Casino Guichard Perrachon : Good results in H1 2017 Profitability objectives revised up

• Group trading profit :

  o €466m vs €281m in H1 2016

  o €336m vs €211m in H1 2016 excluding tax credit in Brazil

• In France, trading profit of €121m vs €85m in H1 2016, of which €83m for food retail activities

  compared with €36m in H1 2016

• Cash flow from continuing operations of €582m vs €390m in H1 2016

• CAPEX from continuing operations of €452m vs €506 m in H1 2016

• FY objectives revised up: growth in consolidated trading profit of at least 20%, at 30 June 2017 exchange rates

Following the end-2016 decision to sell Via Varejo (including Cnova Brazil) and in accordance with IFR "Non-current Assets Held for Sale and Discontinued Operations", the income statement for the six months ended 30 June 2016 has been restated to present Via Varejo's net after-tax profit on a separate line ("Net profit from discontinued operations").

NB: Organic and same-store changes exclude fuel and calendar effects

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In H1 2017, consolidated net sales rose +3.1% on an organic basis to €18.6bn.

In France, growth stood at +0.1% on an organic basis and +0.9% on a same-store basis, with a good performance in food retail, up +1.9% in the first half. The qualitative and urban banners delivered very good performances. Monoprix, Casino Supermarkets and Franprix saw the pace of same-store sales accelerate over the period. Same-store sales at franchises in the convenience segment rose sharply. The Leader Price and Géant banners continued to see a progressive improvement in their same-store growth.

In E-commerce (Cdiscount), gross merchandise volume (GMV) advanced by +10.5% on a same-store basis(1) in H1 2017, supported by the marketplace's good performance (share of 33.4% of GMV in H1 2017).

Consolidated trading profit totalled €466m in H1 2017 versus €281m in H1 2016, reflecting the success of the various banners in France and the recovery in Brazil.

In France, trading profit amounted to €121m, up +42.9% compared with H1 2016 (€85m). Margin widened by +39bps. Property development trading profit declined over the period whereas retail trading profit (excluding property development) grew significantly to stand at €83m (versus €36m in H1 2016). This rapid growth reflected a strong operating performance at Monoprix and Franprix and improved results at Casino Supermarkets, Géant and Leader Price.

The E-commerce segment trading profit was negative at -€19m in H1 2017, reflecting the investments carried out under the strategic plan (larger assortment, improved multi-channel strategy and technological upgrade of website).

The trading profit of food retail operations in Latin America amounted to €364m, including the tax credits booked by GPA(2). Adjusted for these items, trading profit was up +71.7% at current exchange rate and +47.8% at constant exchange rate, thanks to the sharp improvement in margins at Multivarejo and Assaí in Brazil.

€188m).

(1) Same-store data have been adjusted for i) the sale or closure in 2016 of specialised sites Comptoir des Parfums, Comptoir Santé and MonCornerDéco,

ii) the planned reduction of B2B sales initiated in Q3 2016, iii) the restatement of sales for the TV category, where growth was held back by the combined effect in 2016 of the switch to all-HD TV and the Euro 2016 football championship in France (impact of 1.7 pts and 2.3 pts on GMV and sales, respectively), iv) the restatement of the calendar impact related to the summer 2017 sales, which started one week later than in 2016 (impact of 1.0 pts and 0.9 pts on growth in GMV and sales, respectively), v) from the perspective of Cnova, sales generated by Cdiscount with the Casino Group's hypermarket and supermarket customers in France, following the multi-channel agreement in effect in June 2017, and vi) the impact of the 2016 leap year.

(2) Including tax credits of €70m in H1 2016 relating to the cumulative PIS and COFINS (VAT) taxes and of €130m in H1 2017 relating to the ICMS-ST ("tax substitution") tax.

(3) Definition on page 6

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€4,027m at 30 June 2016. This evolution was mainly related to one-off financial operations (tender offer on Cnova free-float and partial unwinding of a Total Return Swap).

At 30 June 2017, Casino in France(1) had €5.9bn in liquidity, with a gross cash position of €2.3bn and

The cash-flow from continuing operations increased to €582m versus €390m in H12016.

Casino has been rated BB+ (stable outlook) by Standard & Poor's since 21 March 2016 and BB+ (stable outlook) by Fitch Ratings since 24 April 2017.

In light of its H1 2017 good results, the Group revises its guidance for the growth in consolidated trading profit up to at least 20%, based on 30 June 2017 closing exchange rates.

In France, Casino Group now aims to achieve above 15% growth in food retail trading profit and forecasts a contribution from its property development activities of around €60m.

The presentation of the 2017 half-year results is available on the Casino Group corporate website (www.groupe-casino.fr).

The definitions of the non-GAAP indicators is also be available on the website.

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(1) Scope: The Casino Guichard Perrachon parent company, French businesses and wholly-owned holding companies

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Net sales

In €m

H1 2016 H1 2017

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