Spanish market authorities (CNMV) have approved on Wednesday 20th of November 2002 the terms of the exchange offer on Centros Comerciales Carrefour shares, announced by Carrefour the 18th of September 2002.

The operation applies to the 20.3% of Centros Comerciales Carrefour equity, or
68.5 million shares, not directly or undirectly controlled by Carrefour. The exchange parity proposed is 3 CARREFOUR shares for 10 CENTROS COMERCIALES CARREFOUR shares.

The offer is opened from the 21st of November 2002 to the 27th of December 2002.

An Extraordinary shareholders meeting will be held by Carrefour the 5th of December 2002, to decide on the issue of new Carrefour shares possibly required for the remuneration of this offer. In the likely hypothesis there is no quorum the 5th of December, the meeting would be held after a second notification on Thursday the 12th of December 2002.

Contacts Presse : Christian d'Oléon - Christian Honoré - 01 40 70 11 89
Carrefour Investor relations : Vincent Barucq - Patrice Moulin - (33) 01 53 70 19 00

This document refers to an offer solely valid in Spain.
You will have access to information contained in this document which shall not constitute, and may not be used for the purposes of, an extension to the offer, or an offer or canvassing of securities in the United-States of America or in any other jurisdiction in which such offer would require the publication and/or registration of supplemental documents to the Spanish prospectus.
In consequence, no copy/transcript of this document, and no other document with respect to the offer shall be sent by courier, fax, mail, telex, telephone, Internet or any other means of communication, or disclosed, or released in the United States of America or in any other jurisdiction in which the offer is not made by any means whatsoever.
Any acceptance of the offer one can consider resulting directly or indirectly of a violation of the above restrictions will be considered null and void.
The information contained in this document are for general guidance only and it is the responsibility of any person entering into/reading this Website/Document to inform him or herself of all applicable legal and regulatory requirements and other consequences that might apply in any relevant jurisdiction (including the United States of America), as a consequence of his or her citizenship, residence or domicile or otherwise.