201512 Investors presentation CARREFOUR … 60% Carrefour SA, international food retailer - 40% BNP Paribas Personal Finance, consumer finance specialist Page 4 Investor Presentation

CARREFOUR

BANQUEBANQUEINVESTOR PRESENTATION 2015

Agenda

CARREFOUR BANQUE (FRANCE) 3

SFC (SPAIN) 23

FIMASER (BELGIUM) 27

CARREFOUR BANCA (ITALY) 30

Investor Presentation – December 2015Page 2

CARREFOUR BANCA (ITALY) 30

CARREFOUR BANQUE CONSOLIDATED 33

APPENDICES 36

FRANCEFRANCE

Carrefour Banque France at a glance

Key highlights as at 31 December 2015

− Carrefour Banque is the French captive personal financial services arm of the largest European retailer

− Carrefour Banque is duly authorized as a credit Institution by the French Banking Authority (ACPR)

� Strong commercial footprint in France:

- More than 210 retail outlets for Carrefour Banque

in Carrefour hypermarkets in France

- 2.18m holders of PASS credit card

� Solid and stable shareholding structure since 1985:

- 60% Carrefour SA, international food retailer

- 40% BNP Paribas Personal Finance, consumer

finance specialist


� Strong and stable revenues:

- Sustained growth of net banking income (+2.4%

from 2012 to 2015)*

- Stable credit outstanding volume (since 2011

around €2.8bn )

� Solid profitability and low risk profile:

- S&P rating: BBB+/A-2 stable outlook

- Strong capital structure: Tier-1 Basel III ratio at

14.37%*

- Solid cost income ratio at 53.9%*

- Stable market share in consumer finance in France

since 2011 around 5% (source : ASF **)

* Consolidated Carrefour Banque - Carrefour Banca - Fimaser** The credit market is 60% ASF & 40% banks

G4 at a glance : France, Spain, Belgium & Italy

Breakdown overview - key (statutory)

− Carrefour Banque France refinances almost all the perimeter

− A credit outstanding is an unsecured loan

BUSINESS OVERVIEW (in M €)

Carrefour Banque

France

Servicios Financieros Carrefour

Spain

Fimaser

Belgium

Carrefour Banca

Italy


* Earmarket : specific purchase loans provided to customers of Carrefour Banque for purchases of specifically earmarked goods at Carrefour Banque Stores

CREDIT OUTSTANDING (End of month) 2,736 1,947 218 241

Personal Loans (%) 50% 30% 10% 63%

Revolving Credit (%) 38% 64% 84% 36%

Earmarket Credit (%) * 12% 6% 6% 1%

NET BANKING INCOME 393.4 273.2 26.0 23.4

NET INCOME 37.5 109.0 4.5 -0.4

SECTION 1PRESENTATIONPRESENTATION

Focus on Carrefour Banque’s shareholders

− Carrefour Banque enjoys 2 strong committed and complementary shareholders:

A stable capital structure since 1985

Carrefour

Rated BBB+ stable (S&P)

� Founded in 1959, headquartered in Boulogne-

Billancourt (France)

� 2nd largest food retailer in the world

� 1st retailer in Europe

� Presence in 35 countries

� Over 12,000 stores and +380,000 employees

� Over €104.4bn net sales under banners

Rated A stable (S&P)

� 100% subsidiary of the BNP Paribas Group

� Leading European provider of personal loans

� Over 20,000 employees operating in about 30

countries over four continents

€68.5bn outstanding loans managed

BNPP Personal Finance


� Over €104.4bn net sales under banners

� 12.5 million checkouts every day in stores

worldwide, more than 104 million households

customers in our stores worldwide

� €68.5bn outstanding loans managed

� 27m customers

Core subsidiary

� Same brand name franchise which increases

customer’s loyalty to Carrefour

� Strong commercial relationships

� Carrefour’s dedicated business line with an

increasing contribution to the group’s total

earnings

Strategically important subsidiary

� Capital commitment

� Ongoing liquidity support

� Provider of expertise in risk management and

sharing information technology development

cost

� Business support: outsourcing, risk committee,

etc.

