Activity. Jean-Charles Naouri. Results. News and perspectives. Corporate social responsibility. Governance. Resolutions

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2 Activity Results News and perspectives Corporate social responsibility Governance Resolutions Reports of the Statutory and Merger s Auditors Jean-Charles Naouri 2

3 Activity Highlights Jean-Charles Naouri 3

4 2017 highlights (1/2) Ongoing transformation of concepts and new services Instant loans Franprix Noé concept New supermarket concept Next concept Leader Price Cdiscount energy Alliance around the loyalty programme Passaí store card (Assaí) Carulla Fresh Market concept 4

5 2017 highlights (2/2) Digital and omni-channel acceleration Franprix app Casino Max targeted loyalty app Scan & Go Cdiscount corners Exclusive partnership in France Loyalty app (GPA) Home deliveries (Éxito) Data monetisation Google Home partnership (Monoprix) Monoprix acquisition of 5

6 Highlights France 2017 Total gross sales under banner of 22bn, up 2.3% excluding calendar effect, of which +1.7% in food and +5.6% in non-food (including Cdiscount) Good sales momentum and excellent profitability at convenience/qualitative/service-led banners: Franprix, Monoprix, Casino Supermarkets Gross sales under banner up 2.2%, 2.7% and 1.1% respectively in 2017 Strong innovation capabilities (Mandarine, Noé, Casino Supermarkets, Naturalia Vegan) Good expansion and franchise dynamic: 60 new Monoprix stores and 51 new Franprix stores; first independent retailer signed up to the Casino Supermarkets franchise network 168 Naturalia Organic stores at end-december 2017 Ongoing recovery at Géant Same-store food sales up 2.3% in 2017 Improved net sales and margin per sq.m in 2017 Multi-channel and digital acceleration Refonded loyalty programmes and apps (Casino, Monoprix, Franprix, Leader Price) Partnership with Ocado to develop a grocery E-commerce offering in Paris, Greater Paris, Normandy and the Hauts-de-France region Project to acquire Sarenza, aimed at developing Monoprix s non-food E-commerce Outperformance of the first Cdiscount corners 6

7 Highlights Cdiscount New strategic plan and strong growth at Cdiscount: customer traffic up 12% and around 1bn of visits in 2017: Sharply improved delivery service: Same-day delivery in Greater Paris, Lyon, Lille and Bordeaux; Sunday deliveries in 14 large French cities in 2017, real-time delivery tracking Warehouse capacity increased by 70% in 2017 Shift towards a more technological model: Newly created team of 500 developers and 30 data scientists Faster expansion of the offering in 2017: Three-fold increase in number of references eligible for CDAV (unlimited free delivery service) 80% expansion of marketplace product references Cdiscount corners opened in Géant hypermarkets, with over 700 products on display in stores and immediate in-store pick-up for c. 4,000 items Fulfillment-by-Cdiscount (FBC) service expanded, with double the number of references and double the share in GMV Cdiscount developed its B2B activities, including the advertising agency and a new business aimed at managing, enriching and commercialising its data in order to create new sources of revenues 7

8 Highlights Latam At GPA, excellent performance by the cash & carry business and ongoing recovery of the hypermarkets: Recovery of the hypermarkets and of Pão de Açúcar, leading to market share gains at comparable scope according to Nielsen Accelerated digitalisation of CRM, with the Meu Desconto app (3.7m active customers in 2017, raising the number of loyal customers of Multivarejo to 14m) Rapid transformation of the store network to refocus on cash & carry outlets, which are more profitable (with 15 conversions in 2017) Very strong growth in cash & carry in % organic growth 126 Assaí stores in total at end % of GPA s annual net sales, compared to 35.0% in 2016 At Éxito, changes in the store network and further property development Development of the cash & carry business, with 9 Surtimayorista stores opened as of end-2017 Ongoing development of the shopping mall network, with over 375,000sq.m. at end-2017 Deployment of new revenue sources (such as mobile, insurance and consumer finance offers) and launch of a multi-banner nationwide loyalty programme ( Puntos Colombia ) 8

9 2017 financial highlights In m Δ Consolidated net sales 36,030 37, % EBITDA 1,697 1, % Trading profit 1,034 1, % Underlying net profit, Group share % Underlying diluted earnings per share % Consolidated net debt 3,367 4, m 9

10 Activity France Jean-Charles Naouri 10

11 Monoprix: another year of growth Very strong performance driven by sales & commercial innovation and expansion Organic growth of 2.8% Same-store growth of 2.0% Comparable customer traffic up 2.1% Stable market share* in 2017 and +0.1pt in P * 60 store openings Development of new services Delivery on foot within 1 hour Longer opening hours (Sundays and evenings) Success of the new loyalty programme 4.1m loyal customers, of which 1.3m recruited in % of net sales now made with card-carrying customers Strong growth at Naturalia Customer traffic up 5.7% year on year on a same-store basis 24 store openings New Naturalia Vegan concept Ramp-up of the omni-channel strategy Online sales up 20% Innovations (Monop Easy) and partnerships: Ocado, Epicery, Google Home, etc. Acquisition project of Sarenza * Kantar 11

12 Food E-commerce: partnership with Ocado to step up development of home delivery On 28 November 2017, Casino signed an agreement with Ocado Solutions, the world s leading online grocery retailer, with home delivery The objective is to commission, in early 2020, the most performing customer and logistic platform in the market (OSP: Ocado Smart Platform ) with: A white label website and app An automated Customer Fulfillment Centre (CFC) Management of deliveries from the warehouse to the last mile IT systems and management tools The agreement will provide a major step forward in terms of home delivery 50,000 grocery product references proposed Efficient home delivery (Next Day) at best level of quality, service and cost Service to be initially rolled out to Monoprix customers in Paris, Greater Paris, Normandy and the Hauts-de-France region 500,000 storage units Capacity for 74,000 references 6 mins to prepare a 50-product order 12

13 Sarenza acquisition aimed at stepping up Monoprix s omni-channel development Sarenza, a forefront E-retailer Net sales (before returns) of more than 250m in 30 European countries Vast offering: 650 brands 8m customers and an experienced management team Operation aimed at making Monoprix an omni-channel leader in the Lifestyle segment (Fashion, Home, Beauty): Acquisition of Sarenza s E-commerce expertise Achievement of critical mass in online E-commerce with an enhanced offering and modernised platform Sharing of service quality and customer support Leading position in city-centre, omni-channel retail: Network spanning more than 250 cities Responsible and innovative grocery offering (with Ocado) Enhanced non-food and E-commerce offering with Sarenza on the lifestyle segment The transaction was completed on April 30,

