PIERRE JEAN SIVIGNON FINANCIAL. Deputy Chief Executive Officer, Chief Financial Officer RESULTS

PIERRE JEAN SIVIGNON

Deputy Chief Executive Officer,

Chief Financial Officer

RESULTS

FURTHER PROFIT GROWTH IN 2015

3

(1) The 2015 consolidated financial statements, approved by the Board of Directors on March 9th_{, 2016 have been audited by the statutory auditors} (2) Recurring operating income before depreciation and amortization (including supply chain depreciation)

(in €m)

2014

2015

(1) Variation at constant exch. rates Variation at current exch. rates Net sales 74,706 76,945 +4.1% +3.0%

Net sales excluding petrol 67,237 70,244 +5.5% +4.5%

Gross margin 17,049 18,019 +6.4% +5.7%

EBITDA (2) _{3,803 3,955 +6.7% +4.0%}

EBITDA margin 5.0% 5.1%

Recurring Operating Income (ROI) 2,387 2,445 +7.0% +2.4%

ROI margin 3.2% 3.2%

ROI (including associates and joint ventures) 2,423 2,489 +7.2% +2.7%

ROI margin (including associates and joint ventures) 3,2% 3.2%

Adjusted net income, Group share 1,040 1,113 +7.1%

Free cash flow from continuing operations, excluding exceptional items 664 951 +€287m

c

2012 2013 2015 2015 +1.0% +2.3% +3.9% +3.0%

FOURTH CONSECUTIVE YEAR OF GROWTH FOR

CARREFOUR

5

Organic ex. petrol sales growth from 2012 to 2015 (in %)

2013

2012 2014 2015

+2.5

%

+10.6

%

GROSS MARGIN HOLDS UP WELL

c

Further improvement

in gross margin as a result of action plans and growth in sales volumes, particularly in Latin America

Marge commerciale en M€ 17,049 18,019 22.8% 23.4%

+60

bp

+6.4

%

at constant exch. rates

Gross margin (in €m)

GOOD CONTROL OF OPERATING COSTS

7 Operating costs (in €m) Coûts d'exploitation en M€

+6.1

%

at constant exch. rates

12,373 13,070

+20

bp

18.4% 18.6%

Operating costs

under control

in France

and stable

in other European countries

Wage and energy inflation in Latin America and Asia

2015

2014

EVOLUTION OF ASSET COSTS

Asset costs (in €m) Coûts d'actifs en M€ 2,289 2,505 3.4% 3.6%

+7.4

%

at constant exch. rates

+20

bp _{Continuing maintenance and renovation}

program

1.19 €bn 2.6% 3.4% 3.6% -1.6% +1.0% +1.2%

FRANCE:

SOLID PERFORMANCE

9 Net sales Organic growth (1) ROI

Operating margin Further

organic sales growth

Gross margin

holds up well

Proforma operating margin

up 10bp

(1) Organic ex. Petrol, ex. calendar

(2) Proforma excluding the integration of DIA, the increase in the tax on retail sales areas and the transfer to Carmila of rental income from shopping malls

567 €m 2.5% 2.0% 2.2% -2.5% -2.8% -0.3%

OTHER EUROPEAN COUNTRIES:

FURTHER INCREASE IN PROFITABILITY

Net sales Organic growth (1) ROI Operating margin +1.2% 2.9% 19.7 €bn

ROI up 33.4%

,

70bp improvement in operating margin

Improved

sales trend in H2

Increased

profitability in all

countries

LATIN AMERICA:

ANOTHER YEAR OF STRONG GROWTH

11

Net sales Organic growth (1)

ROI Operating margin

(1) Organic ex. Petrol, ex. calendar +12.5% +12.3% +18.1% 705 €m 4.3% 4.5% 4.7%

Strong sales growth

in Latin America despite

a more difficult environment

Gross margin

Improvement

+23.5% increase in ROI

(at constant exch. rates), marking the

5

th

_{consecutive year of growth}

ASIA: REPOSITIONING OF THE OPERATING MODEL

IN CHINA, GROWTH IN TAIWAN

Net sales Organic growth (1)

A WELL-BALANCED FOOTPRINT WITH SEVERAL

GROWTH ENGINES

13 Breakdown of 2015 net sales Breakdown of 2015 ROI

26

%

8

%

19

%

47

%

23

%

1

%

29

%

47

% Latin America Asia

Europe ex. France France

Solidity

in France

Recovery

in Europe

Growth

in Latin America

Repositioning

of the operating model in China and return to growth

DROP IN NET INTEREST EXPENSES

(in €m)

2014

2015

Recurring operating income 2,387 2,445

Net income from associates and joint ventures 37 44

ROI including associates and joint ventures 2,423 2,489

Non-recurring income 264 -16

EBIT 2,572 2,232

Net financial expenses -563 -515

Net interest expense -399 -347

Other net financial expenses -164 -168

149 -257

-399 -347

2014: Mainly due to capital gains linked to the asset contribution for the creation of Carmila

2015: Mainly due to restructuring costs in several countries (notably in China and France)

Drop in net interest expenses, reflecting refinancing redemptions at lower

GROWTH IN ADJUSTED NET INCOME, GROUP SHARE

15

(in €m)

2014

2015

Income before taxes 2,010 1,717

Income tax -709 -597

Effective tax rate 35.3% 34.8%

Net income from continuing operations 1,300 1,120

Minority share of net income from continuing operations -118 -143 Net income from continuing operations, Group share 1,182 977