From loyalty cards to banking

Carrefour Banque: a successful 33-year story

Creation of “Société des Paiements PASS” (S2P) as banking subsidiary of Carrefour

Launch of Epargne Libre Carrefour savings accounts

Launch of the first bank cards

SecuritisationCopernic 2009-1 ( 730M€ AAA)

Launch of brand name “Carrefour Banque” in France

Merger and Acquisition of the Italian subsidiary Carrefour ServiciFinanziari

Launch of savings accounts “Compte Sur Livret”

Launch of mobile application

Launch of the PASS Payment Card

Fimaser

Subsidiary

100%

2013/09

Transfer of

Carma shares

to Carrefour

2014/12

Launch of the range PASS MasterCard

Securitisation

under MCCP*

400M€ AAA

(2015-1)


2013

20142015

Launch of personal

loans business

Launch of Carrefour Horizons

life insurance

Merger of the finance (S2P) and insurance (Carrefour Assurance) networks into

“Carrefour Banque”

Subsidiarising of CARMA and Carrefour Servici Finanziari

SecuritisationCopernic 2012-1

(500M€ AAA)

Inaugural Fixed Rate

Bond 710M€ issue 2015/09

FRN• 300M€ issue 2016/04• 500M€ issue 2018/03

Securitisation MCCP*•400M€ AAA (2013-1)•110M€ AAA (2014-1)

* MCCP: Master Credit Cards PASS

(2015-1)

FRN•500M€ issue 2020/03•300M€ issue 2019/10

Carrefour Spain

55.9%

6.8%

99.9%

Carrefour Banque: unchanged scope of consolidation

Carrefour Banque : an active shareholder

Carrefour Spain

55.9%

6.8%

99.9%


SFC

(Spain)

CetelemSpain

55.9%

37.3% CB branch since

10/2011

CB subsidiarysince

09/2013

Carrefour Banca

(Italy)

Fimaser

(Belgium)

SFC

(Spain)

CetelemSpain

55.9%

37.3%Branch

since10/2011

Subsidiarysince

09/2013

Carrefour Banca

(Italy)

Fimaser

(Belgium)

Consolidated* financial ratios

Satisfactory and steady results

� An improving solvency ratio

- As at 31 December 2015, solid capital position with tier 1

ratio Basel III of 14.37%

- Distribution of dividend

2012 : 75% 2013 - 2014 : 50% 2015 : 75%

- Target: to pave the way for the ongoing conversion into

subsidiaries and a European expansion

� ROE decrease

A strong and stable financial position built over the years


� ROE decrease

- Exceptional assets depreciation of 10.3M€ (sales

consultants’IT tool)

- Change of deferred taxes rate from 38% to 34.4% for an

impact of 5M€

- At constant scope (excluding Carma and exceptional) ratio

would be 8% in 2014 and 7.74% in 2015

� Slight decrease cost-to-income

- Thanks to the progression of our Net Banking Income

concurrently with operating costs under control

* Consolidated •2010-2012 Carrefour Banque - Carrefour Banca - Carma•2013 Carrefour Banque - Carrefour Banca - Fimaser - Carma•2014-2015 Carrefour Banque - Carrefour Banca - Fimaser

Net Income 2015 €36.52 m

S&P RatingsA-2 (Short)BBB+ (Long)Stable

Net Banking Income 2015 € 412.88m

Solvency Ratio 2015 (Basel III)

14.37%

Carrefour Banque : funding profile

− A strong liquidity position: a positive headroom of €2.2bn on

€6.5bn of funding as at 31 December 2015:

� Multiple sources of funding: bank credit lines,

securitisations, bond issues, deposit certificates, savings…

� Diversification of bank counterparties

� Liquidity reserve equivalent to 23 months of activity at the

end of December 2015

A diversified and well-balanced funding mix

− Bank facilities: significant amount of mid-term credit lines

Sources of funding (as at 31 December 2015, €m)


− Bank facilities: significant amount of mid-term credit lines

provided by diversified, highly rated banks

(100% of credit lines mature beyond 1 year)

