CARREFOUR BANQUE BANQUE INVESTOR PRESENTATION 2015
Agenda
CARREFOUR BANQUE (FRANCE) 3
SFC (SPAIN) 23
FIMASER (BELGIUM) 27
CARREFOUR BANCA (ITALY) 30
Investor Presentation – December 2015Page 2
CARREFOUR BANCA (ITALY) 30
CARREFOUR BANQUE CONSOLIDATED 33
APPENDICES 36
Carrefour Banque France at a glance
Key highlights as at 31 December 2015
− Carrefour Banque is the French captive personal financial services arm of the largest European retailer
− Carrefour Banque is duly authorized as a credit Institution by the French Banking Authority (ACPR)
� Strong commercial footprint in France:
- More than 210 retail outlets for Carrefour Banque
in Carrefour hypermarkets in France
- 2.18m holders of PASS credit card
� Solid and stable shareholding structure since 1985:
- 60% Carrefour SA, international food retailer
- 40% BNP Paribas Personal Finance, consumer
finance specialist
Investor Presentation – December 2015Page 4
� Strong and stable revenues:
- Sustained growth of net banking income (+2.4%
from 2012 to 2015)*
- Stable credit outstanding volume (since 2011
around €2.8bn )
� Solid profitability and low risk profile:
- S&P rating: BBB+/A-2 stable outlook
- Strong capital structure: Tier-1 Basel III ratio at
14.37%*
- Solid cost income ratio at 53.9%*
- Stable market share in consumer finance in France
since 2011 around 5% (source : ASF **)
* Consolidated Carrefour Banque - Carrefour Banca - Fimaser** The credit market is 60% ASF & 40% banks
G4 at a glance : France, Spain, Belgium & Italy
Breakdown overview - key (statutory)
− Carrefour Banque France refinances almost all the perimeter
− A credit outstanding is an unsecured loan
BUSINESS OVERVIEW (in M €)
Carrefour Banque
France
Servicios Financieros Carrefour
Spain
Fimaser
Belgium
Carrefour Banca
Italy
Investor Presentation – December 2015Page 5
* Earmarket : specific purchase loans provided to customers of Carrefour Banque for purchases of specifically earmarked goods at Carrefour Banque Stores
CREDIT OUTSTANDING (End of month) 2,736 1,947 218 241
Personal Loans (%) 50% 30% 10% 63%
Revolving Credit (%) 38% 64% 84% 36%
Earmarket Credit (%) * 12% 6% 6% 1%
NET BANKING INCOME 393.4 273.2 26.0 23.4
NET INCOME 37.5 109.0 4.5 -0.4
Focus on Carrefour Banque’s shareholders
− Carrefour Banque enjoys 2 strong committed and complementary shareholders:
A stable capital structure since 1985
Carrefour
Rated BBB+ stable (S&P)
� Founded in 1959, headquartered in Boulogne-
Billancourt (France)
� 2nd largest food retailer in the world
� 1st retailer in Europe
� Presence in 35 countries
� Over 12,000 stores and +380,000 employees
� Over €104.4bn net sales under banners
Rated A stable (S&P)
� 100% subsidiary of the BNP Paribas Group
� Leading European provider of personal loans
� Over 20,000 employees operating in about 30
countries over four continents
€68.5bn outstanding loans managed
BNPP Personal Finance
Investor Presentation – December 2015Page 7
� Over €104.4bn net sales under banners
� 12.5 million checkouts every day in stores
worldwide, more than 104 million households
customers in our stores worldwide
� €68.5bn outstanding loans managed
� 27m customers
Core subsidiary
� Same brand name franchise which increases
customer’s loyalty to Carrefour
� Strong commercial relationships
� Carrefour’s dedicated business line with an
increasing contribution to the group’s total
earnings
Strategically important subsidiary
� Capital commitment
� Ongoing liquidity support
� Provider of expertise in risk management and
sharing information technology development
cost
� Business support: outsourcing, risk committee,
etc.
