#1CARREFOUR INVESTOR PRESENTATION May 2017#2Carrefour's Multiformat & Omnichannel model#3CARREFOUR: THE REFERENCE IN FOOD RETAIL Quality accessible to all Unique know- how Pioneer Powerful in fresh produce in organic food and Quality Lines exclusive brands Sourcing expertise Food represents 83% of the Group sales in 2016 (growth of over 4% in 2016) INVESTOR PRESENTATION May 2017 | 3#4A BALANCED PORTFOLIO Integrated countries Countries in partnership INVESTOR PRESENTATION May 2017 | 4#5CONTINUED SALES GROWTH ORGANIC SALES GROWTH EVOLUTION EX PETROL - 2012 TO 2016 - (in %) +3.9% +3.0% +3.0% +2.3% +1.0% 2012 2013 2014 2015 2016 CAGR 2012 - 2016 +2.6% INVESTOR PRESENTATION May 2017 | 5 لا#6A MULTIFORMAT GROUP: "EVERYONE UNDER ONE ROOF" Tarkett CARREFOUR 1963 First Hypermarket 1999 Promodès ATACADÃO 2007 easy 4-18 express 2012 to 2015 2016 RUE DU COMMERCE Atacadão Acceleration in convenience Billa, Dia, Eroski Rue du Commerce May 2017 | 6#7EACH FORMAT HAS A SPECIFIC MISSION MJ: 10% 51% Sales 25% Sales 13% Sales 1% Sales Sales Hypermarkets Everything under one roof at a competitive price Supermarkets Choice close to home with a focus on fresh Convenience Essential daily needs with extended shopping hours Cash & Carry Wholesale prices for a no-frills experience E-commerce The broadest assortment at any time, any place on any device INVESTOR PRESENTATION May 2017 | 7#8MULTIFORMAT PROGRESSIVELY ROLLED OUT IN ALL OUR COUNTRIES Hypermarket Supermarket Convenience 0 FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL market market Supeco Economii în fiecare zi! <montagne <contact express Bio H < city contact <Bon app! express Cash & Carry Promocash eService <market market GLOBI rast market Supeco market Supeco market Economii în fiecare zi! Economii în fiecare zi! express express express express express express docks CASH & CARRY GRIPERSS IL GROSSISTA DI FAMIGLIA banque et assurance Carrefour bairro Supeco Economii în fiecare zi! CHINA 家乐福 Carrefour H express express easy 家乐福, MAXI Carrefour ATACADÃO Other services: Travel, leisure, ticketing, car rental TAIWAN Carrefour 家樂福 market 便利購 INVESTOR PRESENTATION May 2017 | 8#9MULTIFORMAT: A PROVEN TRACK RECORD IN REVENUE UPLIFT MULTIFORMAT CLIENTS SPEND MORE Hypermarkets Supermarkets 1.9x 1.0x 1.1x H 1.8x 2.5x 1.0x 1.7x Convenience Multiple bases on the average annual spend of Carrefour loyalty card holders (base 1x on hypermarkets) Italy multiformat store network: 57 Hypermarkets 416 Supermarkets 588 Convenience 13 Cash & Carry A multi-format customer is more loyal to Carrefour 30% of customers are multi-format INVESTOR PRESENTATION May 2017 | 9#10CARREFOUR'S CENTER OF GRAVITY IS SHIFTING TOWARDS MULTIFORMAT BREAKDOWN OF STORES UNDER BANNERS BY FORMAT 14,500 Evolution 11,935 stores 350 2012 vs. 2019e +100% 9,995 stores 305 1 450 +6% stores 164 1,328 3,700 +24% 1,366 3,227 2,986 GROSS SALES BREAKDOWN - (%) 42% 49% >50% 58% 51% <50% 9,000 + 64% 7,075 5,479 2012 2016 2019e ■Convenience Supermarkets Hypermarkets Cash & Carry 2012 2016 2019e ■ Hypermarkets ■ Other formats INVESTOR PRESENTATION May 2017| 10#11E-COMMERCE, AN ADDITIONAL FORMAT AND A