DEUTSCHE BANK GLOBAL CONSUMER & FOOD RETAIL CONFERENCE

June 18, 2008

2

2007 FINANCIAL HIGHLIGHTS

Consolidated net sales

Trading margin

Net debt/EBITDA

Attributable net profit

% change vs. 2006

€24,972m

4.8%

€664m

€4,410m

2.45x

+11.0%

vs. 4.6% in 2006

vs. €436m in 2006+52.4%

vs. €4,390min 2006

vs. 2.81x

Trading profit €1,196m +14.7%

EBITDA €1,799m +15.3%

Net debt

3

A STRONGER PROFITABLE GROWTH PROFILE

Faster organic growth

Remodelled asset portfolio• Increased revenue contribution from International operations…• …refocused on high potential countries (Brazil, Colombia, Thailand)

In France• Effective differentiation strategy with revenue up 3.1% excluding FP/LP

in 2007• Sales revitalization plans at Franprix/Leader Price

leading to an upturn in sales as from the fourth quarter

France InternationalGroup

2,3%1,3%

6,4%

3,8%

1,8%

11,2%2005 2007

79

1227

65

89Other International

Emergingmarkets

2004 Q1 08

France

ORGANIC SALES GROWTHSALES BY REGION

4

A STRONGER PROFITABLE GROWTH PROFILE

An aligned and balanced earnings profile, with 10 main business unitsthat all make a significant contribution to EBITDA

International trading margin is moving towards the French margin

Stable operating margin in France in a competitive environment• Favourable impact of brand mix and product mix• Costs kept under control thanks to Operational Excellence programme

OPERATING MARGIN

France InternationalGroup

4,5%5,0%

3,1%

4,8% 4,9% 4,5%

2005 2007

2007 EBITDA

Hypermarkets

Franprix

Leader Price

Casino SM

MonoprixSuperettes

Mercialys

Brazil

Colombia

Thailand

Other

FRANCE: FROM MASS MARKET TO PRECISION RETAILING

International: a focused and fast-growing portfolio

Conclusion

Appendices

6

FRANCE’S THIRD LARGEST FOOD RETAILER

489Discount

652Convenience storesParis area

6,040Convenience stores National

330Citymarkets

379Supermarkets

118 (4)Hypermarkets

Number ofstores (3)

Format 2007 Total Business

Volume (1): €21.2bn 13% market share - food (2)

A balanced business portfolio covering all formats

Over 8,000 stores

(1) excl. other activities (2) source: TNS (3) at End 07 (4) excl. international affiliates

7

FRANCE: FROM MASS MARKET TO PRECISION RETAILING

The shopping experience is changing

Lifestyles are increasingly individualised, partly due to changing socio-demographic trends

New retailing concepts are gaining ground

The product offering needs to be more varied and better segmented, to keep pace with evolving consumer tastes and behaviours

8

SHIFTING SOCIO-DEMOGRAPHICS

% OF THE POPULATION AGED 60 AND OVER HOUSEHOLD COMPOSITION

Source: Insee

1980 1990 2008

17%

19%

21.8%

2000

20.6%

32%

2050

20,0%

25,0%

30,0%

35,0%

40,0%

45,0%

1,9

2

2,1

2,2

2,3

2,4

2,5

2,6

Number of single-person households (%)Average number of people per household

43% - 46%

31.9%29.8%

28.5%

2.482.43

2.33

2.04 - 2.08

1995 2000 20302005

Greying population

In France, a third of the population will be over 60 in 2050

Families are shrinking Fewer households with 4 or

more members: 20% in 2007 vs. 24% in 1995

More single-person households and single-parent families

9

NEW NON-FOOD RETAILING CONCEPTS ARE GAINING GROUND

Ongoing development of speciality chains

Emergence of the Internet as a viable retailing channel

+ 2.5 pts+ 6.7 ptsSpeciality chains

- 3.5 pts- 3.5 ptsHypermarkets

White goodsApparelMarket share2007 vs. 2003

+ 5.4ptsSpeciality chains

+ 1.7ptInternet

- 7 ptsFood retailers

DVDs, CDs, booksMarket share2007 vs. 2005

Twice as many online buyers in 2007 compared with 2004:20 million in Q4 07 vs. 10.6 million in Q4 04

