Carrefour Investor Presentation 2017

CARREFOUR
INVESTOR PRESENTATION
May 2017
May 2017 | 1
Carrefour’s Multiformat &
Omnichannel model
CARREFOUR: THE REFERENCE IN FOOD RETAIL
Unique know- Pioneer

Quality Powerful Sourcing
how in organic food
accessible to all exclusive brands expertise
in fresh produce and Quality Lines
Food represents 83% of the Group sales in 2016

(growth of over 4% in 2016)
May 2017 | 3
A BALANCED PORTFOLIO
Integrated countries Countries in partnership
May 2017 | 4
CONTINUED SALES GROWTH
ORGANIC SALES GROWTH EVOLUTION EX PETROL - 2012 TO 2016 – (in %)
+3.0%
CAGR
2012 – 2016
+3.0%
+2.6%
+3.9%
+2.3%
+1.0%
2012 2013 2014 2015 2016
2016
May 2017 | 5
A MULTIFORMAT GROUP:
“EVERYONE UNDER ONE ROOF”
2012
1963 1999 2007 2016
to 2015
First Promodès Atacadão Acceleration

Hypermarket in convenience Rue
Billa, Dia, Eroski du Commerce
May 2017 | 6
EACH FORMAT HAS A SPECIFIC MISSION
51% 25% 10% 13% 1%

Sales Sales Sales Sales Sales
Hypermarkets Supermarkets Convenience Cash & Carry E-commerce

Everything under one roof Choice close to home Essential daily needs with Wholesale prices for a The broadest assortment
at a competitive price with a focus on fresh extended shopping hours no-frills experience at any time, any place
on any device
May 2017 | 7
MULTIFORMAT PROGRESSIVELY ROLLED OUT
IN ALL OUR COUNTRIES
FRANCE SPAI N ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN
Hypermarket
Supermarket
Convenience
Cash & Carry
eService Other services: Travel, leisure, ticketing, car rental
May 2017 | 8
MULTIFORMAT: A PROVEN TRACK RECORD
IN REVENUE UPLIFT
MULTIFORMAT CLIENTS SPEND MORE
Italy multiformat store network:

Hypermarkets Supermarkets
57 Hypermarkets
1.9x 416 Supermarkets
1.0x 1.1x 588 Convenience
13 Cash & Carry
2.5x
A multi-format customer is more
1.8x 1.7x loyal to Carrefour
30% of customers are multi-format

1.0x
Convenience
May 2017 | 9
Multiple bases on the average annual spend of Carrefour loyaltycard holders (base 1x on hypermarkets)
CARREFOUR’S CENTER OF GRAVITY IS SHIFTING
TOWARDS MULTIFORMAT
BREAKDOWN OF STORES UNDER BANNERS BY FORMAT GROSS SALES BREAKDOWN – (%)
14,500 Evolution
stores 2012 vs. 2019e
11,935 350
+100%
stores
9,995 1 450 +6% 42%
305 49%
stores
>50%
164 1,328 3,700 +24%
1,366
3,227
2,986 58%
51%
<50%
9,000 + 64%
7,075
5,479
2012 2016 2019e
2012 2016 2019e Hypermarkets Other formats
Convenience Supermarkets Hypermarkets Cash & Carry

May
May2017
2017|| 10
E-COMMERCE, AN ADDITIONAL FORMAT
AND A COMPLEMENTARY SERVICE
HYPERMARKETS SUPERMARKETS
CASH &
CARRY
CONVENIENCE
E-COMMERCE
May 2017 | 11
RAPID ROLLOUT OF E-COMMERCE THROUGHOUT
THE GROUP
FRANCE SPAIN ITALY BELGIUM POLAND ROMANIA ARGENTINA BRAZIL CHINA TAIWAN
Home
FOOD
delivery
and/or Click       In progress 2017  
& Collect
Direct offer
  2017 2017  ()   () ()
NON-
FOOD
Under Under
Marketplace
  In progress In progress In progress In progress
study  In progress
study
May 2017 | 12
2020 E-COMMERCE PROSPECTS
GROSS MERCHANDISE VOLUME
€4bn Target
x3
€1.2bn
in 2016
2020 target
May 2017 | 13
STORE BASED OMNICHANNEL MODEL: UNIQUE
OPPORTUNITY TO ENSURE E-COMMERCE SUSTAINABILITY
OPERATIONAL MODEL CONSUMER CHOICES

