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Investor PresentationMarch 2018

DisclaimerThis presentation contains certain forward-looking statements, which may be identified by the use of forward-looking terminology, including the terms “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or, in each case, their negative, or other variations or comparable terminology. The forward-looking statements involve risks and uncertainties, some of which cannot be predicted or quantified. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. The Company derives many of its forward-looking statements from its operating budgets and forecasts, which are based upon detailed assumptions. While the Company believes that its assumptions are reasonable, it is difficult to predict the impact of known factors and to anticipate all factors that could affect actual results. As such, actual results may differ materially from those projected or implied and you should not place undue reliance on these forward-looking statements. For a discussion concerning the factors that could cause these differences, please refer to the Company’s filings with the Securities and Exchange Commission (the “SEC”).

This presentation makes no representations or warranties and no person has been authorized to make any representations or warranties on behalf of the Company or any of its affiliates, or to give any information other than that contained in this presentation. Nothing contained in this presentation is, or shall be relied upon as, a promise or representation or warranty, whether as to the past, present or the future. Certain of the economic and market information contained herein has been obtained from published sources and/or prepared by other parties. None of the Company or any of its directors, partners, stockholders, officers, affiliates, employees, agents or advisers nor any other person assumes any responsibility for the completeness of any information in this presentation, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which such statements are based.

This presentation includes certain non-GAAP financial measures, including Adjusted Net Income, Adjusted Net Income per Share, Adjusted Net Income (Loss) per Diluted Share, EBIT Margin, EBITDA and Adjusted EBITDA. These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.

This presentation is confidential and may not be reproduced or otherwise distributed or disseminated, in whole or part, without the prior written consent of the Company, which consent may be withheld in its sole and absolute discretion.

Any investment in the Company will be subject to certain risks related to the nature of the Company’s business and the structure and operations of the Company. Any investment in the Company should be made only with an appreciation of the applicable risks, which will be described in the Company’s filings with the SEC.

1

Smart & Final Overview

2

Growth and value-oriented food retailer

− 323 non-membership, smaller-box, warehouse-style stores(1)

− 2017 Sales(2): $4,571 million

− 2017 Adj. EBITDA(2): $184 million

Taking share from conventional grocery and specialty retailers

Unique platform that appeals to both household and business customers

− Two complementary and highly productive banners

− “Everyday Low Prices”

− 98% non-union(3)

Strong historic new store development

− FY2017 new stores (18) and Extra! conversions and relocations (8)

− Expected development rate in 2018: New stores (6-10) and Extra! expansions and relocations (3-4)

Annual Unit Growth 323 Locations in 8 States(1)

(1) As of December 31, 2017. Excludes 15 stores operated through a non-consolidated 50/50 joint venture in Mexico. (2) For the 52 week fiscal year ended December 31, 2017.(3) As of December 31, 2017.

Cash & Carry Smart FoodserviceExtra!

25

13

20

33

14

1

2

4

4

25

14

22

37

18

2012 2013 2014 2015 2016 2017

Differentiated Go-to-Market Strategy

3

COMPELLING VALUEDIFFERENTIATED PRODUCTS CONVENIENCE

Targeted pricing substantially lower than conventional grocers

Targeted pricing competitive with Walmart, Costco and leading discount grocers such as Food 4 Less (Kroger)

Consistently offer better value than large discounters on produce

No membership fee

Smaller, easy-to-shop format stores

Located near customer’s home or business

“2 shops in 1 stop”

Large variety of warehouse club sizes

Extensive selection of private label

Unique items for businesses

Broad appeal across household and business customers

Complementary Store Banners

4

FY 2017 Sales $3,558 million $1,013 million

0.7%FY 2017 SSS

Customer Mix(1)

37%

63%

29%

71%

47%

53%

Store Footprint(1) 63 in CA, WA, OR, ID, NV, UT and MT194 in CA, NV and AZ 66 in CA, NV and AZ

Banner Differentiator

~16,000 sq. ft.~28,000 sq. ft. ~20,000 sq. ft.

Merchandise Mix (1)

Perishables

Grocery, beverage, paper & packaging & restaurant supplies

Average Size(1)

“Two shops in one stop” “We sell ingredients”

Value Proposition Distinctive mix of household and business items at “Everyday Low Prices”, including warehouse club pack sizes

No frills, focused on business customers

Business: ~29% Household: ~71% ~90% ~10%

(1) As of December 31, 2017.

