second supplement dated 10 october 2016 to the …...oct 10, 2016  · euro 9,000,000,000 euro...

45
1 SECOND SUPPLEMENT DATED 10 OCTOBER 2016 TO THE EURO MEDIUM TERM NOTE PROGRAMME BASE PROSPECTUS DATED 8 JANUARY 2016 OF CASINO, GUICHARD-PERRACHON CASINO FINANCE Euro 9,000,000,000 Euro Medium Term Note Programme Due from one month from the date of original issue Unconditionally and irrevocably guaranteed by Casino, Guichard-Perrachon in respect of Notes issued by Casino Finance This second supplement (the “Second Supplement”) is supplemental to, and should be read in conjunction with, the Base Prospectus dated 8 January 2016 (the “Base Prospectus”) and with the First Supplement to the Base Prospectus dated 30 March 2016 (the “First Supplement”) which was approved by the Commission de Surveillance du Secteur Financier (the “CSSF”) prepared in relation to the Euro 9,000,000,000 Euro Medium Term Note Programme of Casino, Guichard-Perrachon (“Casino” or, in its capacity as issuer, an Issuer” and Casino Finance (“Casino Finance” or an “Issuer” (together with Casino, in its capacity as issuer, the “Issuers” )) (the Programme”). On 8 January 2016, the CSSF approved the Base Prospectus as a base prospectus for the purposes of article 5.4 of Directive 2003/71/EC as amended (the “Prospectus Directive”) and article 7 of the Luxembourg Law on prospectuses for securities dated 10 July 2005, as amended (the “Luxembourg Law”). This Second Supplement constitutes a supplement to the Base Prospectus for the purposes of article 16 of the Prospectus Directive and article 13 of the Luxembourg Law in order to (i) incorporate by reference the French language version of the Document de Référence for the period from 1 January 2015 to 31 December 2015 (the 2015 Document de Référence), the French language version of the Rapport Financier Semestriel for the period from 1 January 2016 to 30 June 2016 (the “Interim Report First Half 2016”) and the annual financial statements of Casino Finance for the year ended on 31 December 2015 (ii) update the section “Recent Developments” on pages 75 et seq. of the Base Prospectus as amended by the First Supplement and (iii) update the section “General Information” on pages 123 et seq of the Base Prospectus as amended by the First Supplement. The relevant Issuer and the Guarantor accept responsibility for the information contained in this Second Supplement. The CSSF assumes no responsibility as to the economic and financial soundness of any transaction and the quality and solvency of the relevant Issuer and the Guarantor in line with the provisions of article 7(7) of the Luxembourg Law. Each of the Issuers and the Guarantor declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Second Supplement is, to the best of its knowledge, in accordance with the facts and does not omit anything likely to affect the import of such information. Save as disclosed in this Second Supplement, there has been no other significant new factor, material mistake or inaccuracy relating to information included in the Base Prospectus since the publication of this Base Prospectus. To the extent that there is any inconsistency between (a) any statements in this Second Supplement and (b) any other statement in, or incorporated by reference into, the Base Prospectus, the statements in (a) above will prevail. Unless the context otherwise requires, terms defined in the Base Prospectus shall have the same meaning when used in this Second Supplement. The Second Supplement is available on (i) the website of the Issuer (http://www.groupe-casino.fr/en/investor- relations/bonds/) and (ii) the website of the Luxembourg Stock Exchange (http://www.bourse.lu).

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Page 1: SECOND SUPPLEMENT DATED 10 OCTOBER 2016 TO THE …...Oct 10, 2016  · Euro 9,000,000,000 Euro Medium Term Note Programme of Casino, Guichard-Perrachon (“Casino” or, in its capacity

1

SECOND SUPPLEMENT DATED 10 OCTOBER 2016

TO THE EURO MEDIUM TERM NOTE PROGRAMME BASE PROSPECTUS

DATED 8 JANUARY 2016

OF CASINO, GUICHARD-PERRACHON

CASINO FINANCE

Euro 9,000,000,000 Euro Medium Term Note Programme

Due from one month from the date of original issue

Unconditionally and irrevocably guaranteed by Casino, Guichard-Perrachon in respect of Notes issued

by Casino Finance

This second supplement (the “Second Supplement”) is supplemental to, and should be read in conjunction with, the Base Prospectus

dated 8 January 2016 (the “Base Prospectus”) and with the First Supplement to the Base Prospectus dated 30 March 2016 (the “First

Supplement”) which was approved by the Commission de Surveillance du Secteur Financier (the “CSSF”) prepared in relation to the

Euro 9,000,000,000 Euro Medium Term Note Programme of Casino, Guichard-Perrachon (“Casino” or, in its capacity as issuer, an

“Issuer” and Casino Finance (“Casino Finance” or an “Issuer” (together with Casino, in its capacity as issuer, the “Issuers” )) (the

“Programme”). On 8 January 2016, the CSSF approved the Base Prospectus as a base prospectus for the purposes of article 5.4 of

Directive 2003/71/EC as amended (the “Prospectus Directive”) and article 7 of the Luxembourg Law on prospectuses for securities

dated 10 July 2005, as amended (the “Luxembourg Law”).

This Second Supplement constitutes a supplement to the Base Prospectus for the purposes of article 16 of the Prospectus Directive and

article 13 of the Luxembourg Law in order to (i) incorporate by reference the French language version of the Document de Référence for

the period from 1 January 2015 to 31 December 2015 (the “2015 Document de Référence”), the French language version of the Rapport

Financier Semestriel for the period from 1 January 2016 to 30 June 2016 (the “Interim Report First Half 2016”) and the annual

financial statements of Casino Finance for the year ended on 31 December 2015 (ii) update the section “Recent Developments” on pages

75 et seq. of the Base Prospectus as amended by the First Supplement and (iii) update the section “General Information” on pages 123 et

seq of the Base Prospectus as amended by the First Supplement.

The relevant Issuer and the Guarantor accept responsibility for the information contained in this Second Supplement. The CSSF assumes

no responsibility as to the economic and financial soundness of any transaction and the quality and solvency of the relevant Issuer and the

Guarantor in line with the provisions of article 7(7) of the Luxembourg Law. Each of the Issuers and the Guarantor declares that, having

taken all reasonable care to ensure that such is the case, the information contained in this Second Supplement is, to the best of its

knowledge, in accordance with the facts and does not omit anything likely to affect the import of such information.

Save as disclosed in this Second Supplement, there has been no other significant new factor, material mistake or inaccuracy relating to

information included in the Base Prospectus since the publication of this Base Prospectus. To the extent that there is any inconsistency

between (a) any statements in this Second Supplement and (b) any other statement in, or incorporated by reference into, the Base

Prospectus, the statements in (a) above will prevail.

Unless the context otherwise requires, terms defined in the Base Prospectus shall have the same meaning when used in this Second

Supplement. The Second Supplement is available on (i) the website of the Issuer (http://www.groupe-casino.fr/en/investor-

relations/bonds/) and (ii) the website of the Luxembourg Stock Exchange (http://www.bourse.lu).

Page 2: SECOND SUPPLEMENT DATED 10 OCTOBER 2016 TO THE …...Oct 10, 2016  · Euro 9,000,000,000 Euro Medium Term Note Programme of Casino, Guichard-Perrachon (“Casino” or, in its capacity

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TABLE OF CONTENTS

Page

DOCUMENTS INCORPORATED BY REFERENCE ...................................................................................... 3

RECENT DEVELOPMENTS OF THE ISSUER .............................................................................................. 9

GENERAL INFORMATION ............................................................................................................................44

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DOCUMENTS INCORPORATED BY REFERENCE

The section entitled “Documents Incorporated by Reference” on pages 21 et seq. of the Base Prospectus shall be

replaced by the following:

“The Base Prospectus should be read and construed in conjunction with the following documents all of which are

incorporated by reference in the Base Prospectus and which Casino has filed with the CSSF:

(1) the French language version of the Document de Référence for the year ended 31 December 2013

which was filed with the Autorité des Marchés Financiers on 3 April 2014 under the number D.14-

0281 (the “2013 Document de Référence”) except for the third paragraph of the section “Statement

by the person responsible for the Registration Document” on page 272 and for the other information

incorporated by reference on page 273;

(2) the French language version of the Document de Référence for the year ended 31 December 2014

which was filed with the Autorité des Marchés Financiers on 16 April 2015 under the number D.15-

0355 (the “2014 Document de Référence”) except for the third paragraph of the section “Statement

by the person responsible for the Registration Document” on page 327 and for the other information

incorporated by reference on page 328;

(3) the French language version of the Rapport Financier Annuel for the period from 1 January 2015 to

31 December 2015 (the “2015 Annual Financial Report”);

(4) the French language version of the Document de Référence for the year ended 31 December 2015

which was filed with the Autorité des Marchés Financiers on 19 April 2016 under the number D.16-

0367 (the “2015 Document de Référence”) except for the third paragraph of the section “Statement

by the person responsible for the Registration Document” and for the other information incorporated

by reference on page 314 ;

(5) the French language version of the Rapport Financier Semestriel for the period from 1 January 2015

to 30 June 2015 (the “Interim Report First Half 2015”);

(6) the French language version of the Rapport Financier Semestriel for the period from 1 January 2016

to 30 June 2016 (the “Interim Report First Half 2016”)

(7) the French language version of the notice of the Issuer entitled Indicateurs non-GAAP (the “APM

Guidelines”);

(8) the annual financial statements of Casino Finance for the year ended on 31 December 2013;

(9) the annual financial statements of Casino Finance for the year ended on 31 December 2014;

(10) the annual financial statements of Casino Finance for the year ended on 31 December 2015; and

(11) the terms and conditions of the notes contained in the base prospectus of Casino dated

25 October 2010 (the “2010 EMTN Conditions”), the terms and conditions of the notes contained in

the base prospectus of Casino dated 17 November 2011 (the “2011 EMTN Conditions”), the terms

and conditions of the notes contained in the base prospectus of Casino dated 30 November 2012 (the

“2012 EMTN Conditions”), the terms and conditions of the notes contained in the base prospectus of

Casino dated 3 December 2013 (the “2013 EMTN Conditions”), the terms and conditions of the

notes contained in the base prospectus of Casino and Casino Finance dated 1 December 2014 (the

“2014 EMTN Conditions”) and together with, the 2010 EMTN Conditions, the 2011 EMTN

Conditions, the 2012 EMTN Conditions and the 2013 EMTN Conditions, the “EMTN Previous

Conditions”);

Page 4: SECOND SUPPLEMENT DATED 10 OCTOBER 2016 TO THE …...Oct 10, 2016  · Euro 9,000,000,000 Euro Medium Term Note Programme of Casino, Guichard-Perrachon (“Casino” or, in its capacity

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Free English language translations of the documents incorporated by reference in the Base Prospectus listed in

paragraphs (1) to (6) are available, for information purpose only, on the Group's website.

The annual financial statements of Casino Finance are available in French language only.