Source: GfkSource: TNS

Source: Gfk

10

HYPERMARKETS ARE MORE AND MORE CHALLENGED IN FOOD

Hypermarkets are still the dominant food retailing format in France…

… but Supermarkets are structurally outperforming hypermarkets

… and Discounters are rapidly catching up

Source: Nielsen Source: TNS Worldpanel

9%13.2%

SM HM>6,500 sq.m

2000 2007

Market shareof discount retailers

0.9%

0.2%

French Food Retailing market

Hypermarkets 51%

Supérettes 1%Discount 14%

Supermarkets 34%

Sales breakdown by format

Source: TNS World Panel- LTM P5 08

Same-store salesCAGR 2001-2007

11

PRIVATE LABELS’ SHARE OF HM/SM MARKET IN VOLUME AND VALUE

NATIONAL BRAND AND PRIVATE LABEL SALES IN HM/SM

MARKET GROWTH IS BEING LED BY PRIVATE LABELS…

Source: IRI – Total FMCG YTD June

107,5

144,4

100

90

100

110

120

130

140

2000 2001 2002 2003 2004 2005 2006 2007

MN MDD

Private-label sales have grown 7 times faster than national brands

37

26,2

21,2

27

16

21

26

31

36

2000 2001 2002 2003 2004 2005 2006 2007

Volume Value

12

A SUCCESS BASED ON AN INCREASINGLY SEGMENTED OFFER ALIGNED WITH CONSUMER EXPECTATIONS

Health & Nutrition Practical &Time-Saving

Fair TradeGourmetEnvironmentally-friendly

13

TO KEEP PACE WITH A CHANGING MARKET, CASINO HAS SHIFTED ITS ASSET PORTFOLIO WITH MAJOR ACQUISITIONS

• 1997: acquisition of the Franprix and Leader Price banners

• 1997: acquisition of 21% of Monoprix, a citymarket banner

• 2000: stake in Monoprix raised to 50%

• 2000: acquisition of Cdiscount

14

TODAY, THE GROUP HAS A FAVOURABLE BUSINESS MIX IN FRANCE (1/2)

* 1997 French GAAP; 2007 IFRS

A strong presence in the most buoyant formats….

• Discount, Convenience and e-tailing businesses currently account for over 60% of sales in France versus just 40% in 1997

1997 CONSOLIDATED SALES: €10.1bn*

2007 CONSOLIDATED SALES: €17.9bn*

Superettes10%

FP/LP6%

Other businesses6%

Géant HM53%

Casino SM25%

Superettes9%

Monoprix10%

Other businesses4%

Géant HM34%

Casino SM17%

FP/LP22%

Cdiscount4%

15

6.9%

5.7%

2.7%

Hyper-markets

Convenience FP/LP

TODAY, THE GROUP HAS A FAVOURABLE BUSINESS MIX IN FRANCE (2/2)

France: 4.9%

which are also the most profitable …

• The Convenience and Discount formats currently account for 74% of trading profit generated in France

Hypermarkets

Convenience

FP/LP

Other

19%

31%

7%

43%

31%

CONTRIBUTION TO 2007 TRADING PROFIT - FRANCE

2007 OPERATING MARGIN

16

OUR Q1 PERFORMANCE ATTESTS TO THIS STRONG POSITIONING

Dynamic supermarket banners: Casino SM and Monoprix Robust sales growth at Franprix/Leader Price (8.5%), confirming

the effectiveness of the two banners’ revitalization plans Continued strong growth in revenue from Other businesses

Casino SM FP/LPFrance

2007 Q1 08

Monoprix Géant Casino

Superettes Other businesses

1.8%

5.8%

3.8%

0.1% 0.1%

5.3%

10.1%8.5%

1.7% 1.0%

11.2%

-2.6%

4.1%

18.1%

ORGANIC SALES GROWTH

17

AN OFFERING FOCUSED ON THE MOST PROMISING SEGMENTS

Casino is France’s leading retailer in terms of private-label penetration rates in FMCG

• Private label products > 50% of total Group volumes

• Very high penetration rates across all formats• Monoprix: around 30%

• Géant Casino & supermarkets: > 40%

• Superettes & Franprix: > 50%

• Leader Price: 100%

Enhanced and expanded fresh-food section

• New Fruit & Vegetable concept deployed in the hypermarkets and supermarkets

• “Terre et Saveur” brand strengthened with the Casino signature

• Development of eco-label product lines

18

MORE PERSONALISED MARKETING THROUGH DUNNHUMBY

An extensive customer database developed through the loyalty programme

• 3.7 million card holders (hypermarkets + supermarkets)

