮϮϬ ϭϱϱ ϭϮϵ ϲй ϵϳ ϴϵ ϱй ϰй ϰй ϯй ϭй ϭй ϭй ϭй ϭй ϮϬϮϯǀƐΖϮϮ Ϭй ϮϬϮϰǀƐΖϮϮ ϮϬϮϱǀƐΖϮϮ ϮϬϮϲǀƐΖϮϮ ϮϬϮϳǀƐΖϮϮ h< 'ĞƌŵĂŶLJ &ƌĂŶĐĞ h<ŝƐŽŶĞŽĨƚŚĞůĂƌŐĞƐƚ

32. Slide 32: Customers continue to switch to discounters

    ƵƐƚŽŵĞƌƐĐŽŶƚŝŶƵĞƚŽƐǁŝƚĐŚƚŽĚŝƐĐŽƵŶƚĞƌƐ ŝƐĐŽƵŶƚĞƌƐh<ŵĂƌŬĞƚƐŚĂƌĞŝŶŐƌŽĐĞƌLJ ϭϰ͘Ϭй ϭϮ͘Ϭй нϵ͘ϯ ϭϬ͘Ϭй ƉƉƚƐ ϴ͘Ϭй ϲ͘Ϭй ϰ͘Ϭй /ŶĐƌĞĂƐĞŝŶh<ƐŚĂƌĞŽĨŝƐĐŽƵŶƚ ŵĂƌŬĞƚĨƌŽŵϮϬϬϴƚŽϮϬϮϮ Ϯ͘Ϭй Ϭ͘Ϭй ϮϬϬϴ ϮϬϬϵ ϮϬϭϬ ϮϬϭϭ ϮϬϭϮ ϮϬϭϯ ϮϬϭϰ ϮϬϭϱ ϮϬϭϲ ϮϬϭϳ ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ŝƐĐŽƵŶƚĐŚĂŶŶĞůĐŽŶƚŝŶƵĞƐƚŽƚĂŬĞƐŚĂƌĞ͕ǁŝƚŚŝŶǁŚŝĐŚǁĞĂƌĞĂǁ

33. Slide 33: Poundland proposition

    WŽƵŶĚůĂŶĚƉƌŽƉŽƐŝƚŝŽŶ͗ŵĂnjŝŶŐǀĂůƵĞĞǀĞƌLJĚĂLJ hŶŝƋƵĞƚŚƌĞĞͲĐĂƚĞŐŽƌLJƉƌŽƉŽƐŝƚŝŽŶŝŶ ĐŽŶǀĞŶŝĞŶƚůŽĐĂƚŝŽŶƐ WƌŽƉŽƐŝƚŝŽŶ &D'͕'D ĂŶĚ • ŽƌĞ>&> ƐƚƌĞŶŐƚŚ ůŽƚŚŝŶŐ 'ƌŽǁƚŚ • EĞǁƐƉĂĐĞ ƉƉĂƌĞů ϭϯй ϯϬϬͲ ϭϮϬϬ KĨĨĞƌŝŶŐ &D' 'D &ŽƌŵĂƚ ƐŝnjĞ ƐƋŵ ϲϭй Ϯϲй /ƌĞůĂŶĚ ϳϳ 'ƌŽĐĞƌLJ͕,Θ͕ hŶŝƚĞĚ WƌŽĚƵĐƚƐ /ŵƉƵůƐĞ͕ # ŽĨ ƐƚŽƌĞƐ ϴϮϯ <ŝŶŐĚŽŵ ϳϰϲ ,

34. Slide 34: Market consolidation remains a clear opportunity

    DĂƌŬĞƚĐŽŶƐŽůŝĚĂƚŝŽŶƌĞŵĂŝŶƐĂĐůĞĂƌŽƉƉŽƌƚƵŶŝƚLJ tŝůŬŽĚĞĂůĂŶŶŽƵŶĐĞĚϭϮ^ĞƉƚĞŵďĞƌϮϬϮϯ >ĞĂƐĞĂƐƐŝŐŶŵĞŶƚŽĨƵƉƚŽϳϭƐƚŽƌĞƐ &ŝƌƐƚƐƚŽƌĞƐŽƉĞŶĞĚϯϬ^ĞƉƚĞŵďĞƌϮϬϮϯ &ƵƌƚŚĞƌŽƉƉŽƌƚƵŶŝƚŝĞƐĂŚĞĂĚ ĐĐĞůĞƌĂƚŝŶŐŶĞǁƐƚŽƌĞƐƉĂĐĞƉŝƉĞůŝŶĞ ƌŝŶŐŝŶŐŽƵƌŽĨĨĞƌƚŽŶĞǁŵĂƌŬĞƚƐ WƌŽƚĞĐƚŝŶŐũŽďƐ ϯϰ ϯϰ

35. Slide 35: Poundland – the opportunity

    WŽƵŶĚůĂŶĚʹ dŚĞŽƉƉŽƌƚƵŶŝƚLJ EŽǁΎ KƉƉŽƌƚƵŶŝƚLJ ^ƚŽƌĞƐ ϴϮϯ ϭ͕ϮϬϬ dƵƌŶŽǀĞƌ Εάϭ͘ϳďŶ ΕάϯďŶ /d ΕάϳϬŵ ΕάϮϬϬŵ ΎEƵŵďĞƌƐĂƌĞƵŶĂƵĚŝƚĞĚĂŶĚďĂƐĞĚŽŶĂŶĞƐƚŝŵĂƚĞĚĨƵůůLJĞĂƌŽƵƚƚƵƌŶĨŽƌ&zϮϯ͘/dďĂƐĞĚŽŶ/^ϭϳ ϯϱ ϯϱ

36. Slide 36: YT designed clothing and GM bring new ranges to the UK

    ^ƚƌĞŶŐƚŚĞŶŝŶŐƚŚĞƉƌŽƉŽƐŝƚŝŽŶĨƵƌƚŚĞƌʹ ŽŶĞƌĂŶŐĞ EW^ŝŵƉƌŽǀĞĚĨŽůůŽǁŝŶŐWĞƉĐŽĐůŽƚŚŝŶŐΘ ŐĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞ/ƌĞůĂŶĚƚƌŝĂů zd ĞŶƚƌĂůůLJƐŽƵƌĐĞĚŝŶͲŚŽƵƐĞ KƉƉŽƌƚƵŶŝƚLJǁŝƚŚŶĞǁŐĞŶĞƌĂů tĞĞŬϭϴͲϮϮZĞƐĞƚ ĚĞƐŝŐŶĞĚĐůŽƚŚŝŶŐĂŶĚ'DďƌŝŶŐƐ ŵĞƌĐŚĂŶĚŝƐĞŽĨĨĞƌĂƐǁĞĨŽĐƵƐ ŶĞǁ͕ĞdžĐŝƚŝŶŐƌĂŶŐĞƐŝŶƚŽƚŚĞh< ŵŽƌĞŽŶŚŝŐŚĞƌĂǀĞƌĂŐĞƵŶŝƚƉƌŝĐĞ >ĞǀĞƌĂŐŝŶŐ

37. Slide 37: New Pepco clothing range in stores with positive feedback

    EĞǁWĞƉĐŽĐůŽƚŚŝŶŐƌĂŶŐĞŝŶƐƚŽƌĞƐǁŝƚŚƉŽƐŝƚŝǀĞĨĞĞĚďĂĐŬ ͞WĞƌĨĞĐƚƉƌŝĐĞĨŽƌĂƋƵĂůŝƚLJŽĨ ƉƌŽĚƵĐƚ͘/ũƵƐƚůŽǀĞƚŚŝƐƐŚŽƉ͟ ͞/ůŽǀĞƚŚĞŶĞǁƚŚŝŶŐƐƚŚĂƚ/ ĐĂŶĨŝŶĚŝŶƚŚĞƐƚŽƌĞ͕ĞǀĞƌLJ ƚŝŵĞ/ŐŽƚŚĞƌĞŝƐƐŽŵĞƚŚŝŶŐ ͞WƌŝĐĞƐĂƌĞǀĞƌLJŐŽŽĚĂŶĚĂĨĨŽƌĚĂďůĞ ŶĞǁ͕ƚŚĞƋƵĂůŝƚLJŝƐŐƌĞĂƚ͕ĂŶĚ ĐŽŵƉĂƌĞĚƚŽŽƚŚĞƌƐŚŽƉƐĂŶĚƚŚĞLJ ƚŚĞƉƌŝĐĞŝƐĂŵĂnjŝŶŐ͟ ŚĂǀĞůŽĂĚƐŽĨƚŚŝŶŐƐ͟

38. Slide 38: Creating a simpler business with greater leverage

    ƌĞĂƚŝŶŐĂƐŝŵƉůĞƌďƵƐŝŶĞƐƐǁŝƚŚŐƌĞĂƚĞƌůĞǀĞƌĂŐĞ͙ ͻ KŶĞƌĂŶŐĞ͕ŽŶĞďƵLJĂŶĚŽŶĞĐƵƐƚŽŵĞƌŽĨĨĞƌ WůĂŶ ͻ KŶĞƐŽƵƌĐŝŶŐƐƚƌĂƚĞŐLJǀŝĂW'^ ͻ ^ĂůĞƐĂŶĚŵĂƌŐŝŶŐƌŽǁƚŚƚŚƌŽƵŐŚďƵLJŝŶŐůĞǀĞƌĂŐĞ ƵLJ ͻ >ŽǁĞƌŽƉĞƌĂƚŝŶŐĐŽƐƚƐƐƵƉƉŽƌƚĞĚďLJůĞƐƐŽƉĞƌĂƚŝŽŶĂůĐŽŵƉůĞdžŝƚLJ ͻ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƐŚĂƌĞĚ<W/ƐŽŶĂ'ƌŽƵƉůĞǀĞů ͻ ŽŵƉůĞŵĞŶƚƐŽƵƌƉůĂŶƐƚŽĐƌĞĂƚĞĂƐŝŶŐůĞƉƌŽĚ

39. Slide 39: Presented in an expanded and refreshed estate

    ͙ƉƌĞƐĞŶƚĞĚŝŶĂŶĞdžƉĂŶĚĞĚĂŶĚƌĞĨƌĞƐŚĞĚĞƐƚĂƚĞ ͻ tĞůůͲĚĞƐŝŐŶĞĚƐƚŽƌĞƐ ĂŶĚĞdžƚĞŶĚŝŶŐŽƵƌ ƌĂŶŐĞƐĂůůŽǁƵƐƚŽ ĚƌŝǀĞĞdžŝƐƚŝŶŐƐƚŽƌĞ ƉƌŽĨŝƚĂďŝůŝƚLJ ͻ ĞůŝǀĞƌŝŶŐŝŶĐƌĞŵĞŶƚĂů ƐƚŽƌĞƐƉĂĐĞŐƌŽǁƚŚŽĨ Đ͘ϮϬйĂĐƌŽƐƐůŽƚŚŝŶŐ͕ 'DĂŶĚ&D' ͻ ŽŶƐŝƐƚĞŶƚ ĚĞƉůŽLJŵĞŶƚĂůŝŐŶĞĚƚŽ ĂƉƌĞͲĚĞĨŝŶĞĚƐƉĂĐĞ ŵĂƚƌŝdž ϯϵ ϯϵ

40. Slide 40: Store development programme delivering modern look and feel

    ^ƚŽƌĞĚĞǀĞůŽƉŵĞŶƚƉƌŽŐƌĂŵŵĞĚĞůŝǀĞƌŝŶŐŵŽĚĞƌŶůŽŽŬ ĂŶĚĨĞĞů džƚĞƌŶĂůƐŝŐŶĂŐĞ EĞǁĨůŽŽƌŝŶŐ EĞǁƌĂŶŐĞƐĨŽƌĐůŽƚŚŝŶŐΘ ŽůůĞĂŐƵĞĂƌĞĂƐƵƉŐƌĂĚĞĚ 'D /ŶƚĞƌŶĂůƐŝŐŶĂŐĞƵƉŐƌĂĚĞĚ ^ĞĐƵƌŝƚLJƐŽůƵƚŝŽŶƐ ZĞƉůĂĐĞͬƵƉŐƌĂĚĞůŝŐŚƚŝŶŐ ϰϬ

