2004 RALLYE March 23 2005 Provisional unaudited figures

2004 RALLYE March 23, 2005 – Provisional, unaudited figures – French GAAP RALLYE – March 23, 2005

Summary Ø Ø 2004 RALLYE: 2004 Results 2004 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio 2004 dividend and outlook RALLYE – March 23, 2005 1

2004 Highlights Ø Ø Ø Rallye P Net income from current operations, Group's share rose 37. 6% to € 139 M P Strenghtened financial structure through bond issues in January and October 2004 for a total amount of € 1 bn Casino P Solid earnings base in France (op. income: +0. 6%) and clear increase in profitability of international markets (op. income: +76. 5%) P Growth of net income from current operations and net income from current operations, Group’s share after goodwill (+10. 8% and +6. 0% respectively) P Cashflow up 15. 0% Groupe Go Sport P Significant improvement in sales from the third quarter P Lower results, impacted in particular by relaunch of promotional campaigns and non recurrent charges RALLYE – March 23, 2005 2

2004 Results Ø Net income from current operations, Group's share, up 37. 6%, reflecting good performance from Casino results and improving contributions from the Rallye financial investment portfolio. (€ millions) 12/31/2003 Net sales 23, 768 Operating income 1, 056 Income from current operations after tax 446 Net income from current operations, 101 Group’s share Net exceptional income, Group’s share (1) 7 Net income, Group’s share 12/31/2004 Change 23, 835 1, 079 529 0. 3% 2. 2% 18. 6% 139 37. 6% (84) ns 55 -49. 1% 2. 94 4. 01 36. 5% 3. 14 34, 491, 368 1. 59 34, 625, 536 -49. 4% 0. 4% 108 Per share (€) Net income from current operations, Group’s share Net income, Group’s share Weighted average number of shares (1) Total net exceptional income was €– 91 M in 2004 vs €-7 M in 2003 RALLYE – March 23, 2005 3

Reform of long-term capital gains regime Ø The reform of long-term capital gains regime adopted by 2004 Amended Finance Act leads to the exemption of capital gains on participations from January 1, 2007 ð Rallye will thus be tax-exempted from 1 st January 2007 on over 90% of its assets Ø This has a dual impact on exeptional results: ð An exeptional tax charge (the «exit tax» ) for € 2 M ð The cancellation of deferred tax assets, recorded in previous accounting years and relating to tax loss carry-forwards, for an amount of € 68 M Ø Excluding these impacts, net income, Group’s share amounted to € 125 M Impact on the net income, Group’s share +17% +15. 7% € 68 M € 2 M € 125 M Exit tax Rallye 2004 adjusted net income, Group’s share € 108 M € 55 M RALLYE – March 23, 2005 2003 Net income, 2004 Net income, Group’s share Deferred tax depreciation 4

Strengthening of financial structure Ø Ø During the year, Rallye strengthened its financial structure through: P Two bond issues in January and October 2004 for a total amount of € 1 bn P The renewal of the € 575 M syndicated loan set up in July 2004 (vs € 230 M previously) These operations enabled Rallye to: P Take advantage of favorable market conditions P Extend the maturity of its debt RALLYE – March 23, 2005 5

Net debt at December 31, 2004 Ø Breakdown of Rallye holding company net debt at 12/31/2004 1998 - 2005 exchangeable bonds in Casino* € 66 M 2001 - 2006 exchangeable bonds in Casino € 460 M OCEANE 2003 - 2008 € 265 M 2003 - 2013 exchangeable bonds in Casino € 300 M Other bond issues Bank loans Cash € 1, 331 M € 363 M €-540 M Total net debt at 12/31/04 € 2, 245 M Total debt after exchange of 1998 exchangeable bonds € 2, 183 M * The 1998 issue of bonds exchangeable for Casino ordinary share and for Casino preferred shares, matured on January 1 st 2005 and was redeemed in Casino shares for € 62 M and in cash for € 4 M. RALLYE – March 23, 2005 6

