Institutional Presentation June, 2018

Institutional Presentation June, 2018

THE LEADER IN BRAZILIAN RETAIL: OVERVIEW NATIONWIDE PRESENCE Multiformat and omnichannel platform 150 (3) Atacadão stores Hyper Convenience Drugstores 11% 23 Atacadão Wholesale Super Gas stations 4% 103 Hyper GROSS SALES ADJUSTED EBITDA 9% 41 Super R$52.4 bn (2) R$3.5 bn (2) 8% 68% 119 Convenience 81,000 employees (3) Stores per region (1)(3) 76 Gas stations Nº 1 in cash & carry wholesale (1) Nº 1 in food retail (1) 638 126 Drugstores (1)In terms of sales; (2) In December 2017; (3) All figures refer to the fiscal year ended in March 2018 2

3 AN EXPERIENCED TEAM STRENGTHENING THE BUSINESS Noël Prioux Carrefour Brazil Group CEO 34 years in the Group Jose Luis Gutierrez Carrefour Retail CEO 28 years in the Group Roberto Müssnich Atacadão CEO 11 years in the Group Paula Cardoso Carrefour Soluções Financeiras CEO and Executive Director of Client, Services and Digital Transformation 5 years in the Group Stéphane Engelhard Institutional Relations, Communications and Sustainability Executive Director 6 years in the Group Sylvia Leão People Management Executive Director 3 years in the Group Sébastien Durchon Carrefour Brasil CFO 7 years in the Group Yen Wang Carrefour Property Executive Director 3 years in the Group

4 2018 PRIORITIES Further develop omnichannel strategy Recent launch of drive pick-up in São Paulo, to be expanded to other stores by year-end Roll out of click-and-collect in all our hypermarkets by end-2018 Steady growth in e-commerce sales: Marketplace to reach 20% of GMV and number of SKUs x3 by year-end CRM to reach 9 million clients by December 2018 Accelerate expansion: Capex of R$1.8 billion 20 Atacadão openings, 10 new supermarkets under the Market banner and 20 Express convenience stores Leverage financial services across formats: 2 million Atacadão cardholders and break-even by year-end Launch of digital wallet by year-end Differentiate through food quality: Revitalize our own brands with focus on healthy food Develop local products and organic offer

5 CARREFOUR 2022 Transformation plan update Deploy a simplified and open organization o o o Improve HQ efficiency Partnerships with specialists and sector leaders Attract and develop talents Achieve productivity and competitiveness gains o Improve in-store productivity across formats, including the use of new technologies o Optimize management of our asset portfolio o Break even on the Atacadão card before year-end 2018 Create an omnichannel universe of reference o Open 20 Atacadão stores per year to consolidate market share - Identified potential for 120-140 additional stores o Develop food e-commerce with the ambition to become the national leader o Roll out non-food e-commerce with the ambition of being among the Top 5 players in Brazil - Develop the marketplace (x3 SKUs by year-end) and leverage customer base of Atacadão and Carrefour cards o Deploy Click & Collect in supermarkets and hypermarkets in 2018 o Reach 2 million Atacadão cards by year end 2018 o Leverage CRM to better target our customers Overhaul the offer to promote food quality o Initiate the food transition through private label, target to reach 15% of FMCG sales through private labels o Grow share of local products to reach 15% of fresh sales through FMCG products

6 ATACADÃO STRONG TRACK RECORD OF EXPANSION 2007 36 Stores 9 States + Federal District <4 stores 4 stores 10 stores 3 3 1 1 2 17 3 1 1 4 2017 146 Stores 26 States + Federal District <4 stores 4 stores 10 stores 1 3 2 1 7 4 1 4 2 2 5 43 6 2 8 2 6 2 12 5 2 10 3 4 6 2 1 39% coverage of Brazilian cities and 69% of population New Atacadão stores since 2007 +110 189 145 157 169 23 131 20 22 22 23 65 78 91 103 114 36 47 58 70 80 91 97 111 123 135 146 166 4 4 7 8 11 12 17 40 51 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018e Atacadão Stores Delivery Wholesale Note: Supeco Included