FOR ORDER MANAGEMENT FOR ORDER COLLECTION
Store-picking across formats

Home delivery
(hypermarkets, supermarkets, convenience) E-Commerce
Mixed model:
Click & collect in store
store + dedicated picking space
Warehouse or dark store

Pick-up points (lockers etc.)
(with or without automation)
May 2017 | 14
CARREFOUR’S Digital
OMNICHANNEL eCommerce
marketing
TRANSFORMATION
APPROACH Technology
Big Data
IoT
Each country adapts the
API, agile
framework to its market
conditions on the basis of
key pillars
Data, CRM,
Omnichannel
Hyper-
Supply Chain
customization
HR & cultural
transformation
BENEFITS OF OMNICHANNEL FOR CARREFOUR
Increase in expenditure
“Own” the customer
and frequency of
in our ecosystem
existing customers
Rejuvenate
(Re)Gain customers
customer base
May 2017 | 16
Hypermarkets
OMNICHANNEL
ALLOWS Convenience Convenience &
“CLIENT
CARREFOUR TO (services)
FOR LIFE”
E-commerce
BETTER MEET LONG-TERM LOYALTY

THROUGHOUT CLIENT’S LIFE
CUSTOMER THANKS TO MULTIFORMAT
NEEDS
Hypermarket/ Supermarket/
Drive Click & collect
May 2017 | 17
CARREFOUR’S VAST ECOSYSTEM FAVORS
CUSTOMER “OWNERSHIP”
Whenever you want

24 hours  7 days
Wherever However
you want Fresh food Gourmet
you want
Organic Wine cellar
Game & Sports Baby
TV · Sound · Photo Textile
Technology Appliance
...
Whatever you want
May 2017 | 18
OMNICHANNEL REINFORCES MULTIFORMAT
+20% +10%
A CLIENT WHO
ADOPTS DRIVE OR
CLICK & COLLECT Hyper- Hyper-
market market
SPENDS MORE Hyper- + Hyper- +
market Drive market Click &
Collect
Source : 2016 study based on a panel in France and Spain
May 2017 | 19
OMNICHANNEL REJUVENATES
CUSTOMER BASE
AVERAGE AGE OF CARREFOUR CUSTOMERS BY FORMAT (2011-2016)
Index
100 = average age of Carrefour Hypermarket customers in 2011
108,9 109,3
107,7
104,5 105,3
102,1 Carrefour Market
102,5 103,3 103,5 Carrefour Hypermarket

101,4
100,0 100,4
88,4
85,4 84,7 84,4 84,4 84,5
Carrefour online Grocery
Carrefour online Non-Food
82,6
81,7 81,6
2011 2012 2013 2014 2015 2016
May 2017 | 20
Carrefour is the leading
physical retailer in France.
OUR GOAL: We are building a major
DEVELOP market position in
THE CARREFOUR E-commerce leveraging a
“REFLEX”
unique store network.
May 2017 | 21
A COHERENT AND COMPLETE ECOSYSTEM
OF WEBSITES
DEDICATED WEBSITES SPECIALIZED

AN ONLINE FOOD A NON-FOOD
FOR SERVICES WEBSITES CONNECTED
OFFER ACCESSIBLE PLATFORM INCLUDING
TO THE CARREFOUR
TO ALL A MARKETPLACE Carrefour brand
ECOSYSTEM
HOME DELIVERY
CLICK AND COLLECT
All the websites

centralized through
the carrefour.fr
portal INVESTOR PRESENTATION
May 2017 | 22
FOOD ONLINE IS NOT ‘ONE SIZE FITS ALL’
A broad Food e-commerce offer

at
HOME DELIVERY
MODEL • Launched in 1999

Delivery D+1 or D+2 • Serves Paris, Lyon,
Extra Large assortment Marseille, Nice
• ~15,000 SKUs
Hypermarket
as a warehouse
• A 1h-delivery service for
Supermarket additional last-minute shopping,
as a warehouse • Launched in 2016 in Paris
and its suburbs
• New cities to come
CLICK AND COLLECT

