0.13” / 0.33cm 0.13” / 0.33cm

1

COMPANY PRESENTATION | AUGUST 2017

0.13” / 0.33cm 0.13” / 0.33cm

2 2

Disclaimer

This document has been prepared by HelloFresh SE (the “Company“ and, together with its subsidiaries, the “Group”). All material contained in this document is for information purposes only and must not be relied upon for any purpose, and does not purport to be a full or complete description of the Company or the Group. This document does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This document is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. No representation, warranty or undertaking, express or implied, is made by the Company or any other Group company or any other person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. No responsibility, obligation or liability is or will be accepted by the Company or any of its officers, directors, employees, affiliates, agents or advisers, in relation to any written or oral information provided in this document or in connection with the document. All information in this document is subject to verification, correction, completion, updating and change without notice. Neither the Company nor any other Group company undertakes any obligation to update this document or to correct any inaccuracies in this document. Information contained in this document may be based on estimates or expectations of the Company, and there can be no assurance that these estimates or expectations are or will prove to be accurate. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. All statements in this report attributable to third party industry experts represent the Company's interpretation of data, research opinion or viewpoints published by such industry experts, and have not been reviewed by them. Each publication of such industry experts speaks as of its original publication date and not as of the date of this document. This document contains forward-looking statements relating to the business, financial performance and results of the Company, the Group or the industry in which the Group operates. These statements may be identified by words such as "expectation", "belief', "estimate", "plan", "target“ or "forecast" and similar expressions, or by their context. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; growth for products and services in new markets; industry trends; and the impact of regulatory initiatives. These statements are made on the basis of current knowledge and assumptions and involve risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this document or the underlying assumptions. No obligation is assumed to update any forward-looking statements.

0.13” / 0.33cm 0.13” / 0.33cm

3 3

Our mission: we change the way people eat FOREVER!

We believe everyone

deserves honest,

natural, delicious and

healthy food

We celebrate fresh

ingredients and making

magic in the kitchen:

there is a chef in

everyone

Food brings people

together. Good food

allows us to live long.

Great food lets us enjoy

every bite of life

Source: Company information

0.13” / 0.33cm 0.13” / 0.33cm

4 4

#1

#1

#1

#1

#1

We are the largest and the only global player

1.3m active

customers2

Up to 13m meals served per month1

#1 in 7 markets3

>7,500 tons food

handled monthly4

>14.5k recipes in database

53% Q2 YoY

revenue growth

Recently launched5

• Clear market leader in

c.60% of TAM3

representing c.40% of

revenue today

#1

Source: Company information; management estimates 1. As of May 2017. 2. Active customers refers to the number of uniquely identified customers who have received at least one box within the last three months ended June 30, 2017 (including first-time customers, customers who received a free or

discounted box and customers who ordered during the relevant period but cancelled their subscription before period end). 3. Based on management estimate; #1 in markets as indicated on map plus Switzerland. 4. Assuming ~600 grams per meal and up to 13m meals per month, as of May 2017; tonnage might be different from month to month. 5. Within the last 15 months as of June 2017.

• Significantly outpacing

Blue Apron on nearly

every dimension

#2

0.13” / 0.33cm 0.13” / 0.33cm

5 5

HelloFresh's business model combines growth at scale with powerful unit economics

Strong growth with highly predictable consumer behavior

1 From 0.3m active customers in Q1 2015 to 1.3m in Q2 2017 Steady order rate 15% increase in average order value since Q1 2015 Stable retention profile

Attractive target margins at scale through demonstrated operating leverage

2 ~14% points of consistent contribution margin expansion1 over last 6 quarters with significant further upside

Meaningful fixed cost leverage – c. 7pp of Q2 2017 contribution margin2

Mid-term to long-term AEBITDA margin target of 12-15%3

Scalable and cost-efficient customer acquisition model with high marketing ROI

3 Overall constant CACs while significantly scaling customer

acquisitions

>3x ROI on marketing investment within 3 years

Negative working capital with minimal inventory

4 Net source of cash inflow Operating cash flow margin repeatedly higher than

EBITDA margin

Significant top and bottom line growth potential

5 Markets largely underpenetrated

Strong margin potential at scale

Source: Company information 1. Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation; contribution margin is shown as % of revenue. 2. Relevant expenses represent fixed and overhead expenses. 3. AEBITDA is calculated by adjusting EBITDA for special items and holding fees (special items include share-based compensation); AEBITDA margin is defined as % of revenue; holding fees are eliminated on group level.

0.13” / 0.33cm 0.13” / 0.33cm

6 6

0.3

0.4

0.5 0.6

0.8 0.8 0.8 0.9

1.2

1.3

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

As a result of our massive customer growth…

2015 2016 2017

ACTIVE CUSTOMERS1

(M)

Q1 effect

Source: Company information 1. Active customers refers to the number of uniquely identified customers who have received at least one box within the last three months (including first-time customers, customers who received a free or discounted box and

customers who ordered during the relevant period but cancelled their subscription before period end).

0.13” / 0.33cm 0.13” / 0.33cm

7 7

..we are now the largest player globally1

9 13 19 29

45

67

86

107

141 150 147

159

205

230

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2014 2015 2016 2017

REVENUE2

(€M)

Source: Company information 1. Compared to BA Q2 2017 revenue of $238m. 2. Revenue post promotional discounts, customer credits, refunds and excluding VAT.

