Press

2013 annual net sales of €48.6bn, up +15.9%

• Up +5.7% on an organic basis*
• Strong international growth (up +11.9%*), particularly in Brazil
• Total sales in France up +5.7% with the integration of Monoprix and the recovery of Géant

Fourth-quarter net sales: acceleration in organic growth, +8.5%*

• Internationally, excellent performance, up (+14%*) relative to previous quarters, driven by Brazil
• In France, continued sequential improvement in sales (-1.4%* in Q4 vs. -3.6% in Q3) with traffic and volumes now positive both at the Géant hypermarkets and in the Casino Supermarkets.

After sustained organic growth and expansion throughout 2013, Group net sales are now approaching €49 billion.

In the fourth quarter of 2013, the Group’s consolidated net sales were up compared to the fourth quarter of 2012, standing at €13.1 billion. Changes in scope, particularly the full consolidation of Monoprix, had an impact of +3.9%. Foreign exchange rates had an impact of -9.2%. Average calendar effect was -0.7% in France and -1.3% internationally. On an organic basis, excluding petrol and calendar effect, sales grew +8.5% (compared to +6.5% in Q3).

* Excluding petrol and calendar effect. Organic growth is growth at constant scope of consolidation and exchange rates.

Q4 2013 Sales

In France, the quarter’s activity was characterised by an improvement in customer traffic and higher volumes sold at both Géant and in the Casino supermarkets and by Monoprix’s robustness

In France, organic growth excluding petrol and calendar effect improved compared to previous quarters at -1.4% (-3.6% in Q3 2013).
Total sales were €5,249 million, growing by +10.3% owing to the takeover of Monoprix and the expansion of convenience formats.

• Géant and Casino Supermarkets sales continued sequential improvement relative to Q3. As the banners are enjoying excellent price indices, traffic and volumes are positive at Géant and in Casino supermarkets for the second quarter in a row.
• Food sales* were positive over the quarter at Géant, with volumes excluding calendar effect posting a sharp growth of +8.1%.
• The performances of the Monoprix and Franprix convenience-store banners were in line with previous quarters.
• Leader Price total sales rose +1.8%. They were down on a same-store sales basis due to price cuts that began during the period and the reduction in the promotional activity.
• Cdiscount growth of +10,2% showed improvement over Q3. Total business volume (including the marketplace) rose +15.8% thanks to the development of the market place. Finally, volumes (number of items sold) including the marketplace were up +19.6%.

Internationally, strong organic growth (+14% excluding petrol and calendar effect), accelerating compared to Q3 (+12.5%), driven by the activity in Brazil.

International subsidiaries posted another quarter of strong organic growth at +14% excluding petrol and calendar effect. Organic growth was particularly strong in Brazil under the combined effects of excellent same-store sales, in particular very good “Black Friday” performance, and rapid expansion. In euros, international sales fell to €7,853 million, down-3% due to unfavourable foreign-exchange effects.

• Latin America posted robust organic growth of +15.8% excluding petrol and calendar effect, up from Q3 2013 (+13.5%), driven by solid performance of food and non-food stores in Brazil and the rapid expansion of cash-and-carry in Brazil and discount stores in Colombia. In the non-food segment, growth reported by Viavarejo and Nova.com was very significant again.
• Organic growth in Asia excluding petrol and calendar effect was buoyant at +3.3%, thanks to sustained expansion in Thailand and Vietnam.

* FMCG

FRANCE: SALES ANALYSIS – Q4 2013

Sales in France came to €5,249 million in the fourth quarter of 2013, an increase of +10.3%.

* Excluding petrol and calendar effect

• Casino banners

Géant and Casino Supermarkets sales rose markedly over the fourth quarter compared to Q3, boosted by positive traffic and food volumes trends following the price cuts.
According to all panels, Géant’s price index is now highly competitive for national-brand, private-label and entry-price products. Géant same-store salesimproved markedly in Q4 2013 compared to Q3 (-2%* versus -4.7%*). Over the quarter, traffic was positive at +1.9%. Food volumes were up sharply (FMCG, +8.1%) and food sales are now positive (+0.6%).
Although still negative, the non-food segment continued to improve.

Same-store sales at Casino Supermarkets also showed noticeable improvement in Q4 2013 compared to Q3 (-2.7%* vs -5.5%*), with positive traffic and food volumes (+1% and +1.2%).
Proximity sales declined by -3% on an organic basis excluding calendar effect. The banner is continuing to streamline its network of stores.