14 Commercial partnership with Amazon to offer Monoprix grocery items to Prime Now customers Monoprix and Amazon have signed a partnership to offer Monoprix grocery items, in express delivery (1 hour to 2 hours) via the Amazon Prime Now platform Monoprix via Amazon Prime Now Express delivery (1 to 2 hours) Typical purchase Last minute purchases Small shopping baskets Added value with express delivery from stores This agreement concerns an initial offer of 5,000 to 6,000 references, delivered from Parisian stores This partnership will enable Casino Group to recruit new customers via this new distribution channel, while offering same-day delivery. Amazon, for its part, is developing with this agreement its grocery offer for Prime Now customers in France Amazon chose Monoprix for the following reasons: Its strong and recognized brand among urban customers Its differentiating and qualitative private label and its very diversified range of fresh assortment Its expertise in next-day order preparation in-store, already deployed by Monoprix Its store network, facilitating delivery from the heart of the city to the end customer Amazon will intervene upstream and downstream in-store order preparation: platform management, marketing and last-mile logistic. Monoprix will take care of the preparation in store 14

15 Régis SCHULTZ 15

16 Franprix, a constantly innovating urban banner Same-store growth of 1.3% Same-store traffic up 3.1% Stable market share* in 2017 and over the last twelve months ended on P * 51 stores openings Dynamic performance of the banner, particularly in terms of customer traffic (up 3.1%) Constantly improving concept Almost 80% of the network has been renovated under the Mandarine concept, including 158 stores under the advanced Mandarine vitaminé version of the concept New Noé concept New and innovative services Delivery ( leave without paying ) Development of catering (connected salad bar and snack area) Good expansion dynamic: 51 new stores, mainly in the Paris region Development of omni-channel activities Mobile app: >635,000 downloads at end of March, named E-commerce app of the year by France s LSA magazine Franprix named 2017 Cross-Channel Enterprise of the Year by LSA * Kantar 16

17 Casino Proximités convenience stores: increasing share of franchise Same-store growth of 0.3% Same-store franchise growth of 2.5% Roll-out of the Le Petit Casino concept and continued growth for franchise Same-store growth up sharply vs (o/w 2.0% growth in Q4 2017) Strong momentum for franchises, with growth of 3.4% in Q4 New concept: Le Petit Casino Roll-out in 128 stores with strong sales growth (up 10.5%) More specialised offering, regional products, snacks and services New services Development of home delivery Roll-out of corners (La Poste, Relai, PMU, etc.) Continued optimisation of the network 197 new franchises 130 transfers to franchises 151 loss-making stores closed 80% of network operated under franchise at end

18 Jean-Paul MOCHET 18

19 Casino Supermarkets: sales momentum driven by reshaped model Same-store growth of 1.5% Stable market share +0.1pt* market share gain for fresh market areas Growth confirmed in 2017 Same-store growth positive for 2 years Very strong performance for fresh and organic products (up 18%) Upgrade of the banner: Roll-out of the Bijou ( Jewel ) concept Excellence achieved in service counters, fruit & vegetables and organic ranges Loyalty development 2.1m loyal customers, of which 0.5m recruited in 2017 Meilleurs clients (Best Customers) programme Expansion into franchise 4 independent retailers have joined the franchise network to date, of which 1 in 2017 Growth in omni-channel activities New services: leave your cart and express delivery Casino Max app (loyalty, coupons and payment: 800,000 downloads end of March) * P Kantar market share on fruit & vegetables and service counters 19

20 Leader Price: operational improvement and roll-out of new concepts Same-store growth of 0.2% Roll-out of the Next concept Positive same-store growth in 2017 New Next concept More qualitative stores which retain a discount cost structure (OPEX and CAPEX) Modernised and expanded offer in Organic, Perfume and Beauty (new Sooa private label) Renovation of the network Improved network 150 store renovations 35 stores converted to the Next concept at end of March, with a double-digit uplift in net sales 20 loss-making stores closed Operational excellence Fast checkout process (<3 customers in line) Cost control 20

21 Géant: sustained food sales growth Very strong performance in food (up 2.8% in Q4) driven by fresh market areas, and fresh and organic products Same-store growth in food of 2.3% Stable market share* in 2017 and +0.1pt in P Continued reduction in surface area: Total areas reduced by 1.2% on annual average in 2017 (o/w -0.6% vs. Q4 2016) and of -6.8% vs Strong improvement in margin per sq.m for non-food areas Average hypermarket size: 7,300sq.m * Kantar Increased loyalty: 3.2m loyal customers in 2017, of which 0.9m signed up in 2017 Development of omni-channel business: Non-Food click & collect: 470,000 parcels Cdiscount corners: 11 to date E-commerce net sales up 10% (drive) Casino Max app (loyalty, coupons and payment): 800,000 downloads Launch of payment in 4 instalments and deferred with the Casino Max application 21

22 Casino Max application: the best online experience in physical stores 800,000 downloads to date more than 100,000 unique visitors each week more than 100,000 vouchers used every week Deployment of digital contents in Géant Hypermarkets and Casino Supermarkets Digitalized loyalty card with customized promotions One-click payment solution and payment facilities (4-times payment and differed payment) Simplified customer itinerary Accelerated checkout lanes with Express Scan Dematerialized sales receipt 1 Credit card registration in the application Payment through Casino Max 2 3 Selection of payment method and differed payment date PIN Code entry 4 Scan of the payment bar codes at the checkout Customized promotions 22

23 Tina SCHULER 23

24 Activity E-commerce Jean-Charles Naouri 24

25 Cdiscount: robust growth in GMV and continuous market share gains In m Data published by the subsidiary 2017 Δ (same-store) GMV ( ) 3, % Confirmation of Cdiscount s positioning as France s no. 2 E-commerce player With 18m unique visitors per month Customer traffic up 12.4% 60% of traffic now on mobile devices Net sales ( ) 2, % Customer trafic (No. visites) % % mobile trafic 38.1% +737pts Active customers % Units sold % Orders % GMV up 9.6% year on year 31% of sales from CDAV members (loyal customers), i.e. up 10 points vs Marketplace contribution to GMV of 32% Record performance on Black Friday Market share gains* in H according to GfK (+1.8pt in volume and +1.3pt in value) These good results are driven by the success of the new strategic plan, focused on offer development, services improvement, notably on delivery and increased monetisation of data and services * GfK market share in technical goods 25

26 Cdiscount Strategic Plan (1/2): improving the customer experience Wider selection, greater choice: 17m additional references in 2017, bringing to 37m the total number of references on the website Marketplace product offering expanded by 80% in 2017 Cdiscount is the leader in technical products, with 30% market share Sharp improvement in deliveries: Same-day delivery: 250,000 eligible products vs. 100,000 in 2016 Service deployed in 4 cities (Paris, Lyon, Lille and Bordeaux) with a target of 8 at end-2018 Real-time order location tracking Warehouse automation with Exotec Accelerated omni-channel development: 11 Cdiscount corners opened to date, with a target of 20 corners at the end of H (o/w 1 franchisee). This deployment will be further pursued Roll-out of click & collect in stores Immediate in-store pick-up for 4,000 items 26