7 ATACADÃO RESULTING IN CONTINUED GROWTHCONSISTENT RESULTS AND PROFITABILITY GROSS SALES R$bn CAGR: +20.0% 0.6 0.8 10 12 14 17 19 22 26 32 34 Growth Like for Like 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 13.9% 37.2% 27.7% 25.5% 16.4% 20.3% 11.7% 17.3% 17.8% 21.1% 8.0% 5.4% 25.0% 6.8% 11.1% 7.0% 12.2% 6.5% 9.1% 10.4% 15.3% 3.6% ADJUSTED EBIT (1) R$m m CAGR: +22.2% 250 324 478 545 654 753 942 1,027 1,181 1,508 1,861 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 EBIT margin 5.4% 5.0% 5.6% 5.1% 5.2% 5.0% 5.5% 5.0% 5.0% 5.2% 6.0% Note: (1) Adjusted for non-recurring items

8 CARREFOUR RETAIL: MULTIFORMAT AND OMNICHANNEL PLATFORM TO ADDRESS ALL CONSUMER HABITS Hyper MULTIFORMAT AND OMNICHANNEL Super Express Gas Station and Drugstore E-Commerce Everything under one roof at the right price Weekly replenishment and replacement purchases Weekly or daily replacement purchases Daily and emergency purchases Complementary services The broadest assortment any time, any place and on any device Stores 2017 103 40 1 119 Gas stations: 76 Drugstores:126 Average sales 7,000 m areas 2 1,500 m 2 500m 2 190 m 2 Location City Residential areas Verticalized residential areas Commercial areas

9 CARREFOUR BRASIL: LEADER IN HYPERMARKETS CONTINUED MARKET SHARE GAINS 103 STORES STRATEGICALLY LOCATED IN LARGE CONSUMPTION POLES CONTINUED MARKET SHARE GAINS North: 5 stores Contribution to sales 3% Contribution to GDP 5% Northeast: 9 stores Contribution to sales 9% Contribution to GDP 14% 30.8% 30.3% 29.0% Mid-West: 7 stores Contribution to Contribution sales to GDP 9% 10% 27.4% South: 10 stores Southeast: 72 stores Contribution to sales 8% Contribution to GDP Contribution to sales Contribution to GDP 17% 54% 72% State of SP 55 stores 2014 2015 2016 2017 Source: Market-share Nielsen Total Stores 2015-2017, internal analysis for 2014; IBGE (GDP 2015); Carrefour Hypermarket Sales 2017

Financial Highlights

11 INFLATION TREND 1 6.5% 4.3% 3.0% 2.5% 2.4% 2.2% 1.5% 1.1% 1.1% 0.2% 0.1% 0.3% 1.0% 0.6% -0.6% -1.9% -0.6% -1.0% -2.9% -2.5% -1.5% -1.5% -1.6% -2.0% -3.9% -3.8% -4.0% -4.3% -3.1% -4.7% -3.3% -4.2% -4.3% -3.7% -5.0% -5.2% -5.3% -5.1% -5.3% -4.9% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 (Inflation Flat) 2018 (Inflation Positive) 2018 (Inflation Negative) 2017 2018 (Inflation Flat) 2018 (Inflation Positive) 2018 (Inflation Negative) Jan 0.17% 1.12% 1.12% 1.12% Feb -0.75% -0.61% -0.61% -0.61% Mar 0.31% -0.18% -0.18% -0.18% Apr 0.68% 0.27% 0.27% 0.27% May -0.56% 0.00% 0.20% -0.20% Jun -0.93% 0.00% 0.20% -0.20% Jul -0.81% 0.00% 0.20% -0.20% Aug -1.84% 0.00% 0.20% -0.20% Sep -0.74% 0.00% 0.20% -0.20% Oct -0.17% 0.00% 0.20% -0.20% Nov -0.72% 0.00% 0.20% -0.20% Dec 0.42% 0.00% 0.20% -0.20% 1 Information from January 2017 until April 2018 from IBGE IPCA Food at home. From May 2018 until December 2018 are estimates.

