Institutional

PRESENTATIONsep/19

SU

MM

AR

Y

GPA OVERVIEW

PRIVATE LABEL

COMPANY STRUCTURE

GLOSSARY

2Q19 RESULTS

BUSINESS UNITS

DIGITAL TRANSFORMATION

2

R$53.6 bi2018 1,057 1,860 19 States

GROSS SALES SALES AREA

('000 sqm) FOOTPRINT IN BRAZILNUMBER OF STORES

94 k2018 24 586 MM R$ 1.7 bi

Largest traditional retailer1st Second largest player in cash & carry2ndIn Brazil:

TOTAL

EMPLOYEES(1)DISTRIBUTION

CENTERS & DEPOTS CAPEXTICKETS

GPA FOOD in numbers

3

R$ 28.1 bi1H19 1,059 1,876 19 States

(1) On a full-time equivalent (FTE) basis

diverse formats to meet diverse consumer needs

GPA Food Overview

29.6%Sales

12.9% Sales

2.4% Sales

50.2%Sales

4.9%Sales

MULTIVAREJO ASSAÍ

Hypermarkets and

Supermarkets

Cash & Carry ProximitySupermarkets Commercial Centers,

Drugstores & Gas Stations

#Stores

Hypermarkets: 112

Supermarkets: 184

#Stores

Supermarkets: 185

Food Delivery

#Stores

Minuto: 81

Minimercado Extra: 154

#Stores

Drugstores: 124

Gas stations: 71

GLA~260.000 million2

#Stores

Assaí: 148

Number of stores as of June 30th, 2019. Calculated % of 2Q19 gross sales 4

MULTI-FORMAT FOOD PLAYER

283Stores* 185 Stores 148 Stores

81 Stores 154 Stores

• Does not include 124 drugstores and 71 gas stations..

As of June 30, 2019

13 Stores

Focused on meeting the needs of clients related to different needs and occasions, with the following formats:

hypermarkets, supermarkets, drugstores and gas stations. Extra banner offers food, electronics and

home appliances and apparels.

Pão de Açúcar is a modern neighborhood supermarket from the

Premium segment that offers customer service, quality and a variety of

products in a practical and welcoming environment. Sustainability is a strategic

part of its makeup and also generates value for the business.

Convenience format that offers a differentiated assortment and a

practical and cozy environment, in stores measuring around

300 m2. Prioritizes customer comfort with customized services and

initiatives.

Convenience format to meet day-to-day needs, mainly staples and

perishables. In stores measuring around 300 m2, its value proposition is to offer convenience at the best price.

The Cash & Carry segment focuses on customers from small and midsized companies and on end consumers

seeking products at more competitive prices. Offers groceries, food,

perishables, beverages, packaging, personal care and cleaning products,

etc.

Supermarket format dedicated to

meeting the needs of B and C income groups, with the focus on

excellence in customer service and on

providing services compatible with

those of regional supermarkets.

5

Brazil’s GDP: 5.4%

GPA Sales**:2.3%

Brazil’s GDP: 9.6%

GPA Sales**:8.5%

Brazil’s GDP: 16.2%

GPA Sales**: 1.7%

Brazil’s GDP:55.4%

GPA Sales**: 69.1%

Brazil’s GDP:13.4%

GPA Sales**:18.4%

Nossa Presença é uma vantagem competitiva

(1) Stores as of June 2019, Gas station and drugstores are not included. (2) Super category includes the banners Super Extra, Mercado Extra, Pão de Açúcar and Compre Bem** Share of Food Businesses net sales in 2Q19. GDP 2018

STORES LOCATED IN

19 OF THE 27

BRAZILIAN STATES*OUR FOOTPRINT IS A DIFFERENTIAL

COMPETITIVE ADVANTAGE

6

Region Super Hyper Cash&Carry Proximity Total

North - 1 6 - 7

Midwest 16 12 15 - 43

Southeast 313 78 88 227 706

Northeast 36 19 35 8 98

South 4 2 4 - 10

Total 369 112 148 235 864 (1)

(2)

Others(1)