Available financing Ø Rallye has available ressources of € 2. 4 billion Available financing Used financing Available ressources Unused confirmed credit lines € 1, 848 M Confirmed bank lines € 2, 211 M Other bonds € 1, 331 M 1998 ex. bonds - € 66 M € 2. 8 bn € 4. 6 bn Confirmed bank lines € 363 M Other bonds € 1, 331 M Cash € 540 M Net financial debt € 2, 245 M OE 1998 - € 66 M 2001 ex. bonds € 460 M Conv. /ex. bonds « OCEANE » € 265 M 2003 ex. bonds € 300 M RALLYE – March 23, 2005 € 2. 4 bn of available ressources 7

Timetable of bond maturity Ø Rallye timetable of bond maturity as at December 31, 2004 € 730 M Equity linked financing (ex. bonds, conv. /ex. bonds « OCEANE » ) 2003 ex. bonds in the money from a Casino ordinary share market price of € 86. 87 OCEANE in the money from a Rallye market price of € 47. 30 98 ex. bonds in the money € 500 M € 127 M € 500 M € 265 M € 300 M* € 66 M** 2005 2006 2008 2009 2011 2013 * 2013 ex. bonds bearers benefit from a put option exercisable on 07/01/2008 at € 86. 87 and on 07/01/2011 at € 91. 67. At maturity (07/01/2013), the bond is redeemable at € 95. 26. ** Bond issue was redeemed in Casino shares for € 62 M and in cash for € 4 M in January 2005. RALLYE – March 23, 2005 8

Debt cover by assets Ø As at December 31, 2004, Rallye assets cover net debt of the holding company 1. 65 times € 3. 7 bn x 1. 65 € 2. 2 bn Casino: € 3. 1 bn Groupe Go Sport: € 0. 2 bn Financial inv. : € 0. 3 bn Treasury shares: € 0. 1 bn Revalued assets* Net debt (restated exchangeable bonds in the money) * Non-listed assets valued at their net accounting value at 12/31/04 Listed assets valued at closing market price at 12/31/04: - Casino ordinary share: € 58. 80 / Casino preferred share: € 53. 80 - Groupe Go Sport: € 56. 95 / Rallye: € 38. 10 RALLYE – March 23, 2005 9

Financial cost cover by dividends Ø Dividends received by Rallye cover net financial costs of the holding company over 1. 3 times Net dividend per Casino ordinary share Dividends received by Rallye Dividends received /net financial costs Net dividend per ordinary share Current earnings per share Current pay-out-ratio 111 101 132% 127% 44. 9% 46. 1% 45. 6% 79 114% € 1. 80 € 1. 98 € 2. 08 2002 2003 2004 RALLYE – March 23, 2005 2002 2003 2004 10

Transactions in first quarter 2005 Ø In February 2005, Rallye bought 1, 538, 734 calls on the Rallye share in order to cover share purchase and subscription option plans allocated to employees, and 490, 196 OCEANE. Ø In order to allow the banks to cover their positions generated by the sale of calls, Rallye sold 746, 320 shares at the same time. Ø These transactions allow the Group to: ü Decrease treasury stocks and shares held by subsidiaries by 746, 320 shares ü Reduce potential dilution of Rallye ü Increase cash of the Group by more than € 23 M RALLYE – March 23, 2005 11

Summary Ø Ø 2004 RALLYE: 2004 Results 2004 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio 2004 dividend and outlook RALLYE – March 23, 2005 12

2004 Highlights Ø Ø Stable operating income in France (+0. 6%) through: ü Banners’ increased competitiveness (improved price positioning, development of private labels and low price products) ü Sustained implementation of growth strategy focused on discount and convenience formats (70% of sq. m. opened in 2004 in FP/LP and Superettes, increased stake in Franprix/Leader Price) Strong increase in international operating income (+76. 5%): ü SFI successfully refocused in the United States and further strong growth at Big C in Thailand ü Return to breakeven in H 2 in Poland confirmed recovery in Latin America ü Significant growth in contribution of international operations to Group results, accounting for 16% of consolidated EBITDA and 9% of consolidated operating income (vs 13% and 5% respectively in 2003) RALLYE – March 23, 2005 13

