Carrefour Spin OffUKok

7/31/2019 Carrefour Spin OffUKok

1/41

11


2/41

2

Rationaleoftheproposedtransactions

Presentationoftheproposedtransactions

100%DIAspinoff

25%CarrefourPropertyspinoff

The

new

profile

of

Carrefour

Q&A


3/41

3

3

Presentationofthetwoproposedtransactions


4/41

4

100%spinoffofDia

Simplificationof

the

groups

organization

Focusonourcorebrand&operations

Atransaction

that

supports

our

strategy

Therightalignmentoffactors LimitedsynergiesbetweenCarrefourandDIA

OpportunitytodevelopCarrefourbrandeddiscountoffer

Dia readyfor

independence

Attractiveoptionforshareholdervalue


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5

Dia isastrongandautonomousinternationalHardDiscountplayerwithlimitedinteractionswithCarrefour

ThetransactionwillenableCarrefourto:

FullyfocusonCarrefourstransformationplan

Makeitsflagshipbrandthecorepriority

AllowfurtherdevelopmentofCarrefourDiscount&Carrefourconveniencestores

none

Loyalty

program

Synergies

Human

resources

Synergies

none

Supplychain

Synergies

none

ITSynergies

none limited

Purchasing

&brandedproducts

Synergies

Sharpeningourfocuson

theCarrefour

Brand

and

Banner

100%spinoffofDia


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6

Benefits forCarrefour

Benefits for

Dia

Havefullcommand

ofits

own

strategy

andunleashitsgrowthpotential

Focusonitscore

brandand

operating

performance

CreatevalueforCarrefourshareholders

100%spinoffofDia


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7

25%spinoffofCarrefourProperty

Reveal

embedded

value

of

our

real

estate

A transaction that supports our strategy

Theright

alignment

of

factors

Rightapproachforrealestate

Rightexpertisenowinplace

Right

market

conditions

Bettermanageourrealestateassets


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8

ApartialspinoffofCarrefourPropertywouldenableCarrefourto:

Focusonitsretailbusinessmanagement

Supportgroup

competitiveness

through

development

projects

on

existingandnewsites

Instillmarketdisciplineandtransparencywhilekeepingcontrol ofstrategicassets

Crystallize,unlockanddevelopvalueofitsrealestateassetsinFrance,SpainandItalywithadedicatedteamofinvestmentprofessionals

AlogicalstepinCarrefoursRealestatestrategy

OptimizevaluecreationthroughalignmentofCarrefourPropertyKPIswithrealestatemetrics

AlistedCarrefourPropertymakesanattractiveinvestmentalternativeintheEuropeanretailrealestatesector



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9


Benefits forCarrefourretail operations

Benefits forCarrefour

Property operations

BecomealeadingoperatorinEuropewithuniquedevelopment

opportunities

DrivemoretraffictoG3sitesandfocusonitsretailbusiness

Improvevaluecreationfor

Carrefourand

its

shareholders

MakesitesmorecompetitiveandcrystallizeembeddedvaluebyleveragingonCarrefours

landbank &operations

in

G3


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10

2011prioritiesFocusing

on

the

Carrefour

Banner

throughthefulldemergerofDia


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11

AFullDemergerofDia withLimited

Carveout

Impacts

Transactionstructure


Financialstructure

Financialstructure

(1)Exc.treasuryshares.(2)Before30moflogisticdepreciation.

FulldemergerofDia

ExtraordinarydistributioninJulyofadividendtoCarrefourshareholdersintheformofDia sharesrepresenting100%ofDia sharecapital(1)

Key

financialsKeyfinancials

2010netsalesof9,588m(proforma)

2010EBITDA

of

504m

(2)(pro

forma)

Carveoutimpact

Carveoutimpact

Oneoffcostsofc.100m(includingtaxforinternalreorganization,newfinancing,transactionfees,etc.)