41. Slide 41: Summary

    ^ƵŵŵĂƌLJ ͻ h<ŝƐĂŶĂƚƚƌĂĐƚŝǀĞŵĂƌŬĞƚŽĨƐĐĂůĞĨŽƌĂǁŝŶŶŝŶŐ ĚŝƐĐŽƵŶƚĨŽƌŵƵůĂ ͻ WŽƵŶĚůĂŶĚŚĂƐĂĚŝĨĨĞƌĞŶƚŝĂƚĞĚƉƌŽƉŽƐŝƚŝŽŶǁŝƚŚ ĐůŽƚŚŝŶŐ ͻ dŚŝƐǁŝůůďĞĞŶŚĂŶĐĞĚĨƵƌƚŚĞƌƚŚƌŽƵŐŚŽŶĞƌĂŶŐĞ ĂŶĚůĞǀĞƌĂŐŝŶŐ'ƌŽƵƉƐĐĂůĞ ͻ ^ŝŐŶŝĨŝĐĂŶƚĨƵƚƵƌĞŐƌŽǁƚŚŽƉƉŽƌƚƵŶŝƚLJ ϰϭ

42. Slide 42: Commercial business model and sourcing

    ŽŵŵĞƌĐŝĂůďƵƐŝŶĞƐƐŵŽĚĞůĂŶĚƐŽƵƌĐŝŶŐ ŐŶŝĞƐnjŬĂ:ĂǁŽƌƐŬĂʹ ŽŵŵĞƌĐŝĂůŝƌĞĐƚŽƌ ϰϮ

43. Slide 43: Buying cycle: time to market

    ƵLJŝŶŐLJĐůĞ͗dŝŵĞƚŽŵĂƌŬĞƚ &D' ůŽƚŚŝŶŐͬ'ĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞ ϰͲϴǁĞĞŬƐ ϭϬŵŽŶƚŚƐ ϰϯ

44. Slide 44: Buying calendar for Spring/Summer 2024 collection

    ƵLJŝŶŐĐĂůĞŶĚĂƌĨŽƌ^ƉƌŝŶŐͬ^ƵŵŵĞƌϮϬϮϰ;^^ϮϰͿĐŽůůĞĐƚŝŽŶ ĂƐƚĞƌ <ŝĚƐĚĂLJ ĂĐŬƚŽƐĐŚŽŽů ,ĂůůŽǁĞĞŶ ŚƌŝƐƚŵĂƐ :E & DZ WZ Dz :hE :h> h' ^W Kd EKs ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ϮϬϮϯ ^WZ/E'^>WZ/K ^hDDZ^>WZ/K hdhDE^>WZ/K t/EdZ^>WZ/K dZE^ dZE^ ZE' ^dZd W>E^ W>E^ Yϭ^^Ϯϰ YϮ^^Ϯϰ WƌĞƐĞŶƚĂƚŝŽŶ ^>>/E

45. Slide 45: Licensed promos drive incremental sales and margin

    >ŝĐĞŶƐĞĚƉƌŽŵŽ͛ƐĚƌŝǀĞŝŶĐƌĞŵĞŶƚĂůƐĂůĞƐĂŶĚŵĂƌŐŝŶ Barbie Warner 100 Years Harry Potter July 2023 August 2023 August 2023 ^ĞůůŝŶŐƌĂƚŝŽϮdžǀƐƌĞŐƵůĂƌƌĂŶŐĞ Ͳ ϭϬйŝŶĐƌĞŵĞŶƚĂůŵĂƌŐŝŶĚĞůŝǀĞƌĞĚ dŽƚĂůƚƌĂŶƐĂĐƚŝŽŶƐůŝĨƚĞĚďLJϱйͲϭŝŶϭϬďĂƐŬĞƚƐĐŽŶƚĂŝŶůŝĐĞŶĐĞĚŝƚĞŵƐ ϰϱ

46. Slide 46: Our collection is always aligned with key trends

    KƵƌĐŽůůĞĐƚŝŽŶŝƐĂůǁĂLJƐĂůŝŐŶĞĚǁŝƚŚŬĞLJƚƌĞŶĚƐ džĐůƵƐŝǀĞƌĂŶŐĞƐƚŚƌŽƵŐŚďƌĂŶĚĐŽůůĂďŽƌĂƚŝŽŶƐ KǁŶͲďƌĂŶĚƌĂŶŐĞƐ ϮϱϬŶĞǁƉƌŽĚƵĐƚƐĞǀĞƌLJǁĞĞŬ Ͳ ϴϬŶĞǁĐŽůůĞĐƚŝŽŶƐ ĞǀĞƌLJ ƐĞĂƐŽŶͲ ϭϮŶĞǁĐŽůůĂďŽƌĂƚŝŽŶƐ ĞǀĞƌLJLJĞĂƌ ϰϲ

47. Slide 47: PGS provides a significant competitive advantage

    W'^ƉƌŽǀŝĚĞƐĂƐŝŐŶŝĨŝĐĂŶƚĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞ ͻ W'^;WĞƉĐŽ'ůŽďĂů^ŽƵƌĐŝŶŐͿ ƉƌŽǀŝĚĞƐĂŶĞdžĐůƵƐŝǀĞ ŚŝŶĂϲϮй ƐŽƵƌĐŝŶŐĐĂƉĂďŝůŝƚLJĂĐƌŽƐƐ ĐůŽƚŚŝŶŐĂŶĚŐĞŶĞƌĂů WĂŬŝƐƚĂŶϭй ĂŶŐůĂĚĞƐŚϮϱй ŵĞƌĐŚĂŶĚŝƐĞƚŚƌŽƵŐŚŝƚƐ /ŶĚŝĂϵй DLJĂŶŵĂƌΎϯй ŽƉĞƌĂƚŝŽŶƐŝŶŵĂŝŶůĂŶĚ ŚŝŶĂ͕,ŽŶŐ<ŽŶŐ͕ ĂŶŐůĂĚĞƐŚ͕WĂŬŝƐƚĂŶ͕/ŶĚŝĂ ΘƵƌŽƉĞ ͻ sĞƌLJĨĞǁĚŝƐĐŽƵŶƚƌĞƚĂŝůĞ

48. Slide 48: PGS has become one of Asia's largest sourcing operations

    W'^ŚĂƐďĞĐŽŵĞŽŶĞŽĨƐŝĂΖƐůĂƌŐĞƐƚƐŽƵƌĐŝŶŐŽƉĞƌĂƚŝŽŶƐ W'^ŚĂƐƐĐĂůĞĚхϱdžŽǀĞƌƚŚĞůĂƐƚϴLJĞĂƌƐ KǁŶͲůĂďĞů'ƌŽƵƉďƵLJŚĂƐŝŶĐƌĞĂƐĞĚƚŽϴϴй &K EŽŶW'^ хϱdž Φϭ͘ϱďŶ W'^ ϱϬй ϱϲй ϲϮй ϲϴй ϲϴй ϳϮй ϳϮй ϳϲй ϳϲй ϴϯй ϴϯй ϴϴй ϴϴй ϱϲй ϲϮй &zϭϲ &zϭϳ &zϭϴ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ &zϭϲ &zϭϳ &zϭϴ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ ϰϴ

49. Slide 49: Near-shore sourcing and Asia expansion

    EĞĂƌͲƐŚŽƌĞƐŽƵƌĐŝŶŐĞƐƚĂďůŝƐŚĞĚŝŶ&zϮϰ͕ĐŽŵƉůĞŵĞŶƚŝŶŐ ƐŝĂŽƉĞƌĂƚŝŽŶƐ EĞĂƌͲƐŚŽƌĞƐŽƵƌĐŝŶŐ ƐŝĂĞdžƉĂŶƐŝŽŶ 9 >ĂƵŶĐŚĞĚŝŶ&zϮϯ͖ĨŝƌƐƚŽƌĚĞƌƐƐŚŝƉŝŶ&zϮϰ 9 'ƌŽǁĞŵĞƌŐŝŶŐŵĂƌŬĞƚƐ͗ĂŵďŽĚŝĂΘWĂŬŝƐƚĂŶ 9 hͲďĂƐĞĚƐŽƵƌĐŝŶŐŽĨĨŝĐĞŝŶWŽnjŶĂŶ͕WŽůĂŶĚ 9 tŝůůĞdžƉĂŶĚƚŽŝŶĐůƵĚĞ^ƌŝ>ĂŶŬĂΘ/ŶĚŽŶĞƐŝĂŝŶ 9 ZĞŐŝŽŶƐƐƵĐŚĂƐWŽůĂŶĚ͕ZŽŵĂŶŝĂ͕ƵůŐĂƌŝĂ͕dƵƌŬĞLJ

50. Slide 50: Leveraging the Group to maximise sourcing margin

    ƐĞǀĞŶͲƉŽŝŶƚƉůĂŶƚŽŵĂdžŝŵŝƐĞƐŽƵƌĐŝŶŐŵĂƌŐŝŶ W'^ΘWĞƉĐŽƚĞĂŵƐǁŽƌŬŝŶŐƐŚŽƵůĚĞƌƚŽƐŚŽƵůĚĞƌƚŽĚĞǀĞůŽƉƐŽƵƌĐŝŶŐƐƚƌĂƚĞŐLJ ĐŽŶŽŵŝĞƐ ^ŽƵƌĐŝŶŐ ^ƚƌĂƚĞŐŝĐ sĞŶĚŽƌ &ĂďƌŝĐĂƚ sĞŶĚŽƌ ^ƵƉƉůŝĞƌ ŽĨƐĐĂůĞ ŽƉƚŝŵŝƐĂƚŝŽŶ ǀĞŶĚŽƌ ĐŽŶƐŽůŝĚĂƚŝŽŶ ƐŽƵƌĐĞ ƉĞƌĨŽƌŵĂŶĐĞ ĚĞǀĞůŽƉŵĞŶƚ ƉĂƌƚŶĞƌƐŚŝƉƐ ƉƌŽŐƌĂŵŵĞ >ĞǀĞƌĂŐŝŶŐƚŚĞ ^ŽƵƌĐŝŶŐĨƌŽŵƚŚĞ ŐƌĞĞŝŶŐůŽ

51. Slide 51: Summary

    ^ƵŵŵĂƌLJ ͻ ϭϬͲŵŽŶƚŚďƵLJŝŶŐĐĂůĞŶĚĂƌĨŽƌĐůŽƚŚŝŶŐĂŶĚ ŐĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞ ͻ ƚƚƌĂĐƚŝǀĞĐƵƐƚŽŵĞƌƌĂŶŐĞƐƚŚƌŽƵŐŚďƌĂŶĚ ƉĂƌƚŶĞƌƐŚŝƉƐĂŶĚŐƌŽǁŝŶŐŽǁŶͲďƌĂŶĚůĂďĞůƐ ͻ /ŶͲŚŽƵƐĞĐŽŵƉĞƚŝƚŝǀĞĂĚǀĂŶƚĂŐĞƚŚƌŽƵŐŚ W'^ ͻ KŶĞƌĂŶŐĞƵŶĚĞƌƉŝŶŶŝŶŐŽƵƌƉůĂŶƚŽ ŵĂdžŝŵŝƐĞŵĂƌŐŝŶƐ ϱϭ