Such documents shall be deemed to be incorporated in, and form part of the Base Prospectus, save that any

statement contained in a document which is deemed to be incorporated by reference herein shall be deemed to be

modified or superseded for the purpose of the Base Prospectus to the extent that a statement contained herein

modifies or supersedes such earlier statement (whether expressly, by implication or otherwise). Any statement so

modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of the Base

Prospectus.

Casino Finance does not publish interim financial statements.

The Base Prospectus and copies of documents incorporated by reference in the Base Prospectus will be published

on, and may be obtained from the websites of:

(i) the Group (except the annual financial statements of Casino Finance), at the following addresses:

http://www.groupe-casino.fr/IMG/pdf/Document_de_reference_2013.pdf,

http://www.groupe-casino.fr/fr/wp-content/uploads/sites/5/2015/04/1604_CASINO_DRF_2014_MEL.pdf,

http://www.groupe-casino.fr/fr/wp-content/uploads/sites/5/2016/03/Rapport-Financier-Annuel-2015.pdf,

https://www.groupe-casino.fr/fr/wp-content/uploads/sites/5/2016/06/CASINO_DRF_2015_MEL.pdf,

http://www.groupe-casino.fr/fr/wp-content/uploads/sites/5/2015/07/Rapport-financier-S1-2015.pdf,

https://www.groupe-casino.fr/fr/wp-content/uploads/sites/5/2016/08/Rapport-financier-S1-2016.pdf,

https://www.groupe-casino.fr/fr/wp-content/uploads/sites/5/2009/02/Groupe-Casino-Indicateurs-non-

gaap_290716.pdf

http://www.groupe-casino.fr/IMG/pdf/Casino_2010_Base_Prospectus.pdf

http://www.groupe-casino.fr/IMG/pdf/Casino_2011_Base_Prospectus.pdf

http://www.groupe-casino.fr/IMG/pdf/Casino_2012_Base_Prospectus.pdf

http://www.groupe-casino.fr/IMG/pdf/Casino_2013_Base_Prospectus.pdf, and

http://www.groupe-casino.fr/fr/wp-content/uploads/sites/5/2009/02/Casino-2014_Base-Prospectus.pdf

(ii) the Luxembourg Stock Exchange (including the annual financial statements of Casino Finance), at the

following address:

www.bourse.lu

The Base Prospectus is available during usual business hours on any weekday (Saturdays and public holidays

excepted), for inspection at the office of the Fiscal Agent or the Paying Agent.

The information set out in the documents incorporated by reference but not included in the cross-reference list, is

considered as additional information, is not required by the relevant schedules of the Commission Regulation (EC)

809/2004, as amended, and not incorporated by reference.

Cross-reference list in respect of Casino:

CASINO, GUICHARD-PERRACHON

Annex IX of the

European Regulation

809/2004/EC of 29 April

2004

2013

Document de

Référence

2014

Document de

Référence

2015 Annual

Financial

Report

2015

Document de

Référence

Interim

Report First

Half 2015

Interim

Report First

Half 2016

Page 5: SECOND SUPPLEMENT DATED 10 OCTOBER 2016 TO THE …...Oct 10, 2016  · Euro 9,000,000,000 Euro Medium Term Note Programme of Casino, Guichard-Perrachon (“Casino” or, in its capacity

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2. Statutory

Auditors

2.1 Names and

addresses of

Casino’s auditors

for the period

covered by the

historical

financial

information

Page 217 Page 181 Page 109 Page 194 N/A N/A

4. Information

about Casino

4.1.5 Any recent events

particular to

Casino and which

are to a material

extent relevant to

the evaluation of

Casino’s solvency

Page 27 Pages 17 to 23 Pages 3 to 17 Pages 17 to 24 Pages 3 to 11 Pages 3 to 13

6. Organisational

Structure

6.1 If Casino is part

of a group, a brief

description of the

group and of

Casino’s position

within it

Pages 25 to 27 Pages 5 to 11;

Pages 111 to

113

N/A Pages 4 to 11;

Pages 116 to

118

N/A N/A

7. Trend

Information

7.1 Include a

statement that

there has been no

material adverse

change in the

prospects of

Casino since the

date of its last

published audited

financial

statements.

In the event that

Pages 4 to 11

and 27

Pages 5 to 11;

Pages 110 and

140

Pages 100 to

102

Pages 4 to 11;

Pages 115 and

143

N/A N/A

The statement required in Item 7.1 is included in the General Information section of the Base Prospectus on page 123.

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Casino is unable

to make such a

statement, provide

details of this

material adverse

change.

9. Administrative,

Management

and Supervisory

Bodies

9.1 Names, business

addresses and

functions in

Casino and an

indication of the

principal activities

performed by

them outside

Casino where

these are

significant with

respect to Casino

Pages 188 to

216; Pages

219 to 225

Pages 150 to

152; Pages

157 to 178;

Page 180

N/A Pages 153 to

184;

N/A N/A

9.2 Administrative,

Management, and

Supervisory

bodies’ conflicts

of interest

Page 216 Page 179 N/A Pages 191 and

192

N/A N/A

10. Major

Shareholders

10.1 To the extent

known to Casino,

state whether

Casino is directly

or indirectly

owned or

controlled and by

whom, and

describe the

nature of such

control, and

describe the

measures in place

to ensure that

such control is not

abused

Pages 28 to 36

and 216

Pages 179,

250 and 251

N/A Pages 191 and

192; Pages

268 to 270

N/A N/A

11. Financial

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Information

Concerning

Casino’s Assets

and Liabilities,

Financial

Position and

Profits

11.1 Historical

Financial

Information

Pages 2 and 4

to 17

Pages 2 and 4

to 12

Pages 3 and 5

to 14

Consolidated

Income Statement

Page 71 Page 29 Page 20 Page 35 Page 16 Page 15

Consolidated

Statement of

Comprehensive

Income

Page 72 Page 30 Page 21 Page 36 Page 17 Page 16

Consolidated

Balance Sheet

Page 73 Page 31 Page 22 Page 37 Page 18 Page 17

Consolidated

Statement of Cash

Flows

Page 74 Page 32 Page 23 Page 38 Page 19 Page 18

Consolidated

Statement of

Changes in Equity

Pages 76 and

77

Pages 34 and

35

Page 24 Page 40 and

41

Page 20 Page 19

Notes to the

Consolidated

Financial

Statements

Pages 78 to

155

Pages 36 to

144

Pages 25 to

107

Pages 42 to

120

Pages 21 to 38 Pages 20 to 44

APM

Guidelines

pages 1 to 7

11.3.1 Statutory

Auditors’ report

on the

consolidated

financial

statements

Page 70 Page 28 Pages 108 to

111

Pages 34 Pages 40 to 41 Pages 45 to 47

11.5 Legal and

Arbitration

Proceedings

Pages 41 and

149

Pages 108 and

109; Pages

196 and 197

Pages 12-13,

46 and 98-100

Pages 112 to

114; Pages

211 and 212

Pages 9, 31,

35 and 37

Pages 11, 34,

37, 42 and 43

12. Material

Contracts

Pages 26 and

27

Pages 24 and

25

N/A Pages 28 and

29

N/A N/A

Non-incorporated parts of the 2013 Document de Référence, the 2014 Document de Référence, the 2015 Document

de Référence, the Interim Report First Half 2015, the 2015 Annual Financial Report the Interim Report First Half

2016 are not relevant for the investors.

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Cross-reference list in respect of Casino Finance:

CASINO FINANCE

Annex IX of the European Regulation

809/2004/EC of 29 April 2004

2013 Annual

financial statements

of Casino Finance1

2014 Annual

financial statements

of Casino Finance

2015 Annual

financial statements

of Casino Finance

2. Statutory Auditors

2.1 Names and addresses of Casino’s

auditors for the period covered by the

historical financial information

Page 2 Page I Page II

11. Financial Information Concerning

Casino’s Assets and Liabilities,

Financial Position and Profits

11.1 Historical Financial Information

Income Statement Pages 7 to 8 Pages 2 to 3 Pages 2 to 3

Balance Sheet Pages 10 to 11 Pages 5 to 6 Pages 5 to 6

Notes to the Financial Statements Page 12 to 26 Pages 7 to 22 Pages 7 to 19

11.3.1 Statutory Auditors’ report on the

financial statements

Pages 2 to 3 Pages I to II Pages I to III

1 The page references correspond to the pages of the PDF document.

The EMTN Previous Conditions are incorporated by reference in the Base Prospectus for the purpose only of

further issues of notes to be assimilated (assimilées) and form a single series with Notes already issued with the

relevant EMTN Previous Conditions.

EMTN Previous Conditions

2010 EMTN Conditions Pages 37 to 68

2011 EMTN Conditions Pages 36 to 67

2012 EMTN Conditions Pages 22 to 51

2013 EMTN Conditions Pages 27 to 60

2014 EMTN Conditions Pages 29 to 60

Non-incorporated parts of the base prospectuses of Casino dated 25 October 2010, 17 November 2011,

30 November 2012, 3 December 2013 and of the base prospectus of Casino and Casino Finance dated 1 December

2014 are not relevant for the investors.”

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RECENT DEVELOPMENTS

The section entitled “Recent Developments” on pages 75 et seq. of the Base Prospectus shall be completed by (i)

the following statement : “As of July 28st 2016, the share capital of Casino, Guichard-Perrachon was 171 319

066,38 €. From August 1st to 25

th 2016, the Issuer bought back 976 250 shares under its share purchase programme

with the intention to cancel them.”

and (ii) the following press releases, available on the website of the Issuer http://www.groupe-

casino.fr/en/press/all-press-releases/

“The Issuer published the following press release on 14 April 2016:

Q1 2016 SALES

Accelerated growth in France and Latin America

In France, good performance with +2.9% growth on organic basis and +1.5% on a same-store basis

- Géant Casino: +4.0%(1)

of growth (same-store and organic) with positive non-food sales and continuous

gains in market share

- Leader Price: continuous growth at +7.2% on organic basis and +4.5% on a same-store basis, with gains in

market share

- Performance of the Group's other banners in line with Q4 2015

In Latin America, food sales up +8.3% on organic basis with a positive inflexion in Brazil (up +5.7% in Q4

2015)

- Exito (excluding Brazil): continuous accelerating growth with good performance in all countries

- GPA Food: net improvement in activity, with organic growth of +7.8%

- Via Varejo: more moderate downturn in sales

- E-commerce: growth of gross merchandise volume (GMV) of +4.2% at constant exchange rates(2)

SALES TRENDS BY SECTOR

BY SECTOR Q4 2015/Q4 2014 change Q1 2016/Q1 2015 change

in €m Q4

2015

Total growth

Organic growth

Same-store

growth

Q1

2016

Total growth

Organic growth

Same-store

growth

France Retail 4,942 +1.5% +2.7% +1.4% 4,548 +2.8% +2.9% +1.5%

Latam Retail 3,705 -14.6% +5.7% +1.3% 3,338 -13.7% +8.3% +3.7%

Latam Electronics 1,286 -36.1% -14.8% -15.2% 1,090 -34.6% -12.7% -11.8%

E-commerce 873 -20.1% -7.8% -7.8% 731 -18.8% -8.3% -8.3%

TOTAL GROUP 10,807 -12.3% -0.2% -2.5% 9,707 -10.6% +1.5% -0.7%

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In Q1 2016, taking into account the Thailand sale that took place on March 21st, and that of Vietnam, which is

currently in negotiation, the Asia segment as a whole is recognised under "discontinued activities". Consolidated

sales have thus been retroactively restated at 1st January 2015 to exclude these activities for all the periods

presented.

