Colruyt N.V.

Audit Report / Information • Sep 11, 2015

KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises Prins Boudewijnlaan 24d 2550 Kontich Belgium

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FREE TRANSLATION OF AN AUDITOR'S REPORT ORIGINALLY PREPARED IN DUTCH

Report of the Statutory Auditor regarding the proposal of the Board of Directors of 18 June 2015 relating to the waiver of pre-emptive rights on the occasion of a capital increase reserved for the personnel of the Colruyt group

The undersigned, KPMG Bedrijfsrevisoren, statutory auditor of Etn. Fr. Colruyt NV, represented by L. Ruysen, has the honour, 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. Fr. 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 12 October 2015, 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 16 October 2015 and closed on 16 November 2015.

This capital increase is solely reserved for the personnel of the 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.

Kontich, 7 September 2015

KPMG Bedrijfsrevisoren - Reviseurs d'Entreprises Statutory Auditor represented by

L. Ruysen

KPMG Bedrijfsrevisoren - Réviseurs d'Entreprises, a Belgian civil
CVBA/SCRL and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative ('KPMG International'), a Swiss entity.

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