− Equal support from BNPP (loan with tacit agreement to

renew) and Carrefour SA for a total of €1bn for a maturity

of 2 years with annual renewal

− Amount of committed credit lines which are available for

drawdown: €2,115m

Asset & Liability Management profile

Debt Duration & repayment profile as at end of December 2015

� 23.7 month average duration on Assets

� 25.1 month average duration on Liability Funding sources


CB’s liquidity is « adequate » (S&P credit opinion 2015)

– « CB’s liquidity benefits from cautions management »

– « Our assessment includes potential shareholder support because we believe the shareholders will continue to provide

liquidity support if needed »

SECTION 2ACTIVITY FIGURESACTIVITY FIGURES

Credit & Insurance : key figures

Credits Solutions New Business Card Products Insurance Products

New Credit business

(€m)

Payment using

PASS Cards (€m)

Insurance Premium

Collected (€m)

Managed Outstanding

(€m)

Good performance in a challenging market

− Despite the current economic environment and major regulatory changes, Carrefour Banque maintains a strong

position thanks to an appropriate risk management

− Breakdown income : 57 % of interest income / 43% of fee incomes (savings, insurance, or card products)


+2.5%

(€m)

+0.6%

PASS Cards (€m)

-3.5%

Collected (€m)

-3.3%

(€m)

Thanks to the expansion of the web channel

-1.8% since 2012 Number of PASS Cards

2.176 m

Insurance customers

Over 474,900

* * * *

* Change between 2015 / 2014

256

272

283

273

2012 2013 2014 2015

2,788

2,855 2,830

2,736

2012 2013 2014 2015

1,372

1,331

1,261

1,293

2012 2013 2014 2015

7,802

7,705 7,720

7,764

2012 2013 2014 2015

Credit products

Balanced diversification of outstanding loans

Credit outstanding(Euro millions)

1,133 1,167 1,129 1,043

359 362 375 319

Personal loans Revolving credit Earmarked credit

13% 12%

2,830 2,736

13% 13% 13%

2,855 2,788

13% 13%


* Earmarket : specific purchase loans provided to customers of Carrefour Banque for purchases of specifically earmarked goods at Carrefour Banque Stores

1,296 1,326 1,326 1,374

1,133 1,167 1,129 1,043

2012 2013 2014 2015

38%

50%

40%41% 41% 41%

46% 46% 46% 47%46%

41% 40%

47%

Good performance for the savings accounts

− Strong customer confidence on our brand, global balance is at € 2.37bn

− OPCVM Assets : drop in the outstanding due to a decline in performance based on monetary rates close to zero

Mutual savings (Axa, Axa PM, BNP AM) Savings products (Carrefour Banque)

Life Insurance OPCVM Compte sur Livret

Collected savings(€m) Assets Managed (€m)

+3.6

Collected savings(€m)

* * *

Savings : key figures



-6.6%+3.6%

Savings Accounts

Over 337,000

Savings Accounts

Over 75,000

Savings Accounts

Over 27,000

* * +12.4%*

274243

223 209

2012 2013 2014 2015

460

565 507

570

2012 2013 2014 2015

1,429 1,475 1,536 1,591

2012 2013 2014 2015

Carrefour Banque’s strategy

− A philosophy in line with Carrefour’s mission

Offering the best financial and insurance products to the

largest number of people at the best value for money

− All credits are originated on a face to face basis

− Over the past 34 years, the company has acquired an

excellent reputation on the financial services market.

This allowed us to add innovative new products and

improve our client base beyond that of Carrefour

A consumer credit expert at the service of the group

Origination channel for personal loans


improve our client base beyond that of Carrefour

− Key ambitions and looking ahead

� Personals loans : An expansion of the originations by the

web channel

� Revolving loans : A well-adjusted « IN » and « OUT »

commercial expansion, backed by diversification of its

distribution channels

� A real ambition to support clients through cross-selling

financial solutions, making clients’ day-to-day life easier

� A geographical, operational and managerial expansion

� Ongoing financial innovation in services and products

� A technological innovation on payment methods meeting

and anticipating clients’ needs

OUT **

37.9%

IN *

40.6%

Drawing type for revolving loans (IN vs OUT)

* in : Carrefour outlets and subsidiaries** out : outside Carrefour’s network

ATM

21.5%

France

Satisfactory and steady results

‒ In 2014

• The operating income has decreased of 6,2%, due to an increase of business investments

• The net income has improved because it integrates the capital gain made on disposal of Carma shares in

December

‒ In 2015

• Decline of the usury rate; competitive environment on personal loans partly offset by the slight decrease

of the refinancing

• Joint performance of refinancing and lower expenses, despite a simultaneous decrease in the outstanding

customer and the sales rate


* statutory : Carrefour Banque - Carrefour Banca

Income statement

(in € M)FY 2012 FY 2013 FY 2014 FY 2015

Var.