COMPLEMENTARY SERVICE HYPERMARKETS SUPERMARKETS CASH & CARRY Promocash A ATACADÃO E-COMMERCE drive Click & collect RUE DU COMMERCEe ooshop CONVENIENCE INVESTOR PRESENTATION May 2017 | 11#12FOOD RAPID ROLLOUT OF E-COMMERCE THROUGHOUT THE GROUP Home delivery and/or Click & Collect Direct offer FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN 2017 2017 (✓) In progress 2017 (۸) (√) NON- FOOD Marketplace In progress In progress In progress In progress Under study In progress Under study INVESTOR PRESENTATION May 2017 | 12#132020 E-COMMERCE PROSPECTS GROSS MERCHANDISE VOLUME €1.2bn in 2016 €4bn 2020 target Target > x3 INVESTOR PRESENTATION May 2017 | 13#14STORE BASED OMNICHANNEL MODEL: UNIQUE OPPORTUNITY TO ENSURE E-COMMERCE SUSTAINABILITY OPERATIONAL MODEL FOR ORDER MANAGEMENT Store-picking across formats (hypermarkets, supermarkets, convenience) Mixed model: store + dedicated picking space Ly E-Commerce | Warehouse or dark store 7 (with or without automation) CONSUMER CHOICES FOR ORDER COLLECTION | Home delivery → Click & collect in store 1 Pick-up points (lockers etc.) INVESTOR PRESENTATION May 2017 | 14#15CARREFOUR'S OMNICHANNEL TRANSFORMATION APPROACH Each country adapts the framework to its market conditions on the basis of key pillars eCommerce Omnichannel Supply Chain ☐ Technology Big Data IoT API, agile HR & cultural transformation Digital marketing Data, CRM, Hyper- customization#16BENEFITS OF OMNICHANNEL FOR CARREFOUR "Own" the customer in our ecosystem Increase in expenditure and frequency of existing customers (Re)Gain customers Rejuvenate customer base#17Hypermarkets OMNICHANNEL ALLOWS CARREFOUR TO BETTER MEET CUSTOMER Convenience (services) "CLIENT FOR LIFE" LONG-TERM LOYALTY THROUGHOUT CLIENT'S LIFE THANKS TO MULTIFORMAT NEEDS Hypermarket/ Convenience & E-commerce Supermarket/ Drive Click & collect INVESTOR PRESENTATION May 2017 | 17#18CARREFOUR'S VAST ECOSYSTEM FAVORS CUSTOMER "OWNERSHIP" Wherever you want Whenever you want 24 hours 7 days 28 Fresh food Gourmet Organic Wine cellar Game & Sports Baby TV Sound - Photo Technology Textile Appliance Whatever you want However you want INVESTOR PRESENTATION May 2017 | 18#19OMNICHANNEL REINFORCES MULTIFORMAT A CLIENT WHO ADOPTS DRIVE OR CLICK & COLLECT SPENDS MORE 0+20% 7 Hyper- market Hyper- market + Drive Source: 2016 study based on a panel in France and Spain +10% 7 Hyper- market Hyper- market + Click & Collect INVESTOR PRESENTATION May 2017 | 19#20OMNICHANNEL REJUVENATES CUSTOMER BASE Index AVERAGE AGE OF CARREFOUR CUSTOMERS BY FORMAT (2011-2016) 100 = average age of Carrefour Hypermarket customers in 2011 108,9 109,3 107,7 104,5 102,1 105,3 Carrefour Market 102,5 103,3 103,5 Carrefour Hypermarket 101,4 100,4 100,0 88,4 85,4 84,7 84,4 84,4 84,5 Carrefour online Grocery Carrefour online Non-Food 82,6 81,7 81,6 2011 2012 2013 2014 2015 2016 INVESTOR PRESENTATION May 2017 | 20#210 OUR GOAL: DEVELOP THE CARREFOUR "REFLEX" Carrefour is the leading physical retailer in France. We are building a major market position in E-commerce leveraging a unique store network. INVESTOR PRESENTATION May 2017 | 21#220 A COHERENT AND COMPLETE