INVESTOR PRESENTATION

October 2016

2

I. Lasting recovery in France

II. Turnaround in Brazil

III. Exito: strong operational results in Colombia, Argentina

and Uruguay

IV. Simplification of our E-commerce activities

V. Significant deleveraging and strengthened liquidity

2016 – 2017 Priorities

3

I. Recovery in France: positive LFL over 2 years in Q3 2016

● In France, sales were impacted by two factors:

• A plan to close 282 loss-making stores which had a negative -0.6% impact on sales

• The transfer of stores to franchise in formats suited to this type of operation (Convenience, Franprix and Leader Price).

These transfers, for which the Group continues to record wholesale sales, had a negative impact of -0.9% in Q3

● Gross sales under banners remained dynamic rising by +0.7% (+1.4% for food)

* Total sales by each banner from integrated stores and franchises and excluding fuel

Q3 2016

Change between Q3 2015 and Q3 2016

Total

growth

Organic

growth*

Same-store

growth*

Same-store

growth over

2 years

Hypermarkets* 1,233 -0.4% +0.4% +0.2% +3.7%

o/w Géant Casino 1,147 -0.6% +0.3% +0.3% +4.2%

Leader Price 597 -7.6% -4.6% -2.7% -0.5%

Monoprix 971 +1.1% +0.8% -2.3% -0.2%

Supermarkets Casino 903 +3.3% +4.5% +2.8% +3.5%

Franprix 370 -6.5% -1.9% -0.1% +0.5%

Convenience & Other** 686 -1.7% -2.1% -3.9% +0.5%

o/w Convenience 417 -0.6% -0.9% -2.3% +6.0%

France Retail 4,760 -1.1% +0.0% -0.6% +1.8%

4

I. Recovery in France: current trading in October 4 weeks ending October 13th

* Excluding fuel and calendar effect

** Data VAT: excluding Codim, Vindémia and cafetarias

Same-store sales*

Q1 2016 Q2 2016 Q3 2016 4W

Hypermarkets (excluding Codim) +4.0% +2.2% +0.3% +0.8%

Leader Price +4.5% +1.1% -2.7% -2.0%

Monoprix -0.4% -2.1% -2.3% -0.7%

Supermarkets Casino +0.2% +1.2% +2.8% +2.1%

Franprix +0.1% -0.6% -0.1% -1.3%

Convenience +2.3% -3.3% -2.3% -2.9%

France +1.5% +0.2% -0.6% -0,1%**

5

I. Recovery in France: Retail market shares

● Casino is one of the 3 retailers to achieve market share gain in France

● This gain has been achieved with limited expansion

Cumulative market share measured by the Kantar Worldpanel

from January 1, to September 4, 2016

0.1

0.3

0.6

Casino Lidl Leclerc

Lidl Leclerc

6

I. Recovery in France: Profitability

● Annual target of Trading profit in 2016 above €500m (vs €337m in 2015):

• Ex real estate gains (€167m in FY 2015 vs c.€80m in 2016), main improvements in 2016:

Higher gross sales under banners in food (+2,5% y-t-d at the end of Q3)

Various gross margin improvements: purchasing gains, optimization of mix and pricing, wider fresh

assortment

Transfer of stores to franchises, closure of non performing stores and cost reductions

• +€170m of improvement already reached in H1 2016

• At the end of Q3 2016, the YTD unaudited trading profit of French Retail operations is well ahead

of last year and is fully consistent with our full year objective

• These actions will have a positive carry-over impact in 2017, driving the 2017 profitability growth

● Profitability supported by solid operating performances of our different banners:

• Stable market shares at Monoprix globally (Kantar) and locally (IRI) (Paris, suburbs and other

cities) and excellent margins thanks to its unique mix of food and non-food assortment

