Press

Big C Supercenter, a Casino Group affiliate, announced today the success of its private placement of 23.6 million shares (2.9% of its enlarged share capital), representing an amount of THB 4.2 Bn (€103 m).

The transaction was more than four times oversubscribed reflecting investors’ robust confidence in Big C and its attractive growth prospects.

This capital raising will allow Big C to implement its expansion plan and reduce its leverage as part of Big C’s strategic plan announced at the end of 2011, aiming at strengthening its co-leadership position in the Thai retail sector and becoming a major player in the region.

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of, any securities. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States unless they are registered with the U.S. Securities and Exchange Commission or an exemption from the registration requirements of the Securities Act is available.

Analysts and Investors Contact

Régine GAGGIOLI
rgaggioli@groupe-casino.fr
+33 1 53 65 64 17
or
IR_Casino@groupe-casino.fr
+ 33 1 53 65 64 18

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.

Paris, March 29th 2012

Big C Thailand, a Casino Group affiliate, announced today that its Board of Directors unanimously approved an equity offering through a private placement of up to 23.6 million shares representing approximately 2.9% of Big C’s share capital.

This capital raising is part of the strategic plan announced by the company in October 2011 which aims at further strengthening its co-leadership in the retail sector in Thailand and becoming a major player in the region.

Big C will use the proceeds from the capital raising to fund its 2012 expansion plan and to reduce leverage. The funds raised will in particular allow the Company to support the roll-out of its proximity format stores. In this regard, Big C has recently announced a partnership with Bangchak Petroleum which provides the potential for 300 mini Big C openings at Bangchak filling stations over the next 5 years.

Taking into account this private placement, the Board of Directors of Big C does not envisage implementing in the short term the rights offering announced in October 2011and intends to reconsider it at an appropriate time.

The private placement is subject to the approval of Big C’s shareholders at the annual general meeting scheduled for 30 April. These shares will be placed to institutional investors by the end of the second quarter of 2012.

This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of, any securities. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States unless they are registered with the U.S. Securities and Exchange Commission or an exemption from the registration requirements of the Securities Act is available.

Press contacts

GROUPE CASINO

IMAGE 7
Leslie JUNG – Tel. : + 44 7818 641 803
Ljung@image7.uk.com

Analysts and Investors Contacts

Régine Gaggioli
rgaggioli@groupe-casino.fr
+33 1 53 65 64 17

or

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

Casino successfully issued today a new 8-year bond of €600 million.

This operation, which strengthens the Group’s liquidity, is intended to refinance the next debt repayments of the Group. It extends the average maturity of Casino’s bond debt to 4.6 years (vs. 4.2 years previously).

This new bond, which will pay a coupon of 3.99%, has been significantly oversubscribed by a diversified investor base.

Casino is rated BBB- stable by Standard & Poor’s and Fitch Ratings.

Bank of America Merill Lynch, Barclays, BNP Paribas, Crédit Mutuel-CIC RBS and UBS acted as joint bookrunners.

Robust sales growth : 18.2%

• Double-digit growth target met
• Double-digit organic growth in international operations
• Stable market share in France

Trading profit up 19.1%
Underlying net profit group share grew 6.8%
€1 billion objective set for asset disposals and capital increase met
Recommended dividend of €3.00, up 7.9%, with the option of 50% being paid in shares


Jean-Charles Naouri, Chairman and Chief Executive Officer of the Casino Group, stated:

“The Group recorded remarkable growth in 2011, driven by its international subsidiaries but also by France’s solid contribution, where profitability recovered in H2, thanks to the impact of the action plans implemented.
In 2012, our Group will pursue its profitable growth strategy by developing in its key countries banners ever closer to customers’ expectations. More international and benefiting from sound positions in its markets, the Group is confident it will enjoy growth in its operations and results in 2012”.

The 2011 consolidated financial statements were approved by the Board of Directors on 27 February 2012.
The Statutory Auditors have completed their audit and are in the process of issuing their report.