As of Q1 2016, sales were 9.7 billion euros, up +1.5% on an organic basis. They were affected by a negative

foreign exchange effect of -14.3% and by a positive scope effect of +0.9%.

France Retail

In France total sales were €4,548m, up +2.9% on an organic basis and +1.5% on a same-store basis in Q1

2016. Traffic was up +0.8%. Market share in France rose +0.1 pt over the last Kantar P03 period.

At Géant Casino, whose sales continue to grow at +4.0% on a same-store basis, non-food sales are now

positive and up +1.8% on a same-store basis. The banner continues to gain market share: up +0.2pt over the last

Kantar P03 period.

Leader Price posted steady sales growth of +7.2% on an organic basis and +4.5% on a same-store basis. The

franchise development is growing steadily (191 stores transferred in total since Q2 2015). The banner posted an

increase in market share: +0.1pt over the last Kantar P03 period.

Q4 2015/Q4 2014 change Q1 2016/Q1 2015 change

BY BANNER Q4

2015

Total

growth

Organic

growth

Same-store

growth

Q1

2016 Total growth

Organic

growth

Same-store

growth

Hypermarkets(1) 1,258 +0.3% +2.7% +2.8% 1,083 +2.9% +3.8% +3.8%

of which Géant

Casino 1,187 +0.5% +3.0% +3.0% 1,022 +2.9% +4.0% +4.0%

Leader Price 673 +4.7% +7.5% +3.0% 632 +6.2% +7.2% +4.5%

Monoprix 1,127 +3.0% +2.8% +0.1% 1,050 +3.3% +2.3% -0.4%

SM Casino 797 -1.4% -0.4% 0.0% 753 +1.6% +1.9% +0.2%

Franprix 423 -3.7% -2.5% +0.1% 403 -3.5% -2.9% +0.1%

Convenience

& Other(2) 664 +5.0% +4.7% +2.4% 628 +4.2% +3.9% +1.1%

o/w Convenience 335 +7.1% +5.9% +6.1% 342 +4.9% +4.2% +2.3%

FRANCE RETAIL 4,942 +1.5% +2.7% +1.4% 4,548 +2.8% +2.9% +1.5%

NB: Organic and same-store changes exclude petrol and calendar effects (1) Excluding business primarily from Codim (4 hypermarkets) in Corsica (2) GMV (gross merchandise volume): sales volume including tax, figures provided by the subsidiary

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Monoprix posted strong performance with organic sales up +2.3%, boosted by dynamic expansion (gross

opening of 80 stores since Q2 2015). Food sales were virtually stable over the quarter, and performance

satisfactory for Household and Leisure on a same-store basis.

Same-store sales at Supermarchés Casino are positive. Traffic was up, driven by the new loyalty programme

and the success of promotional operations. Organic growth was boosted by the opening of 5 new integrated stores

and the affiliation of 6 new franchises since Q2 2015.

Sales at Franprix are positive on a same-store basis with a sequential improvement in traffic. Organic and

published sales are still affected by the stores disposal requested by the French Competition Authority, transfers

to other banners and franchises (in total 60 stores were transferred to franchises since Q2 2015).

Same-store figures for Proximity now include a majority of Leader Price Express stores more than one year

old. Total growth is being driven by strong performance by franchises, with the opening of 306 stores since Q2

2015.

Latam Retail

Food sales in Latin America are up compared to the previous quarter, +8.3% on an organic basis and +3.7%

on a same-store basis (vs +5.7% and +1.3% respectively in Q4 2015).

Growth at Exito Group (excluding the effect of consolidating GPA's sales) was still accelerating in Q1 2016,

driven by Colombia, as well as Uruguay and Argentina.

Exito will publish its Q1 figures in full on 25 April 2016.

Food sales in Brazil (GPA Food) improvement was marked, up +7.8% on an organic basis and +2.2% on a

same-store basis. Assaí continues to enjoy very good performances with sales up +36.2% on an organic basis,

driven by same-store sales and very dynamic expansion. Traffic is up on Q4 2015. Multivarejo posted stronger

sales at Pão de Açúcar and at its convenience formats, with gains in market share. Extra began posting stronger

sales under the first effects of its relaunched sales policy and renovations.

GPA provided a detailed report on its Q1 sales on 12 April 2016.

Latam Electronics

The decline in sales at Via Varejo slowed in Q1 2016 (-11.8% vs -15.2% in Q4 2015 on a same-store basis)

due to more competitive prices and more effective promotions. The banner is continuing its closures of

underperforming stores. In addition, Via Varejo is further innovating by deploying "mobile stores" and renewing its

furniture line.

Via Varejo provided a detailed report on its Q1 sales on 12 April 2016.

Total sales in Latin America were hit by a strong negative currency effect.

E-commerce

(1) Including Géant Casino and mainly the business of the four Codim stores in Corsica (2) Other: mainly Vindémia and Cafeterias

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12

Cnova's gross merchandise volume (GMV) totalled €1,138m, up +4.2% at constant exchange rates, driven by

Cdiscount’s activity. In France, Cdiscount's GMV rose +18.3% with sales up +15.3%(1)

. Market share in France(2)

rose 1.5 points in February 2016. Growth in the marketplaces remains high and their share of GMV reached 24.2%

in Q1 2016 vs 16.7% in Q1 2015.

Cnova provided a detailed report on its Q1 sales on 13 April 2016.

***

APPENDICES

Details and sales trends in Q1 2016

Organic growth is growth at constant scope of consolidation and exchange rates, excluding petrol and calendar

effect, unless otherwise mentioned.

Main changes in the scope of consolidation

Full consolidation of Disco at 1 January 2015

Restatement of activity in Asia

Exchange rates

E-COMMERCE (CNOVA) Q1 2015 Q1 2016 Growth

total

Growth

at constant exchange

rates

GMV(3) including tax 1,222.0 1,137.9 -6.9% +4.2%

Traffic (visits in millions) 422.8 492.8 +16.6%

Active customers(4) (in millions) 14.2 14.6 +3.0%

Units sold (in millions) 15.7 16.5 +5.3%

AVERAGE EXCHANGE RATES Q1 2015 Q1 2012 Currency effect

Argentina (EUR/ARS) 9.74466 15.95312 -38.9%

Uruguay (EUR/UYP) 27.86630 34.74340 -19.8%

Colombia (EUR/COP) (x 1000) 2.78160 3.58854 -22.5%

Brazil (EUR/BRL) 3.22363 4.30405 -25.1%

(1) Figures provided by the subsidiary (2) Technical goods market in France, source GFK (3) GMV (gross merchandise volume): sales volume including tax, figures provided by the subsidiary (4) Active customers at 31 March who made at least one purchase on our websites in the last 12 months

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13

Period-end store network

FRANCE 30 Sept. 2015 31 Dec. 2015 31 March 2016

Géant Casino Hypermarkets 127 128 129

o/w French Affiliates 7 7 7

International Affiliates 10 11 12

SM Casino 440 441 445

o/w French Franchised Affiliates 60 60 64

International Franchised Affiliates 33 33 33

Monoprix 656 698 709

o/w Franchises/Affiliates 188 197 200

Naturalia 107 126 133

Naturalia franchises 3 3 4

Franprix 857 867 851

o/w Franchises 322 350 366

Leader Price 836 810 790

o/w Franchises 173 263 339

Total Supermarkets and Discount 2,789 2,816 2,795

Convenience 6,956 6,916 6,899

Other businesses (Cafeterias, Drive…)

etc.)

620 621 646

Indian Ocean 135 146 149

TOTAL France 10,627 10,627 10,618

INTERNATIONAL 30 Sept. 2015 31 Dec. 2015 31 March 2016

ARGENTINA 27 27 27

Libertad Hypermarkets 15 15 15

Mini Libertad mini-supermarkets 12 12 12

URUGUAY 61 65 66

Géant Hypermarkets 2 2 2

Disco Supermarkets 29 29 29

Devoto Supermarkets 24 24 24

Devoto Express mini-supermarkets 6 10 11

BRAZIL 2,164 2,181 2,126

Extra Hypermarkets 137 137 137

Pao de Açucar Supermarkets 184 185 185

Extra Supermarkets 199 199 194

Assai (discount) 88 95 96

Mini Mercado Extra mini-supermarkets 301 311 301

Casas Bahia 715 760 745

Ponto Frio 301 254 233

Drugstores 157 157 157

+ Service stations 82 83 78

COLOMBIA 1,567 1,668 1,632

Exito Hypermarkets 81 85 85

Exito and Carulla Supermarkets 153 163 163

Super Inter Supermarkets 58 58 58

Surtimax (discount) 1,169 1,248 1,214

o/w "Aliados" 1,019 1,095 1,062

Exito Express and Carulla Express mini-supermarkets

supermarkets

105 113 111

Other 1 1 1

TOTAL International 3,819 3,941 3,851

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14

ANALYST AND INVESTOR CONTACTS

Régine Gaggioli – Tel: +33(0)1 53 65 64 17

[email protected]

or

+33(0)1 53 65 24 17

[email protected]

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT

Aziza Bouster

Tel: +33(0)1 53 65 24 78

Mob: +33(0)6 08 54 28 75

[email protected]

Disclaimer

This press release was prepared solely for information purposes, and should not be construed as a solicitation or

an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be

treated as providing investment advice. It has no connection with the specific investment objectives, financial

situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation

to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by

recipients as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to

change without notice.

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15

The Issuer published the following press release on 29 April 2016 :

Disposal of Big C Vietnam for a valuation

of 1 billion euros

Casino announces the closing of the sale of Big C Vietnam to Central Group, for an enterprise value of €1 billion1,

implying 2015 multiples of 1.8x net sales, 20.4x EBITDA and 34.4x EBIT.

The proceeds to be received by the Group will amount to €920 million.

Central Group is one of the main family-owned conglomerates in Thailand with interests in real estate, department

stores, retailing, hospitality and restaurants.

Casino Group has made significant investments for more than 18 years to develop its subsidiary Big C in Vietnam

and to create a leading food retailer in Vietnam. Big C Vietnam consists of a network of 43 stores and 30 shopping

malls and has achieved in 2015 a turnover excluding taxes €586 million.

Big C Vietnam has built strong relationships with its Vietnamese suppliers and farmers, its customers, its employees

and the local authorities and communities, which allowed the development of modern retail in the country.

Central Group in partnership with Vietnamese group Nguyen Kim will continue the strategy of Big C Vietnam

notably regarding sourcing of goods produced in Vietnam for Big C stores.

