Colruyt : Chairman's Statement at the General Meeting of Shareholders of the Etn. Fr. Colruyt of 28 September 2016

Word from the Chairman at the General Meeting of Shareholders of Etn. Fr. Colruyt NV of 28 September 2016

Dear shareholders,

In the 2015/16 financial year, Colruyt Group realised satisfactory growth in a market that remains competitive, with negative consumer confidence.

Consolidated revenue grew by 2,9% to over EUR 9,1 billion. This growth is the result of higher sales volumes, store expansion, sales price inflation and a favourable calendar effect. The sales area was expanded by more than 20.000 m² and 25 stores were renovated in 2015/16.

Our market share in Belgium expanded to 31,5%, half a percentage point above last year's share.

The gross profit margin improved to 25,3% of revenue, which amongst other factors is thanks to lower promotional pressure in the first semester. The Colruyt banner continues to make price investments in order to offer its customers the lowest sales price day after day.

Operating expenses were kept under control. At the same time, the group continued to invest in its employees and in efficiency throughout the organisation, allowing the comparable EBITDA margin to remain stable at 7,8% of revenue

As the investment programmes were also executed as planned, the comparable EBIT margin decreased from 5,6% to 5,5% of revenue.

Net profit amounted to EUR 366 million in 2015/16. Excluding last financial year's on-off cost, the net profit grew by 1,0%.

Earnings per share increased by 12,4% to EUR 2,49. We have proposed a gross dividend of EUR 1,12 per share, as a result of the consistent application of our dividend policy.

Retail continues to account for more than three quarters of the group revenue. In 2015/16, these activities achieved a 4% revenue growth. The comparable operating profit (EBIT) amounted to EUR 467 million or 6,5% of revenue.

The revenue growth was mainly realised by our food stores, through the combination of store openings and volume growth in the existing stores. The lowest prices strategy of the Colruyt stores remains successful and our smaller and younger retail formulas have acquired a well-established position on the market based on their specific brand promise. At the end of March 2016, Colruyt Group had 516 points of sale of Colruyt, OKay, Bio-Planet, Cru, Dreamland and Dreambaby, located in Belgium, France and Luxembourg.

Revenue from the wholesale and foodservice activities increased by 3% and accounted for 17,1% of the group revenue. The operating result climbed to EUR 31 million through our continuous focus on a customer-oriented service and cost efficiency.

The growth of our wholesale revenue by 2,0% is mainly attributable to Retail Partners Colruyt Group in Belgium. The ever closer ties between Colruyt Group and the independent Spar entrepreneurs are beautifully reflected in the new logo on the façades of the Spar stores.

In a stagnating market, revenue from our foodservice activities grew by 4,0%, thanks to our continuous focus on the assets of Solucious and Pro à Pro: product quality, delivery reliability, service and personal contact.

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The other activities recorded a revenue decrease of 9%, due to the fact that the volume gains of DATS 24 were fully offset by the declining fuel prices. D

These figures are also the result of our long-standing commitment towards well- considered sustainable growth. To be able to sustainably continue this growth in the future, further substantial investments were made this financial year: EUR 388 million in stores, distribution centres, production departments, office buildings, information technology and sustainable energy projects.

As part of our vision on sustainable entrepreneurship, we aim to create not only useful economic growth, but also added value on a social and ecological level.

Our employees deserve special mention in this and I would like to thank them all for their enthusiasm and day-to-day commitment. Last financial year we welcomed 1.566 extra colleagues. Over a period of fifteen years, their number almost tripled, from 10.000 at the turn of the century to nearly 29.700 employees at the end of March 2016.

With this sustainable job creation, we make a substantial social contribution. To us, making a difference on a social level also means playing a constructive role in the national dialogue to help agricultural sectors in crisis to survive and reinvent themselves. And supporting vulnerable young people in Belgium and abroad, so that they can start higher education and develop themselves into enterprising citizens. Within our organisation we help our employees to deal with diverse cultures and customs.

We also take on our responsibilities on an ecological level out of respect for the world in which we live. Hence we continue to invest in innovative techniques that limit the ecological impact of our activities. We use only green electricity and seek to cover our group's full energy demand with our own renewable energy sources. On a European level we participate as a pioneer in developing a feasible method to chart the ecological footprint of retailers.

In line with our brand promise 'simplicity in retail' we also want to help our customers make sustainable and healthy choices.

We are determined to continue creating sustainable added value in the future, on an economic, social and ecological level. For this, we are inter alia counting on the craftsmanship and the commitment of our employees ánd on your trust. On behalf the Board of Directors I would like to explicitly thank all our customers and business partners for the trust they placed in us in the previous year.

The net added value generated by Colruyt Group in Belgium amounts to over EUR 1,9 billion. Nearly half of this amount flows back to society via the government. We expect the Belgian government to create a stable framework for sustainable growth and to use the available resources efficiently, with priority on a better transport infrastructure - in the service of our collective mobility.

In July 2016, following an in-depth strategic evaluation, we decided to sell our French foodservice business Pro à Pro to Metro Group. With this decision, we want to support Pro à Pro in its future growth and create sustainable added value for all parties involved. I take this opportunity to thank our Pro à Pro colleagues once again for their commitment and professionalism over recent years and to wish them every success for the future. The transaction is still pending approval by the regulatory authorities and will have a limited effect on Colruyt Group's consolidated results.

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We expect the market to remain competitive during the 2016/17 financial year. We do not anticipate a significant upturn in the economic climate nor in the consumer confidence in Belgium and France in the short term.

Colruyt Group will consistently implement its strategy and retain its long-term focus. The banner Colruyt Lowest Prices will continue to guarantee its customers the lowest prices every single day, for every product and at every moment.

The group will keep its operating expenses under control. At the same time, we will continue our investments in employees, stores, quality, innovation, sustainability and efficiency. We therefore expect the consolidated net result of the 2016/17 financial year to match and hopefully slightly exceed last financial year's result. This outlook is exclusive of the limited impact of the sale of our French foodservice business Pro à Pro.

Jef Colruyt

Chairman of the Board of Directors Colruyt Group

Contacts

For questions on this press release or for further information, please send an e-mail to [e-mail] or contact Marc Hofman (CFO) or Liesbeth Nuelant (Investor Relations) by phone at 32 2 363 51 11.

About Colruyt Group

Colruyt Group operates in the food and non-food distribution sector in Belgium, France and Luxembourg with approximately 500 own stores and over 500 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 approximately 70 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 France (Pro à Pro) and 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 employs over 29.000 employees and recorded a EUR 9,1 billion revenue in 2015/16. 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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