Pressrelease

31AUGUST2011

H12011Results

Growthinsalesdrivenbygrowthmarkets Currentoperatingincomedeclineof22%primarilyduetoFrance Netincomenegativelyimpactedbysignificantoneoffcharges NewgameplantoregainmomentumNewcommercialstrategyinFrance

m Salesexcl.VAT EBITDA Currentoperatingincome Nonrecurringincomeandexpenses Netincomefromrecurringoperations,Groupshare NetIncome,Groupshare NetIncome,Groupshare,adjustedforexceptionals H12010 restated1 38,710 1,855 989 (353) 14 97 302 H12011 39,607 1,679 772 (884) (927) (249) 153 Var. 2.3% (9.5%) (22.0%) 150.1% na Na (49.3%)

KeyH1highlights
Growthinsales:+2.3%to39.6bn(+1%ex.petrolandatconstantexchangerates),drivenbygrowthmarkets Currentoperatingincome:772m(22%)mostlyreflectingunderperformanceinFrance,GreeceandItaly Nonrecurringchargesof884m,ofwhich516mlinkedtoimpairmentcharges(mostlyforItaly) Incometaxof490mafteraccountingforanexceptionaltaxprovisionof268mforSpain Adjustedforexceptionals,netincomegroupshareof153mvs.302minH12010 SpinoffofDIAcompleted

UnsatisfactoryperformanceinFrance,toughenvironmentinEurope,solidgrowthinemergingmarkets
France:Weaksalesandunsatisfactoryprofitperformance Europe:ResilienceinSpain,confirmedturnaroundinBelgium,underperformanceinItalyandGreece LatinAmerica:Solidgrowthinsales,encouragingturnaroundinBrazilianhypermarkets Asia:GoodgrowthinChina,confirmedrecoveryinTaiwan

TransformationPlan:Solidachievements,someshortfalls
ConfirmationofoutperformancebyCarrefourPlanetstores Onschedulewithcostsavings(236mbookedinH12011),cumulativegainssince2009aheadofplan Inventoryreductionof0.7days,improvingfromH12010butbehind200912objectives NopurchasinggainsbookedinH12011inacontextofstrongrisesincommodityprices

2011CurrentOperatingIncomeexpectedtodeclinebyaround15%vs.restated2010,exDIA
TrendsinEuropeexpectedtocontinuebroadlyunchanged
1

AdjustedasperDIAdeconsolidation,ThailanddeconsolidationandrestatedforBrazil

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Continuedgrowthexpectedinemergingmarkets

Anewgameplantorebuildmomentum
ImplementinganewgameplanwithanewExecutiveteam o FranceReset:Newcommercialstrategyinhypermarketsandactionplantoboostcompetitiveness o SouthernEurope:Adaptingtothenewcontext,restrictingnewcapexallocation whilepursuingourstrategicpriorities o ContinueTransformationPlan o Focusongrowthlevers Reinforceleadershipinkeygrowthmarkets,focusedonLatinAmericaandChina RolloutofCarrefourPlanet LeverageCarrefourbrand

LarsOlofsson,ChairmanandCEOofCarrefour,declared: Inthefirsthalfof2011,Carrefourmanagedtogrowitssales,drivenbyemergingmarkets,butoverallresultswere unsatisfactory,weigheddownbyapoorperformanceinFranceandnonrecurringitems. Goingforward,whilepursuingourTransformationPlan,weareimplementinganewgameplan,deployinganew commercial strategy in France to regain competitiveness and traffic in our hypermarkets and adapting to an increasinglychallengingeconomicenvironment. We have taken the decision to favor sustainable value creation over shortterm gains and now expect our 2011 Current Operating Income to be about 15% lower than last year. The radical and decisive actions we are implementingwithournewexecutiveteam,combinedwithongoingefficiencygains,willputCarrefourbackona soundfootingtorebuildmomentum." At its 30th August 2011 meeting, the Carrefour Board of Directors examined and approved the H1 2011 consolidatedfinancialstatements.

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Performancebyzone
Salesbyzone Changeat const.exch. rates,ex petrol 0.2% 4.6% 11.6% 6.7% 1.0% Currentoperatingincome byzone H12010 restated 503 213 152 122 989 302 142 193 135 772

H12010 restated m France Europe LatinAmerica Asia Total 16,806 11,989 6,463 3,452 38,710

H12011 17,073 11,517 7,298 3,719 39,607

Var.

H12011

Var. 40.0% 33.3% 27.4% 10.8% 22.0%

1.6% 3.9% 12.9% 7.7% 2.3%

France
InFrance,saleswerebroadlystableex.petrol.Smallerformats(convenienceandsupermarkets)postedsolid growth. Hypermarkets underperformed, partly as a result of excessive levels of outofstocks during a transitionphasewhenweimplementedchangesinorganization,processesandsystems.Commercialmargin was down, impacted by rise in commodity prices and sustained competitive pressure. Current operating incomedecreasedby40.0%to302m.

