Max Stock Ltd.

Investor Presentation • Mar 23, 2022

FY2021 EARNINGS

March 23, 2022

Dream Big, Pay Small

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Actual events or results or the actual performance of Max may differ materially from those reflected or contemplated in any suchforward-looking statements. No representation or warranty is made as to future performance or any forward-looking statement. Certain market data information in this presentation is based on management's estimates. Max believes its estimates to be accurate as of the date of this presentation. However, this information may prove to be inaccurate because of the method by which Max obtained some of the data for its estimates or because this information cannot always be verified dueto the limits on the availability and reliability of raw data.

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This Presentation does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. This Presentation is only addressed to and directed at persons in member states of the European Economic Area (the "EEA") who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation ("Qualified Investors"). In addition, in the United Kingdom, this Presentation is only being distributed to and is directed only at Qualified Investors who (i) have professional experience in matters relating to investments who fall within the definition of "investment professionals" under Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) are high net worth entities and fall within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This Presentation and its contents must not be acted on or relied upon (i) in the United Kingdom, by persons who are not Relevant Persons or (ii) in any member state of the EEA (other than the United Kingdom), by persons who are not Qualified Investors. The communication of this Presentation (i) in the United Kingdom to persons who are not Relevant Persons or (ii) in any member state of the EEA (other than the UnitedKingdom) to persons who are not Qualified Investors is unauthorized and may contravene applicable law. Nothing in this Presentation constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. If you have received this Presentation and you are (i) in the EEA (other than the United Kingdom) and are not a Qualified Investor or (ii) in the United Kingdom and are not a Relevant Person, you must return it immediately to MAX. By attending this Presentation and/or receiving this document, you are agreeing to the terms and conditions set forth above.

This presentation includes certain financial measures not presented in accordance with International Financial Reporting Standards ("IFRS"), including Adjusted EBITDA. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net loss or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure.

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We are Israel 's leading extreme value retailer

We continue to expand our assortment of quality products for customers' everyday needs

Growth experienced across all of our core categories*

% of 2021 NIS revenue and YoY growth

* Defined as categories that acconted for over 10% of revenue (in value terms) in 2021, 2020 or 2019. Arts & Crafts presented on slide although not defined as a core category.

LET'S TAKE IT TO THE

Our management team

Ori Max Founder & CEO

Shlomo Cohen Deputy CEO

Nir Dagan Chief Financial Officer

Ifat Nir-Katz General Counsel and Corporate Secretary

Talia Sessler Chief Corporate Development and Investor Relations Officer

Oz Corsia Chief Trade Officer

Roy Ben-Nun Chief Overseas Operations

Eran Tsairi Chief Logistics Officer

Maya Goldin Chief HR Officer

Chen Goldfarb Director of IT

Moran Ironi Director of Marketing

Ofir Edri Stores General Manger

9

Looking forward: Double SqM vs. 2019 within 2-3 additional years Significant whitespace opportunity

Portugal and Spain

• On March 22, 2022 Max Stock executed a non -binding MoU with a local partner in Portugal regarding a joint venture controlled by the Company, whose objective is to establish and manage the Max Stock store chain in Portugal and Spain
• In the event that the parties execute a binding agreement and subject to an agreed -upon business plan, the joint venture is anticipated to open its first store in Portugal in the next 12 months
• The forecasted financing for the first three years of the venture is up to EUR 5 million, which shall be extended to the joint venture in accordance with milestones established in the business plan. The sources of financing may be from the Company 's internal sources and/or from external sources

Exceeding our Long-Term Financial Targets

(2021 Results Measured vs. 2019 numbers)

Metric	Long-Term Target	Commentary
Unit Growth	3 – 5 New Max Stores Annually (Potential to double SqM long-term)	Four new owned stores in 2021 (two stores, net (2) ); + one franchised store. Three signed contracts for 2022 (two stores, net (3) ), two of which already opened
(1) Annual Revenue Growth	Low-to-Mid Teens	'19-'21 CAGR of 14.7%
Annual SSS	3%	'19-'21 CAGR of 10.2%
Adjusted EBITDA Margin Expansion	~200bps	+100bps vs. 2019
(4) Adj. annual EPS Growth	18% - 20%	'19-'21 CAGR of 19.2%
(1) Excluding one-time bulk operations (in 2020). (2) Two new stores (Rishon and Dimona) replaced two other existing stores, which were then closed.

(3) Kfar Saba is expected to replace an existing store.

(4) EPS attributable to shareholders and adjusted for share- based payments (SBC), one-time bulk operations (in 2020) and issuance costs (in 2020).

2021 and Q4'21 Financial Highlights

Strong performance in 2021 on top of exceptional growth and profitabilty in 2020, which was positively impacted by COVID

+6.5%	38.8%	+10.2%	7.0%	NIS 70mm
SSSG	Gross Margins (1)	Revenue growth (1)	EPS growth	Dividend paid in
On top of historic +11.5% in 2020	-80bps vs. 2019 Despite disruption in global supply chain and increased	On top of historic +19.4% in 2020*	NIS 0.59 in adjusted EPS (2) attributable to shareholders	2021 NIS 0.49 per share
+21.5% vs. 2019	-10bps vs. 2020 (1) freight costs	+31.7% vs. 2019

(1) Excluding one-time bulk operations in 2020.