From loyalty cards to banking
Carrefour Banque: a successful 33-year story
Creation of “Société des Paiements PASS” (S2P) as banking subsidiary of Carrefour
Launch of Epargne Libre Carrefour savings accounts
Launch of the first bank cards
SecuritisationCopernic 2009-1 ( 730M€ AAA)
Launch of brand name “Carrefour Banque” in France
Merger and Acquisition of the Italian subsidiary Carrefour ServiciFinanziari
Launch of savings accounts “Compte Sur Livret”
Launch of mobile application
Launch of the PASS Payment Card
Fimaser
Subsidiary
100%
2013/09
Transfer of
Carma shares
to Carrefour
2014/12
Launch of the range PASS MasterCard
Securitisation
under MCCP*
400M€ AAA
(2015-1)
Investor Presentation – December 2015Page 8
2013
20142015
Launch of personal
loans business
Launch of Carrefour Horizons
life insurance
Merger of the finance (S2P) and insurance (Carrefour Assurance) networks into
“Carrefour Banque”
Subsidiarising of CARMA and Carrefour Servici Finanziari
SecuritisationCopernic 2012-1
(500M€ AAA)
Inaugural Fixed Rate
Bond 710M€ issue 2015/09
FRN• 300M€ issue 2016/04• 500M€ issue 2018/03
Securitisation MCCP*•400M€ AAA (2013-1)•110M€ AAA (2014-1)
* MCCP: Master Credit Cards PASS
(2015-1)
FRN•500M€ issue 2020/03•300M€ issue 2019/10
Carrefour Spain
55.9%
6.8%
99.9%
Carrefour Banque: unchanged scope of consolidation
Carrefour Banque : an active shareholder
Carrefour Spain
55.9%
6.8%
99.9%
Investor Presentation – December 2015Page 9
SFC
(Spain)
CetelemSpain
55.9%
37.3% CB branch since
10/2011
CB subsidiarysince
09/2013
Carrefour Banca
(Italy)
Fimaser
(Belgium)
SFC
(Spain)
CetelemSpain
55.9%
37.3%Branch
since10/2011
Subsidiarysince
09/2013
Carrefour Banca
(Italy)
Fimaser
(Belgium)
Consolidated* financial ratios
Satisfactory and steady results
� An improving solvency ratio
- As at 31 December 2015, solid capital position with tier 1
ratio Basel III of 14.37%
- Distribution of dividend
2012 : 75% 2013 - 2014 : 50% 2015 : 75%
- Target: to pave the way for the ongoing conversion into
subsidiaries and a European expansion
� ROE decrease
A strong and stable financial position built over the years
Investor Presentation – December 2015Page 10
� ROE decrease
- Exceptional assets depreciation of 10.3M€ (sales
consultants’IT tool)
- Change of deferred taxes rate from 38% to 34.4% for an
impact of 5M€
- At constant scope (excluding Carma and exceptional) ratio
would be 8% in 2014 and 7.74% in 2015
� Slight decrease cost-to-income
- Thanks to the progression of our Net Banking Income
concurrently with operating costs under control
* Consolidated •2010-2012 Carrefour Banque - Carrefour Banca - Carma•2013 Carrefour Banque - Carrefour Banca - Fimaser - Carma•2014-2015 Carrefour Banque - Carrefour Banca - Fimaser
Net Income 2015 €36.52 m
S&P RatingsA-2 (Short)BBB+ (Long)Stable
Net Banking Income 2015 € 412.88m
Solvency Ratio 2015 (Basel III)
14.37%
Carrefour Banque : funding profile
− A strong liquidity position: a positive headroom of €2.2bn on
€6.5bn of funding as at 31 December 2015:
� Multiple sources of funding: bank credit lines,
securitisations, bond issues, deposit certificates, savings…
� Diversification of bank counterparties
� Liquidity reserve equivalent to 23 months of activity at the
end of December 2015
A diversified and well-balanced funding mix
− Bank facilities: significant amount of mid-term credit lines
Sources of funding (as at 31 December 2015, €m)
Investor Presentation – December 2015Page 11