AdditionalstandalonebackofficefunctionsrequiredforDia ofc.20m

Potentialpurchasingdisynergies onnationalbrandofc.25matDiaandc.10matCarrefour

CarrefourandDia willmaintainpartnershipforprivatelabelsinEuropetomaintainsynergiesofc.10matDia andc.35matCarrefour

Proformanetfinancialdebtofc.625masof31/12/2010

Proformanetfinancialdebt/EBITDA (2)ofc.1.2xasof31/12/2010


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12

APureHDPlayerwithaProven&

ResilientBusiness

Model

Dynamicstoremanagement2 Apureplayerinharddiscount

3

4

1 #3worldwideand#1inemergingmarkets

Aflexibleownershipmodel

Proximity

Attraction

#ofstores:6,373

(1)Breakdownbasedoncompanyowned&companyoperatedstoresexcludingfranchises

BreakdownofsalesbybrandProximity(1)

70%

Attraction (1)

30%

Over6,300operatedstores,mostly(90%(1))rented

Dualformatstrategywithflexiblelocalmanagement

Ongoingremodeling(c.50%alreadyaccomplished(1))oftraditionalstorestoDia Market/

Dia Maxinew

formats

#1priceimage

Assortment:3,000SKUsperstore

Dedicatedsupplychain

Strongprivatelabelrecognition

Fresh

food

offer

Exposuretobothmatureandemerging

economies:Spain,Portugal,

France,Brazil,Argentina,Turkeyand China Integrated

stores

Franchisedstores

Di a Nat ionalBrands


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13

Dia:#3HardDiscountPlayerWorldwide

and#1

in

Emerging

Markets

Sales(bn) #Stores Since Ranking

4.1bn 2,766 1979

0.8bn 539 1993

2.5bn 936 IntegrationofEdin20001.0bn 408 2001

0.6bn 448 1997

0.4bn 890 1999

0.2bn 386 2003 ns

9.6bn 6,373Total

Aworldwideleaderwithasolidgeographicfootprintinadvancedandemergingeconomies

Aworldwideleaderwithasolidgeographicfootprintinadvancedandemergingeconomies

1

2

3

1

1

2


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14

LeadingpositionsinIberia,France

andEmerging

Markets

Sales(bn) EBITDA(1) #Stores

4.9bn 372m 3,305


2.5bn 96m 936


2.1bn 37m 2,132

FranceDia isthesecondHardDiscountnetworkinFrance

Businessmodel

evolution

towards

franchise

combinedwithconversionofEdbrandtoDia

IberiaMaturemarketsinwhichDias leadingcompetitivepositionenablesthecompanytogeneraterecurringcashflows

Developmentplansthroughstoremodernizationandtransformation

EmergingmarketsLeadingpositioninemergingmarketswheretheharddiscountmarketispromising

Strongexperienceinemergingmarketssince199752%

26%

22%

Sales

EBITDA

20132010

Iberia France Emerging

(1)Before30moflogisticdepreciation


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15

Dia:aStrongAutonomousModelwithLimitedInteractionswith

Carrefour

BrandBrandDia:independentbrandvs.Carrefour

Ownloyaltyprogramwith21millionmembers

SupplychainSupply

chain

IndependentsupplychainfullymanagedbyDia

c.40

warehouses

in

7countries

Autonomous inhouseandlowcostI.T.systemInformationsystemInformationsystem

ManagementManagementIndependentexecutiveandoperationsmanagement

basedin

Madrid

and

in

local

subsidiaries

PurchasingPurchasing

Autonomouspurchasing

and

limited

synergies

with

Carrefour

c.(25)mofdisynergies onnationalbrandsatDia andc.(10)matCarrefourCooperationinEuropeonprivatelabelwithmaintained

synergiesofc.10matDia andc.35matCarrefour

SG&ASG&AStandalonebackofficefunctionsrequired

forDia withanadditionalyearlycostofc.(20)m


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16

FinancialStructure

PostSpin

off

NETDEBTOFDIA

NETDEBTOFDIA

Newcreditfacilitytobesetup

OngoingdiscussionswithapoolofbanksFINANCINGFINANCING

Capitalstructurewelladaptedforbusinessenvironment

Proformanetdebtpositionofc.625masofendof2010

ProformaNetdebt/EBITDA(1) ofc.1.2xasofendof2010

(1) Before30moflogisticdepreciation


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17

NetSales

2010PF

Currentoperatingincome

m PROFORMAPROFIT&LOSSSTATEMENT

RecurringCashFlow

Asa%ofsales 5.3%

9,588

504

228

353

Asa%ofsales 2.4%

EBITDA(1)