• Member of the S’miles network (13 million card holders)

The partnership with dunnhumby is a way to improve our customer intelligence (lifestyles, expectations, etc.) in order to tailor our value proposition to each type of shopper in each store

Pricing policy Assortment Advertising

19

CONTINUED SUSTAINED EXPANSION IN THE MOST BUOYANT FORMATS

Maintaining an active expansion strategy for Casino Supermarkets and Monoprix

Development of the Franprix network

• In the Paris area and the main regional cities

• Target of 1,000 stores in 5 years’ time vs. 652 at end-2007

Accelerated expansion of the Leader Price network

• to double the store base over the next 5 years (from 489 stores at end-2007)

Deployment of the Alcudia plan for the hypermarkets• Increase the sites’ critical mass and therefore the footfalls

• By doubling retail space in the shopping centres and optimising assets

France: from mass market to precision retailing

INTERNATIONAL: A FOCUSED AND FAST-GROWING PORTFOLIO

Conclusion

Appendices

21

#1

OUR BANNERS HAVE LEADERSHIP POSITIONS AND DEEP LOCAL ROOTS

* 100% basis

€5.6bn*

#2

€0.6bn

€0.3bn*

#2

€0.1bn

#1 in South America

#1

#2

€1.5bn

€0.3bn

€2.4bn

#1

> 1,400 stores (incl. 257 hypers)

Sales Sales

22

DYNAMIC GROWTH IN SOUTH AMERICA AND ASIA

South America

Asia Indian Ocean

International

3,9%3,3%

3,9%

6,2%5,3%

4,1%4,5%

5,6%2006 200714,8%

9,8%11,2%

1,7%

South America

Asia Indian Ocean

International

Double-digit organic growth in South America and Asia• Solid sales growth at CBD due to a 3.4% increase in same-store sales and an

aggressive expansion strategy - Sustained very strong growth in same-store sales in Argentina, Venezuela and Uruguay

• Sales up 6.4% at Big C (Thailand), led by a dynamic expansion strategy (five hypermarkets opened in 2007)

Significant improvement in trading profit margin in both priority regions• South America: positive impact of consolidating Exito & solid margin performance

across the region• Tangible improvement in trading profit margin at BigC

2007 ORGANIC GROWTH IN SALES

TRADING PROFIT MARGIN

2006 2007

23

EXITO: AN UNDISPUTED MARKET LEADER FOLLOWING CONSOLIDATION OF CARULLA VIVERO

Exito: Colombia’s leading food retailer• Pro forma 2007 sales*: €2.4bn • 42% market share (formal market ) • No. 1 in three formats: hypermarkets, supermarkets and discount • High 7.8% EBITDA margin (2007)

Integration of Carulla Vivero and gradual leverage of synergies• Converting the Vivero stores to Exito (7 out of 18 converted)• Aligning purchasing terms • Starting the process of optimising head office synergies• Extending the Exito card to the Vivero banner

Enhancing the value of the property portfolio• Premium real estate portfolio: 619,000 square meters of selling space (of

which 66% owned)• Shopping centre development

* consolidation of Carulla Vivero as from 1 February 2007

24

CBD: A MULTI-FORMAT RETAILER

2nd largest food retailer in Brazil• 2007 total net sales: € 5.6bn • A multiformat retailer: 575 stores with a strong presence in Sao

Paulo and Rio de Janeiro states• acquisition of Assai in 2007 has taken CBD into the highly promising

cash and carry segment

Improve competitiveness• price optimization, • assortment review, • development of consumer finance, increase in non food sales...