2004 Financial highlights (1/2) Ø Operating income up 4. 7% and income from current operations after tax up 10. 8% (€ millions) %Change At constant exchange rates 2003 2004 Total business volume excl. VAT 36, 109. 9 36, 339. 7 +0. 6% +2. 3% Consolidated net sales 22, 982. 9 23, 169. 5 +0. 8% +2. 6%(1) (2) 1, 572. 9 1, 637. 7 +4. 1% +5. 4% Operating income 1, 070. 2 1, 119. 9 +4. 7% +5. 6% EBITDA Operating margin Net financial expense Income from current operations Corporate income tax Net income from current operations (1) (2) 4. 7% 4. 8% (195. 7) (176. 6) 874. 5 943. 4 (321. 3) (330. 5) 553. 2 612. 9 +7. 9% +10. 8% Organic growth (on a constant scope of consolidation and exchange rate basis) = +3. 8% EBITDA = Operating income + operating depreciation RALLYE – March 23, 2005 14

2004 Financial highlights (2/2) Ø Net icome from current operations, Group’s share, before goodwill up 6. 7% and cashflow up 15. 0% (€ millions) 2003 553. 2 Net income from current operations Equity income 54. 4 (95. 3) Current minority interests Income from current operations, Group’s share, 512. 3 before goodwill (46. 0) Goodwill amortisation Net income from current operations, Group’s share, after goodwill Exceptional income, Group’s share (1) Net income, Group’s share EPS before exceptionals before goodwill after goodwill Cashflow ROCE (2) 2004 % Change 612. 9 35. 6 (102. 0) +10. 8% 546. 4 +6. 7% (52. 2) 466. 3 494. 2 26. 0 (6. 1) 492. 3 € 4. 72 € 4. 30 488. 1 € 5. 05 € 4. 56 - 0. 8% +6. 9% +6. 2% 1, 080. 1 1, 242. 2 +15. 0% 15. 3% +6. 0% 15. 7% (1) Total exceptional items net of tax is: € 0. 3 M in 2003 and €-7. 5 M in 2004 (2) ROCE = Operating income / average ([stockholders’ equity + net debt] at 12/31/n and 12/31/n-1) RALLYE – March 23, 2005 15

Casino has a strong financial structure Ø Cashflow exceeds capex by € 485 M Ø Net financial debt as at December 31, 2004 reached € 3, 904 M, mainly impacted by transactions realised in 2004 (FP/LP for € 263 M and participation in capital increase of Laurus for € 110 M) Balance sheet ratios: ü Net debt/Cashflow: 3. 1 x (vs 3. 1 x at 12/31/03) ü Net debt/EBITDA: 2. 4 x (vs 2. 2 x at 12/31/03) ü EBITDA/net financial expense: 9. 3 x (vs 8. 0 x at 12/31/03) ü Net debt/Shareholders’equity after distribution: 111% (vs 100% at 12/31/03) Ø Casino has substantial available financing (€ 4 bn at December 31, 2004) Ø Group financial structure strengthened by recent market transactions: ü Private placement of bonds indexed to the Casino share price amounted to € 236 M and sell of 2, 000 shares of treasury stock for € 114 M ü Issue of € 600 M of Undated Deeply Subordinated Shares, it will be recorded in capital base ü Cover of share purchase and subscription option plans allocated to employees by the purchase of calls and the sale of shares of treasury stock for € 72 M RALLYE – March 23, 2005 16

French operating income stable at a time of flat consumer spending 2003 (€ millions) Net sales 2004 % Change 18, 287. 3 18, 602. 0 +1. 7% Operating income 1, 012. 6 1, 018. 4 +0. 6% Operating margin 5. 5% Ø Price repositioning of different banners in national brands, private labels and low price products Ø Increasing percentage of private labels and low price products in sales mix Ø Sustained, targeted expansion RALLYE – March 23, 2005 Ø Net sales up 1. 7% Ø Operating income stable (+0. 6%) Ø Favourable evolution of format/margin mix 17

Casino benefited from its multi-format positioning in France… 2004 operating income from French retailing operations = € 1, 000. 3 M CONVENIENCE 37% of op. income DISCOUNT (Casino SM, Monoprix, superettes) (Franprix / Leader Price) Organic growth Operating margin = = +0. 9% 5. 5% HYPERMARKETS Organic growth Operating margin 34% of op. income = = +5. 8% 8. 3% 29% of op. income (Géant) Organic growth Operating margin = = +0. 2% 4. 1% More than 70% of operating income is generated in discount and convenience formats RALLYE – March 23, 2005 18