− Bank facilities: significant amount of mid-term credit lines
provided by diversified, highly rated banks
(100% of credit lines mature beyond 1 year)
− Equal support from BNPP (loan with tacit agreement to
renew) and Carrefour SA for a total of €1bn for a maturity
of 2 years with annual renewal
− Amount of committed credit lines which are available for
drawdown: €2,115m
Asset & Liability Management profile
Debt Duration & repayment profile as at end of December 2015
� 23.7 month average duration on Assets
� 25.1 month average duration on Liability Funding sources
Investor Presentation – December 2015Page 12
CB’s liquidity is « adequate » (S&P credit opinion 2015)
– « CB’s liquidity benefits from cautions management »
– « Our assessment includes potential shareholder support because we believe the shareholders will continue to provide
liquidity support if needed »
Credit & Insurance : key figures
Credits Solutions New Business Card Products Insurance Products
New Credit business
(€m)
Payment using
PASS Cards (€m)
Insurance Premium
Collected (€m)
Managed Outstanding
(€m)
Good performance in a challenging market
− Despite the current economic environment and major regulatory changes, Carrefour Banque maintains a strong
position thanks to an appropriate risk management
− Breakdown income : 57 % of interest income / 43% of fee incomes (savings, insurance, or card products)
Investor Presentation – December 2015Page 14
+2.5%
(€m)
+0.6%
PASS Cards (€m)
-3.5%
Collected (€m)
-3.3%
(€m)
Thanks to the expansion of the web channel
-1.8% since 2012 Number of PASS Cards
2.176 m
Insurance customers
Over 474,900
* * * *
* Change between 2015 / 2014
256
272
283
273
2012 2013 2014 2015
2,788
2,855 2,830
2,736
2012 2013 2014 2015
1,372
1,331
1,261
1,293
2012 2013 2014 2015
7,802
7,705 7,720
7,764
2012 2013 2014 2015
Credit products
Balanced diversification of outstanding loans
Credit outstanding(Euro millions)
1,133 1,167 1,129 1,043
359 362 375 319
Personal loans Revolving credit Earmarked credit
13% 12%
2,830 2,736
13% 13% 13%
2,855 2,788
13% 13%
Investor Presentation – December 2015Page 15
* Earmarket : specific purchase loans provided to customers of Carrefour Banque for purchases of specifically earmarked goods at Carrefour Banque Stores
1,296 1,326 1,326 1,374
1,133 1,167 1,129 1,043
2012 2013 2014 2015
38%
50%
40%41% 41% 41%
46% 46% 46% 47%46%
41% 40%
47%
Good performance for the savings accounts
− Strong customer confidence on our brand, global balance is at € 2.37bn
− OPCVM Assets : drop in the outstanding due to a decline in performance based on monetary rates close to zero
Mutual savings (Axa, Axa PM, BNP AM) Savings products (Carrefour Banque)
Life Insurance OPCVM Compte sur Livret
Collected savings(€m) Assets Managed (€m)
+3.6
Collected savings(€m)
* * *
Savings : key figures
Investor Presentation – December 2015Page 16
* Change between 2015 / 2014
-6.6%+3.6%
Savings Accounts
Over 337,000
Savings Accounts
Over 75,000
Savings Accounts
Over 27,000
* * +12.4%*
274243
223 209
2012 2013 2014 2015
460
565 507
570
2012 2013 2014 2015
1,429 1,475 1,536 1,591
2012 2013 2014 2015
Carrefour Banque’s strategy
− A philosophy in line with Carrefour’s mission
Offering the best financial and insurance products to the
largest number of people at the best value for money
− All credits are originated on a face to face basis
− Over the past 34 years, the company has acquired an
excellent reputation on the financial services market.