Casino will continue its sourcing activity of Vietnamese food products distributed in France, Brazil and Colombia.

After the disposal of its subsidiaries Big C Thailand and Big C Vietnam, the deleveraging plan of the Group reaches

€4.2 billion.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tél: +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT

Aziza BOUSTER

Tél: +33 (0)1 53 65 24 78

Mob: +33 (0)6 08 54 28 75

[email protected]

1 including net financial debt as of 31 December 2015 and minority interest in joint-ventures

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16

Disclaimer

This press release was prepared solely for information purposes and should not be construed as a solicitation or an

offer to buy or sell securities or related financial instruments. Similarly, it does not give and should not be treated

as giving investment advice. It has no connection with the investment objectives, financial situation or specific

needs of any recipient. No representation or warranty, either express or implicit, is provided in relation to the

accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as

a substitute for exercise of their own judgement. All opinions expressed herein are subject to change without notice.

This document contains certain forward-looking statements. This information is not historical data and should not

be interpreted as guarantees of the future occurrence of such facts and data. These statements are based on data,

assumptions and estimates that the Group believes are reasonable. The Group operates in a competitive and

rapidly changing environment. It is therefore not in a position to predict all of the risks, uncertainties or other

factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a

risk or a combination of risks could have results that are significantly different from those included in any forward-

looking statement. The forward-looking statements contained in this press release are made only as of the date

hereof. Except as required by any applicable law, rules or regulations, the Group expressly disclaims any

obligation or undertaking to publicly release any updates of any forward‐looking statements contained in this press

release to reflect any change in its expectations or any change in events, conditions or circumstances on which any

forward-looking statement contained in this press release is based.

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17

The Issuer published the following press release on 3 May 2016 :

Exercise of the call option on the Monoprix Mandatory Convertible

Bonds

Casino exercised today its call option on all of the €500m mandatory convertible bonds issued by Monoprix in

December 2013, and subscribed by Credit Agricole CIB.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tél: +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT

Aziza BOUSTER

Tél: +33 (0)1 53 65 24 78

Mob: +33 (0)6 08 54 28 75

[email protected]

Disclaimer

This press release was prepared solely for information purposes and should not be construed as a solicitation or an offer to buy or sell

securities or related financial instruments. Similarly, it does not give and should not be treated as giving investment advice. It has no

connection with the investment objectives, financial situation or specific needs of any recipient. No representation or warranty, either express

or implicit, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by

recipients as a substitute for exercise of their own judgement. All opinions expressed herein are subject to change without notice.

This document contains certain forward-looking statements. This information is not historical data and should not be interpreted as guarantees

of the future occurrence of such facts and data. These statements are based on data, assumptions and estimates that the Group believes are

reasonable. The Group operates in a competitive and rapidly changing environment. It is therefore not in a position to predict all of the risks,

uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk

or a combination of risks could have results that are significantly different from those included in any forward-looking statement. The forward-

looking statements contained in this press release are made only as of the date hereof. Except as required by any applicable law, rules or

regulations, the Group expressly disclaims any obligation or undertaking to publicly release any updates of any forward‐looking statements

contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which any

forward-looking statement contained in this press release is based.

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18

The Issuer published the following press release on 12 May 2016

Intention to launch a voluntary cash tender offer

on Cnova N.V. shares by Casino Group

Casino Group announces its intention to launch a voluntary cash tender offer on the outstanding shares of Cnova

N.V. (“Cnova”) held by public shareholders (i.e. shares not held by Casino Group) at an offer price of US$5.50,

hence a maximum consideration of US$196m. This contemplated tender offer is conditional upon, amongst others,

the completion of the proposed transaction, described below, between Via Varejo and Cnova (composed of

Cdiscount and Cnova Brazil).

The tender offer price would represent a 82% premium to the last unaffected share price(1)

.

This announcement follows the announcements made by Cnova and Via Varejo S.A. (“Via Varejo”) concerning the

possible combination of Cnova Brazil with Via Varejo. Upon the completion of the transaction, Cnova would

exclusively own Cdiscount. Via Varejo would merge with Cnova Brazil and would no longer be a shareholder of

Cnova. Via Varejo would thus confirm its multi-channel leadership for non-food retail in Brazil.

This transaction aims at simplifying Casino Group’s structure and would allow Cnova to refocus, through

Cdiscount, on E-commerce in France, a market where it has a proven leadership position and clear growth

prospects.

Note to investors:

The transactions related to the project require in particular the approval of the boards of directors and independent

transaction committees of Cnova and Via Varejo, as well as the board of directors of Casino. Furthermore, such

transactions remain subject to definitive, binding agreements among the parties, and entry into such agreements is

conditional on the completion of due diligence by the parties and on the release of Cnova’s and Cnova Brazil’s

audited accounts for fiscal year 2015 (following the completion of the ongoing internal review, which has been

previously disclosed by Cnova). Casino’s voluntary tender offer assumes that the transaction currently discussed

between Cnova and Via Varejo is completed, and remains subject to the fulfilment of certain conditions precedent

(including in particular the commitment by Companhia Brasileira de Distribuição – CBD not to tender its shares,

as well as the absence of material adverse events).

In this press release, Casino cautions that there can be no assurance as to the actual timing, price or terms of the

offer to the Cnova’s public shareholders that might be agreed. In any case, such an offer would not be launched

before the completion of the transaction envisaged by Cnova and Via Varejo. In particular, no definitive agreement

has been reached on this envisaged transaction or on the offer and there can be no assurance that Casino’s offer

will be launched at all or will be launched at the terms and price disclosed in this press release. Casino does not

expect to provide further information regarding the status of discussions on the potential transactions unless and

until a definitive, binding agreement is reached. Such an agreement could be reached in early Q3 2016, potentially

allowing to complete the merger of Cnova Brazil and Via Varejo by the end of Q3 2016 and to launch Casino’s

tender offer on the outstanding ordinary shares of Cnova in Q4 2016 at the latest.

This press release does not constitute an offer to purchase, nor a solicitation to sell any securities. Investors are

strongly advised to read, if and when they become available, the information materials relating to the tender offer

because they will contain important information.

If an offer were to be filed, Casino intends to file with the Securities and Exchange Commission (the “SEC”) a

tender offer statement on Schedule TO, and Cnova intends to file in due course a recommendation statement on the

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19

tender offer on Schedule 14D-9. Casino intends to file with the Autorité des marchés financiers (the « AMF ») a

draft offer document and Cnova intends to file in due course a draft offer document in response including the

recommendation of its Board of Directors. Any offer document and any document including a recommendation on

the offer will contain important information that investors should read carefully before making any decision

relating to the potential tender offer. The offer documents and other documents that Casino intends to file with the

SEC or with the AMF will be made available free of charge to all investors and Cnova shareholders on

www.groupe-casino.fr and www.cnova.com. These documents (and all the other offer documents filed with the SEC

and the AMF) will also be made available free of charge on the SEC website (www.sec.gov) and on the AMF

website (www.amf-france.org).

If an offer were to be filed and Casino Group would eventually hold together with its subsidiaries at least 95% of

Cnova’s share capital, the Group reserves the right to initiate a squeeze-out procedure.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tél: +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT

Aziza BOUSTER

Tél: +33 (0)1 53 65 24 78

Mob: +33 (0)6 08 54 28 75

[email protected]

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20

The Issuer published the following press release on 26 May 2016:

Communiqué

Le groupe Casino et la famille Baud ont conclu, le 25 mai 2016, un protocole d’accord transactionnel mettant fin à

l’ensemble des actions contentieuses qui les opposaient devant les juridictions de Paris depuis 2007.

Cet accord prévoit également le rachat(1)

par le groupe Casino de la participation de 50 %, détenue par la famille

Baud dans la société GEIMEX, propriétaire de la marque Leader Price à l’international, et jusqu’à présent

contrôlée conjointement par les deux parties.

GEIMEX a réalisé un chiffre d’affaires HT d’environ 200 millions d’euros en 2015.

Cette transaction permettra au groupe Casino de développer activement la marque Leader Price à l’international.

(1) sous condition suspensive de l’autorisation des Autorités de Concurrence.

CONTACTS ANALYSTES ET INVESTISSEURS

Régine GAGGIOLI – Tél : +33 (0)1 53 65 64 17

[email protected]

ou

Tél : +33 (0)1 53 65 24 17

[email protected]

DIRECTION COMMUNICATION EXTERNE GROUPE

Aziza BOUSTER

Tél : +33 (0)1 53 65 24 78

Mob : +33 (0)6 08 54 28 75

[email protected]

Disclaimer

Ce communiqué a été préparé uniquement à titre informatif et ne doit pas être interprété comme une sollicitation ou une offre

d'achat ou de vente de valeurs mobilières ou instruments financiers connexes. De même, il ne donne pas et ne doit pas être traité

comme un conseil d'investissement. Il n'a aucun égard aux objectifs de placement, la situation financière ou des besoins

particuliers de tout récepteur. Aucune représentation ou garantie, expresse ou implicite, n'est fournie par rapport à l'exactitude,

l'exhaustivité ou la fiabilité des informations contenues dans ce document. Il ne devrait pas être considéré par les bénéficiaires

comme un substitut à l'exercice de leur propre jugement. Toutes les opinions exprimées dans ce document sont sujettes à

changement sans préavis.

Le présent communiqué contient des déclarations prospectives. Ces informations ne sont pas des données historiques et ne doivent pas être interprétées comme des garanties que les faits et données énoncés se produiront. Ces informations sont fondées sur des données, des hypothèses et des estimations considérées comme raisonnables par le Groupe. Le Groupe opère dans un environnement concurrentiel et en évolution rapide. Le Groupe n’est donc pas en mesure d’anticiper tous les risques, incertitudes ou autres facteurs susceptibles d’affecter son activité, leur impact potentiel sur son activité ou encore dans quelle mesure la matérialisation d’un risque ou d’une combinaison de risques pourrait avoir des résultats significativement différents de ceux mentionnés dans toute information prospective. Ces informations sont données uniquement à la date du présent communiqué. Le Groupe ne prend aucun engagement de publier des mises à jour de ces informations ni des hypothèses sur lesquelles elles sont basées, à l’exception de toute obligation légale ou réglementaire qui lui serait applicable.

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21

The Issuer published the following press release on 6 June 2016:

Bonds public tender offer announcement

Casino launched this morning a tender offer on some of its notes maturing January 2023, February 2025 and

August 2026.

The indicative targeted amount of this transaction reaches 500 million euros in total.

Results will be released on next Monday, June 13th.