1-hour or same-day delivery
Large assortment • 578 Drives in France
• ~15,000 SKUs
+ Last mile through start-up partners • 4.5m orders per year
• +25% rev. growth in 2016
May 2017 | 23
OMNICHANNEL APPROACH TO LEVERAGE NON FOOD
A SINGLE NON FOOD

MULTISPECIALIST
PLATFORM
Store
STORE TO WEB:
In store tablets available

WEB TO STORE:
Upload store assortment

750 marketplace
merchants
to the salesforce online
OBJECTIVE:
100% of the full offer

CLICK & COLLECT
CLICK & COLLECT

3M SKUs
available in any 2 hours

Carrefour store
6,000 pick-up points and

client touchpoints
Web additional Carrefour

400K clients thanks to
Click & Collect
May 2017 | 24
DEVELOPMENT OF OUR OFFER ON STRONG
POTENTIAL CATEGORIES AND SERVICES
ONLINE FRENCH MARKET CARREFOUR SALES

FORECAST (2020) EVOLUTION (2016) OTHER KPIS
340,000 visits/month
Wine €400-500m +250%
530 SKUs
Organic >€1bn +50%
20,000 SKUs
Pet food €600-800m +30%
5,000 SKUs
Object 200,000 visits/month

>€1bn +200%
customisation 300 SKUs
May 2017 | 25
Carrefour is well underway to
DATA achieve new level of insights and
OPENS NEW exploit data commercially and
OPPORTUNITIES operationally.
FOR CARREFOUR
May 2017 | 26
DATA IS A 3-STAGE ROCKET
Big Data and data science

Leverage technology to grow revenue
Small data” is in play to enrich

Leverage “small data” customer value-proposition and
convey adequate messages.
Carrefour is already a data-centric

Gather relevant data organization gathering relevant
customer and operational data
May 2017 | 27
CARREFOUR IS A DATA-DEEP COMPANY
CARREFOUR CARREFOUR SOCIAL

LOYALTY CARD CREDIT CARD PAYMENT NETWORKS WEBSITES MOBILE APPS
55 million 6.5 million 13m 14.4m 1.3m 8.2m

households holders daily transactions fans / followers daily visitors downloads
May 2017 | 28
CUSTOMER DATA STRATEGY ENABLES REVENUE
GROWTH
Type of Carrefour customers Carrefour customers Not Carrefour

Customer Loyalty cardholder Not cardholders customers
PASS cardholder
Strategy Increase share of Enroll in loyalty

Bring to Carrefour
wallet program
Type of
Data
Known Client data Anonymous data
Media:
Media:
owned &
owned
Web (logged) Email App CAC 3rd party Display RRSS Search Web (no log)
May 2017 | 29
Our supply chain is evolving to
SUPPLY CHAIN:
LEVERAGE support multiformat deployment
TRANSFORMATION and industrialize omnichannel
TO IMPROVE processes.
OPERATING
EFFICIENCY
May 2017 | 30
OUR SUPPLY CHAIN IS EVOLVING TO SUPPORT
CARREFOUR’S TRANSFORMATION
2 MAIN STRATEGIC GOALS TO SUPPORT GROUP’S TRANSFORMATION
Support Industrialize
multiformat omnichannel
deployment processes
Leverage transformation
to improve operating efficiency
May 2017 | 31
FRANCE: A MORE EFFICIENT MULTIFORMAT SUPPLY
CHAIN THANKS TO CARAVELLE
in 2012 in 2018
Reduced number of
warehouses in France 67 -18%
55 2018 CARAVELLE TARGETS*
Reinforced network
of multiformat
warehouses
13 x3
34 Number of Km
Number of SKUs
-20%
+15%
+50%
Cost of package -5%
Number of
delivered stores 4,000 6,000 Product availability +2%
May 2017 | 32
*2018 target vs 2012
FRANCE: CARAVELLE ENHANCES
OPERATING EFFICIENCY
2013 / 2014 2015 2016 2017 2018
€350m
30% 10% 25% 10% 25% savings between
end-2012 and end-2018
65% 35%
of savings delivered as of end-2016 of savings to be delivered
in 2017 and 2018
May 2017 | 33
CHINA: INTEGRATION OF SUPPLY CHAIN SUPPORTING
MULTIFORMAT ROLL-OUT (2/2)
INTEGRATION AND OPTIMIZATION OF LOGISTICS
% of goods supplied by our

