CECONOMY AG

Addendum to our expert opinion dated 23 December 2020 on the business values of CECONOMY AG, Düsseldorf, and Media-Saturn-Holding GmbH, Ingolstadt, as well as the appropriateness of the exchange ratio as of the valuation date 17 February 2021

Hamburg / Düsseldorf

13 February 2021 Convenience translation*

Strictly confidential

* This document is a convenience translation of the "Nachtragsbericht zu unserer Gutachtlichen Stellungnahme vom 23. Dezember 2020 zum Unternehmenswert der CECONOMY AG, Düsseldorf, und der Media-Saturn-Holding GmbH, Ingolstadt, sowie zur Beurteilung der Ange-messenheit des Austauschverhältnisses zum Bewertungs-stichtag 17. Februar 2021" in German language which is the sole authoritative version. This translation cannot be called upon for any reason whatsoever.

Dr. Christian Wulff Partner

T: +49 (0) 40 6378 1312

M: +49 (0) 170 794 8079christian.wulff@pwc.com

Frederic Werner Partner

T: +49 (0) 211 981 5521 M: +49 (0) 151 125 32 590frederic.werner@pwc.com

Ulrich Lorchheim

Senior Manager

T: +49 (0) 211 981 2134 M: +49 (0) 160 367 0296ulrich.lorchheim@pwc.com

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft Alsterufer 1

20354 Hamburg

T: +49 (0) 211 981 0

F: +49 (0) 211 981 1000

Preivrsaötenlaicnhdusntdricsttlyrecnognvfiedretnratiuallich PwCCECONOMY AG

CECONOMY AG

Herrn Dr. Bernhard Düttmann - Vorstandsvorsitzender Frau Karin Sonnenmoser - Finanzvorstand

Kaistraße 3

40221 Düsseldorf

Matter: 0.0960916.001

13 February 2021

Dear Dr. Düttmann, dear Ms. Sonnenmoser,

We hereby send you the addendum to our expert opinion on the business values of CECONOMY AG, Düsseldorf, and Media-Saturn-Holding GmbH, Ingolstadt, as well as on the appropriateness of the exchange ratio as of the valuation date 17 February 2021.

Please do not hesitate to contact us at any time for further explanations about this addendum.

Yours sincerely,

PricewaterhouseCoopers GmbH WirtschaftsprüfungsgesellschaftDr. Christian Wulff

Frederic Werner

German Certified Public Accountant (Wirtschaftsprüfer)

Contents

Perirvsaötenliacnhdusntdricsttlryecnognvfiedretrnatuialilch PwCCECONOMY AG

Nature and performance of the assignment 5

Background of the addendum 8

Update of the valuations 11

1 2 3 4

Changed management estimate for fiscal year 2020/21 12

Derivation of the discount rate 14

Value of Media-Saturn-Holding GmbH 16

Value of CECONOMY AG 19

Effects of the updated values on the appropriateness of the issue price 22 and exchange ratio

Appendices 24

1 2 3

Engagement letter 25

List of abbreviations 34

Standard terms and conditions 37

© 2021 PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft. All rights reserved. "PwC" in this document refers to PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft which is a member company in PricewaterhouseCoopers International Limited (PwCIL). Each of the member companies in PwCIL is a legally independent company.

Due to technical reasons in the calculations, rounding differences in an amount of +/- one unit (€, %, etc.) can occur in the tables.

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CECONOMY AG published this content on 13 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2021 08:28:03 UTC.