This allowed us to add innovative new products and
improve our client base beyond that of Carrefour
A consumer credit expert at the service of the group
Origination channel for personal loans
Investor Presentation – December 2015Page 17
improve our client base beyond that of Carrefour
− Key ambitions and looking ahead
� Personals loans : An expansion of the originations by the
web channel
� Revolving loans : A well-adjusted « IN » and « OUT »
commercial expansion, backed by diversification of its
distribution channels
� A real ambition to support clients through cross-selling
financial solutions, making clients’ day-to-day life easier
� A geographical, operational and managerial expansion
� Ongoing financial innovation in services and products
� A technological innovation on payment methods meeting
and anticipating clients’ needs
OUT **
37.9%
IN *
40.6%
Drawing type for revolving loans (IN vs OUT)
* in : Carrefour outlets and subsidiaries** out : outside Carrefour’s network
ATM
21.5%
France
Satisfactory and steady results
‒ In 2014
• The operating income has decreased of 6,2%, due to an increase of business investments
• The net income has improved because it integrates the capital gain made on disposal of Carma shares in
December
‒ In 2015
• Decline of the usury rate; competitive environment on personal loans partly offset by the slight decrease
of the refinancing
• Joint performance of refinancing and lower expenses, despite a simultaneous decrease in the outstanding
customer and the sales rate
Investor Presentation – December 2015Page 18
* statutory : Carrefour Banque - Carrefour Banca
Income statement
(in € M)FY 2012 FY 2013 FY 2014 FY 2015
Var.
2015/2014
NET BANKING INCOME 375 397,7 405,3 393,4 -2,9%
GROSS OPERATING PROFIT 172 178,6 173,0 172,1 -0,5%
COST OF RISK -79 -101,6 -100,8 -99,0 -1,7%
OPERATING INCOME 93 77,0 72,2 73,1 1,2%
NET INCOME 52 46,2 64,9 37,5 -42,2%
Asset quality : S&P* and ACPR** feedbacks
− Risk position according to “Standard & Poor’s”
credit opinion dated September 10, 2015
- Strengths :
- “Good credit risk management »
- “Adequate capitalization considering the bank’s risk
position”
- “We also anticipate that the bank will contain its cost of risk
and pursue its sound management of liquidity“
A « moderate » risk position (S&P credit opinion) A reliable management (ACPR* - audit Q1 2013)
− Efficient risk management performed by Carrefour
Banque
− “ Recent investigations lead to an overall favourable
opinion thanks to the relevant, responsive and
independent nature of the credit risk monitoring ”
− “ The underwriting policy seems to be well-structured
and to fit with undertaken risks ”
− “ No reservation about the bank’s provision rates […]
Investor Presentation – December 2015Page 19
- “Core status to parent, retailer
Carrefour S.A., and strategic
importance to BNP Paribas Personal
Finance”
- Outlook stable :
“We could upgrade the bank by one
notch if we take a similar action on
Carrefour”
− “ No reservation about the bank’s provision rates […]
according to practices observed by the inspection ”
− “ Servicing and recovery management appear generally
rigorous and effective ”
*ACPR : “Autorité de contrôle prudentiel et de résolution” is the French supervisory body of banking and insurance **S&P : Standard & Poor’s
Asset quality : Strong and committed
governance
− A “partnership” committee with BNPP Personal
Finance
Support provided for quarterly committee :
- Underwriting and recovery benchmark indicators
- Litigation process management
- Regulatory amendments and impacts on risk management
Participants :
- Risk Management of both entities
- Partnership Management Department
− A strategic risk committee : A decision-making entity
dedicated to the credit policy
“ Joint presidency of the credit risk management committee
shared between the Deputy CEO and the COO France,
promotes early solving of discrepancies. Promotion of dialogue,
as early as possible, is a strength of the organization “ *
Support provided for quarterly credit risk committee :
- Support presentations
- Completed by action plans
Strengths of Carrefour Banque