• Cdiscount

Cdiscount’s business volume (including the marketplace) continued to grow significantly, up +15.8% in Q4 2013. The market place now accounts for 16% of total business volume, with 5.5 million offers and 2,800 vendors. Volumes (number of items sold) were up +19.6% in Q4, including the market place. Cdiscount sales rose +10.2%, driven by sales via mobile devices.
Cdiscount relies on a retail network of more than 14,000 pick-up points in France.

• Franprix – Leader Price

Total Franprix-Leader Price sales were up +0.3%.
Over the quarter, Franprix same-store sales fell by -2.4% excluding calendar effect (vs. -1.8% in Q3 2013). Expansion has recovered and the conversion of the stores to the new concept continues. The customer loyalty card is now deployed network-wide.
Total sales at Leader Price were up +1.8%, thanks to the integration of Norma stores and the consolidation of master franchisees. The banner’s same-store sales were down -7.6%, excluding calendar effect, under the combined effects of falling prices and a lower promotional activity during the period. In light of these investments, the price indices of Leader Price place the banner as the least expensive on the market both in terms of private label and national brands according to the findings of an independent panel over the first week of January 2014.

• Monoprix

Sales at Monoprix rose +0.9% on an organic basis excluding petrol and calendar effect in Q4. Food sales continued to move in the right direction, benefiting from the solid performance of Monop’ and Naturalia. Expansion was sustained, with 16 stores opened during the quarter, including 14 small formats (Monop’, Naturalia and Beauty). In total, the banner opened 40 stores over the period.

* Excluding petrol and calendar effect

INTERNATIONAL: SALES ANALYSIS – Q4 2013

International organic growth was very strong at +14% excluding petrol and calendar effect, accelerating compared to previous quarters. It was driven by excellent same-store sales performance in Brazil and expansion in Asia.
Foreign exchanges rates had a negative effect of -14.6% on International net sales, which fell -3%.

Change in International sales in the 4th quarter of 2013

In Latin America, same-store sales excluding petrol and calendar effect grew by +11.9%**, a strong increase compared to Q3 (+9.6%), reflecting GPA’s solid performance in Brazil. Organic growth totalled +15.8% excluding petrol and calendar effect (versus +13.5% in Q3), boosted by same-store sales performance and ongoing rapid expansion.

• GPA in Brazil

In Brazil, GPA posted sharp growth in same-store sales of +14.2%, excluding petrol and calendar effect (vs. +12% in Q3 2013).
In the food segment, GPA Food same-store sales grew by +11%*, at a rate higher than inflation. The Group’s banners were boosted by successful commercial operations, including the “Black Friday”, and the anniversary of the cash & carry banner, Assaí. Q4 2013 expansion was sustained, with the opening of 12 Minimercado, 6 Assaí, 4 Extra and 2 Pão de Açúcar stores and continuing commercial real estate development, with the opening of Conviva Minas shopping centre (10,000 m2) in Belo Horizonte.
In the non-food segment, Viavarejo (excluding Nova.com) same-store sales growth was very strong, up +9.8%, driven notably by the success of the Black Friday commercial initiatives and by government programmes for consumers. E-commerce performance (Nova.com) posted further strong growth of +32.6%, boosted by the roll-out of free delivery. 1 Ponto Frio and 23 Casas Bahia stores were opened over the quarter.

* As a reminder, GPA releases gross sales.
** In place of same-store growth excluding petrol of +10.6% and same-store growth excluding petrol and calendar effect of +12%, as released on 14 January 2014.

• Grupo Exito

Against a backdrop of lower inflation and progressive improvement in consumer confidence, Grupo Exito’s organic growth continued in the fourth quarter under the impacts of Colombian expansion and overall solid performance in Uruguay. Surtimax’s market share rose again this quarter and the banner continued the rapid development of an independent franchisee network (“Aliados”). Exito also pursued the development of its activities that complement its retail business, particularly commercial real estate and credit activities.

In Asia, organic growth excluding calendar effect was still very significant at +3.3% due to the sustained pace of expansion. Same-store sales growth, excluding calendar effect, was down -4.4% due to the macroeconomic and political environment in Thailand.