Improve profitability• Operating expenses reduction programme• Restructuring Sendas operations

25

BIG C: THE “THAI” RETAILER

A major retailer in Thailand• 2007 total net sales : €1.4bn • N°2 retailer on the large trading formats• 54 hypermarkets with 514,000 square meters of selling space

Strengthening the competitive edge of Big C brand:• “thainess’’,• good price image

Further expansion with 8 openings planned in 2008

Deploying the dual Retailing-Property Management model• developing and enhancing the value of shopping centres• Big C has as many shopping centres as hypermarkets

26

INTERNATIONAL: STRENGTHENING LEADERSHIP POSITIONS

Sustained strong expansion in key countries (Brazil, Colombia and Thailand),in both conventional and new formats

Faster rationalisation of the banner base in Brazil and Colombia

Additional acquisitions as opportunities arise (e.g.: Assai in Brazil)

Developing, along French lines, a dual Retailing–Property Management model

An increased contribution to sales growth and trading profit

France: from mass market to precision retailing

International: a focused and fast-growing portfolio

CONCLUSION

Appendices

28

SOLID FUNDAMENTALS TO DRIVE FASTER ORGANIC GROWTH

A well positioned asset portfolio• A favourable format mix in France• High growth potential of Franprix and Leader Price banners• An international geographic footprint refocused on high potential

countries(Brazil, Colombia and Thailand)

Efficient growth drivers• In France, implementation of a targeted marketing strategy for each

bannerand ramp-up of differentiation drivers

• In international operations: faster growth and development of the dual Retailing – Property management model

A more aligned and balanced profitability profile• International trading margin is converging towards the French margin• 10 business units, each of them contributing significantly to Group

EBITDA

29

PROPERTY MANAGEMENT: AT THE HEART OF THE GROUP’S PROFITABLE GROWTH STRATEGY

Property assets, a significant component of the Group’s value: €7.2bn (end-07)

An active asset optimisation strategy in place since 2005• Constantly manage the portfolio to sell and lease back mature property…• …and acquire assets with high value potential

The dual retailing – property development model: a priority for expansion in international markets

• Helping to increase store traffic and thus supporting the development of the Group’s retailing activities…

• …while capturing the full value of our property assets

Enhancing the value of existing assets: the Alcudia plan en France

30

2008 OBJECTIVES

Further growth in trading profit

Faster organic growth in sales

France: from mass market to precision retailing

International: a focused and fast-growing portfolio

Conclusion

APPENDICES

32

A STRONGER FINANCIAL POSITION

Net debt / EBITDA was reduced to 2.45x from 3.82x in 2005 in line with objectives

Gearing reduced to 62% from 96% in 2005 €2.5bn in assets have been sold since the beginning of 2006

The Group has restored its financial flexibility and is committed to maintaining strict financial discipline

31 Dec. 2007

7,124Equity

4,410

706

en millions d'euros 31 Dec. 2006

5,972

4,390

889

2,45xNet debt / EBITDA 2,81x

31 Dec. 2005

5,638

5,444

1,031

3,82x

62%Gearing 74%96%

Net debt

Of which minority shareholders’ put options

33

Mature or strategic

properties

With undeveloped land or

opportunities for extension

AN ACTIVE ASSET OPTIMISATION STRATEGYSINCE 2005

Offices and Warehouses

Shopping Malls

Stores/Undeveloped Land

2005

Standard Property

InvestmentProperty

Strategic Property

Head office sold

IPO

2006Warehouses

soldPolish store

properties sold

2007

OPCI*

Partnership w/Whitehall in Central Eur.

Alcudia

* Related to supermarkets and superette properties in France and store properties in La Reunion

34

PROPERTY ASSETS ARE A SIGNIFICANT COMPONENT OF THE GROUP’S VALUE

Stores(mainly hypermarkets)

Shopping malls

€3.9bn €1.5bn

€1.3bn €0.5bn

€2bn€5.2bn

€5.4bn

€1.8bn

€7.2bn

NB: These estimates are based on appraised values (excluding Mercialys, valued based on market capitalisation) multiplied by Casino’s stake in the companies concerned

Total value has increased since 31 December 2006, despite the €635m in disposals in October 2007

France International

35

PUTS

(2) Put on CBD accounted for at 34.0%

148Carulla Vivero put (77.5% to 100%)Exito

11Uruguay (Devoto)

2960% 100%Assai (CBD)

91

44

335

850

1,320

420

98

706

Value at 31 Dec. 2007

42.6% 100%

Minority-owned franchised stores

50% 100%

Off-balance sheet puts

Franprix Holding 95% 100%& Leader Price Holding 75% 100%

Majority-owned franchised stores

Puts included in net debt

% capital

Sendas (CBD) (2)

Uruguay (Disco)

Franprix- Leader Price

Monoprix (1)

Franprix- Leader Price

Company

(1) Value based on minimum indexed price. The actual price paid may be higher

in €m