• High level of profitability at Franprix and increase at Casino Supermarchés

• Leader Price profitable in 2016 and Géant from 2017 onwards

7

I. Recovery in France: levers of profitability improvement in 2016 (1/2)

Annual target 2016 YTD

Activity LFL > 1.5% Gross sales under banners at +2.1% of which food products at +2.5%

Gross margin 100bp improvement

Selective price increase from Q2 onwards of around 0.5% Purchasing gains in line

Costs 30bp

Store rationalization: closures of 282 stores

Transfer to franchise

8

I. Recovery in France: levers of profitability improvement in 2016 in € (2/2)

Targeted improvement

of French Retail

trading profit (ex real

estate) > €250m

Margin

improvement

> €180m

Cost

reduction

> €70m

Food volume growth

€80m

Purchasing, pricing

and mix

€100m

Stores’ closures

€20m

Transfer to franchise

€40m

Other cost cutting

€10m

Activity

Gross

Margin

9

I. Recovery in France: Free cash flow

● Net capex of c. €350m in 2016

• Gross capex allocated to premium formats and maintenance

• Disposal of mature assets (stores, warehouses, etc.)

• Net capex level in 2017 similar to 2016

● FCF*

• Before 2015 dividends and coupons on hybrids instruments > €550m

• After 2015 dividends and coupons on hybrids instruments > €150m**

* Operating cash flow from the French business activities after tax - capex of the French business activities and dividends received from international subsidiaries

and equity associates - net financial expense

** Before 2016 interim dividend

10

● Acceleration of sales growth in Q3 2016 (+8.3% LFL)

• Total food sales grew +10.8% (LFL) in Q3

• Solid performance of Assaí, with sales growth of 45.8% in Q3

• Recovery in food LFL for Extra Hypermarkets thanks to new commercial initiatives

(“1, 2, 3 promotions”, Hyper fair, Lowest price)

• Strong performance of Proximity and Premium banners (Pao de Acucar)

● Excluding tax credit recognized in Q2, EBITDA margin to increase sequentially in Q3 vs.

Q2

• Progressive improvement of Sales trends

• Operational efficiency gains (headcount reductions, review of marketing spend, productivity

in logistics)

II. Turnaround in Brazil: GPA Food

11

II. Turnaround in Brazil: Via Varejo

● Sales at Via Varejo started to grow again in Q2, which was confirmed in Q3

• Focus on competitiveness and core product families

• Development of services

• Market share gains

● Focus on cost cutting and financial discipline

● Merger with Cnova Brazil expected in Q4 2016

12

III. Exito: strong operational results in Colombia, Argentina and Uruguay

● In H1 2016, solid operational performances in Colombia, Uruguay and Argentina

● Opening of the first Cash & Carry store in Colombia, with additional projects in 2017

● Creation of “Viva Malls”, a vehicle designed to fund real estate developments

in Colombia and announcement in September of a MOU with Fondo Inmobiliario

Colombia (a private equity) for an investment in equity of more than $260m

● Synergy plan with GPA: on track, with expected improvement of +50bps in

consolidated EBITDA margin by 2019

● Positive evolution of the stock value of GPA and Via Varejo still to be seen in Exito

share price

● Deleveraging plan focused on working capital optimization of around $150m

• Structural reduction of inventories (by 4-5 days)

• Optimization of receivable collection and negotiation of term with suppliers

13

IV. Simplification of our E-commerce activities

● Announcement in May 2016 of the project to reorganize Cnova’s E-commerce Business

in Brazil (Cnova Brazil) within Via Varejo to create an omni-channel Electronics leader

in Brazil and to focus Cnova on the Cdiscount activity in France

● Approval of this project by the Boards of Via Varejo and Cnova in August 2016

and at Via Varejo shareholders’ meeting in September; approval expected by Cnova’s

shareholders' meeting: 27 October 2016

● Subject to the completion of the reorganization between Via Varejo and Cnova Brazil,

Casino has agreed to launch an offer to purchase the publicly held Cnova shares at