… underpinned by a targeted growth strategy 2004 openings = 148, 600 sq. m. Change in breakdown of op. income 11% HM 2000 16, 800 sq. m. CONVENIENCE HM Géant FP/LP (Casino SM, Monoprix and superettes) 36% 28% 36% FP/LP 45, 700 sq. m. CONVENIENCE (Casino SM, Monoprix and superettes) 86, 100 sq. m. 2004 29% 34% 37% 89% RALLYE – March 23, 2005 19

Private labels and low price products are at the heart of Casino’s positioning and strategy Ø Private labels and low price products represent about 40% of Casino sales and in each banner over 25% of sales is realised with those products ( HM: 25%, SM: 30%, Superettes: 45%, Monoprix: 30%, Franprix: 30% and Leader Price: 100%) Ø With a price index 30% to 60% cheaper than national brands, private labels and low price products contribute to the price competitiveness of the Group’s banners Ø Private labels and low price products are particularly dynamic segments of the Casino group’s « product offer » Ø Formats with the strongest private label/low price lines are growing the fastest with the highest operating margins: % private labels + low price products Géant HM Convenience 25% +2. 9% 33% FP/LP RALLYE – March 23, 2005 AAGR* in sales 2000 -2004 5. 5% +10. 7% * AAGR = Average annual growth rate Op. income/capex ≈ 8% 4. 1% +7. 7% 75% Operating margin 8. 3% ≈ 13% ≈ 25% 20

Sales and operating income variation by format Ø Franprix / Leader Price: strong operating income growth (+7. 6%), sustained by the accelerated expansion, with 46 store openings, and by the sustained same-store sales growth at LP (4. 4%), Ø Superettes: sustained expansion programme (+58, 000 sq. m. opened in 2004) and sustained margins steady at satisfactory levels (8. 5% of sales), despite strong seasonal factors in the 2 nd half, Ø Casino SM: strong sales momentum through promotional campaigns (price cuts, low price range launched, higher private labels and low price volumes) and a recovery in margins in the 2 nd half, Ø Monoprix: stability of the operating income and demonstration of the attractiveness of its convenience concept (same-store sales growth of 0. 4% and successfully launching of loyalty programme), Ø HM Géant: solid operating income despite deeper price cuts than the competition, and through reduction costs efforts, facilited by the average store size (under 7, 000 sq. m. ). In €M Net sales Op. income Op. in/sales 2004 4, 066. 0 336. 8 8. 3% RALLYE – March 23, 2005 change 5. 8% 7. 6% +0. 2 pt 2004 1, 671. 3 141. 5 8. 5% change -0. 6% -4. 8% -0. 3 pt 2004 1, 898. 3 105. 6% change +1. 0% -1. 8% -0. 1 pt 2004 3, 183. 7 124. 4 3. 9% change 1. 7% -6. 4% -0. 3 pt 2004 7, 203. 0 291. 9 4. 1% change +0. 2% -0. 8% 21

The international business is fulfilling its role as a growth driver, with a clear improvement in margins Change At constant exchange rates 2003 2004 4, 695. 6 4, 567. 5 -2. 7% +5. 9%* 210. 8 255. 2 +21. 1% +30. 6% EBITDA margin 4. 5% 5. 6% Operating income 57. 5 101. 6 +76. 5% +93. 2% Operating margin 1. 2% 2. 2% (€ millions) Net sales EBITDA * Organic growth (on a constant scope of consolidation and exchange rate basis): +12. 5% Intl. % of Group op. income 5% Operating margin 2. 2% 9% RALLYE – March 23, 2005 2004 2003 +76. 5% € 101. 6 M € 57. 5 M 1. 2% 2003 Operating income 2004 2003 2004 22

Casino records a strong improvement of the contribution from consolidated international businesses 2004 consolidated international sales: € 4, 567. 5 million Consolidated international op. income Other* 25% € 4. 8 M € 2. 3 M € 101. 6 M € 11. 3 M € 25. 7 M USA Poland 35% 17% € 57. 5 M +76. 5% Thailand 23% * Argentina + Uruguay + Venezuela + Taiwan + Indian Ocean 2003 USA Poland Thailand Other* 2004 Improved contribution from the United States, Poland Thailand RALLYE – March 23, 2005 23

