First-quarter 2012 sales

First-quarter 2012 sales of € 8.7 billion, up sharply by 11.3%

Sustained organic growth, excluding petrol, improved over 2011: up 6.6% (vs 5.7% at the end of 2011)

• Continued double-digit growth in international markets (up 11.9%), driven by performance in Latin America and in Asia
• In France, good business development (up 2%), driven by convenience store formats and non-food e-commerce (two-digit organic growth at Cdiscount)

Consolidated Group sales rose by 11.3% in the first quarter of 2012.
Changes in the scope of consolidation had a positive impact of +4.1%, due mainly to Casino’s increased ownership stake in GPA. Exchange rates had a positive impact of +0.7%. Petrol had no material impact on the quarter. France and International markets benefited from a favourable calendar effect of 2.5% and 0.7%, respectively.

Organic Group sales growth, excluding petrol, was up 6.6%, an improvement over 2011 as a whole (up 5.7% at the end of 2011).

Summary of Q1 2012 sales

• All convenience formats (Casino supermarkets, Monoprix, Franprix and superettes) reported good performance, with solid sales progression in organic terms.
• Leader Price reported increased same-store sales, up 1.7%.
• Géant’s food sales performance was satisfactory in a mixed environment for hypermarkets.
• Cdiscount maintained double-digit sales growth, enabling the Group to report aggregate non-food sales growth (Géant +Cdiscount) of +2.3%.

International operations continue to post very solid growth in organic terms. Changes in the scope of consolidation contributed 10% to sales growth and foreign exchange to 1.7%.

• -Latin America reported growth of 13.5% in organic terms, driven by strong same-store sales. This performance shows the sales momentum across all Group activities in the region.
• -Organic growth in Asia was strong at +9.7% due to good same-store sales progression (+4.5%) and to the expansion.

Reported international sales accounted for 49% of all Group sales for the period, compared to 45% for the whole of 2011.

France: analysis of Q1 2012 sales

Sales in France came out at €4.5 billion for the first quarter of 2012, up 1.8% (2% in organic terms), excluding petrol.

•  Casino France

Géant Casino same-store sales, excluding petrol, were down -1.8%, with an increase in the average basket.
Reported food sales were up 0.4%. The banner continued its policy of promotions, with a share of revenue from promotional offers up 1.8pt for the period. The volume of private label grew by 3.5%.
Non-food sales were down 7.9%, with very mixed trends depending on the category. Excluding electronics, which continues to decline in stores, other categories (textile, recreational items and housewares) decreased by a modest -2.2%.

Excluding petrol, same-store Casino Supermarkets sales were up 1.5%, with an increase in the basket. The banner continued its expansion programme, opening one store over the period in France. Total sales were up 3.7%, excluding petrol.

Superettes sales were up +2.6%, a net improvement over previous quarters. This performance was driven by expansion (+6%) as the banner opened 78 stores, including four in the new Casino Shop and Casino Shopping formats.

Other businesses (Cdiscount, Mercialys, Casino Cafétéria and Banque Casino) posted sales growth of 8.4% in organic terms. Cdiscount’s sales were up +12.2% in organic terms. The marketplace continued to grow, increasing the total number of available products on the Cdiscount site to 450,000, of which 100,000 sold directly by Cdiscount.
The Group continued to deploy its multi-channel distribution strategy into the first quarter by completing the number of physical pick-up points in its stores, which now number 2,113 for packages weighing less than 30 kg and 211 for packages weighing more than 30 kg.
Aggregate non-food sales in France at Géant and Cdiscount grew 2.3% for the quarter.

• Franprix – Leader Price

Leader Price continued to post higher same-stores sales (up 1.7% at the end of Q1 2012 compared to up 1.5% for the whole of 2011), driven by a good store traffic. The deployment of the new concept is continuing in line with objectives, with the percentage of upgraded stores up to 45%. The banner also opened three stores during the period.
Thanks to the reactivation of its commercial policy, sales at Franprix were up 1.2% (on an organic basis). Seven stores were opened in the first quarter. Same-store sales fell -1.2% compared to the -4.6% decline in Q4 2011.
Sales at Franprix-Leader Price were up 0.5% in organic terms thanks to the closure of unprofitable stores. Total sales were down -1.1%, due to the deconsolidation of a master franchisee.

•  Monoprix

Same-store sales at Monoprix rose by 5.4%. Growth was driven in particular by textile sales in January and by food sold in February and March, with the success of the “Les Jours Essentiels” commercial action. The banner opened six stores during the period, including three Naturalia stores. In all, Monoprix net sales rose by 5.9% in the first quarter.

International operations: analysis of q1 2012 sales

Consolidated sales for international operations rose sharply, by 23.5%.
Changes in the scope of consolidation had a positive impact of +10% associated with Casino’s increased ownership stake in GPA.
Exchange rates had a positive impact of +1.7%, resulting mainly from the appreciation of the Colombian and Thai currencies against euro.
Growth in organic terms was up 11.9%, maintaining its double-digit pace and driven by good
performance as much in Latin America as in Asia.

