Progressively less deflation in France in a very competitive market
- Carrefour hypermarkets continued to grow market share in the Quarter thanks to our consistent and determined pricing strategy
- Food price deflation eased progressively over the period as a result of raw material price increases which have been passed on by suppliers
- Overall, sales growth was impacted by a strong negative calendar impact in the period (-2%), the impact of a poor summer on apparel and other seasonal items, and our decision to stop selling petrol at a loss to our franchisees (-1.2%)

Growth in Europe driven by robust performance in Spain
- Like for likes in Spanish hypermarkets were driven by strong performance in food and consumer electronics
- Our multi format, single brand, strategy in Spain, delivered close to double digit like for like sales in supermarkets, annualising double digit growth in 2006
- Major efforts are underway to remedy weak sales trends in Belgium and Italy

Continued strong trends in Growth markets*
- Growth markets grew sales overall by around 30%
- We have successfully integrated new acquisitions in Brazil and Poland

Further acceleration of new m2 to turn the virtuous circle faster
- 12% more new space opened in Q3 2007 than in Q3 2006, of which 80% were opened in Growth markets
- Tactical acquisitions accounted for 3% to the total growth

Confirmation of guidance for the year
- Sales growth on constant exchange rates faster than in 2006
- Activity Contribution will grow, but at a slower pace than sales

*Activities outside France, Spain, Belgium and Italy