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May 2017 | 1

CARREFOUR

INVESTOR PRESENTATION

May 2017

Carrefour’s Multiformat & Omnichannel model

May 2017 | 3

CARREFOUR: THE REFERENCE IN FOOD RETAIL

Food represents 83% of the Group sales in 2016 (growth of over 4% in 2016)


Quality

accessible to all

Unique know-

how

in fresh produce

Pioneer

in organic food

and Quality Lines

Powerful

exclusive brands

Sourcing

expertise

May 2017 | 4

A BALANCED PORTFOLIO

Integrated countries Countries in partnership


May 2017 | 5

+1.0%

+2.3%

+3.9%

+3.0%

+3.0%

2012 2013 2014 2015 2016 2016

CONTINUED SALES GROWTH

ORGANIC SALES GROWTH EVOLUTION EX PETROL - 2012 TO 2016 – (in %)


May 2017 | 5

CAGR 2012 – 2016

+2.6%

May 2017 | 6

A MULTIFORMAT GROUP: “EVERYONE UNDER ONE ROOF”

First Hypermarket

Promodès Atacadão Acceleration in convenience Billa, Dia, Eroski

1999 2007 2012

to 2015 1963

Rue du Commerce

2016

May 2017 | 7

1%

Sales

E-commerce

The broadest assortment at any time, any place

on any device

EACH FORMAT HAS A SPECIFIC MISSION


51%

Sales

Hypermarkets

Everything under one roof at a competitive price

25%

Sales

Supermarkets

Choice close to home with a focus on fresh

10%

Sales

Convenience

Essential daily needs with extended shopping hours

13%

Sales

Cash & Carry

Wholesale prices for a no-frills experience

May 2017 | 8

MULTIFORMAT PROGRESSIVELY ROLLED OUT IN ALL OUR COUNTRIES

FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN

Hypermarket

Supermarket

Convenience

Cash & Carry

eService Other services: Travel, leisure, ticketing, car rental


May 2017 | 9

MULTIFORMAT: A PROVEN TRACK RECORD IN REVENUE UPLIFT

Multiple bases on the average annual spend of Carrefour loyaltycard holders (base 1x on hypermarkets)

A multi-format customer is more loyal to Carrefour

30% of customers are multi-format

Italy multiformat store network: 57 Hypermarkets 416 Supermarkets 588 Convenience 13 Cash & Carry

1.0x

1.8x

1.9x

2.5x

1.0x

1.7x

1.1x

Hypermarkets Supermarkets

Convenience INVESTOR PRESENTATION

MULTIFORMAT CLIENTS SPEND MORE

May 2017 | 10

CARREFOUR’S CENTER OF GRAVITY IS SHIFTING TOWARDS MULTIFORMAT

BREAKDOWN OF STORES UNDER BANNERS BY FORMAT

5,479 7,075

9,000

2,986

3,227

3,700

1,366

1,328

1 450

164

305

350

2012 2016 2019e

9,995 stores

11,935 stores

14,500 stores

Evolution 2012 vs. 2019e

+100%

+6%

+24%

+ 64%

Cash & Carry Hypermarkets Supermarkets Convenience

GROSS SALES BREAKDOWN – (%)

58% 51%

<50%

42% 49%

>50%

2012 2016 2019e

Hypermarkets Other formats

May 2017| 10


May 2017 | 11

E-COMMERCE, AN ADDITIONAL FORMAT AND A COMPLEMENTARY SERVICE

HYPERMARKETS SUPERMARKETS

CONVENIENCE

CASH & CARRY

E-COMMERCE


May 2017 | 12

RAPID ROLLOUT OF E-COMMERCE THROUGHOUT THE GROUP

FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN

FOOD

Home delivery

and/or Click & Collect

In progress 2017

NON-FOOD

Direct offer 2017 2017 () () ()

Marketplace In progress In progress In progress In progress Under study In progress

Under study


May 2017 | 13

2020 E-COMMERCE PROSPECTS

€4bn Target

x3 €1.2bn in 2016

2020 target

GROSS MERCHANDISE VOLUME


May 2017 | 14

STORE BASED OMNICHANNEL MODEL: UNIQUE OPPORTUNITY TO ENSURE E-COMMERCE SUSTAINABILITY


OPERATIONAL MODEL FOR ORDER MANAGEMENT

CONSUMER CHOICES FOR ORDER COLLECTION

E-Commerce

Store-picking across formats (hypermarkets, supermarkets, convenience)

Mixed model: store + dedicated picking space

Warehouse or dark store (with or without automation)

Home delivery

Click & collect in store

Pick-up points (lockers etc.)