US$5,50 per share

● The reorganization is expected to generate operational synergies:

• One time working capital improvement of c. BRL325m, thanks to the reduction of

overlapping inventories

• Recurring sales and cost synergies of c. BRL245m, run-rates achieved in 2017

(Source: Via Varejo Notice of Material Fact 08/08/2016)

14

V. Deleveraging

● Rapid execution of the asset disposal plan, which exceeded objectives:

• Disposal of operations in Thailand in March 2016

• Disposal of operations in Vietnam in April 2016

● Sharp decline in Casino's Financial net debt in France:

• Net debt in France reduced from €8.5bn at 30 June 2015 to €4.0bn at June 2016

• Year end debt to be significantly reduced from €6.1bn as of December 2015

Positive Free Cash Flow after dividend > €150m

Significant divestments (Asia): 3.9bn

Buy back of Monoprix convertible €500m

2016 Interim dividends €170m

Buy back of Casino, Exito* and GPA** shares and liquidity contract €150m

Other non cash items

• Purchase offer on Cnova up to €160m (most probably to take place in early 2017)

* See note 3.1.2 to the H1 consolidated financial statements: between 1 March and 28 March 2016, the Group acquired 2.4 million shares in Exito for a total of USD 11 million

(€10 million), increasing its stake in the company to 55.30% from 54.77% previously

** See note 3.1.3 to the H1 consolidated financial statements: in June 2016, the Group acquired 970 thousand preference shares for €11 million, representing about 0.4%

of GPA’s share capital

15

V. Liquidity further strengthened by asset disposals

● Liquidity further strengthened by the disposals

• Gross cash of €2.9bn and €3.7bn in confirmed undrawn lines of credit

• Average maturity of confirmed lines of 4 years, an improvement following a one-year extension

to the maturity of the €1,200m syndicated credit facility

* Scope: Casino Guichard Perrachon parent company, French businesses and wholly-owned holding companies

€6,577m LIQUIDITY* AT 30 JUNE 2016 In €m

1,578

3,079 2,866

3,711

Cash and cash equivalents Credit facilities

H1 2015 H1 2016

16

V. Bonds – reduction in outstanding amount and well spread maturity profile

● At the end of Q3, Casino has reimbursed the bond maturing in April for €386m and

bought back €978m of outstanding bonds (€108m in the market and c.€870m via 2 public

offers in June and September)

● At the end of Q3, 2016, the average maturity of Casino’s bond debt is 5 years

● The February 2017 will be redeemed with the proceeds from the disposal plan

● Casino has been rated BB+ by Standard & Poor's (stable outlook) since 21 March 2016

and is rated BBB- (stable outlook) by Fitch Ratings

552 508

850*

600

850 758*

900

450 514*

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

* Bonds bought back at the end of Q3

Appendices

18

Preliminary comments (1/2)

● The 2015 financial statements have been restated in accordance with IFRS 5

to reflect the sale of operations in Asia. Profits from the Asian businesses up until

their sale, as well as the consolidated disposal gain, are reported under "Net profit

from discontinued operations". The consolidated income statement also reflects

a non-material restatement related to the first-time consolidation of Disco (PPA)

● To ensure a more uniform presentation of net finance costs and net debt, costs relating

to the cost of discounting receivables have been accounted for under "other financial

income and expense", with no impact on net financial income and expense

● Considering the new due dates for the Tascom tax and to avoid the tax being accounted

for twice, Tascom for 2016 is now spread over the full year (H1 impact of -€22m)

and Tascom for 2015 has been recognised under other operating income and expenses

(impact of -€43m)

● The consequences of the fraud detected at Cnova have been fully recognised

in Cnova's financial statements. Corrections for prior years and legal expenses

related to the investigation have been recognised in Casino's financial statements

under other operating income and expenses (-€76m)

19

Preliminary comments (2/2)