(2) EPS adjusted for stock-based compensation (SBC), one-time bulk operation in 2020 and IPO costs in 2020.

Adjusted EBITDA Bridge (2019; 1-12/2021 vs. 1-12/2020; NIS mm & % of Revenue )

Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (including IPO costs in 2020) + stock-based compensation (SBC) + one-time bulk operation (in 2020) + IFRS 16.

Q4'21 Financial Highlights

– Strong two-year stacked growth (vs. Q4'19) and two-year CAGRs

– Q4'20 revenue reflected an abnormal growth of 53.9% vs. Q4'19 and SSSG of 43%. Growth in Q4'20 was positively impacted by Israeli regulations, which allowed essential businesses (such as some of Company's stores) to remain open during lockdowns

SSSG	Revenue growth	Gross Margins	Adj. EBITDA (1)	Adj. EPS (2)
+22% vs. Q4'19 -17.1% vs. Q4'20	+36.6% vs. Q4'19 -11.2% vs. Q4'20 '19-'21 CAGR of 16.9%	38.9% Up 80 bps vs. Q4'20 Down 100 bps vs. Q4'19	NIS 33.4mm Pre IFRS 16 -22.2% vs. Q4'20 +61.8% vs. Q4'19 '19-'21 CAGR of 27.2%	NIS 0.12 Adjusted EPS attributable to shareholders -17.5% vs. Q4'20 +44.2% vs. Q4'19 '19-'21 CAGR of 20.1%

(1) Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (including IPO costs in 2020) + stock-based compensation (SBC) + one-time bulk operation (in 2020) + IFRS 16. 18

(2) EPS adjusted for stock-based compensation (SBC), one-time bulk operation in 2020 and IPO costs in 2020.

(1) Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (including IPO costs in 2020) + stock-based compensation (SBC) + one-time bulk op

(2) EPS adjusted for stock-based compensation (SBC), one-time bulk operation in 2020 and IPO costs in 2020.

Historical revenue, by quarter Excluding one-time bulk operations in 2020

(1) Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (including IPO costs in 2020) + stock-based compensation (SBC) + one-time bulk operation (in 2020) + IFRS 16.

Bottom line: Outperforming on our Growth Strategy

(NIS mm, except per share data; Two-Year Stacked Growth )

(1) Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (including IPO costs in 2020) + stock-based compensation (SBC) + one-time bulk operation (in 2020) + IFRS 16.

(2) Adjusted EPS defined as EPS + Net Share-based Payment + Issuance Costs - Onetime Bulk Operation.

Stores by format and ownership model

Historical Annual P&L HA NIS 000s

	FY 2019	FY 2020	FY 2021
Revenue from sales	735,582	879,213	963,472
/ from commissions fees Revenue	5,968	6,482	12,801
Total Revenue, onetime excluding bulk operation	741,550	885,695	976,273
YoYgrowth		19.4%	10.2%
from onetime operation Revenue bulk		124,800
Total Revenue	741,550	1,010,495	976,273
YoYgrowth		36.3%	-3.4%
Gross profit onetime operation) (Excluding bulk	293,547	344,589	379,273
ofRevenue (Excluding onetime bulk operation) %	39.6%	38.9%	38.8%
Gross profit operation onetime bulk		14,344
ofRevenue %		11.5%
S&M	164,683	170,167	207,440
G&A	26,566	33,782	43,772
Total SG&A	191,249	203,949	251,212
Less: SBC		(2,345)	(15,502)
SG&A SBC excluding	191,249	201,604	235,710
ofRevenue, bulk excluding onetime operation %	25.8%	22.8%	24.1%
ofRevenue %	25.8%	20.0%	24.1%
Other income	(733)	(1,224)	(1,613)
Other expenses, net	1,499	5,479	1,100
EBIT	101,532	150,729	128,574
ofRevenue %	13.7%	14.9%	13.2%
Adj. EBIT SBC, onetime other) (exc. and	102,298	142,985	143,563
ofRevenue, excluding onetime bulk operation %	13.8%	16.1%	14.7%