Cash andCarry

(1) Includes gas stations, drugstores, malls and partners

Share ofgrosssales

Mainstream

Premium

13%

38%

7%

24%

50%

8%

22%

6%

2014 1H19

Key portfolio optimization initiatives

Delivery

8%

11%

77%

4%Sales per region

Midwest

Northeast

North

Southeast

South

14%18%

STRENGTHENING THE MULTI-CHANNEL, MULTI-FORMAT AND MULTI-REGION PORTFOLIO

23 stores opened since 2014 Renovation of stores, of which 26 in the G7 and G6 last generation

concept: improvement in service level

Expansion of MinutoPão de Açúcar in recent years: 68 stores opened since 2014

Clustering: adjustments to assortment and reactivation of promotional campaigns

Aliados: more than 500 partners

Conversion of 20 hipers to Assaísince 2015 Malls: optimization of sales area, adding 50,000 m2 of GLA in the last 2

years

Mercado Extra: +43 stores since 2018 CompreBem: conversion of 13 stores

Strong expansion in recent years: 64 stores opened since 2014, present in 19 Brazilian States

Launch of financial services: more than 800,000 cards

9%

19%

2%

68%

2%

7

Digital transformation

Express and Click & Collect: available at 94 Pãode Açúcarand Extra stores, which 89 stores are offering both delivery models

James Delivery launch and partnerships with startups Meu Desconto: success and attractiveness of the app with more than

9.3 million of downloads Loyalty programs: +19MM clients with penetration of 85% (Pão) and

60% (Extra) Pãode AçúcarAdega: wine online sales increased more than twice

since its launch

HISTORICAL FIGURES - CAPEX AND ROCE

1.1 bn 1.4 bn 1.2 bn 1.4 bn 1.7 bn

CAPEX (1)

New stores, land acquisition and

conversions

Storerenovationsand Maintenance

Infrastructureand Others

AdjustedEBIT / Capital

employed

Less cyclical and more balanced portfolio: allocation of investments to maximize returns

Maintenance of high level of Capex: allocation to higher return formats

33% 28% 26% 23% 21%

21% 37% 40% 33% 37%

46% 35% 34% 44% 42%

2014 2015 2016 2017 2018

(1) Breakdown in % does not considercash impacts / (2) Does not consider Infrastructure and Others

14%

11%

10%

16.5% 16.1%

8

Creation of Executive Officer

position

Strengthening of loyalty

program: My Discount / My

Rewards (partnership with

Livelo)

Chef Time partnership

Food e-commerce: redesign of

website and expansion of

"delivery express" and "click &

collect" services

Sustainability• Diversity

• Raising consumer awareness and production chain

• Social investment

• Management of environmental impact

%

Portfolio OptimizationRepositioning of

Private-Label BrandsDigital Transformation Operation / Efficiency

GPA FOOD STRATEGY | MAIN PILLARS

People• Productivity

• People development

• Training: improvement in service level

Strong expansion of Assaí

Revision of Extra Super

positioning:• Conversion to Compre Bem

• Revitalization to Mercado Extra

Revitalization and modernization

of assets: • Renovations of Pão de Açúcar

• Repositioning of Extra Hiper

• Renovation of gas stations and

drugstores

• Greater attractiveness of

commercial centers

Repositioning of the brand

Qualitá, new packaging design

and communication campaign

Greater quality and price

competitiveness

Complete revision of assortment

Taeq brand strengthening

Rollout of the integrated model

with partner suppliers

More dynamic sales and

promotional creativity

Segmentation of offering

according to the characteristics of

each micro-region

Perishables as a differential

Optimization of the logistics

model (e.g.: Mini Hub)

Reduction in shrinkage level

9

GPA OVERVIEW

PRIVATE LABEL

COMPANY STRUCTURE

GLOSSARY

2Q19 RESULTS

BUSINESS UNITS

DIGITAL TRANSFORMATION

10

Successful organic

expansion

Profitability growth in

recent years

Repositioning of

portfolio and

launch of new

products

Optimization of store portfolio: 43 Mercado Extra, 13 Compre Bem

and 26 Pão de Açúcar stores renovated, with significant results

18 NEW

STO

RES

(*)

2Q19 HIGHLIGHTS

Performance influenced by

current consumption

environment, with higher

promotional investments Confidence in multi-channel,

multi-format and

multi-region

strategy

Implementation of strategic

projects in portfolio

adjustment and digital

transformation

PRIVATE-LABEL BRANDS

Continued progress

in food e-

commerce and

digital

transformation

projects

Increase in

penetration:

R$14.2 billionin revenue

+11.3%

(*) Last 12 months11

DIGITALTRANSFORMATION

Expansion of operations to Santos

and Fortaleza – as well as São

Paulo and Curitiba – totaling 20

stores

Sales growth of more than 4.7x

vs1Q19

Number of orders 75% higher in

than the previous operating model

Launch of B2B Aliado Mini

Mercado e-commerce

platform

Strong 37% growth in food e-

commerce sales

Express and Click & Collect

are already available at 94 Pão

de Açúcar and Extra stores,

with 89 stores offering both

delivery models

19.3 million clients in the

loyalty program with

penetration of 85% (Pão) and

60% (Extra)