• Big C Thailand

Big C posted same-store growth of -4.7%against a backdrop of lower consumption and political tensions. Organic growth excluding the calendar effect came out at +2.1%, driven by expansion over the quarter that included the opening of a hypermarket, a commercial gallery, 5 supermarkets and 31 Mini Big C stores.

• Big C Vietnam

Against a backdrop of improving macroeconomic conditions – particularly with decelerating inflation – Big C Vietnam sales were up +13.2% on an organic basis (excluding calendar effect). The Group enjoyed notably solid commercial galleries performances.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT
PRESS CONTACT
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Appendices

Main changes in the scope of consolidation

• Full consolidation of MONOPRIX as of 5 April 2013
• Deconsolidation of Mercialys as of the 21 June 2013 Shareholders’ Meeting during which the loss of Casino’s controlling interest was established. As of this date, earnings have been accounted for under the equity method.
• Full consolidation of Monshowroom as of 2 September 2013

Changes in scope within the Franprix-Leader Price group in France following the integrations of regional networks:

• Full consolidation of the DSO and CAFIGE networks as of 1 February 2013
• Full consolidation of PFD (FABRE) network as of 31 December 2012
• Full consolidation of HDRIV (RIVIERE) as of 1 December 2012
• Full consolidation of NORMA stores as of 31 July 2013
• Full consolidation of the GUERIN network as of 30 June 2013
• Deconsolidation of Volta 10 as of 30 September 2013

Moreover, the change in GPA’s percentage interest in Viavarejo, which declined from 52.4% to 43.3% at end-December, without a change in control, has no impact on consolidated sales.
Similarly, the change in CBD’s percentage interest in Nova.com, which increased from 43.9% to 52.3%, and in Viavarejo’s percentage interest in Nova.com, which declined from 50.1% to 44.1%, has no impact on consolidated sales.

Exchange rates

Period-end store network: France

Period-end store network: International

The e-commerce activities of the Group are taking a new step with the launch of three new websites under the Cdiscount brand in Thailand, Vietnam and Colombia.

Relying on the expertise, know-how and knowledge of the e-commerce market gained through its brand Cdiscount, leader in France, Casino Group has decided to launch three new websites under the Cdiscount brand in partnership with its subsidiaries Big C in Thailand and Vietnam and Exito in Colombia.

These activities will complement the existing websites of its international subsidiaries and will thus allow to eventually build a strong position in markets where e-commerce is initiating its growth.

These websites will also rely on the know-how and networks of local banners leaders in their markets, Big C in Thailand and Vietnam and Exito in Colombia, and capitalize on the expertise that made the success of Cdiscount in France :

• a purchasing power allowing to offer a wide range of products (technical products, computers, phones, home appliances, homeware, toys, baby products, fashion and beauty…) at the best prices,
• a dense network of stores allowing a multichannel approach,
• a marketing adapted to local specificities.

For over 10 years, Cdiscount, the leader of e-commerce in France with a business volume of € 1.6 billion (including marketplace), has successfully deployed its multichannel approach and an innovative business model that offers the cheapest prices on the market. This business model relies upon :

• a broad and diversified offer together with a marketplace which successfully extends the product assortment of the website with offers from merchant partners. This activity now represents 16% of its business volume, 5.5 million offers and 2,800 sellers,
• new services such as the payment in stores and mobile applications and websites,
• a distribution network of more than 14,000 pick-up points.

ANALYST AND INVESTOR CONTACTS 
Régine GAGGIOLI – Tel : +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

Group external communication department 
press contacts
Aziza BOUSTER 
Tel : +33 (0)1 53 65 24 78
Mob : +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Monoprix has decided to issue €500m of mandatory convertible bonds. This operation strengthens its capital base and brings long-term resources to finance its development.

The 3-year mandatory convertible bonds will be fully subscribed by Crédit Agricole CIB and will pay a coupon of 6-month Euribor + 5.1%.

Casino has a call option on the mandatory convertible bonds exercisable in part or in full within a period starting in June 2014 and ending in October 2016.

At maturity, the bonds will be reimbursed by newly issued shares of Monoprix, accounting for 21.2% of its capital. These preferred shares will pay an increased dividend. The documentation includes usual protection rights during the life of the bonds and after their reimbursement in shares.

This operation also strengthens the Group’s financial structure.

The closing of the transaction is expected on 27th December.