2015/2014

NET BANKING INCOME 375 397,7 405,3 393,4 -2,9%

GROSS OPERATING PROFIT 172 178,6 173,0 172,1 -0,5%

COST OF RISK -79 -101,6 -100,8 -99,0 -1,7%

OPERATING INCOME 93 77,0 72,2 73,1 1,2%

NET INCOME 52 46,2 64,9 37,5 -42,2%

Asset quality : S&P* and ACPR** feedbacks

− Risk position according to “Standard & Poor’s”

credit opinion dated September 10, 2015

- Strengths :

- “Good credit risk management »

- “Adequate capitalization considering the bank’s risk

position”

- “We also anticipate that the bank will contain its cost of risk

and pursue its sound management of liquidity“

A « moderate » risk position (S&P credit opinion) A reliable management (ACPR* - audit Q1 2013)

− Efficient risk management performed by Carrefour

Banque

− “ Recent investigations lead to an overall favourable

opinion thanks to the relevant, responsive and

independent nature of the credit risk monitoring ”

− “ The underwriting policy seems to be well-structured

and to fit with undertaken risks ”

− “ No reservation about the bank’s provision rates […]


- “Core status to parent, retailer

Carrefour S.A., and strategic

importance to BNP Paribas Personal

Finance”

- Outlook stable :

“We could upgrade the bank by one

notch if we take a similar action on

Carrefour”

− “ No reservation about the bank’s provision rates […]

according to practices observed by the inspection ”

− “ Servicing and recovery management appear generally

rigorous and effective ”

*ACPR : “Autorité de contrôle prudentiel et de résolution” is the French supervisory body of banking and insurance **S&P : Standard & Poor’s

Asset quality : Strong and committed

governance

− A “partnership” committee with BNPP Personal

Finance

Support provided for quarterly committee :

- Underwriting and recovery benchmark indicators

- Litigation process management

- Regulatory amendments and impacts on risk management

Participants :

- Risk Management of both entities

- Partnership Management Department

− A strategic risk committee : A decision-making entity

dedicated to the credit policy

“ Joint presidency of the credit risk management committee

shared between the Deputy CEO and the COO France,

promotes early solving of discrepancies. Promotion of dialogue,

as early as possible, is a strength of the organization “ *

Support provided for quarterly credit risk committee :

- Support presentations

- Completed by action plans

Strengths of Carrefour Banque


- Partnership Management Department

An organisation based on 3 pillars - Preventive risk: scores, expert systems, fraud detection

- Curative risk: scores, amicable and judicial recovery

- Risk analysis: generation risk, provisioning, Basel II

- Completed by action plans

- Presentation of underwriting, recovery and fraud indicators

- Regulatory amendments and impacts on risk management

- Minutes of resolutions

Participants :

- Risk Management

- Business Management

- Finance Management

- Compliance Management

* Source : ACPR

Asset quality : Underwriting and Servicing

− Personal Loans

− tighter rules of granting

− implementation of the credit committee on large

commitments.− Revolving Receivables

− implementation of the review of authorized overdrafts as part

of the study of solvency

− review of steps of increase in authorized overdrafts

− drop of the granting ceilings

Underwriting : main improvements Non performing loans (in € m) under control

341,7

377,8

438,0 437,5420,7

85,5%78,4% 74,7% 75,2% 75,1%

30%

60%

90%

120%

150%

100,0

200,0

300,0

400,0

500,0

Gross non performing assets (€m) - left_axis

Loan loss reserves / Gross non performing asset (%) - right_axis

Non performing ratio (%) - right_axis


− Thanks to a more restrictive policy on personal loans and credit cards beginning a light reduction since 2014: reduction in entrances to the covering since S2 2014