9.3 million downloads, up

58% from 2Q18

A sales success, with over

41,000 kits sold (40 times

more than prior to the

partnership)

Start of sales at Extra through

the loyalty app

Strong sales growth at Pão de

Açúcar Adega of 70% in

2Q19

Since its launch, wine online

sales increased more than

twice

Greater speed in product

launches

More than 150 startups

mapped and 20 approved

Partnership with Microsoft to

design the new store model:

interaction with digital

platforms and innovative

technologies

12

Gross Revenue Gross Profit Expenses EBITDA(2)

Significant growth: continuing the good trend, despite the challenging consumption scenario and the decrease in inflation during the quarter

2Q19 RESULTS – GPA FOOD PRE-IFRS16 Strong growth in net income and net margin (1)

11.3%-80bps -1.2%

(1) Excluding the non-recurring effects in 2Q18, net of income tax.(2) Adjusted by Other Operating Income and Expenses. Excluding non-recurring effects in 2Q18 corresponding to R$45 million in Multivarejo and R$369 million in Assaí.

Maintenance of consistent results at Assaí and higher promotionalinvestments at Multivarejo

Greater dilution of expenses due to the initiatives rolled out

4.8%

Gross margin mainly reflectedhigher investments in competitiveness and one off impacts in Multivarejo, whileAssaí benefited from theaccelerated maturation of its stores.

Net income attributable to

controlling shareholders –consolidated

Totaled R$ 508 million, with margin of 3.9%;

13

2Q18 2Q19

2,378

148

130

277

144

136

280

1 2 3 4 5 6

FINANCIAL RESULT AND DEBTMaintenance of strong cash position and solid capital structure

FINANCIAL RESULT

Net Debt(1)/ EBITDA (2)

(R$ million)

NET DEBT

CASH &

EQUIVALENTS

• Cash position in Jun/19: R$4.7 billion and unsold receivables of R$110 million

• R$1.8 billion in pre-approved/confirmed credit lines

CAPEX • R$510 million in 2Q19, +54.8% vs. 2Q18

5

(R$ million and % of net sales)

2Q18BeforeIFRS 16

2Q19After

IFRS 16

2Q19BeforeIFRS 16

2Q18After

IFRS 16

Effect Effect

-30 bps

1.3%

2.4%110 bps

1.1%

100 bps 2.1%

-0.90x-0.47x

-45.8%

(1) Includes credit card receivables not discounted. Does not consider lease liabilities related to IFRS 16.(2) Accumulated EBITDA for the last 12 months, before IFRS 16.

2,3781,288

14

MULTIVAREJO PRE-IFRS16Performance marked by investments to drive competitiveness, which translated into continued market share gain

Gross Revenue Gross Profit Expenses EBITDA

Significant growth in food segment

Non-food category was adversely affected by the strong comparison base of 2Q18, mainly due to the World Cup

Decrease reflects: Non-recurring impacts in the

quarter (110 bps)

Investments to drive competitiveness (70 bps) concentrated at Extra Hiper due to a more cautious consumption environment

Higher dilution vs. 2Q18 due to the initiatives implemented, without affecting the level of service

Reflects higher investments in gross margin vs. 2Q18 due to the economic scenario

Key initiatives to drive gross

margin:

Increased use of digital means for announcing and activating offers across all channels Greater integration and planning with key strategic suppliers: detailed plans and annual targets shared Increase in the share of categories with higher margins through strategic projects Additional investments in tools, people and processes related to pricing and analysis of promotional return

(1) Adjusted by Other Operating Income and Expenses. Excluding non-recurring effects in 2Q18 corresponding to R$45 million in Multivarejo

0.6% -5.1% -30bps

-27.3%

15

Outlook Multivarejo will continue its efforts to improve operating efficiency, mainly by optimizing investments in competitiveness,

logistic costs and SG&A expenses. Considering a more dynamic economic scenario combined with internal efforts, Multivarejomaintains its expectations of increased profitability.

112 stores 185 stores 235 stores (**)

MULTIVAREJOPortfolio meeting consumer demands

(**) Excluding the 124 drugstores, 71 gas stations and Aliado Mini Mercado stores

(*) Market share gain in the last 12 months, source Nielsen.