ANALYST AND INVESTOR CONTACTS 
Régine GAGGIOLI – Tel: +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr

or

+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACTS
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Casino Group has signed an agreement with Mutant Distribution, a subsidiary of Groupe Les Coopérateurs de Normandie-Picardie, concerning the acquisition by Leader Price of 47 Le Mutant discount stores located mainly in southwestern France, and the setup of a partnership with Leader Price through a brand licensing and supply contract covering around 90 similar stores in the Normandy and Picardy area.The stores are currently run under the discount format banner “Le Mutant”.

Those agreements are expected to take effect in the first quarter of 2014.They allow expanding Leader Price’s integrated network in the strategic southwest region and strengthening the attractiveness and presence of the Leader Price banner in Normandy and Picardy through the partnership with affiliates.The 47 stores targeted by the acquisition represented combined revenue of more than €100 million (incl. VAT) in 2012, with strong growth potential, while the future affiliate stores represented over €200 million in revenue (excl. VAT).

The partnership and new acquisition will continue to strengthen Casino’s presence in France’s discount segment, following its acquisition of 38 Norma stores in southeastern France on 31 July 2013.

The acquisition will be subject to the approval of France’s Competition Authority.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATION DEPARTMENT
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Casino successfully launched an hybrid bond issue of 750 million euros.

The Notes have a perpetual maturity, with a first call date on January 31st, 2019 and will pay a coupon of 4.87% until this date, with a reset every 5 years thereafter.

The Notes will rank junior to all senior debt and will be recorded as equity (and coupons will be recorded as dividends)pursuant to IFRS. They will also receive an “intermediate” equity content from S&P and Fitch (50% of the Notes will be treated as equity).

The transaction has been very well received by a diversified investor base and benefited from a significant oversubscription.

The issue diversifies the sources of funding of the Group and further strengthens its capital structure.

Deutsche Bank and JP Morgan acted as Global Coordinators; Barclays, Citigroup, Deutsche Bank, JP Morgan, RBS, SGCIB and UBS investment bank acted as Joint Bookrunners.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tél : +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr

or

+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACTS
Aziza BOUSTER 
Tel : +33 (0)1 53 65 24 78
Mob : +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Q3 2013 sales: Strong growth in Brazil and Recovery of Géant Hypermarkets

• Total Group sales:

• • Acceleration in organic growth* excluding petrol at+6.6%

• • Sales of €11.8 billion, stable given foreign-exchange effects

• Internationally, sustained organic growth excluding petrol at +12.4%,notably driven by excellent performances in Brazil

• In France, over the third quarter:
  • Géant’s traffic and food** volumes have turned positive again(+1.3% and +1.5% respectively)

• • All French banners were in sequential improvement

• Over the 9 months 2013, Group sales totalled €35.5 billion, up +22.1%

Evolution of the Group’s consolidated net sales in the 3rd quarter of 2013

In the third quarter of 2013, the Group’s consolidated sales remained stable at €11,777m compared to the third quarter of 2012. Changes in scope, particularly the full consolidation of Monoprix, had an impact of +3.8%, while foreign exchange rates had an impact of -9.9%. Average calendar effect was +0.7% in France and -0.1% internationally.
Over the 9 months 2013, the Group’s consolidated sales totalled €35.5 billion, up +22.1%.

*organic growth is growth at constant scope of consolidation and exchange rates

** FMCG

In France, activity was marked by improved traffic and food volumes at Géant, where they both became positive again

In France, organic growth excluding petrol was in line with previous quarters at -2.9% during Q3 2013. Total sales were €5,043 million, growing by +8.1%.

• Géant and Casino Supermarkets sales improved markedly compared to Q2. Géant’s traffic and food volumes were positive (+1.3% and +1.5% respectively). In Casino supermarkets, traffic also became positive again (+0.6%).
• All French banners posted higher sales compared to the second quarter.
• Cdiscount’s growth, which was higher than the market average, remained satisfactory with business volume up by +14.3% thanks to the marketplace and net sales growth.

Internationally, organic growth in all Group markets was very strong (+12.5% excluding petrol and calendar effect) and accelerating compared to previous quarters

International subsidiaries posted another quarter of strong organic growth at +12.5% excluding petrol and calendar effect. Organic growth was particularly strong in Brazil, due to the combined effects of strong same-store sales and rapid expansion. When translated in euros, international sales were €6,734 million (-5.2%) given unfavourable foreign-exchange effects.