27 Cdiscount Strategic Plan (2/2): developing services and increasing monetisation Development of new services: Launch of the Cdiscount énergie offer, the market s cheapest and most easy-to-subscribe offer Consumer loans with Coup de Pouce (with up to 44,000 consumer credits loans issued between June and December 2017) Assembly and installation of Cdiscount products with C Installé Increased monetisation of services and data: Creation of a services ecosystem for marketplace vendors, centred on the Fulfillment by Cdiscount solution (logistics, marketing and finance) Increased data monetisation with 3W Régie: Monetisation activities essentially B2B (excluding marketplace commissions) represented 50m in 2017 and should grow significantly in

28 Emmanuel GRENIER 28

29 Activity Latin America Jean-Charles Naouri 29

30 Éxito Colombia: good resistance Organic growth came to 1.2% for the year at Éxito (excluding GPA Food), in an environment shaped by the economic slowdown and lower inflation In COP - bn Net sales 10,623 2,590 1,384 EBITDA margin No. 1 in Colombia and Uruguay 692 stores (excluding Brazil and Aliados in Colombia) 5.7% 7.8% 4.3% Éxito s 2017 consolidated financial statements were published on 21 February 2018 New concepts: A good performance by the new cash & carry format: 9 Surtimayorista stores opened at the end of the year, of which 5 converted stores saw their sales double following the change in format New Carulla Fresh market concept Commercial repositioning of hypermarkets with "Unbeatable ( Insuperables ) offers and an enhanced textile and non-food offering Acceleration in online sales, with GMV up 20% Development of complementary businesses to retail operations: Development of the property business, with more than 375,000sq.m of shopping mall space mostly managed by the Viva Malls real estate trust, with 2 new projects in progress, for delivery by end-2018 Insurance & credit cards: 2.6m cards issued as of end 2017 Multi-banner nationwide loyalty programme Puntos Colombia : 10m customers Exclusive partnership with Rappi (last miler) 30

31 Excellent performances by the subsidiaries in Uruguay and in Argentina URUGUAY Organic growth of 7.8% and same-store growth of 6.2% in 2017 Fresh market areas rolled out in stores and leadership in the convenience segment with Devoto Express Disco, Uruguay Development of the property business, strengthened multi-channel operations, etc. ARGENTINA Organic growth of 19.7% and same-store growth of 20.9% in 2017 Market share gains during the year and synergies in textile offer deployed 2 new property developments in 2017 Libertad, Argentine 31

32 GPA Food: strong growth in cash & carry and recovery at Multivarejo In BRL - bn Organic sales up 8.7% GPA Food* Net sales* 45 Adjusted EBITDA 3.0 Good commercial performance (with organic sales up 8.7%) in a context of rapidly slowing food price inflation in Brazil Arbitrage of the network in favour of cash & carry, a very buoyant format 15 hypermarkets converted to the Assaí model among the 20 Assaí stores opened during the period (126 stores at year-end 2017) Assaí now represents 41.3% of GPA s 2017 sales Multivarejo: recovery of Extra Hypermarkets and Pão de Açúcar Development of digital and loyalty Adjusted d EBITDA margin 6.8% GPA s 2017 consolidated financial statements were published on 19 February 2018 * Data reported by the subsidiary. Net sales correspond to Net revenue as reported by the subsidiary 32

33 Assaí: continuous very strong growth in cash & carry Organic growth of 27.8% and same-store growth of 11.0% Organic growth in sales of 27.8%* over 2017, and same-store growth of 11.0%*, in an environment of steep deflation in certain food categories 20 Assaí stores opened in 2017, of which 15 converted Extra hypermarkets, delivering an excellent performance (net sales x2.5) In BRL bn** 20 stores in 2017 Assaí Net Sales** 18 Adjusted EBITDA 1.0 Adjusted EBITDA margin 5.6% GPA s 2017 consolidated financial statements were published on 19 February 2018 * Data reported by the subsidiary ** Net revenue as reported by the subsidiary *** 2017 at constant exchange rates **** 126 Assaí stores of which 1 closure during the year Increased traffic and market share gains in a highly competitive environment Launch of the new Passaí credit card: 250,000 cards issued at end of March 2.9bn bn bn **** Net Sales*** # Magasins 33

34 Multivarejo: market share gains and growth in the customer base Same-store sales up 0.7%* in 2017 Steady market share gains at comparable scope during the year 14m loyal Meu Desconto customers In BRL - bn Multivarejo Net sales** 26 Adjusted EBITDA 2.0 Adjusted EBITDA margin 7.7% A stronger base of loyal customers thanks to the Meu Desconto programme: 14m card holders vs. 12m in 2016 More than 3m downloads of the app Recovery of Extra hypermarkets and renovation of shopping centres: up 4.2% in 2017 after -0.5% in 2016 Pão de Açúcar renovations and new concept: 50 stores renovated by end-2017 Upturn in volumes GPA s 2017 consolidated financial statements were published on 19 February 2018 * revenue as reported by the subsidiary 34

35 Carlos Mario GIRALDO MORENO 35

36 Activity Results News and perspectives Corporate social responsibility Governance Resolutions Reports of the Statutory and Merger s Auditors Antoine Giscard d Estaing 36

37 2017 consolidated net sales up 5.0% In m +1.8% +5.0% +0.8% +3.2% % ,822 36,030 Sales 2016 Same-store growth excluding calendar effects Expansion Organic sales excluding calendar effects Change, scope, fuel and calendar effects Sales

38 Organic growth* by sector of activity in 2017 In bn Latin America +6.4% E-commerce +8.7% France Retail +0.8% (France +Cdiscount) +0.1% +3.2% 2017 * Excluding fuel and calendar effects 38

39 2017 consolidated trading profit up 20.1% In m +16.7% % 1,034 1,207 1, Trading profit 2017 Trading profit at constant exchange rate Change effect 2017 Trading profit at current exchange rate Trading margin 2.9% 3.3% 3.3% 39

40 Contribution to the 2017 consolidated trading profit, growing in France and in Latin America In m FRANCE LATIN AMERICA E-COMMERCE at CER* 2017 (11) (27) * CER, constant exchange rate 40

41 France Retail: increasing trading margin In m Consolidated net sales 18,939 18,903 Trading profit Retail Property development Trading margin 2.7% 2.9% Retail trading profit rose by 10%, reflecting: Sound standing profitability at Franprix and Monoprix and a better contribution from Casino Supermarkets Increased profitability at Géant Good results of property development activities Trading margin increased by 26bps, thanks to the retail business 41

42 Latin America: increasing trading margin In m 2016 Trading margin was up by 69bps at 4.2% The Éxito group (excluding GPA Food) experienced a decline in profitability, with trading margin down by 120bps at 4.0%, in a context of economic slowdown GPA Food s trading margin rose by 148bps to 4.3% 2017 at constant exchange rates 2017 Consolidated net sales 15,247 16,121 16,923 Trading profit o/w Éxito group (excl. GPA Food) o/w GPA Food Trading margin 3.5% 4.2% 4.2% 42