Significant market share gain (* ) in the hypermarket segment

Acceleration of performance in food category: due to adjustments to the assortment and activation of promotional calendar

Non-food category: strong comparison base (World Cup)

E-commerce: expansion of “Express” and “Retira Extra” delivery models

Clube Extra: penetration in around 60% of Extra banner

Extra Super: performance driven mainly by store conversion projects, which already totaled: o 43 stores converted to

Mercado Extra o 13 stores converted to Compre

Bem

Continued expansion of the project to more than 80 stores by the year-end

Significant sales growth and market share gain (*):o Mini Extra: optimization of costs,

expenses, price and assortment adjustment, as well as optimization of logistics costs;

o Minuto: commercial and promotional actions combined with Pão de Açúcar, reflected in increased sales and customer flow. Launch of Minute Office

Higher profitability, especially the improvement of Mini Extra

Strong growth in sales of Pão de Açúcar Adega: + 70% vs. 1Q19, with the dynamics between the platform and the physical store

Launch of B2B food e-commerce portal: www.aliadosminimercado.com

184 stores

hiper super

Performance specifically influenced by strong comparison base, with an improvement in the trend for 3Q19

Successful renovation of G7 and G6 stores: already account for 25% of sales and grow 90 bps above non-renovated stores. Another 20 stores will be renovated by the end of the year

Two-digit evolution of food e-commerce: business activations and maturing of “Express” and “Click and Collect” operations

Acceleration in omnichannelinitiatives: James and Cheftime

16

Gross Revenue Gross Profit Expenses EBITDA(1)

OtherHighlights

ASSAÍ PRE-IFRS16Significant sales and expenses under control resulting in greater profitability

Organic opening of 3 stores, totaling 148 stores

12 stores under construction, following its expansion plan with the opening of 20 stores in 2019

Passaí Card totaling 823,000 cards issued, with 5% penetration, compared to 3% in 2Q18

Strong ‘same-store’ growth of 8.1%

Successful rollout of commercial policy

Successful store expansion

Significant market share gain(**)

Better margin from stores opened in the last 2 years (accelerated maturation)

Higher share of individuals

Better sales mix

Growth lagging increase in gross profit, stable at 10.4% of sales, despite the strong expansion scenario.

Maintenance of consistent growth presented in recent quarters, up 27.8%

24.4% 25.4% 0bps 27.8%

(1) Adjusted by Other Operating Income and Expenses. Excluding non-recurring effects in 2Q18 corresponding to R$369 million in Assaí. (**) Source: NIELSEN 17

Outlook Net sales: continued strong expansion, with same-

store sales growth of about 200 bps above inflation and total sales of over 20%;

EBITDA: EBITDA margin should increase by around 30 bps to 40 bps (before IFRS 16), driven mainly by the quality of the stores opened in recent years, which have matured sooner than expected.

ASSAÍ BEFORE IFRS-16History of significant growth and consolidation of banner

75 148 +97.3%

12 19 +7

19.7% 50.2% +2.5x

No. of Stores

No. of States

% of Food Sales

Sales Area - '000 m2

Market Share (Nielsen) 18.5% 29,0% +1.6x

272 621 +2.3x

2013 2Q19

112 899CAGR41.5%

Around 15%

Above 25%

+1.7x

Net Income - R$ million

ROCE**

Adjusted EBITDA - R$ million

Gross Sales Revenue - R$ million 6,814 27,731

CAGR 26.4%

250 1,620CAGR36.6%

2013 2019 LTM (*)

Expansion of the operationwith expansion of sales area by 2.3 times, increasing the number of states where it operates and strong store openings

Solid performanceof sales and operating efficiency that translate into increased profitability

Increase in sharein the GPA food segment, representing 50.2% of revenue

(*) Considering the last 12 months in relation to June 2019 (**) Adjusted EBIT / Capital employed 18

19

(R$ million) 2Q19 2Q18 Δ 2Q19 2Q18 Δ 2Q19 2Q18 Δ

Gross Revenue 14,218 12,772 11.3% 7,074 7,030 0.6% 7,144 5,742 24.4%

Gross Profit(*) 2,820 2,693 4.7% 1,730 1,825 -5.2% 1,090 868 25.6%

Gross Margin(*) 21.6% 23.0% -140 bps 26.4% 28.3% -190 bps 16.7% 16.4% 30 bps

Selling, General and Adm. Expenses (1,985) (1,866) 6.3% (1,343) (1,354) -0.9% (642) (512) 25.4%

% of Net Revenue 15.2% 15.9% -70 bps 20.5% 21.0% -50 bps 9.8% 9.7% 10 bps

Adjusted EBITDA(1)(2)(*) 888 880 0.9% 435 516 -15.7% 453 364 24.4%

Adjusted EBITDA Margin(1)(2)(*) 6.8% 7.5% -70 bps 6.6% 8.0% -140 bps 6.9% 6.9% 0 bps

Food Multivarejo Assaí

(1) Earnings before interest, tax, depreciation and amortization. (2) Adjusted for Other Operating Income and Expenses .