2.4%

The Experience

5

Smart & Final Banner Mix(1)

(1) Reflects estimated data for fiscal year 2017.

Common National BrandsCommon Private Label

Unique Private LabelUnique National Brands

Broad Range of Product Sizes

Unique Items

Wide selection of quality private label and national brands

Household & business products side-by-side“Everyday Low Prices”

Perishables

Emphasis on high-quality, fresh products

Key Private Label Brands

Differentiated, value-focused merchandise mix in a convenient format

Value

22%

16%

12%

50%

38% Unique

28% Private Label

~$3.6 billion Net Sales

The Experience

6

Natural & Organic Produce Household & Club Sizes

Bulk FoodsOven Roasted Chicken

The Experience

7

Convenience

Ingredients and Supplies

Broad selection of everyday foodservice products

Accessible locations and no minimum order size

Competitive pricing with no membership fee

Ability to hand-select high quality, fresh perishables

Convenient, no-frills shopping environment for the business customer

Value

Continuing Store GrowthDiverse Customer Base

Format serves a wide variety of businesses and organizations

Perishables

Cash & Carry Smart Foodservice CumulativeNew Store Openings (1)

(1) Cumulative since the Company’s initial public offering on September 23, 2014

13

7

11

14-16

2014 2015 2016 2017 2018E

The Experience

8

Primal Cut & Case Meats

Foodservice Items Professional Sizes

Fresh Produce

Executing a Multi-Year Growth Plan

9

Expansions & Relocations New Store OpeningsSame Store Sales

Cumulative Expansions and Relocations Cumulative New Stores

Continued new store growth in 2018− 3-5 new Extra! Stores− 3-5 new Cash & Carry Smart

Foodservice stores

Significant additional opportunities in current markets

Potential for expansion of both banners into adjacent / new markets; longer-term national opportunity

Continue conversions and opportunistic relocations in 2018

− 1-2 planned expansion

− 2-3 planned relocations

Target pre-tax cash-on-cash returns of ~20 - 25% in year 3 for Extra!conversions

Grow margin accretive private label sales

Continue to evolve merchandising mix

Drive business customer growth

Enhance brand awareness to expand customer reach

Online ordering offering delivery or in-store pickup available through Instacart and/or Google

- Available in over 85% of stores(1)

28% 29%

31%

33% 34%

35% 35%

2011 2012 2013 2014 2015 2016 2017

Smart & Final Banner Perishables Penetration

Key Drivers of Smart & Final Stores, Inc. Growth

12 14 23 30

38 52 58 64 69 70

18 20

21 22

22

24 28

34 37 40

30 34

44 52

60

76

86

98 106

109-111

Expansions Relocations(1) As of December 31, 2017.

4 4 5 7 1225

45

7892 96

2 2 2 22

3

5

9

1317

6 6 7 914

28

50

87

105111-115

Extra! Cash & Carry Total

Compelling Store Development Opportunity

10

Cash investment of ~$1.5 million

Target pre-tax cash-on-cash returns of ~20 - 25% in year 3

Opportunistically grow Cash & Carry Smart Foodservice stores

− 15 new stores in 2014 – 2018E

Cash investment of ~$3 million

Target pre-tax cash-on-cash returns of ~20 - 25% in year 3

Since 2008, have converted/expanded 69 locations to Extra!

− Add perishables and optimize merchandising to maximize productivity

− Generating an average sales increase of ~25 – 30% in the first twelve months following conversion

Typical cash investment of ~$3 million

Target pre-tax cash-on-cash returns of ~20 - 25% in year 3

Proven execution of model through 80 new Extra! stores opened to date

Recent new store performance in line with expectations

New Extra! Store Model Legacy Expansions to Extra! New Cash & Carry Store Model

Attractive Store Economics(1)

New Unit Growth in

Existing and Adjacent Markets

Longer-term Growth

Opportunities

Opportunity to open ~100 new Extra! stores in existing markets (2018 and beyond)

− Potential for further growth from higher densities in key California market

Opportunistically grow Cash & Carry Smart Foodservice banner

Lower risk expansion utilizing distribution infrastructure

Flexible real estate strategy “new and adaptive reuse”

− Deep institutional knowledge of existing local markets

Pacific Northwest represents an actionable expansion opportunity

Broader U.S. market has potential to support additional Extra! stores

Growth opportunities in Mexico (currently 15 stores)

(1) As of October 8, 2017.