● In the first half of 2016, changes in the scope of consolidation were not material

and primarily concerned Franprix and Leader Price stores sold to master franchise

partners that are now accounted for by the equity method

● Currency effects were again negative, with significant average declines in the Colombian

peso and Brazilian real against the euro. Nevertheless, the real and the COP have

rallied against the euro since early June 2016

Average exchange rates Closing exchange rates

H1 2015 H2 2015 H1 2016

Change

H1 2016

H1 2015 H1 2015 S2 2015 H1 2016

Change

H1 2016

H1 2015

Colombia

(COP/EUR)

(x1,000)

2.7720 3.3245 3.4817 -20.4% 2.9001 3.4561 3.2477 -10.7%

Brazil

(BRL/EUR) 3.3102 4.0907 4.1296 -19.8% 3.4699 4.3117 3.5898 -3.3%

20

France Retail

● EBITDA margin of 2.9%, up +128bp in H1 2016

● Recovery in profitability of food retail operations, notably at Géant Casino, Leader Price

and Casino Supermarchés

● Satisfactory profitability at Monoprix and Franprix

● Property development trading profit reflected the recognition of margins realised

at the stage of completion on hypermarket conversion projects and the disposal

of projects on Monoprix sites (St Germain-en-Laye and La Garenne Colombes)

In €m H1 2015 reported H1 2016

Consolidated net sales 9,136 9,264

EBITDA 146 267

Trading profit (53) 85

Retail (134) 35

Property development 81 49

21

Latam Retail

● In Colombia, Uruguay and Argentina: satisfactory operating performances

● In Brazil:

• Multivarejo: continuation of sales relaunch plans at Extra in Q2, improved gross margin following

the recognition of tax credits (with a favorable impact of +250bp on Q2**), growth in overhead costs lower

than inflation thanks to cost management plans; continuous high profitability at Pão de Açucar and progressive

improvement in proximity

• Assaí: stepped-up same-store and organic growth in Q2, improved operating leverage and profitability

• Cost reduction plans were launched in H1 2016 with a focus on number of hours worked, marketing expenses,

leases and logistics

* CER: Constant Exchange Rate

** As disclosed by the subsidiary

In €m H1 2015 reported H1 2016 at CER* H1 2016

Consolidated net sales 7,803 8,607 6,836

EBITDA 459 427 340

EBITDA margin 5.9% 5.0% 5.0%

Trading profit 299 267 212

Trading margin 3.8% 3.1% 3.1%

22

Latam Electronics

● Business picked up from the second quarter, reflecting banners conversions, growth of mobiles’ sales, an improved assortment and growth in services

● Market share widened both in the specialized market (+150bp in April-May) and the overall market (+220bp in April-May)

● Gross margin was affected by tax credits and tax changes (two of them with a favorable impact of +770bp on gross margin and the third one with an unfavorable impact on EBITDA margin of -240bp in Q2**); H1 2016 EBITDA margin was impacted by the basis of comparison, but increased sequentially

* CER: Constant Exchange Rate

** As disclosed by the subsidiary

In €m H1 2015 reported H1 2016 at CER* H1 2016

Consolidated net sales 2,924 2,722 2,182

EBITDA 226 156 125

EBITDA margin 7.7% 5.7% 5.7%

Trading profit 191 124 100

Trading margin 6.5% 4.6% 4.6%

23

E-commerce

● Disposal of Asian sites and closing of operations in 3 countries

● Improved profitability at Cdiscount

● In Brazil: profit impacted by lower sales and introduction of a cost-cutting plan

In €m H1 2015 reported H1 2015 restated H1 2016

EBITDA (35) (30) (62)

o/w France (25) (20) 1

o/w Brazil (10) (10) (63)

Trading profit (55) (50) (80)

o/w France (36) (31) (9)

o/w Brazil (19) (19) (70)

24

Underlying financial income*

● Net financial income in France improved as a result of deleveraging operations,

including the unwinding of interest rate swaps backed to the repurchased bonds

● Impact of higher debt for Colombian operations within the Latam Retail segment

● Deterioration in net financial income from E-commerce relating to Cnova Brazil

* Underlying financial income (expense) corresponds to financial income (expense) adjusted for non-recurring

financial items.