0.13” / 0.33cm 0.13” / 0.33cm

8 8

42.7

44.8 45.0 45.9

46.8

48.3 48.5 49.1 48.8 49.2

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

3.7 3.7 3.5

3.7 3.8 3.8 3.6

3.8 3.6

3.7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Our strong customer base is characterized by very stable order rates and increasing order value

STABLE ORDER RATES INCREASING AVERAGE ORDER VALUE

AVERAGE ORDER RATES1 AVERAGE ORDER VALUE (€)2

2015 2017 2016 2015 2016 2017

Stable

Source: Company information 1. Average order rate is defined as number of deliveries divided by number of active customers in a given period. 2. Average order value is defined as revenue before refunds divided by number of deliveries in a given period.

0.13” / 0.33cm 0.13” / 0.33cm

9 9

Our business model provides for highly attractive CLV / CAC dynamics and customer economics

€82

6mth 12mth 18mth 24mth 30mth 36mth

>3x

>2x

>1x

Avg. CAC

€82 invested in marketing returns >€250 of cumulative profit contribution after 3 years

CLV1 AND CAC2

Source: Company information 1. The cumulative customer lifetime value (CLV) reflects cumulative revenue per customer and cohort acquired between 2014 and 2016 multiplied by our contribution margin as % of revenue for Q2 2017, adjusted for the level of

discounting in a given period. For a customer to be included in the calculation for a particular column, the length of time that has elapsed since the customer first purchased from us must be at least as long as the time period indicated for such column. Customers acquired after December 31, 2016 are not included in any column calculations because their first purchase occurred less than six months before the end of the second quarter of 2017.

2. CAC (customer acquisition costs) is calculated as total marketing spend excluding customer care and overhead expenses for the period from January 1, 2014 to June 30, 2017 divided by total number of new customers acquired over that period.

0.13” / 0.33cm 0.13” / 0.33cm

10 10

Attractive unit economics with strategic goal to break-even within the next 15 months

2015 2016 2017

CONTRIBUTION MARGIN1

8.2%

14.3%

17.8% 17.4% 18.2%

20.3% 22.1%

Q4 Q1 Q2 Q3 Q4 Q1 Q2

Source: Company information 1. Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation; contribution margin is shown as % of revenue. 2. AEBITDA is calculated by adjusting EBITDA for special items and holding fees (special items include share-based compensation); AEBITDA margin is defined as % of revenue; holding fees are eliminated on group level.

% REVENUE

GROUP AEBITDA1

% REVENUE

2015 2016 2017

(32.1%)

(19.3%)

(12.3%)

(14.0%)

(10.3%)

(14.4%)

(7.4%)

Q4 Q1 Q2 Q3 Q4 Q1 Q2

0.13” / 0.33cm 0.13” / 0.33cm

11 11

US: industry leading growth and consistent margin expansion

Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

Active Customer (m) 0.2 0.3 0.4 0.4 0.4 0.7 0.8

Average Order Rate 3.0 3.3 3.4 3.2 3.2 3.1 3.4

Average Order Value (€) 54.8 56.1 55.7 56.0 57.1 53.5 53.0

OPERATIONAL AND FINANCIAL KPIs

36.1 61.5 71.5 74.3 79.5

120.1 143.3

Source: Company information 1. Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year. 2. Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation. 3. Contribution margin is shown as % of revenue. 4. AEBITDA is calculated by adjusting EBITDA for special items and holding fees (special items include share-based compensation); AEBITDA margin is defined as % of revenue; holding fees are eliminated on group level.

(20.0) (15.6) (12.5) (11.9)

(7.9)

(22.8)

(8.5)

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

(4.9)

2.8 9.3 9.5 12.2

22.3 31.4

568% 371% 213% 133% 120% 95% 100% Revenue1

(€m)

%

%

%

YoY revenue growth1

(14%) 5% 13% 13% 15% 19% 22% Contribution margin2 (€m)

(55%) (25%) (18%) (16%) (10%) (19%) (6%) AEBITDA4

(€m)

Revenue2,3

Revenue

0.13” / 0.33cm 0.13” / 0.33cm

12 12

International: operations at scale benefit from unit economics enhancement

Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

Active Customer (m) 0.4 0.5 0.4 0.4 0.4 0.4 0.5

Average Order Rate 4.1 4.2 4.2 3.9 4.3 4.4 4.3

Average Order Value (€) 42.4 41.5 43.0 42.7 43.1 43.5 43.9

(13.6) (12.0) (3.9) (6.2) (5.4) (3.9) (4.2)

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017

14.2 17.3 17.9 16.6 17.4 20.3 20.6

70.8 79.9 78.6 72.4 79.3 85.2 86.9

204% 147% 78% 35% 12% 7% 11% Revenue1

(€m)

%

% Revenue2,3

% Revenue

YoY revenue growth1

20% 22% 23% 23% 22% 24% 24% Contribution margin2 (€m)

(19%) (15%) (5%) (9%) (7%) (5%) (5%) AEBITDA4

(€m)

OPERATIONAL AND FINANCIAL KPIs

Source: Company information 1. Revenue post promotional discounts, customer credits, refunds and excluding VAT; YoY stands for year on year and compares the respective quarter with the same quarter of the previous year. 2. Contribution margin is defined as revenue less cost of goods sold and fulfilment expenses, excluding share-based compensation. 3. Contribution margin is shown as % of revenue. 4. AEBITDA is calculated by adjusting EBITDA for special items and holding fees (special items include share-based compensation); AEBITDA margin is defined as % of revenue; holding fees are eliminated on group level.