Training and Assistance: Groupe Casino offers assistance in virtually all phases of opening. Advisors are available to answer incoming franchisees’ questions as part of the project (choice of teaching, management and development of the concept store, initial training) as in the course of running the store (ongoing sales support, training) so. The Casino Group’s 329,000 employees worldwide, including 71,129 in France, pool a plethora of skills, styles and cultures. Embracing this diversity is one of the fundamental values that the Group nurtures on a daily basis, in-house and beyond.

Q1 2020 additional financial information
As part of the quarterly information requirements included in the documentation in relation to
the fall 2019 refinancings (cf. press release of 21^st November 2019)

Friday 15^th May, 2020

Highlights: Thomas black jack ketchum.

Goodoperational performance in Q1 (EBITDA and working capital) translated into higher cash-flows, with change in cash and cash equivalent in Q1 2020 improved by +€250m in France compared to Q1 2019;
Strong liquidity in France as at March 31^st with over €2.9bn in cash and undrawn credit lines;
Ample headroom on covenants as of March 31^st: headroom of €925m in Gross Financial Debt for the Gross Financial Debt/EBITDA ratio and headroom of €485m in EBITDA for the EBITDA/Net finance costs ratio.

Financial information for the quarter ended 31^st March, 2020:

(in M €, post-IFRS16)	France Retail + E-Commerce	LATAM	TOTAL
Revenues⁽¹⁾	4 338	3 955	8 294
EBITDA⁽¹⁾	192	245	437
(-) impact of leases⁽²⁾	-170	-89	-259
Adjusted Consolidated EBITDA including leases⁽¹⁾	22	156	178

(1)Unaudited data, perimeter as defined in financing documentations with mainly Segisor accounted for within France Retail + E-commerce perimeter
(2) Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation

Consolidated net sales at €8.3bn, up +7.9% on an organic basis¹ and +6.4% on a same-store basis¹, including the impact on food consumption of the Covid-19 epidemic since mid-March. For additional information, please refer to the Q1 Net Sales press release dated 23 April 2020.

For “France Retail + E-commerce”, EBITDA was up +€67m compared to Q1 2019 driven by the additional business generated since mid-March and the impact of the cost-savings plans. Latam EBITDA decreased by
-€15m due to currency effects, while consolidated proforma EBITDA published by GPA increased by +2%. For additional information on Latam results, please refer to the 1Q20 Earnings release published by GPA dated 13^th of May 2020.

The impact of leases was €259m of which €170m was for the “France Retail + E-commerce” perimeter and €89m for the Latam perimeter.

Financial information on a last 12-month period ended 31^st March, 2020:

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(in M €, post-IFRS16)	France Retail + E-Commerce	LATAM	TOTAL
Revenues⁽¹⁾	18 252	16 326	34 579
EBITDA⁽¹⁾	1 601	1 091	2 691
(-) impact of leases⁽²⁾	-654	-314	-968
(i) Adjusted Consolidated EBITDA including leases⁽¹⁾	946	776	1 723
(ii) Gross financial debt : Loans and borrowings⁽¹⁾⁽³⁾	6 409	3 046	9 455
(iii) Cash and Cash Equivalent⁽¹⁾⁽³⁾	962	1 081	2 042

(1) Unaudited data, perimeter as defined in financing documentations with mainly Segisor accounted for within France Retail + Ecommerce perimeter
(2) Interest paid on lease liabilities and repayment of lease liabilities as defined in the documentation
(3) Data as of 31^st March, 2020

As at 31^st March 2020, the Group’s liquidity within the “France + E-commerce” perimeter was €2.9bn, with €962m of cash and cash equivalent and €1.98bn of undrawn confirmed credit lines.

Following the particularly strong sales performance in March, the Group’s working capital was improved compared to the seasonal impact than is typically experienced in the first quarter of the year.

Within the “France Retail + E-commerce” perimeter, change incash and cash equivalent during Q1 2020 improved by €250m compared to the change recorded in Q1 2019 as a result of the increase in EBITDA and the positive impact of sales and inventory management on working capital. As at March 31^st, 2020, €350m of confirmed credit lines were drawn and €60m commercial papers were outstanding (compared to no drawn confirmed credit lines and €423m commercial papers outstanding as of 31^st March, 2019).

In France, the €257m March 2020 bonds were redeemed at maturity using the Segregated account (€193m) and available cash (€64m), and not refinanced.

Additional information regarding covenants and segregated accounts:

Covenants tested as from March 31st 2020 pursuant to the €2bn Revolving Credit Facility dated 18 November 2019
Type of covenant (France and E-commerce)	Level as at March 31^st 2020
Gross Financial Debt / Adjusted EBITDA⁽¹⁾ < 7.75x⁽²⁾	6.77x
Adjusted EBITDA⁽¹⁾ / Net finance costs > 2.25x	4.61x

(1) Adjusted Consolidated EBITDA including leases
(2) 7.75x at