− Deposit of stable over-indebtedness vs 2014, but personal bankrupt orientation in light increase

− The NPL coverage rate remains stable since 2013 around 75%

− Dedicated teams for each steps of the recovery process

− Management consistency

− Unchanged recovery objectives and performances

− Target of 90% amicable recovery after 4 months (before

transfer to litigation recovery)

A performing servicing process

12,2% 12,9% 14,5% 14,5% 14,0%

0%

30%

0,0

100,0

2011 2012 2013 2014 2015

FINANCIAL STATEMENTSSpain, Belgium , Italy

SPAINSPAINSERVICIOS FINANCIEROS CARREFOUR

Financial ratios

A strong and stable financial position built over the years

− SFC is a subsidiary held at 55, 9% by Carrefour Spain,

37,3% by Cetelem Spain and 6.8% by Carrefour Banque

France

− SFC posted brilliant results and constantly improved

over the years :

�A satisfying solvency ratio


�A satisfying solvency ratio - As at 31 December 2015, solid capital position with tier 1

(Basel III) ratio at 10.5%

�ROE significantly improves- Mainly thanks to a strong commercial performance after a

decrease mainly due to the distribution of dividend

- In 2012 : 50%

- In 2013 – 2014 : 100%

- In 2015 : 75%

�Adequate cost-to-income- Below that of other rated consumer finance subsidiaries of

European food retailers

Net Income 2015+19.2%

€ 109.0m

Net Banking Income 2015+ 12.1%€ 273.2m

Solvency Ratio 2015 (Basle III)

+10.5%

Key figures

− The credit outstanding business still improved through an activity focused on known customers

Credits Solutions New Business Card Products

New Credit business (€m) Payment using

Tarjeta PASS (€m)

Managed Outstanding (€m)



+12.8 %* +11.5 %*

Tarjeta PASS (€m)

+11.2%*


+28.9% since 2012 Essentially on Revolving loan Number of Tarjeta Pass over

1,994 m

Asset quality

− The measures of granting taken during

the crisis and the improvement of the

current economic situation allowed us

Non performing loans (€ M)


current economic situation allowed us

to lower the non performing ratio from

11.5% to 10.9% over 2015

− New criteria of classification of the non

performing according to the new

standard of Bank of Spain

SECTION 2FINANCIAL STATEMENTS

Income statements

After years of steady results , a great increase in 2014

− Economic reforms encourages the relaunch

− Reinforcement of the commercial momentum (Carta Pass reworking in 2014 : new features, a

wider offer)

− An operational result in progress thanks to the dynamism of card production which generates an

increase in the financial margin

Income statement

(in € M)FY 2012 FY 2013 FY 2014 FY 2015

Var.

2015/2014


(in € M) 2015/2014

NET BANKING INCOME 204.8 209.4 243.8 273.2 12.1%

GROSS OPERATING PROFIT 151.2 150.7 178.5 202.1 13.2%

COST OF RISK -63.8 -76.6 -47.9 -45.6 -4.9%

OPERATING INCOME 87.4 74.1 130.6 156.5 19.9%

NET INCOME 61.2 51.9 91.4 109.0 19.2%

BELGIUMBELGIUMFIMASER

Key figures


Payment using

Visa Carrefour (€m)Managed Outstanding (€m)


− Fimaser is a subsidiary of Carrefour Banque France

− Regulatory pressures that limit credit business (« zérotage »)

New Credit business (€m)


-2.6%* -4.1%*

Visa Carrefour (€m)

- 4.9%*

-7.5% since 2012 Mainly revolving loans Number of Visa Carrefour around

190,000


236 236

229

218

2012 2013 2014 2015

268

290 292

280

2012 2013 2014 2015

Asset quality


− Good collection efficiency allowing to

maintain the stability of non performing


maintain the stability of non performing

outstanding despite a high unemployment

rate and first-related impacts bound to

"Zerotage" (obligation to repay revolving

accounts, gradual application based on

outstanding Authorized Maximum Overdraft)


Income statement

Fimaser posted stable results over the last years

− Stability of the operating income thanks to the control of the financial charge and reduction of costs

Income statement

(in € M)FY 2012 FY 2013 FY 2014 FY 2015

Var.