The Group’s organic growth* accelerated in 2011 (+5.7% excluding petrol) driven by further robust growth in International operations and sound growth in sales in France, reflecting its favourable format mix.
Trading profit was up 19.1%, reflecting the surge in trading profit in international operations (+50.5%) as well as the upturn in the profit margin in France in H2. In the full year in France, trading profit declined 2.6%.
The contribution of international operations to the Group’s sales and trading profit therefore increased significantly and came in at 45% and 52%, respectively, versus 38% and 41% in 2010.

STRONGER BUSINESS MOMENTUM IN FRANCE
In France, sales trend recovered in 2011 in year-on-year terms. This performance resulted from the significant upswing in same-store sales at Leader Price, the improved performance of Géant in food and the good performances of the convenience format and online sales (Cdiscount). Full-year organic growth came in at 2.6% (up 1.4% excluding petrol). The Group’s market share remained stable over the year.
Trading profit declined 2.6% (2.9% in organic terms*). After declining in H1, because of the delay in passing on increases in procurement costs to sale prices, trading profit in France rose 13.3% in H2. The trading margin came in at 4%, down 23 bp in organic terms.

• Géant Casino’s same-store food sales increased slightly, improving from the two previous years despite a soft consumption environment for this format. The annual market share thus remained stable in food.
  Casino Supermarchés’ total sales increased 1.6% (excluding petrol), driven by further expansion (11 supermarkets opened in 2011). This performance resulted from unique positioning and differentiating that enables it to stand out from its competitors thanks to the choice of brands and product ranges as well as the quality of products and service in stores.
  Total sales at superettes remained virtually stable in comparison with 2010. Two new formats, Casino Shopping and Casino Shop, were successfully launched.
  Other operations (Cdiscount, Mercialys, Banque Casino and Casino Restauration) maintained sustained sales growth (up 8.5% in organic terms), driven by the excellent momentum of Cdiscount (+14.3% in organic terms). The increase in sales of the e-commerce site thus offset to a large extent the contraction in non-food sales at Géant and therefore enabled the Group to post a total rise of 2.6% in its full-year non-food sales (Géant + Cdiscount).
  The trading margin at Casino France came in at 3.7%, down 8bp in organic terms.

• Same-store sales at Leader Price rose 1.5% thanks to the deployment of a new marketing drive: price repositioning, targeted promotional policy and strengthened communication. Leader Price’s profitability significantly improved in H2. Franprix saw its total sales increase 8.6% (including the consolidation of two franchisees). The banner highlighted the Leader Price brand and gradually introduced promotion and customer loyalty tools. It expanded with the opening of 67 stores, mostly outside Paris.
  Franprix-Leader Price’s trading margin came in at 3.7%.

• Total sales at Monoprix grew 3% excluding petrol. Monoprix reported a 6.5% trading margin.

 * Based on a comparable scope of consolidation and constant exchange rates, excluding the impact of property assets disposals

STRONG GROWTH IN INTERNATIONAL OPERATIONS
International operationsenjoyed very strong growth (+40.4%), driven by their very satisfactory organic* growth (+12.2%) and significant changes in the consolidation scope (consolidation of the former Carrefour operations in Thailand within Big C, consolidation of Casas Bahia in Brazil and increase in Casino’s stake in GPA). Trading profit increased 50.5% (+11.3% in organic terms*).

• In Latin America, sales grew 13.4% in organic terms*, driven by double-digit same-store growth. In Brazil, GPA recorded excellent same-store sales growth (+8.8%**). In Colombia, Exito enjoyed a remarkable year with very high growth in same-store sales (+8.4 %**).
  The trading margin rose 7 bp in organic terms* in Latin America, up to 4.8%.

• Asia recorded robust 11.3% growth in its sales in organic terms*, thanks to strong momentum in sales in Vietnam and despite the impact of the floods in Thailand in Q4. The trading margin came in at 7.3%, up 28 bp in organic terms*.