Good results from CBD and Exito; difficulties at Laurus Contribution from international companies at equity (CBD + Exito + Laurus) € 3. 3 M € 8. 0 M € 39. 8 M € 16. 3 M €-34. 8 M 2003 CBD Exito Laurus 2004 Ø CBD records a significant rebond in same-store sales and strong growth in net income (+56. 6%) in a context of economic recovery Ø In 2004, Laurus had a difficult year reporting exceptional items (operating loss after exceptional items of € 111 M, vs €-20 M before exceptional items) RALLYE – March 23, 2005 24

France outlook Casino is pursuing an assertive strategy in France Ø Sustained, targeted expansion in the discount and convenience Expansion formats 160, 000 sq. m. store opening in 2005, of which over 100, 000 sq. m. opened in the discount and superette formats generating the highest return on capital employed Ø New HM, SM and Superette concepts being tested Géant Discount, Casino Discount, Monop’, €COservice Stores Ø Cost cutting programmes in HMs and SMs Re-engineering of the HM and SM business-model Ø Redeployment of banners within the current store base Ø Optimisation of the national brand food offering in HMs and SMs Products Ø More private labels/low price products Ø Revamped non-food offering in HMs RALLYE – March 23, 2005 25

International outlook Development of international growth drivers Faster expansion in countries with satisfactory margins Ø United States Ø Thailand Increased percentage of sales from international operations Faster growth in the percentage of EBITDA and operating income 2004 figures Ø Latin America Improved margin in 2004 loss-making countries 9% 16% 20% Ø Poland Ø Taiwan Recovery at Laurus Ø Strengthened management team Ø Repositioned formats Ø Lower costs RALLYE – March 23, 2005 % of op. income % of EBITDA % of sales International operations are developing their role as significant growth drivers 26

Summary Ø Ø 2004 RALLYE: 2004 Results 2004 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio 2004 dividend and outlook RALLYE – March 23, 2005 27

2004 Highlights Ø 2004, a year of transition: ü Change in management team in April and set up of a new management committee ü A significant improvement of the sales from the third quarter through intensified promotional campaigns ü A clear reduction in earnings impacted by the relaunch of promotional campaigns, non-recurring charges and costs linked with the strengthening of teams RALLYE – March 23, 2005 28

Key figures (1/2) Ø Groupe Go Sport 2004 net sales reached € 658. 5 M at December 31, 2004, up 3. 2% Ø After a disappointing 1 st half, sales figures in the three banners saw a clear improvement in the 2 nd half of the year: Sales change in French stores over the first and second half of the year Total 7. 5% On a comparable basis 5. 4% 3. 3% 0. 6% 1 st half -1. 4% 2 nd half -2. 8% -4. 3% -8. 0% Go Sport France RALLYE – March 23, 2005 1 st half Courir / Moviesport 29

Key figures (2/2) (€ millions) 2003 2004 Net sales 638. 2 658. 5 Operating margin 46. 0% 44. 1% Operating income 24. 8 (6. 6) Net income 14. 6 (9. 9) Ø Significantly strengthened promotional campaigns together with measures aiming at clearing Courir inventories impacted the Group margin by 1. 9 points Ø Operating income reflects: ü Non recurrent charges linked to Courir stock management initiatives (€ 7. 5 M) ü The increase in rent due to store network growth and to the renewal of many leases ü Teams strengthening costs Ø Net income is impacted by exceptional items (provisions linked to the closure of Courir head-office, tax regularisation) Ø Net financial debt remains steady at € 78 M at December 31, 2004, vs € 74 M at December 31, 2003 RALLYE – March 23, 2005 30

Plans of action Ø The improvement in the banners’ performances will come from a significant increase in sales by square meter between 2005 and 2007 Ø Go Sport Ø Positioning as a multi-specialist retailer and favoured partner for brand names will be enhanced by: ü A new concept emphasized on the practice of sports ü A commercial policy better centred on customer expectations ü Ø Intensified communication Courir ü The overhaul of both the product mix towards more trendy products focused on established and emerging brand names, and the optimisation of the loyalty programme should enable the banner to reassert its leadership in the French leisure -and-sport shoe market. RALLYE – March 23, 2005 31

