Colruyt : 27/09/2017 Chairman's Statement at the General Meeting of Shareholders of the Etn. Fr. Colruyt of 27 September 2017 and share buyback programme

Chairman's statement at the General Meeting of Shareholders of Etn. Fr. Colruyt NV of 27 September 2017 and share buyback programme

Dear shareholders,

During the past financial year 2016/17 Colruyt Group again continued to grow. The consolidated group revenue increased by 3,4% to nearly EUR 9,5 billion. The comparable revenue growth amounted to 2,8%, taking into account the sale of our French foodservice business Pro à Pro in February 2017.

Our family of companies could continue to count on the confidence of its customers and was also able to attract new customers. The revenue growth was also driven by sales price inflation and the further expansion of our store network to a total sales surface of 665.000 m². The growth was partly offset by an unfavourable calendar effect, as Easter did not fall within the financial year.

In Belgium the market share of our Colruyt Lowest Prices, OKay and Spar food stores expanded further to 31,7% or 15 basis points above last year's share.

Our gross margin improved slightly to 25,4%, primarily as a result of a milder competitive climate in the first semester. The margin decline in the second semester was due to increased price pressure and the consistent implementation of our Colruyt banner's lowest price policy. As is well known, Colruyt continues to offer its customers the lowest price for each product at each moment.

This financial year we again managed to keep our operating expenses under control. At the same time we continued our long-term investments towards employees, efficiency, sustainability and transformation projects. These investments led to an increase of the comparable net operating expenses to 17,8% of revenue.

As the increase of our long-term investments exceeded the growth in gross margin, the comparable

EBITDA margin decreased by 20 basis points.

The comparable operating profit (EBIT) amounted to EUR 483 million or 5,1% of revenue.

Last financial year we registered a net profit of EUR 383 million, inclusive of the net result from the sale of Pro à Pro, which totalled EUR 19 million. The comparable net profit, without the result from the sale of Pro à Pro, amounted to EUR 364 million. This is EUR 2 million lower than last financial year.

The final earnings per share went up 4,7% to EUR 2,60 per share. We have proposed a gross dividend of EUR 1,18 per share, in full and consistent compliance with our dividend policy.

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Retail still accounts for more than three quarters of our group revenue and grew by 2,4 % over the past financial year. The revenue growth was realised by our food stores in Belgium, France and Luxembourg and is driven by sales price inflation, store openings and volume growth in existing stores. Colruyt continues to deliver on its promise to offer the lowest prices and is generally recognised as being the cheapest. Together OKay, Bio-Planet and Cru opened 16 stores. At the end of March 2017 there were 536 points of sale of Colruyt, OKay, Bio-Planet, Cru, Dreamland and Dreambaby. In e-commerce, our online shopping service Collect&Go expanded its network of collection points to 253.

A milestone for our group and in Belgian retail was the launch of the Xtra card, our shared loyalty card for 9 stores and webshops. The loyalty card strengthens our ties as a family of companies, facilitates the lives of our customers and helps us tailor our offering more closely to our customers' needs.

Revenue from the wholesale and foodservice activities increased by 6,4% and accounts for approximately 18% of the group revenue.

Wholesale activities include the deliveries to independent storekeepers. The slight revenue growth by 0,4% was mainly realised by the affiliated stores of Coccinelle, CocciMarket and Panier Sympa in France. In Belgium, the revenue of Retail Partners Colruyt Group remained stable. This includes the supplies to independent stores such as Spar, Alvo and Mini Market. The revenue growth of the Spar stores thanks to the roll-out of the new store concept and the value-driven, customer-oriented collaboration with the Spar entrepreneurs, was offset by the decrease of the other wholesale activities.

In the foodservice business, Solucious (in Belgium) and Pro à Pro (in France) together realised a comparable revenue growth of 5% by building on their strengths such as delivery reliability, product quality and personal service.

In July 2016, following an in-depth strategic evaluation, we decided to sell Pro à Pro to Metro Group in order to support Pro à Pro in its future growth and to create sustainable added value for all parties involved. The transaction was completed on 1 February 2017 and comprised the brand name and the operational business, as well as the distribution centres, logistic platforms and truck fleet. I take this opportunity to thank once again the 1.800 employees of Pro à Pro for the fine path that we have taken together over the last fifteen years.

Finally, the other activities accounted for more than 6% of the group revenue. The revenue growth by more than 8% was realised by the DATS 24 filling stations and driven by new filling stations, volume gains, the further introduction of CNG and higher fuel prices in the second semester. Eoly, our sustainable energy producer, brought 2 new wind turbines into use and is supplying more and more renewable energy to the group and now even to external partners.

All these results could be achieved partly thanks to continued investments: EUR 387 million in stores, distribution centres, offices, IT technology, sustainable energy projects and production departments. For example, our meat processing company Fine Food Meat, formerly known as Vlevico, opened an additional high-technology site of 18.000 m² for the production, cutting and conditioning of meat products, delicatessen articles and vegetarian products.

Over the next 5 to 7 years we will also invest more than EUR 350 million in transformation projects to make our company even better prepared for the future.