• Latin America posted strong organic growth of +13.5% excluding petrol and calendar effect, up compared to Q2 2013 (+10.3%), driven by strong performance of stores in Brazil and the dynamic expansion of cash-and-carry in Brazil and discount formats in Colombia.
• Organic growth in Asia, excluding petrol and calendar effect, was very robust at +8.5%, due to rapid expansion in Thailand and Vietnam.

FRANCE: SALES ANALYSIS – Q3 2013

Sales in France came to €5,043 million in the third quarter of 2013, up +8.1%

* Excluding petrol and calendar effect

• Casino France

Although price cuts had greater impact in Q3 2013 than in Q2 2013, Géant and Casino supermarkets sales rose significantly over the third quarter.
Géant Casino same-store salesimproved markedly in Q3 2013 compared to Q2 2013 (-4.7% versus -7.8% excluding calendar effect). During the quarter, its traffic and food volumes (FMCG) were positive (+1.3% and +1.5% respectively). This trend was confirmed as traffic rose by +2.4% and food volumes by +7.7% over a four-week period ending on 14 October.
Casino supermarkets same-store sales also improved in Q3 2013 compared to Q2 (-5.5% versus -6.3% excluding calendar effect). Over the quarter, traffic was positive (+0.6%) This trend was also confirmed as traffic and food volumes were both positive (+0.4% and +1% respectively) over a four-week period ending on 14 October.
Proximity sales almost stabilised, declining by -0.8% on an organic basis excluding calendar effect, versus -3.3% in Q2 2013.
Cdiscount business volume continued to grow significantly by +14.3% in Q3 2013, driven by the marketplace, which now accounts for 14% of business volume, and by net sales, which rose by +7.1%, remaining above the market average.
The marketplace now has 4.5 million offers available.
Cdiscount relies on a network of 14,000 pick-up points.
13% of site sales were made via smartphones or tablets at the end of Q3 2013.

• Franprix – Leader Price

Total Franprix-Leader Price sales posted an increase of +2.3% thanks to the continued expansion of the network with the consolidation of Norma stores and master franchises.
Leader Price same-store sales excluding calendar effect declined by -2.6%, in sequential acceleration compared to Q2 2013 (-3.4%).
Over the quarter, Franprix same-store sales fell by -1.8% excluding calendar effect (versus -2% in Q2 2013).

• Monoprix

Sales at Monoprix rose +1.6% on an organic basis excluding petrol and calendar effect in Q3. Food sales were well-oriented, while the performance of the banner’s smaller formats (Monop’, Naturalia and Beauty) was particularly satisfying. Expansion was dynamic with the opening of 9 stores during the quarter.

Reported sales for international operations fell by -5.2%, taking into account the impact of unfavourable foreign-exchange rates (-16.5%).
Organic growth was very robust at +12.5% excluding petrol and calendar effect, an acceleration compared to previous quarters, driven by strong performance in Latin America and Asia. This illustrates the very strong performance of the Group’s major subsidiaries.

Latin American same-store sales grew by +9.6%, excluding petrol and calendar effect, a strong increased compared to Q2 2013 (+6.7%) reflecting notably GPA’s solid performance in Brazil. Organic growth totalled +13.5% excluding petrol and calendar effect (versus +10.3% in Q2), boosted by ongoing rapid expansion.

• GPA in Brazil

In Brazil, GPA posted same-store sales excluding petrol and calendar effect up +12%, up from Q2 2013 (+10.1%).
In the food segment, all GPA banners performed well. GPA Food same-store sales rose by +8.9%*. Assaí’s performance was particularly remarkable. Expansion was marked in Q3 2013 with the opening of 12 Minimercado, 2 Assaí and 1 Pão de Açúcar stores.
In the non-food segment, Viavarejo same-store sales continued to grow very strongly at +15.4%. E-commerce performed extremely well, driven by the successful sales strategy of Nova’s websites. Three Ponto Frio and two Casas Bahia opened over the quarter.

*as a reminder, GPA releases gross sales

• Grupo Exito

Against a backdrop of softening consumption, Exito’s organic growth continued in the 3rd quarter due notably to the expansion in Colombia and overall solid performance in Uruguay. Surtimax’s market share rose during the quarter thanks to the expansion on this discount format. Exito also increased the share of its activities that complement its retail business – particularly commercial real estate.
Exito’s Q3 earnings will be released on 24 October 2013.