Europe
In Europe, sales decreased by 4.6% ex. petrol and at constant exchange rates (3.9% on a reported basis). Acrossallcountries,saleswereaffectedbythechallengingeconomicenvironment,butmorenotablyinGreece andItaly.SpainwasresilientwhileBelgiumconfirmeditsrecovery. In total, current operating income stood at 142m, a 33.3% decline compared to H1 2010. The impact on profitabilityofthe472mdownturninsalesandthedropincommercialmarginnotablyinItaly,waspartially offsetbyexcellentdisciplineonSG&AexpensesinPoland,Belgium,SpainandItaly.GreeceandItalysawtheir profitabilitydeteriorate,sufferingfromtougheconomicconditions.

LatinAmerica
SalesgrowthinLatinAmericaremainedsolid(+11.6%atconstantexchangeratesexpetroland+12.9%ona reportedbasis)boostedbysolidlikeforlikegrowthandcontinuedexpansionthroughouttheregion. Current operating income rose 27.4% to 193m (2.7% of sales, up 30bp), rebounding on H1 2010. Brazil profitabilityincreasedsignificantly,demonstratingencouragingsignsthattheactionplanimplementedin2010 hasstartedtobearfruit.

Asia
SalesinAsiagrewby6.7%atconstantexchangerates(+7.7%atcurrentexchangerates)drivenbyasustained paceofexpansion.Currentoperatingincomeincreasedby10.8%to135m,boostedbysolidperformancein ChinaandconfirmedrecoveryinTaiwan.

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AnalysisofH12011results: Sales,profitabilityandfinancialsituation

Incomestatement
Sales were up 2.3% versus H1 2010 restated for DIA and Thailand, and rose by 1% excluding petrol and currencyeffectsandadjustedforthecalendarimpact. Commercialmargin,asapercentageofsales,fellby40bp(20bpexpetrol)mainlyduetoFrance,Italyand Greeceandpressureonsalespricesinacontextofstrongrisesincommoditypricesandnopurchasinggains. SavingsinlogisticsandinSG&Aexpensesreached42mand195mrespectively,or236mintotalsavings, wellontracktoattainthe480mtargetforthefullyear.Thesesavingspartlyoffsettheeffectsofinflationand ofexpansion,andSG&Aincludingassetcostswasup3.8%,or30bpasa%ofsales. Currentoperatingincomedeclinedby22%to772m. Oneoffchargesreached884m.Themainitemswere:516minimpairmentcharges(mainlyinItaly),244m inoperatingtaxexpenses,39minrestructuringcharges,79mlinkedtotheTransformationPlan,16min capitalgainsand22minvariousnonrecurringcharges. Asaresult,GroupOperatingincomewas112mvs.againof636minH12010 Financialexpensesweredown2.2%to342m Thetaxchargewas490m,up105.8%onH12010mainlyonthebackofa268mtaxprovisionrecordedin Spain.ThetaxratewasaffectedalsobythenondeductibilityoftheexceptionalimpairmentchargesinItaly. Minorityinterestsweredown81%(9mvs49minH12010),mainlyduetothedecreaseofprofitabilityin Greece Netincomefromrecurringoperations,Groupsharewas927m,comparedto14minH12010. DIAspinoffandThailanddisposalledtoaccounting679minnetincomeasDiscontinuedActivities,Group share.Adjustedforexceptionalitems,Netincomefromrecurringoperations,Groupsharewas153mvs. 302minH12010.

Cashflow,debtandliquiditystatement

AGENDA 2011Q3sales:October13th,2011
InvestorRelations:SandraLivinec,AlessandraGirolami,MatthewMellin,PatriceLambertdeDiesbach Tl:+33(0)141042600 Shareholderrelations:ClineBlandineau Tl:+33(0)805902902(nvertenFrance) Mediarelations:PublicisConsultants Tl:+33(0)157328999

Grosscashflowforthetrailing12monthsreached3.4bn. Workingcapitalrequirementsresultedinanegative272m. Capex,ontrailing12monthstoJune2011,was1,935m,mainlybecauseofmorespendinglinkedtoCarrefour planetandIT. Asaresult,freecashflowwas1,108mforthe12monthstoJune2011. On30June2011,netfinancialdebtstoodat10,654m,down6.7%vs.30June2010(11,424m). Thankstoanexcellentliquidityposition,notransactionshavebeennecessaryindebtcapitalmarkets.The Groupsliquiditysituationissound,with3.25bnundrawncommittedsyndicatedloans.