(* ) Excludes nonrecurring effects in 2Q18, corresponding to R$45 million at Multivarejo related to the sale to third parties of a portion of the tax credits related to the exclusion of ICMS from the PIS/COFINS calculation base and R$369

million at Assaí related to the reversal of the provision for ICMS ST credits for periods prior to 2018.

RESULTS POST-IFRS16

GPA OVERVIEW

PRIVATE LABEL

COMPANY STRUCTURE

GLOSSARY

2Q19 RESULTS

BUSINESS UNITS

DIGITAL TRANSFORMATION

20

272317

373421

506

598

7584

95107

126144

2013 2014 2015 2016 2017 2018

RN

STRONG GEOGRAPHIC EXPANSIONIN THE LAST 5 YEARS

144 stores

18 states

598,000 m2 of sales area

Average area: 4,200 m2

29,900 employees

2013 2018

Sales area

twice as larger

compared to 2013

SP

CE

PB

PE

AL

BA

DF

GO

RJ

PR

MS

MT

SP

CE

PB

PEAL

BA

DF

GO

RJ

PR

MS

MT

PIPA

AM

MG

SE

75 stores

12 states

272,000 m2 of sales area

Average area: 3,600 m2

11,500 employees

*Includes organic expansion and conversions Not including the closure of 2 stores since 2013 21

COMPRE BEMpilot store conversion Extra Supermarket to Compre Bem

POSITIONING

Competitors: regional

supermarkets

Target public: B and C

Classes

Price: With lower variation,

competing with key regional

players

EXPANSION

1st Wave: pilot

conversion of 13 stores

in 2018

Roll-out in the next

coming years

DIFFERENTIAL

Focus: Excellence in

customer service and

services compatible with

regional supermarkets

Assortment: 7,000

products, with excellence

in meat, bakery, fresh

produce services

LOW COST

Operation: Low

logistics and IT costs

Marketing: Offers

flyers and digital

communication

Direct delivery in

store: Perishable

receipt

Operating knowledge of

supermarkets and

management of

categories

Expertise in low-

cost operations

22

Priorities 2019-21Maintain the initiatives of 2018, expand and optimize

Growth of sales and

market share

Maintain SSS growth above

inflation

Market Share Gain

Expansion

Expansion of Assaí´s nationwide footprint, seeking

consolidation

Excellent expansion productivity

Opening of 20 Assaí´s stores/year

Roll-out of Extra Super stores into Compre Bem

Increase operational efficiency

Control of Working Capital

Control of expenses

Increase in productivity

Expansion supported by own cash

generation

Financial Solutions

Expansion of the portfolio of

financial products and services

23

Focus on customer

satisfaction

Training for Extra employees:

Click Movement

Leveraging Clube Extra

Increased Digitalization, with

the focus on the App

‘Collect & Win’ promotion for

all customers

Long Live the Neighborhood:

store as a community center

Conversions &

Modernizations

Multifunctionality

Revision of assortment

Logistical efficiency & Mini

Hub

Improvement of store

processes: Productivity

Optimization of expenses

Footprint

Complete solution

Wide assortment

Private-label

Exclusive imported goods

Store in Store

Quality and freshness every

day

Complete basket of

perishables

Excellence in service:

customer counter

Experimentation through

tasting events

Differentiated activation such

as “Carretão”, seasonal, own

manufacturing and fishmonger

Busy commercial activation

calendar

Introduction of new sales dates

in the Brazilian calendar

Focus on activation of major

category festivals

Increased use of digital means

in calendar activation:

“EVERYTHING”

Customer

experience

Scope

& Amplitude

Focus on

Perishables

category

Operational

excellence

Seasonal events and

commercial

activations

Extra: Value PropositionLow price and varied assortment

24

Key initiatives modernization of Extra Super in 2018

Revision of assortment

More restricted

assortment in grocery

Greater emphasis on

perishables

Private-label

Price repositioning

Low "high-low" intensity

New commercial activation

dynamics

Increase in share

Broader mix of items

Promotional alignment

with Extra Hiper

EXTRA Mercado: roll-out of pilot project

23 stores opened in the São Paulo

metropolitan region as pilot project

Commercial Alignment

Price Repositioning

Private-label

R

25

EXTRA PRIORITIES

2019-2021

Optimization and

increased profitability of

assets:

