1. 1 planetretail.net CARREFOUR INSIGHT DECK Growth markets and strategic initiatives GILDAS AITAMER Retail Analyst September 2013

2. 2 1.Introduction 2.Planet Retail View 3.Key Markets 4.Conclusions & Implications 5.Further Reading Contents All data correct at time of publishing.

3. 2. Overview

4. 4 Note: * Seed operations Asia China India France Franchises Marinopoulos Albania, Bulgaria, Cyprus, Macedonia, Greece Marinopoulos Albania, Bulgaria, Cyprus, Macedonia, Greece Majid Al Futtaim Armenia*, Bahrain, Egypt, Georgia, Iraq, Jordan, Kuwait, Lebanon, Oman, Pakistan, Qatar, Saudi Arabia, UAE Majid Al Futtaim Armenia*, Bahrain, Egypt, Georgia, Iraq, Jordan, Kuwait, Lebanon, Oman, Pakistan, Qatar, Saudi Arabia, UAE Europe Spain Belgium Romania Turkey Poland Italy Executive Director: Thomas Hübner Latin America Argentina Executive Director: Noel Prioux Brazil Executive Director: Luiz Fazzio Taiwan Executive Director Thierry Garnier Others Dominican Republic, French Guyana & Polynesia, Indonesia, Martinique, Guadeloupe, New Caledonia, Reunion Others Dominican Republic, French Guyana & Polynesia, Indonesia, Martinique, Guadeloupe, New Caledonia, Reunion Georges Plassat Chairman & CEO Georges Plassat Chairman & CEO Africa* Joint venture with CFAO Corporate Structure

5. 5 Carrefour operates a vast network of stores across the world. Although Western Europe is dominant, it is heavily reliant on LATAM for growth. ActiveSold, closed or withdrawn Note - Carrefour’s brief foray into Russia is not represented on this map ** Seed operations are market entries being considered by franchisee Majid-Al-Futtain and partner CFAO Seed operation**