52. Slide 52: Dealz

    ĞĂůnj DĂƌĐŝŶ>ĂŶŐŽǁƐŬŝʹ DĂŶĂŐŝŶŐŝƌĞĐƚŽƌ ϱϮ

53. Slide 53: Make a Dealz!

    DĂŬĞ ĂĚĞĂůnj͊ ͻ ĞĂůnj ŽĨĨĞƌƐƵŶŝƋƵĞŝŶƚĞƌŶĂƚŝŽŶĂů &D' ĂŶĚŐĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞƉƌŽĚƵĐƚƐĂƚƚŚĞ ůŽǁĞƐƚƉƌŝĐĞƐ ͻ dŚĞďĞƐƚĚĞĂůƐĂŶĚďƌĂŶĚƐĂƌĞƐŽƵƌĐĞĚ ĨƌŽŵWŽůĂŶĚ͕ƵƌŽƉĞĂŶĚƐŝĂ͕ŽĨĨĞƌŝŶŐ ƚŚŽƵƐĂŶĚƐŽĨďƌĂŶĚĞĚƉƌŽĚƵĐƚƐĨŽƌƚŚĞ ǁŚŽůĞĨĂŵŝůLJ ͻ ǀĞƌLJƐŚŽƉƉĞƌĐŚŽŽƐŝŶŐƚŽƐŚŽƉŝŶĞĂůnj ͚ŵĂŬĞƐĂĚĞĂů͛ ͻ ϯ͕ϬϬϬƉƌŽĚƵĐƚƐĂĐƌŽƐƐϭϱĐĂƚĞŐŽƌŝĞƐ ͻ KƵƌǀŝƐŝŽ

54. Slide 54: Market opportunity

    DĂƌŬĞƚŽƉƉŽƌƚƵŶŝƚLJ ͻ &ŝƌƐƚƐƚŽƌĞŽƉĞŶĞĚŝŶWŽůĂŶĚŝŶ&ĞďƌƵĂƌLJϮϬϭϴ ĞĂůnjŝƐŽŶĞŽĨƚŚĞĨĂƐƚĞƐƚŐƌŽǁŝŶŐ&D'ƌĞƚĂŝůĞƌƐŝŶWŽůĂŶĚ ͻ ĞĂůnjŚĂĚϮϴϯƐƚŽƌĞƐĂƚĞŶĚŽĨ^ĞƉƚĞŵďĞƌϮϬϮϯ ͻ KƉƉŽƌƚƵŶŝƚLJƚŽŽƉĞŶϭ͕ϬϬϬƐƚŽƌĞƐ ŝŶWŽůĂŶĚ Ϯϴϯ ĞĂůnj ƐƚŽƌĞŐƌŽǁƚŚ;ηͿ ϭϲϴ ϭϬϯ ϲϴ ϯϳ ϵ &zϭϴ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ ^ŽƵƌĐĞ͗EŝĞůƐĞŶ/Y͕WŽůĂŶĚ͕^ĞƉƚĞŵďĞƌϮϬϮϯ ʹ ZĞƉ

55. Slide 55: Refreshed brand identity and store layout

    ZĞĨƌĞƐŚĞĚďƌĂŶĚŝĚĞŶƚŝƚLJĂŶĚƐƚŽƌĞůĂLJŽƵƚ EĂǀŝŐĂƚŝŽŶ ŝŐŝƚĂůƐŝŐŶĂŐĞ EĞǁĐĂƐŚ ĂƌĞĂ EĞǁWK^ ůĞĂƌĞƌƐƚŽƌĞůĂLJŽƵƚ dŚĞůĂƚĞƐƚŽĨĨĞƌƐĚŝƐƉůĂLJĞĚ ŵŽĚĞƌŶĂŶĚ DŽĚĞƌŶƉƌŝĐŝŶŐƐLJƐƚĞŵ ŵĂŬŝŶŐ ŵĂŬŝŶŐŝƚĞĂƐŝĞƌĨŽƌ ŽŶƐƚŽƌĞƐĐƌĞĞŶƐ ĐŽŶǀĞŶŝĞŶƚĐŚĞĐŬŽƵƚ ŝƚĞĂƐŝĞƌĨŽƌƚŚĞĐƵƐƚŽŵĞƌ ĐƵƐƚŽŵĞƌƐƚŽŶĂǀŝŐĂƚĞ ϱϱ

56. Slide 56: ϱϲ

    ϱϲ

57. Slide 57: Brand awareness is growing quickly

    ƌĂŶĚĂǁĂƌĞŶĞƐƐŝƐŐƌŽǁŝŶŐƋƵŝĐŬůLJ ͻ ĞĂůnj ǁĞůĐŽŵĞƐϲϬϬŬĐƵƐƚŽŵĞƌƐ ĞǀĞƌLJǁĞĞŬ ƌĂŶĚĂǁĂƌĞŶĞƐƐĨŽƌŽƵƌƚĂƌŐĞƚ ͻ ĞĂůnj ŚĂƐϰŵŝůůŝŽŶƵŶŝƋƵĞĐƵƐƚŽŵĞƌƐ ĐƵƐƚŽŵĞƌƐŝƐŝŶĐƌĞĂƐŝŶŐƋƵŝĐŬůLJ ϴϯй ͻ ĞĂůnj ĐƵƐƚŽŵĞƌƐĂƌĞLJŽƵŶŐĂƚŚĞĂƌƚͲ ϳϳй ϳϬйĂƌĞďĞƚǁĞĞŶϭϵƚŽϰϱLJĞĂƌƐŽůĚ ϳϮй ϲϴй ϲϰй ϲϰй ϲϮй ϱϵй ϱϱй ϱϰй ϱϯй ϱϯй ϱϯй ϱϭй ϰϱй ϰϱй ϰϯй ϰϰй Yϰ Yϭ YϮ

58. Slide 58: Efficient model will drive targets

    ĨĨŝĐŝĞŶƚŵŽĚĞůǁŝůůĚƌŝǀĞƚĂƌŐĞƚƐ ĞƐƚǀĂůƵĞĨŽƌĐƵƐƚŽŵĞƌƐĂŶĚůŽǁƉƌŝĐĞƐ ϯϱй 'ZK^^DZ'/E Ϯϱй KWZd/E'K^d^ ^ŝŵƉůĞ ŽƐƚͲ ĨĨŝĐŝĞŶƚ KƉƚŝŵĂů ƐƚŽĐŬ ŽƉĞƌĂƚŝŶŐ ĐŽŶƐĐŝŽƵƐ ůŽŐŝƐƚŝĐƐ ŵĂŶĂŐĞŵĞŶƚ ŵŽĚĞů ĐƵůƚƵƌĞ ϭϬй /d ϱϴ

59. Slide 59: Summary

    ^ƵŵŵĂƌLJ ͻ ĞĂůnj ĐŽŵƉůĞŵĞŶƚƐƚŚĞWĞƉĐŽďƵƐŝŶĞƐƐ ŝŶWŽůĂŶĚ ͻ KĨĨĞƌƐƵŶŝƋƵĞŝŶƚĞƌŶĂƚŝŽŶĂů&D' ďƌĂŶĚƐĂŶĚŐĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞ ͻ ƌĂŶĚĂǁĂƌĞŶĞƐƐĨŽƌŽƵƌŬĞLJƚĂƌŐĞƚ ĐƵƐƚŽŵĞƌƐŝƐŐƌŽǁŝŶŐƋƵŝĐŬůLJ ͻ ^ŝŵƉůĞĂŶĚĞĨĨŝĐŝĞŶƚŵŽĚĞůǁŝůůĚƌŝǀĞ ƚĂƌŐĞƚƐ ͻ ^ŝŐŶŝĨŝĐĂŶƚŽƉƉŽƌƚƵŶŝƚLJĨŽƌŐƌŽǁƚŚ ϱϵ

60. Slide 60: Modelling

    DŽĚĞůůŝŶŐ EĞŝů'ĂůůŽǁĂLJʹ ŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ ϲϬ

61. Slide 61: Context and assumptions

    ŽŶƚĞdžƚĂŶĚĂƐƐƵŵƉƚŝŽŶƐ ͻ ŽŶƚĞdžƚ o ǀŽůƵƚŝŽŶŽǀĞƌůĂƐƚϱLJĞĂƌƐ o <ĞLJďƵƐŝŶĞƐƐĂŶĚĐŽƐƚůĞǀĞƌƐ o ^ƚŽƌĞƉĞƌĨŽƌŵĂŶĐĞƌĞǀŝĞǁ ͻ ƐƐƵŵƉƚŝŽŶƐ o ůů&zϮϯŶƵŵďĞƌƐĂƌĞƵŶĂƵĚŝƚĞĚ͕ĞŝƚŚĞƌĂƐƉĞƌŵĂŶĂŐĞŵĞŶƚĂĐĐŽƵŶƚƐŽƌĂĨƵůůLJĞĂƌ ĞƐƚŝŵĂƚĞĂŶĚƐƵďũĞĐƚƚŽĐŚĂŶŐĞĂƐƉĂƌƚŽĨLJĞĂƌĞŶĚĐůŽƐĞ o tŚĞƌĞŶŽƚLJĞƚĂǀĂŝůĂďůĞ&zϮϯWϭϭLJĞĂƌƚŽĚĂƚĞŶƵŵďĞƌƐŚĂǀĞďĞĞŶƵƐĞĚĂƐ ƌĞĨ

62. Slide 62: Summary: Pepco Group evolution

    ϭ ^ƵŵŵĂƌLJ͗WĞƉĐŽ'ƌŽƵƉĞǀŽůƵƚŝŽŶ ZĞǀĞŶƵĞΘ>&> ^ƚŽƌĞEƵŵďĞƌƐ >&>'ƌŽǁƚŚй Ϯ͘ϲй ϲ͘Ϭй нϲϱй ϱ͕ϲϰϵ нϳϮй ϰ͕ϲϮϵ Ϯ͕ϲϵϰ ϯ͕ϰϭϱ &zϭϵ &zϮϯ &zϭϵ &zϮϯ /d EĞƚĞďƚ /dй^ĂůĞƐ ϵ͘ϳй ϳ͘Ϭй ϭ͘ϰdž ϭ͘Ϭdž /důĞǀĞƌĂŐĞ ;ďĂƐĞĚŽŶ&zϮϯ/dͿ нϭϵй ϯϵϰ ϰϲϭ ͲϭϬй ϯϯϭ ϰϭϯ &zϭϵ &zϮϯ &zϭϵ &zϮϯ &zϮϯĨŝŐƵƌĞƐĂƌĞƵŶĂƵĚŝƚĞĚ͕ďĂƐĞĚŽŶůĂƚĞƐƚKƵƚƚƵƌŶŝŶĨŽƌŵĂƚŝŽŶĂŶĚ

63. Slide 63: Sales: Growth evolution

    ϭ ^ĂůĞƐ͗'ƌŽǁƚŚĞǀŽůƵƚŝŽŶ нϭϯйƌĞǀĞŶƵĞ'ZƐŝŶĐĞ&zϭϵĚƌŝǀĞŶďLJ>&>ŐƌŽǁƚŚΘŝŶĐƌĞĂƐŝŶŐWĞƉĐŽƐƚŽƌĞŽƉĞŶŝŶŐƐ ZĞǀĞŶƵĞLJdLJƉĞ;ΦďŶͿ zĞĂƌͲŽŶͲLJĞĂƌ'ƌŽǁƚŚ;йͿ нϭϯй нϭϯй ϰͲLJĞĂƌ'Z ϱ͘ϲ ϭϳ͘Ϯй ϭϳ͘Ϭй ϭϳ͘ϭй ϰ͘ϴ Ϭ͘ϴ ϭϮ͘ϰй ϰ͘ϭ Ϭ͘ϳ ϯ͘ϰ ϯ͘ϱ Ϭ͘ϱ ϲ͘ϱй ϱ͘Ϯй ϲ͘Ϭй Ϭ͘ϱ Ϭ͘ϰ Ϯ͘ϲй ϰ͘ϵ ϰ͘ϭ ϯ͘Ϭй ϯ͘ϲ Ϯ͘ϵ ϯ͘ϭ ;ϱ͘ϮйͿ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ &zϭϵ &z