This transaction will allow the Group to reduce its gross debt and its financial costs as soon as 2016.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON OR IN OR INTO

THE UNITED STATES (EACH AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES

ACT OF 1933, AS AMENDED) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO

RELEASE, PUBLISH OR DISTRIBUTE THIS PRESS RELEASE.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tél: +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT

Aziza BOUSTER

Tél: +33 (0)1 53 65 24 78

Mob: +33 (0)6 08 54 28 75

[email protected]

Disclaimer

This announcement does not constitute an invitation to participate in the tender offer for the Notes (the “Tender Offer”) in or

from any jurisdiction in or from which, or to or from any person to or from whom, it is unlawful to make such invitation under

applicable securities laws. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into

whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

Tenders of Notes for purchase pursuant to the Tender Offer will not be accepted from Qualifying Holders in any circumstances

in which such offer or solicitation is unlawful. Casino, Guichard-Perrachon does not make any recommendation as to whether

or not Qualifying Holders should participate in the Tender Offer.

United States

The Tender Offer is not being made and will not be made directly or indirectly in or into, or by use of the mails of, or by any

means or instrumentality (including, without limitation, facsimile transmission, telex, telephone, email and other forms of

electronic transmission) of interstate or foreign commerce of, or any facility of a national securities exchange of, or to owners

of Notes who are located in the United States as defined in Regulation S of the U.S. Securities Act of 1933, as amended (the

“Securities Act”) or to U.S. Persons as defined in Regulation S of the Securities Act (each a “U.S. Person”) and the Notes may

not be tendered in the Tender Offer by any such use, means, instrumentality or facility from or within the United States, by

persons located or resident in the United States or by U.S. Persons. Accordingly, copies of this document is not being, and must

not be, directly or indirectly, mailed or otherwise transmitted, distributed or forwarded in or into the United States or to any

such person. Any purported offer to sell in response to the Tender Offer resulting directly or indirectly from a violation of these

restrictions will be invalid, and offers to sell made by a person located in the United States or any agent, fiduciary or other

intermediary acting on a non-discretionary basis for a principal giving instructions from within the United States or any U.S.

Person will not be accepted.

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22

The Issuer published the following press release on 13 June 2016:

Success of the bond public tender offer for a total amount of

€537M

The bond public tender offer launched on Monday June 10th, 2016 allows Casino to buyback

respectively €134.2M, €158.2M and €245.0M of bonds maturing in January 2023, February

2025 and August 2026, i.e. a cumulated nominal amount of €537.4M.

Bonds purchased by Casino in the context of this transaction will be cancelled on June 15th,

2016. Nominal amounts will then be reduced to €858.7M for bonds maturing in January 2023,

€449.9M for bonds maturing in February 2025 and €613.5M for bonds maturing in August

2026.

This transaction will allow the Group to reduce its gross debt and its financial costs in France as

soon as 2016.

BNP Paribas, Citigroup, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, Mitsubishi IFJ

Securities International, RBS, Santander and Société Générale acted as deal managers of this transaction.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tél: +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

GROUP EXTERNAL COMMUNICATIONS DEPARTMENT

Aziza BOUSTER

Tél: +33 (0)1 53 65 24 78

Mob: +33 (0)6 08 54 28 75

[email protected]

Disclaimer

This press release was prepared solely for information purposes and should not be construed as a solicitation or an offer to buy or sell

securities or related financial instruments. Similarly, it does not give and should not be treated as giving investment advice. It has no

connection with the investment objectives, financial situation or specific needs of any recipient. No representation or warranty, either express

or implicit, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by

recipients as a substitute for exercise of their own judgement. All opinions expressed herein are subject to change without notice.

This document contains certain forward-looking statements. This information is not historical data and should not be interpreted as guarantees

of the future occurrence of such facts and data. These statements are based on data, assumptions and estimates that the Group believes are

reasonable. The Group operates in a competitive and rapidly changing environment. It is therefore not in a position to predict all of the risks,

uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk

or a combination of risks could have results that are significantly different from those included in any forward-looking statement. The forward-

looking statements contained in this press release are made only as of the date hereof. Except as required by any applicable law, rules or

regulations, the Group expressly disclaims any obligation or undertaking to publicly release any updates of any forward‐looking statements

contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which any

forward-looking statement contained in this press release is based.

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23

The Issuer published the following press release on 13 July 2016:

Q2 2016 SALES

In France, continued growth and market share gains

Accelerated growth in Brazil and Colombia

Group organic growth of +3.8% in Q2 versus +1.5% in Q1 2016

In France, sales up +1.2% on an organic basis and +0.2% on a same-store basis

- Géant Casino: +2.2%(1)

growth (same-store and organic) and ongoing gains in market share

- Leader Price: sales up +1.7% on an organic basis and +1.1% on a same-store basis

- Supermarchés Casino: organic growth of +3.1% and same-store growth of +1.2%, and market share gains

In Latin America, food sales up +11.8% on an organic basis

- Exito (excluding Brazil): acceleration in organic and same-store growth, led by good performances in

Colombia, Uruguay and Argentina

- GPA Food: sequential improvement in activity with organic growth of +11.4% and same-store growth of

+6.3%

- Via Varejo: positive sales on an organic basis (+0.3%) and same-store basis (+2.6%) after four consecutive

quarters of declining revenues

- E-commerce:

- Cdiscount: organic growth of +10.6% and gross merchandise volume up +12.6%

- Cnova Brazil: sharp decline in activity considering the high basis of comparison in Q2 2015 and

the economic slowdown in Brazil

SALES TRENDS BY SECTOR

In Q2 2016, sales totalled €10.0 billion, up +3.8% on an organic basis and +1.8% on a same-store basis. They

were impacted by a currency effect of -8.3% related to Latin American currencies’ depreciation, and a scope effect

of -1.3%.

BY SECTOR Q1 2016/Q1 2015 change Q2 2016/Q2 2015 change

(in € millions) Q1

2016

Total

growth

Organic

growth

Same-store

growth

Q2

2016

Total

growth

Organic

growth

Same-store

growth

France Retail 4,548 +2.8% +2.9% +1.5% 4,716 +0.1% +1.2% +0.2%

Latam Retail 3,338 -13.7% +8.3% +3.7% 3,498 -11.1% +11.8% +7.1%

Latam Electronics 1,090 -34.6% -12.7% -11.8% 1,092 -13.1% +0.3% +2.6%

E-commerce 731 -18.8% -8.3% -8.3% 660 -19.4% -13.5% -13.5%

TOTAL GROUP 9,707 -10.6% +1.5% -0.7% 9,966 -7.0% +3.8% +1.8%

NB: Organic and same-store changes exclude fuel and calendar effects (1) Excluding business primarily from Codim (four hypermarkets) in Corsica

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24

France Retail

In France, the quarter was marked by unfavourable weather and a sharp decline in tourism in the North, as

well as by social unrest. Total sales of €4,716 million were up +1.2% on an organic basis and +0.2% on a same-

store basis in Q2 2016. Market share in France rose +0.1pt over the last Kantar P06 period.

At Géant Casino, sales continued to progress with a +2.2% same-store growth, after two years of growth in a

row (+1.1% in Q2 2014 and +2.0% in Q2 2015). Customer traffic grew by +2.1% over the last year and by

+6.2% over two years. Non-food sales were up +2.7%. The banner continued to gain market share: +0.1 pt over

the last Kantar P06 period.

Leader Price posted sales up +1.7% on an organic basis and +1.1% on a same-store basis. Same-store data

does not include the sales generated by franchised stores. The franchise network is developing rapidly, with half

of the network operating as franchises as at end of Q2 2016, versus 22%

as at end of June 2015.

Monoprix saw sales rise by +2.4% overall and by +0.7% in organic terms. Expansion was dynamic, with 24

new stores opened during the quarter. Non-food sales on a same-store basis were impacted by unfavourable

weather conditions and the decline in tourist activity in Paris.

Same-store sales at Supermarchés Casino increased by +1.2%. Traffic continued to improve (+1.9% on Q2

2016) thanks to the commercial actions implemented. Organic growth (+3.1%) was boosted by the opening of 5

new integrated stores and the affiliation of 6 new franchises since Q3 2015. The banner saw its market share

widen by +0.1pt over the last Kantar P06 period.

Organic sales at Franprix improved sequentially compared with Q1 2016, but were still affected by the

disposal of stores requested by the French Competition Authority and transfers to other banners and franchises.

As of 30 June 2016, the Mandarine concept had been rolled out to 377 stores, i.e. 44% of the network. These

stores enjoyed strong growth on a same-store basis. The transformation into the new concept is continuing.

Q1 2016/Q1 2015 change Q2 2016/Q2 2015 change

BY BANNER Q1

2016

Total

growth

Organic

growth

Same-store

growth

Q2

2016

Total

growth

Organic

growth

Same-store

growth

Hypermarkets(1) 1,083 +2.9% +3.8% +3.8% 1,153 -0.2% +2.5% +2.2%

of which Géant

Casino 1,022 +2.9% +4.0% +4.0% 1,081 -0.6% +2.2% +2.2%

Leader Price 632 +6.2% +7.2% +4.5% 641 -3.2% +1.7% +1.1%

Monoprix 1,050 +3.3% +2.3% -0.4% 1,055 +2.4% +0.7% -2.1%

Supermarchés

Casino 753 +1.6% +1.9% +0.2% 816 +1.9% +3.1% +1.2%

Franprix 403 -3.5% -2.9% +0.1% 411 -3.2% -2.8% -0.6%

Convenience &

Other(2) 628 +4.2% +3.9% +1.1% 639 +0.6% +0.5% -1.1%

o/w Convenience 342 +4.9% +4.2% +2.3% 349 -0.6% -1.4% -3.3%

FRANCE RETAIL 4,548 +2.8% +2.9% +1.5% 4,716 +0.1% +1.2% +0.2%

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25

Same-store figures for Convenience now include a majority of Leader Price Express stores open for more

than one year. The franchised store network maintained its sales performance at a satisfactory level during the

quarter.

Latam Retail

Food sales in Latin America improved significantly on the previous quarter, by +11.8% on an organic basis

and +7.1% on a same-store basis (versus +8.3% and +3.7% respectively in Q1 2016).

Growth at Exito Group (excluding the effect of consolidating GPA’s sales) continued to accelerate in

Q2 2016, thanks to the good performances in Colombia, Uruguay and Argentina as a result of good commercial

momentum.

Food sales in Brazil (GPA Food) improved, with growth of +11.4% on an organic basis and +6.3% on a

same-store basis (versus +7.8% and +2.2% respectively in Q1 2016).

o Assaí continued to enjoy very good performances, with sales up +37.6% on an organic basis, driven by

same-store sales and very dynamic expansion.

o Multivarejo posted positive sales in both organic and same-store terms, thanks to the performances

delivered by Pão de Açúcar and the convenience formats, as well as the improvement in food sales at

Extra, driven by the first effects of the revamped sales policy.

GPA provided a detailed report on its Q2 sales on 12 July 2016.

Latam Electronics

Sales at Via Varejo were positive on both an organic (+0.3%) and a same-store (+2.6%) basis, marking a

significant improvement on Q1 2016 thanks to implemented action plans. The banner continues its market share

gains by category as well as on the market overall, thus regaining its 2013 levels

of market share.

Via Varejo provided a detailed report on its Q2 sales on 12 July 2016.