43 E-commerce: deployment of the strategic plan In m GMV* 2,994 3,391 Consolidated net sales 1,843 1,995 EBITDA 10 (0) Trading profit (11) (27) The E-commerce segment consists of Cdiscount and has been refocused on France 2017 EBITDA was at break-even, reflecting the impact of investments carried out under the strategic plan (marketing development, extension of same-day and next-day delivery, logistics capacity, hiring) and in sequential improvement between H1 and H2 * GMV includes sales of merchandise, other revenues and the marketplace s sales volume (based on confirmed and shipped orders), including tax 43

44 Underlying net profit, Group share, growing +9.0% and +6.1% at constant exchange rate In m % +9.0% at constant exchange rate

45 2017 simplified cash-flow statement In m SOURCES USES Operating cash-flow excluding non-recurring items 1,840 Working capital requirement 336 Investments 944 Taxes 114 Free cash flow from continuing operations excluding non-recurring items* 446 * Before dividends 45

46 Increase in Group net debt in 2017 In m (505) (289) (66) (444) (267) (4,126) (3,367) Net debt at 31/12/2016 Free cash-flow excl. non-recurring items Non-recurring items Dividends and subordinated bond coupons Net interest paid Net financial investments and Assets classified Foreign currency translation Net debt at 31/12/2017 Cnova share buybacks as held for sales under IFRS 5 ajustments and impact of discontinued operations 46

47 Pro-forma debt taking into account the disposal of Via Varejo In m (4,126) (3,478) 648 Net debt at 31/12/2017 Total unrealised gain on Via Varejo Pro-forma Net Debt GPA announced on 3 November 2016 its will to sell its stake in Via Varejo. This subsidiary, now classified as discontinued operation, is valued in the accounts at an historical value of BRL13.2 per share. Taking into account the share price at the closing date of the 2017 financial statement, i.e. BRL27.6, the sale of this asset would contribute to reducing the Group's debt by 648m. 47

48 Dividend Casino, Guichard Perrachon, parent company, profit (in m) 394 Per share (in ) 3.56 Dividend proposed to Annual General Meeting (in ) 3.12 Interim dividend paid on 11 December Balance of the dividend to be paid in May

49 Update on Via Varejo activity and results (asset classified as discontinued in 2017) SALES ADJUSTED EBITDA STOCK PRICE IN STORE COMPARABLES SALES 18.6% 10.8% 14.8% ADJUSTED EBITDA In BRLm ,579 In BRL 23/11/ /05/2018 Spot % Q Q Q Q proforma ON-LINE SALES GROSS GMV GROWTH ADJUSTED EBITDA MARGIN % 22.5% 24.4% 21.6% 2.6% +354bp 6.1% Announcement of disposal Q Q Q Q proforma 2017 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 49

50 The Group now has nearly 43,000 individual shareholders, representing approximately 16% of the float vs. 17% in 2016 At 31/12/2017 Number of shares held by individual shareholders (in millions) 8.8 Number of individual shareholders 42,716 % of the free-float* 16.0% * Excluding Rallye, in number of shares 50

51 Shareholders' Consultative Committee works in September 2017 meeting Review of the half-year results presented in July, followed by a presentation of the Group's policies in terms of animal welfare and caring management ("Management Bienveillant") 21 March 2018 meeting Visit of the new Noé concept (Franprix), review of the annual results, then discussion on the preparation of the 2018 General Meeting 2 individual shareholders 2 representatives of an association of individual shareholders 1 former employee shareholder Ms Caroline Meignen Mr Bruno Marquet-Ellis Mr Jean-Pierre Belhoste de Soulanges (APAI) Mr Didier Fougeras de Lavergnolle (ANAF) Mr Daniel Chabroux 51

52 In Q1 2018, organic sales up +3.1% In m +1.8% +1.3% +3.1% -6.9% -3.8% 9,248 8,900 Sales 2017 Same-stores growth excluding calendar effect Expansion Organic sales excluding calendar effects Change, scope, fuel and calendar effects Sales

53 Q Sales: ongoing growth for all the Group sectors At Q1 2018, Group net sales of 8.9bn, up +3,1% in organic terms and +1,8% on a comparable basis In France: Food retail sales up +1.5%, with gross sales under banner increasing +2.1%, of which +1.9% for food France Retail segment posted sales growth of +1.3% in organic terms and +1.3% on a comparable basis buoyed by all banners (vs. +0.1% and +0.3% at Q respectively) Cdiscount posted GMV growth of +6.1% in organic terms and net sales growth of +5.1% in organic terms Net sales in Latin America are up +4.9% in organic terms and +1.9% on a comparable basis GPA Food in Brazil posted net sales growth of +5.7% in organic terms, driven by continued buoyant performance from Assaí Éxito (excluding Brazil) continued to grow both in organic and on a comparable basis 53

54 Q Sales: ongoing growth for all the Group sectors Organic growth excluding fuel and calendar effects FRANCE +1.3% LATIN AMERICA +4.9% Monoprix +2.6% Latin America +4.9% Casino Supermarkets +0.6% Franprix +1.9% Brazil +5.7% Convenience +4.0% Assaí +24.3% Géant +2.5% Multivarejo -6.7% Leader Price -1.0% CDISCOUNT* +5.1% GMV Sales +6.1% +5.1% * Data as published by the subsidiary 54

55 Activity Results News and perspectives Corporate social responsibility Governance Resolutions Reports of the Statutory and Merger s Auditors s Jean-Charles Naouri 55

56 News (1/2) Commercial partnership with Amazon First Franprix store opened 24/7 in Paris Leader Price pallets in Géant stores Global strategic partnership on purchases with Auchan Opening of a first cash & carry outlet in Africa (Cameroon) Integration of Sarenza Q

57 News (2/2) REALISED TO DATE UPCOMING Launch of payment in 4 instalments and deferred with Casino Max 170 th store Ongoing development of Next Opening of a first Leader Price in Italy 23 May 18 New concept 22 June 2018 Ongoing franchise development Cdiscount "French Days" Q Cdiscount travel 17 May th store end of May 18 Launch of Cdiscount abroad early June 18 Continued development of data 57

58 Strategic priorities 1 Pursue growth in the Group s best formats 2 Accelerate development of digital and omni-channel activities 3 Pursue action plans to cut costs and improve the supply chain 4 Increase cash generation and strengthen its financial structure 58