StrongPerformanceofDIAoperations

Inchallenging

market

conditions

Netincomeadjustedfornonrecurringitems c.110

FreeCashFlow 186

m PROFORMANETFINANCIALDEBT

Netdebt c.625

Netdebt/EBITDAratio c.1.2x

CAPEX 291


Growth +3.9%


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18

Over2,000franchisedstoresLargestfranchisenetworkinSpain

Attractiveharddiscountsegmentwithpositivemarketdynamics

Attractiveharddiscountsegmentwithpositivemarketdynamics

Doubledigitgrowthofharddiscountsales

#3worldwideleaderinHardDiscount

and#1

in

Emerging

Markets

#3worldwideleaderinHardDiscount

and#1

in

Emerging

Markets

Nearly10bnsales

Amongtop

3players

in

each

market

Strongfranchiseexpertisewithlowcapitalrequirements

Strongfranchiseexpertisewithlowcapitalrequirements

ResilientoperatingmarginandcashflowContinuedstrongexpansion

ResilientoperatingmarginandcashflowContinuedstrongexpansion

Solid3pillargeographicfootprintwithkeyleadershippositions

Solid3pillargeographicfootprintwithkeyleadershippositions

Resilientmarkets: Iberia:establishedleadership France:bannerconversionGrowthMarkets Emergingmarkets

Dia:aUniqueInternationalHard

DiscountPure

Player

Anexperienced

management

teamAn

experienced

management

team

Anaverageof20yearsof

experiencein

retail


CAGR20062010 2010PF(beforeproforma adjustments)

Sales:+6% EBITDA(1):504mEBITDA:+8% CAPEX:291m

FlexiblemodeladaptedtolocalcatchmentareaAdualformatstrategywithlocalapproach

Adualformatstrategywithlocalapproach


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19

19

2011prioritiesAproposednewstepinCarrefoursReal

Estatestrategy


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20

RealEstategrossassetvalue(1/2) (GAV)asofend2010(bn)

60%ofGAVcontributedtoNew

Carrefour

Property

New CarrefourProperty:

60%of

total

GAV

Hypermarkets(2) andsupermarketsinFranceandhypermarkets(2) inSpainandinItaly

Other

Europe(4/5)New Carrefour

Property(2/3)

(G3)

Asia

(5/6)Total

Carrefour(1/2)

17.2

10.4(7)

2.7

0.93.2

Latin

America(5)

Notes1 Excludingtransferdutiesandtaxes.Unauditedfigures.ManagementestimatesexceptforNewCarrefourProperty2 Assetsincludingstoresandshoppingmalls3 BasedonindependentpropertyappraisalsasofDecember2010.Unauditedfigures4 IncludesPolandandRomaniaandotherFrenchcompaniescoownedwiththirdparties

5 Basedon

management

estimates.

Retail

assets

only.

Group

share.

Excluding

DIA

6 ProFormafromthedisposalofassetsinThailand7 Averagerentalyield(excludingtransferdutiesandtaxes)of6.5%,asperindependentappraisal


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21

ListingCarrefourProperty:anewstep

in

Carrefours

Real

Estate

strategy

Notes(1) Listedcompany,99.5%ownedbyCarrefour(2) Aportionofthetaximpactwillbeoffsetbytheuseofexistingtaxcredit



Merger/contributionoftheFrench,SpanishandItalianRealEstatesubsidiariestoCarrefourPropertyDevelopment(1) (toberenamedCarrefourProperty)

Distribution

early

July

2011

of

an

extraordinary

dividend

to

CarrefourshareholdersintheformofsharesofCarrefourProperty,representingc.25%ofCarrefourPropertyssharecapital

Itisenvisagedthatthetransactionwillbesubmittedto CarrefourandCarrefourPropertyDevelopmentboardsofdirectorsattheendofApril2011.ThetransactionwouldrequiretaxrulinginSpain andCarrefourshareholders approval

CarrefourPropertywouldnotoptfortheSIIC regime

CarrefourPropertywouldexitthegrouptaxconsolidationscope

Oneoff

estimated

tax

impact

for

Carrefour

between

200m

and

250m(2)