BEIJING/TIANJIN DC distribution centers:
40 stores
December 2015
 2017 target: 80%
Increase in assortment:
 +20% in small- and mid-sized cities
SHENYANG DC
starting in 2016
30 stores
July 2016
Development of convenience and
E-commerce formats
WUHAN DC
KUNSHAN DC
35 stores
October 2015 60 stores
July 2014
CHENGDU DC
GUANGZHOU DC
42 stores
May 2015 31 stores
May 2016 May 2017 | 34
CARREFOUR TESTS AND OPERATES MULTIPLE
FULFILLMENT MODELS ACROSS MARKETS
Future
Partly-automated models?
# OF DAILY
warehouse
ORDERS Dark store:
(conveyers)
dedicated
warehouse,
Mixed model: manual picking
dedicated storage
In-store picking space adjacent to
geographically the store
In-store concentrated
picking
     … EFFICIENCY
Starting point – all Carrefour Carrefour Carrefour Carrefour

TBD
Carrefour countries Spain Spain & Taiwan France (Ooshop) France (PPC)
Leverage store warehouses Partly automated

to prepare individual orders warehouse to prepare individual
Gradually rolled out in other markets Drive orders
May 2017 | 35
Financials
2016 KEY FIGURES
RECURRING ADJUSTED
OPERATING NET INCOME, FREE CASH FLOW
NET SALES EBITDA MARGIN(2) INCOME GROUP SHARE
EX. EXCEPTIONAL ITEMS NET DEBT
€76,645m 5.1% €2,351m €1,031m €1,039m €4,531m

up a a margin of or up an improvement of
+2.7%(1) Stable margin 3.1% 1.39 €/per share +9.2% €15m
(1) At constant exchange rates
(2) EBITDA: Recurring operating income before depreciation and amortization (including supply chain depreciation) INVESTOR PRESENTATION
May 2017 | 37
ORGANIC GROWTH OF 3.0% IN 2016
2016 SALES EVOLUTION – (in €m and %)
+3.0% 0.0% +3.0% +2.7%

+0.2%
€79.2 -0.5%
€79.0 -0.4%
bn
€76.9 bn -3.1% €76.6
bn bn
2015 LFL Scope effect1 2016 organic Petrol & Acquisitions/ 2016 net sales Currencies 2016
net sales ex petrol net sales calendar effect disposals at constant impact net sales
ex calendar
ex petrol exch. rates
ex calendar
(1) Scope effect includes store openings/closings and temporary store closures INVESTOR PRESENTATION
May 2017 | 38
GROSS MARGIN FROM RECURRING OPERATIONS
HELD UP WELL
17,985
GROSS MARGIN
FROM RECURRING +3.5% 2016
2016
OPERATIONS
at constant
(in €m) exch. rates 2015 18,019
GROSS MARGIN 2016

2016 23.5%
FROM RECURRING
OPERATIONS +10bp
(as a % of net sales) 2015 23.4%
May 2017 | 39
GOOD CONTROL OF OPERATING COSTS
13,125
OPERATING +4.9% 2016
2016
COSTS
at constant
(in €m) 2015 13,070
exch. rates
OPERATING 2016
2016 18.7%
COSTS
(as a % of net sales,
+10bp
ex. petrol) 2015 18.6%
May 2017 | 40
STABLE ASSET COSTS AS A PERCENTAGE OF
SALES
2,509
ASSET +2.8% 2016
2016
COSTS
at constant
(in €m) 2015 2,505
exch. rates
ASSET 2016
2016 3.6%
COSTS
(as a % of net sales,
Stable
ex. petrol) 2015 3.6%
May 2017 | 41
2016 NET SALES AND RECURRING OPERATING
INCOME BY REGION
NET SALES RECURRING OPERATING INCOME
Organic
growth Variation at Variation at Variation at
ex petrol current exch. constant current exch.
(in €m) 2015 2016 ex calendar rates 2015 2016 exch. rates rates
France 36,272 35,877 -0.9% -1.1% 1,191 1,031 -13.4% -13.4%
Other European countries 19,724 20,085 +2.2% +1.8% 567 712 +25.7% +25.5%
Europe 55,996 55,962 +0.3% -0.1% 1,758 1,743 -0.8% -0.9%
Latin America 14,290 14,507 +16.2% +1.5% 705 711 +3.7% +0.9%
Asia 6,659 6,176 -3.8% -7.3% 13 -58 n/a n/a
Emerging markets 20,949 20,683 +9.6% -1.3% 718 653 -7.0% -9.0%
Global functions -31 -45 n/a n/a
TOTAL 76,945 76,645 +3.0% -0.4% 2,445 2,351 -3.2% -3.8%
May 2017 | 42
ADJUSTED NET INCOME, GROUP SHARE
(in €m) 2015 2016 (in €m) 2015 2016
EBITDA (1) 3,955 3,886 Net income from continuing operations 1,120 934
Recurring operating income 2,445 2,351 Minority share of net income from
-143 -148
continuing operations
Net income from associates and JVs 44 -36
Net income from continuing
977 786
Non-recurring income -257 -372 operations, Group share
EBIT 2,232 1,943 Net income from discontinued operations,

