PRESENTATION OF Q1 2020 & 2019 ANNUAL RESULTS

2019 HIGHLIGHTS

➢Store Openings ➢Bond debt➢ESG Commitments➢Opening of the Agadir F&V platform

3 2020 PERSPECTIVES

➢Business prospects

SUMMARY

1

FINANCIAL RESULTS

➢Consolidated accounts Q1 2020➢Consolidated accounts 2019 ➢Balance sheet indicators 2019

2

1 REVIEW OF SIGNIFICANT EVENTS 2019

➢Openings ➢Bond debt➢SGE Commitments➢Opening of the Agadir’s F&V platform.

OPENINGS

Summary

OPENINGS FOR FISCAL YEAR 2019 SUMMARY TABLE

Comments▪ Opening of 12 Carrefour Market and 1 Hypermarket "Dar Bouazza" in Casablanca.

▪ 13,866 sqm. opened in 2019 (including 1,700 sqm. of additional sales area for the "Targa" Marrakesh hypermarket)

▪ Closing of the Carrefour Market Casablanca Bethune store

Supermarkets Hypermarkets Hyper Cash Total Group

Number of stores on Dec. 2018 73 8 11 92

Sales in sqm. 83,034 44,800 59,564 187,398

In % of Group total 44% 24% 32% 100%

Openings 12 1 13

Sales area opened in sqm. 7,666 6,200 13,866

Closings 1 1

Sales area closed in sqm. 500 500

Number of stores on Dec. 2019 84 9 11 104

Sales area in sqm. 90,200 51,000 59,564 200,764

In % of Group total 45% 25% 30% 100%

A NETWORK COVERING 26 CITIES

BOND ISSUANCE

Operation Amount Terms and conditions of reimbursement

Operation’s Objectives Going rate

750 MMAD

• Financing the development plan• Taking advantage of financial leverage• Debt restructuring

Average Interest Rate of 3.4%

50% in-fine over 5 years50% amortized over 7 years

▪ The loan was subscribed by 49 subscribers of different categories (credit institutions, insurance companies, pension funds, financial companies and CDG) with a subscription rate of 7.4x.

▪ Only Type I investors (former holders of 2014 bonds) were served.

BOND ISSUANCE CHARACTERISTICS AND OBJECTIVES OF THE OPERATION

ESG COMMITMENTS

ESGAT THE CENTER OF OUR ACTIVITY

➢ Our Group aims to become the leading SGE player in the retail industry in Morocco.

Our policy on social responsibility is based on five pillars:➢ Client Focus➢ Development of Human Capital,➢ Social Development,➢ Environment protection,➢ Governance and Business

Ethics,

OUR ENVIRONMENTAL FOOTPRINTOUR ENVIRONMENTAL INITIATIVES

World Clean Up Day ➢ Extensive beach cleaning operation conducted

in 2019 in partnership with the Mohammed VI Foundation for the Preservation of the Environment.

➢ The operation took place in 4 beaches in Morocco (Salé, Casablanca, Nador and Tangier) and more than 8 tons of waste were collected.

Solar Panels  ➢ As part of the diversification of energy supply

sources, the Group has undertaken an initiative to cover stores with a solar panel roof that allows near self-sufficient energy.

➢ The experiment, carried out at the Atacadao Meknes site and which required more than 6 months of work, has been operational since October 2019. It has reduced energy costs by 23%.

➢ An ambitious project for a covered parking in the Skhirat distribution center is being studied and will be tested by the beginning of 2021.

Waste management and recycling ➢ Label'Vie Group is planning the widespread

installation of waste management devices such as compactors.

➢ In 2019, 6,700 tons of waste were collected and reused.

OUR HUMAN RESOURCES POLICYTRAINING, AT THE HEART OF OUR BUSINESS

➢O n e o f t h e b i g g e s t recruiting companies in Morocco (1,300 people recruited in 2019)

➢An internal training school: 1,500 beneficiaries each year, 22 training cycles and approximately 180 internal trainers;

➢S t u d i e d a n d a d a p t e d trainings delivered each year for more than 2,000 employees;

➢Partnerships with Schools & Universities in order to set up professional and alternance programs: 103 students trained in 2019.

Certificate of Operator of Meats in alternance with the IRTSE of Kenitra

Professional License in Trade and Distribution in alternance with the FSJES of Settat

Degree in Agri-food Sciences and Business Techniques with the FST of Al Hoceima

Management of Trade & Distribution in Food Processing with the FST of Settat

FIRST ESG ACHIEVEMENTATTESTATION LEVEL OF MATURITY ISO 26000

OPENING OF THE AGADIR F&V PLATFORM

OPENING OF AN F&V PLATFORM IN AGADIR OPERATIONAL EXPANSION

➢ Opening in September 2019 of the Fruits & Veggie regional distribution center of 1,200 sqm on 1 ha land reserve.