Investor Presentation – December 2015Page 20
- Partnership Management Department
An organisation based on 3 pillars - Preventive risk: scores, expert systems, fraud detection
- Curative risk: scores, amicable and judicial recovery
- Risk analysis: generation risk, provisioning, Basel II
- Completed by action plans
- Presentation of underwriting, recovery and fraud indicators
- Regulatory amendments and impacts on risk management
- Minutes of resolutions
Participants :
- Risk Management
- Business Management
- Finance Management
- Compliance Management
* Source : ACPR
Asset quality : Underwriting and Servicing
− Personal Loans
− tighter rules of granting
− implementation of the credit committee on large
commitments.− Revolving Receivables
− implementation of the review of authorized overdrafts as part
of the study of solvency
− review of steps of increase in authorized overdrafts
− drop of the granting ceilings
Underwriting : main improvements Non performing loans (in € m) under control
341,7
377,8
438,0 437,5420,7
85,5%78,4% 74,7% 75,2% 75,1%
30%
60%
90%
120%
150%
100,0
200,0
300,0
400,0
500,0
Gross non performing assets (€m) - left_axis
Loan loss reserves / Gross non performing asset (%) - right_axis
Non performing ratio (%) - right_axis
Investor Presentation – December 2015Page 21
− Thanks to a more restrictive policy on personal loans and credit cards beginning a light reduction since 2014: reduction in entrances to the covering since S2 2014
− Deposit of stable over-indebtedness vs 2014, but personal bankrupt orientation in light increase
− The NPL coverage rate remains stable since 2013 around 75%
− Dedicated teams for each steps of the recovery process
− Management consistency
− Unchanged recovery objectives and performances
− Target of 90% amicable recovery after 4 months (before
transfer to litigation recovery)
A performing servicing process
12,2% 12,9% 14,5% 14,5% 14,0%
0%
30%
0,0
100,0
2011 2012 2013 2014 2015
Financial ratios
A strong and stable financial position built over the years
− SFC is a subsidiary held at 55, 9% by Carrefour Spain,
37,3% by Cetelem Spain and 6.8% by Carrefour Banque
France
− SFC posted brilliant results and constantly improved
over the years :
�A satisfying solvency ratio
Investor Presentation – December 2015Page 24
�A satisfying solvency ratio - As at 31 December 2015, solid capital position with tier 1
(Basel III) ratio at 10.5%
�ROE significantly improves- Mainly thanks to a strong commercial performance after a
decrease mainly due to the distribution of dividend
- In 2012 : 50%
- In 2013 – 2014 : 100%
- In 2015 : 75%
�Adequate cost-to-income- Below that of other rated consumer finance subsidiaries of
European food retailers
Net Income 2015+19.2%
€ 109.0m
Net Banking Income 2015+ 12.1%€ 273.2m
Solvency Ratio 2015 (Basle III)
+10.5%
Key figures
− The credit outstanding business still improved through an activity focused on known customers
Credits Solutions New Business Card Products
New Credit business (€m) Payment using
Tarjeta PASS (€m)
Managed Outstanding (€m)
Good performance in a challenging market
Investor Presentation – December 2015Page 25
+12.8 %* +11.5 %*
Tarjeta PASS (€m)
+11.2%*
* Change between 2015 / 2014
+28.9% since 2012 Essentially on Revolving loan Number of Tarjeta Pass over
1,994 m
Asset quality
− The measures of granting taken during
the crisis and the improvement of the
current economic situation allowed us
Non performing loans (€ M)
Investor Presentation – December 2015Page 26
current economic situation allowed us
to lower the non performing ratio from
11.5% to 10.9% over 2015
− New criteria of classification of the non
performing according to the new
standard of Bank of Spain
Income statements
After years of steady results , a great increase in 2014
− Economic reforms encourages the relaunch
− Reinforcement of the commercial momentum (Carta Pass reworking in 2014 : new features, a
wider offer)
− An operational result in progress thanks to the dynamism of card production which generates an
increase in the financial margin
Income statement
(in € M)FY 2012 FY 2013 FY 2014 FY 2015
Var.
