Colruyt N.V.

Share Issue/Capital Change • Sep 10, 2019

Ernst & Young Réviseurs d'Entreprises Bedriifsrevisoren De Kleetlaan 2 B - 1831 Diegem

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Free Translation of the Dutch and French original

Report of the Statutory Auditor regarding the proposal of the Board of Directors of 14 June 2019 relating to the waiver of pre-emptive rights on the occasion of a capital increase reserved for the personnel of Colruyt Group

The undersigned, Ernst & Young Bedrijfsrevisoren, statutory auditor of Etn. Fr. Colruyt NV, represented by D. Wuyts, has the honor, in accordance with Art. 596 of the Companies Act, to report on the financial and accounting information contained in the report of the Board of Directors regarding the proposal for the waiver of pre-emption rights on the occasion of a capital increase in Etn. F. Colruyt NV by issuing new registered shares, without indication of the nominal value, with a maximum of 1.000.000. The share capital will be increased by the amount, which was taken up at the closure of the subscription period, taking into account the aforementioned maximum.

The subscription price that will be proposed to the Extraordinary General Meeting on 10 October 2019, shall be set on the basis of the average stock market price of the share Etn. Fr. Colruyt NV over the 30 days preceding this Extraordinary General Meeting and after application of a maximum discount of 20%. At the time of the subscription the subscription price shall be paid up in full.

The subscription period shall be opened on 14 October 2019 and closed on 14 November 2019.

The capital increase is solely reserved for the personnel of Colruyt Group and will be executed in accordance with Art. 609 of the Companies Act.

We have taken note of the report of the Board of Directors and reviewed the financial and accounting information therein.

To conclude, we declare that the financial and accounting information contained in the report of the Board of Directors regarding the proposal for the waiver of pre-emptive rights is accurate and sufficient to inform correctly the General Meeting which has to vote on the proposal.

Diegem, 26 August 2019

Ernst & Young Bedrijfsrevisoren CVBA Statutory Auditor represented by

Daniel Wuyts Partner* * Acting on behalf of a BVBA/SPRL

Ref: 20/DW/0056

Société civile sous la forme d'une société coopérative à responsabilité limitée Burgerlijke vennootschap onder de vorm van een coöperatieve vennootschap met beperkte aansprakelijkheid RPM Bruxelles - RPR Brussel - B.T.W. - T.V.A. BE 0446.334.711 - IBAN Nº BE71 2100 9059 0069 * agissant au nom d'une société/handelend in naam van een vennootschap