Parking Lot

Malls

Warehouse

Sales Area

Initiatives to sustain

sales growth above inflation:

Busy commercial activation

calendar

Focus in seasonality and Clube

Extra

Continuance of collectible

campaigns

Reinforce brand

differentiation through:

Perishables, Non-Food,

Private-label and Store in

Store

Revitalization of stores: Extra

Super to Mercado Extra

Expand the leadership in

e-commerce and

multichannel platform

Optimize Clube Extra

Make communications digital

Expansion of Express

Expansion of Last miller

26

Nossos MODELOS DE NEGÓCIOS

Happiness

Supermarket"It's part of my routine

and my life"

BUSINESS PILLARS

E-commerce“Makes my life easier

with a click"

INNOVATION

"Services that surprise and enchant,

guaranteeing my loyalty with Pão"

PÃO de AÇÚCAR MAIS APP

Minuto“Sorts my l i fe

out”

Our PROPOSITION

To inspire, encourage and offer means so that more and more people

understand that happiness (theirs, those around them and the planet) is

simple, real and within our reach.

Our TERRITORY

Imperfect happiness, daily, possible, real and personal

Brand Positioning

DIFFERENTIATION"Assortment with highlights for launches and

differentiated, which inspire and encourage

my daily happiness”

EQUILIBRIUM

“Inspires me to take care of my body

and the planet"

27

Differentiated value proposition and

layout

Fresh Market concept:: Expansion and grouping

of the perishables area

Highlight being the wellness concept and

assortment: organic products, bulk products and

natural beverages

Services: New model of bakery, butchery,

fishmonger

Perpendicular grocery shelves

Omnichannel

Reinforcement of the healthy and affordable

positioning

Store in store concept

G7 – A new store concept

22

The 26 stores

in G7 and G6

format already

account for

25% of sales(*)

20

renovated stores in G7

format by the

end of 2019

28(*) As of June30th, 2019

Resumptionof thebanner expansionprocess

Priorities Pão de Açúcar 2019-2021

DIFFERENTIATION:

Assortment: Consolidation of “high-end” positioning with excellence in service level and assortment

and focus in quality on F&V and perishables (Perfect F&V).

Greater focus on healthy products

Operational efficiency: Expansionof MMOVE.

Innovation: Continue to reinforce Digital Transformation through the app, acceleration of Store in

Store to over 70 stores and Cheftimeexpansion for all stores in São Paulo state untill 2019;

Focus on Private Label for differentiation and price perception.

1

Continuation of store renovations for the new Generation:

2019: 20 stores.

3

2

29

MAIN INITIATIVES | PROXIMITYMini Extra & Minuto Pão de Açúcar

Commercial Dynamics

Revision of assortment and

adjustment of cluster;

Build loyalty with differentiation in

the Bakery and Fresh Produce

categories and penetration of

Private-label Brands;

Valuation and focus on categories

aligned with the Proximity format:

Liquid / Snacks (Yogurts) / Snacks.

Marketing Strategy

Synergy in promotional dynamics at

Extra

Alignment with Pão de Açúcar in

Minuto PA;

Promotional dynamics with "My

Discount" app.

Private-LabelFirst Prices

Focus on private-label:quality

price perception and loyalty;

Entry of first-price products to

strengthen competitiveness in

lower income neighborhoods.

30

Continue investments in price communication at points of sale;

Continue investments in technology to increase productivity;

Expansion of gas stations

Winning format:

Resumption of the Expansion in 2019, with at least 15 stores and

progressive acceleration for coming years.

Consolidate the strategies implemented in 2018;

Consolidate profitability by optimizing costs and the store portfolio;

Optimize assortment clusterization.

Continue the renovation plan in order to continue modernizing

stores.

Consolidate relationship of trust with the 500 registered Aliado;

Implement sales website to reach other players

(restaurants / hotels / etc).