Delivering Solid Financial Results

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$125 $139

$164 $176 $193

$180 $184

4.4% 4.6% 5.1% 5.0% 4.9%

4.1% 4.0%

2011 2012 2013 2014 2015 2016 2017

Adjusted EBITDA % Margin

Net Sales

$2,840 $3,043 $3,210 $3,534 $3,971 $4,342 $4,571

2011 2012 2013 2014 2015 2016 2017

($ in millions)

Adjusted EBITDA(1) and Margin

% SSS

($ in millions)

Increase in net sales attributable to strong growth in both banners

SSS driven by increase in number of transactions

Significant contribution from new store growth

Merchandise initiatives provide product margin flexibility

− Private label, produce, perishables and natural and organic items

Opportunity for future EBITDA leverage

− Occupancy and distribution expense

− Fixed cost structure

6.3%4.5%

4.5% -0.5%4.0%6.7%9.5% 1.0%

(1) Adjusted EBITDA defined as earnings (income or loss) before income tax provision, interest expense (net), depreciation and amortization, as adjusted for the items set forth in the reconciliation schedule in the Appendix. 2012 amounts are pro forma for acquisition of Company by affiliates of Ares Management, L.P. (the “Ares Acquisition”).

2018 Guidance(1)

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(1) This information was provided by the Company on March 14, 2018. Actual results may differ materially from those projected or implied.

Full Year 2018

Net sales growth 4.0 - 5.0%

Comparable store sales growth 1.0 - 2.0%

Unit growth (net new stores)3-5 Smart & Final Extra!3-5 Cash & Carry Smart

Foodservice

Relocations of existing stores to Extra! format 2-3 Smart & Final stores

Expansions or conversions of legacy stores to Extra! format 1-2 Smart & Final stores

Adjusted EBITDA $180 - $190 million

Adjusted net income $31 - $35 million

Adjusted diluted EPS $0.42 - $0.47

Capital expenditures (net of tenant improvement allowances) $80 - $90 million

Fully diluted weighted average shares 74 - 75 million

What Makes Us Different?

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Unique growth platform that appeals to both household and business customers

Distinctive and value-focused merchandise offering

Flexible real estate strategy to support new store growth

Experienced and committed management team with developed infrastructure

Two highly productive store banners

Positive same store sales growth in 27 out of the last 29 years

Unique sizes and extensive selection of private label at highly competitive prices

Ample opportunities for additional new stores in existing and adjacent markets

Sales per square foot of $611(1)

(1) For the 52-week fiscal year ended December 31, 2017.

11.8

9.0

4.6

10.4

4.7

5.5 5.0

2.7 2.0

(0.2)

4.7 5.4

3.8 3.4

8.8

11.0

2.6 2.8

6.0

8.7

3.8

2.9

9.5

6.7

4.0

6.3

4.5

(0.5)

1.0

A Long History of Growth

Historical SSS Performance (%)

Positive same store sales growth in 27 of the last 29 fiscal years

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Appendix

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Reconciliation of EBITDA and Adjusted EBITDA

16

Smart & Final Stores, Inc. and SubsidiariesReconciliation of EBITDA to Adjusted EBITDA

(Unaudited)(In Thousands)

Twelve Weeks Ended December

31, 2017

Twelve Weeks Ended January 1,

2017

Fifty-two Weeks Ended December

31, 2017

Fifty-two Weeks Ended January 1,

2017Net (loss) income (146,556)$ (253)$ (138,914)$ 12,948$ Depreciation and amortization 23,324 22,500 98,373 87,015 Interest expense, net 8,732 7,925 36,470 32,654 Income tax (benefit) (24,462) (1,650) (24,043) (2,037) EBITDA (138,962) 28,522 (28,114) 130,580

Adjustments to EBITDANet loss from closed stores and exit costs (a) 1,262 2,650 3,818 8,671 Goodwill impairment (b) 180,000 - 180,000 - Loss from asset dispositions and impairment charges (c) 369 594 1,827 1,598 Share-based compensation expense (d) 3,057 2,555 11,560 9,803 Non-cash rent (e) 1,492 1,688 6,535 7,946 Pre-opening costs (f) 1,914 926 5,433 17,695 Loss on extinguishment of debt (g) - - - 4,978 Other items (h) (45) 377 3,390 (1,018) Adjusted EBITDA 49,087$ 37,312$ 184,449$ 180,253$