64. Slide 64: Sales: by brand

    ϭ ^ĂůĞƐ͗LJďƌĂŶĚ WĞƉĐŽĚƌŝǀŝŶŐŐƌŽǁƚŚǁŝƚŚŶĞƚǁŽƌŬĞdžƉĂŶƐŝŽŶʹ ĨƌŽŵϱϬйƚŽϲϬйŽĨ'ƌŽƵƉZĞǀĞŶƵĞ ƵƐŝŶĞƐƐhŶŝƚZĞǀĞŶƵĞ;ΦďŶͿ ƵƐŝŶĞƐƐhŶŝƚZĞǀĞŶƵĞDŝdž WĞƉĐŽнϮϬйϰͲLJĞĂƌ'Z ϱ͘ϲ ϯй ϰй WŽƵŶĚůĂŶĚнϰйϰͲLJĞĂƌ'Z Ϭ͘Ϯ ϰ͘ϴ Ϭ͘ϭ ϰϴй ϰϵй ϰ͘ϭ ϱϯй ϱϲй ϲϬй ϯ͘ϰ ϯ͘ϱ ϯ͘ϰ Ϯ͘ϳ Ϯ͘Ϯ ϭ͘ϲ ϭ͘ϳ ϱϭй ϰϴй ϰϰй ϯϵй ϭ͘ϴ ϭ͘ϵ Ϯ͘Ϭ ϯϱй ϭ͘ϳ ϭ͘ϳ &zϭϵ &zϮϬ &zϮϭ &zϮϮ

65. Slide 65: Sales: by location

    ϭ ^ĂůĞƐ͗LJůŽĐĂƚŝŽŶ ZĞǀĞŶƵĞĐŽŶƚŝŶƵŝŶŐƚŽĚŝǀĞƌƐŝĨLJŽǀĞƌƚŝŵĞƚŚƌŽƵŐŚĂŶĚtƵƌŽƉĞĞdžƉĂŶƐŝŽŶ 'ĞŽŐƌĂƉŚŝĐ>ŽĐĂƚŝŽŶZĞǀĞŶƵĞ;ΦďŶͿ 'ĞŽŐƌĂƉŚŝĐ>ŽĐĂƚŝŽŶZĞǀĞŶƵĞDŝdž WŽůĂŶĚнϭϯй ϰͲLJĞĂƌ'Z ϭй Ϯй Ϯй ϱй ϵй KƚŚĞƌнϮϭй ϰͲLJĞĂƌ'Z h<Θ/ƌĞůĂŶĚнϰй ϰͲLJĞĂƌ'Z ϱ͘ϲ Ϯϰй Ϯϱй Ϯϴй Ϭ͘ϱ ϯϮй ϰ͘ϴ ϯϭй ϰ͘ϭ Ϭ͘Ϯ ϭ͘ϴ Ϯϰй Ϯϱй ϯ͘ϰ ϯ͘ϱ Ϭ͘ϭ Ϯϲй ϭ͘ϱ Ϭ͘ϭ ϭ͘Ϯ Ϯϱй

66. Slide 66: Sales: category mix

    ϭ ^ĂůĞƐ͗ĂƚĞŐŽƌLJŵŝdž WĞƉĐŽŐƌŽǁƚŚŚĂƐĚƌŝǀĞŶĂŶŝŶĐƌĞĂƐĞĚƐŚĂƌĞŽĨůŽƚŚŝŶŐΘ'ĞŶĞƌĂůDĞƌĐŚĂŶĚŝƐĞƌĞǀĞŶƵĞ ZĞǀĞŶƵĞLJĂƚĞŐŽƌLJ;ΦďŶͿ ZĞǀĞŶƵĞDŝdžLJĂƚĞŐŽƌLJ ϱ͘ϲ ϰ͘ϴ ϯϯй Ϯϴй Ϯϳй Ϯϳй ϭ͘ϱ ϯϰй ϰ͘ϭ ϭ͘ϯ ϯ͘ϰ ϯ͘ϱ ϭ͘Ϯ ϯϱй ϯϱй Ϯ͘Ϭ ϯϲй ϭ͘ϭ ϯϰй ϯϰй ϭ͘Ϯ ϭ͘ϳ ϭ͘ϰ ϭ͘ϭ ϭ͘Ϯ Ϯ͘ϭ ϯϮй ϯϯй ϯϲй ϯϴй ϯϴй ϭ͘ϱ ϭ͘ϴ ϭ͘ϭ ϭ͘Ϯ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ &zϭϵ

67. Slide 67: Sales: LFL overview

    ϭ ^ĂůĞƐ͗>&>ŽǀĞƌǀŝĞǁ >&>ŶŽƌŵĂůŝƐŝŶŐĨŽůůŽǁŝŶŐŽǀŝĚLJĞĂƌƐĂŶĚhŬƌĂŝŶĞŝŵƉĂĐƚ͕ǁŝƚŚƐŚŽƌƚƚĞƌŵŝŶĨůĂƚŝŽŶĂƌLJŚĞĂĚǁŝŶĚ ƵƐŝŶĞƐƐhŶŝƚ>&>й WĞƉĐŽ WŽƵŶĚůĂŶĚ ĞĂůnj WWK'ƌŽƵƉ ϭϭ͘ϯй ϵ͘ϴй ϴ͘ϯй ϳ͘ϰй ϳ͘Ϯй ϲ͘ϭй ϲ͘ϯй ϲ͘ϱй ϲ͘Ϭй ϱ͘ϱй ϰ͘ϵй ϱ͘Ϯй ϰ͘ϯй ϯ͘ϵй Ϯ͘ϲй Ϯ͘ϭй Ϯ͘ϲй Ϯ͘ϵй ϭ͘ϰй ;Ϭ͘ϬйͿ ;ϯ͘ϭйͿ ;ϱ͘ϲйͿ ;ϱ͘ϮйͿ ;ϳ͘ϭйͿ ϱͲz ϱͲz ϱͲz ϱͲz &zϭϵ

68. Slide 68: Sales: Pepco LFL

    ϭ ^ĂůĞƐ͗WĞƉĐŽ>&> ŚĂůůĞŶŐŝŶŐĞŶǀŝƌŽŶŵĞŶƚĨŽƌĨŽƌĞĐĂƐƚŝŶŐ>&>ƉĞƌĨŽƌŵĂŶĐĞΘWŽůĂŶĚƵŶĚĞƌƉĞƌĨŽƌŵŝŶŐ dŽƚĂůWĞƉĐŽ;ΘWĞƉĐŽWŽůĂŶĚͿYƵĂƌƚĞƌůLJ>&>й ϯϳ͘ϯй ϭϵ͘ϳй ϭϴ͘ϱй ϭϭ͘Ϭй ϭϬ͘ϳй ϭϬ͘Ϯй ϴ͘Ϭй ϳ͘ϯй ϳ͘ϯй ϲ͘ϲй ϱ͘ϵй ϰ͘ϵй ϰ͘ϳй ϰ͘ϳй ϯ͘ϴй ϯ͘ϰй ϯ͘Ϭй ;Ϭ͘ϭйͿ ;ϭ͘ϮйͿ ;Ϯ͘ϮйͿ ;Ϯ͘ϰйͿ ;Ϯϯ͘ϴйͿ ;ϲ͘ϬйͿ ;ϭϮ͘ϳйͿ Yϭ YϮ Yϯ Yϰ Yϭ YϮ Yϯ Yϰ Yϭ YϮ Y

69. Slide 69: Sales: Pepco LFL

    ϭ ^ĂůĞƐ͗WĞƉĐŽ>&> WĞƉĐŽ>&>ƉƌŝŶĐŝƉĂůůLJĚƌŝǀĞŶƚŚƌŽƵŐŚǀŽůƵŵĞŐƌŽǁƚŚƌĞƚĂŝŶŝŶŐƉƌŝĐĞůĞĂĚĞƌƐŚŝƉ dsΘdƌĂŶƐĂĐƚŝŽŶǀŽůƵƚŝŽŶͲ WĞƉĐŽ ϭϬ͘ϬϬ ϰϱϬ ϵ͘ϬϬ ϰϬϬ ϴ͘ϬϬ ϴ͘ϰϰ ϳ͘ϵϱ ϯϱϬ ϳ͘ϴϱ ϳ͘ϬϬ ϳ͘Ϭϱ ϯϬϬ ϲ͘ϬϬ ϲ͘ϰϴ ϮϱϬ ϱ͘ϬϬ ϮϬϬ ϰ͘ϬϬ ϭϱϬ ϯ͘ϬϬ Ϯ͘ϬϬ ϭϬϬ ϭ͘ϬϬ ϱϬ Ϭ͘ϬϬ Ϭ &zϭϵ &zϭϵ &zϭϵ &zϭϵ &zϮϬ &zϮϬ &zϮϬ &zϮϬ &zϮϭ &zϮϭ &zϮϭ &zϮϭ &zϮϮ &

70. Slide 70: Sales: Poundland LFL

    ϭ ^ĂůĞƐ͗WŽƵŶĚůĂŶĚ>&> ŚĂůůĞŶŐŝŶŐĞŶǀŝƌŽŶŵĞŶƚĨŽƌĨŽƌĞĐĂƐƚŝŶŐ>&>ƉĞƌĨŽƌŵĂŶĐĞ͕ŚŝŐŚůLJĐŽƌƌĞůĂƚĞĚƚŽ&D' WŽƵŶĚůĂŶĚYƵĂƌƚĞƌůLJ>&>й ϮϬ͘Ϯй ϴ͘ϵй ϱ͘Ϭй ϱ͘ϵй ϱ͘ϯй ϯ͘ϵй ϰ͘ϯй ϭ͘ϯй ϭ͘ϯй Ϯ͘ϯй ϭ͘ϯй ϭ͘ϳй ϭ͘Ϯй ϭ͘ϵй Ϭ͘ϵй Ϭ͘ϴй Ϭ͘ϴй ϭ͘ϭй Ϭ͘ϳй ;Ϭ͘ϯйͿ ;ϭ͘ϭйͿ ;ϭ͘ϳйͿ ;ϭϬ͘ϮйͿ ;ϭϴ͘ϬйͿ Yϭ YϮ Yϯ Yϰ Yϭ YϮ Yϯ Yϰ Yϭ YϮ Yϯ Yϰ Yϭ YϮ Yϯ Yϰ Yϭ

71. Slide 71: Sales: Poundland LFL

    ϭ ^ĂůĞƐ͗WŽƵŶĚůĂŶĚ>&> dsŝŶĐƌĞĂƐĞĚĚƵƌŝŶŐŽǀŝĚĂƐĐŽŶƐƵŵĞƌƐƐŚŽƉƉĞĚůĞƐƐŽĨƚĞŶǁŝƚŚŚŝŐŚĞƌƐƉĞŶĚ dsΘdƌĂŶƐĂĐƚŝŽŶǀŽůƵƚŝŽŶͲ WŽƵŶĚůĂŶĚ ϱϬϬ͘ϬϬ ϴ͘ϬϬ ϳ͘ϭϲ ϳ͘Ϭϱ ϰϱϬ͘ϬϬ ϳ͘ϬϬ ϲ͘ϳϲ ϲ͘Ϯϵ ϰϬϬ͘ϬϬ ϲ͘ϬϬ ϱ͘Ϯϲ ϯϱϬ͘ϬϬ ϱ͘ϬϬ ϯϬϬ͘ϬϬ ϰ͘ϬϬ ϮϱϬ͘ϬϬ ϯ͘ϬϬ ϮϬϬ͘ϬϬ Ϯ͘ϬϬ ϭ͘ϬϬ ϭϱϬ͘ϬϬ Ͳ ϭϬϬ͘ϬϬ &zϭϵ &zϭϵ &zϭϵ &zϭϵ &zϮϬ &zϮϬ &zϮϬ &zϮϬ &zϮϭ &zϮϭ &