➢ Optimal location close to the country’s largest farms➢ Regional dimension: 80% of the assortment supplied and distributed regionally➢ Domestic dimension: purchasing from the farms for the entire network

FINANCIAL RESULTS

➢ Q1 2020 Consolidated accounts ➢ 2019 Consolidated accounts➢ 2019 Balance sheet indicators

2

Q1 2020CONSOLIDATED ACCOUNTS

Q1 2020 MAIN FINANCIAL INDICATORSKEY EVOLUTIONS

Consolidated Capex

Consolidated Debt

Revenue

In MMADQ1 2019 Q1 2020

72.0

82.0

-13%+26%

Q1 2019 Q2 2020

2,890.0

2,288.0

+5%

Q1 2019 Q1 2020

2,774.0

2,573.0

Q1 2020 MAIN FINANCIAL INDICATORS

2019 CONSOLIDATED ACCOUNTS

MAIN FINANCIAL INDICATORSKEY EVOLUTIONS

Gross Operating Profit

Net incomeOperating Income

Sales

In MMAD2018 Réalisé 2019

788.8

704.8

+12%+15%

2018 Réalisé 2019

9,442.7

8,217.3

+9%

2018 Réalisé 2019

440.1

402.1

+10%

2018 Réalisé 2019

318.0

288.4

2018 2019

FinancementsPermanents Inves;ssement

FinancingDebt

FiancningDebt

Fixed assets and Financing

Traffic

+14%

2018 Réalisé 2019

54,044.8

47,461.4

In thousands of bills

Investment (excl. securization)

in MMAD

2018 Réalisé 2019

640.5

519.4

+23%

MAIN FINANCIAL INDICATORSKEY EVOLUTIONS

in MMAD

FxedAssets

FexedAssets

Permanent Financing Net Investment

Net InvestmentNet

Investment

2019 CONSOLIDATED FINANCIAL STATEMENTINCOME STATEMENT VS. HISTORICAL DATA

➢ A year of volume:

▪ + 1,225 MMAD in additional sales,▪ +15% compared to historical figures:

➢ Increase in gross margin of 204 MMAD;

➢Decrease of operating expense ratio by 44 bp. thanks to economies of scale;

➢ Stable financial result despite an investment of 640 MMAD.

Historic 2018 Achheived 2019 Evolution ChangeSales of Goods 8 217 333 9 442 658 1 225 325 15%Sales of Goods and Services 815 623 953 144 137 521 17%

Taux 9,9% 10,1% 0,17

Revenues 9 032 957 10 395 803 1 362 846 15%Direct Margin 970 637 1 037 118 66 482 7%

Rate 11,8% 11,0% -0,83

Gross Margin 1 786 260 1 990 262 204 002 11%Rate 21,7% 21,1% -0,66

Operating Expanses 1 081 418 1 201 452 120 034 11%Rate 13,2% 12,7% -0,44

EBITDA 704 842 788 811 83 968 12%Rate 8,6% 8,4% -0,22

Amortization 278 154 323 078 44 924 16%Rate 3,4% 3,4% 0,04

EBIT 426 689 465 733 39 044 9%Rate 5,2% 4,9% -0,26

Financial Result -24 627 -25 674 -1 047 4%Rate -0,3% -0,3% 0,03

Operating Income 402 062 440 059 37 996 9%Rate 4,9% 4,7% -0,23

Other Income -4 151 -6 969 -2 818 68%Rate -0,1% -0,1% -0,02

Income Before Taxes 397 912 433 090 35 178 9%Rate 4,8% 4,6% -0,26

Taxes 109 511 115 083 5 573 5%Rate 1,33% 1,22% -0,11

Net Income 288 401 318 006 29 605 10%3,51% 3,37% -0,14

▪ Progression of 22% of sales for the hypercash segment thanks to the increase in sales at

constant perimeter

▪ Progression by 12% of sales of supermarkets thanks to:❑ The 2% increase in sales at constant perimeter ❑ The contribution of store openings in 2018 and 2019 by respectively, 170 MMAD

and 151 MMAD

▪ Increase in sales of hypermarkets by 8%:❑ The increase in sales at constant perimeter by 2%❑ The contribution of store openings in 2018 and 2019 by respectively, 69 MMAD

and 59 MMAD

KEY PERFORMANCE INDICATORS SALES

Sales By Perimeter

Value %

CONSTANT PERIMETER 8 024 465 8 783 102 758 637 9%

Openings 2018 192 868 450 151 257 283 133%

Openings 2019 0 209 406 209 406 NA

TOTAL GROUP 8 217 333 9 442 658 1 225 325 15%

EVOLUTION OF SALES Historic2018Achieved

2019Gap Historic

+8%

+22%

23% of Group sales

9 stores

36% of Group sales

11 stores

+12%

37% of Group sales

84 stores

+15%104 stores

CONSOLIDATED ACCOUNTSGROSS OPERATING PROFIT & OPERATING INCOME

Change in EBITDA and operating profit (MMAD) Evolution of margins (% of sales)

+9%

+12% -20bp.