Non-recurring financial items include fair value adjustments to equity derivatives instruments (for example instruments

as Total Return Swap and Forward related to GPA shares) and effects of monetary updating of tax liabilities in Brazil

In €m H1 2015 reported H1 2015 restated H1 2016

France Retail (49) (49) (14)

Latam Retail (73) (70) (145)

o/w Colombia 8 8 (59)

Latam Electronics (74) (74) (64)

Asia (9) - -

E-commerce (19) (20) (44)

Total (223) (213) (267)

25

Underlying net profit, Group share*

● H1 2016 underlying net profit, Group share is close to the H1 2015 figure restated

for the disposal of operations in Asia

• The improvement in trading profit for French operations, which are 100% owned,

offset the decrease in trading profit abroad

• Minority interests contracted sharply

* Underlying net profit corresponds to net profit from continuing operations adjusted for (i) the impact of other operating

income and expenses (as defined in the “Significant Accounting Policies” section of the notes to the annual

consolidated financial statements), (ii) from effects of non-recurring financial items and (iii) non-recurring income

tax expenses/benefits

In €m H1 2015 reported H1 2015 restated H1 2016

Trading profit and share of profits

of associates 558 425 335

Financial expense (223) (213) (267)

Income tax expense (83) (57) (61)

Underlying net profit

from continuing operations 252 156 7

Attributable to minority interests 189 149 10

Group share 63 6 (3)

26

Net profit from continuing operations

● H1 2016 net profit (loss) from continuing operations comprised other operating income and expenses

of -€533m versus a positive €72m in 2015 (mainly related to the consolidation of Disco)

● These non-recurring items mainly related to -€202 in Brazil (including Cnova), -€19m in Colombia

and in France: scope operations (-€105m, mainly FPLP), change in the accounting treatment of the Tascom

tax (-€43m), assets depreciations (-€22m) and provisions and charges for restructuring (-€113m)

In €m

H1 2015 underlying restated

Non-recurring items

H1 2015 continuing operations restated

H1 2016 underlying

Non-recurring items

H 1 2016 continuing operations

Operating profit 388 72 460 317 (533) (217)

Net financial income (expense)

(213) (179) (392) (267) 46 (221)

Income tax expense (57) 110 54 (61) 80 19

Share of profit/(losses) of associates

37 0 37 18 0 18

Net profit (loss) from continuing operations

156 3 159 7 (407) (400)

Of which Group share 6 11 17 (3) (293) (296)

27

* Debt after reclassification of put option liabilities as financial liabilities, including net assets, Group share, that the Group

decided to sell during the 2015 financial year

The Group has reviewed in 2015 the definition of net financial debt mainly in view of net assets held for sale in connection

with its debt reduction plan and debt of "minorities puts”

NFD at 30 June 2015 has been restated according to this new definition

Breakdown of financial net debt by segment

In €m

H1 2015

reported

H1 2015

restated* H1 2016

France Retail (8,487) (8,482) (4,027)

Latam Retail (30) 39 (2,263)

o/w Brazil (749) (679) (1,136)

o/w Colombia 617 617 (1,194)

Latam Electronics 511 511 222

Asie (555) (555) 0

E-commerce 49 49 (275)

Total (8,512) (8,438) (6,343)

28

Other operating income and expenses

H1 2015 restated H1 2016

In €m Total o/w Brazil Total o/w Brazil

Gains (losses) on disposal of assets 21 (6) (18) (14)

Other operating income

and expenses 63 (53) (491) (188)

Net income(expense) related

to changes in scope of consolidation 215 (27) (118) (16)

Provisions and expenses

for restructuration (138) (38) (144) (25)