12 2017: HIGHEST-EVER NET INCOME R$1.6 BI, +36.2% VS 2016 CONSOLIDATED IN R$ MILLION 2017 2016 % Gross sales ex petrol. 49,653 46,317 7.2% Gross sales 52,376 49,102 6.7% Net sales 47,768 44,957 6.3% Other revenues 2,512 2,577-2.5% Net Revenues 50,280 47,534 5.8% Net sales (including petrol) + 6.3% or R$2.8bn despite strong deflation Gross profit +8.0% in 2017 with 21.5% margin, +0.34 p.p. year-on-year Adjusted EBITDA was up 4.7%, including the investment in the Atacadão card roll-out of R$106mn; excluding this investment, EBITDA was up 7.9% and EBITDA margin was up 7.6% (+10 bps) Gross profit 10,257 9,501 8.0% Gross Margin 21.5% 21.1% +0.34 p.p. Adjusted EBITDA 3,516 3,357 4.7% Adjusted EBITDA Margin 7.4% 7.5% -0.11 p.p. Adjusted EBIT 2,835 2,792 1.6% Adjusted EBIT Margin 5.9% 6.2% -27 p.p. Financial result (660) (781) -15.5% Net income (Group share) 1,599 1,174 36.2% Net Margin 3.3% 2.6% +0.74 p.p. Financial expenses fell by 15.5% year-on-year due to significantly lower debt levels coupled with lower interest rates Net income (Group share) +36.2% to R$1.6bn in 2017 with solid operational performance, tax credits and significantly lower financial expenses Excluding all other operating income/expenses, net income was up 12.4% to R$1.4bn in 2017 Nota: (1) In 4Q16 Carrefour retail was awarded R$24 million regarding IPTU tax gain from prior years. SG&A expenses and EBITDA of 2016 were therefore adjusted to reflect this one-off gain.

SOLID SALES AND PROFITABILITY GROWTH DRIVEN BY STRONG EXPANSION AND LIKE-FOR-LIKE Like-for-like growth (%) Gross sales (R$ million) +17.3% +17.8% +21.1% +8.0% 9.1% 10.4% 15.3% 22.1 26.1 31.6 34.1 3.6% 2014 2015 2016 2017 2014 2015 2016 2017 Adjusted Ebitda (R$ million and % of net sales) 6.9% 5.9% 5.8% 6.0% 2,127 1,730 1,192 1,390 2014 2015 2016 2017 Continuous gains in volumes, leading to LFL growth above food inflation Expansion of 10 to 12 stores per year, resulting in 5 to 7 p.p. in additional sales growth Significant EBITDA increase: +R$1bn in 3 years ~6% historical margin 2017 margin: +100bps thanks to efficiency gains over and above the positive impact of tax credits 13

14 A ROBUST MODEL ACROSS THE CYCLE DESPITE ECONOMIC SLOWDOWN AND STRONG FOOD DEFLATION Like-for-like growth (%) Gross sales (R$ billion) 5.0% 3.9% 3.1% 1.8% +4.3% +5.3% +5.4% +4.3% 15.8 16.6 17.5 18.3 2014 2015 2016 2017 2014 2015 2016 2017 3.8% 552 Adjusted Ebitda (R$ million and % of net sales) 5.2% 6.4% 5.6% 803 1,031 941 Positive LfL despite deflation; double-digit growth in non-food sales Gross sales growth reflects expansion in convenience formats and more recently in e-commerce: +250bps in 2017 Evolution of EBITDA and EBITDA margin temporarily impacted by cost inflation and sales deflation 2014 2015 2016 2017

15 BANCO CSF: PARTLY MITIGATED THE NEW CREDIT CARD REGULATION AND LOWER INTEREST RATES Interest (Delinquency + Revolving) Statement Finance Client Fees Retail Fees (On/Off-Us) Insurance R$ 3mn -9% GROSS F INANCIAL R EVENUE 1,131 8% 18% 5% 8% 1,314 11% 17% 5% 9% CAGR +21% 1,696 9% 12% 14% 5% 2,167 9% 13% 13% 4% 2,420 8% 14% 15% 4% 2,200 10% 17% 24% 4% 62% 59% 61% 61% 59% 45% 2012 2013 2014 2015 2016 2017 Average rate charged Retail Fees¹/ Operating Expenses 14.3% 13.6% 14.1% 14.2% 14.5% 12.1% 81.2% 90.1% 94.7% 104.2% 98.1% 106.8% Note 1 : Client fees + Interchange + Insurance Atacadão Carrefour

CSF: ADJ. EBITDA GROWTH OF 25% IN Q1 2018 (R$M) ACTIVITY (Carrefour and Atacadão Credit Card Billings) +37.5% (R$M) CREDIT PORTFOLIO, Comparable basis (Quarter-End) 4,205 5,782 4,079 4,538 Q1 2017 Q1 2018 Carrefour Credit Card Billings Atacadão Credit Card Billings Other Products ADJUSTED EBITDA Reconciliation (R$M) Coverage Ratio *Considering prior IFRS methodology ** Considering IFRS9 16 * IFRS impact in Q1 was -R$10 million at Atacadão and +R$12 million at Carrefour Very strong growth in total billings Continued improvement in the quality of our loan portfolio, on a comparable basis Adjusted EBITDA +25% at R$219 million, despite change in regulation, drop in interest rates and investment in Atacadão card