Total sales in Latin America were impacted by a strong negative currency effect.

E-commerce

Cnova's gross merchandise volume (GMV) totalled €1,035m, down -3.4% at constant exchange rates. Traffic

was up +16.6% for the quarter.

In France, Cdiscount’s GMV rose +12.6%, with sales up +10.6% on an organic basis. Growth in the

marketplaces remains high and their share of GMV reached 32.4% in Q2 2016, representing a +421 bp

improvement on the same period last year.

Cnova Brazil reported a sharp contraction in its business considering the high basis of comparison

in Q2 2015 and the economic slowdown in Brazil. The marketplace’s share amounted to 16.6%, a +774pb increase.

Cnova provided a detailed report on its Q2 sales on 12 July 2016.

(1) Including Géant Casino and business primarily from the four Codim stores in Corsica (2) Other: mainly Vindémia and Cafeterias

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***

APPENDICES

Details and sales trends in Q2 2016

Organic growth corresponds to growth at constant scope of consolidation and exchange rates, excluding fuel and

calendar effects, unless otherwise mentioned.

Main changes in the scope of consolidation

Full consolidation of Disco at 1 January 2015

Restatement of operations in Asia

Exchange rates

E-COMMERCE (CNOVA) Q2 2015 Q2 2016 Total

growth

Growth

at constant exchange

rates

GMV(1) including tax 1,138 1,035 -9.0% -3.4%

Traffic (visits in millions) 380 444 +16.6%

Active customers(2) (in millions) 14.7 14.3 -2.6%

Units sold (in millions) 14.6 15.6 +6.5%

AVERAGE EXCHANGE RATES Q2 2015 Q2 2016 Currency effect

Argentina (EUR/ARS) 9.8982 16.0503 -38.3%

Uruguay (EUR/UYP) 29.3754 35.2420 -16.6%

Colombia (EUR/COP) (x 1,000) 2.7623 3.3799 -18.3%

Brazil (EUR/BRL) 3.3981 3.9631 -14.3%

(1) GMV (gross merchandise volume): business volume including tax, figures provided by the subsidiary (2) Active customers at 30 June who made at least one purchase on our websites in the last 12 months

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Period-end store network

FRANCE 31 Dec. 2015 31 March 2016 30 June 2016

Géant Casino Hypermarkets 128 129 130

o/w French Affiliates 7 7 7

International Affiliates 11 12 13

Casino Supermarkets 441 445 444

o/w French Franchised Affiliates 60 64 64

International Franchised Affiliates 33 33 32

Monoprix 698 709 732

o/w Franchises/Affiliates 197 200 195

Naturalia 126 133 136

Naturalia franchises 3 4 5

Franprix 867 851 853

o/w Franchises 350 366 370

Leader Price 810 790 788

o/w Franchises 263 339 402

Total Supermarkets and Discount 2,816 2,795 2,817

Convenience 6,916 6,899 6,864

Other businesses (Cafeterias, Drive, etc.) 621 646 653

Indian Ocean 146 149 161

TOTAL France 10,627 10,618 10,625

INTERNATIONAL 31 Dec. 2015 31 March 2016 30 June 2016

ARGENTINA 27 27 27

Libertad Hypermarkets 15 15 15

Mini Libertad mini-supermarkets 12 12 12

URUGUAY 65 66 69

Géant Hypermarkets 2 2 2

Disco Supermarkets 29 29 29

Devoto Supermarkets 24 24 24

Devoto Express mini-supermarkets 10 11 14

BRAZIL 2,181 2,126 2,113

Extra Hypermarkets 137 137 135

Pao de Açúcar Supermarkets 185 185 184

Extra Supermarkets 199 194 194

Assaí (discount) 95 96 97

Mini Mercado Extra mini-supermarkets 311 301 297

Casas Bahia 760 745 750

Ponto Frio 254 233 225

Drugstores 157 157 155

+ Service stations 83 78 76

COLOMBIA 1,668 1,632 1,695

Exito Hypermarkets 85 85 86

Exito and Carulla Supermarkets 163 163 163

Super Inter Supermarkets 58 58 58

Surtimax (discount) 1,248 1,214 1,283

o/w “Aliados” 1,095 1,062 1,132

Exito Express and Carulla Express mini-supermarkets 113 111 104

Other 1 1 1

TOTAL International 3,941 3,851 3 904

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28

ANALYST AND INVESTOR CONTACTS

Régine Gaggioli – Tel: +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

PRESS CONTACTS

Casino

Tél : +33 (0)1 53 65 24 78

[email protected]

IMAGE 7

Grégoire Lucas

Tél : +33 (0)1 53 70 74 84

Mob : +33 (0)6 71 60 02 02

[email protected]

Disclaimer

This press release was prepared solely for information purposes, and should not be construed as a solicitation or

an offer to buy or sell securities or related financial instruments. Likewise, it does not provide and should not be

treated as providing investment advice. It has no connection with the specific investment objectives, financial

situation or needs of any receiver. No representation or warranty, either express or implied, is provided in relation

to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by

recipients as a substitute for the exercise of their own judgement. All the opinions expressed herein are subject to

change without notice.

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29

(1) Scope: The Casino Guichard Perrachon parent company, French businesses and wholly-owned holding companies.

H1 2015 debt of Casino in France presented based on the H1 2016 scope (2) In accordance with the IFRS 5 standard and to facilitate comparison, H1 2015 accounts have been restated to reflect the impact

of the disposal of operations in Thailand and Vietnam (3) Debt after reclassification of put option liabilities as financial liabilities, including net assets, Group share, that the Group decided

to sell during the 2015 financial year (primarily Vietnam). The Group has reviewed in 2015 the definition of net financial debt mainly in view of net assets held for sale in connection with its debt reduction plan and debt of "minorities puts”

The NFD at 30 June 2015 has been restated according to this new definition

Note: Organic and same-store changes exclude fuel and calendar effects

CER: Constant Exchange Rate

The Issuer published the following press release on 29 July 2016:

HALF-YEAR RESULTS 2016

Group consolidated net sales of €19.7bn, up +2.7% on an organic basis

In France:

▪ Increase in activity: growth of +0.9% on a same-store basis and +2.0% on an organic basis

▪ Further market share gains

Latam Retail:

▪ Sustained good performances in Colombia, Argentina and Uruguay

▪ Improved sales in Brazil with a stepped-up development of cash & carry and the initial results of

Multivarejo's sales relaunch plan which weighed on profitability

Latam Electronics: stabilisation of activity at Via Varejo since Q2 2016

E-commerce:

▪ Cdiscount: good performance over the semester

▪ Cnova Brazil: activity still impacted by Brazil's economic environment

Group trading profit of €317m for the period

In France, significant recovery in results: trading profit of +€85m versus -€53m in H1 2015 restated

Latin America: lower results in Brazil related to the economic environment

and the promotional relaunch at Extra

E-commerce: improved profitability at Cdiscount and decline at Cnova Brazil

Consolidated net profit, Group share of €2,581m, related to capital gains from the disposal

of Asia

Sharp decline in net financial debt of Casino in France(1)

(€4,027m versus €8,482m in H1 2015 restated)

and decision on July 28th

2016 to pay an interim dividend of €1.56 per share

In €m H1 2015 reported H1 2015 restated(2)

H1 2016

Consolidated net sales 23,668 21,581 19,673

EBITDA 994 801 670

EBITDA margin 4.2% 3.7% 3.4%

Trading profit 521 388 317

Trading margin 2.2% 1.8% 1.6%

Trading profit and share of profit

of associates 558 425 335

Consolidated net profit,

Group share 79 79 2,581

Net underlying profit (loss),

Group share 63 6 (3)

Consolidated net financial debt (8,512) (8,438)(3) (6,343)

Net financial debt of Casino in France(1) (8,487) (8,482)(3) (4,027)

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(1) Information communicated by the subsidiairies

Total Group sales of €19.7bn supported by good growth in activity in France and improved sales in Brazil

In first-half 2016, Group consolidated net sales totalled €19.7bn, up +2.7% on an organic basis.

In France, organic sales growth stood at +2.0%. The recovery was confirmed by recurring market share gains.

Géant Casino recorded steadily rising sales and the banner continued to gain market share. Leader Price enjoyed

strong growth over the semester and continued its franchise network roll-out. The other banners of the Group

(Casino Supermarchés, Monoprix, Franprix and Proximity) all turned in a satisfactory performance.

Food retail activities in Latin America recorded strong organic growth of +10.0% over the semester, driven by

improved sales in Brazil and sustained performances in Colombia, Argentina and Uruguay.

Via Varejo's sales improved since Q2 2016 thanks to banner conversions, growth in mobile phone sales, an

improved merchandise offering and growth in services. The banner gained market shares both in the specialist

market and the overall market.

In the E-commerce segment, Cdiscount achieved a satisfactory increase in sales (+13.7% on an organic basis in

H1 2016). Cnova's activity in Brazil contracted, notably due to the country's economic environment.

Decrease of -2.4% in trading profit at constant exchange rates and recovery in profitability in France

The year-on-year change in trading profit was impacted by the disposal of operations in Asia and currency effects.

At constant exchange rates and compared to H1 2015 restated of this disposal, H1 2016 trading profit totalled

€379m, decreasing by -2.4%.

In France, trading profit totalled €85m, a significant improvement (+€137m) over H1 2015 restated.

Trading profit from the food retail business (€35m) rose by +€169m. Géant Casino, Leader Price and Casino

Supermarkets all showed improved profitability over the period. Monoprix and Franprix banners achieved

satisfactory profitability.

Property development trading profit stood at €49m versus €81m in H1 2015.

Trading profit for Latam Retail (€212m) decreased by -10.9% at CER.

In Brazil, Multivarejo continued commercial relaunch plans at Extra in Q2 2016. SG&A costs evolution was

slower than inflation thanks to cost control plans. Multivarejo sales margin improved following the recognition of

tax credits (positive effect of +250bp in Q2 2016(1)

). Pão de Açucar maintained a high level of profitability and

convenience registered a gradual improvement of its profitability.

Assaí posted an improved operating leverage with a stable gross margin excluding the effect of tax credits.

Operations in Colombia, Uruguay and Argentina all turned in a satisfactory performance.

Latam Electronics trading profit (€100m), decreased -35.1% at CER given the unfavourable basis of comparison.

Gross margin was impacted by tax credits and tax changes (two of them with a positive effect of +770bp on gross

margin and the third one with a negative effect of -240bp on EBITDA margin in Q2 2016(1)

).

The E-commerce segment posted a trading loss of -€80m in S1 2016. Cdiscount's profitability improved compared

to H1 2015. Cnova Brazil's results were affected by the decrease in sales. Action plans have been implemented to

reduce disruptions. The banner also launched a cost cutting plan.

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(1) Calculation of diluted earnings per share includes the dilutive effect of the Monoprix mandatory convertible bonds and TSSDI

(2) Scope: The Casino Guichard Perrachon parent company, French businesses and wholly-owned holding companies.

