Press - 2016

Group consolidated net sales of €46.1bn, up +1.6% at constant exchange rates

• In France:
  • Marked recovery in activity in H2 2015, and continuous market share gains at Géant Casino and Leader Price
• Internationally:
  • Good performances of Éxito in Colombia, Uruguay and Argentina
  • In Brazil, good resilience of GPA food in Brazil and growth of the share of buoyant formats in the mix
• E-commerce: Continuous growth of Cnova’s gross merchandise volume (GMV) (+16.4% at constant exchange rates in 2015) thanks to the development of the marketplaces

Group Trading Profit of €1,446m, down compared with 2014

• In France, significant recovery in trading profit in H2: €390m (+34.1% compared with H2 2014)
• International operations: satisfactory margins in Latin America despite the decline and stable in Asia
• E-commerce: good operating performance at Cdiscount and negative result in Brazil

Underlying net profit Group share of €412m

Marked reduction in Casino’s financial net debt in France* financial net debt at €6.1bn

Announcement of a deleveraging plan amounting to around €4bn with a significant initial stage of which has been implemented in the first quarter of 2016. Disposal proceeds will be dedicated to continuing the reduction in Casino net debt in France*

Dividend proposed at the Annual General Meeting unchanged at €3.12

Casino announces the signing of a contract to sell and procure to sell its stake in Big C Supercenter PCL, listed in Thailand (“Big C”), for € 3.1 billion (excluding debt) to the TCC Group, one of the leading conglomerates in Thailand, with operations in the retail, commercial and industrial business, food and beverage, finance and insurance, property and real estate, agricultural and agro industrial sectors.

Big C is a leader in food retail and commercial real estate in Thailand, operating a large network of more than 700 stores, including 125 hypermarkets, with a turnover of € 3.4 billion in 2015.

The transaction values Big C at THB 252.88 per share, a 28% premium to the share price on 14 January 2016¹. It implies a 2015 sales multiple of c.1.7x and a last twelve month EBITDA multiple as of end September 2015 of c.16x.

The disposal will allow Casino Group to reduce its debt by € 3.3 bn².

The transaction is not subject to any condition precedent and is expected to be completed by 31 March 2016.

2 Including Big C net financial debt

Appendix

The key terms of the definitive agreement announced today are the following:

• The purchase price will be paid by the TCC Group in Euros at the exchange rate of 39.77 THB for one Euro.

• The price per Big C share is cum dividend and will be reduced by the amount of any dividends received or to be received by Casino Group before closing.

• In case the price of the mandatory tender offer that the TCC Group is required to launch following this transaction is higher, a corresponding price complement will be paid to Casino Group.

• The transaction is not subject to any condition precedent.

• The definitive agreement provides a closing date by 31 March 2016 at the latest.

• Without prejudice to its obligation to purchase, TCC Group agreed to pay a USD600 million fee if the transaction is not closed on 31 March 2016

CP – VA disposal Big C TH – 7 02 2016

Good morning, Ladies & Gentlemen

In the context of the Credit Watch announced by S&P last Friday, we have received a number of questions from investors and we would like to take the opportunity of this call to answer them in a transparent and efficient way.

This communication will answer 11 meaningful questions that we have received.
There will be no Q&A session afterwards.

The first question reads as follows:

1) What is a Credit Watch Negative?

• A Credit Watch is a formal rating review process, which aims to be concluded within 90 days
• During this process, Casino will actively engage with S&P, as we have always done, to discuss in full transparency the Group’s strategy, its confidence on its business prospects and its deleveraging plan
• At the end of the Credit Watch period, our credit rating could be either maintained or lowered
• At this stage, Casino’s S&P credit rating is unchanged at BBB

The second question reads as follows:

2) What has triggered the Credit Watch in your view?