Provisions and expenses

for litigation and contingencies 9 11 (78) (71)

Other (incl. Cnova fraud in Brazil

and Tascom in France) (23) 0 (151) (76)

Total excl. asset impairment losses 83 (60) (509) (202)

Net asset impairment losses (11) (1) (24) (0)

Total 72 (61) (533) (202)

29

Bank debt & covenants

● Covenants met with ample headroom at year end 2015

• There are no covenants on Casino’s bond documentation nor on Casino’s commercial paper

program

• The only covenants existing on Casino’s bank debt (drawn and undrawn) are the following:

Covenant ratio as

of December 31,

2015

30

Disclaimer 1/2

Important Information for Investors and Security Holders

In this presentation, Casino cautions that there can be no assurance as to when Casino’s offer for Cnova’s outstanding ordinary

shares will be launched or whether it will be launched at all. The launch of Casino’s voluntary tender offer will follow completion of

the reorganization between Via Varejo and Cnova Brazil, which remains subject to the fulfilment of certain conditions precedent

(including, in particular, the absence of a material adverse event prior to completion of the reorganization).

This presentation does not constitute an offer to purchase, nor a solicitation to sell any securities. Investors are strongly advised to

read, if and when they become available, the information materials relating to the tender offer for Cnova’s outstanding ordinary

shares because they will contain important information. The potential tender offer for Cnova’s outstanding ordinary shares, par

value €0.05 per share, described in this presentation has not commenced and may never commence. If and when the offer is

commenced, Casino will file a tender offer statement on Schedule TO with the U.S. Securities and Exchange Commission (the

“SEC”), Cnova will timely file a solicitation/recommendation statement on Schedule 14D-9 with respect to the offer, Casino will file

a draft tender offer memorandum (projet de note d’information) with the French Autorité des marchés financiers (“AMF”) and

Cnova will timely file a draft memorandum in response (projet de note d’information en réponse) including the recommendation of

its board of directors, with respect to the offer. Casino and Cnova intend to mail these documents to the shareholders of Cnova to

the extent permissible under applicable laws. Any tender offer document and any document containing a recommendation with

respect to the offer statement (including any offer to purchase, any related letter of transmittal and other offer documents) and the

solicitation/recommendation statement will contain important information that should be read carefully before any decision is made

with respect to any tender offer. Those materials, as amended from time to time, will be made available to Cnova’s shareholders at

no expense to them at www.cnova.com. In addition, any tender offer materials and other documents that Casino and/or Cnova

may file with the SEC and the AMF will be made available to all investors and shareholders of Cnova free of charge at

www.groupe-casino.fr and www.cnova.com. Unless otherwise required by law, all of those materials (and all other offer documents

filed with the SEC and the AMF) will be available at no charge on the SEC’s website: www.sec.gov and on the AMF’s website:

www.amf-france.org.

31

Disclaimer 2/2

This presentation contains forward-looking information and statements about Casino. Forward-looking statements

are statements that are not historical facts. These statements include financial projections and estimates and their underlying

assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services,

and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,”

“anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the management of Casino believes that the

expectations reflected in such forward-looking statements are reasonable, investors and holders of Casino securities are

cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are

difficult to predict and generally beyond the control of Casino, that could cause actual results and developments to differ materially

from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties

include those discussed or identified in Casino’s public filings with the Autorité des marchés financiers (“AMF”), including those

listed under “Risk Factors and Insurance” in the Registration Document filed by Casino on 19 April 2016. Except as required by

applicable law, Casino undertakes no obligation to update any forward-looking information

or statements.

This material was prepared solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any

securities or related financial instruments. Likewise it does not give and should not be treated as giving investment advice. It has

no regard to the specific investment objectives, financial situation or particular needs of any recipient.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability

of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment.

All opinions expressed in this material are subject to change without notice.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in

part without the prior written consent of Casino Group.