72. Slide 72: Stores and space

    ϭ ^ƚŽƌĞƐĂŶĚƐƉĂĐĞ ϳϱйƐƉĂĐĞŐƌŽǁƚŚĂŚĞĂĚŽĨϲϴйƐƚŽƌĞŝŶĐƌĞĂƐĞŽǀĞƌϱLJĞĂƌƐ͕ǁŝƚŚůĂƌŐĞƌĂǀĞƌĂŐĞƐƚŽƌĞƐŝnjĞ͕ ĂĐĐĞůĞƌĂƚŝŶŐƌĞǀĞŶƵĞƐ ǀĞƌĂŐĞ^ƚŽƌĞƐΘdƌĂĚŝŶŐ^ƉĂĐĞϭ ;ŬƐƋŵͿϮ ǀĞƌĂŐĞ^ƚŽƌĞ^ŝnjĞ;ƚƌĂĚŝŶŐƐƋŵͿ ϭ͕ϵϭϭ ϭ͕ϲϰϴ ϭ͕ϴϬϬ ϱϵϴ ϰ͕ϭϲϵ ϱϴϬ ϱϱϵ ϱϲϯ ϱϳϬ ϮϬϲϭ͕ϲϬϬ ϭ͕ϰϭϱ ϯ͕ϲϰϱ ϭ͕ϮϱϮ ϭϮϳ ϴϭϳ ϭ͕ϰϬϬ ϯ͕ϭϲϴ ϭ͕Ϭϴϵ Ϯ͕ϴϯϭ ϴϮ ϴϮϰ ϭ͕ϮϬϬ Ϯ͕ϰϴϱ ϱ

73. Slide 73: Sales density

    ϭ ^ĂůĞƐĚĞŶƐŝƚLJ ŽŶƐŝƐƚĞŶƚŝŵƉƌŽǀĞŵĞŶƚŝŶWŽƵŶĚůĂŶĚƐĂůĞƐĚĞŶƐŝƚŝĞƐǁŚŝůĞWĞƉĐŽƌĞŵĂŝŶƐďĞŚŝŶĚϮϬϭϵůĞǀĞůƐ EĞƚ^ĂůĞƐĞŶƐŝƚLJ;ΦŬͬƐƋŵͿ ϰ͘ϭ ϰ͘Ϭ ϯ͘ϴ ϯ͘ϳ ϯ͘ϲ ϯ͘ϭ Ϯ͘ϵ Ϯ͘ϵ Ϯ͘ϵ Ϯ͘ϴ Ϯ͘ϳ Ϯ͘ϴ Ϯ͘ϲ Ϯ͘ϳ Ϯ͘ϲ Ϯ͘ϲ Ϯ͘ϱ Ϯ͘ϰ Ϯ͘ϰ Ϯ͘ϯ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ 'ƌŽƵƉ WĞƉĐŽ WŽƵŶĚůĂŶĚ ĞĂůnj džĐůƵĚĞƐĞĂůnj^ƉĂŝŶ ϳϯ

74. Slide 74: Gross margin: business unit

    Ϯ 'ƌŽƐƐŵĂƌŐŝŶ KǀĞƌĂůůŵĂƌŐŝŶĚĞĐůŝŶĞĚƌŝǀĞŶďLJWĞƉĐŽ͕ƉĂƌƚŝĐƵůĂƌůLJĐůŽƚŚŝŶŐ ƵƐŝŶĞƐƐhŶŝƚ'ƌŽƐƐDĂƌŐŝŶƐ ĂƚĞŐŽƌLJWƌŽĚƵĐƚDĂƌŐŝŶƐʹ 'ƌŽƵƉ ϱϬ͘Ϭй ϱϬ͘Ϭй ϰϲ͘ϰй ϰϲ͘ϳй ϰϱ͘Ϭй ϰϰ͘ϭй ϰϱ͘Ϭй ϰϮ͘ϯй ϰϮ͘Ϭй ϰϬ͘Ϭй ϰϬ͘Ϭй ϯϳ͘ϵй ϯϴ͘ϱй ϯϴ͘ϱй ϯϱ͘Ϭй ϯϳ͘ϰй ϯϲ͘ϲй ϯϱ͘Ϭй ϯϬ͘Ϭй ϯϬ͘Ϭй Ϯϱ͘Ϭй Ϯϱ͘Ϭй ϭ ϭ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯƐƚ &zϭϵ &zϮϬ &zϮϭ

75. Slide 75: Gross margin: Pepco evolution

    Ϯ 'ƌŽƐƐŵĂƌŐŝŶ͗WĞƉĐŽĞǀŽůƵƚŝŽŶ WŽƐŝƚŝǀĞŽƵƚůŽŽŬĨŽƌŵĂƌŐŝŶĂƐǁĞĐLJĐůĞƚŚƌŽƵŐŚ&yĂŶĚĨƌĞŝŐŚƚŚĞĂĚǁŝŶĚƐ ϲϬ͘Ϭй ϱϳ͘ϵй ϭϵ͘Ϭй ϱϱ͘ϲй ϭϳ͘Ϭй ϱϰ͘ϭй ϱϱ͘Ϭй ϱϯ͘ϭй ϱϮ͘ϳй ϭϱ͘Ϭй ϭϯ͘Ϭй ϱϬ͘Ϭй ;ϳ͘ϳйͿ ;ϭϱ͘ϵйͿ ϭϭ͘Ϭй ;ϱ͘ϵйͿ ;ϵ͘ϭйͿ ;ϭϯ͘ϯйͿ ϵ͘Ϭй ϳ͘Ϭй ϰϱ͘Ϭй ϰϲ͘ϳй ϰϲ͘ϰй ϱ͘Ϭй ϰϰ͘ϭй ϯ͘Ϭй ϰϬ͘Ϭй ϰϮ͘ϯй ϰϮ͘Ϭй ϭ͘Ϭй ;ϭ͘ϬйͿ ϯϱ͘Ϭй ;ϯ͘ϬйͿ ;ϱ͘ϬйͿ

76. Slide 76: Gross margin: Poundland evolution

    Ϯ 'ƌŽƐƐŵĂƌŐŝŶ͗WŽƵŶĚůĂŶĚĞǀŽůƵƚŝŽŶ ŽŶƐŝƐƚĞŶƚŝŵƉƌŽǀĞŵĞŶƚŝŶƉƌŽĚƵĐƚŵĂƌŐŝŶƚŚƌŽƵŐŚǀĂƌŝĞƚLJŽĨďŽƚŚďƵLJƐŝĚĞĂŶĚƐĞůůƐŝĚĞŝŶŝƚŝĂƚŝǀĞƐ ϰϰ͘Ϯй ϰϰ͘ϱй ϰϮ͘ϯй ϰϭ͘ϭй ϰϬ͘ϰй ;ϱ͘ϴͿй ;ϱ͘ϵͿй ;ϰ͘ϯͿй ;ϯ͘ϬͿй ;ϰ͘ϱͿй ϯϴ͘ϱй ϯϴ͘ϱй ϯϳ͘ϵй ϯϳ͘ϰй ϯϲ͘ϲй &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯƐƚ ϭ &y ^ƚŽĐŬůŽƐƐͬĂŵĂŐĞƐ ĂƚĞŐŽƌLJDŝdž/ŵƉĂĐƚ ƵƚLJΘŽŶƚĂŝŶĞƌƐŽƐƚƐ WƌŽ

77. Slide 77: Gross margin: categories

    Ϯ 'ƌŽƐƐŵĂƌŐŝŶ͗ĂƚĞŐŽƌŝĞƐ ĂƚĞŐŽƌLJŵŝdžŝƐĂŬĞLJĚƌŝǀĞƌŽĨƚŚĞƚŽƚĂů'ƌŽƐƐDĂƌŐŝŶ ůŽƚŚŝŶŐ^ĂůĞƐDŝdžϯϴй 'D^ĂůĞƐDŝdžϯϱй &D'^ĂůĞƐDŝdžϮϳй ůŽƚŚŝŶŐ ĐĐĞƐƐŽƌŝĞƐ ĚƵůƚ ĂďLJ &ŽŽƚǁĞĂƌ <ŝĚƐ hŶĚĞƌǁĞĂƌ 'DǀĞƌĂŐĞ ůŽƚŚŝŶŐǀĞƌĂŐĞ KǀĞƌĂůů'ƌŽƐƐDĂƌŐŝŶ 'D /z ŶƚĞƌƚĂŝŶŵĞŶƚ &D'ǀĞƌĂŐĞ 'ĂƌĚĞŶŝŶŐΘKƵƚĚŽŽƌ ,ŽŵĞǁĂƌĞƐ ^ĞĂƐŽŶĂů ^ƚĂƚŝŽŶĞƌLJ dŽLJƐ &D' ŽŶĨĞ

78. Slide 78: Operating costs: Pepco

    ϯ KƉĞƌĂƚŝŶŐĐŽƐƚƐ͗WĞƉĐŽ ^ƚƌƵĐƚƵƌĂůĐŽƐƚĐŚĂůůĞŶŐĞƐĐŽŵƉŽƵŶĚĞĚďLJŝŶĨůĂƚŝŽŶŚĞĂĚǁŝŶĚƐĂŶĚŐƌŽǁƚŚ WĞƉĐŽKƉĞƌĂƚŝŶŐŽƐƚƐ&zϭϵͲ&zϮϯ;ΦŵͿ WĞƉĐŽKƉĞƌĂƚŝŶŐŽƐƚƐWĞƌdƌĂĚŝŶŐ^Ƌŵ&zϭϵͲ&zϮϯ;ΦͬƐƋŵͿ ϭϰϬϬ ϭϮϬϬ ϭϬϬϬ ϴϴϵ ϲϲϮ ϲϯϭ ϭϰϵ ϴϬϬ ϴ ϱϳϬ ϱϲϬ ϱϴϱ ϲϱϲ ϭϬϳ ϭϭϭ ϭϮϯ ϭϬϬ ϵϬ ϵϬ ϱϭϭ ϴϯ ϵϮ ϭϬϬ ϲϬϬ ϲ ϴϮ ϰϯϲ ϳϴ ϴϬ ϴϮ ϵϭ ϮϲϬ ϯϴϲ ϭϳϯ ϭϵϯ ϳϳ

79. Slide 79: Operating costs: Poundland

    ϯ KƉĞƌĂƚŝŶŐĐŽƐƚƐ͗WŽƵŶĚůĂŶĚ ZĞŶƚĐŽƐƚŝŶůŝŶĞǁŝƚŚ&zϭϵ͕ŝŶĨůĂƚŝŽŶĂƌLJŚĞĂĚǁŝŶĚƐŽŶĞŶĞƌŐLJ WŽƵŶĚůĂŶĚKƉĞƌĂƚŝŶŐŽƐƚƐ&zϭϵͲ&zϮϯ;ΦŵͿ WŽƵŶĚůĂŶĚKƉĞƌĂƚŝŶŐŽƐƚƐWĞƌdƌĂĚŝŶŐ^Ƌŵ&zϭϵͲ&zϮϯ;ΦͬƐƋŵͿ ϭ͕Ϯϯϳ ϭ͕ϭϴϲ ϭ͕Ϭϵϵ ϭ͕Ϭϳϱ ϭ͕Ϭϴϰ Ϯϭϴ Ϯϭϰ ϲϬϰ ϭϴϭ ϭϴϭ ϭϴϳ ϱϲϳ ϭϴϯ ϱϭϱ ϱϬϮ ϱϭϬ ϭϬϰ ϭϰϬ ϭϬϳ ϭϭϲ ϭϮϲ ϭϬϮ ϴϱ ϴϱ ϴϴ ϵϬ ϰϵ ϲϳ ϯϳϲ ϮϵϬ ϯϰϯ ϯϱϳ