Summary Ø Ø 2004 RALLYE: 2004 Results 2004 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio 2004 dividend and outlook RALLYE – March 23, 2005 32

Financial Investment Portfolio Ø Net book value on December 31, 2004: € 257 M (vs € 236 M on December 31, 2003) Main transactions realised in 2004 ð Real estate P Alexanderplatz • Co-investment with Foncière Euris and Sonae Imobiliaria to Portfolio breakdown at 12/31/2004 Cdiscount, Matlin Patterson, Goldman Sachs, Lone Star, Sofinnova… develop the largest shopping centre in Berlin Miscellaneous 17% • Investment of € 13 M at end December 2004 FDV, Alexanderplatz, Brooklin ð French LBO P Nexity • Receipt of € 8 M in 2004 and divestment of remaining stake for € 4 M, bringing the total amount received to € 23 M for an initial investment of € 3 M P Eutelsat • Staken for € 10 M ð LBO outside France P Purchase of interests in Carlyle Europe Ifunds P € 5 M investment in Warner Music RALLYE – March 23, 2005 Real Estate 44% LBO funds (Terra LBO Firma, PAI, 23% Carlyle…) Direct investments (Materis, Casema, Eutelsat…) Secondary Funds 16% Lexington, Auda, Paul Associates… 33

Summary Ø Ø 2004 RALLYE: 2004 Results 2004 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio 2004 dividend and outlook RALLYE – March 23, 2005 34

2004 dividend On June 8, 2005, a dividend payment of € 1. 68 per share will be proposed at the Annual Shareholders’ Meeting, of which an interim dividend of € 1. 20 per share was paid on October 14, 2004. Shareholders will be given the option for the balance of € 0. 48 to be paid in shares. RALLYE – March 23, 2005 35

Outlook Ø Rallye is confident in the growth outlook of its subsidiaries P Casino ð In France, differentiated, dynamic multi-format positioning providing a solid earnings base – Priority development strategy of discount and convenience formats – Dynamic management of product offer – Gradual drift to discount concepts ð Significant growth drivers in international markets – Profitable growth of SFI and Big C, sustained by accelerated expansion – Positive contribution of Poland operating income from 2005 – Improvement in performance in Latin America favoured by economic recovery – Pursuit of growing international contribution to Group earnings P Groupe Go Sport ð The set up of the strategy by the new management team should lead to a significant improvement in sales and earnings RALLYE – March 23, 2005 36

2004 Appendix RALLYE – March 23, 2005 37

Rallye – Simplified organisational Chart as at December 31, 2004 FONCIERE EURIS 64. 89% of shares* 82. 32% of voting rights* RALLYE 50. 63% of ord. shares ** 63. 80% of voting rights ** GROUPE CASINO 9. 03% 71. 72% of shares 80. 40% of voting rights GROUPE GO SPORT Financial Investments Listed company * Directly and indirectly ** 49. 70% of ord. shares and 62. 65% of voting rights after exchange of 1998 -2005 Casino exch. bonds RALLYE – March 23, 2005 38

Rallye – Simplified Income Statement (€ millions) 12/31/2003 Net sales EBITDA Operating income 12/31/2004 change 23, 835 1, 656 0. 3% 1, 056 (274) 1, 079 2. 2% (222) ns 782 857 9. 6% (336) (328) 446 529 18. 6% 54 38 -29. 6% (332) (349) ns (67) (79) ns Net income from current operations, Group’s share 101 139 37. 6% Net exceptional income, Group’s share 7 (84) ns Financial results Income from current operations before tax Corporate income tax Income from current operations after tax Equity income Current minority interests Amorisation of goodwill Net income, Group’s share RALLYE – March 23, 2005 23, 768 1, 582 108 55 4. 7% ns -49. 1% 39

Rallye – Simplified Consolidated Balance Sheet (€ millions) 12/31/2003 12/31/2004 10, 874 11, 380 Current assets 6, 287 6, 838 Inventories 2, 025 2, 133 Accounts receivable 1, 730 1, 629 Marketable securities 1, 871 2, 559 661 517 Other assets 437 362 Total assets 17, 598 18, 580 3, 322 3, 342 Bonds redeemable against shares 181 162 Provisions for contingencies and charges 414 434 Borrowings and loans 8, 204 9, 306 Accounts payable 5, 135 5, 009 Other debts 183 190 Other liabilities 159 137 17, 598 18, 580 Fixed assets Cash Shareholders’ equity Total liabilities and shareholders’ equity RALLYE – March 23, 2005 40