H1 2015 debt of Casino in France presented based on the H1 2016 scope

Underlying financial income and underlying net profit, Group share

Net underlying financial expense stood at -€267 (compared with -€213m in H1 2015 restated).

In France, financial income improved as a result of deleveraging operations.

Colombia's increased debt impacted financial income within the Latam Retail segment.

For E-commerce, higher interest rates in Brazil weighed on Cnova's financial income.

Casino posted an underlying net loss from continuing operations, Group share of -€3m, close to the H1 2015

figure restated for the disposal of Asia.

Diluted underlying earnings per share(1)

stood at -€0.493 in H1 2016 (versus -€0.483 in H1 2015 restated).

Reported net profit, Group share

Consolidated net profit, Group share, after taking into account a very substantial gain on asset disposals

recognised under discontinued operations, came to €2,581m.

Diluted consolidated earnings per share amounted to €22.565 in relation with the period’s disposals.

Financial position at 30 June 2016

Consolidated net financial debt of Casino group at 30 June 2016 stood at €6,343m (compared

to €8,438m at 30 June 2015 restated) primarily as a result of the Group's delevaraging programme achieved

through the disposal of activities in Asia.

Net financial debt of Casino in France(2)

at 30 June 2016 totalled €4,027m, also declining sharply (from €8,482m

at 30 June 2015 restated).

At 30 June 2016, Casino in France(2)

had €6,577m in liquidity, composed of a significant gross cash position of

€2,866m and confirmed undrawn lines of credit of €3,711m.

Casino is rated BB+ by Standard & Poor's (stable outlook) since March 21, 2016 and BBB- (stable outlook) by

Fitch Ratings.

Payment of an interim dividend

The Board of Directors has decided during the meeting held on July 28th

2016 to pay an interim dividend of €1.56

per share (50% of the annual dividend paid in respect of 2015, unchanged since the last three years) for the year of

2016. The ex-date for the interim dividend will take place on November 28th

2016 for a payment on November 30th

2016.

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32

Objectives for H2 2016

In France, the Group will pursue sales growth and profitability improvement. The Group confirms the €500m

objective for the annual trading profit in France in 2016, subject to the pursuit of consumption trends.

In Latin America, the group Exito will pursue its development across various formats and countries where it

operates. In Brazil, the new commercial policy will be continued on both food (GPA Food) and non-food (Via

Varejo).

The first-half 2016 results presentation will be available on the Casino group corporate website

(www.groupe-casino.fr).

The definitions of main non-gapp indicators will also be available on the website.

***

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33

(1) Previously published financial statements have been restated to reflect the sale of operations in Thailand and Vietnam

(2) CER: Constant Exchange Rate

Consolidated net sales by segment

Consolidated net sales

In €m H1 2015 restated

(1) H1 2016

France Retail 9,136 9,264

Latam Retail 7,803 6,836

Latam Electronics 2,924 2,182

E-commerce 1,719 1,391

Total Group 21,581 19,673

Consolidated EBITDA by segment

EBITDA

In €m H1 2015 restated

(1) H1 2016 at CER

(2) H1 2016

France Retail

146 268 267

Latam Retail 459 427 340

Latam Electronics 226 156 125

E-commerce (30) (78) (62)

Total Group 801 773 670

Trading profit by segment

Trading profit

In €m H1 2015 restated

(1) H1 2016 at CER

(2) H1 2016

France Retail

(53) 86 85

Latam Retail 299 267 212

Latam Electronics 191 124 100

E-commerce (50) (98) (80)

Total Group 388 379 317

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H1 2016 Results

In €m H1 2015 restated(1)

H1 2016

Net sales 21,581 19,673

EBITDA 801 670

Trading profit 388 317

Trading profit and share profit of equity

associates 425 335

Other operating income and expenses 72 (533)

Operating profit (loss) 460 (217)

Net finance costs (91) (136)

Other financial income and expenses (301) (85)

Income tax benefit (expense) 54 19

Share of profit of equity associates 37 18

Profit from continuing operations,

Group share 17 (296)

Profit from discontinued operations,

Group share 62 2,877

Consolidated net profit,

Group share 79 2,581

Underlying net profit, Group share 6 (3)

(1) Previously published financial statements have been restated to reflect the sale of operations in Thailand and Vietnam

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35

Underlying net profit

In €m H1 2015 restated Restated

items H1 2015

underlying H1 2016

Restated items

H1 2016 underlying

Trading profit 388 388 317 317

Other operating income and expenses

72 (72) (533) 533

Operating profit (loss) 460 (72) 388 (217) 533 317

Net finance costs (91) (91) (136) (136)

Other financial income and expenses

(301) 179 (122) (85) (46) (131)

Income tax (benefit) expense 54 (110) (57) 19 (80) (61)

Share of profit of equity associates

37 37 18 18

Net profit (loss) from continuing operations

159 (3) 156 (400) 407 7

Attributable to minority interests

142 7 149 (104) 114 10

Group share 17 (11) 6 (296) 293 (3)

Underlying net profit corresponds to net profit from continuing operations adjusted for (i) the impact of other

operating income and expenses (as defined in the “Significant Accounting Policies” section of the notes to the

annual consolidated financial statements), (ii) effects of non-recurring financial items and (iii) non-recurring

income tax expenses/benefits.

Non-recurring financial items include fair value adjustments to equity derivatives instruments (for example

instruments as Total Return Swap and forward related to GPA shares) and effects of monetary updating of tax

liabilities in Brazil.

Non-recurring income tax expense/benefits correspond to tax effects related directly to the above restatements and

to direct non-recurring tax effects. In other words, the tax on underlying profit before tax is calculated at the

standard average tax rate paid by the Group.

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36

Simplified H1 2016 balance sheet

In €m H1 2015 restated H1 2016

Total non-current assets 29,231 26,393

Total current assets 13,025 13,128

Total actifs 42,257 39,521

Total equity 14,812 14,668

Non-current financial liabilities 8,884 8,106

Other non-current liabilities 3,230 3,151

Total current liabilities 15,330 13,597

Total equity and liabilities 42,257 39,521

Breakdown of net debt by segment

En M€ S1 2015 reported H1 2015 restated

(1) H1 2016

France Retail

(8,487) (8,482) (4,027)

Latam Retail (30) 39 (2,263)

o/w Brazil (749) (679) (1,136)

o/w Colombia 617 617 (1,194)

Latam Electronics 511 511 222

Asia (555) (555) 0

E-commerce 49 49 (275)

Total (8,512) (8,438) (6,343)

(1) Debt after reclassification of put option liabilities as financial liabilities, including net assets, Group share, that the Group decided to sell

during the 2015 financial year. The Group has reviewed in 2015 the definition of net financial debt mainly in view of net assets held for sale in connection with its debt reduction plan and debt of "minorities puts” NFD at 30 June 2015 has been restated according to this new definition

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37

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tel: +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

PRESS CONTACT

Casino

Tel: +33 (0)1 53 65 24 78

[email protected]

IMAGE 7

Grégoire Lucas

Tel: +33 (0)1 53 70 74 84

Mob: +33 (0)6 71 60 02 02

[email protected]

Disclaimer

This press release was prepared solely for information purposes, and should not be construed

as a solicitation or an offer to buy or sell securities or related financial instruments. Likewise, it does not provide

and should not be treated as providing investment advice. It has no connection with the specific investment

objectives, financial situation or needs of any receiver. No representation or warranty, either express or implied, is

provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not

be regarded by recipients as a substitute for the exercise of their own judgement. All the opinions expressed herein

are subject to change without notice.

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38

The Issuer published the following press release on 9 August 2016:

CONFIRMATION OF GROUPE CASINO’S INTENTION TO LAUNCH A CASH TENDER OFFER

FOR ANY AND ALL OUTSTANDING COMMON SHARES OF CNOVA N.V.

Following today’s announcement by Cnova N.V.1 (“Cnova”) and Via Varejo SA (“Via Varejo”), entities of the

Casino Group, that they have entered into a binding agreement governing the reorganization of Cnova’s Brazilian

subsidiary, Cnova Brazil, within Via Varejo (the “Reorganization”), Casino, Guichard-Perrachon is affirming its

intention, previously announced on May 12, 2016, to launch a voluntary cash tender offer for any and all

outstanding Cnova common shares at an offer price of US$5.50 (and an offer price of €4.962), following and

subject to the completion of the Reorganization, which is expected to occur during the fourth quarter of 2016.

The offer price represents an 82% premium to the closing price for Cnova shares on April 27, 2016 (US$3.03), the

last trading day prior to initial public reports of the potential offer.

By a separate agreement, Companhia Brasileira de Distribuçao (a minority shareholder of Cnova N.V. and entity of

the Casino Group) has agreed not to tender its Cnova shares into Casino’s offer or otherwise transfer or dispose of

its shares prior to settlement of the offer.

Note to investors:

In this press release, Casino cautions that there can be no assurance as to when Casino’s offer will be launched or

whether it will be launched at all. The launch of Casino’s voluntary tender offer will follow completion of the

Reorganization, which remains subject to the fulfilment of certain conditions precedent (including, in particular,

the absence of a material adverse event prior to completion of the Reorganization).

Important Information for Investors and Security Holders:

This press release does not constitute an offer to purchase, nor a solicitation to sell any securities. Investors are

strongly advised to read, if and when they become available, the information materials relating to the tender offer

because they will contain important information.

The potential tender offer for Cnova’s outstanding ordinary shares, par value €0.05 per share, described in this

press release has not commenced and may never commence. If and when the offer is commenced, Casino will file

a tender offer statement on Schedule TO with the U.S. Securities and Exchange Commission (the “SEC”), Cnova

will timely file a solicitation/recommendation statement on Schedule 14D-9 with respect to the offer, Casino will

file a draft tender offer memorandum (projet de note d’information) with the French Autorité des marchés

financiers (“AMF”) and Cnova will timely file a draft memorandum in response (projet de note d’information en

réponse) including the recommendation of its board of directors, with respect to the offer. Casino and Cnova

intend to mail these documents to the shareholders of Cnova to the extent permissible under applicable laws. Any

tender offer document and any document containing a recommendation with respect to the offer statement

(including any offer to purchase, any related letter of transmittal and other offer documents) and the

solicitation/recommendation statement will contain important information that should be read carefully before any

decision is made with respect to any tender offer. Those materials, as amended from time to time, will be made

available to Cnova’s shareholders at no expense to them at www.cnova.com. In addition, any tender offer

1 Press release of Cnova as of August 8, 2016 available on the website of the company (http://www.cnova.com/en)

2 Estimate given for reference only on the basis of the European central bank exchange rate as of August 8, 2016 (1

€ for 1.1087 US$)

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39

materials and other documents that Casino and/or Cnova may file with the SEC and the AMF will be made

available to all investors and shareholders of Cnova free of charge at www.groupe-casino.fr and www.cnova.com.