ECOSYSTEM OF WEBSITES AN ONLINE FOOD OFFER ACCESSIBLE TO ALL A NON-FOOD PLATFORM INCLUDING A MARKETPLACE DEDICATED WEBSITES FOR SERVICES Carrefour brand SPECIALIZED WEBSITES CONNECTED TO THE CARREFOUR ECOSYSTEM HOME DELIVERY Livraison express.fr RUE DU COMMERCEe ooshop CLICK AND COLLECT Carrefour drive Carrefour Voyages Spectacles Location banque et assurance vous, tout simplement topachat.com Greenwee Et la vie devient plus saine Croquetteland Nutrition Santé Bien-être .com All the websites centralized through the carrefour.fr portal GRANDS VINSO GRANDSVINS-PRIVES.COM mydesign INVESTOR PRESENTATION May 2017 | 22#23FOOD ONLINE IS NOT 'ONE SIZE FITS ALL' RURAL/SUBURBAN Click & collect at Bi drive URBAN CEN ERS ooshop MODEL Delivery D+1 or D+2 Extra Large assortment > Hypermarket as a warehouse Supermarket as a warehouse 1-hour or same-day delivery Large assortment + Last mile through start-up partners ooshop A broad Food e-commerce offer ooshop Livraison express.fr HOME DELIVERY • • Launched in 1999 Serves Paris, Lyon, Marseille, Nice • ~15,000 SKUS • A 1h-delivery service for additional last-minute shopping, Launched in 2016 in Paris and its suburbs New cities to come CLICK AND COLLECT • 578 Drives in France • ~15,000 SKUs • Carrefour drive 4.5m orders per year • +25% rev. growth in 2016 INVESTOR PRESENTATION May 2017 | 23#24(OMNICHANNEL APPROACH TO LEVERAGE NON FOOD STORE TO WEB: In store tablets available to the salesforce OBJECTIVE: 100% of the full offer available in any Carrefour store Store Web RUE DU COMMERCE A SINGLE NON FOOD MULTISPECIALIST PLATFORM WEB TO STORE: 750 Upload store assortment online CLICK & COLLECT CLICK & COLLECT 3M 2 hours marketplace merchants SKUS 6,000 400K pick-up points and client touchpoints additional Carrefour clients thanks to Click & Collect INVESTOR PRESENTATION May 2017 | 24#250 DEVELOPMENT OF OUR OFFER ON STRONG POTENTIAL CATEGORIES AND SERVICES Wine Organic GRANDS VINSU GRANDSVINS-PRIVES.COM ONLINE FRENCH MARKET FORECAST (2020) CARREFOUR SALES EVOLUTION (2016) €400-500m +250% OTHER KPIS 340,000 visits/month 530 SKUs Greenwee >€1bn +50% .com Et la vie devient plus saine 600,000 visits/month 20,000 SKUs Pet food Hy Croquetteland Nutrition Santé Bien-être Object customisation mydesign €600-800m +30% 150,000 visits/month 5,000 SKUs >€1bn +200% 200,000 visits/month 300 SKUs INVESTOR PRESENTATION May 2017 | 25#26DATA OPENS NEW OPPORTUNITIES FOR CARREFOUR Carrefour is well underway to achieve new level of insights and exploit data commercially and operationally. HOTLOO НОН OONHOONH TTA INVESTOR PRESENTATION May 2017 | 26#27DATA IS A 3-STAGE ROCKET Big Data and data science Leverage technology to grow revenue Leverage "small data" Gather relevant data Small data" is in play to enrich customer value-proposition and convey adequate messages. Carrefour is already a data-centric organization gathering relevant customer and operational data INVESTOR PRESENTATION May 2017 | 27#28CARREFOUR IS A DATA-DEEP COMPANY CARREFOUR LOYALTY CARD CARREFOUR CREDIT CARD PAYMENT SOCIAL NETWORKS WEBSITES MOBILE APPS 55 million households 6.5 million holders N по Do LO 13m 