(a) Represents costs associated with store closure and exit costs.(b) Represents non-cash charge associated with goodwill impairment.(c) Represents non-cash loss associated with asset dispositions and impairment charges.(d) Represents expenses associated with the Company's equity-based incentive award program.(e) Represents non-cash component of recognized rent expense. (f) Represents new store and relocation opening costs consisting primarily of rent, utilities, distribution, store labor and advertising.(g) Represents loss on the early extinguishment of debt in the fiscal year ended January 1, 2017 in connection with amendments to the Company's First Lien Term Loan Credit Facility.(h) Represents (i) severance costs in the twelve and fifty-two weeks ended December 31, 2017 and the twelve and fifty-two weeks ended January 1, 2017 and (ii) death benefit income from a Company-owned life insurance policy in the fifty-two weeks ended January 1, 2017.

Reconciliation of Net Income and Adjusted Net Income

17

Smart & Final Stores, Inc. and SubsidiariesReconciliation of Net Income to Non-GAAP Adjusted Net Income

(Unaudited)(In Thousands, Except Share and Per Share Amounts)

Twelve Weeks Ended December

31, 2017

Twelve Weeks Ended January 1,

2017

Fifty-two Weeks Ended December

31, 2017

Fifty-two Weeks Ended January 1,

2017Net (loss) income (146,556)$ (253)$ (138,914)$ 12,948$ Income tax (benefit) (24,462) (1,650) (24,043) (2,037) (Loss) income before income taxes (171,018) (1,903) (162,957) 10,911

Adjustments to net (loss) incomeNet loss from closed stores and exit costs (a) 1,262 2,650 3,818 8,671 Goodwill impairment (b) 180,000 - 180,000 - Loss from asset dispositions and impairment charges (c) 369 594 1,827 1,598 Share-based compensation expense (d) 3,057 2,555 11,560 9,803 Non-cash rent (e) 1,492 1,688 6,535 7,946 Pre-opening costs (f) 1,914 926 5,433 17,695 Loss on extinguishment of debt (g) - - - 4,978 Other items (h) (45) 377 3,390 (1,018) Adjusted income tax (benefit) (5,731) (1,890) (15,951) (18,363) Adjusted net income 11,300$ 4,997$ 33,655$ 42,221$

Adjusted Net (Loss) Income Per Share

Net (loss) income per share - basic (2.03)$ 0.00$ (1.92)$ 0.18$ Per share impact of net income adjustments 2.19 0.07 2.39 0.40 Adjusted net income per share - basic 0.16$ 0.07$ 0.47$ 0.58$

Net (loss) income per share - diluted (1.99)$ 0.00$ (1.85)$ 0.17$ Per share impact of net income adjustments 2.14 0.07 2.30 0.37 Adjusted net income per share - diluted 0.15$ 0.07$ 0.45$ 0.54$

Weighted average shares - basic 72,068,998 71,962,127 72,352,102 72,727,071 Weighted average shares - diluted 73,828,639 76,552,257 75,182,134 78,026,159

(a) Represents costs associated with store closure and exit costs.(b) Represents non-cash charge associated with goodwill impairment.(c) Represents non-cash loss associated with asset dispositions and impairment charges.(d) Represents expenses associated with the Company's equity-based incentive award program.(e) Represents non-cash component of recognized rent expense. (f) Represents new store and relocation opening costs consisting primarily of rent, utilities, distribution, store labor and advertising.(g) Represents loss on the early extinguishment of debt in the fiscal year ended January 1, 2017 in connection with amendments to the Company's First Lien Term Loan Credit Facility.(h) Represents (i) severance costs in the twelve and fifty-two weeks ended December 31, 2017 and the twelve and fifty-two weeks ended January 1, 2017 and (ii) death benefit income from a Company-owned life insurance policy in the fifty-two weeks ended January 1, 2017.