SOLID FINANCIAL STRUCTURE
In 2011, Casino met its €1 billion objective set for asset disposals and capital increase. Net debt came in at €5,379 million. The Net debt/EBITDA ratio therefore stood at 2.35x at end 2011, taking into account the postponement of Big C capital increase in Thailand. The project of an exceptional distribution announced on 9 February 2012 by Mercialys when it unveiled its new strategy will significantly improve the Group’s financial flexibility.

At the Annual General Meeting on 11 May 2012, Casino will recommend a dividend of €3 per share, up 7.9%, with the option of being paid 50% in shares. The dividend will be paid on 15 June 2012.
PERSPECTIVES AND CONCLUSION
The Group, with a transformed profile, will continue to implement its profitable growth strategy. In 2012, more than 50% of revenue and of trading profit will come from high-growth countries:

• The Group intends to exercise in June 2012 its option enabling it to have control of GPA, the leading retailer in Brazil, which will be fully consolidated in Casino’s financial statements once the Group becomes its sole controlling shareholder;
• Acceleration of the Group’s expansion in its four key countries with a multi-format strategy focused on the convenience and discount formats as well as the development of the dual model (shopping malls located next to new stores);

In France, the Group will pursue with the change in its mix in favour of buoyant and performing formats, in line with consumers’ expectations:

• Multi-format strategy to focus on the most attractive and profitable concepts and the deployment of multi-channel;
• Dual model to be reinforced: optimisation of the allocation of selling areas between hypermarkets and shopping malls.

The Group, by adapting its country, activity and format mix, will be better able to meet the needs of its customers and thus generate profitable growth. In 2012, it aims to ensure:

• Group sales growth above 10%;
• Stability in the Group’s food market share in France;
• An increase in trading profit at Franprix-Leader Price.

The Group intends to pursue a proactive asset rotation policy with a €1.5bn asset disposals/capital increases objective in 2012***. It intends to maintain a sound financial flexibility and keep a financial net debt/EBITDA ratio under 2.2x.

* Based on a comparable scope of consolidation and constant exchange rates, excluding the impact of property assets disposals 
**Data published by companies
*** Including the operation announced by Mercialys on 9 February 2012

Financial calendar
Tuesday 17 April 2012 (after the close of trading): 2012 first quarter sales
Friday 11 May 2012: Annual General Meeting
Thursday 26 July 2012 (before the start of trading): 2012 second quarter sales and first half results

Analysts and Investors Contacts

Régine Gaggioli
rgaggioli@groupe-casino.fr
+33 1 53 65 64 17

or

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

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 judgments. All opinions expressed herein are subject to change without notice.

Continuing operations (€m)2010^*2011ChangeOrganic
growth⁽¹⁾SALES29,07834,361+18.2%+6.3%- of which France17,95618,748+4.4%+2.6%- of which International11,12215,613+40.4%+12.2%EBITDA⁽²⁾ 1,9532,287+17.1%+3.6%- of which France1,1831,164-1.6%-2.1%- of which International7701,123+45.9%+12.2%Trading profit1,3001,548+19.1%+3.0%- of which France769750-2.6%-2.9%- of which International530798+50.5%+11.3%Other operating income and expense,
net(2)(157)  Operating profit1,2981,391+7.2% Finance costs, net(345)(472)  Other financial income and expense, net(17)68   Income tax expense(214)(228)  Share of profits of associates13(7)  Profit from continuing operations,
Group share542577+6.4% Profit (loss) from discontinued
operations, Group share(9)(9)  Net profit, Group share533568+6.5% UNDERLYING PROFIT
GROUP SHARE⁽³⁾ 529565+6.8%

*All the published figures from 2010 financial statements have been restated to reflect the definitive takeover of Casas Bahia by GPA
⁽¹⁾ Based on a comparable scope of consolidation and constant exchange rates, excluding the impact of asset disposals
⁽²⁾ EBITDA: Earnings before interest, taxes, depreciation and amortisation.
⁽³⁾ See details in appendix
APPENDIX
Underlying profit corresponds to net profit from continuing operations adjusted for the impact of other operating income and expense (as defined in the “Significant Accounting Policies” section of the notes to the consolidated financial statements), non-recurring financial items and non-recurring income tax expense/benefits.
Non-recurring financial items include fair value adjustments to certain financial instruments at fair value through profit or loss whose market value may be highly volatile. For example, fair value adjustments to financial instruments that do not qualify for hedge accounting and embedded derivatives indexed to the Casino share price are excluded from underlying profit.
Non-recurring income tax expense/benefits correspond to tax effects related directly to the above adjustments 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. Underlying profit is a measure of the Group’s recurring profitability.