	2019 FY	2020 FY	FY 2021
Interest expenses, net	10,397	19,282	17,116
Interest expenses onetime bulk operation		13,276
EBT	91,135	118,171	111,458
Adj. EBT SBC, onetime other) (exc, and	91,901	123,703	126,447
Taxes	20,861	30,542	28,909
GAAP Net Income	70,274	87,629	82,549
ofRevenue %	9.5%	8.7%	8.5%
SBC, onetime other) Adj. Net Income (exc, and	70,274	93,226	98,051
ofRevenue, bulk excluding onetime operation %	9.5%	10.5%	10.0%
Net Income - Attributable to shareholders	58,892	72,647	68,197
Income - Attributable to non-controlling interests Net	11,382	14,982	14,352
GAAP Net Income	70,274	87,629	82,549
Net Income Adjustments:
of Total one-time operation net income adjustments, net taxes - bulk		(822)
SBC		1,806	15,502
/ IPO costs Issuance expenses		4,613
Total Net Income Adjustments:	0	5,597	15,502
Adjusted Income - Attributable to shareholders Net	58,892	78,244	83,699
to Adjusted Net Income - Attributable non-controlling interests	11,382	14,982	14,352
Adjusted Net Income	70,274	93,226	98,051
Basic Shares O/S	142,345	142,345	142,345
EPS, attributable to shareholders	0.41	0.51	0.48
EPS attributable Adj. to shareholders	0.41	0.55	0.59

Annual EBITDA reconciliation HA NIS 000s

	2019 FY	2020 FY	FY 2021
Net Income	70,274	87,629	82,549
Interest Expense, Plus net	10,397	32,558	17,116
Income Taxes Plus	20,861	30,542	28,909
D&A Plus	38,891	45,347	52,428
Other Expense Plus	766	4,255	(513)
EBITDA Other Expenses) Post IFRS 16 (exc.	141,189	200,331	180,489
SBC Plus		2,345	15,502
IFRS Minus 16	(40,662)	(45,680)	(53,110)
Adjusted EBITDA SBC Other Expenses) Pre IFRS (exc. and 16	100,527	156,996	142,881
Onetime operation bulk		(14,344)
Adjusted EBITDA Pre Onetime SBC IFRS 16 (exc. bulk operation, and
Other Expenses)	100,527	142,652	142,881
ofRevenue, onetime bulk excluding operation %	13.6%	16.1%	14.6%

Historical Q4 P&L HA NIS 000s

	Q4 2019	Q4 2020	Q4 2021
from Revenue sales	177,796	273,973	238,592
/ from Revenue commissions fees	1,546	2,111	6,478
Total Revenue	179,342	276,084	245,070
YoYgrowth		53.9%	-11.2%
Gross profit, onetime operation excluding bulk	71,482	105,226	95,291
of Revenue %	39.9%	38.1%	38.9%
S&M	42,686	52,078	57,825
G&A	7,430	13,624	10,989
Total SG&A	50,116	65,702	68,814
Less: SBC		(2,345)	(3,900)
SG&A SBC excluding	50,116	63,357	64,914
of Revenue %	27.9%	22.9%	26.5%
Other income	(264)	(126)
Other expenses	308	199	1,100
GAAP EBIT	21,322	39,451	25,377
of Revenue %	11.9%	14.3%	10.4%
EBIT Adj. SBC, onetime other) (exc. and	21,366	41,869	30,377
of Revenue %	11.9%	15.2%	12.4%

Historical Q4 P&L and Q4 net income reconciliation HA NIS 000s

	Q4 2019	Q4 2020	Q4 2021
Interest expenses, net	2,461	7,545	5,167
EBT	18,861	31,906	20,210
Adj. EBT SBC, onetime other) (exc, and	18,905	34,324	25,210
Taxes	3,946	8,429	4,006
GAAP Net Income	14,915	23,477	16,204
ofRevenue %	8.3%	8.5%	6.6%
SBC, onetime Adj. Net Income (exc, and other)	14,915	25,415	20,104
ofRevenue %	8.3%	9.2%	8.2%
shareholders Net income attributable to	12,411	19,458	13,755
Net income attributable to non-controlling interests	2,504	4,019	2,449
	14,915	23,477	16,204
Net Income Adjustments:
SBC		1,806	3,900
/ Costs Issuance IPO Expenses		132
Total Net Adjustments Income	0	1,938	3,900
Adjusted Net Income - Attributable to shareholders	12,411	21,396	17,655
Adjusted Net Income Attributable to non-controlling interests -	2,504	4,019	2,449
Adjusted Net Income	14,915	25,415	20,104
Basic Shares O/S	142,345	142,345	142,345
EPS, attributable to shareholders	0.09	0.14	0.10
EPS to Adj. attributable shareholders	0.09	0.15	0.12

Q4 EBITDA reconciliations HA NIS 000s

	Q4 2019	Q4 2020	Q4 2021
Net Income	14,915	23,477	16,204
Interest Expense, net Plus	2,461	7,545	5,167
Income Taxes Plus	3,946	8,429	4,006
D&A Plus	10,209	13,643	14,657
Other Expense Plus	44	73	1,100
EBITDA Post IFRS (exc. Other Expenses) 16	31,575	53,167	41,134
SBC Plus		2,345	3,900
IFRS Minus 16	(10,943)	(12,590)	(11,651)
EBITDA SBC Other Adjusted Pre IFRS (exc. and Expenses) 16	20,632	42,922	33,383
ofRevenue %	11.5%	15.5%	13.6%