80. Slide 80: Central costs

    ϯ ĞŶƚƌĂůĐŽƐƚƐ ĞŶƚƌĂůĐŽƐƚƐĂƌŽƵŶĚϲͲϳйŽĨƐĂůĞƐǁŝƚŚƌĞƋƵŝƌĞŵĞŶƚƚŽƌĞĚƵĐĞŝŶĂďƐŽůƵƚĞƚĞƌŵƐ ĞŶƚƌĂůŽƐƚƐĂďƐŽůƵƚĞ;ΦŵͿĂŶĚйŽĨƐĂůĞƐ ϴϬϬϬϬϬ ϲ͘ϴй ϲ͘ϲй ϱϬϬ ϳϬϬϬϬϬ ϲ͘ϰй ϲ͘Ϭй ϲϬϬϬϬϬ ϱ͘Ϯй ϯϳϰ ϰϬϬ ϱϬϬϬϬϬ KƚŚĞƌ Ϯϴϴ ϯϬϬ /d ϰϬϬϬϬϬ Ϯϲϯ Ϯϯϵ WƌŽũĞĐƚƐ ϯϬϬϬϬϬ ϭϳϴ ϮϬϬ ĚǀĞƌƚŝƐŝŶŐ ϮϬϬϬϬϬ ^ĂůĂƌŝĞƐ ϭϬϬ hŶĚĞƌůLJŝŶŐйŽĨƐĂůĞƐ ϭϬϬϬϬϬ Ϭ Ϭ ϭ Ϯ

81. Slide 81: IFRS 17 EBIT to PBT

    ϰ /^ϭϳ/dƚŽWd zŽzΘĐŽƐƚŝŶĐƌĞĂƐĞĚƌŝǀĞŶďLJƐƚŽƌĞŐƌŽǁƚŚĂŶĚƌĞĨŝƚƉƌŽŐƌĂŵŵĞ͕ǁŝƚŚŝŶƚĞƌĞƐƚ ĐŽƐƚƐŝŶĐƌĞĂƐĞƌĞĨůĞĐƚŝŶŐƚŚĞŚŝŐŚĞƌŝŶƚĞƌĞƐƚƌĂƚĞĞŶǀŝƌŽŶŵĞŶƚ ϳϯϭ ϳϱϬ ϲϰϳ ϰϰϮ ϰϯϵ ϰϬϬ ϯϵϰ ϯϯϭ ϭϮϰ ϭϬϮ ϳϱ ϵ ϭϱϳ ϮϮϵ ϰϭ ϱϲ ϯϬϲ Ϯϱϳ Ϯϴ ϵϭ ϮϬϬ ϮϬϵ ϱϱ ϴϰ ϭ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ džƚĞƌŶĂů/ŶƚĞƌĞƐƚ Θ /d Wd /&Z^ϭϲ/d /dĂŶĚWdƉƌĞƐĞŶƚĞĚŽŶ

82. Slide 82: New store additions impacting EBIT and profile

    ϰ EĞǁƐƚŽƌĞĂĚĚŝƚŝŽŶƐŝŵƉĂĐƚŝŶŐΘ ΘƉƌŽĨŝůĞƌĞĨůĞĐƚƐtĚƌŝǀĞŶƐƚŽƌĞŐƌŽǁƚŚĂĐĐĞůĞƌĂƚŝŽŶĂŶĚEĞǁ>ŽŽŬŝŶǀĞƐƚŵĞŶƚ ΦϮϱϬŵ ϯ͕ϱϬϬ Ϯϵϳϳ ϯ͕ϬϬϬ ΦϮϬϬŵ ϭϱϳ Ϯ͕ϱϬϬ ΦϭϱϬŵ ϭϲϲϵ Ϯ͕ϬϬϬ ϭϮϰ ϭϬϮ ϵϭ ϭ͕ϱϬϬ ΦϭϬϬŵ ϳϱ ϭ͕ϬϬϬ ΦϱϬŵ ϱϬϬ Ϯ͘Ϯй Ϯ͘ϲй Ϯ͘ϱй Ϯ͘ϰй ϯ͘Ϯй ΦϬŵ Ϭ ϭ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ Θ ƵŵEĞǁ^ƚŽƌĞƐϮϬϭϵͲϮϬϮϯ ZĞǀĞŶƵĞй ƵŵEĞǁ^ƚŽƌĞƐŝŶĐEĞ

83. Slide 83: 'New Look' and impact

    ϰ ͚EĞǁ>ŽŽŬ͛ΘŝŵƉĂĐƚ ͚EĞǁ>ŽŽŬ͛ĐŽŶǀĞƌƐŝŽŶĚƌŝǀĞƐŚŝŐŚĞƌΘĨŽƌĐϱLJĞĂƌƐ͕ďĞŝŶŐƚŚĞĚĞƉƌĞĐĂƚŝŽŶƉĞƌŝŽĚĨŽƌƐƚŽƌĞƐ EĞǁ>ŽŽŬΘŝŵƉĂĐƚŽŶĂƉĞƌƐƚŽƌĞďĂƐŝƐ ΦϯϬŬ ΦϮϱŬ ΦϮϬŬ ΦϭϱŬ ΦϭϬŬ ΦϱŬ ΦϬŬ &zϮϮ &zϮϯ &zϮϰ &zϮϱ &zϮϲ &zϮϳ &zϮϴ ͲΦϱŬ ϴϯ

84. Slide 84: Stock

    ϱ ^ƚŽĐŬ DŝƐƐŝŶĞdžƉĞĐƚĞĚƐĂůĞƐ;>&>ĂŶĚŶĞǁƐƚŽƌĞͿůĞĂĚŝŶŐƚŽŚŝŐŚĞƌƐƚŽĐŬďƵŝůĚ 'ƌŽƵƉ^ƚŽĐŬ,ŽůĚŝŶŐ;ΦŵͿ&zϮϮͲ&zϮϯ ϭϯϲ ϭϰϰ ϭϯϮ ϭϮϳ ϭϮϴ ϭϮϲ ϭϯϯ ϭϮϬ ϭϮϯ ϭϮϰ ϭϭϴ ϭϮϭ ϭϮϭ ϭϬϴ ϭϬϳ ϭϭϯ ϭϭϯ ϭϭϭ ϭϭϯ ϭϭϯ ϭϭϯ ϭϬϰ ϭϬϯ ϭ͕Ϯϯϰ ϭ͕ϭϳϴ ϭ͕ϭϯϳ ϭ͕Ϭϵϯ ϭ͕ϬϵϬ ϭ͕ϭϬϯ ϭ͕Ϭϳϴ ϭ͕ϭϬϯ ϭ͕Ϭϭϯ ϭ͕Ϭϰϲ ϭ͕ϬϮϳ ϵϵϲ ϵϱϵ ϵϭϰ ϴϰϭ ϴϱϮ ϳϴϴ ϳϵϱ ϴϬϯ ϳϮϮ ϳϱϯ ϳϭ

85. Slide 85: Pepco Group stock category mix

    ϱ ^ƚŽĐŬ ^ŚŽƌƚĞƌƐƵƉƉůLJĐŚĂŝŶĨŽƌ&D'ĚƌŝǀŝŶŐůŽǁĞƌƐŚĂƌĞŽĨŵŝdžǀƐƌĞǀĞŶƵĞƐ WĞƉĐŽ'ƌŽƵƉ^ƚŽĐŬĂƚĞŐŽƌLJDŝdž&zϮϮͲ&zϮϯ ϭϬϬй ϵϬй ϴϬй ϳϬй ϲϬй ϱϬй ϰϬй ϯϬй ϮϬй ϭϬй Ϭй KĐƚͲϮϭ EŽǀͲϮϭ ĞĐͲϮϭ :ĂŶͲϮϮ &ĞďͲϮϮ DĂƌͲϮϮ ƉƌͲϮϮ DĂLJͲϮϮ :ƵŶͲϮϮ :ƵůͲϮϮ ƵŐͲϮϮ ^ĞƉͲϮϮ KĐƚͲϮϮ EŽǀͲϮϮ ĞĐͲϮϮ :ĂŶͲϮϯ &ĞďͲϮϯ DĂƌͲϮϯ ƉƌͲϮϯ DĂLJͲϮϯ :ƵŶͲϮϯ :ƵůͲϮϯ ƵŐͲϮϯ ^

86. Slide 86: Working capital

    ϱ tŽƌŬŝŶŐĐĂƉŝƚĂů ^ŝŐŶŝĨŝĐĂŶƚŽƉƉŽƌƚƵŶŝƚLJƚŽŝŵƉƌŽǀĞĐĂƐŚĐŽŶǀĞƌƐŝŽŶĐLJĐůĞƚŚƌŽƵŐŚƐƚŽĐŬŵĂŶĂŐĞŵĞŶƚ /ŶǀĞŶƚŽƌLJ dƌĂĚĞWĂLJĂďůĞƐ dƌĂĚĞZĞĐĞǀŝĂďůĞƐ ϵϱϵ ϭ͕Ϯϯϰ ϱϯϴ ϱϲϳ ϱϵϳ ;ϭϳϮͿ ;ϮϲϵͿ ;ϯϬϭͿ ;ϱϱϱͿ ;ϳϮϯͿ /ŶǀĞŶƚŽƌLJĂLJƐс/ŶǀĞŶƚŽƌLJͬ ϭϮϯ ϭϯϯ >ĂƐƚϭϮDŽŶƚŚƐK'^Ύϯϲϱ ϵϵ ϵϵ ϵϯ ϱϮ ϱϱ dƌĂĚĞWĂLJĂďůĞƐĂLJƐсdƌĂĚĞ ϲϴ ϱϮ ϰϲ WĂLJĂďůĞƐͬ>ĂƐƚϭϮDŽŶ

87. Slide 87: Cash flow by year

    ϱ ĂƐŚĨůŽǁďLJLJĞĂƌ KƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁĐŽǀĞƌƐĐĂƉĞdžƐƉĞŶĚ EĞƚĂƐŚ&ůŽǁ ĞĨŽƌĞĂƉĞdž ϭϵϱ ϯϯϲ Ϯϱϴ ϲϰ ϯϰϯ EĞƚĂƐŚ&ůŽǁ ĨƚĞƌĂƉĞdž ϲϰ ϭϳϭ ϭϬϰ ;ϭϲϭͿ ;ϯϬͿ ϭϭϰ ϵϰ ϭϯ Ϯϭϯ ϰϬϬ ϰϯϵ ϯϵϰ ϯϯϭ ϮϮϵ ;ϭϯϭͿ ;ϭϲϱͿ ;ϭϱϰͿ ;ϯϳͿ ;ϮϮϰͿ ;ϵϳͿ ;ϰϴͿ ;ϯϳϯͿ ;ϮϬͿ ;ϭϱϵͿ ;ϱϰͿ ;ϰϵͿ ;ϮϰϬͿ ;ϭϵͿ ;ϱϬͿ ;ϯϲͿ ;ϲϲͿ ;ϴϵͿ ;ϴͿ ;ϲϭͿ &zϭϵϷ &zϮϬ &zϮϭ &zϮϮ &zϮϯϸ ϯ

88. Slide 88: Capex

    ϲ ĂƉĞdž ^ŝŐŶŝĨŝĐĂŶƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĞĂĐŚLJĞĂƌǁŝƚŚƚŚĞŵĂũŽƌŝƚLJŽĨƐƉĞŶĚƌĞůĂƚŝŶŐƚŽEĞǁ^ƚŽƌĞƐƚŽ ƐƵƉƉŽƌƚƚŚĞ'ƌŽƵƉ͛ƐƐƚŽƌĞƌŽůůŽƵƚƉůĂŶƐ ƵƐŝŶĞƐƐhŶŝƚĂƉĞdž^ƉĞŶĚ&zϭϵͲ&zϮϯzd;ΦŵͿ ϲ͘ϲй ϱϬϬ ϰ͘Ϯй ϰ͘ϳй &zϮϯŐƵŝĚĂŶĐĞ ϲ͘Ϭй ϰϱϬ ϯ͘ϵй ϯ͘ϳй ΦϯϱϬŵͲ ΦϰϬϬŵ ϰ͘Ϭй ϰϬϬ ϯϳϯ ϯϱϬ Ϯ͘Ϭй ϯϬϬ ϴϬ Ϭ͘Ϭй ϮϱϬ ϮϮϱ ͲϮ͘Ϭй ϮϬϬ ϭϰϲ ϭϱϮ ϳϬ Ͳϰ