59 1 Following the action plans led in France, the Group is now well-positioned in the best formats The Group is now well-positioned in buoyant formats Qualitative and highly profitable banners continue to grow: Monoprix, Franprix and Casino Supermarkets Convenience banners have resumed growth, thanks to a now streamlined store base that still remains the most dense in France, with a unique geographic coverage (~5,400 stores) Hypermarkets recovery: Very good performance in food Continuous reduction in sales area and introduction of a a multi-channel model in food The offering has been extensively rebuilt to address rapidly changing consumer habits A network of 168 Naturalia Organic ( bio ) stores and already 9% of Organic ( bio ) sales among Monoprix s food sales A renovated, modernised private label aligned with consumers changing tastes Deployment of the latest concepts (fresh, organic, apparel, beauty products, etc.) more attractive across all formats 59

60 1 In 2018, the formats most closely aligned with consumer trends will continue to grow Expansion in qualitative, highly profitable banners: Monoprix, Franprix and Casino Supermarkets: Good pace of expansion in 2017 (114 stores opened) Expansion set to continue in 2018, with an annual pace of at least 100 new openings of Monoprix and Franprix stores and more independent retailers set to join the supermarket franchise network Continuous improvement of existing concepts, offerings and services Naturalia s vigorous expansion pace to be pursued, with the aim of reaching 200 new stores as at end-2018 Development of the convenience network Around 200 openings under franchise planned in 2018 The new Next concept to continue to be deployed: aim of ~100 renovations in

61 1 In 2018, Géant recovery set to continue In food, action plans that have already delivered increases in sales and margins set to be pursued: Renovation of the offering (excellence for fresh products, service counters) Deployment of new concepts (organic, beauty products) Continuous recovery in non-food performance: Completion of the programme to reduce surface area New textile and home concepts Ongoing deployment of Cdiscount corners Two independent retailers have joined the franchise network as of today, attesting to the concept s appeal 61

62 1 Pursue growth in the Group s best formats - Latam In cash & carry, further sustained growth in 2018 Significant contribution of this format already: 135 stores as of end-2017 (+27 openings: +20 in Brazil and +7 in Colombia) that account for 14% ( 5.1bn of sales) of Group sales Aim of over 20 openings per year in Brazil and Colombia, with continued implementation of the conversion strategy at Assaí and Éxito Continued growth of the qualitative banners, where the Group is leader Ongoing deployment of fresh concepts in Colombia (Carulla Fresh) and Uruguay (Devoto Fresh Market), with 3 to 5 new stores in 2018 Further Pão de Açúcar renovations in Brazil Development of convenience banners in the countries where the Group is present (Aliados Éxito, Mini and Petit Libertad, Devoto Express) 62

63 2 Accelerate development of digital and omni-channel activities: Group strategic assets A unique bricks-and-mortar network in France More than 9,000 points of sales in France A growing contribution of E-commerce to gross sales under banner in France (currently 15.5%) More qualified customer data, thanks to the share of Cdiscount, and potential new monetisation perspectives in the strongly-growing data market A widespread omni-channel approach across all banners New customers recruitement into loyalty programmes, notably due to mobile apps (Monoprix, Franprix and Casino Max) Development of omni-channel services (drive-through up 10% in 2017, express home delivery) A dense logistics network well adapted to E-commerce: In non-food, an excellent warehouse network with Cdiscount Thanks to the Ocado partnership and to the density of physical network, the best of grocery delivery options (home delivery, drive-through, in-store pick-up) 63

64 2 Accelerate development of digital and omni-channel activities: 2018 objectives Strengthen the Group s position as a major E-commerce player in France: In non-food: Comfort no. 2 position with Cdiscount Accelerate growth of Monoprix.fr by integrating Sarenza.com In food: Target double-digit growth across all channels in 2018 notably by expanding services (home delivery and express delivery in major cities, drive) Continue works aiming at opening the first delivery warehouse under the Ocado solution in early 2020 Accelerate digitalisation of the customer experience Development of services via mobile apps Continue to develop drive-through, click & collect and Cdiscount corners (5 to date, with an objective of 20 in H and further deployment planned) 64

65 3 Continuous action plans to cut costs and improve the supply chain Significant cost cuttings have already been implemented In France, a 1-point improvement in the cost ratio over two years Permanent benchmarks and deployment of best practices in stores: productivity, cleaning, safety, security, maintenance Development of synergies and massification in overheads Automation of in-store ordering process, to limit stock-outs and shrinkage In Brazil: 13,000 fewer employees at Multivarejo in the space of two years Supply chain rationalisation (21% headcount reduction): cross-docking, optimised delivery routing Productivity plans in hypermarkets (18% headcount reduction): simplification of organisations, development of multi-tasking These plans will be continued In France, continued implementation of operational efficiency plans Logistics: development of inter-banner synergies (transport, overheads) Stores and central costs: a process of continuous optimisation In Brazil, ongoing optimisation programmes Lower marketing costs in connection with Meu Desconto deployment Ongoing organisational simplification, particularly at headquarters Extension of in-store multi-tasking and productivity management, tools sharing with cash & carry 65

66 4 Group financial perspectives in 2018 The Group sets the following objectives: For trading profit: In France, it targets in food retail an organic* growth above10% of trading profit excluding property development, led by growth in the most profitable formats, by improved hypermarket and convenience profitability In all, the Group is aiming to deliver organic* growth of its consolidated trading profit and above 10% excluding tax credits In France, a free cash flow** from continuing operations excluding exceptional items covering financial expenses and dividends and enabling to improve net financial debt A reduction in Group net financial debt with: Return to breakeven for Cdiscount s free cash flow Free cash flow** from continuing operations excluding exceptional items of over 1bn in total A CAPEX envelop of around 1bn And the significant potential impact of the disposal of Via Varejo * Excluding currency effect and scope impact ** Prior to dividends paid to shareholders of the parent company, TSSDI holders and excluding financial expenses 66

67 Activity Results News and perspectives Corporate social responsibility Governance Resolutions Reports of the Statutory and Merger s Auditors Matthieu Riché 67

68 Key principles of the Casino Group s CSR policy The CSR programme, which was introduced in the early 2000s, is aligned with the 17 Sustainable Development Goals (SDG) and the Paris Climate Agreement and supported by the Group s membership: To the United Nations Global Compact (2009) To the ILO s Global Business and Disability Network Charter (2014) To the Women s Empowerment Principles developed by UN Women (2016) A proactive CSR policy that innovates by meeting and anticipating stakeholder expectations is a driver of the Group s economic performance by: boosting employee motivation and engagement and thus attracting top talent enhancing competitiveness by optimising resources (energy, waste, food waste) developing product sales (organically-farmed products) fostering trust-based relationships with key stakeholders for the expansion of our businesses in all host countries and regions preparing the Group for the energy transition and is built on 15 priorities defined with regard to stakeholder expectations and the impacts on and opportunities for the Group s businesses Committed employer Promote diversity Help young people enter the workforce Provide growth opportunities for employees Take action for health, safety and well-being at home Responsible retailer Take action to promote consumer health Encourage consumption that is respectful of the environment and biodiversity Combat food waste Trusted partner Strengthen ethical social compliance Support local production channels Promote the CSR initiatives of suppliers Local corporate citizen Develop foundation programmes Develop solidarity partnerships Environmentally committed Group Reduce greenhouse gas emissions Increase energy efficiency Reduce and recover waste 68