4 -40
Group share
Net financial expenses -515 -515
Net income, Group share 980 746
Net interest expense -347 -377
Other net financial expenses -168 -138 Adjusted net income, Group share 1,113 1,031
Income before taxes 1,717 1,428
Income tax expense -597 -494
Effective tax rate 34.8% 34.6%
Notes : (1) Recurring operating income before depreciation and amortization (including supply chain depreciation) May 2017 | 43
2016 FREE CASH FLOW
(in €m) 2015 2016
Gross cash flow 2,733 2,964
Change in working capital 81 351
Discontinued activities 3 -11
Operating cash flow 2,818 3,305
Capital expenditure (ex. Cargo) -2,378 -2,492
Net capital expenditure (Cargo) - -249
Change in net payables to fixed asset suppliers 136 -78
Asset disposals (business-related) 104 118
Discontued operations 7 -
Free cash flow 687 603
Impact of Cargo - -249
Impact of exceptional items -265 -186
Free cash flow from continuing operations, excluding exceptional items 951 1,039
May 2017 | 44
THE LOWER CAPITAL INTENSITY OF GROWTH
WILL HELP RETURN ON CAPITAL
HYPERMARKETS SUPERMARKETS CONVENIENCE CASH & CARRY E-COMMERCE
Number of stores 1,328 3,227 7,075 305 n.a
% food in sales 70% 85% 95% c100% 55%
Capex (by unit) €€€ €€ € € €
Expansion outlook =    
Expansion capex per sqm ++ + + +++ (1) n.a
2014/2016 Trend     n.a

(1) Includes real estate
High volumes,
benefitting all formats
Strong cash flow, financing

multiformat expansion
May 2017 | 45
2016 CAPEX BREAKDOWN
BREAKDOWN OF CAPEX BREAKDOWN OF CAPEX

2016 CAPEX BY NATURE BY REGION
7%
18%
29%
21% 41%
€2,492m 21%
(ex Cargo)
25%
32% 6%
Remodelling Maintenance France DIA Europe

Latin
Expansion IT & omnichannel Asia
America
May 2017 | 46
CAPEX EVOLUTION REFLECTS CARREFOUR’S
MULTIFORMAT TRANSFORMATION
HISTORICAL CAPEX SPLIT BY FORMAT MEDIUM-TERM TRENDS IN CAPEX

(GROUP LEVEL)
Remodeling
Maintenance
• Expansion in smaller formats
48% Expansion
64% • E-commerce roll out
>60%
IT & Omnichannel
• Hypermarket remodeling 2017 CAPEX

phase largely behind us
52% €2.4bn
36% <40% • Store maintenance key
traffic driver
NORMATIVE CAPEX
2012 2016 2019e €2.3bn – €2.5bn

Hypermarkets Other formats
May
May2017
2017|| 47
SLIGHT DROP IN NET DEBT
(in €m) 2015 2016
Opening net debt (December 31) -4,954 -4 546