89. Slide 89: Capex spend type

    ϲ ĂƉĞdž ^ŝŐŶŝĨŝĐĂŶƚŝŶǀĞƐƚŵĞŶƚŝŶĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĞĂĐŚLJĞĂƌǁŝƚŚƚŚĞŵĂũŽƌŝƚLJŽĨƐƉĞŶĚƌĞůĂƚŝŶŐƚŽEĞǁ^ƚŽƌĞƐƚŽ ƐƵƉƉŽƌƚƚŚĞ'ƌŽƵƉ͛ƐƐƚŽƌĞƌŽůůŽƵƚƉůĂŶƐ ĂƉĞdž^ƉĞŶĚdLJƉĞ&zϭϵͲ&zϮϯzd;ΦŵͿ ϲ͘ϲй ϰ͘ϳй ϯϳϯ ϯ͘ϵй ϰ͘Ϯй ϯ͘ϳй ϲϳ ϳϵ ϮϮϱ ϭϰϲ ϭϱϮ ϭϯϮ ϯϳ ϯϭ ϮϬ ϮϬϴ ϯϰ ϭϬϬ ϭϯϬ ϲϳ ϳϰ ϭ &zϭϵ &zϮϬ &zϮϭ &zϮϮ &zϮϯ EĞǁ^ƚŽƌĞƐ ^ƚŽƌĞZĞĨŝƚƚŝŶŐ ^ƚŽ

90. Slide 90: Pepco & Poundland Store Economics

    Pepco o & Poundland d Store e Economics 90 ϵϬ

91. Slide 91: Pepco and Poundland store economics

    WĞƉĐŽĂŶĚWŽƵŶĚůĂŶĚƐƚŽƌĞĞĐŽŶŽŵŝĐƐ • ϰ͕ϯϰϲƚƌĂĚŝŶŐƐƚŽƌĞƐĂƚƚŚĞĞŶĚŽĨ&zϮϯǁŝƚŚϱϱϴŶĞƚŶĞǁŽƉĞŶŝŶŐƐŝŶƚŚĞLJĞĂƌ͘ • WĞƉĐŽ͗^ƚƌŽŶŐĞƐƚƌĞŐŝŽŶǁŝƚŚĂǀĞƌĂŐĞƐƚŽƌĞůĞǀĞů/dŵĂƌŐŝŶŽĨĐϭϲйǁŝƚŚϱϳůŽƐƐ ŵĂŬŝŶŐƐƚŽƌĞƐϭ ƌĞƉƌĞƐĞŶƚŝŶŐĂĐĂƐŚĚƌĂŐŽĨůĞƐƐƚŚĂŶΦϭŵ͘ • WĞƉĐŽt͗/ƚĂůLJĂŶĚ^ƉĂŝŶŚĂǀĞĂŶĂǀĞƌĂŐĞƐƚŽƌĞůĞǀĞů/dŵĂƌŐŝŶŽĨĐϱͲϲйǁŝƚŚĂƚŽƚĂů ŽĨϮϬůŽƐƐŵĂŬŝ

92. Slide 92: Store economics: Pepco Central & Eastern Europe

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗WĞƉĐŽĞŶƚƌĂůΘĂƐƚĞƌŶƵƌŽƉĞ &zϮϯ<ĞLJ&ŝŐƵƌĞƐ ƐƚŽŶŝĂ ϯ͕ϬϬϬƐƚŽƌĞƐƚƌĂĚŝŶŐĂƚƚŚĞĞŶĚŽĨ ϯϲ нϲ͘ϱй>&>ƌĞǀĞŶƵĞŐƌŽǁƚŚ &zϮϯ >ĂƚǀŝĂ ϲϬ нϭϳйKǀĞƌĂůůLJĞĂƌͲŽŶͲLJĞĂƌƌĞǀĞŶƵĞ >ƵƚŚƵĂŶŝĂ нϮϵϰŶĞƚŶĞǁŽƉĞŶŝŶŐƐŝŶƚŚĞLJĞĂƌ ŐƌŽǁƚŚ ϴϬ WŽůĂŶĚ ϭŶĞǁŵĂƌŬĞƚͲ ŽƐŶŝĂΘ,ĞƌnjĞŐŽǀŝŶĂ ϰĚŝƐƚƌŝďƵƚŝŽŶĐĞŶƚƌĞƐ ϭ͕Ϯϱϲ njĞĐŚŝĂ Ϯϴϳ ^ůŽǀĂŬŝĂ &zϮϯZĞǀ

93. Slide 93: Store economics: solid profitability across stores

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗^ŽůŝĚƉƌŽĨŝƚĂďŝůŝƚLJĂĐƌŽƐƐƐƚŽƌĞƐ ϵϴйнŽĨWWK>&>ƐƚŽƌĞƐWƌŽĨŝƚĂďůĞΘхϳϱй^ƚŽƌĞƐǁŝƚŚϭϬйнWƌŽĨŝƚĂďŝůŝƚLJDĂƌŐŝŶ KŶůLJϱϳ>&>ůŽƐƐŵĂŬŝŶŐƐƚŽƌĞƐ ǁŝƚŚĂĐƵŵƵůĂƚŝǀĞ/dĚƌĂŐŽĨ ůĞƐƐƚŚĂŶΦϭŵ ϰϯŽĨůŽƐƐŵĂŬĞƌƐůŽƐĞůĞƐƐƚŚĂŶ ΦϮϬŬƉĞƌLJĞĂƌ &ŽĐƵƐŝƐƚŽŝŵƉƌŽǀĞƉƌŽĨŝƚĂďŝůŝƚLJŽĨĞdžŝƐƚŝŶŐĐŽƌĞĞƐƚĂƚĞ EŽƚĞ͗>&>ƐƚŽƌĞƐϰͲǁĂůů/^ϭϳ/dĞdžĐůƵĚŝŶŐƉ

94. Slide 94: Store economics: Pepco

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗WĞƉĐŽ dĂƌŐĞƚŝƐƚŽŵŽǀĞ/dĐŽŶƚƌŝďƵƚŝŽŶďĂĐŬƚŽWƌĞŽǀŝĚůĞǀĞůƐ &zϭϵŽŚŽƌƚʹ dŚĞŶĂŶĚEŽǁ;Đ͘ϭ͕ϯϬϬ^ƚŽƌĞƐͿ ůů^ƚŽƌĞƐ ƵƌƌĞŶƚWĞƌĨŽƌŵĂŶĐĞ KƉĞƌĂƚŝŶŐŽƐƚƐ /d ^ĂůĞƐ 'ƌŽƐƐDĂƌŐŝŶ dLJƉŝĐĂů ^ƚŽƌĞ ŶŶƵĂů WĞƌĨŽƌŵĂŶĐĞ ^ƚĂŶĚĂƌĚ Ͳϭϱ͘ϵйZĞĚƵĐƚŝŽŶ ;ΦϬϬϬƐͿ нϭϱ͘ϵй'ƌŽǁƚŚ Ͳϲ͘ϳйƉƚƐ&Ăůů нϭϮ͘ϱй/ŶĨůĂƚŝŽŶ ;Ͳϲ͘ϬйƉƚƐͿ WƌŽĨŝƚ Θ >ŽƐƐ

95. Slide 95: Store economics: Pepco revenue

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗WĞƉĐŽƌĞǀĞŶƵĞ ŽŶƐŝƐƚĞŶƚƉĞƌĨŽƌŵĂŶĐĞĂĐƌŽƐƐĂůůŵĂƌŬĞƚƐ ^ƚŽƌĞ^ĂůĞƐZĂŶŐĞ;ΦŬͿ ϴϬйŽĨ ƐƚŽƌĞƐ Ϭ ϵϱ

96. Slide 96: Store economics: Pepco EBIT

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗WĞƉĐŽ/d 'ŽŽĚWƌŽĨŝƚĂďŝůŝƚLJǁŝƚŚĨƵƌƚŚĞƌŽƉƉŽƌƚƵŶŝƚŝĞƐŝŶĐĞƌƚĂŝŶŵĂƌŬĞƚƐ ^ƚŽƌĞ/dZĂŶŐĞ;ΦŬͿ ϴϬйŽĨ ƐƚŽƌĞƐ Ϭ ϵϲ

97. Slide 97: Store economics: Western Europe

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗tĞƐƚĞƌŶƵƌŽƉĞ <ĞLJ&ŝŐƵƌĞƐ ϱϮϯƚƌĂĚŝŶŐƐƚŽƌĞƐĂƚƚŚĞĞŶĚ нϮ͘Ϭй>&>ƌĞǀĞŶƵĞŐƌŽǁƚŚ ŽĨ&zϮϯ нϮϲϮŶĞƚŶĞǁŽƉĞŶŝŶŐƐŝŶƚŚĞ ϮŶĞǁŵĂƌŬĞƚƐʹ 'ƌĞĞĐĞΘ LJĞĂƌ WŽƌƚƵŐĂů 'ĞƌŵĂŶLJ ϱϮ &zϮϯDĂƌŬĞƚZĞǀĞŶƵĞΘ^ƚŽƌĞƐDŝdž WŽƌƚƵŐĂů ϭϰ ƵƐƚƌŝĂ ϳϯ /ƚĂůLJ KƚŚĞƌt ϭϱϳ ϯϭйŽĨ^ƚŽƌĞƐ ϭϵй ŽĨƌĞǀĞŶƵĞ /ƚĂůLJ ^ƉĂŝŶ Ɖ ϯϬйŽĨ^ƚŽƌĞƐ ϮϬϱ Ϭ ϯϰй ƌĞǀĞŶƵĞ

98. Slide 98: Store economics: Italy

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗/ƚĂůLJ ůĞĂƌĞǀŽůƵƚŝŽŶŝŶƐĂůĞƐƉĞƌĨŽƌŵĂŶĐĞĂƐƐƚŽƌĞŵĂƚƵƌĞƐ >ĂƐƚϭϮDŽŶƚŚƐ^ĂůĞƐLJ^ƚŽƌĞ;ΦŵͿ нϮϬйƐĂůĞƐĚĞŶƐŝƚLJ нϭϭйƐĂůĞƐĚĞŶƐŝƚLJ ǀĞƌĂŐĞ͗Φϭ͘ϰŵ͕>&>ĂǀĞƌĂŐĞΦϭ͘ϱŵ dƌĂĚŝŶŐхϮLJĞĂƌƐ dƌĂĚŝŶŐхϭLJĞĂƌ dƌĂĚŝŶŐфϭLJĞĂƌ EŽƚĞ͗/ŶĐůƵĚĞƐƐƚŽƌĞƐŵŽƌĞƚŚĂŶϯŵŽŶƚŚƐŽůĚ͘^ƚŽƌĞƐůĞƐƐƚŚĂŶϭLJĞĂƌĂƌĞƉƌŽƌĂƚĞĚƵƉƚŽĂĨƵůůLJĞĂƌĞƋƵŝǀĂůĞŶƚ ϵϴ