-30bp.

➢ In terms of value, EBITDA reached 789 MMAD and recorded a progress of +12% compared to 2018: ▪ The increase in EBITDA covers all business segments,▪ This increase was mainly due to the increase in operating margins of 204 MMAD.

➢ The increase in business volumes has also led to economies of scale and improved the Group’s operating expense ratio by 44 bp. compared to sales. The improvement in the expense ratio concerns both head offices and stores.

➢ The EBITDA ratio to sales fell -20 bp compared to which is mainly explained by a more aggressive commercial strategy to gain in volume and traffic.

Dividends Otherfinancialincome

45

71

46

65

2018 2019

Change in financial income and expenses (MMAD) Details of financial products (MMAD)

+9%

-1%

CONSOLIDATED ACCOUNTSFINANCIAL RESULT

FINANCIALPROCEEDS FINANCECHARGES

142

117

136

111

20182019

+5%+5%

▪ The Financial Result went from -24.6 MMAD in 2018 to -25.6 MMAD in 2019, i.e. an improvement of 3 bp. in terms of sales ratio.

▪ The financial result remained stable in 2019 in a year of strong growth despite an investment of 640 MMAD. This performance can be explained in particular by:

▪ The significant improvement in debt costs and the optimization of financial investments;▪ The monitoring of the net working capital.

Change in Operating income and Net income (MMAD)

CONSOLIDATED ACCOUNTSRECURRING AND NET INCOME

Currentincome Netincome

318

440

288

402

2018 2019

+10%

+9%

▪ Operating income rose from 402 MMAD in 2018 to 440 MMAD in 2019, representing a 9% increase.

▪ Net income reached 318 MMAD, an increase of 10% compared to 2018.

2019 KEY BALANCE SHEET

INDICATORS

Label'Vie - 2019 Annual Results Presentation - Tuesday, March 3, 2020

BALANCE SHEET ITEMSVS HISTORY

The decrease in cash of -139 MDH in comparison to its 2018 level is mainly related to:➢ Repayment of 280 MMAD of bonds;➢ The improvement of Working Capital by +116 MMAD;➢ Repurchase of assets initially securitized in December 2014.

Value Day of Sales Value Day of Sales Value Day of Sales

Working Capital 213 077 9 -18 227 -1 -231 304 -10

Equity 1 853 543 82 2 023 556 78 170 013 -4

Net Income 288 401 318 006Dividends ditribution -150 000 -150 000

Capital Increase - - Minority Interest 4 162 2 007Financing Debt 2 307 390 102 2 679 243 104 371 853 1

New Loans 324 488 801 000Bonds 0 -280 200

Reimbursements -120 837 -148 947Permanent Financing 4 160 932 185 4 702 798 182 541 866 -3

Net Debt ratio 42,8% 48,8%Fixed Assets -3 947 855 -175 -4 721 025 -182 -773 170 -7

Investments 519 418 1 096 529Sale -55 300 -

Depreciation -275 085 -323 359

Normative Operating Working Capital 732 927 33 848 995 33 116 068 0Inventory -1 478 326 -66 -1 615 952 -62

Receivable / Debt 2 211 253 98 2 464 946 95

Other current Assets -420 898 -19 -444 691 -17 -23 793 20TREASURY AND PLACEMENTS 525 106 23 386 077 15 -139 029 -80

FINANCIAL INDICATORSHistoric 2018 Acheived 2019 Evolution

3 2020 OUTLOOK

➢Business prospects➢New corporate identity system➢New Carrefour Market Concept

BUSINESS PROSPECTS

Label'Vie - 2019 Annual Results Presentation - Tuesday, March 3, 2020

➢ In order to strengthen its position as a strategic multi-format player, the Group intends to pursue its development program with the opening of 9-11 new stores in 2020.

➢ The Group also agrees to maintain the upward trend of economic and financial indicators in 2020 in line with the objectives set, as well as to maintain its dividend distribution policy.

➢ At its meeting on February 28, the Board of Directors decided to propose to the Shareholders' Meeting the distribution of a dividend of 160 MMAD for fiscal year 2019 i.e 56,4 MAD per share.

2020 PERSPECTIVESDIVIDENDS DISTRIBUTION AND OPENINGS

For more details, please contact:

Amine Bennis : a.bennis@labelvie.ma

Hamza Bennani : h.bennani@labelvie.ma