CARREFOUR’S OMNICHANNEL TRANSFORMATION APPROACH

Each country adapts the framework to its market conditions on the basis of key pillars

Technology

Big Data IoT

API, agile

Digital marketing

Data, CRM, Hyper-

customization

Omnichannel Supply Chain

eCommerce

HR & cultural transformation

May 2017 | 16

BENEFITS OF OMNICHANNEL FOR CARREFOUR

“Own” the customer in our ecosystem

Increase in expenditure and frequency of

existing customers

(Re)Gain customers Rejuvenate

customer base

May 2017 | 17

OMNICHANNEL ALLOWS CARREFOUR TO BETTER MEET CUSTOMER NEEDS

Hypermarkets

Convenience & E-commerce

Supermarket/ Click & collect

Hypermarket/ Drive

Convenience (services) “CLIENT

FOR LIFE” LONG-TERM LOYALTY

THROUGHOUT CLIENT’S LIFE THANKS TO MULTIFORMAT


May 2017 | 18

CARREFOUR’S VAST ECOSYSTEM FAVORS CUSTOMER “OWNERSHIP”

Whenever you want 24 hours 7 days

Game & Sports Baby

Appliance Technology

Fresh food Gourmet

Wine cellar Organic

...

Whatever you want

However you want

Wherever you want


TV · Sound · Photo Textile

May 2017 | 19

OMNICHANNEL REINFORCES MULTIFORMAT

+20% +10%

Hyper-market

Hyper-market

+ Drive

Hyper-market

Hyper-market

+ Click & Collect

A CLIENT WHO ADOPTS DRIVE OR CLICK & COLLECT

SPENDS MORE


Source : 2016 study based on a panel in France and Spain

May 2017 | 20

OMNICHANNEL REJUVENATES CUSTOMER BASE

AVERAGE AGE OF CARREFOUR CUSTOMERS BY FORMAT (2011-2016)

Index 100 = average age of Carrefour Hypermarket customers in 2011

2011 2012 2013 2014 2015 2016

81,6

84,5

100,4

105,3

81,7

84,4

103,5

109,3

82,6

84,4

103,3

108,9

84,7

102,5

107,7

85,4

101,4

104,5

88,4

100,0

102,1

Carrefour online Non-Food

Carrefour online Grocery

Carrefour Hypermarket

Carrefour Market



May 2017 | 21

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.

May 2017 | 22

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

All the websites centralized through

the carrefour.fr portal INVESTOR PRESENTATION

HOME DELIVERY

CLICK AND COLLECT

May 2017 | 23

FOOD ONLINE IS NOT ‘ONE SIZE FITS ALL’


at

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

HOME DELIVERY

CLICK AND COLLECT

• A 1h-delivery service for additional last-minute shopping, • Launched in 2016 in Paris and its suburbs • New cities to come

• 578 Drives in France • ~15,000 SKUs • 4.5m orders per year • +25% rev. growth in 2016

• Launched in 1999 • Serves Paris, Lyon, Marseille, Nice • ~15,000 SKUs

A broad Food e-commerce offer

May 2017 | 24

OMNICHANNEL APPROACH TO LEVERAGE NON FOOD


WEB TO STORE:

Upload store assortment online

CLICK & COLLECT

CLICK & COLLECT 2 hours

STORE TO WEB:

In store tablets available to the salesforce

OBJECTIVE:

100% of the full offer available in any Carrefour store

Store

Web

750 marketplace merchants

3M SKUs

6,000 pick-up points and client touchpoints

400K additional Carrefour clients thanks to Click & Collect

A SINGLE NON FOOD MULTISPECIALIST

PLATFORM

May 2017 | 25

DEVELOPMENT OF OUR OFFER ON STRONG POTENTIAL CATEGORIES AND SERVICES

Wine €400-500m +250% 340,000 visits/month

530 SKUs

Organic >€1bn +50% 600,000 visits/month

20,000 SKUs

Pet food €600-800m +30% 150,000 visits/month

5,000 SKUs

Object customisation

>€1bn +200% 200,000 visits/month

300 SKUs

ONLINE FRENCH MARKET FORECAST (2020)

CARREFOUR SALES EVOLUTION (2016) OTHER KPIS



May 2017 | 26

DATA OPENS NEW

OPPORTUNITIES FOR CARREFOUR

Carrefour is well underway to

achieve new level of insights and

exploit data commercially and

operationally.