Casino Capital Structure at 12/31/2004 in % of ordinary shares in % of voting rights 28. 4% 38. 5% 50. 6% 1. 6% 63. 8% 4. 1% 2. 2% 2. 1% 2. 9% 1. 7% 4. 1% Rallye Group Guichard family Owned shares and treasury stocks Galeries Lafayette Casino’s employees Other sharehoders Breakdown of Casino's capital Ownership of at 12/31/04 Rallye (%) Ownership of Rallye after exchange of 98 exch. bonds (%) Nb of ordinary shares 93, 477, 413 47, 325, 167 50. 63% 46, 460, 745 49. 70% Nb of preferred shares Warrants C Nb of voting rights 15, 128, 556 6, 469, 466 42. 76% 6, 029, 447 39. 86% 2, 686, 190 131, 722, 039 1, 994, 646 84, 035, 019 74. 26% 63. 80% 1, 994, 646 82, 928, 472 74. 26% 62. 65% RALLYE – March 23, 2005 41

Capital Structure at 12/31/2004 Rallye's capital structure at 12/31/04 Shares Foncière Euris* Other Groupe Euris companies Owned shares Treasury stocks Other shareholders Total in % Voting rights in % 24, 274, 377 64. 89% 45, 736, 747 82. 32% 62, 250 0. 17% 62, 500 0. 11% 2, 625, 565 7. 02% - - 753, 440 2. 01% - - 9, 692, 217 25. 91% 9, 762, 558 17. 57% 37, 407, 849 100. 00% 55, 561, 805 100. 00% * directly and indirectly Rallye's fully diluted capital structure as at 12/31/04 Nb of shares Ordinary shares Warrants B Rallye Warrants C Rallye OCEANE Stock options Fully diluted number of shares RALLYE – March 23, 2005 37, 407, 849 33, 902, 064 24, 652, 666 6, 011, 362 649, 830 Nb of potential shares 37, 407, 849 2, 421, 576 1, 760, 904 6, 131, 589 649, 830 48, 371, 748 Nb of potential shares after operations of feb. 2005 37, 407, 849 2, 421, 576 1, 760, 904 5, 631, 589 47, 221, 918 42

Rallye – Financial instruments at 12/31/2004 after exchange of 1998 exch. bonds Characteristic Date of issue Maturity Nb issued Nb as at 02/28/2005 Nb of Rallye shares Warrants B (1) 14 warrants for 1 Rallye share Feb-02 Nov-05 33, 931, 044 33, 902, 064 2, 421, 576 Warrants C (2) 14 warrants for 1 Rallye share Nov-03 Nov-06 24, 652, 736 24, 652, 666 1, 760, 904 Conversion factor: 1. 02 Jan-03 Dec-07 6, 011, 362 6, 131, 589 Date of issue Maturity OCEANE Characteristic Nb issued Nb as at 02/28/2005 Nb of Rallye shares 2001 exch. bond (exch. factor: 1. 0196 share) Jan-01 Jun-06 3, 382, 353 3, 448, 647 2003 exch. bond Apr-03 Jul-13 3, 750, 000 (exch. factor: 1 share) (1) Strike price: € 65 until 30/06/05, then, from 01/07/05 on, if the Rallye share price is lower than € 65, the warrant strike price is calculated monthly on the basis of the maximum between € 45. 5 and 90% of the average of the Rallye share opening prices for 20 stock exchange trading days preceding the 25 th day of the month preceding the exercise of the warrants (this price may not exceed € 65). (2) Strike price: € 58 until 31/05/06, then, from 01/06/06 on, if the Rallye share price is lower than 58€, the warrant strike price is calculated monthly on the basis of the maximum between € 48 and 90% of the average of the Rallye share opening prices for 20 stock exchange trading days preceding the 25 th day of the month preceding the exercise of the warrants (this price may not exceed € 58). RALLYE – March 23, 2005 43