1. Confidential and Proprietary to ECRM 1 ECRM Ad Comparisons THE LEADING PROVIDER OF PROMOTIONAL DATA AND BUSINESS INTELLIGENCE

2. Confidential and Proprietary to ECRM 2 METHODOLOGY This study examines representative markets for all US retailers. Period of study: 1/25/2015 – 2/1/2015 vs. 1/26/2014 – 2/2/2014. Indexed basket of food items includes: Examined sizes were those most commonly occurring. Relative pricing of the basket is determined in comparison to other retailers within the same year. Retailers were not penalized for not carrying the full basket: items not advertised at a retailer were dropped from its calculations. The closer a retailer was to the full basket however, the more accurate and reliable index calculations are. Therefore, most cross- retailer comparisons used have a minimum threshold for items within the basket being promoted. CategorySize Beer12 oz. 12 ct./pk. Carbonated Soft Drinks2 ltr. Corn Chips/Tortilla9-13 oz. Crackers & Biscuits9-16 oz. Ketchup38 oz. Packaged Hot Dog16 oz. Potato Chips8-11 oz. Prepared Wings1 lb. Salsa & Chip Dips16 oz. Sandwich & Hot Dog Buns8 ct./pk.

3. Confidential and Proprietary to ECRM 3 BASKET PRICING INDEX Retailers 2015 Index 2014 Index ChangeRetailers 2015 Index 2014 Index Change Kroger CBUS8390-7Harding's Markets97961 Kroger CBUS Marketplace8390-7Associated Supermarkets98105-7 Kroger Central8489-5Food Town (OH)99101-2 Kroger Central Marketplace8489-5Hy-Vee Food Stores99104-5 Owen's Market8489-5VG's Grocery100937 Pay Less Super Markets8489-5Family Fare Supermarkets100937 Scott's Food & Pharmacy8489-5Oleson's Farm Fresh Markets1021002 Smith's Food & Drug85832Rainbow Foods103107-4 Farm Fresh86851C Town Supermarkets1031012 Schnucks Markets86824Key Food104106-2 Ralphs89104-15Price Chopper (Golub)1041031 Winegar's Supermarkets897811Chief Supermarket105987 Met Foods9396-3Foodtown107111-4 Cardenas Markets96951Big M111124-13 Meijer96 0IGA1131103 Retailers promoting nine or more of the basket items in 2015.

4. Confidential and Proprietary to ECRM 4 HOW IT WORKS Indexing relates to relative pricing: it is based on the retailer’s pricing for the category in comparison to the average price across all US retailers for that category. A retailer whose pricing matches the national average will receive “100” for the category. The index across all categories is then an average of the index for each component category that the retailer promoted. Kroger CBUS had outstanding pricing on 16 oz. Packaged Hot Dogs and slightly below average pricing on most other items. Average Price of Basket Items Kroger CBUS Average Price of Basket Items Big M 2015 ($)Index2015 ($)Index BBQ/Wing & Other Sauces, 12 oz. $2.50129 Beer, 12 oz. 12 ct./pk.$12.5498Beer, 12 oz. 12 ct./pk.$14.28112 Carbonated Soft Drinks, 2 ltr.$0.9282Carbonated Soft Drinks, 2 ltr.$1.17104 Corn Chips/Tortilla, 9-13 oz.$2.2594Corn Chips/Tortilla, 9-13 oz.$3.00125 Crackers & Biscuits, 9-16 oz.$1.8786Crackers & Biscuits, 9-16 oz.$2.50115 Ketchup, 38 oz.$2.4999Ketchup, 38 oz.$2.50100 Packaged Hot Dog, 16 oz.$1.0050Packaged Hot Dog, 16 oz.$2.50124 Potato Chips, 8-11 oz.$2.0092Potato Chips, 8-11 oz. Prepared Wings, 1 lb. $4.9994 Salsa & Chip Dips, 16 oz.$1.4968Salsa & Chip Dips, 16 oz.$2.0092 Sandwich & Hot Dog Buns, 8 ct./pk.$1.2982Sandwich & Hot Dog Buns, 8 ct./pk.