14.4m daily transactions fans / followers 1.3m daily visitors 8.2m downloads INVESTOR PRESENTATION May 2017 | 28#29CUSTOMER DATA STRATEGY ENABLES REVENUE GROWTH Type of Customer Carrefour customers Loyalty cardholder PASS cardholder Carrefour customers Not cardholders Not Carrefour customers R R R Strategy Increase share of wallet Enroll in loyalty program Bring to Carrefour Type of Data Known Client data Anonymous data Media: owned A Media: owned & € Web (logged) Email App CAC 3rd party Display RRSS Search ☑ Web (no log) INVESTOR PRESENTATION May 2017 | 29#30洽 SUPPLY CHAIN: LEVERAGE TRANSFORMATION TO IMPROVE OPERATING EFFICIENCY Our supply chain is evolving to support multiformat deployment and industrialize omnichannel processes. INVESTOR PRESENTATION May 2017 | 30#31OUR SUPPLY CHAIN IS EVOLVING TO SUPPORT CARREFOUR'S TRANSFORMATION 2 MAIN STRATEGIC GOALS TO SUPPORT GROUP'S TRANSFORMATION Support multiformat deployment Industrialize omnichannel processes Leverage transformation to improve operating efficiency INVESTOR PRESENTATION May 2017 | 31#32FRANCE: A MORE EFFICIENT MULTIFORMAT SUPPLY CHAIN THANKS TO CARAVELLE in 2012 in 2018 Reduced number of warehouses in France 67 -18% 55 2018 CARAVELLE TARGETS* Reinforced network of multiformat warehouses 13 x3 34 Number of Km -20% Number of SKUs +15% Cost of package -5% +50% Number of 4,000 6,000 Product availability +2% delivered stores *2018 target vs 2012 INVESTOR PRESENTATION May 2017 | 32#33FRANCE: CARAVELLE ENHANCES OPERATING EFFICIENCY 2013/2014 2015 2016 2017 2018 30% 10% 25% 10% 25% 65% of savings delivered as of end-2016 35% of savings to be delivered in 2017 and 2018 €350m savings between end-2012 and end-2018 INVESTOR PRESENTATION May 2017 | 33#34CHINA: INTEGRATION OF SUPPLY CHAIN SUPPORTING MULTIFORMAT ROLL-OUT (2/2) INTEGRATION AND OPTIMIZATION OF LOGISTICS BEIJING/TIANJIN DC 40 stores December 2015 SHENYANG DC 30 stores July 2016 WUHAN DC 35 stores October 2015 CHENGDU DC 42 stores May 2015 KUNSHAN DC 60 stores July 2014 GUANGZHOU DC 31 stores May 2016 % of goods supplied by our distribution centers: 2017 target: 80% Increase in assortment: +20% in small- and mid-sized cities starting in 2016 Development of convenience and E-commerce formats INVESTOR PRESENTATION May 2017 | 34#35CARREFOUR TESTS AND OPERATES MULTIPLE FULFILLMENT MODELS ACROSS MARKETS # OF DAILY ORDERS In-store picking In-store picking geographically concentrated Mixed model: dedicated storage space adjacent to the store Dark store: dedicated warehouse, manual picking Partly-automated warehouse (conveyers) Future models? Starting point - all Carrefour countries Carrefour Spain Carrefour Spain & Taiwan Carrefour Carrefour France (Ooshop) France (PPC) TBD 0 Leverage store warehouses to prepare individual orders Gradually rolled out in other markets Partly automated warehouse to prepare individual Drive orders EFFICIENCY INVESTOR PRESENTATION May 2017 | 35#36Financials#372016 KEY FIGURES NET SALES EBITDA MARGIN(2) RECURRING OPERATING INCOME €76,645m up 5.1% a +2.7% (1) Stable margin (1) At constant exchange rates €2,351m a margin of 3.1% ADJUSTED NET INCOME, GROUP