17 STRONG IMPROVEMENT IN FREE CASH FLOW SIGNIFICANT DELEVERAGING POST-IPO Cash Flow (R$ million) 1,052 1,092 Discounted Receivables -2.9 5.7 Cash 1.4 Net Debt (R$ billion) 4.3 100% of debt in local currency Gross debt/ebitda fell from 1.8x at the beginning of the year to about 1.2x in Q4 17 288 Bank and intercompany debt 4.3 3.5 1.8 5.1 We ended 2017 with net cash of R$800 million compared to a net debt of approximately R$2.1 billion in 2016, including discounted receivables 2.2 2.5 Net Cash -0.8-638 2014 2015 2016 2017 2016 2017

Strategy

19 FURTHER GROWTH POTENTIAL IN THE BRAZILIAN MARKET FOR ATACADÃO MODEL DETAILED ANALYSIS OF DATA REINFORCED BY CARREFOUR BRASIL EXPERTISE EVALUATION OF POTENTIAL FOR NEW ATACADÃO STORE Analysis prepared according to Carrefour Brasil s quantitative model to assess market potential BRAZIL 5,741 CITIES Based on social and demographic data with over 1,000 variables Correlation between demographic data with sales per Atacadão store to find potential sites for new stores Evaluation based on the macroeconomic scenario and current market Major 20% cities with highest potential for the format Space for + 120~140 Atacadão stores in ~80 cities

20 ATACADÃO CREDIT CARD IMPORTANT GROWTH DRIVE FOR THE BUSINESS An attractive value proposal for customers Adapted to Atacadão s commercial model Co-branded credit card only card accepted at Atacadão, also accepted in other stores, Brazil and abroad Competitive annual fee below market rates Exclusive benefits Initial focus on individuals and small businesses (buying as individuals, hybrid customers) Lower intermediation fee (MDR) and short payment terms, equivalent to a debit card Benefits at Group drugstores and service stations Over 1 MM cards issued (Feb/18), estimate of 2 MM cards by the end of 2018 Average spending 15% higher with card Potential new customers for Carrefour e- commerce (non-food)

21 CARREFOUR HAS 5 KEY OMNICHANNEL PROJECTS FOR 2018 TO IMPROVE ONLINE-OFFLINE INTEGRATION AND CONSISTENCY Omnichannel sales 1 Shop online and collect at the nonfood store (click & collect) 2 Shop online and collect at the food store (Drive) 3 In-store Online shopping (Long tail) Customer service integration Communication 4 Integration of customer service 5 Omnichannel offers

22 CLICK & COLLECT IMPLEMENTATION IN H1 2018 Nov. 2017 H1 2018 H2 2018 First test during Black Friday in 2017 39 stores 4% of online sales First phase Improvements in the system and operating model 12 stores Roll out in São Paulo and Rio de Janeiro Food and non-food Complete Roll Out in Brazil

23 CRM LAUNCHED ONLY 8 MONTHS AGO... Identified Sales (with CSF card) Identified Tickets Identified CPFs Registered Customers App Downloads Coupons 61% 31% 3.1MN 5.8MN 780K 2.7MN 226K active Before launch: 61% 26% 1.4% 3.4% Evolution since launch: 17% 6% 254% 40% Target in Dec. 2018: 65% 40% 9MN 1.5MN

24 OMNICHANNEL: BUILDING INTERACTIONS BETWEEN THE PHYSICAL AND DIGITAL WORLDS Stores E-commerce Click & collect (food and non-food) Normal store Ship from the store to customer s home Picking in: Hybrid store Dark store Sell e-commerce products in-store (Long Tail) Other in-store digital experience (mobile, payment, product, information)

OMNICHANNEL CUSTOMER SERVICE ROADMAP Today Phase 1 Q3/18 Phase 2 Q4/18 Phase 3 Q2/19 Decentralized Management Lower Efficiency Strategy for Social Media Customer Journey Improvement Customer Journey with different touch points Low Engament rate Integrated Vision Centralized Management Customer Vision Unifying Retail Plataform Standardization of SLA s Full Centralized Mangement Single Plataform and Contact Number First Call Resolution increase Increase Efficiency Boost Customer Experience 25 Low Omnichannel Maturity Medium Advanced Full Omnichannel Maturity Omnichannel Maturity Omnichannel Maturity