2015/2014
Investor Presentation – December 2015Page 28
(in € M) 2015/2014
NET BANKING INCOME 204.8 209.4 243.8 273.2 12.1%
GROSS OPERATING PROFIT 151.2 150.7 178.5 202.1 13.2%
COST OF RISK -63.8 -76.6 -47.9 -45.6 -4.9%
OPERATING INCOME 87.4 74.1 130.6 156.5 19.9%
NET INCOME 61.2 51.9 91.4 109.0 19.2%
Key figures
Credits Solutions New Business Card Products
Payment using
Visa Carrefour (€m)Managed Outstanding (€m)
Good performance in a challenging market
− Fimaser is a subsidiary of Carrefour Banque France
− Regulatory pressures that limit credit business (« zérotage »)
New Credit business (€m)
Investor Presentation – December 2015Page 30
-2.6%* -4.1%*
Visa Carrefour (€m)
- 4.9%*
-7.5% since 2012 Mainly revolving loans Number of Visa Carrefour around
190,000
* Change between 2015 / 2014
236 236
229
218
2012 2013 2014 2015
268
290 292
280
2012 2013 2014 2015
Asset quality
Non performing loans (€ M)
− Good collection efficiency allowing to
maintain the stability of non performing
Investor Presentation – December 2015Page 31
maintain the stability of non performing
outstanding despite a high unemployment
rate and first-related impacts bound to
"Zerotage" (obligation to repay revolving
accounts, gradual application based on
outstanding Authorized Maximum Overdraft)
Income statement
Fimaser posted stable results over the last years
− Stability of the operating income thanks to the control of the financial charge and reduction of costs
Income statement
(in € M)FY 2012 FY 2013 FY 2014 FY 2015
Var.
2015/2014
NET BANKING INCOME 25.9 27.5 26.0 26.0 0.3%
Investor Presentation – December 2015Page 33
GROSS OPERATING PROFIT 12.5 14.1 11.1 11.4 1.9%
COST OF RISK -6.5 -7.2 -4.5 -4.8 7.5%
OPERATING INCOME 5.9 6.9 6.3 6.2 -0.8%
NET INCOME 3.3 4.5 3.1 4.5 43.1%
Key figures
Improvement of its outstanding credits
Credits Solutions New Business Card Products
Payment using
Carta PASS (€m)
Managed Outstanding (€m)
* * *
− Carrefour Banca is a branch of Carrefour Banque France
− A global production in improvement vs 2014 taking advantage of the generalization of the day Pass in all the
hypermarkets
New Credit business
(€m)
Investor Presentation – December 2015Page 35
+9.4% +15.2% +9.6% * * *
+26,7% since 2012 Good balanced : Personal Loan 54% /
Revolving credit 46%
Number of Carta Pass over
107.000
* Change between 2015 / 2014
190 199220
241
2012 2013 2014 2015
75
6573
80
2012 2013 2014 2015
191
153 145167
2012 2013 2014 2015
Asset quality
Non performing loans (€ M)
− Changes in non performing loans was driven
by the growth in outstanding litigation and
lack of assignment of receivables in 2015
Investor Presentation – December 2015Page 36
lack of assignment of receivables in 2015
− The branch increased as a consequence the
cover rate for the NPL from 81 % in 2014 to
83,9 % in 2015 and reorganized for the
management of the amicable collection and
litigation to improve the efficiency of cash
receipts
Income statement
Carrefour Banca
− A tough economic environment− Uptrend confirmed for 2015 : an operational result in marked improvement, increase of the
financial margin and the good performance of the co sts of structure
Income statement
(in € M)FY 2012 FY 2013 FY 2014 FY 2015
Var.