SHARE FREE CASH FLOW EX. EXCEPTIONAL ITEMS NET DEBT €1,031m or €1,039m up 1.39 €/per share +9.2% (2) EBITDA: Recurring operating income before depreciation and amortization (including supply chain depreciation) €4,531m an improvement of €15m INVESTOR PRESENTATION May 2017 | 37#38ORGANIC GROWTH OF 3.0% IN 2016 2016 SALES EVOLUTION - (in Єm and %) €76.9 bn 2015 net sales +3.0% 0.0% +3.0% +0.2% +2,7% €79.2 bn -0.5% €79.0 bn -0.4% -3.1% €76.6 bn LFL ex petrol ex calendar Scope effect¹ 2016 organic net sales ex petrol Petrol & calendar effect Acquisitions/ 2016 net sales disposals at constant exch. rates Currencies impact ex calendar (1) Scope effect includes store openings/closings and temporary store closures 2016 net sales INVESTOR PRESENTATION May 2017 | 38#39GROSS MARGIN FROM RECURRING OPERATIONS HELD UP WELL GROSS MARGIN FROM RECURRING OPERATIONS (in€m) +3.5% at constant GROSS MARGIN FROM RECURRING OPERATIONS (as a % of net sales) لا 2016 17,985 exch. rates 2015 18,019 لا 2016 23.5% +10bp 2015 23.4% 기 INVESTOR PRESENTATION May 2017 | 39#40GOOD CONTROL OF OPERATING COSTS OPERATING COSTS (in €m) +4.9% 2016 13,125 at constant exch. rates 2015 13,070 OPERATING COSTS (as a % of net sales, +10bp ex. petrol) 2016 18.7% 2015 18.6% INVESTOR PRESENTATION May 2017 | 40#41STABLE ASSET COSTS AS A PERCENTAGE OF SALES ASSET COSTS (in €m) ASSET COSTS +2.8% 2016 2,509 at constant exch. rates 2015 2,505 (as a % of net sales, ex. petrol) Stable 2016 3.6% 2015 3.6% INVESTOR PRESENTATION May 2017 | 41#422016 NET SALES AND RECURRING OPERATING INCOME BY REGION NET SALES RECURRING OPERATING INCOME (in €m) 2015 2016 Organic growth ex petrol ex calendar Variation at current exch. rates 2015 2016 Variation at constant exch. rates Variation at current exch. rates France 36,272 35,877 -0.9% -1.1% 1,191 1,031 -13.4% -13.4% Other European countries 19,724 20,085 +2.2% +1.8% 567 712 +25.7% +25.5% Europe 55,996 55,962 +0.3% -0.1% 1,758 1,743 -0.8% -0.9% Latin America 14,290 14,507 +16.2% +1.5% 705 711 +3.7% +0.9% Asia 6,659 6,176 -3.8% -7.3% 13 -58 n/a n/a Emerging markets 20,949 20,683 +9.6% -1.3% 718 653 -7.0% -9.0% Global functions -31 -45 n/a n/a TOTAL 76,945 76,645 +3.0% -0.4% 2,445 2,351 -3.2% -3.8% INVESTOR PRESENTATION May 2017 | 42#43ADJUSTED NET INCOME, GROUP SHARE (in €m) 2015 2016 (in €m) 2015 2016 EBITDA (1) 3,955 3,886 Net income from continuing operations 1,120 934 Recurring operating income 2,445 2,351 Minority share of net income from -143 -148 continuing operations Net income from associates and JVS 44 -36 Net income from continuing 977 786 Non-recurring income -257 -372 operations, Group share EBIT Net financial expenses 2,232 -515 1,943 Net income from discontinued operations, Group share 4 -40 -515 Net income, Group share 980 746 Net interest expense -347 -377 Other net financial expenses -168 -138 Adjusted net income, Group share 1,113 1,031 Income before taxes 1,717 1,428 Income tax expense -597 -494 Effective tax rate 34.8% 34.6% Notes (1) Recurring operating income before depreciation and amortization (including supply chain depreciation) INVESTOR PRESENTATION May 2017 | 43#442016 FREE