Free cash flow 687 603
Acquisitions -85 -190
Disposals 109 45
Others -28 -25
Discontinued operations 0 16
Cash flow after acquisitions and disposals 682 449
Dividends paid by parent company -390 -121
Dividends paid to non-controlling interests -98 -86
Capital increase 14 255
Cost of net financial debt -347 -377
Disposal of treasury shares 384 30
Acquisitions/disposals of investments without change in control 208 -40
Other changes in net borrowings -44 -95
Closing net debt (December 31) -4,546 -4,531
May 2017 | 48
CREDIT RATING AND DEBT MATURITY
MAINTAINED
DEBT REDEMPTION SCHEDULE – (in %)
5.25%
4.00% 3.88% On April 26, 2016, issua issuance
2.44% 1.75%
1.75% 1.25% of a €750m bond with a maturity
0.75%
of 8 years and a 0.75% coupon
1,250
1,000 1,000 1,000 1,000

In 2016, €667m of bonds reached
maturity
750 750
At end 2016, the debt maturity was

4.1 years
279
Credit rating maintainted: BBB+

2017 2018 2019 2020 2021 2022 2024 2025
2016 issuance Average annual coupon INVESTOR PRESENTATION

May
May2017
207 | 49
STABLE PROPOSED DIVIDEND:
€0.70 PER SHARE
Dividend Payout of 51% of Payment in

of €0,70 adjusted net income, shares or in cash
proposed Group share, in line
to the General with our distribution
Shareholders’ policy
meeting on June 15,
2017
May 2017 | 50
VALUE-CREATION DRIVERS
Solid Disciplined Control of Balanced

generation of Capex Working capital
operating cash between €2.3bn Capital allocation,
flow and €2.5bn per Requirements combining
year (€2.4bn in
linked to improved continued targeted
2017),
results acquisitions,
with strict Return
on Investment 45-50% payout*,
criteria and an maintaining a
evolution in the mix BBB+ rating
*of the adjusted net income, Group share May 2017 | 51
FINANCIAL OUTLOOK – 2017 & MEDIUM-TERM
Total sales growth of 3% to 5% Planned IPOs of Carmila

Continued increase in Free Cash
at constant exchange rates in and Brazilian operations in 2017,
Flow, with a new increase in 2017
2017 market conditions permitting
Capex decrease in 2017 to Payout of between 45% and

€2.4bn, and normative capex Continued tactical acquisitions 50% of adjusted net income,
between €2.3bn and €2.5bn Group share
May 2017 | 52
Appendix
VARIATION OF Q1 2017 SALES (INCLUDING VAT)
Total sales Change at current Change at Organic growth

LFL ex petrol
inc. VAT exchange rates inc. constant exchange LFL inc. petrol ex petrol
ex calendar
(€m) petrol rates inc. petrol ex calendar
France 9,406 +0.8% +0.8% +2.1% +0.5% -0.6%
Hypermarkets 4,848 -0.8% -0.8% -0.4% -1.6% -2.0%
Supermarkets 3,053 +1.1% +1.1% +3.2% +2.2% +0.2%
Convenience /other formats 1,505 +5.5% +5.5% +8.6% +4.4% +2.5%
International 11,889 +10.9% +3.6% +0.6% +2.1% +3.9%
Other European ountries 5,384 +3.6% +3.6% +0.6% +0.9% +1.3%

Spain 2,110 +4.3% +4.3% +0.6% +0.3% +0.8%
Italy 1,328 -0.4% -0.4% +1.2% +1.6% 0.0%
Belgium 1,026 -2.7% -2.7% -2.3% -1.8% -2.1%
Latin America 4,518 +30.9% +8.8% +5.0% +7.8% +11.7%

Brazil 3,666 +37.6% +7.4% +2.8% +5.6% +10.5%
Asia 1,987 -4.1% -5.0% -6.7% -4.0% -2.3%

China 1,446 -8.6% -7.0% -8.4% -5.5% -4.1%
Group total 21,295 +6.2% +2.3% +1.3% +1.4% +1.9%

May 2017 | 54
Q1 2017 TAKEAWAYS
Continued momentum, with strong LFL and overall sales growth in Q1:
● Solid sales growth in Q1
● LFL sales growth in France, solid performance of smaller formats
● Further growth in Europe on the back of strong comparables
● Continued strong sales growth in Latin America despite slowdown in inflation and a persistently difficult economic
environment
● Sequential improvement in Asia, continued growth in Taiwan
Target of 3% to 5% FY2017 sales growth at constant exchange rates confirmed
Building on our key strengths :

