PitchSend

Investor Presentation May 2017

CAPEX EVOLUTION REFLECTS CARREFOUR'S MULTIFORMAT TRANSFORMATION HISTORICAL CAPEX SPLIT BY FORMAT • Expansion in smaller formats 48% . 64% >60% E-commerce roll out 52% Hypermarket remodeling phase largely behind us 36% <40% Store maintenance key traffic driver 2012 2016 2019e ■Hypermarkets ■Other formats MEDIUM-TERM TRENDS IN CAPEX (GROUP LEVEL) y Remodeling Maintenance Expansion n IT & Omnichannel 2017 CAPEX €2.4bn NORMATIVE CAPEX €2.3bn - €2.5bn INVESTOR PRESENTATION May 2017| 47

View entire presentation