FRANCE – Slowdown in Q4 impacting full-year Lfl sales growth

• Hypermarkets: Sales impacted by transportation and weather disruptions
• Carrefour Market: Continuing sales growth 
• Convenience stores: Strong performance from stores converted to Carrefour Contact/ City (409 stores at year-end); Launch of new concepts: Carrefour Express and Carrefour City Café 
• Market share gain: +50bp^*   like‐for‐like year to date for Carrefour banners
  

EUROPE – Improving Q4 performance in Belgium & Spain

• Belgium: First quarterly Lfl sales growth in 6 years: +1.5%
• Spain: Encouraging signs, improving trends in food sales (-1.7%) in Q4 ( vs-7.6% in 9 months 2010)

EMERGING MARKETS – Solid Q4 growth in Latin America and Asia 

• Brazil: Strong growth at constant exchange rates of +13.7%, boosted by Atacadao’s excellent performance
• China: Solid growth of +12.5% at constant exchange rates
  

HARD DISCOUNT – Improving Q4 performance, strong growth in emerging markets

• Spain: Continued market share gains in a persistently challenging environment
• France: Sustained growth in the 301 stores converted to Dia banner by the end of Q4 2010
• Emerging markets: Continued strong growth

_{*Source Nielsen year-to-date data, from 04.01.2010 to 05.12.2010}

COMPLETION OF EXTERNAL AUDIT IN BRAZIL

Confirmation of final one-off charge of €550m and decision to launch appropriate legal proceedings

ACTIVITY CONTRIBUTION

• Restatement of 2009 consolidated accounts and impact on 2010E accounts. Upon completion of audits in Brazil, our 2009 AC will be revised downwards by €52m. In addition, our 2010 AC will be impacted negatively by a €30m one-off charge. Both amounts are part of the €550m one-off charge for Brazil
• Solid AC growth

Underlying 2010E AC of €3,025m, up 11.0% vs. underlying 2009 AC of €2,725m 
Reported and restated 2010E AC of €2,965m, (impacted by a further €54m one-off charge following completion of external audits), up 9.4% vs restated 2009 AC of € 2,710m

Lars Olofsson, CEO and Board Member, declared:
“In a challenging environment, particularly in the second-half, Carrefour achieved solid sales growth and AC improvement for the full year.  2010 was a year of contrasts for Carrefour: heavy one-off charges weighed on our results, but we also saw several very satisfying achievements. Our Transformation Plan is on track and keeps on delivering strong results: improved price image and market share gains in France, very promising results of Carrefour Planet pilot stores and significant cost reductions exceeding €500 million. In addition, we posted solid growth in emerging markets and improved performances notably in Belgium, Poland, Taiwan and at Dia.  Our teams will continue to build on these achievements in 2011 and remain focused on executing our Transformation Plan.”