• In our view, the Credit Watch has been triggered by the following recent developments that may have an impact on Casino’s credit profile
  • S&P’s Credit Watch review occurred after the publication of our Q4 2015 sales, in a context of rising concerns over the macroeconomic situation in emerging markets and the recession in Brazil
  • Casino also announced last week the launch of the sale process for its operations in Thailand after having received strong indications of interest
• Independently from short-term market volatility, S&P’s credit rating generally relies on the review of a company’s Business Risk and Financial Risk profile, factoring long-term strategic drivers and financial trends

The third question reads as follows:

3) Do you share S&P’s concerns on Brazil?

• As a reminder, S&P downgraded Brazil’s sovereign credit rating to sub-Investment Grade on 9 September 2015
• As we pointed out during our recent Q4 2015 sales update, our Brazilian operations continue to deliver a good performance in food retail, with market share gains in cash & carry, supermarkets and convenience stores; we are confident in GPA’s ability to deliver a good performance in 2016
• Regarding non-food activities, our sales have declined in the context of soft discretionary spending by Brazilian households. Nevertheless, we succeeded in limiting the decline in sales of Via Varejo in Q4 2015 compared to previous quarters, thanks to targeted action plans aimed at finding a better price positioning, particularly through more effective promotions
• As in 2015, our priority for 2016 is to maintain a positive operating FCF for all our Brazilian activities

Read the full press release

A replay service is available two hours after the call by dialing: +33 1 72 00 15 00 followed by the PIN code : 298677#

In the context of challenging macroeconomic conditions in emerging markets and Brazil’s current recession, Standard & Poor’s wishes to update its assessment of Casino’s credit. As a result, the agency has placed the Group’s BBB- credit rating under CreditWatch Negative on 15 January 2016. Standard & Poor’s will soon conduct, in collaboration with Casino’s management, a review of the Group’s credit rating.

Standard & Poor’s and FitchRatings had previously confirmed Casino’s BBB-/Stable Outlook rating in mid-December 2015.

Furthermore, Casino launched in late 2015 a disposal plan, initially of 2 billion euros, which was increased to approximately 4 billion euros with the planned sale of its Big C subsidiary listed in Thailand, following indications of interest from potential buyers.

The Group is committed to its “Investment Grade” status. The expected improvement in its operating performance in France in 2016 and the scale of the initiated divestment program are important elements that will strengthen its financial structure.

Independently of the execution of its disposal plan, Casino enjoys a strong liquidity position enabling it to meet all its debt repayments in coming years

CP – VA – 18 01 2016 – S&P

A replay service is available two hours after the call by dialing: +33 1 72 00 15 00 followed by the PIN code : 298677#

In the context of the ongoing process for the sale of its operations in Vietnam, Casino Group has received expressions of interest for its publicly listed subsidiary Big C in Thailand. The Group is taking steps towards the sale of this asset, which will be implemented in the best interest of the company and its shareholders.

In France, sales growth of +2.7% on an organic basis and +1.4% on a same-store basis, and an increase in customers of +1.9%

– Géant: significant growth of +3.0%(1) (same-store and organic) and continued gain in market share of +0.1 pt

– Leader Price: increase in growth of +7.5% on an organic basis and +3.0% on a same-store basis and gain of +0.1 pt in market share

– Monoprix: organic growth remained at a satisfactory level of +2.8%

– Convenience: affirmation of good performance with same-store sales up +6.1%

Internationally,

– In Latin America:

• Sustained growth in food sales of +5.7% on an organic basis; GPA Food business in organic
• Via Varejo had a more moderate decrease in sales than in previous quarters

– In Asia, gradual improvement in sales during the quarter and continued dynamic expansion

E-commerce: GMV increase of +2.1% at constant exchange rates

Over the full year 2015, the Group’s annual sales totalled €46.1 billion, in organic growth of +0.3%. In France, the Group’s recovery resulted in a sales’ increase and market launch of new concepts, offers and innovative services. growth of +5.3%, and good performance in the other Latin American countries.

A replay service will be available two hours after the call by dialing: +33 1 72 00 15 00 – Pin code: 29 84 09#