Tax

considerations

Tax

considerations

Verylimitedseparationcosts(expectedatc.5mrelatedtoreorganizationoflegalandcorporatedepartments)

ProFormaimpacts

ProFormaimpacts


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22

ListingCarrefourProperty:anewstep

in

Carrefours

Real

Estate

strategy

Key

financials1

Key

financials1

Financialstructure

Financialstructure

Netrentalincome2010PF:676m,EBITDA2010PF:629m

Netcurrentcashflow(EPRAearnings(2))2010PF:309m

Dividendtarget:80%ofEPRAearnings

Netdebt2010PF:4.7 4.9bn(intragroupfinancingatarmslengthconditions)

40%to45%loantovaluetargetfor2011E 2015E,inlinewithSIIClistedpeers

3/4of

the

French

supermarkets

portfolio

(2010

gross

asset

value:

1.4bn)earmarkedfordisposaltofundCarrefourPropertysdevelopmentinthecomingyears

Notes1 ProFormafordecreaseinrentsinSpainandItalystartingin2011,andadditionalstructurecosts

2 EPRAmeans

European

Public

Real

Estate

Association.

EPRA

earnings:

recurring

earnings

from

core

operational

activities

(correspondingto:EBITDA netfinancialinterest currenttaxes minorotheradjustments)


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23

ApureplaypropertycompanyinEurope,

fully

dedicated

to

retail

Real

Estate

FranceHypers

(5.1bn)

22% 49%

16%

6%

FranceSupers1(1.6bn)

Spain(2.3bn)

Italy

(0.7bn)

Keyfigures:2010ProFormaThenew CarrefourProperty

Grossassetvalue(10.4bn)3

Notes1 3/4oftheFrenchsupermarketsportfolioearmarkedfordisposaloverthebusiness

planperiod

2 Shoppingmallscontributionincludedinhypermarkets3 Excluding transferdutiesandtaxes

FranceHypers

(321m)

26%47%

21%

6%

FranceSupers1

(142m)

Italy(42m)

France(Hypers)

France(Supers)

Spain(Hypers)

Italy(Hypers)

Netrents(676m)2 Rentalyields(6.5%avg.)2/3

Spain

(171m)

Shoppingmalls(0.7bn)

7%

Grosslettablearea:4.3millionsqm

in915

sites

within

G3

161hypermarketsinFrance5.1bnGAVand1.5msqm

602supermarkets1 inFrance1.6bnGAVand1.1msqm

114hypermarketsinSpain2.3bnGAVand1.1msqm

29hypermarketsand9supermarketsinItaly0.7bnGAVand0.2msqm

Shoppingmallsandretailpark0.7bnGAVand0.4msqm

7.5%

6.8%

6.1%

Average:6.5%

6.2%


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24

Pipeline2011E2015E(2bn)

16%

84%33%

53% France

Spain

Italy

Shopping

malls

Stores

27%52%

21%

Committed(landsecured

andadministrativeauthorizationsobtained)

Controlled(landsecuredwithoutfulladministrativeauthorizations)

Stores Shoppingmalls

A2.0bnpipelineofferingc.10%yield

Identified(ongoingdiscussions

withoutexclusivity)

1.1

0.3

France Spain Italy

26%

74%

6%

94%

15%85%

0.6

StatusGeographicbreakdown

14%

Pipeline2011E2015Ebreakdown(2bn)

Type

9.2%

Averageexpectedyieldoncost(1)

9.0%

12.8%

France

Spain

ItalyAvg.

yield

on

cost:c.10%

Significantlandbankenablingtheimplementationoffinanciallyattractivedevelopments

9.2%

9.0%

12.8%

(1)ExpectedrentsdividedbyexpectedCAPEX


25/41

25

676m

770m

820m

Netrents:guidance2015(m)

Focusedongrowthandasset

diversification

92% 70%

30%8%

2015E

Impactof

disposal

ofFrenchsupermarkets2

PipelineRent

indexation

2010PF

+65m1

+200m

(120m)

Notes

1 Rentindexation

assumptions:

France

(stores

and

shopping

malls:

1.75%);

Spain

(stores

and

shopping

malls:

1.75%);

Italy(stores:1.75%;shoppingmalls:1.33%)2 3/4oftheFrenchsupermarketsportfolioearmarkedfordisposal overthebusinessplanperiod