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The expansion of our activities is of course also supported by our employees. At the end of the financial year we had precisely 29.255 employees, including 3.385 new colleagues. I wish to thank them all warmly for their enthusiasm and day-to-day commitment. I am pleased to see that we can continue to recruit people and that we are becoming increasingly attractive as an employer year by year. This illustrates that our company culture works, that we manage to create a positive work environment that provides opportunities for professional and personal development.

Not only through sustainable job creation, but also through many other initiatives we make a considerable contribution to society, often in cooperation with external partners. I'm thinking for example of our stores that donate their unsold products directly to local welfare organisations, our education projects for underprivileged young people and our continued efforts to make our house brands more sustainable.

Also on an ecological level we are taking on our responsibility and continue to invest heavily in renewable energy, in a greener vehicle fleet, in energy-efficient buildings, etc. In order to accelerate progress here, we are more and more joining forces with international partners. For example, we have helped develop a European method to measure the environmental impact of retailers. And we have joined an ambitious European partnership of companies, universities and research institutions, who together want to make the food chain sustainable.

With initiatives such as these, we want to make a difference and inspire others as much as possible to help build a more sustainable future: customers and suppliers, trade associations and interest groups, knowledge institutions, public authorities, etc.

To be able to continue to create sustainable added value in the future, we are amongst other things counting on the craftsmanship of our employees and on your confidence. On behalf of the Board of Directors I would like to explicitly thank all our customers and business partners for the trust they placed in us.

Sustainable growth also requires an efficient government. That is why we are arguing for a simplification of the complex and administratively cumbersome Belgian tax system. We are therefore pleased with the government decision to reform the corporation tax by lowering the nominal rate and drastically simplifying the deduction items, while preserving specific incentives for investments, innovation, research and development.

We are of the opinion that this will contribute to a positive investment climate and support Belgian competitiveness.

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However, we do not anticipate a significant upturn in the economic climate in Belgium and France in 2017 and early 2018 that would positively impact the consumer.

In the retail market we observe a cost price inflation that, as a result of increased price competitiveness, puts margins under further pressure on the one hand and influences consumer spending patterns on the other. As a result of these market developments and of sharper competition, we expect the consolidated net result of the first semester of 2017/18 to be lower than last year's comparable result (the net result of the first semester, corrected for the results of the activities of the sold Pro à Pro).

We will take all measures necessary to ensure that the full-year net result for 2017/18 matches as closely as possible the comparable result of last year. This comparable net result amounts to EUR 348 million (last financial year's net result corrected for the results of the activities of the sold Pro à Pro and for the one-off net gain on the sale of Pro à Pro). Colruyt Group will however continue to invest in its long-term strategy and will not scale down its investments in its stores, distribution channels, IT systems, the quality of services and products, its employees and sustainability. Colruyt Lowest Prices will also continue to consistently implement its lowest prices strategy.

On 27 September 2017, the Board of Directors of Colruyt Group approved the launch of a share buyback programme. Under this programme Colruyt Group will purchase treasury shares for a maximum amount of EUR 350 million. The purchase programme will start on 2 October 2017 and has an expected term of 2 years. The aim of the purchase programme is to reduce the company's excess cash and decrease the capital by cancelling shares acquired under the purchase programme in full or in part. Purchases will be made in accordance with the applicable laws and regulations and under the authorisation granted by the Extraordinary General Meeting of Shareholders of 14 October 2014. The programme will mainly be executed by an intermediary pursuant to a discretionary mandate, making it possible to purchase shares during both open and closed periods. Colruyt Group will regularly provide information on the purchase transactions completed.

Jef Colruyt

Chairman of the Board of Directors Colruyt Group

About Colruyt Group

Colruyt Group operates in the food and non-food distribution sector in Belgium, France and Luxembourg with approximately 540 own stores and over 600 affiliated stores. In Belgium this includes Colruyt, OKay, Bio-Planet, Cru, Dreamland, Dreambaby and the affiliated stores Spar and Spar Compact. In France, in addition to Colruyt stores, there are also affiliated Coccinelle, CocciMarket and Panier Sympa stores. The group is also actively involved in the foodservice business (supply of food products to hospitals, company canteens and catering businesses) in Belgium (Solucious). The other activities comprise the sale of fuel in Belgium (DATS 24), printing and document management solutions (Symeta) and the production of green energy. The group emplo ys over 29.000 employees and recorded a EUR 9,4 billion revenue in 2016/17. Colruyt is listed on NYSE Euronext Brussels (COLR) under ISIN code BE0974256852.

Risks relating to forecasts

Statements by Colruyt Group included in this press release, along with references to this press release in other written or verbal statements of the group which refer to future expectations with regard to activities, events and strategic developments of Colruyt Group, are predictions and as such contain risks and uncertainties. The information communicated relates to information available at the present time, which can differ from the final results. Factors that can generate a variation between expectation and reality are: changes in the micro- or macroeconomic context, changing market situations, changing competitive climate, unfavourable decisions with regard to the building and/or extension of new or existing stores, procurement problems with suppliers, as well as all other factors that can impact the group's result. Colruyt Group does not make any commitments with respect to future reporting that might have an influence on the group's result or which could bring about a deviation from the forecasts included in this press release or in other group communication, whether written or oral.

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