● Relevance of our food-based model
● Balanced country portfolio
● Multi-format and omnichannel approach
Carrefour Q1 2017 sales l Page 55

May 2017 | 55
HYPERMARKETS
EVERYTHING UNDER ONE ROOF AT A
COMPETITIVE PRICE
 Carrefour’s historical format
HYPERMARKETS  New hypermarket concepts tested in all geographies
 Renewed offer – attractive and powerful
 Gradually becoming more urban, as cities expand
100,000 SKUs 51€ Average basket (France)
1,328 stores 7,345 Average Sqm INVESTOR PRESENTATION

May
May2017
2017|| 56
SUPERMARKETS
CHOICE CLOSE TO HOME WITH A FOCUS ON FRESH
 Dedicated to food
SUPERMARKETS  “Clusterizing” to better address local needs
 4 clusters: Gourmet, Attraction, Urban, Discount
 Successful cross-fertilization across countries
20,000 Average SKUs 28€ Average basket (Belgium)
3,227 stores 1,319 Average Sqm INVESTOR PRESENTATION

May
May2017
2017|| 57
CONVENIENCE
ESSENTIAL DAILY NEEDS WITH EXTENDED
SHOPPING HOURS
 Format in constant evolution, adapting to changing social and consumption

trends
CONVENIENCE
 On top of generalist stores, multiple tests of specialized convenience concepts
across countries (organic stores, etc.)
 Last 2 countries to launch convenience format: Brazil and China, well received
by consumers
6,500 Average SKUs 12€ Average basket (Italy)
7,075 stores 255 Average Sqm INVESTOR PRESENTATION

May
May2017
2017|| 58
CASH & CARRY
WHOLESALE PRICES FOR A NO-FRILLS EXPERIENCE
 B2B pure play activities in France (Promocash) and Italy (Docks and Gross Iper)
CASH &
CARRY
 Hybrid B2B/B2C: Atacadão is a winning model in Brazil
 Successful cross-fertilization based on Atacadão in other countries: Maxi in

Argentina and initial Supeco in Spain
8,000 Average SKUs 59€ Average basket (Atacadão)
305 stores 4,121 Average Sqm INVESTOR PRESENTATION

May
May2017
2017|| 59
2016 GROSS SALES
Change at Change at Change at LFL Organic growth

Gross sales current exch. constant exch. constant exch. ex. petrol ex. petrol
(in €m) rates inc. petrol rates inc. petrol rates ex. petrol LFL inc. petrol ex. calendar ex. calendar
France 40,126 -1.2% -1.2% -0.5% -0.1% +0.3% -0.9%
Hypermarkets 20,815 -2.6% -2.6% -1.7% -2.3% -1.5% -1.8%
Supermarkets 12,945 -0.9% -0.9% +1.9% +0.4% +2.6% -0.3%
Others, inc. convenience 6,367 +3.2% +3.2% -1.2% +7.9% +1.8% +0.8%
International 45,574 -0.3% +6.1% +6.3% +4.8% +4.9% +6.0%
Other European
22,439 +1.4% +1.9% +2.3% +1.6% +2.0% +1.8%
countries
Spain 8,964 +1.2% +1.2% +2.1% +1.3% +2.3% +2.2%
Italy 5,484 -1.0% -1.0% -0.6% +1.8% +2.1% +0.9%
Belgium 4,382 +0.6% +0.6% +0.6% +0.5% +0.3% +0.3%
Latin America 16,254 +0.9% +16.6% +16.8% +13.4% +13.5% +16.7%
Brazil 12,858 +10.6% +15.0% +15.1% +10.9% +11.0% +15.1%
Asia 6,881 -7.8% -4.1% -4.1% -4.8% -5.0% -4.3%
China 5,075 -11.6% -7.2% -7.2% -7.6% -7.8% -7.4%
Group total 85,700 -0.7% +2.7% +3.3% +2.6% +3.0% +3.0%
May 2017 | 60
STORES UNDER BANNERS1 AT END 2016
(#) Hypermarkets Supermarkets Convenience Cash & Carry Total
France 243 1,062 4,222 143 5,670