26 USING ADVANCED DATA ANALYTICS IN INTERNAL GROUP ACTIONS Off to On E-com to Gas station Basket Increase Counter attack Special offers for clients buying at competition, increasing activation by 10% Action for e-com clients buying tires, with a discount for gas stations, with 17% activation coming from new clients Discount voucher for click & collect clients to buy at stores, converting 30% purchases to hyper Communication of daily offers to drive clients buying at competitors, increasing activation by 5%.

Appendix

28 STRONG CAPEX SUPPORTING FUTURE GROWTH SOLID EXPANSION FOCUSED ON HIGHER-RETURN FORMATS CAPEX (R$ million) 1,653 1,593 1,787 1,808 51 57 20 26 606 726 800 668 1,145 1,008 832 900 Evolution in the number of stores 634 502 463 566 71 66 125 123 121 70 21 4 41 41 40 101 102 101 19 22 22 76 126 119 41 103 23 111 123 135 146 72 Gas Stations Drugstores Convenience Supermarkets Hypermarkets Delivery wholesale Cash & Carry 2014 2015 2016 2017 Atacadão Carrefour CSF 2014 2015 2016 2017

29 C&C GAINED IMPORTANCE ECONOMIC SCENARIO BROUGHT STRUCTURAL CHANGES IN CHANNEL MIX EVOLUTION OF CHANNELS RELEVANCE IN VALUE STORES OPENINGS SINCE 2013 24.4% 34.6% +23 +868 +1,333 +247 % STORE TRAFFIC IMPACT vs PERFORMANCE ON LAST YEAR S RESULTS CASH & CARRY 16.6% SELF-SERVICE + + HYPERMARKET SUPERMARKET NEIGHBORHOOD 75.6% 65.4% 77.8% 100.0% 100.0% 83.4% 22.2% HYPERMARKETS SUPERMARKETS NEIGHBORHOOD C&C 2013 2017 OPENING/CLOSURE OF STORES PERFORMANCE Source: Nielsen

DISCLAIMER This document contains both historical and forward-looking statements on expectations and projections about operational and financial results of the Company. These forward-looking statements are based on Carrefour management's current views and assumptions. Such statements are not guarantees of future performance. Actual results or performances may differ materially from those in such forward-looking statements as a result of a number of risks and uncertainties, including but not limited to the risks described in the documents filed with the CVM (Brazilian Securities Commission) in particular the Reference Form. The Company does not assume any obligation to update or revise any of these forward-looking statements in the future. About Grupo Carrefour Brasil Grupo Carrefour Brasil has been present in Brazil for over 40 years and is the market leader in food distribution and retail. By operating a multiformat and omnichannel platform, it combines retail and cash & carry operations, as well as financial solutions for its clients through Banco Carrefour. We also manage our real estate and portfolio of galleries and shopping centers through our real estate division - Carrefour Property. The Group is present in every state of Brazil, which allows us to meet the different needs of its millions of customers across the country. In 2017, we reinforced our e-commerce presence with the launch of a marketplace platform of and a proprietary e-commerce food operation via our website www.carrefour.com.br. In traditional retail, we operate with several formats of stores: Carrefour (hypermarket), Carrefour Bairro and Carrefour Market (supermarket), Carrefour Express (convenience store) and Atacadão (cash & carry and delivery wholesale) as well as Supeco (compact wholesale cash&carry). Additionally, we offer complementary services to our food distribution business with gas stations and drugstores services branded as Carrefour and Atacadão. We are the largest retailer in Brazil and operate more than 638 points of sale. With gross sales of R$ 52.4 billion in 2017 and more than 82,000 employees, the company is one of the largest private employers in the country and the largest retailer among the 20 largest listed companies at the B3 - Brazilian Stock Exchange. IR Contact Sébastien Durchon Daniela Bretthauer Christelle Freire CFO and Director of Investor Relations Investor Relations Director Investor Relations Coordinator Telephone: +55 11 3779-8500 Letícia Montagnani ribrazil@carrefour.com Investor Relations Coordinator www.grupocarrefourbrasil.com.br