69 A transparent, quantifiable CSR policy that has attracted recognition An approach led by the CSR Strategy Committee (2011) With 12 members, including 8 Executive Committee members, this committee is responsible for approving the Group's CSR priorities In 2017, the major issues addressed by the committee were animal welfare, core commitments for private label products and the supplier audit policy measured against more than 25 indicators published in the Registration Document and Annual and Corporate Social Responsibility Performance Report and on the website taken into account in the variable compensation of the Group s managers In France, from 2018, 5% of the variable compensation paid to the Group s managers is contingent on meeting quantifiable CSR targets based on two criteria: gender equality: percentage of women managers at Group level energy efficiency: the Group s electricity use in kwh/sq.m of retail space In Brazil and Colombia, CSR targets have been part of variable compensation since recognised by socially responsible investing (SRI) agencies In 2017, the Casino share was included in the following SRI indices: Euronext Vigeo Eiris Eurozone 120 and Europe 120, FTSE4GOOD, STOXX Global ESG Leaders indices, Ethibel Sustainability Index, MSCI ESG Leaders Éxito was listed in the DJSI Emerging Markets and Euronext Vigeo Eiris Emerging Markets indices and garnering multiple awards in 2017, including Essec Business School Awards for Sustainable Retailing, including the Grand Prix Essec Award for Monoprix s CSR policy 3 LSA Diversity and CSR Awards and a LSA Innovation Award for Nutrition and Health the Corporate and Environment Award given by France s Ministry for the Ecological and Inclusive Transition for Monoprix s Tous cultiv acteurs programme 69

70 Committed employer Advancing gender equality in the workplace The Group has held the Workplace Equality Label since

71 Committed employer Advancing gender equality in the workplace Our policy on gender equality in the workplace is defined at Group level, then adapted in each country % of women managers 2017 Group France Brazil Colombia key indicators The Casino Group: 38% +3pts vs % +1pt vs was awarded the AFNOR Workplace Equality Label in % +12pts vs adopted the Women s Empowerment Principles, an initiative of UN Women, in 2016 introduced a Gender Equality Manifesto in 2017 signed by the members of the Executive Committee, demonstrating the Group s commitment to advancing equality and diversity added a quantifiable target to managers variable compensation criteria: increase in the % of women managers signed a new Casino Agreement on gender equality with trade unions in % +3pts vs received the 2017 Orange Day Champion award from France s Office of the Secretary of State for Gender Equality, which was given to Franprix for its campaign launched with UN Women for the elimination of violence against women 750 employees are members of the C avec Elles network organised forums for women managers in Brazil and Colombia, attended by 700 employees in Medellín and 150 in São Paulo 71

72 Committed employer Promoting diversity 72

73 Committed employer Promoting diversity After first launching initiatives to combat racism in 1993, the Group is now the only retailer to date to have obtained France's Diversity Label (2009) and Workplace Equality Label (2013) 2017 key indicators* 227,000 employees 39% of the Group s employees are under 30 7,400 work-study programme participants 1,210 people from disadvantaged neighbourhoods hired in France 87% of employees have a very positive perception of the Group s commitment to Diversity Main actions in 2017 Rollout of guides to raise awareness about discrimination related to religion, sexual preference and gender identity, appearance, age and gender 3,000 managers trained in 2017 via the Non-Discriminatory Hiring digital training module Introduction of a new digital training programme on appearance Signature of the Charter to Promote Civic Service within the Group with the French Civic Service Agency In Brazil, GPA organised its first Diversity Week, including a Communicating Without Clichés guide for marketing and communications employees and a diversity guide distributed to 2,000 employees and educational conferences attended by 1,000 people * Figures at Group level, vs ** Based on the online survey completed by 2,746 employees 73

74 Committed employer Promoting the employment of people with disabilities The Group introduced a disability inclusion policy in Group key indicators* +4.6% disabled employees hired +10% since ,040 employees disabled France 280 hires expected in % disabled employees at Casino 3,060 disabled employees Brazil i.e. +34% versus 2015 Main actions in 2017 Introduction of the 7 th disability agreement at Casino and the 5 th agreement at Monoprix Publication of the Disabilities in the Workplace: fighting stereotypes, supporting jobs for the disabled guide, which will be distributed Group-wide in 2018 Rollout of the Casino family caregiver leave programme, under which 220 employees have taken 2,130 days of leave since 2013 * Figures at Group level, vs

75 Committed employer Taking action for well-being at work First set of graduates from the Trade and Retail masters' programme following the inclusion of the "Caring Management Practices" module 75

76 Committed employer Taking action for well-being at work In France, the Group has been rolling out the Caring Management Practices" programme since key indicators* Main actions in ,500 managers trained since in 2017 In February 2018, the members of the Executive Committee signed a Caring Management Practices Charter setting out the Group s commitment to implementing its 8 caring management levers on a daily basis Organisation of the Caring Management Awards to showcase practices implemented by managers to ensure employee well-being and motivation Third year of graduates from the Trade and Retail masters programme at Jean Monnet University in Saint-Etienne following the introduction of the Caring Management Practices" module The survey carried out in 2017 with a representative sample of employees showed that: more than 90% of managers feel like they play a part in meeting the Group s targets and 91% feel trusted to carry out their work 1,000 work-place well-being experts of whom 75% have received training 3 rd year of masters programme graduates 7/10 survey respondents feel motivated** * 2017 figures, at Group level, vs ** BVA survey carried out between 11 and 31 October 2017 with a representative sample of 1,201 Casino Group employees in France 76

77 Responsible retailer Promoting healthier, more eco-friendly consumption with greater consideration for animal welfare 77

78 Responsible retailer Promoting healthier, more eco-friendly consumption with greater consideration for animal welfare In 2017, the Group continued its actions to promote more responsible retailing 2017 key indicators* 17,400 organic products in stores +43% vs ,400 private label organic products Commitments in France 100% of Casino and Terre & Saveurs chickens are raised without antibiotics 100% of eggs sold under private label and national brands will be cage free by % of the bananas sold by Monoprix are organic and fair trade Developing more responsible banners Naturalia operates 168 stores dedicated to organic products and 4 all-vegan stores Franprix introduced its new Noé concept focusing on organic products and more responsible consumption solutions (bulk, healthy products, etc.) Organic corners are now part of the Group s new store concepts, from Casino supermarkets to Leader Price stores, and scoop-and-weigh counters are being installed by various banners Championing a range of responsible products That are organically farmed Organic product ranges for the Group s private labels: Casino Bio, Monoprix Bio, Taeq, Naturalia, Leader Price Bio and Franprix Bio Organic products make up 9% of Monoprix s net sales Reducing the impact and use of pesticides Casino offers a range of products guaranteed to be free of quantified pesticide residues (insecticides, fungicides, herbicides) verified by an accredited independent laboratory Monoprix has signed commitments with 38 fruit and vegetable suppliers, covering more than 500 producers, as part of its Tous Cultiv'acteurs initiative to support farmers, a progressive approach geared towards obtaining the "Bee Friendly label for their products, which must be free of pesticides harmful to pollinators * 2017 figures, at Group level, vs