⁽¹⁾ At 31 December 2011, other financial income and expense, net is stated before the impact of discounting deferred tax liabilities in Brazil (-€18 million in 2010 and -€22 million in 2011), forex losses on payables due by the Venezuelan government in USD (N/A in 2010 and -€25 million in 2011), changes in the fair value of interest rate derivatives not qualifying for hedge accounting (N/A in 2010 and €87 million in 2011) as well as changes in the fair value of the Total Return Swap on Exito shares (N/A in 2010 and €17 million in 2011).

⁽²⁾ Income tax expense is stated before the tax effect of the above adjustments and non-recurring income tax expense/benefits.

⁽³⁾ Minority interests are stated before the above adjustments

Casino Guichard-Perrachon’s (« Casino ») Board of Directors met today under Mr. Jean-Charles Naouri’s chairmanship in order to prepare statements for the year ending December 31, 2011.
In the context of the analysis of the Monoprix situation and the possible changes to its shareholding structure, the Board of Directors restated that Monoprix is a strategic asset for Casino and that Casino has no intention of ceding it.

The Board of Directors emphasized in particular that:

– The agreement perfectly establishes Casino’s rights. The agreement doesn’t contemplate a purchase by Galeries Lafayette since it provides only for a call option in Casino’s favor and a put option by Galeries Lafayette. Furthermore, Casino has the right, beginning March 31, 2012, to appoint the chairman of Monoprix’s Board of Directors for a three-year term. The Board of Directors noted with disappointment Mr. Philippe Houzé’s breach of the agreement by his imposition of a renewal of his term for an additional year.

– Casino is a long-standing partner of Monoprix that it substantially helped to develop. In particular, beginning in 1997, Monoprix has benefitted from capital contributions from Casino permitting it to acquire Prisunic, and through Casino’s central purchasing body, Monoprix has been able to considerably improve its purchase terms. Today, it is estimated that the purchasing synergies represent nearly €40mn yearly, or 13% of Monoprix’s current operating income.

– Monoprix is an asset that lies at the heart of Casino’s strategy in France. Casino knew how to adapt to the structural changes to the French marketplace by constructing a multi-format and multi-channel portfolio, emphasizing convenient and discount formats, representing over 60% of the Group’s turnover in France. Among the Group’s four local marketplaces, Monoprix enjoys a distinct positioning focused on the citycenter supermarket.

– The price proposed by Galeries Lafayette for their stake in Monoprix is too high and is out of sync with the valuation of European retail food companies in the current environment. In particular, the Board of Directors noted that the price of €1.35bn offered by Galeries Lafayette represents a multiple of 9.1x of 2011 EBITDA, whereas (i) the main peer listed European companies , including those who have strong exposure to high-growth markets, trade at 5.7x (ii) Casino and Marks & Spencer trade at 6.4x and 5.3x respectively.

Under these circumstances, the Board of Directors brought its full support to Mr. Jean-Charles Naouri by the unanimous approval of the directors attending or represented (except for Mr. Philippe Houzé who did not partake in the vote due to his conflict of interest) of the opinion expressed that a sale by Casino of its stake in Monoprix would be contrary to Casino’s interests. Accordingly, the Board of Directors confirmed the company’s refusal of Galeries Lafayette’s offer regarding Monoprix

Should Galeries Lafayette confirm its intention to sell its stake in Monoprix, Casino will act as a buyer in accordance with its obligations under the agreement, at the fair value of the asset.