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APPENDIX

CONSOLIDATEDSTATEMENTOFINCOME
Inmillionsofeuros Sales,netoftaxes Loyaltyprogram Otherrevenues Totalrevenues Costofsales Marginofcurrentactivities SG&A CurrentoperatingincomebeforeD&Aand provisions Depreciation&provisions Currentoperatingincome Noncurrentincomeandexpenses Operatingincome Financialresult Resultbeforetax Incometax Netincomefromrecurringoperationsof consolidatedcompanies Equityaccountedcompanies Minorityinterests Netincomefromrecurringoperation GroupShare DiscontinuingoperationsGroupShare DiscontinuingoperationsMinorityInterest Totalnetincome NetincomeGroupShare H12010 restated 38,710 (377) 1,020 39,353 (30,925) 8,428 (6,605) 1,823 (833) 989 (353) 636 (349) 287 (238) 63 14 (49) 14 84 1 146 97 H12011 39,607 (451) 1,100 40,256 (31,763) 8,494 (6,869) 1,625 (853) 772 (884) (342) (490) (918) 25 (9) (927) 679 1 (241) (249) %Prog 2.3% 19.5% 7.9% 2.3% 2.7% 0.8% 4.0% (10.9%) 2.3% (22.0%) 150.1% (2.2%) 105.8% 73.4% 80.9%

(112) (117.5%) (453) (258.0%)

MAINRATIOS
Grossmargin/Sales SG&A/Sales Currentoperatingincome/Sales Operatingincome/Sales Taxrate H12010 restated 21.8% 17.1% 2.6% 1.6% 82.9% H12011 21.4% 17.3% 1.9% (0.3%) (108.0%)

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CONSOLIDATEDBALANCESHEET

Inmillionsofeuros ASSETS Intangibleassets Tangibleassets Financialinvestments Deferredtaxassets Investmentproperties Noncurrentassets Inventories Tradereceivables Bankloans Otherreceivables Currentfinancialassets Cashandcashequivalents Currentassets Noncurrentassetsofdiscontinuedactivities TOTAL LIABILITIES Shareholdersequity,GroupShare Minorityinterestsinconsolidatedcompanies Shareholdersequity Deferredtaxliabilities Provisionsforcontingencies Noncurrentliabilities Borrowings Tradepayables Loyaltyprogramdebt Bankloansrefinancing Otherdebts Currentliabilities Noncurrentliabilitiesofdiscontinuedactivities TOTAL

H12010 restated 12,843 15,800 1,626 695 495 31,459 7,060 2,636 5,322 1,989 272 1,949 19,228 136 50,823

H12011 11,366 13,377 1,732 835 536 27,846 6,495 2,629 5,435 1,717 304 1,713 18,293 3,652 49,791 6,028 935 6,963 707 3,559 4,267 12,672 11,868 467 4,786 6,357 36,150 2,411 49,791

10,129 901 11,030 521 2,796 3,317 13,645 13,699 427 4,669 3,888 36,328 148 50,823

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CONSOLIDATEDCASHFLOWSTATEMENT
Inmillionsofeuros NETDEBTOPENING GrossCashFlow Changeinworkingcapital OthersandImpactofdiscontinuedoperations Cashflowfromoperatingactivities Capitalexpenditures OthersandImpactofdiscontinuedoperations FreeCashFlow Financialinvestments Disposals OthersandImpactofdiscontinuedoperations CashFlowafterinvestingactivities Dividends Treasuryshares OthersandImpactofdiscontinuedoperations Consumercreditcompanies NETDEBTCLOSING 12monthsto30 June2011

(11,424) 3,405 (272) 57 3,190 (1,935) (148) 1,108 (178) 222 297 1,450 (117) (778) 313 (98) (10,654)

CHANGESINSHAREHOLDEREQUITY

Inmillionsofeuros AtDecember31,2010 HY2011netincome 2010dividends Capitalincreaseandpremiums Foreigncurrencytranslationadjustments Sharesownedbythecompany(netof taxes) Liabilitytodistributenoncashassetsasa dividend(DIAspinoff) Others AtJune30,2011

Total shareholders equity 10,563 (241) (802) 3 (242) (98) (2,233) 13 6,963

Groupshare 9,584 (249) (709) 0 (200) (98) (2,233) (67) 6,028

Noncontrolling interests 978 8 (92) 3 (42) 0 0 80 935

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DEFINITIONS
Grossmarginfromcurrentoperations
Grossmarginfromcurrentoperationsisthedifferencebetweenthesumofnetsales,otherincomeandthecostofgoodssold.

CurrentOperatingIncomeBeforeDepreciationandAmortization(EBITDA)
Current Operating Income Before Depreciation and Amortization (EBITDA) is defined as the difference between the gross marginfromcurrentoperationsandsales,generalandadministrativeexpenses.

CurrentOperatingIncome
CurrentOperatingIncomeisdefinedasthedifferencebetweenthegrossmarginfromcurrentoperationsandsales,general andadministrativeexpenses,depreciationandamortization.

OperatingIncome(EBIT)
Operating Income (EBIT) is defined as the difference between gross margin from current operations and sales, general and administrativeexpenses,depreciation,amortizationandnonrecurringitems

ROCE(ReturnOnCapitalEmployed)
ROCEisdefinedastheCurrentOperatingIncomedividedbycapitalemployed.

Freecashflow
Freecashflowisdefinedasthedifferencebetweenfundsgeneratedbyoperationsandcapitalexpenditures.

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