Net income from discontinued operations, Group share 67 4

Net income, Group share 1,249 980

Adjusted net income, Group share 1,040 1,040 1 113 1,113 Mainly adjusted for

non-recurring income

CONSISTENCY IN INVESTMENT POLICY:

€2.4bn IN 2015

Europe ex. France France Breakdown of 2015 investments by region Breakdown of 2015 investments by nature

26

%

37

%

15

%

22

%

24

%

9

%

22

%

45

% Remodelling Expansion

Continued program to bring stores

up to standards

Multi-format expansion,

as illustrated by Atacadao

Investments in IT simplification and

omni-channel roll-out

STABILIZATION OF INVESTMENTS,

IN LINE WITH THE SECTOR

17

Source : Annual reports and Bloomberg for 2015 estimates Sector : Auchan, Ahold, Casino, Tesco, Walmart

FREE CASH FLOW OF CLOSE TO €1BN IN 2015

(in €m)

2014

2015

Gross cash flow (excluding discontinued operations) 2,504 2,733

Change in working capital 19 81

Capital expenditures -2,411 -2,378

Change in net payables to fixed asset suppliers -17 136

Asset disposals (business related) 124 104

Impact of discontinued operations 88 10

Free cash flow 306 687

Impact of exceptional items -358 -265

SHARPLY IMPROVED

FREE CASH FLOW IN 2015

19

Change in free cash flow (continuing operations, excluding exceptional items) (in €m)

Free cash flow from continuing operations, excluding exceptional items 2014 Change of ∆WC 664 €m 229 €m 62 €m Change of ∆WC of payables to fixed asset suppliers 153 €m -93 €m Impact of exceptional items -64 €m

Free cash flow from continuing operations, excluding

exceptional items 2015

Change Gross cash flow

Others(1)

951

€m

(1) Of which change in capital expenditures, change in business related asset disposals and change in discontinued operations

DROP IN NET DEBT IN 2015

Net debt (in €m) Opening net debt Dividends paid to non-controlling interests Disposals of investments without change in control Exceptional items and other elements Dividends paid by parent company Cost of net financial debt

Free cash flow Disposal of

IMPROVED CREDIT RATING

AND EXTENDED DEBT MATURITY

21

Debt redemption schedule (in €m)

Average annual coupon 2015 issuance

On February 3rd _2015,

issuance of a

€750m bond

with a maturity of 10.3 years and a

1.25

% coupon

On June 12th _2015,

€644m of bonds

reached maturity

At end 2015, the average bond maturity increased by 0.1 year to 4.4 years

INCREASE IN PROPOSED DIVIDEND:

€0.70 PER SHARE

Dividend of €0.70

proposed to the General Shareholder’s Meeting on May 17th_{, 2016}

Payout of 45% of adjusted net income, Group share, in

line with our distribution policy

CONTINUED GROWTH MOMENTUM IN 2015

Strong sales growth

Sales up 3.0% on an organic basis

Growth on an already strong base in 2014

Strong improvement in free cash flow

2016 Outlook

Total investments between €2.5bn et €2.6bn Constant focus on free cash flow generation

Solid profit growth

+7.0% growth in Recurring Operating Income at constant exch. rates and +11.5% proforma

2015 INCOME STATEMENT

(in €m)

2014

2015

Variation at current exch. rates

Net sales 74,706 76,945 +3.0%

Net sales, net of loyalty 74,097 76,393 +3.1%

Other revenues 2,221 2,464 +10.9%

Total revenues 76,318 78,857 +3.3%

Cost of goods sold -59,270 -60,838

Gross margin 17,049 18,019 +5.7%

SG&A -13,281 -14,105

Recurring Operating Income before D&A (EBITDA) (1) _{3,803 3,955 +4.0%}

Depreciation & Amortization -1,381 -1 470

Recurring Operating Income (ROI) 2,387 2,445 +2.4%

Recurring Operating income(ROI) including associates and joint ventures 2,423 2,489

Non-recurring expenses 149 -257

EBIT 2,572 2,232

Net financial expenses -563 -515

Income tax -709 -597

Minority share of net income from continuing operations -118 -143

Net Income from continuing operations, Group share 1,182 977

Net Income from discontinued operations, Group share 67 4

RECURRING OPERATING INCOME

27

(1) Adjusted for the integration of DIA, the increase in the tax on retail sales areas and the transfer to Carmila of rental income from shopping malls

€m

2014

Restated

2015

Variation at current exch. rates

Variation

proforma1

France 1,271 1,191 -6.4% +1.8%

Other European countries 425 567 +33.4% +34.2%

Europe 1,697 1,758 +3.6% +9.9%

Latin America 660 705 +6.9% +23.5%

Asia 97 13 -87.0% -87.6%

Emerging countries 757 718 -5.2% +9.2%

Global functions -67 -31

ADJUSTED NET INCOME, GROUP SHARE

€m

2014

2015

Variation

Net Income from continuing operations, Group share 1,182 977 -17.4%

Restatement for non recurring income and expenses (before tax) -149 257

Restatement for exceptional items in net financial expenses 3 65

Tax impact (1) _{-10 -159}

Restatement on share of income from minorities and companies

consolidated by the equity method 14 -27

EARNINGS PER SHARE

29

(1) There was no dilutive impact in 2014 or 2015

€ per share

2014

2015

Net income from continuing operations 1.67 1.35

Net income from discontinued operations 0.09 0.00

Net Income, Group share 1.77 1.36

Adjusted Net Income, Group share 1.47 1.54

STORES UNDER BANNERS

(INCL. FRANCHISEES AND PARTNERS)

AT END 2015

Hypermarkets Supermarkets Convenience Cash & Carry TOTAL

DISCLAIMER