In conclusion, the Board of Directors finally reiterated Casino’s commitment to Monoprix, its management, and its employees, in whom it has full confidence in pursuing the company’s development.

Régine Gaggioli
rgaggioli@groupe-casino.fr
+33 1 53 65 64 17

or

IR_Casino@groupe-casino.fr
+33 1 53 65 64 18
1 Retained peer group composed of Casino, Carrefour, Tesco, Ahold, Delhaize, Marks & Spencer and Sainsbury
2 Multiple calculated on the basis of the average monthly share price as of 01/11/2012 (reference retained for the valuation)
3 ibid

The Casino Group announces it has signed an exclusive agreement in the Philippines with the retailer Rustan’s for the distribution of Casino brand products in the country. The full range of Casino products (“Casino Délices”, “Casino Bio”, “Casino Famili” …) is concerned and will be available in the 32 Rustan’s and Shopwise stores of the Philippine distributor.

Already present through its subsidiaries Big C in Thailand and Vietnam, the Casino Group extends through this partnership its presence in Asia by using the power of its own brand.

The Casino Group is one of the world’s leading food retailers. Beyond its 9,500 stores in France (Géant Casino, Casino supermarket, Franprix, Leader Price, Monoprix, Petit Casino, Spar, and Cdiscount Vival), the Group has 2,300 stores, mainly in Latin America (Brazil and Colombia) and Asia-South East (Thailand and Vietnam), which represent 45% of its activity. In 2011, the Casino Group achieved a consolidated turnover of 34.4 billion euros. It employs 230,000 people around the world.

Rustan’s is the 3rd largest retailer in the Philippines. Founded in 1998, Rustan’s now has 32 stores with 10 hypermarkets (Shopwise), 13 supermarkets (Rustan’s) and 9 convenience stores (Shopwise Express). The Group generates an annual turnover of $ 400 million and employs over 3,000 employees.

Press Contact: Frédéric Croccel – fcroccel@groupe-casino.fr – (+33)1 53 65 24 39

In 2000 and 2003, Galeries Lafayette ceded joint-control of Monoprix to Casino (50%). Casino has the right to acquire from January 1, 2012, the majority stake and to designate, from March 31, 2012 the chairman and chief executive for periods of three years alternating with Galeries Lafayettes.

Galeries Lafayette, which holds an option to sell, has implemented on December 7, 2011 the process of evaluating its stake, which then opens a window to exercise its option, and has informed Casino of its intention to terminate the partnership.

The banks responsible for carrying out this evaluation have not reached an agreement and thus, a third expert, according to the protocol, must conduct it.

The bank that was approached for this task indicated that it refused to intervene if the two parties did not agree beforehand on key financial projections as a basis for evaluation. However, this agreement has not been reached.

Galeries Lafayette, insisting that their financial assumptions should be the ones retained by Casino, refused to designate another expert and is taking Casino to the Paris Commercial Court.

Casino believes that this action has the sole purpose of adding further pressure on them to accept the price that was set by Galeries Lafayette. Soon after valuing its stake at €1.95bn as part of the evaluation process, Galeries Lafayette addressed Casino with an offer to sell at €1.35bn. Casino rejected this offer, having received a valuation of Galeries Lafayette’s stake at €700 million from the bank that is advising it.

It is in this context, that although the chairmanship of the Board of Directors of Monoprix must be held by Casino after March 31 2012, Galeries Lafayette chose to violate its contractual commitment during a board meeting on February 22, 2012, by making the directors it had appointed to vote to extend the position of Philippe Houzé as the President and CEO.

Casino will bring an action before the appropriate court to enforce Galeries Lafayette to respect its commitments. Casino made an essential contribution to the development of Monoprix and cannot accept the company being taken hostage by Galeries Lafayette.
Casino reiterates its confidence in all the company’s management and employees.

Press Contacts

Analysts and Investors Contacts

Régine GAGGIOLI
rgaggioli@groupe-casino.fr
+33 1 53 65 64 17

or

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