Stores Shoppingmalls

Aprogressivediversificationof

businesswithpipelinecompletion

andassumingdisposalofFrench

supermarkets2


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26

Grossrentalincome

EBITDA

m

Netincome

Asa%ofgrossrentalincome

Asa%ofnetrentalincome

bn

Netrentalincome

bn

Grossassetvalue 10.4

4.7 4.9NetDebt

5.5 5.7EPRANAV3

Loantovalue 45% 47%

Strongcashflowgeneration

and

sound

capital

structure(m)

(bn)

Netcurrentcashflow(EPRAearnings(1))

97%

700

676

629

182

93%

309

Targetdividend

pay

out

(EPRA

earnings) 80%

Estimated2010PF

Estimated2010PF

Notes1 EPRAmeansEuropeanPublicRealEstateAssociation.EPRAearnings:Recurringearningsfromcoreoperationalactivities(corresponding to:

EBITDA netfinancialinterests Currenttaxes minorotheradjustments)2

Excludingtransfer

duties

and

taxes

3 Beforedeferredtaxonlatentcapitalgain(otherthantheplannedsaleof3/4ofFrenchsupermarkets,CarrefourPropertydoesnotplananyothermajordisposal,notablyofhypermarkets)


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27

ContemplatedallocationofresponsibilitiesbetweenCarrefour

andCarrefour

Property

CarrefourProperty

CarrefourProperty

Experienced management team 307 professionals

CarrefourProperty Carrefour

Property

Expansion DevelopmentAsset

managementProperty

Management

Implementationof

strategiesaimingatincreasingassetvalue

Identificationofbothinvestmentanddisposalopportunities

Structuringof

the

financialandtechnicaloperations

Executionofdevelopmentprojectsfromdesigntoopening

Developmentof

the

groupsfranchise Operatingofthefacilities

Managementofshoppingmallstenants

Rentcollection

G3G3

Restoftheworld

Restoftheworld


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28

Durationofhypermarket

leases

Durationofhypermarket

leases

12yearinitialfixeddurationperiodSequentialrenewaloptionstothebenefitofCarrefour,totaling 7180yearsofleasesinFranceandSpainand2130yearsinItalyGradualmaturitiestosmoothoutexpirationdates,between20812090inFranceandSpainand20312040inItalyStarting

from

2011,

decrease

in

rents

in

Spain

and

Italy,

corresponding

to(48)m(1) ProFormaimpactin2010

Fixedrentsindexedon:

ILC(IndicedesLoyersCommerciaux)inFrance

IPC(ndicedePreciosdeConsumo)inSpain

IPC(Indicedeiprezzialconsumo)inItaly

Rentsrevisedatmarketvalueattheoccasionofthesecondleaserenewal(ie.inac.20yeartimeframe)

Triplenetrents,inlinewithbestmarketpractices

Recurringworksandrepairs,includingthoserelatedtoarticle606oftheFrenchCivilCode(2) (heavywork),tobepaidbyCarrefour

Oneoffheavyworkidentifiedbytechnicalaudits(estimatedatc.290m3)tobepaidandperformedbyCarrefourProperty

RentsRents

Chargesand

conditions

Chargesand

conditions

Securedleaseagreementsforboth

Carrefour

Property

and

Carrefour

Notes1 Grossrentimpact:40minSpainand8minItaly2 OrsimilarconceptinSpainandItaly3 Expensesincurredoveraperiodof7yearsandalreadydeductedfromappraisedGAV


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29

Envisagedgovernance:armslengthrelationshipbetweenCarrefourand

CarrefourProperty

BoardofDirectors

BoardofDirectors

Interactions

betweenCarrefour

PropertyandCarrefour

Interactions

betweenCarrefour

PropertyandCarrefour

Chairman:Carrefourrepresentative

12memberswitha3yearmandate:6Carrefourrepresentatives(incl.theChairman),4independentmembers,1BlueCapitalrepresentativeandtheCEO

CastingvotegrantedtotheChairman

AuditandRemunerationCommittees

3members:2independentmembersand1representativefromCarrefour.Presidency:independentmember