CASH FLOW FLOW (in €m) Gross cash flow Change in working capital Discontinued activities 2015 2016 2,733 2,964 81 351 3 -11 Operating cash flow 2,818 3,305 Capital expenditure (ex. Cargo) -2,378 -2,492 Net capital expenditure (Cargo) -249 Change in net payables to fixed asset suppliers 136 -78 Asset disposals (business-related) 104 118 Discontued operations 7 Free cash flow 687 603 Impact of Cargo -249 Impact of exceptional items -265 -186 Free cash flow from continuing operations, excluding exceptional items 951 1,039 INVESTOR PRESENTATION May 2017 | 44#45THE LOWER CAPITAL INTENSITY OF GROWTH WILL HELP RETURN ON CAPITAL HYPERMARKETS SUPERMARKETS CONVENIENCE CASH & CARRY E-COMMERCE Number of stores 1,328 3,227 7,075 305 n.a % food in sales 70% 85% 95% c100% 55% Capex (by unit) €€€ €€ € € € Expansion outlook = 77 CON 777 Expansion capex per sqm ++ + + 2014/2016 Trend High volumes, benefitting all formats Strong cash flow, financing multiformat expansion لا لا +++ (1) n.a 7₁ n.a (1) Includes real estate INVESTOR PRESENTATION May 2017 | 45#462016 CAPEX BREAKDOWN 2016 CAPEX €2,492m (ex Cargo) BREAKDOWN OF CAPEX BY NATURE BREAKDOWN OF CAPEX BY REGION 21% 18% 29% 21% 32% 7% 25% 6% 41% Remodelling Maintenance France DIA Europe Expansion IT & omnichannel Latin America Asia INVESTOR PRESENTATION May 2017 | 46#47CAPEX EVOLUTION REFLECTS CARREFOUR'S MULTIFORMAT TRANSFORMATION HISTORICAL CAPEX SPLIT BY FORMAT • Expansion in smaller formats 48% . 64% >60% E-commerce roll out 52% Hypermarket remodeling phase largely behind us 36% <40% Store maintenance key traffic driver 2012 2016 2019e ■Hypermarkets ■Other formats MEDIUM-TERM TRENDS IN CAPEX (GROUP LEVEL) y Remodeling Maintenance Expansion n IT & Omnichannel 2017 CAPEX €2.4bn NORMATIVE CAPEX €2.3bn - €2.5bn INVESTOR PRESENTATION May 2017| 47#48SLIGHT DROP IN NET DEBT (in €m) Opening net debt (December 31) Free cash flow Acquisitions Disposals Others Discontinued operations Cash flow after acquisitions and disposals Dividends paid by parent company Dividends paid to non-controlling interests Capital increase Cost of net financial debt Disposal of treasury shares Acquisitions/disposals of investments without change in control Other changes in net borrowings Closing net debt (December 31) 2015 2016 -4,954 -4 546 687 603 -85 -190 109 45 -28 -25 0 16 682 449 -390 -121 -98 -86 14 255 -347 -377 384 30 208 -40 -44 -95 -4,546 -4,531 INVESTOR PRESENTATION May 2017 | 48#49CREDIT RATING AND DEBT MATURITY MAINTAINED DEBT REDEMPTION SCHEDULE - (in %) 5.25% 4.00% 3.88% 2.44% 1.75% 1.75% 1.25% 0.75% 1,250 1,000 1,000 1,000 1,000 750 750 279 2017 2018 2019 2020 2021 2022 2016 issuance Average annual coupon 2024 2025 On April 26, 2016, issua issuance of a €750m bond with a maturity of 8 years and a 0.75% coupon In 2016, €667m of bonds reached maturity At end 2016, the debt maturity was 4.1 years Credit rating maintainted: BBB+ INVESTOR PRESENTATION May 207 | 49#50STABLE PROPOSED DIVIDEND: €0.70 PER SHARE Dividend of €0,70 proposed to the General Shareholders' meeting on June 15, 2017 Payout of 51% of adjusted net income, Group share, in line with our distribution