May 2017 | 27

DATA IS A 3-STAGE ROCKET


Gather relevant data

Leverage “small data”

Big Data and data science Leverage technology to grow revenue

Carrefour is already a data-centric

organization gathering relevant

customer and operational data

Small data” is in play to enrich customer value-proposition and

convey adequate messages.

May 2017 | 28

CARREFOUR IS A DATA-DEEP COMPANY


55 million households

13m daily transactions

1.3m daily visitors

8.2m downloads

CARREFOUR LOYALTY CARD PAYMENT WEBSITES MOBILE APPS

CARREFOUR CREDIT CARD

6.5 million holders

14.4m fans / followers

SOCIAL NETWORKS

May 2017 | 29

CUSTOMER DATA STRATEGY ENABLES REVENUE GROWTH


Anonymous data Known Client data

Media: owned

Email App CAC

Media: owned & 3rd party Display Search Web (logged) Web (no log) RRSS

Type of Data

Carrefour customers Loyalty cardholder

Carrefour customers Not cardholders

Not Carrefour customers

PASS cardholder

Type of Customer

Strategy Increase share of wallet

Enroll in loyalty program

Bring to Carrefour


May 2017 | 30

SUPPLY CHAIN:

LEVERAGE TRANSFORMATION

TO IMPROVE OPERATING EFFICIENCY

Our supply chain is evolving to

support multiformat deployment

and industrialize omnichannel

processes.

May 2017 | 31

OUR SUPPLY CHAIN IS EVOLVING TO SUPPORT CARREFOUR’S TRANSFORMATION

Support multiformat deployment

Industrialize omnichannel

processes

Leverage transformation to improve operating efficiency

2 MAIN STRATEGIC GOALS TO SUPPORT GROUP’S TRANSFORMATION


May 2017 | 32

FRANCE: A MORE EFFICIENT MULTIFORMAT SUPPLY CHAIN THANKS TO CARAVELLE


Reinforced network of multiformat

warehouses

Number of delivered stores

Reduced number of warehouses in France

13 34 x3

Number of Km -20%

Number of SKUs +15%

Cost of package -5%

Product availability +2%

2018 CARAVELLE TARGETS* 67 55 -18%

in 2012 in 2018

4,000 6,000 +50%

*2018 target vs 2012

May 2017 | 33

FRANCE: CARAVELLE ENHANCES OPERATING EFFICIENCY

30% 10% 25% 10% 25%

2013 / 2014 2015 2016 2017 2018

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


May 2017 | 34

CHINA: INTEGRATION OF SUPPLY CHAIN SUPPORTING MULTIFORMAT ROLL-OUT (2/2)

INTEGRATION AND OPTIMIZATION OF LOGISTICS

30 stores

SHENYANG DC

July 2016

60 stores

KUNSHAN DC

July 2014

31 stores

GUANGZHOU DC

May 2016

40 stores

BEIJING/TIANJIN DC

December 2015

42 stores

CHENGDU DC

May 2015

35 stores

WUHAN DC

October 2015

% of goods supplied by our

distribution centers:

2017 target: 80%

Increase in assortment:

in small- and mid-sized cities

starting in 2016

Development of convenience and

E-commerce formats

+20%


May 2017 | 34

May 2017 | 35

CARREFOUR TESTS AND OPERATES MULTIPLE FULFILLMENT MODELS ACROSS MARKETS


…

Future models?

TBD

In-store picking

Starting point – all Carrefour countries

In-store picking geographically concentrated

Carrefour Spain

Dark store: dedicated

warehouse, manual picking

Carrefour France (Ooshop)

Partly-automated warehouse (conveyers)

Carrefour France (PPC)

EFFICIENCY

# OF DAILY ORDERS

Partly automated warehouse to prepare individual

Drive orders

Leverage store warehouses to prepare individual orders

Gradually rolled out in other markets

Mixed model: dedicated storage space adjacent to

the store

Carrefour Spain & Taiwan

Financials

May 2017 | 37

2016 KEY FIGURES


(1) At constant exchange rates

(2) EBITDA: Recurring operating income before depreciation and amortization (including supply chain depreciation)

€76,645m

up

+2.7%(1)