SpecificmissionoftheAuditCommittee:reviewofthecontractual

relationshipsbetween

Carrefour

Property

and

Carrefour

CoordinationCommittee (6members,50/50betweenCarrefourPropertyandCarrefour):Monitoringtheimplementationofleasecontracts,managementofinformationflow

DevelopmentCommittee foreachcountry(6members,50/50between

CarrefourProperty

and

Carrefour):

Monitoring

the

execution

and

achievementofdevelopmenttargetsatcountrylevel

Reciprocalpriorityrightregardingnewdevelopmentprojects

PreemptionrightgrantedtoCarrefourincaseofanhypermarketdisposal

Carrefourwillmaintainrightstoexpanditsstoresnotablyfordrivein

concepts


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30

CarrefourProperty,

aunique

equity

story

Note1 %ofEPRAearnings

2.0bnpipeline,10%yieldoncostTarget30%ofshoppingmallnetrental

incomein2015E

TheleadingpureplaypropertycompanyinEuropefullydedicatedtoretailRealEstate,benefitingfrom

theCarrefourglobalfranchise

TheleadingpureplaypropertycompanyinEuropefullydedicatedtoretailRealEstate,benefitingfrom

theCarrefourglobalfranchise

2010grossassetvalue:10.4bn,inFrance,ItalyandSpain

100%retail

ExperiencedmanagementteamdeliveringvalueacrossthewholeRealEstatevaluechain

ExperiencedmanagementteamdeliveringvalueacrossthewholeRealEstatevaluechain

Morethan300professionalsAverageof15yearsexperienceinreal

estate

for

top

management

Pipelineofprojectsofferingsuperiorriskadjustedreturnsanddiversifyingthetenantbase

Pipelineofprojectsofferingsuperiorriskadjustedreturnsanddiversifyingthetenantbase

AnattractivedividendpotentialAnattractivedividendpotentialHigh

cash

flow

/dividend

generation

(targetdividendpayout1 of80%)

Core

portfolio

long

term

leased

to

Carrefour

with

securedinflationindexedcashflow

CoreportfoliolongtermleasedtoCarrefourwithsecuredinflationindexedcashflow 628m

of

net

rental

income

in

2010PF

collectedfromCarrefourandindexed

AsoundfinancialprofileAsoundfinancialprofileTargetLTV2011E2015Einlinewith

peers(between40%45%)

ClearandbalancedgovernancebetweenCarrefourPropertyandCarrefour

ClearandbalancedgovernancebetweenCarrefourPropertyandCarrefour

CompliancewithAFEPMEDEFgovernancerecommendationswith

clearlongtermagreements


31/41

31

31

Proposedspin

off

execution

and

timetable


32/41

32

BEFORE(1)BEFORE(1)

CARREFOURPROPERTY

SHAREHOLDERSCARREFOUR

PROPERTY

SHAREHOLDERS

AFTER(1)AFTER(1)

25% 100%

CARREFOURSHAREHOLDERSCARREFOURSHAREHOLDERS

CARREFOUR CARREFOUR

75%

DIACARREFOURPROPERTY

100% 100%

CARREFOURPROPERTY

ProposedLegalStructure

DIA

SHAREHOLDERSDIA

SHAREHOLDERS

DIA

100% 100%

CARREFOURSHAREHOLDERSCARREFOURSHAREHOLDERS

Spinoffthroughdistributionofaspecialdividendinkind

DiawouldbelistedontheMadridstockexchange

Carrefour

Property

would

remain

listed

on

the

Euronext

Paris

stock

exchange

Note1 Simplifiedorganisationchart


33/41

33

SpecialdistributioninkindofDiashares

Carrefourshareholders

would

receive

Dia

shares

StructureStructure

TaximpactTax

impact

ListingListing MadridStockExchange

DIACARREFOURPROPERTY

Merger/contributionoftheFrench,SpanishandItalianRealEstatesubsidiariestoCarrefour

Property

Developement(1) (CPD)