5. Confidential and Proprietary to ECRM 5 KROGER CBUS SAMPLE IMAGES

6. Confidential and Proprietary to ECRM 6 BIG M SAMPLE IMAGES

7. Confidential and Proprietary to ECRM 7 WORST INCREASES Retailers 2015 Index 2014 Index ChangeRetailers 2015 Index 2014 Index Change D & W Fresh Market1219427Fine Fare Supermarkets1059312 Lunds & Byerly's12810523Piggly Wiggly (Carolina)1119912 Haggen12110120Waldbaums11410212 Shaw's Supermarket (NAI)1119120Ultra Foods917912 Compare Foods1149420A & P11410212 Super A Foods Inc967719Superfresh11410212 Acme Markets (NAI)11910217Fred Meyer Stores1019011 El Rancho1008416Lowes Foods1019011 Sentry Foods1008317Winegar's Supermarkets897811 Food City (K-VA-T)11810216Fresh Market1069511 Kings14613016Los Altos Ranch Market928111 Ingles Markets998415King's County Mart988711 Yoke's Fresh Markets998514Price Cutter1019110 Donelan's Supermarkets12811513Food Lion1101019 Brookshire Brothers1119813IGA1131103 Worst increases for retailers promoting six or more of the basket items in 2015. It’s important to note that pricing is relative, and a retailer may have had the exact same prices YOY, yet performed worse if all other retailers lowered their prices.

8. Confidential and Proprietary to ECRM 8 BEST DECREASES Retailers 2015 Index 2014 Index ChangeRetailers 2015 Index 2014 Index Change Sun Fresh88113-25Coborn's109119-10 Karns Foods104123-19Buehler's101112-11 Gristedes128146-18Lowe's Market7888-10 Thriftway Stores113130-17Hannaford Brothers107117-10 Pioneer Supermarkets92108-16Roche Bros115124-9 Thriftway (Seattle)113129-16Redner's Markets9099-9 Red Apple Markets114129-15Food City Supermarkets7584-9 Ralphs89104-15Albertsons NW110118-8 Giant Food Carlisle99113-14Dash's117126-9 Thriftway (Kansas City)103117-14Big Y Foods95103-8 Big M111124-13ValuMarket8796-9 Western Supermarkets97110-13Copps95103-8 Lucky Supermarkets98110-12Associated Supermarkets98105-7 Jay C Stores8496-12Shop n Bag101109-8 Great Valu106117-11Albertsons IM98106-8 Best decreases for retailers promoting six or more of the basket items in 2015. It’s important to note that pricing is relative, and a retailer may have had the exact same prices YOY, yet performed better if all other retailers raised their prices.

9. Confidential and Proprietary to ECRM 9 NEW ITEM OBSERVATIONS New items were examined across the entire Grocery department, not just the key basket items. Snack foods and beer were among the new items promoted during Super Bowl week 2015. Walmart dedicated two ad blocks to a new Tostitos product: one on the front page and a nearly-identical ad block on the reverse side within the front cover. Other retailers promoted far fewer, if any, new Grocery items during this time period.

10. Confidential and Proprietary to ECRM 10 NEW ITEM Fred's - Nashville, TN 1/25/2015 - Circular - Back (2) Giant Eagle - Cleveland, OH 1/29/2015 - Circular - Middle (2)

11. Confidential and Proprietary to ECRM 11 NEW ITEM Tops Markets - Rochester, NY 1/25/2015 - Circular - Middle (5) Tops Markets - Rochester, NY 1/25/2015 - Circular - Middle (9)

12. Confidential and Proprietary to ECRM 12 NEW ITEM Tops Markets - Rochester, NY 2/1/2015 - Circular - Middle (4)

13. Confidential and Proprietary to ECRM 13 NEW ITEM Walmart-US - Cleveland, OH 1/25/2015 - Circular - Middle (2)

14. Confidential and Proprietary to ECRM 14 NEW ITEM Walmart-US - Cleveland, OH 1/25/2015 - Circular - Front (1) Walmart-US - Cleveland, OH 1/25/2015 - Circular - Middle (2)

15. Confidential and Proprietary to ECRM 15 NEW ITEM Walmart-US - Cleveland, OH 1/25/2015 - Circular - Middle (4) Walmart-US - Cleveland, OH 1/25/2015 - Circular - Middle (4)

16. Confidential and Proprietary to ECRM 16 NEW ITEM Walmart-US - Cleveland, OH 1/25/2015 - Circular - Back (6) Walmart-US - Cleveland, OH 2/1/2015 - Circular - Middle (17)