In Latin America, same-store sales surged 11.9%, reflecting excellent performance in all markets.

• – GPA in Brazil

In Brazil, GPA same-store sales grew 9.6%*.
GPA Food’s same-store sales were up 9.3%*, lifted by the success of the new Assaí cash & carry format, by the performances of Extra supermarkets and by Minimercado Extra proximity stores.
Same-store sales at Viavarejo (the new name of Globex) were up 10%*, benefiting from significant commercial initiatives and a new assortment in Q1.
NovaPontocom, the N° 2 in non-food e-commerce in Brazil, is continuing its dynamic process of growth. The expansion continued in the first quarter, with, in particular, the opening of one Assaí store, one Casas Bahia store and one Extra hypermarket. Five Extra Facil stores were also converted to Mini Mercado Extra stores.

• Exito in Colombia

Same-store sales in Colombia continued to enjoy a very satisfactory performance. This reflects the strong performance posted by Surtimax discount stores and the success of the Anniversario commercial action in March by Exito hypermarkets and Exito supermarkets, which took place in the second quarter of 2011.

Exito continued its expansion focused on convenience stores with the opening of seven Exito Express, seven Surtimax, and three supermarkets, including one Exito Tecno during the period. Combined sales are experiencing solid growth.

* Data reported by the company.

In Asia, organic growth remained high at 9.7%.

• – Big C Thailand

Following the serious floods at the end of 2011 and in a particularly competitive environment, Big C posted sustained organic growth, reflecting a return to a satisfactory same-store sales growth track and the growing contribution of expansion. The development of convenience store formats continued with the opening of 12 Mini Big C stores, two supermarkets (Market) and six Pure (Pharmacy-Beauty) stores.

All stores closed due to flooding have now reopened.

In March Big C signed a partnership agreement with Bangchak, the second-largest operator of petrol stations in the country. This agreement will enable the company to open five Mini Big C stores in the first half of 2012 and up to 300 Mini Big C over the next five years.

• – Big C Vietnam

Big C Vietnam continues to post very strong sales growth in organic terms, boosted by double-digit growth in same-store sales.

Indian Ocean same-store sales as well as organic sales were virtually stable.

2012 PERSPECTIVES

The group confirmed its objectives for 2012:

• – Growth in Group sales of more than 10%.

• – Stability of the Group’s market share in food in France.

• – Progression of the trading profit at Franprix-Leader Price.

The Group plans to continue its active policy of rotating its assets with an asset disposal/capital increase
target of €1.5 billion in 2012, two-thirds of which already announced as of 31 March 2012 (extraordinary dividend announced by Mercialys, disposal of 10% to 20% of Mercialys and private placement in Thailand).

It also intends to maintain a robust level of financial flexibility and maintain its Net Debt/EBITDA ratio below 2.2x.

Schedule of Financial Disclosures

Friday 11 May 2012: Annual General Meeting
Thursday 26 July 2012 (before the opening of the markets): second quarter sales and results for the first half of 2012

Régine GAGGIOLI – Tel.:+33 (0)1 53 65 64 17
rgaggioli@groupe-casino.fr

or

+33 (0)1 53 65 64 18
IR_Casino@groupe-casino.fr

PRESS CONTACTS

Thierry ORSONI – Tel.: +33 (0)1 53 65 24 78
torsoni@groupe-casino.fr

or

Frédéric CROCCEL – Tel.: +33 (0)1 53 65 24 39
fcroccel@groupe-casino.fr

Image 7

Leslie JUNG – Tel.: +44 7818 641 803
ljung@image7.fr

Disclaimer

This press release has been prepared for informational purposes only and should not be construed as a solicitation or an offer to buy or sell securities or related financial instruments. Similarly, it does not and should not be treated as giving investment advice. It has no connection with the investment objectives, financial situation or needs of any receiver. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document. It should not be regarded by recipients as a substitute for the exercise of their own judgement. All opinions expressed herein are subject to change without notice.

APPENDICES

Main changes to the scope of consolidation

• – Increase of the ownership interest in GPA to 40.1% at the end of March 2012 (vs. 33.7% at the end of March 2011)
• – Full consolidation of two master franchisees by Franprix Leader Price starting 1 February 2011
• – Full consolidation of a master franchisee by Franprix Leader Price starting 15 April 2011
• – Full consolidation of a master franchisee by Franprix Leader Price from 1 February 2011 to 31 August 2011
• – Full consolidation of a master franchisee by Franprix Leader Price starting 8 March 2012
• – Change in the stake held in Banque du Groupe Casino (using the proportional method): Consolidation percentage decreased from 60% to 50% on 1 July 2011 following the change in the partnership.