99. Slide 99: Store economics: Spain

    ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗^ƉĂŝŶ ^ŝŐŶŝĨŝĐĂŶƚůLJŚŝŐŚĞƌƐĂůĞƐĂŶĚĨŽŽƚĨĂůůŝŶƚŚĞWĞƉĐŽWůƵƐƐƚŽƌĞƐ >ĂƐƚϭϮDŽŶƚŚƐ^ĂůĞƐLJ^ƚŽƌĞ;ΦŵͿ WůƵƐǀĞƌĂŐĞ͗ΦϮ͘Ϯŵ ZĞŐƵůĂƌǀĞƌĂŐĞ͗Φϭ͘Ϭŵ dƌĂĚŝŶŐϭʹ ϮzĞĂƌƐ dƌĂĚŝŶŐфϭLJĞĂƌ ZĞŐƵůĂƌWĞƉĐŽ WĞƉĐŽWůƵƐ EŽƚĞ͗/ŶĐůƵĚĞƐƐƚŽƌĞƐŵŽƌĞƚŚĂŶϯŵŽŶƚŚƐŽůĚ͘^ƚŽƌĞƐůĞƐƐƚŚĂŶϭLJĞĂƌĂƌĞƉƌŽƌĂƚĞĚƵƉƚŽĂĨƵůůLJĞĂƌĞƋƵŝǀĂůĞŶƚ ϵϵ

100. Slide 100: Store economics: Italy Pepco Regular

     ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗/ƚĂůLJWĞƉĐŽZĞŐƵůĂƌ ǀĞƌĂŐĞtƐƚŽƌĞŝƐĐϮϯйďŝŐŐĞƌƚŚĂŶĂƐƚŽƌĞ͕ŚŽǁĞǀĞƌ͕ƌĞǀĞŶƵĞŝƐĐϰϯйŐƌĞĂƚĞƌ ^ƚĂŶĚĂƌĚWĞƉĐŽ dLJƉŝĐĂů ^ƚŽƌĞ ŶŶƵĂů WĞƌĨŽƌŵĂŶĐĞ ^ƚĂŶĚĂƌĚt'Ž ;Φ͛ϬϬϬͿ ^ƚĂŶĚĂƌĚtϰ &ŽƌǁĂƌĚ WƌŽĨŝƚ Θ >ŽƐƐ ŚĂŶŐĞŝŶĂƐƐƵŵƉƚŝŽŶŽŶŐŽĨŽƌǁĂƌĚĂƉƉƌŽĂĐŚ EĞƚ ZĞǀĞŶƵĞ ϭ͕ϱϬϬ ϭ͕ϱϯϱ ŝƐ'ƌŽƐƐDĂƌŐŝŶĂŶĚŝƐƚƌŝďƵƚŝŽŶĐŽƐƚƐ EĞƚ^ĂůĞƐĞŶ

101. Slide 101: Store economics: Spain Pepco Plus

     ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗^ƉĂŝŶWĞƉĐŽWůƵƐ ŽŶƚŝŶƵŽƵƐĨŽƌŵĂƚŵŽŶŝƚŽƌŝŶŐƚŽŽƉƚŝŵŝƐĞƵŶŝƚĞĐŽŶŽŵŝĐƐĂŶĚĞŶŚĂŶĐĞďƌĂŶĚƉĞƌĐĞƉƚŝŽŶ WĞƉĐŽWůƵƐ dLJƉŝĐĂů ^ƚŽƌĞ ŶŶƵĂů WĞƌĨŽƌŵĂŶĐĞ WĞƉĐŽWůƵƐ'Ž ;Φ͛ϬϬϬͿ WĞƉĐŽWůƵƐϰ &ŽƌǁĂƌĚ &ŽƌŵĂƚƌĞƐŽŶĂƚĞƐǁŝƚŚĐƵƐƚŽŵĞƌƐ͘WĞƉĐŽWůƵƐĂŶĚ WƌŽĨŝƚ Θ >ŽƐƐ ,LJďƌŝĚƐƚŽƌĞƐĂĐĐŽƵŶƚĨŽƌϭϳйŽĨtƌĞǀĞŶƵĞŝŶ EĞƚ ZĞǀĞŶƵĞ Ϯ͕ϮϬϬ Ϯ͕Ϯ

102. Slide 102: Store economics: Poundland UK & ROI

     ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗WŽƵŶĚůĂŶĚh<ΘZK/ >ŽƐƐŵĂŬŝŶŐƐƚŽƌĞƐǁŝůůƌĞĚƵĐĞĂƐůĞŐĂĐLJƐƚŽƌĞůĞĂƐĞƐĞdžƉŝƌĞ dŽƚĂůĚƌĂŐŽĨфϭϬϬůŽƐƐ ŵĂŬŝŶŐ>&>ƐƚŽƌĞƐŽĨĐΦϴŵ EŽƚĞ͗>&>ƐƚŽƌĞƐϰͲǁĂůů/^ϭϳ/dĞdžĐůƵĚŝŶŐƉƌĞͲŽƉĞŶŝŶŐĐŽƐƚƐ ϭϬϮ

103. Slide 103: Store economics: Poundland UK & ROI

     ^ƚŽƌĞĞĐŽŶŽŵŝĐƐ͗WŽƵŶĚůĂŶĚh<ΘZK/ ǀĞƌĂŐĞh<ΘZK/ĚĞůŝǀĞƌƐхϮϬйŵŽƌĞ/dƚŚĂŶƚLJƉŝĐĂůWĞƉĐŽƐƚŽƌĞ h<ΘZK/ dLJƉŝĐĂů ^ƚŽƌĞ ŶŶƵĂů WĞƌĨŽƌŵĂŶĐĞ ;Φ͛ϬϬϬͿ h<ΘZK/ĐƵƌƌĞŶƚ h<ΘZK/ŐŽĨŽƌǁĂƌĚ WƌŽĨŝƚ Θ >ŽƐƐ tŝůŬŽůĞĂƐĞŽƉƚŝŽŶƉƌŽǀŝĚĞƐZĞǀĞŶƵĞŽƉƉŽƌƚƵŶŝƚLJ EĞƚ ZĞǀĞŶƵĞ Ϯ͕ϰϵϮ Ϯ͕ϱϬϬ ǁŝƚŚŶŽŝŶĐƌĞŵĞŶƚĂůĐĞŶƚƌĂůŽǀĞƌŚĞĂĚƐ͘EĞǁƐƚŽƌĞ EĞƚ^ĂůĞƐĞŶƐŝƚLJ ϰ

104. Slide 104: Summary

     ^ƵŵŵĂƌLJ ͻ tĞŚĂǀĞĂŚĞĂůƚŚLJƐƚŽƌĞďĂƐĞĂĐƌŽƐƐŽƵƌŵĂƌŬĞƚƐ ͻ DĂƌŐŝŶƌĞĐŽǀĞƌLJĐŽŵŝŶŐƚŚƌŽƵŐŚ ͻ /ĚĞŶƚŝĨŝĂďůĞĐŽƐƚŽƉƉŽƌƚƵŶŝƚŝĞƐƚŽĂƚƚĂĐŬ ͻ ^ƚƌŽŶŐĞƌĐĂƐŚŐĞŶĞƌĂƚŝŽŶƚŚƌŽƵŐŚŝŵƉƌŽǀĞĚƐƚŽĐŬĂŶĚůŽǁĞƌĐĂƉĞdž ͻ ^ƵĐĐĞƐƐĨƵůďƵƐŝŶĞƐƐŵŽĚĞůǁŝƚŚŐŽŽĚŐƌŽǁƚŚƉƌŽƐƉĞĐƚƐ ϭϬϰ

105. Slide 105: Update

     hƉĚĂƚĞ EĞŝůƌŽǁŶʹ sŝĐĞŚĂŝƌ ϭϬϱ

106. Slide 106: Ibex: successor to the Steinhoff group

     /ďĞdž͗ƐƵĐĐĞƐƐŽƌƚŽƚŚĞ^ƚĞŝŶŚŽĨĨŐƌŽƵƉ /ďĞdžŐŽǀĞƌŶĂŶĐĞƐƚƌƵĐƚƵƌĞ ͻ ƚƚŚĞƚŝŵĞŽĨƚŚĞWĞƉĐŽ'ƌŽƵƉ/WK͕ƚŚĞƵůƚŝŵĂƚĞŚŽůĚĞƌ ͻ WƌŝŽƌƚŽWƌŽũĞĐƚWƵƌƉůĞ͕^/,Es͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞƌĞƐŝĚƵĂů ŽĨƚŚĞƌĞƐŝĚƵĂůĐ͘ϳϴ͘ϵйWĞƉĐŽ'ƌŽƵƉƐƚĂŬĞǁĂƐ^ƚĞŝŶŚŽĨĨ WĞƉĐŽƐŚĂƌĞƐǁĂƐŚĞůĚŝŶƚŚĞ͞ƌŝŶŐͲĨĞŶĐĞĚ͟EĞǁĐŽϯ /ŶƚĞƌŶĂƚŝŽŶĂů,ŽůĚŝŶŐƐEs;^/,EsͿ ŐƌŽƵƉ;ĂƐĚĞƐĐƌŝďĞĚŝŶƚŚ

107. Slide 107: Ibex as a shareholder of Pepco Group

     /ďĞdžĂƐĂƐŚĂƌĞŚŽůĚĞƌŽĨWĞƉĐŽ'ƌŽƵƉ ƐƚĂďůĞ dƌĂĐŬƌĞĐŽƌĚ ŽŶƚŝŶƵŝŶŐ ƉůĂƚĨŽƌŵĨŽƌ ĂƐĂWĞƉĐŽ ůĞŶĚĞƌ ĐŽŶƐŝĚĞƌĞĚ 'ƌŽƵƉ ƐƵƉƉŽƌƚ ĚŝƐƉŽƐĂůƐ ƐŚĂƌĞŚŽůĚĞƌ dŚĞƐƚĂƚĞĚĂŝŵŽĨ/ďĞdžŝƐ WƌŽũĞĐƚWƵƌƉůĞŝƐĂ dŚĞ/ďĞdžŐƌŽƵƉĐƵƌƌĞŶƚůLJ ƚŽƉƌŽǀŝĚĞĂƐƚĂďůĞ ŵĞĂŶŝŶŐĨƵůĂŶĚƉƵďůŝĐ ŚŽůĚƐĐ͘ϳϮ͘ϭϱйŽĨWĞƉĐŽ͘ ƉůĂƚĨŽƌŵƚŽŽƉƚŝŵŝƐĞƚŚĞ ĚĞŵŽŶƐƚƌĂƚŝŽŶŽĨƚŚĞ dŚŝƐƌ

108. Slide 108: Close

     ůŽƐĞ ŶĚLJŽŶĚʹ džĞĐƵƚŝǀĞŚĂŝƌ ϭϬϴ

109. Slide 109: Pepco Group is well positioned for future success

     WĞƉĐŽ'ƌŽƵƉŝƐǁĞůůƉŽƐŝƚŝŽŶĞĚĨŽƌĨƵƚƵƌĞƐƵĐĐĞƐƐ ͻ tĞŚĂǀĞĂĐůĞĂƌ͕ĐŽŵƉĞůůŝŶŐĂŶĚĞdžĐŝƚŝŶŐ ĨƵƚƵƌĞ͕ďƵƚǁĞŶĞĞĚƚŽĚŽůĞƐƐƚŽĂĐŚŝĞǀĞŵŽƌĞ ĂŶĚƌĞͲĞĂƌŶƚŚĞƌŝŐŚƚƚŽŐƌŽǁ ͻ KƵƌǀŝƐŝŽŶƚŽďĞƵƌŽƉĞ͛ƐďŝŐŐĞƐƚĂŶĚďĞƐƚ ĚŝƐĐŽƵŶƚǀĂƌŝĞƚLJďƵƐŝŶĞƐƐƌĞŵĂŝŶƐŝŶƚĂĐƚ͕ ƐĞƌǀŝŶŐĨĂŵŝůŝĞƐŽŶĂďƵĚŐĞƚĂĐƌŽƐƐŽƵƌĐŽƌĞ &D'͕ĐůŽƚŚŝŶŐĂŶĚŐĞŶĞƌĂůŵĞƌĐŚĂŶĚŝƐĞ;'DͿ ĐĂƚĞŐŽ

110. Slide 110: Q&A

     YΘ ϭϭϬ

Pepco Group — Investor Day (October 2023) on 6ix