€2,351m

a margin of

3.1%

€1,039m

up

+9.2%

€4,531m

an improvement of

€15m

NET SALES

RECURRING

OPERATING

INCOME FREE CASH FLOW EX. EXCEPTIONAL ITEMS NET DEBT EBITDA MARGIN(2)

5.1%

a

Stable margin

€1,031m

or

1.39 €/per share

ADJUSTED

NET INCOME, GROUP SHARE

May 2017 | 38

ORGANIC GROWTH OF 3.0% IN 2016


2016 SALES EVOLUTION – (in €m and %)

€76.9 bn

+3.0% 0.0%

-0.5%

+0.2%

-3.1%

-0.4%

+3.0%

€79.2 bn

+2.7%

€79.0 bn €76.6

bn

2015 net sales

2016 organic net sales ex petrol

ex calendar

2016 net sales at constant exch. rates

2016 net sales

Scope effect1 Petrol & calendar effect

Acquisitions/ disposals

Currencies impact

LFL ex petrol

ex calendar

(1) Scope effect includes store openings/closings and temporary store closures

May 2017 | 39

GROSS MARGIN FROM RECURRING OPERATIONS HELD UP WELL


+3.5%

at constant exch. rates

GROSS MARGIN FROM RECURRING

OPERATIONS

(in €m) 18,019

17,985

2015

2016 2016

+10bp

GROSS MARGIN FROM RECURRING

OPERATIONS

(as a % of net sales) 23.4%

23.5%

2015

2016 2016

May 2017 | 40

GOOD CONTROL OF OPERATING COSTS


+4.9%


OPERATING COSTS

(in €m) 13,070

13,125

2015

2016 2016

+10bp

OPERATING COSTS

(as a % of net sales, ex. petrol) 18.6%

18.7%

2015

2016 2016

May 2017 | 41

STABLE ASSET COSTS AS A PERCENTAGE OF SALES


+2.8%


ASSET COSTS

(in €m) 2,505

2,509

2015

2016 2016

Stable ASSET COSTS

(as a % of net sales, ex. petrol) 3.6%

3.6%

2015

2016 2016

May 2017 | 42

2016 NET SALES AND RECURRING OPERATING INCOME BY REGION


(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%

NET SALES RECURRING OPERATING INCOME

May 2017 | 43

ADJUSTED NET INCOME, GROUP SHARE


(in €m) 2015

2016

EBITDA (1) 3,955 3,886

Recurring operating income 2,445 2,351

Net income from associates and JVs 44 -36

Non-recurring income -257 -372

EBIT 2,232 1,943

Net financial expenses -515 -515

Net interest expense -347 -377

Other net financial expenses -168 -138

Income before taxes 1,717 1,428

Income tax expense -597 -494

Effective tax rate 34.8% 34.6%

(in €m) 2015

2016

Net income from continuing operations 1,120 934

Minority share of net income from continuing operations

-143 -148

Net income from continuing operations, Group share

977 786

Net income from discontinued operations, Group share

4 -40

Net income, Group share 980 746

Adjusted net income, Group share 1,113 1,031

Notes : (1) Recurring operating income before depreciation and amortization (including supply chain depreciation)

May 2017 | 44

2016 FREE CASH FLOW


(in €m) 2015

2016

Gross cash flow 2,733 2,964

Change in working capital 81 351

Discontinued activities 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

May 2017 | 45

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 =

Expansion capex per sqm ++ + + +++ (1) n.a

2014/2016 Trend n.a

THE LOWER CAPITAL INTENSITY OF GROWTH WILL HELP RETURN ON CAPITAL

HYPERMARKETS SUPERMARKETS CONVENIENCE CASH & CARRY E-COMMERCE

High volumes, benefitting all formats

Strong cash flow, financing multiformat expansion


(1) Includes real estate

May 2017 | 46

2016 CAPEX BREAKDOWN

29%

32%

21%

18%

41%

6% 25%

21%

7%

2016 CAPEX

€2,492m (ex Cargo)

Remodelling Maintenance

Expansion IT & omnichannel

France Europe

Latin America

Asia

DIA


BREAKDOWN OF CAPEX BY NATURE

BREAKDOWN OF CAPEX BY REGION

May 2017 | 47

CAPEX EVOLUTION REFLECTS CARREFOUR’S MULTIFORMAT TRANSFORMATION

HISTORICAL CAPEX SPLIT BY FORMAT

• Expansion in smaller formats

• E-commerce roll out

• Hypermarket remodeling phase largely behind us

• Store maintenance key traffic driver

Remodeling

Maintenance

Expansion

IT & Omnichannel

MEDIUM-TERM TRENDS IN CAPEX (GROUP LEVEL)