Summary Historical Financials(1)

(1) 2012 amounts are pro forma for the Ares Acquisition.(2) 2017 includes recording a $180M goodwill impairment charge

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($ in millions)

2012 2013 2014 2015 2016 2017Smart & Final 183 188 201 221 246 260Cash & Carry 52 52 53 55 59 63Total Stores 235 240 254 276 305 323

Smart & Final 7.10% 3.40% 5.00% 4.40% -0.60% 0.66%Cash & Carry 5.40% 6.10% 10.00% 4.50% -0.30% 2.38%Total SSS 6.70% 4.00% 6.30% 4.50% -0.50% 1.04%

Smart & Final $2,303 $2,425 $2,669 $3,037 $3,401 $3,558 Cash & Carry 740 785 865 934 941 1013Total Sales $3,043 $3,210 $3,534 $3,971 $4,342 $4,571 % growth 7.10% 5.50% 10.10% 12.40% 9.30% 5.27%

Gross Margin 446 474 527 599 630 674% of sales 14.70% 14.80% 14.90% 15.10% 14.50% 14.75%

Income from operations 70 87 89 95 47 17% of sales 2.30% 2.70% 2.50% 2.40% 1.10% n/a

Goodwill Impairment -180

Net Income (Loss) $14 $8 $33 $38 $13 ($147)% of sales 0.50% 0.30% 0.90% 1.00% 0.30% n/a

GAAP Basic EPS $0.25 $0.14 $0.54 $0.52 $0.18 ($1.92)GAAP Diluted EPS $0.24 $0.14 $0.52 $0.50 $0.17 ($1.92)

Adjusted EBITDA $139 $164 $176 $193 $180 $183 % of sales 4.60% 5.10% 5.00% 4.90% 4.20% 4.01%

Adjusted Net Income $32 $47 $56 $42 $34

% of sales 1.00% 1.30% 1.40% 1.00% 0.73%

Adjusted Basic EPS $0.56 $0.76 $0.77 $0.58 $0.47

Adjusted Diluted EPS $0.54 $0.73 $0.73 $0.54 $0.45

Fiscal Year Ended(2)

Consolidated Quarterly P&L Performance

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($ in millions)

27-Mar-16 19-Jun-16 9-Oct-16 1-Jan-17 26-Mar-17 18-Jun-17 8-Oct-17 31-Dec-17Net sales $908.5 $1,038.3 $1,394.4 $1,000.6 $967.0 $1,078.3 $1,457.4 $1,067.9 Cost of sales, distribution and store occupancy 780.1 881.1 1191.4 859.7 833.9 916 1243.5 903.5

Gross Margin 128.4 157.2 203 140.9 133.1 162.3 213.9 164.4Operating and administrative expenses 125.1 138.8 183.4 135.2 135.7 143.1 195.3 327.1

Income (loss) from operations 3.3 18.4 19.6 5.7 -2.6 19.2 18.6 (162.6)Interest expense, net 7.3 7.4 10 7.9 8.2 8.3 11.2 8.7Loss on early extinguishment of debt 0 0 -5 0 0 0 0 0Equity in earnings of joint venture 0.4 0.2 0.5 0.3 0.2 0 0.4 0.3

Income (loss) before income taxes (3.6) 11.2 5.1 (1.9) (10.6) 10.9 7.7 (171.0)Income tax (provision) benefit 2.0 -3.4 1.9 1.7 6.0 -3.8 -2.6 24.5

Net Income (Loss) ($1.60) $7.80 $7.00 ($0.30) ($4.60) $7.10 $5.10 ($146.6)

Net income (loss) per share – basic ($0.02) $0.11 $0.10 $0.00 ($0.06) $0.10 $0.07 $2.03 Net income (loss) per share – diluted ($0.02) $0.10 $0.09 $0.00 ($0.06) $0.09 $0.07 $2.03

Weighted average shares - basic 73,189,149 73,197,064 72,601,724 71,962,127 72,287,891 72,573,681 72,446,404 72,068,998Weighted average shares - fully diluted 73,189,149 78,907,184 77,705,917 71,962,127 72,287,891 76,251,510 74,253,374 72,068,998

Sales Growth 10.50% 14.70% 11.90% 0.30% 6.40% 3.90% 4.50% 6.70%Gross Margin 14.10% 15.10% 14.60% 14.10% 13.80% 15.10% 15.00% 15.40%EBIT Margin 0.40% 1.80% 1.40% 0.60% -0.30% 1.80% 1.30% -15.20%Net Income Margin -0.20% 0.80% 0.50% 0.00% -0.50% 0.70% 0.40% -13.70%

Quarter Ended

(1) Quarter ended Dec 31, 2017 includes recording a $180M goodwill impairment charge

(1)