In Asia, same-store growth excluding calendar effect totalled +0.6%. Organic sales growth excluding calendar effect maintained a high level of +8.5%.

• Big C Thailand

Big C posted organic sales growth excluding calendar effect of +6.9%, despite a backdrop of softening consumption.

• Big C Vietnam

Big C Vietnam’s organic growth continued, due in particular to the opening of a hypermarket and shopping mall, bringing the total number of hypermarkets to 25.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT
PRESS CONTACT
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

Disclaimer

This press release was prepared solely for informational purposes and should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the specific investment objectives, financial situation or needs of any receiver. 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 judgement. All opinions expressed herein are subject to change without notice.

Appendices

Main changes in the scope of consolidation

• Full consolidation of Monoprix since 5 April 2013
• Deconsolidation of Mercialys on 21 June 2013, the date of the Annual General Meeting during which Casino’s loss of control was noted. As of this date, results have been accounted for using the equity method.
• Full consolidation of DSO and CAFIGE into Franprix-Leader Price from 1 February 2013
• Full consolidation of PFD (FABRE) into Franprix – Leader Price from 31 December 2012
• Full consolidation of HDRIV (RIVIERE) into Franprix – Leader Price from 1 December 2012
• Full consolidation of NORMA into Franprix – Leader Price from 31 July 2013
• Full consolidation of GUERIN into Franprix – Leader Price from 30 June 2013
• Full consolidation of Monshowroom from 2 September 2013

Mr. Jean-Charles Naouri was elected Chairman of the Board of Directors of GPA, in an Extraordinary General Meeting of GPA held on October 9th, 2013.

The Board of Directors of GPA is composed of twelve (12) members, with Mr. Jean-Charles Naouri as Chairman.

Analyst and Investor Contacts
Régine Gaggioli
rgaggioli@groupe-casino.fr
+ 33 1 53 65 64 17

or

IR_Casino@groupe-casino.fr
+ 33 1 53 65 64 18

An Extraordinary General Meeting of GPA will be called for October 9th, 2013 in order to elect Mr. Jean-Charles Naouri as Chairman of the Board of Directors of GPA.

M. Jean- Charles Naouri: “I want to express my renewed confidence in the management team of GPA led by Eneas Pestana. I know that I can rely on their commitment to build on the achievements made to date and take up the challenges to come.”

In addition, Casino Group proposed today the creation of another position of Vice-Chairman of the Board of Directors of GPA, to which Casino Group intends to appoint Mr. Ronaldo Iabrudi, already a member of the Board of Directors of GPA and the director and representative of Casino Group in Brazil.

Once the abovementioned proposals are implemented, the Board of Directors of GPA will be composed of twelve (12) members, with Mr. Jean-Charles Naouri as Chairman and Mr. Arnaud Strasser and Mr. Ronaldo Iabrudi as Co-Vice-Chairmen.

ANALYST AND INVESTOR CONTACTS
Régine GAGGIOLI – Tel: +33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr

or

+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

GROUP EXTERNAL COMMUNICATION DEPARTMENT
PRESS CONTACTS
Aziza BOUSTER
Tel: +33 (0)1 53 65 24 78
Mob: +33 (0)6 08 54 28 75
abouster@groupe-casino.fr

In the spirit of mutual respect, M. Abilio Diniz, Chairman of Grupo Pão de Açúcar,
and Jean-Charles Naouri, Chairman of Groupe Casino, have agreed to settle their
differences and to bring their partnership to a mutually beneficial conclusion so that
each leader is free to move on to realize new opportunities.

This is an important moment in Brazilian commercial history since it has now been
exactly 65 years – September 7th, 1948 – since the Diniz family founded the Grupo
Pão de Açúcar, the largest retailer in Brazil.

Abilio Diniz wishes much success to Mr. Naouri and to Groupe Casino. He expresses his fervent hope that the Grupo Pão de Açúcar will continue to grow through its people, its culture and its values, contributing to the development of the country.

Jean-Charles Naouri expresses his gratitude for all the many contributions of Mr. Diniz and his family and wishes him much success in his future endeavors. Mr. Naouri looks forward to keep growing GPA for the benefit of its customers, employees, shareholders and the Brazilian society.