2015/2014
Investor Presentation – December 2015Page 38
NET BANKING INCOME 17.6 19.3 19.7 23.4 18.7%
GROSS OPERATING PROFIT 6.5 5.6 5.9 11.2 89.8%
COST OF RISK -6.4 -8.0 -10.4 -11.8 14.0%
OPERATING INCOME 0.1 -2.4 -4.5 -0.7 -84.8%
NET INCOME -0.4 -1.5 -3.0 -0.4 -87.7%
Consolidated* income statement in IFRS
Income statement
(in thousands of euros)FY 2012 FY 2013 FY 2014 FY 2015
Var. 2015/
2014
− The 2015 consolidated net income is decreasing by 3 2.9% with € 36,521 million − At constant scope (without the exit of Carma, effec tive mid December 2014), the decline was 23.5% − The 2015 result includes an asset impairment charge of approximately € 16 million
Investor Presentation – December 2015Page 40
* Consolidated•2010-2012 Carrefour Banque - Carrefour Banca - Carma•2013 Carrefour Banque - Carrefour Banca - Fimaser - Carma•2014-2015 Carrefour Banque - Carrefour Banca - Fimaser
NET BANKING INCOME 403,383 424,157 448,300 412,888 -7.9%
GROSS OPERATING PROFIT 187,660 182,588 193,876 190,366 -1.8%
Cost of risk -78,686 -101,232 -102,046 -113,741 11.5%
CURRENT PRE-TAX PROFIT 108,448 87,771 88,974 60,518 -32.0%
Income taxes -42,837 -31,145 -23,621 -23,998 1.6%
Non-controll ing interests 2,680 2,497 10,925 0 -100.0%
NET PROFIT ATTRIBUTABLE TO THE GROUP 62,930 54,129 54,428 36,521 -32.9%
Your Contact Persons
Alessandra GIROLAMI Head of Financial
Communication and investor [email protected]
Relations
+ 33 (0)1 41 04 28 83
Matthew MELLIN Investor Relations Director [email protected]
Mathilde RODIE Investor Relations Director [email protected]
Investor Presentation – December 2015Page 43
Frédéric MAZURIER Deputy CEO / CFO + 33 (0)1 60 76 48 00 [email protected]
Dominique MOLLIET Treasurer + 33 (0)1 60 76 48 15 [email protected]
Disclaimer
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Transactions relating to financial instruments involve risks of adverse or unanticipated market, economic, political or legal developments, risk of illiquidity and the financial outcome of any particular transaction depends on this
variety of factors including but in no way limited to, credit risk (including in relation to the counterparty, the underlying debtor, the swap provider, the liquidity provider, the assignor), investor interest, grade of potential
investor market, selling restrictions in target jurisdictions, rating of the bonds or commercial paper issued, tax considerations, legal documentation, particular features of underlying assets, and availability of collateral. Past
performance, simulated performance or historical data are not reliable indicators of future yields or returns.
Investor Presentation – December 2015Page 44
performance, simulated performance or historical data are not reliable indicators of future yields or returns.
The delivery of this document does not imply in any way an obligation on anyone to update the information contained herein at any time, which is qualified in its entirety by the information specified in the relevant legal
documentation for this transaction.
When you enter into a transaction, you will be deemed to act for your own account and to understand and accept its terms and conditions and associated risks. None of the Managers does act as an advisor, nor owe any
fiduciary duty and this document and the information it contains shall not be construed as financial, legal, regulatory, tax, accounting or other advice. You should also make your own evaluation of the document, the
information herein contained and the investment. You should consult with your advisors concerning these matters before undertaking the proposed transaction and obtain independent professional advice from appropriate
professional advisors if you deem it appropriate before undertaking any action.
Under no circumstance shall the Managers or any of their directors, officers, employees be responsible or liable, directly or indirectly, to any person or entity for any direct or consequential damage, loss, cost, charge, expense or
other liability whatsoever, in whole or in part, resulting from, caused or alleged to be caused by or in connection with the use of or reliance on the information and the contents in this document and/or any omission, condition
or other circumstances within or outside the control of the Managers or any of their directors, officers or employees in connection with the procurement, collection, compilation, analysis, interpretation, communication or
delivery of the information and the contents of this document.
The distribution of this document in other jurisdictions than France and United Kingdom may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any
such restriction