Gas stations

Drugstores

Aliado

Proximity Priorities for 2019-2021

31

GPA Malls: Scope and strategy

Almost 300,000 m² of

GLA managed across

Brazil

Management of more than 250

commercial centers and 2

convenience street malls

Present in 22 states

and the Federal

District

More than 3,500

agreements with

merchants and partners

Our reach

in Brazil

Medium-termactions

Short-termactions

Futureactions

Strategy

for the future Focus on

productivity

and

operational

efficiency

Continuous

improvement in

relationship

with customers

Square meter monetization

and GLA growth: develop

areas for small and midsized

projects

Media:

Expand our

reach in the

Media

Business

Business

Model:

Develop new

revenue

sources

32

GPA OVERVIEW

PRIVATE LABEL

COMPANY STRUCTURE

GLOSSARY

2Q19 RESULTS

BUSINESS UNITS

DIGITAL TRANSFORMATION

33

~ 85%de Venda

Identificada

~ 60%de Venda

Identificada

+ 19.3Mcustomers registered in

the Loyalty Program

+ R$180MofadditionalEBITDA in

2018

+ 9.3MMDownloads

+ 150suppliersusingthe

platformin 2Q19

DIGITAL TRANSFORMATIONPROGRESSES AND ASSETS| LOYALTY PROGRAMS

~ 60%of Identified

Sales

~ 85%of Identified

Sales

34

+ R$ 6.5 Bofsalescame fromthe

apps in 2018

Omnichannelcustomerbuys

2xmore thanclientsfromphysical

store

3535

ONLINE SHOPPING

SCAN & GO

CHECK-OUT SCHEDULING VIRTUAL WALLET

REWARD EXCHANGE

LEAFLETS

MEDIA

OFFER ACTIVATION

ADEGA

PURCHASE OF SERVICES

IN-STORE EXPERIENCE PERSONALIZATION

SERVICES AVAILABLE CURRENT VERSION

+ 37%e-commerce growth 2Q19 vs. 2Q18

36

DIGITAL TRANSFORMATION | GPA e-commerce expansion

EXPANSIONStrong expansion plan, 10 more

Brazilian cities by 2019 year end.

SUPERMARKETSExclusivity of the best supermarkets in Brazil.

Focus on excellence in service and delivery of

best experience

GPA STORESImportant source of communication, knowledge generation and new customer acquisition

LOYALTY PROGRAMSIntegration with major retail loyalty programs. Loyalty offers + stars accumulation and stamp deliveries

37

I deliver everything in minutesAsk for anything you want, wherever

you want and I will quickly

bring it to you

JAMES

DELIVERY

James Delivery is a multiservice platform for

order and delivery in minutes of diverse products that range from items sold in supermarkets to restaurants

and drugstores

Blu

e: G

PA

ope

ratio

ns| V

iole

t: Ja

mes

ope

ratio

ns

DIGITAL TRANSFORMATIONPRIORITIES|BUID THE BIGGEST BRAZILIAN FOOD RETAIL PLATFORM

38

Working with

Startups and

Foodtechs

Winning in the

mobile category

Knowing the

customer

experience

Creating

Super Apps

Online Grocery

leading

GPA OVERVIEW

PRIVATE LABEL

COMPANY STRUCTURE

GLOSSARY

2Q19 RESULTS

BUSINESS UNITS

DIGITAL TRANSFORMATION

39

Prices about 25-30% lower than the

benchmark/leader in the category

Iconic products and brands that

are attractive to consumers

New and exclusive products in our

stores

Guaranteed high-quality products

and low prices for all

Price Perception

Quality Perception

Differentiation

Innovation

Democratization

Why do we produce Private-Label?

Loyalty

ImprovedCompetitiveness

Profitability higher than

national brands

How we operate

with Private-

Label Brands?

Partnership

with

Industry

Communication

/ Creation of

Brands

Specialized

Team

Quality

Assurance

Same or superior quality as the

benchmark/leader in the category

Private Label: a strategic pillar for the Company

40

Day by day

Healthier life

A chef's

touch to the

routine

Celebrate the

good times in

life

A stylish

house

Stylish clothes

for everyday

Private Label: our brands

41

Increase of the penetration

around 12.1% in 2Q19,

focus in reaching 20%

of share by 2020Increase Taeq sales, democratizing

healthy foods

Extension of

integrated

suppliers model

Pipeline of

constant

innovation at 500

SKUs p.a.