79 Responsible retailer Combating food waste In 2013, the Group signed the National Pact to fight food waste set up by the French Ministry of Agriculture and Food 2017 key indicators* 20,800 tonnes of food donated to food banks and organisations +56% vs of which nearly 15,300 tonnes in France The Group has partnered with the French Federation of Food Banks since 2009 and since 2015 has signed several agreements with players in the social economy (such as Phénix) to improve product donation in local stores Main actions in 2017 Development of a training programme to teach employees how to combat food waste; distribution of awareness guides to customers accompanied by a video Development of scoop-and-weigh services: Naturalia, Monoprix, Franprix and Casino all sell organic dried fruit and pulses in bulk and are expanding their product ranges (laundry detergent, wine, etc.); Pão de Açucar in Brazil has followed suit Introduction of zero waste corners for products with short expiry dates * 2017 figures, at Group level, vs

80 Trusted partner Monitoring and improving working conditions in the supply chain 2017 key indicators* 1,245 ICS social audits performed (885 in 2016) 100% of GPA s Brazilian textile purchases are audited 100% of textile factory in Bangladesh are monitored under the Accord on Fire and Building Safety 4 audit standards The Group is committed to promoting Valo-rise, the CSR self-assessment platform for suppliers and producers set up by trade organisations ANIA, FEEF, COOP de France and FCD Suppliers are encouraged to calculate the environmental impact of their products with the mieuxproduire.fr tool and to introduce ecodesign processes Since 2000, the Group has been rolling out a Supplier Ethics Charter and a programme for monitoring and improving working conditions in its supply chain Implementation of a duty diligance plan to identify and prevent risks in the areas of human rights, employee health and safety and damage to the environment * 2017 figures, at Group level, vs

81 Committed to the environment Reducing energy consumption Increasing the use of renewable energies Reducing and recovering waste 81

82 Committed to the environment Reducing energy consumption Increasing the use of renewable energies Reducing and recovering waste The Group is committed to energy transition 2017 key indicators* 3,230,300 mwh of electricity used -2% vs ,073 stores have Energy Performance Contracts 603 stores are ISO certified 188,100 tonnes of waste recycled Reducing energy consumption in stores Commercial refrigeration, heating and cooling: installation of doors on refrigerated display cases and overhaul of air conditioning systems Lighting: ongoing rollout of LED low-energy technology Increasing the use of renewable energies 65 solar power generation units have been brought into service on store rooftops and car park shades since 2007 in France, Colombia, Brazil and the Indian Ocean. i.e. 510,000sq.m of solar panels for an annual electricity production of 120,000mWh in 2017 corresponding to the consumption of 26,000 households. * 2017 figures, at Group level, vs

83 Local corporate citizen The Casino Foundation sponsors the "Artistes à l école" programme 83

84 Local corporate citizen 2017 key indicators* 4 Foundations +50,000 children supported by the Group s Foundations 41 million in meal equivalents donated to food bank networks of which 30 million in France Taking action to help children through the Group's Foundations Each year, more than 1,000 children benefit from the Artistes à l école" programme sponsored by the Casino Foundation For the 2017 Universal Children s Day, the Monoprix Foundation supported 3 child welfare associations following a call for projects addressing Childhood and Solitude in the City In Brazil, more than 15, to 18 year olds from underprivileged backgrounds have benefited from music theory and instrument lessons under the "Musica & Orquestra Instituto GPA" programme In Colombia, for the third year in a row, Éxito organised Childhood Nutrition Month in partnership with the UN World Food Programme, raising awareness of the risks of childhood malnutrition as part of its Gen Cero programme Supporting food aid for the most vulnerable members of society 3,945 stores took part in the national food drive organised by food banks in France and Brazil Helping young people in difficulty enter the workforce The banners supported Sport dans la Ville, the leading French association dedicated to the social inclusion of young people through sports, in its From sport to job: helping 1,000 young women find employment operation Signature of the Paris pour l Emploi charter with the City of Paris to facilitate the professional integration of high priority individuals * 2017 figures, at Group level, vs

85 Activity Results News and perspectives Corporate social responsibility Governance Resolutions Reports of the Statutory and Merger s Auditors Jacques Dumas 85

86 Current membership of the Board of Directors Jean-Charles Naouri Chairman and Chief Executive Officer Frédéric Saint-Geours Lead Independent Director David de Rothschild Independent directors Nathalie Andrieux Christiane Féral-Schuhl Gérald de Roquemaurel 13 members 1 representing employees* 6 independent directors 5 women 2 non-voting directors: Henri Giscard d Estaing Gilles Pinoncély Diane Coliche Representative of Matignon Diderot Jacques Dumas Representative of Euris Didier Lévêque Representative of Finatis Sylvia Jay Michel Savart Representative of Foncière Euris Catherine Lucet Gilbert Delahaye* 86

87 Work of the Board and its Committees in 2017 Work in 2017* Strategy of the Group and its banners Financial position, risks, ethics and compliance Governance and Social Responsibility Committee Compensation Membership and operation of the Board and its Committees Frédéric Saint-Geours Lead Independent Director* Chairman of the Governance and CSR Committee Member of the Audit Committee Chairs the annual independent directors meeting Audit Committee C. Lucet (Chairwoman), G. de Roquemaurel, F. Saint-Geours 6 meetings 100% attendance rate BOARD OF DIRECTORS 10 meetings 1 meeting held at a Group-owned retail location 95% attendance rate Appointments and Compensation Committee G. de Roquemaurel (Chairman), N. Andrieux, G. Delahaye, J. Dumas 5 meetings 100% attendance rate Governance and Social Responsibility Committee F. Saint-Geours (Chairman), D. de Rothschild, S. Jay 3 meetings 100% attendance rate * The work of the Board, the Committees and the Lead Independent Director are presented in the 2017 Registration Document, pages 207 to

88 Membership of the Board of Directors Proposals submitted to the Annual General Meeting (7 th to 12 th resolutions) Re-election of 4 directors whose terms are expiring: Nathalie Andrieux, independent director, Chief Executive Officer of Geolid Sylvia Jay, independent director Catherine Lucet, independent director, senior executive at Editis Finatis (represented by Didier Lévêque), representative of the controlling shareholder Election of a new independent director, Laure Hauseux, to replace Gérald de Roquemaurel Election of Gérald de Roquemaurel as a non-voting director 88