2015/2014




COST OF RISK -6.5 -7.2 -4.5 -4.8 7.5%

OPERATING INCOME 5.9 6.9 6.3 6.2 -0.8%

NET INCOME 3.3 4.5 3.1 4.5 43.1%

ITALY ITALY CARREFOUR BANCA

Key figures

Improvement of its outstanding credits


Payment using

Carta PASS (€m)

Managed Outstanding (€m)

* * *

− Carrefour Banca is a branch of Carrefour Banque France

− A global production in improvement vs 2014 taking advantage of the generalization of the day Pass in all the

hypermarkets

New Credit business

(€m)


+9.4% +15.2% +9.6% * * *

+26,7% since 2012 Good balanced : Personal Loan 54% /

Revolving credit 46%

Number of Carta Pass over

107.000


190 199220

241

2012 2013 2014 2015

75

6573

80

2012 2013 2014 2015

191

153 145167

2012 2013 2014 2015

Asset quality


− Changes in non performing loans was driven

by the growth in outstanding litigation and

lack of assignment of receivables in 2015


lack of assignment of receivables in 2015

− The branch increased as a consequence the

cover rate for the NPL from 81 % in 2014 to

83,9 % in 2015 and reorganized for the

management of the amicable collection and

litigation to improve the efficiency of cash

receipts


Income statement

Carrefour Banca

− A tough economic environment− Uptrend confirmed for 2015 : an operational result in marked improvement, increase of the

financial margin and the good performance of the co sts of structure

Income statement

(in € M)FY 2012 FY 2013 FY 2014 FY 2015

Var.

2015/2014




COST OF RISK -6.4 -8.0 -10.4 -11.8 14.0%

OPERATING INCOME 0.1 -2.4 -4.5 -0.7 -84.8%

NET INCOME -0.4 -1.5 -3.0 -0.4 -87.7%

CONSOLIDATED ACCOUNTSCONSOLIDATED ACCOUNTS

Consolidated* income statement in IFRS

Income statement

(in thousands of euros)FY 2012 FY 2013 FY 2014 FY 2015

Var. 2015/

2014

− The 2015 consolidated net income is decreasing by 3 2.9% with € 36,521 million − At constant scope (without the exit of Carma, effec tive mid December 2014), the decline was 23.5% − The 2015 result includes an asset impairment charge of approximately € 16 million


* Consolidated•2010-2012 Carrefour Banque - Carrefour Banca - Carma•2013 Carrefour Banque - Carrefour Banca - Fimaser - Carma•2014-2015 Carrefour Banque - Carrefour Banca - Fimaser

NET BANKING INCOME 403,383 424,157 448,300 412,888 -7.9%

GROSS OPERATING PROFIT 187,660 182,588 193,876 190,366 -1.8%

Cost of risk -78,686 -101,232 -102,046 -113,741 11.5%

CURRENT PRE-TAX PROFIT 108,448 87,771 88,974 60,518 -32.0%

Income taxes -42,837 -31,145 -23,621 -23,998 1.6%

Non-controll ing interests 2,680 2,497 10,925 0 -100.0%

NET PROFIT ATTRIBUTABLE TO THE GROUP 62,930 54,129 54,428 36,521 -32.9%

Appendice IFRS7


USEFUL INFORMATION

Your Contact Persons

Alessandra GIROLAMI Head of Financial

Communication and investor [email protected]

Relations

+ 33 (0)1 41 04 28 83

Matthew MELLIN Investor Relations Director [email protected]

Mathilde RODIE Investor Relations Director [email protected]


Frédéric MAZURIER Deputy CEO / CFO + 33 (0)1 60 76 48 00 [email protected]

Dominique MOLLIET Treasurer + 33 (0)1 60 76 48 15 [email protected]

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201512 Investors presentation CARREFOUR … 60% Carrefour SA, international food retailer - 40% BNP Paribas Personal Finance, consumer finance specialist Page 4 Investor Presentation