Building new

private-label and

strengthening

current brandsINTEGRATED: TOTAL PARTNERSHIP |

OPEN BOOK MODEL

TRANSACTIONAL: TRADITIONAL MODEL

Private Label: Priorities

42

GPA OVERVIEW

PRIVATE LABEL

COMPANY STRUCTURE

GLOSSARY

2Q19 RESULTS

BUSINESS UNITS

DIGITAL TRANSFORMATION

43

On June 30th, 2019 *Casino's indirect interest through other companies. Total interest of Casino in GPA: 33.1%

50.0% 50.0%

34.1%

37.3%

HoldCo

4.1% 58.5%

55.3%

• E-commerce in France

Free-float

OWNERSHIP STRUCTURE

44

45

LATAM TRANSACTION

Simplification

of LATAM structure

1Value creation

to

shareholders2

TRANSACTION

RATIONALE

GPA PROPOSAL FOR ÉXITO ACQUISITION

CASINO PROPOSAL TO ACQUIRE ÉXITO

PARTICIPATION IN GPA

MIGRATION PROPOSAL TO NOVO MERCADO

Jul-24th:

• GPA Independent Committee

recommends acquisition at COP

18,000/ share through tender offer

• Approval by GPA Board

Sep-13th:

• Authorization request to the

Colombian Financial Superintendence

for the tender offer

STEP-BY-STEP

REORGANIZATION

Aug-27th:

• Positive recommendation from Éxito

Audit and Risk Committee on the

acquisition of GPA at R$ 113.00/

share

Sep-12th:

• Éxito Extraordinary General Meeting

for the transaction approval

After conclusion of the tender offer:

• Migration to Novo Mercado:

conversion ratio 1:1

• Casino Group will hold 41.4% of GPA

• Expectedmigration: Jan/2020

Strengthening of governance:

migration to Novo Mercado

3

GPA OVERVIEW

PRIVATE LABEL

COMPANY STRUCTURE

GLOSSARY

2Q19 RESULTS

BUSINESS UNITS

DIGITAL TRANSFORMATION

46

Glossary

47

Food Segment: Represents the combined results of Multivarejo and Assaí, excluding equity income (loss) from Cdiscount, which is not included in the operatingsegments reported by the Company.

EBITDA: EBITDA is calculated in accordance with Instruction 527 issued by the Securities and Exchange Commission of Brazil (CVM) on October 4, 2012.

Adjusted EBITDA: Measure of profitability calculated by excluding Other Operating Income and Expenses from EBITDA. Management uses this measure in itsanalyses as it believes it eliminates nonrecurring expenses and revenues and other nonrecurring items that could compromise the comparability and analysis ofresults.

Compre Bem: Project involving the conversion of stores in order to enter a market niche currently occupied by regional supermarkets. The store model is betteradapted to the needs of the consumers in the regions where the stores are located. The service and assortment of the perishables category will be reinforced,while other categories will have a leaner assortment. Compre Bem is managed independently from the Extra Super banner with the focus on streamliningoperating costs, especially logistics and IT.

Mercado Extra: Project aims to renovate Extra Super by reinforcing the quality of perishables and customer service, with the focus on the B and C income groups.There will be no change in the operating model of the stores, which will continue to be managed under the Extra banner.

James Delivery (last miler): Multiservice platform for ordering and delivering in minutes of diverse products selected by our customers, including restaurants andintegration with our supermarkets and drugstores.

Cheftime: pioneering startup in the Foodtech segment, offering online subscription services and sales of gastronomic kits.

Same-store growth: Same-store growth, as mentioned in this document, is adjusted by the calendar effect in each period.

Growth and Changes: The growth and changes presented in this document refer to changes from the same period last year, except when stated otherwise.

Investor Relations Team

Tel.: +55 (11) 3886-0421

gpa.ri@gpabr.com

www.gpari.com.br

Disclaimer: Statements contained in this release relating to the business outlook of the Company, projections of operating/financial results,growth prospects of the Company and market and macroeconomic estimates are merely forecasts and are based on the beliefs, plans andexpectations of Management in relation to the Company’s future. These expectations are highly dependent on changes in the market, Brazil’sgeneral economic performance, the industry and international markets, and hence are subject to change.

About GPA: GPA is Brazil’s largest retailer, with a distribution network comprising over 2,000 points of sale as well as electronic channels.Established in 1948 in São Paulo, it has its head office in the city and operations in 18 Brazilian states and the Federal District. With a strategy offocusing its decisions on customers and better serving them based on their consumer profile in the wide variety of shopping experiences it offers,GPA adopts a multi-business and multi-channel platform consisting of brick-and-mortar stores and e-commerce operations, divided into thefollowing business units: Multivarejo, which operates the supermarket, hypermarket and Minimercado store formats, as well as fuel stations anddrugstores under the Pão de Açúcar, Extra and Compre Bem banners; Assaí, which operates in the cash-and-carry wholesale segment; and GPAMalls, which is responsible for managing the Group's real estate assets, expansion projects and new store openings.

48