policy Payment in shares or in cash INVESTOR PRESENTATION May 2017 | 50#51VALUE-CREATION DRIVERS Solid generation of operating cash flow linked to improved results Disciplined Capex between €2.3bn and €2.5bn per year (€2.4bn in 2017), with strict Return on Investment criteria and an evolution in the mix Control of Working Capital Requirements Balanced capital allocation, combining continued targeted acquisitions, 45-50% payout*, maintaining a BBB+ rating *of the adjusted net income, Group share INVESTOR PRESENTATION May 2017 | 51#52FINANCIAL OUTLOOK - 2017 & MEDIUM-TERM Total sales growth of 3% to 5% at constant exchange rates in 2017 Planned IPOs of Carmila and Brazilian operations in 2017, market conditions permitting Continued increase in Free Cash Flow, with a new increase in 2017 Capex decrease in 2017 to €2.4bn, and normative capex between €2.3bn and €2.5bn Continued tactical acquisitions Payout of between 45% and 50% of adjusted net income, Group share INVESTOR PRESENTATION May 2017 | 52#53Appendix#54VARIATION OF Q1 2017 SALES (INCLUDING VAT) Total sales inc. VAT (€m) Change at current exchange rates inc. petrol Change at constant exchange rates inc. petrol LFL inc. petrol LFL ex petrol Organic growth ex calendar ex petrol ex calendar France 9,406 +0.8% +0.8% +2.1% +0.5% -0.6% Hypermarkets 4,848 -0.8% -0.8% -0.4% -1.6% -2.0% Supermarkets 3,053 +1.1% +1.1% +3.2% +2.2% +0.2% Convenience /other formats 1,505 +5.5% +5.5% +8.6% +4.4% +2.5% International 11,889 +10.9% +3.6% +0.6% +2.1% +3.9% Other European ountries 5,384 +3.6% +3.6% +0.6% +0.9% +1.3% Spain 2,110 +4.3% +4.3% +0.6% +0.3% +0.8% Italy 1,328 -0.4% -0.4% +1.2% +1.6% 0.0% Belgium 1,026 -2.7% -2.7% -2.3% -1.8% -2.1% Latin America Brazil 4,518 +30.9% +8.8% +5.0% +7.8% +11.7% 3,666 +37.6% +7.4% +2.8% +5.6% +10.5% Asia 1,987 -4.1% -5.0% -6.7% -4.0% -2.3% China 1,446 -8.6% -7.0% -8.4% -5.5% -4.1% Group total 21,295 +6.2% +2.3% +1.3% +1.4% +1.9% May 2017 | 54#55Q1 2017 TAKEAWAYS Continued momentum, with strong LFL and overall sales growth in Q1: • Solid sales growth in Q1 • LFL sales growth in France, solid performance of smaller formats . Further growth in Europe on the back of strong comparables Continued strong sales growth in Latin America despite slowdown in inflation and a persistently difficult economic environment • Sequential improvement in Asia, continued growth in Taiwan Target of 3% to 5% FY2017 sales growth at constant exchange rates confirmed Building on our key strengths: Relevance of our food-based model Balanced country portfolio Multi-format and omnichannel approach Carrefour Q1 2017 sales I asy Page 55#56HYPERMARKETS EVERYTHING UNDER ONE ROOF AT A COMPETITIVE PRICE HYPERMARKETS • Carrefour's historical format • New hypermarket concepts tested in all geographies • Renewed offer attractive and powerful - Gradually becoming more urban, as cities expand 100,000 SKUS 1,328 stores 51€ Average basket (France) 7,345 Average Sqm INVESTOR PRESENTATION May 2017| 56#57SUPERMARKETS CHOICE CLOSE TO HOME WITH A FOCUS ON FRESH SUPERMARKETS • Dedicated to food • "Clusterizing" to better address local needs • 4 clusters: Gourmet, Attraction, Urban, Discount • Successful cross-fertilization across countries 20,000 | Average SKUs 28€ Average basket (Belgium) 1,319 Average Sqm INVESTOR PRESENTATION 3,227 stores May 2017| 57#58CONVENIENCE ESSENTIAL DAILY NEEDS WITH EXTENDED SHOPPING HOURS 相 CONVENIENCE • Format in constant evolution, adapting to changing social and consumption trends • On top of generalist stores, multiple tests of specialized convenience concepts across countries (organic stores, etc.) • Last 2 countries to launch convenience format: Brazil and China, well received by consumers 6,500 Average SKUs 7,075 stores 255 Average Sqm 12€ Average basket (Italy) INVESTOR PRESENTATION May 2017| 58#59CASH & CARRY WHOLESALE PRICES FOR A NO-FRILLS EXPERIENCE CASH & CARRY Promocash A ATACADÃO B2B pure play activities in France (Promocash) and Italy (Docks and Gross Iper) Hybrid B2B/B2C: Atacadão is a winning model in Brazil • Successful cross-fertilization based on Atacadão in other countries: Maxi in Argentina and initial Supeco in Spain 8,000 Average SKUs 4,121 Average Sqm 305 stores 59€ Average basket (Atacadão) INVESTOR PRESENTATION May 2017| 59#602016 GROSS SALES Gross sales (in Єm) Change at current exch. rates inc. petrol Change at constant exch. rates inc. petrol Change at constant exch. rates ex. petrol LFL inc. petrol LFL ex. petrol ex. calendar Organic growth ex. petrol ex. calendar France 40,126 -1.2% -1.2% -0.5% -0.1% +0.3% -0.9% Hypermarkets 20,815 -2.6% -2.6% -1.7% -2.3% -1.5% -1.8% Supermarkets 12,945 -0.9% -0.9% +1.9% +0.4% +2.6% -0.3% Others, inc. convenience 6,367 +3.2% +3.2% -1.2% +7.9% +1.8% +0.8% International 45,574 -0.3% +6.1% +6.3% +4.8% +4.9% +6.0% Other European 22,439 +1.4% +1.9% +2.3% +1.6% +2.0% +1.8% countries Spain 8,964 +1.2% +1.2% +2.1% +1.3% +2.3% +2.2% Italy 5,484 -1.0% -1.0% -0.6% +1.8% +2.1% +0.9% Belgium 4,382 +0.6% +0.6% +0.6% +0.5% +0.3% +0.3% Latin America 16,254 +0.9% +16.6% +16.8% +13.4% +13.5% +16.7% Brazil 12,858 +10.6% +15.0% +15.1% +10.9% +11.0% +15.1% Asia 6,881 -7.8% -4.1% -4.1% -4.8% -5.0% -4.3% China 5,075 -11.6% -7.2% -7.2% -7.6% -7.8% -7.4% Group total 85,700 -0.7% +2.7% +3.3% +2.6% +3.0% +3.0% INVESTOR PRESENTATION May 2017 | 60#61STORES UNDER BANNERS¹ AT END 2016 (#) Hypermarkets Supermarkets Convenience Cash & Carry Total France 243 1,062 4,222 143 5,670 Spain 175 129 545 849 Belgium 45 442 285 772 Italy 57 412 586 13 1,068 Poland 86 159 641 886 Romania 32 213 53 298 Others 44 422 202 668 Other European countries 439 1,777 2,312 13 4,541 Argentina 79 126 398 603 Brazil 237 42 70 349 Latin America 316 168 468 0 952 China 229 25 254 Taiwan 64 30 94 Others 81 8 2 Asia 374 38 27 Others (2) 90 182 46 13 2 23 Total 1,462 3,227 7,075 171 93 441 331 11,935 Notes: (1) including franchisees and partners; (2) Maghreb, Middle East and Dominican Republic INVESTOR PRESENTATION May 2017 | 61#62CONTACTS HEAD OF INVESTOR RELATIONS Mathilde RODIE [email protected] +33 1 41 04 28 06 +33 6 32 13 70 17 IR DIRECTORS Louis IGONET [email protected] Tel: +33 1 41 04 27 63 Mob: +33 6 72 24 91 26 Anne-Sophie LANAUTE [email protected] Tel: +33 1 41 04 41 22 Mob: +33 6 48 78 39 07