Spain 175 129 545 849
Belgium 45 442 285 772
Italy 57 412 586 13 1,068
Poland 86 159 641 886
Romania 32 213 53 298
Others 44 422 202 668
Other European countries 439 1,777 2,312 13 4,541
Argentina 79 126 398 603
Brazil 237 42 70 349
Latin America 316 168 468 0 952
China 229 25 254
Taiwan 64 30 94
Others 81 8 2 2 93
Asia 374 38 27 2 441
(2)
Others 90 182 46 13 331
Total 1,462 3,227 7,075 171 11,935
Notes : (1) including franchisees and partners; (2) Maghreb, Middle East and Dominican Republic
May 2017 | 61
CONTACTS
HEAD OF INVESTOR RELATIONS IR DIRECTORS
Mathilde RODIE Louis IGONET Anne-Sophie LANAUTE

mathilde_rodie@carrefour.com louis_igonet@carrefour.com anne-sophie_lanaute@carrefour.com
+33 1 41 04 28 06 Tel: +33 1 41 04 27 63 Tel: +33 1 41 04 41 22
+33 6 32 13 70 17 Mob: +33 6 72 24 91 26 Mob: +33 6 48 78 39 07

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CARREFOUR

Unique know- Pioneer

Food represents 83% of the Group sales in 2016

Integrated countries Countries in partnership

ORGANIC SALES GROWTH EVOLUTION EX PETROL - 2012 TO 2016 – (in %)

First Promodès Atacadão Acceleration

51% 25% 10% 13% 1%

Hypermarkets Supermarkets Convenience Cash & Carry E-commerce

Cash & Carry

eService Other services: Travel, leisure, ticketing, car rental

Italy multiformat store network:

30% of customers are multi-format

BREAKDOWN OF STORES UNDER BANNERS BY FORMAT GROSS SALES BREAKDOWN – (%)

2012 2016 2019e Hypermarkets Other formats

Convenience Supermarkets Hypermarkets Cash & Carry

GROSS MERCHANDISE VOLUME

OPERATIONAL MODEL CONSUMER CHOICES

Store-picking across formats

Warehouse or dark store

BETTER MEET LONG-TERM LOYALTY

Whenever you want

Organic Wine cellar

Game & Sports Baby

TV · Sound · Photo Textile

Whatever you want

Source : 2016 study based on a panel in France and Spain

AVERAGE AGE OF CARREFOUR CUSTOMERS BY FORMAT (2011-2016)

102,5 103,3 103,5 Carrefour Hypermarket

2011 2012 2013 2014 2015 2016

DEDICATED WEBSITES SPECIALIZED

CLICK AND COLLECT

All the websites

A broad Food e-commerce offer

MODEL • Launched in 1999

CLICK AND COLLECT

A SINGLE NON FOOD

In store tablets available

Upload store assortment

100% of the full offer

CLICK & COLLECT

available in any 2 hours

6,000 pick-up points and

Web additional Carrefour

ONLINE FRENCH MARKET CARREFOUR SALES

Object 200,000 visits/month

Big Data and data science

Small data” is in play to enrich

Carrefour is already a data-centric

CARREFOUR CARREFOUR SOCIAL

55 million 6.5 million 13m 14.4m 1.3m 8.2m

Type of Carrefour customers Carrefour customers Not Carrefour

Strategy Increase share of Enroll in loyalty

2 MAIN STRATEGIC GOALS TO SUPPORT GROUP’S TRANSFORMATION

2013 / 2014 2015 2016 2017 2018

% of goods supplied by our

Starting point – all Carrefour Carrefour Carrefour Carrefour

Leverage store warehouses Partly automated

€76,645m 5.1% €2,351m €1,031m €1,039m €4,531m

+2.7%(1) Stable margin 3.1% 1.39 €/per share +9.2% €15m

(1) At constant exchange rates

2016 SALES EVOLUTION – (in €m and %)

+3.0% 0.0% +3.0% +2.7%

GROSS MARGIN 2016

France 36,272 35,877 -0.9% -1.1% 1,191 1,031 -13.4% -13.4%