89 Election of a new independent director Mrs Laure Hauseux (11 th resolution) Joined the PPR Group in 1997, holding the positions of Group Financial Controller and then Store Manager with Fnac, before becoming CFO of Printemps and then Deputy CEO of Conforama Italy Deputy General Manager of Virgin Stores from 2010 to 2013, then CEO of international audit and consulting firm GAC Group from 2014 to 2017 Nationality: French Independent company director She will bring financial expertise and retail sector experience to the Board 89

90 Membership of the Board of Directors at the close of the Annual General Meeting* Jean-Charles Naouri, Chairman and Chief Executive Officer 13 directors, including 1 director representing employees 42% independent members (5/12)** 6 women (50%)*** 3 non-voting directors Members have a diverse range of skills * Excluding the director representing employees, in accordance with the Afep-Medef Code ** Excluding the director representing employees, in accordance with the law *** Subject to the approval of the 7 th to 12 th resolutions 90

91 Lead Independent Director and membership of the Committees after the Annual General Meeting* Lead Independent Director Catherine Lucet Governance and Social Responsibility Committee Catherine Lucet (Chairwoman) Nathalie Andrieux Christiane Féral-Schuhl Frédéric Saint-Geours Audit Committee Frédéric Saint-Geours (Chairman) Laure Hauseux Catherine Lucet Appointments and Compensation Committee Nathalie Andrieux (Chairwoman) Independent director Gilbert Delahaye (director representing employees) Sylvia Jay David de Rothschild * Subject to the approval of the 7 th to 12 th resolutions 91

92 Compensation of the Chairman and CEO in respect of th resolution Compensation structure presented to the Annual General Meeting in 2017: Fixed compensation: 480,000 Annual variable compensation: target of 130% of fixed compensation (i.e. 624,000) and maximum of 167.5% Long-term conditional and variable incentive (LTI): 480,000 (target and maximum amount), potentially paid in 2020 (3-year vesting period) Directors fees: 12,500 Variable compensation based on objectives set in 2017: Amount: 454,000 Payment subject to approval by the Annual General Meeting Target (as a % of 624,000) Maximum (as a % of 624,000) 3 quantitative financial objectives % achievement Organic growth in consolidated sales Organic growth in consolidated trading profit Underlying net profit Group share per share quantitative CSR objective* * Inclusion in an index 72.8 ( 454,000) The components of compensation due and awarded are presented in the 2017 Registration Document and General Meeting s Notice of Meeting 92

93 Components of compensation of the Chairman and CEO in respect of th resolution Structure unchanged vs Annual fixed and variable compensation Target in thousands 70% 3-year LTI Annual variable % Annual fixed Fixed compensation: 480,000 (unchanged since 2013) Annual variable compensation: target of 130% of fixed compensation and maximum of 167.5% Exclusively quantitative objectives: 3 financial objectives (weighted at 90% of target) consolidated sales, consolidated trading profit and consolidated cash flow aligned with the Group s priority objectives for 2018 and consistent with those set for the Executive Committee, with potential compensation for overperformance 1 CSR objective (weighted at 10% of target), without any potential compensation for overperformance: achievement now assessed based on average ratings assigned to Casino by 3 non-financial rating agencies, with a target level (average of 2017 ratings) and a minimum level (average of ratings over the last 4 years) between which the percentage will be calculated on a linear basis The components of compensation are presented in the 2017 Registration Document and General Meeting s Notice of Meeting 93

94 Components of compensation of the Chairman and CEO in respect of th resolution Long-term conditional and variable incentive (LTI) Target and maximum amounts: 100% of fixed compensation (i.e. 480,000), potentially paid in 2021 (3-year vesting period) Entirely contingent on 2 performance criteria assessed at the end of a 3-year period ( ): growth in total shareholder return (TSR) relative to that of 9 European food retailers, calculated on a linear basis with a minimum achievement level now set at a higher amount, i.e. at the median of the sample (weighted at 50% of target) growth in the Group s average EBITDA margin over the period, calculated on a linear basis with a minimum achievement level (weighted at 50% of target) Other components Directors fees: 12,500 No benefits in kind, supplementary pension plan, termination benefits, non-compete benefits, stock options or free shares The components of compensation are presented in the 2017 Registration Document and General Meeting s Notice of Meeting 94

95 Activity Results Perspectives Corporate Social Responsibility Governance Resolutions Reports of the Statutory and Merger s Auditors Daniel Marque 95

96 Presentation of the resolutions Ordinary Shareholders' Meeting First and second resolutions Approval of the annual and consolidated financial statements for 2017 Third resolution Allocation of income and dividend determination Fourth resolution Approval of a related-party agreement with Nathalie Andrieux Exceptional compensation of 15,000 for a project to review the digital strategy implemented by Cdiscount Payment of travel expenses, amounting to 1,018 Dividend balance: 1.56 per share Ex-dividend date: 18 May 2018 Dividend payment date: 22 May

97 Presentation of the resolutions Ordinary Shareholders' Meeting Fifth resolution Approval of fixed, variable and exceptional components of the total compensation and benefits of any kind paid or granted in respect of 2017 Sixth resolution Approval of the principles and criteria for determining, distributing, and allocating the components of the compensation of the Chairman and Chief Executive Officer, in respect of 2018 Seventh to tenth resolutions Renewal of the directorships of: Ms Nathalie Andrieux* Ms Sylvia Jay* Ms Catherine Lucet* Finatis Eleventh and twelfth resolutions Appointment of: Ms Laure Hauseux as Director* Mr Gérald de Roquemaurel as non-voting Director * Independent Director 97

98 Presentation of the resolutions Ordinary Shareholders' Meeting Thirteenth resolution Authorisation for the Company to purchase its own shares Limit: 10% of the share capital Maximum purchase price: 100 per share Authorisation valid for: 18 months Use when a public tender offer is in progress: No* * Except to meet securities delivery commitments (especially in connection with free share plans) initiated and announced prior to the launch of the said public tender offer 98

99 Presentation of the resolutions Extraordinary Shareholders' Meeting Fourteenth resolution Authorisation to grant free shares of the Company Limit: 2% of the share capital at 5 May 2017 Authorisation valid for: 26 months Fifteenth resolution Limitation at 2% of the share capital as of 5 May 2017 of the number of shares that may be granted under: the 14 th resolution the 26 th (stock purchase options), 27 th (stock subscription options) and 28 th (free share grants) resolutions approved at the Annual General Meeting of 5 May 2017 Sixteenth and seventeenth resolutions Merger of the Company subsidiary Allode into the Company and amendment of Article 6 of the Articles of Association: Net assets contributed: 4,211,200 Exchange ratio: 28 Casino shares for 1 Allode share Number of shares issued: 28 Share capital increase: Merger premium: 1,

100 Presentation of the resolutions Ordinary Shareholders' Meeting Eighteenth resolution Powers for formalities 100

101 Activity Results Perspectives Corporate Social Responsibility Governance Resolutions Reports of the Statutory and Merger s Auditors 101