Unless otherwise required by law, all of those materials (and all other offer documents filed with the SEC and the

AMF) will be available at no charge on the SEC’s website: www.sec.gov and on the AMF’s website: www.amf-

france.org.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tel : +33 (0)1 53 65 64 17

[email protected]

ou

+33 (0)1 53 65 24 17

[email protected]

PRESS CONTACTS

CASINO

Tel : +33 (0)1 53 65 24 78

[email protected]

IMAGE 7

Grégoire Lucas

Tél : +33 (0)1 53 70 74 84

Mob : +33 (0)6 71 60 02 02

[email protected]

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The Issuer published the following press release on 19 September 2016

THE CONFORAMA AND CASINO GROUPS ARE TO CREATE

A JOINT CENTRAL PURCHASING AGENCY FOR NON-FOOD PRODUCTS

WITH OPERATIONS SET TO LAUNCH FOR THE 2017 PURCHASING NEGOTIATIONS

Named “Mano”, the agency will aim to optimise for both groups purchasing in France from the main international

suppliers of household appliances (both white and brown goods).

It will thus be positioned as the leader or co-leader in its areas of activity and enhance the competitiveness of the

Conforama, Cdiscount, Géant, Monoprix and Casino Supermarket banners.

The Conforama and Casino Groups will each continue to independently operate their sales outlets and e-commerce

sites in line with their banners' identities and their respective sales strategies.

About:

Conforama, a major player in the European household goods market, currently operates a total of 286 stores, of

which 203 in France and 83 spread among Spain, Switzerland, Portugal, Luxembourg, Italy, Croatia and Serbia.

The banner generated net sales of €3.5 billion in the 2016 financial year and has 13,400 employees. For more

information: www.conforama.fr

Conforama press contacts:

Isabelle Hoppenot: +33 (0)1 60 95 25 62 / +33 (0)6 25 58 14 38 – E-mail: [email protected]

Rhizlène Mimoun: +33 (0)1 60 95 26 43 / +33 (0)6 25 58 95 52 – E-mail: [email protected]

Casino Group: A food and non-food retail specialist, the Casino Group generated €46.1 billion in sales in 2015

thanks to its 15,344 sales outlets, including 10,627 in France, and more than 325,820 employees worldwide.* In

France, the Group has successfully implemented a multi-format, multi-brand and multi-channel model that draws

on its extensive network of hypermarkets (Géant), supermarkets (Casino), urban supermarkets (Monoprix,

Franprix, Leader Price) and convenience stores (Casino Shop, Vival, Spar, Leader Price Express) as well as its

market-leading e-commerce site, Cdiscount. The Group is notably present in Latin America, where it is No. 1 in

Brazil thanks to GPA and Via Varejo and in Colombia with Grupo Éxito.

* 2015 figures

Casino Group press contacts:

Corporate Communications

[email protected]

Tel. +33 (0)1 53 65 24 78

Image 7

Karine Allouis – [email protected] – +33 (0)1 53 70 74 81

Simon Zaks – [email protected] – +33 (0)1 53 70 74 63

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The Issuer published the following press release on September 20th

2016:

Launch of a bond public tender offer

Casino announces to have launched today a public tender offer on its notes maturing in August 2019, in January

2023 and in August 2026.

Results will be released next Wednesday, September 28th

.

This transaction will allow the Group to further reduce its gross debt in France.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY U.S. PERSON OR IN OR INTO THE

UNITED STATES (EACH AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS

AMENDED) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR

DISTRIBUTE THIS PRESS RELEASE.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tél : +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

PRESS CONTACTS

Casino

Tél : +33 (0)1 53 65 24 78

[email protected]

IMAGE 7

Grégoire Lucas

Tél : +33 (0)1 53 70 74 84

Mob : +33 (0)6 71 60 02 02

[email protected]

Disclaimer

This press release was prepared solely for information purposes and should not be construed as a solicitation or an offer to buy or sell securities or

related financial instruments. Similarly, it does not give and should not be treated as giving investment advice. It has no connection with the

investment objectives, financial situation or specific needs of any recipient. No representation or warranty, either express or implicit, is provided in

relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for

exercise of their own judgement. All opinions expressed herein are subject to change without notice.

This document contains certain forward-looking statements. This information is not historical data and should not be interpreted as guarantees of the

future occurrence of such facts and data. These statements are based on data, assumptions and estimates that the Group believes are reasonable.

The Group operates in a competitive and rapidly changing environment. It is therefore not in a position to predict all of the risks, uncertainties or other

factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk or a combination of risks

could have results that are significantly different from those included in any forward-looking statement. The forward-looking statements contained in

this press release are made only as of the date hereof. Except as required by any applicable law, rules or regulations, the Group expressly disclaims

any obligation or undertaking to publicly release any updates of any forward looking statements contained in this press release to reflect any change

in its expectations or any change in events, conditions or circumstances on which any forward-looking statement contained in this press release is

based.

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42

The Issuer published the following press release on September 28th

2016:

Success of the bond public tender offer

for a total amount of €333m

The public bond tender offer launched on Tuesday September 20th allows Casino to buyback respectively

€150.0m, €95.2m and €88.1m of the bonds maturing in August 2019, January 2023 and August 2026, i.e. a

cumulated nominal amount of €333.3m.

Bonds purchased by Casino in the context of this transaction will be cancelled on September 30th, 2016. Nominal

amounts will then be reduced to €850.0m for bonds maturing in August 2019, €758.0m for bonds maturing in

January 2023 and €513.9m for bonds maturing in August 2026.

This operation increases the amount of bond buyback in 2016 at €978m. Taking into account the redemption of the

April 2016 bond, the total outstanding amount of Casino bonds has been reduced by €1,364m in 2016 to date.

This bond tender offer has no material impact on the financial expenses in 2016 and will improve the 2017

financial result by c.€10m.

Bank of America Merrill Lynch, Commerzbank, Credit Suisse, ING, JP Morgan, Natixis and Société Générale acted

as dealer managers on this transaction.

ANALYST AND INVESTOR CONTACTS

Régine GAGGIOLI – Tél : +33 (0)1 53 65 64 17

[email protected]

or

+33 (0)1 53 65 24 17

[email protected]

PRESS CONTACTS

Casino

Tél : +33 (0)1 53 65 24 78

[email protected]

IMAGE 7

Grégoire Lucas

Tél : +33 (0)1 53 70 74 84

Mob : +33 (0)6 71 60 02 02

[email protected]

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43

Disclaimer

This press release was prepared solely for information purposes and should not be construed as a solicitation or an

offer to buy or sell securities or related financial instruments. Similarly, it does not give and should not be treated

as giving investment advice. It has no connection with the investment objectives, financial situation or specific

needs of any recipient. No representation or warranty, either express or implicit, is provided in relation to the

accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as

a substitute for exercise of their own judgement. All opinions expressed herein are subject to change without notice.

This document contains certain forward-looking statements. This information is not historical data and should not

be interpreted as guarantees of the future occurrence of such facts and data. These statements are based on data,

assumptions and estimates that the Group believes are reasonable. The Group operates in a competitive and

rapidly changing environment. It is therefore not in a position to predict all of the risks, uncertainties or other

factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a

risk or a combination of risks could have results that are significantly different from those included in any forward-

looking statement. The forward-looking statements contained in this press release are made only as of the date

hereof. Except as required by any applicable law, rules or regulations, the Group expressly disclaims any

obligation or undertaking to publicly release any updates of any forward looking statements contained in this press

release to reflect any change in its expectations or any change in events, conditions or circumstances on which any

forward-looking statement contained in this press release is based.

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GENERAL INFORMATION

Paragraphs (3), (4), (8) and (15) of the section entitled “General Information” on pages 123 et seq. of the

Base Prospectus shall be replaced by the following:

(3) “Except as disclosed in the section “Recent Developments” of the Base Prospectus on pages 75 et seq.

of the Base Prospectus, there has been no significant change, nor any development reasonably likely to

involve a significant change, in the financial or trading position or general affairs of Casino Finance

since 31 December 2015 or of Casino or of the Group taken as a whole since 30 June 2016.

Except as disclosed in Item 7.1 of the cross-reference list in the section “Documents Incorporated by

Reference” on page 22 of the Base Prospectus, there has been no material adverse change in the

prospects of Casino or Casino Finance or of the Group taken as a whole since 31 December 2015”

(4) “Information on litigations is provided in pages 112 to 114, 212 and 214 of the 2015 Document de

Référence, notes 6 and 11 to the consolidated financial statements included on pages 11, 34, 42 and 43

in the Interim Report First Half 2016 and in the section “Recent Developments” of the Base

Prospectus. Except as disclosed in such documents, neither Casino nor Casino Finance nor any member

of the Group is or has been involved in any other governmental, legal or arbitration proceedings

including any such proceedings that are pending or threatened of which the Issuers are aware during a

period covering at least the previous 12 months which may have, or have had in the recent past,

significant effects on the financial position or profitability of the Group.”

(8) “For so long as Notes issued under the Programme are outstanding, the following documents will be

available during usual business hours on any weekday (Saturdays and public holidays excepted), for

inspection at the office of the Fiscal Agent or the Paying Agent:

(i) the statuts of Casino and Casino Finance,

(ii) the published documents de référence, the audited non-consolidated and consolidated

accounts of Casino for the three financial years ended 31 December 2013 and 2014 and

2015, the audited consolidated accounts of Casino for the six-month periods ended 30 June

2015 and 30 June 2016 and the audited accounts of Casino Finance for the three financial

years ended 31 December 2013 and 2014 and 2015 and the APM Guidelines,

(iii) the Final Terms for Notes that are listed on the official list of the Luxembourg Stock

Exchange or any other EEA Regulated Market,

(iv) a copy of the Base Prospectus together with any Supplement to the Base Prospectus or

further Base Prospectus, and

(v) all reports, letters and other documents, historical financial statements, valuations and

statements prepared by any expert at the relevant Issuer’s request any part of which is

included or referred to in the Base Prospectus.”

(15) “Ernst & Young et Autres at Tour Oxygène, 10-12, boulevard Vivier Merle, 69393 Lyon Cedex 03,

France, and Deloitte & Associés, 185, avenue Charles de Gaulle, 92200 Neuilly Sur Seine, France

(both entities regulated by the Haut Conseil du Commissariat aux Comptes and duly authorised as

Commissaires aux comptes and belonging to the Compagnie Nationale des Commissaires aux Comptes

de Versailles) have audited and rendered unqualified audit reports (i) on the consolidated financial

statements of Casino for the years ended 31 December 2013 included in the 2013 Document de

Référence, (ii) on the consolidated financial statements of Casino for the years ended 31 December

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2014 included in the 2014 Document de Référence and (iii) on the consolidated financial statements of

Casino for the years ended 31 December 2015 included in the 2015 Document de Référence. Ernst &

Young et Autres and Deloitte & Associés have reviewed and rendered unqualified review reports (i) on

the consolidated financial statements of Casino for the period from 1 January 2015 to 30 June 2015

included in the Interim Report First Half 2015 and (ii) on the consolidated financial statements of

Casino for the period from 1 January 2016 to 30 June 2016 included in the Interim Report First Half

2016.”