SpecialdistributiontoCarrefourshareholdersofc.25%ofCarrefourPropertysharecapital

CarrefourshareholderswouldreceiveCarrefourPropertyshares

Shareholderstaxed

according

to

standard

dividenddistributionregime

EuronextParis

Transactionsubject

to

Carrefours

EGM

approval

Employeerepresentativestobeconsulted

RequirementsRequirements

Transactionsubject

to

tax

ruling

in

Spain

andCarrefourandCPDEGMapprovalsscheduledinJune2011

Employeerepresentativestobeconsulted

ProposedTransactionStructure

Notes1 Listedcompany,99.5%

ownedby

Carrefour

Carrefourwouldholdc.75%andintendstoretaincontrolinthelongterm

Twolistedcompanieswithnocapitallinksbetweenthem

Shareholderstaxed

according

to

standard

dividenddistributionregime


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34

ProposedTimetable

ofthe

Two

Transactions

March3FY2010resultsannouncement

March3FY2010resultsannouncement

StartofMayRulinginSpain

Submission

of

the

contributionappraiserreport

StartofMayRulinginSpainSubmissionofthecontribution

appraiserreport

BeginningofJulyDistributionofDiasharestoCarrefourshareholdersandlistingofDia

BeginningofJulyDistributionofDiasharestoCarrefourshareholdersandlistingofDia

May18/19 AMFclearanceof

DocumentE InvestorDay

May18/19 AMFclearanceof

DocumentE InvestorDay

EndofJune CNMVexpected

approvalofthesecuritiesnoteoftheprospectusafterCarrefourAGM

EndofJune CNMVexpected

approvalofthesecuritiesnoteoftheprospectusafterCarrefourAGM

BeginningofJuly

Distribution

of

CarrefourPropertysharestoCarrefourshareholders

BeginningofJulyDistributionofCarrefourPropertysharestoCarrefourshareholders

May18 CNMVexpected

approvaloftheregistrationdocumentoftheprospectus

May18 CNMVexpected

approvaloftheregistrationdocumentoftheprospectus

June21CarrefourAGMSpinoffapprovals

June21CarrefourAGMSpinoffapprovals

MarchMarch MayMay JulyJulyJuneJuneAprilApril

EndofMay/JuneAMFclearanceofdocumentsforthespecial

distribution

inkind

EndofMay/JuneAMFclearanceofdocumentsforthe

specialdistribution

inkind

June23 Carrefour

PropertyAGM:

Mergerandcontributionsapprovals

June23 Carrefour

Property

AGM:

Mergerandcontributionsapprovals

EarlyMarch Submissionof

ProspectustoCNMV

EarlyMarch Submissionof

ProspectustoCNMV

May19 Investor

Day

May19 Investor

Day


35/41

35

The

new

profile

of


36/41

36

101.1billion

in

sales

Inc.taxes,under

Groupbanners2010TURNOVERTURNOVER

Operations

in33countries

(18integratedcountries)

31%emerging

markets

9,564stores(inc.franchisees)

1,401hypermarkets

11th largestemployer

intheworld:around411,000

employeesworldwide

N2retailer WorldwideN1Europeanretailer

GEOGRAPHICSPREAD

GEOGRAPHICSPREAD

STORESSTORES

EMPLOYEESEMPLOYEES

MARKETPOSITION

MARKETPOSITION

Amorefocusedand

dynamicCarrefour

CarrefourProforma

afterspin

off


37/41

Carrefoursfootprint:N1or2

in12

of

17

(1)

countries

N 1 and 2 leading positions N 3 and 4 market positions (1) : 18 countries including INDIA


38/41

38

CarrefourBrandandbanners

Concentrationon

core

operating

performance

Determinedexecutionoftransformationplan

FOCUSED

Unleashingpotentialof Carrefourbrandedproducts

ReinvigoratingWestern

Europe

through

Planet

rollout

Strongemergingmarketprofile

Amorefocusedand

dynamicCarrefour

DYNAMIC

f d d


39/41

39

Amorefocusedand

dynamicCarrefour

TO BECOME THE PREFERRED RETAILER

FOR OURCUSTOMERS

FOR OURSHAREHOLDERS

FOROUR EMPLOYEES


40/41

40


41/41

41

2011Agenda

DecOct Nov

April14

Q1sales

March3

2010FullYear

Results

July13

Q2sales

August31

2011HalfYear

Results

June

AnalystDays

October13

Q3sales

Feb Mar May Jun Jul Aug SepAprJan

May19

InvestorDayDia

&Property

June21

AGM

Carrefour Spin OffUKok

Documents