May 2017| 47

52%

36% <40%

48%

64% >60%

2012 2016 2019e

Hypermarkets Other formats


2017 CAPEX

€2.4bn

NORMATIVE CAPEX

€2.3bn – €2.5bn

May 2017 | 48

SLIGHT DROP IN NET DEBT


(in €m) 2015

2016

Opening net debt (December 31) -4,954 -4 546

Free cash flow 687 603

Acquisitions -85 -190

Disposals 109 45

Others -28 -25

Discontinued operations 0 16

Cash flow after acquisitions and disposals 682 449

Dividends paid by parent company -390 -121

Dividends paid to non-controlling interests -98 -86

Capital increase 14 255

Cost of net financial debt -347 -377

Disposal of treasury shares 384 30

Acquisitions/disposals of investments without change in control 208 -40

Other changes in net borrowings -44 -95

Closing net debt (December 31) -4,546 -4,531

May 2017 | 49

CREDIT RATING AND DEBT MATURITY MAINTAINED

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


1,250

279

1,000 1,000 1,000 1,000

750 750

2.44%

5.25%

1.75% 4.00% 3.88%

1.75% 0.75% 1.25%

2017 2018 2019 2020 2021 2022 2024 2025

Average annual coupon

DEBT REDEMPTION SCHEDULE – (in %)

2016 issuance

Credit rating maintainted: BBB+

May 207 | 49

May 2017 | 50

STABLE 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

May 2017 | 51

VALUE-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


May 2017 | 52

FINANCIAL OUTLOOK – 2017 & MEDIUM-TERM

Payout of between 45% and 50% of adjusted net income,

Group share

Capex decrease in 2017 to €2.4bn, and normative capex between €2.3bn and €2.5bn

Planned IPOs of Carmila and Brazilian operations in 2017,

market conditions permitting

Continued tactical acquisitions

Total sales growth of 3% to 5% at constant exchange rates in

2017

Continued increase in Free Cash Flow, with a new increase in 2017


Appendix

May 2017 | 54

VARIATION 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 ex calendar

Organic growth 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 4,518 +30.9% +8.8% +5.0% +7.8% +11.7% Brazil 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 | 55

Q1 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 l

May 2017 | 56

HYPERMARKETS 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

May 2017| 56


100,000 SKUs

7,345 Average Sqm 1,328 stores

51€ Average basket (France)

May 2017 | 57

SUPERMARKETS 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

May 2017| 57


20,000 Average SKUs

1,319 Average Sqm

28€ Average basket (Belgium)

3,227 stores

May 2017 | 58

CONVENIENCE ESSENTIAL DAILY NEEDS WITH EXTENDED SHOPPING HOURS

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

May 2017| 58


6,500 Average SKUs

255 Average Sqm

12€ Average basket (Italy)

7,075 stores

May 2017 | 59

CASH & CARRY WHOLESALE PRICES FOR A NO-FRILLS EXPERIENCE

8,000 Average SKUs

4,121 Average Sqm

59€ Average basket (Atacadão)

CASH & CARRY

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

May 2017| 59

INVESTOR PRESENTATION 305 stores

May 2017 | 60

2016 GROSS SALES


Gross sales (in €m)

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 countries

22,439 +1.4% +1.9% +2.3% +1.6% +2.0% +1.8%

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%

May 2017 | 61

STORES UNDER BANNERS1 AT END 2016


Notes : (1) including franchisees and partners; (2) Maghreb, Middle East and Dominican Republic

(#) 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 2 93

Asia 374 38 27 2 441

Others (2) 90 182 46 13 331

Total 1,462 3,227 7,075 171 11,935

CONTACTS

Mathilde RODIE [email protected]

+33 1 41 04 28 06 +33 6 32 13 70 17

Louis IGONET [email protected]

Tel: +33 1 41 04 27 63 Mob: +33 6 72 24 91 26

IR DIRECTORS HEAD OF INVESTOR RELATIONS

Anne-Sophie LANAUTE [email protected]

Tel: +33 1 41 04 41 22 Mob: +33 6 48 78 39 07

carrefour · carrefour: the reference in food retail food represents 83 ... france spain italy...

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