Acquisition of Grupo BIG

Upside potential from the significant performance gap between Grupo BIG and Grupo Carrefour Brasil BIG Hypermarkets Data for FY20 Hypermarkets Maxi WATACADO ATACADÃO اپیما +67% +61% Net Sales/sqm R$12k/sqm R$20k/sqm R$23k/sqm R$37k/sqm Network increase 107 stores $ EBITDA # of stores # of stores + 100 stores 49 stores + 206 stores 4.3% of net sales¹ 8-10% of net sales 4.3% of net sales¹ 7-8% of net sales Source: Grupo Carrefour Brasil, Grupo BIG's financial statements 1. Consolidated EBITDA margin 21

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