2005 RALLYE September 15 2005 First Half 2005

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2005 RALLYE September 15, 2005 – First Half 2005 Results (Provisional, unaudited figures –

2005 RALLYE September 15, 2005 – First Half 2005 Results (Provisional, unaudited figures – IFRS) RALLYE – September 15, 2005

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio Outlook RALLYE – September 15, 2005 1

First Half 2005 Highlights Ø Ø Casino P Decrease in current operating income by

First Half 2005 Highlights Ø Ø Casino P Decrease in current operating income by 11. 0% and stable cash flow P Net debt reduced by € 1 bn over 12 months and gearing improved at June 30, 2005 P In France, firm sales (increase: +0. 7%) in an environment of sluggish consumer spending and reinforcement of the price competitiveness P In international markets, good business performance (increase: +6. 0% at constant exchange rates) and set up of growth drivers through two major transactions (CBD in Brazil and Vindémia in the Indian Ocean) Groupe Go Sport P Strong increase in consolidated net sales (+12. 7%) in a difficult market environment P Gain in market share of Go Sport and Courir banners P Profitability affected in the short term by significant human and marketing investments realised over the period RALLYE – September 15, 2005 2

First Half 2005 results In € millions 06/30/2004 * 06/30/2005 % Change 10, 507

First Half 2005 results In € millions 06/30/2004 * 06/30/2005 % Change 10, 507 10, 700 +1. 8% EBITDA 698 651 -6. 7% Current operating income 457 407 -10. 9% 29 3 NS (155) (173) NS Other financial income and expenses (68) 0 NS Net income before tax 263 237 -9. 9% Income tax expense (96) (107) NS 16 24 50. 0% 183 154 -15. 8% 30 7 NS 153 147 -3. 9% 0. 88 0. 21 NS 33, 928, 840 34, 519, 226 1. 7% Sales Other income and expenses from operation Cost of net financial debt Income from companies accounted for by the equity method Net income, Group’s share Minority interests In € per share Net income, Group’s share Weighted average number of shares * Restated to IFRS RALLYE – September 15, 2005 3

Net debt at June 30, 2005 Ø Rallye holding perimeter net debt at 06/30/2005

Net debt at June 30, 2005 Ø Rallye holding perimeter net debt at 06/30/2005 reached € 2, 210 M vs € 2, 273 M at 12/31/2004 mainly due to the impact of the exchange of the 1998 -2005 exchangeable bonds in Casino for € 62 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 Accrued interests and IFRS restatements Total net debt at 06/30/05 € 1, 270 M* € 363 M €(526) M € 78 M € 2, 210 M * Par value RALLYE – September 15, 2005 4

Available financing at June 30, 2005 Ø Rallye has available resources of € 2.

Available financing at June 30, 2005 Ø Rallye has available resources 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, 270 M 2001 ex. bonds € 460 M Conv. /ex. bonds « OCEANE » € 265 M 2003 ex. bonds € 300 M RALLYE – September 15, 2005 € 2. 7 bn € 4. 5 bn Confirmed bank lines € 363 M € 2. 4 bn of available resources Cash € 526 M Other bonds € 1, 270 M 2001 ex. bonds € 460 M Conv. /ex. bonds « OCEANE » € 265 M 2003 ex. bonds € 300 M 5

Timetable of bond maturity Ø Rallye timetable of bond maturity as at June 30,

Timetable of bond maturity Ø Rallye timetable of bond maturity as at June 30, 2005 Equity linked financing (ex. bonds, conv. /ex. bonds « OCEANE » ) € 730 M € 460 M 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 € 500 M € 270 M € 265 M 2006 2008 € 500 M € 300 M* 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. RALLYE – September 15, 2005 6

Debt cover by assets Ø As at June 30, 2005, Rallye assets cover net

Debt cover by assets Ø As at June 30, 2005, Rallye assets cover net debt of the holding perimeter 1. 65 times € 3. 6 bn x 1. 65 € 2. 2 bn Casino: € 3. 0 bn Groupe Go Sport: € 0. 2 bn Financial inv. : € 0. 3 bn Treasury shares: € 0. 1 bn Revalued assets* Net debt * Non-listed assets valued at fair value at 06/30/05 Listed assets valued at closing market price at 06/30/2005 : - Casino ordinary share: € 58. 05 / Casino preferred share: € 49. 11 - Groupe Go Sport: € 68. 60 / Rallye: € 38. 43 RALLYE – September 15, 2005 7

Summary Ø 2005 RALLYE: First Half 2005 Results Ø First Half 2005 results from

Summary Ø 2005 RALLYE: First Half 2005 Results Ø First Half 2005 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio Outlook RALLYE – September 15, 2005 8

First Half 2005 Highlights Ø In France: assertive sales and marketing policies Ø In

First Half 2005 Highlights Ø In France: assertive sales and marketing policies Ø In an environment of sluggish consumer spending and price cuts on national brands brought about by the Sarkozy agreements, Casino, preparing for the future, has put in place: ü an assertive investment policy first impacting margins: § reducing prices on national brands beyond what was called for in the Sarkozy agreements § cutting prices in private label and low price products and strengthening their share in the sales mix § sustained expansion ü a cost control programme notably including improvements in store productivity, supply chain optimisation and working capital reduction Ø In international markets: growth drivers put in place Ø 2 transactions with a major impact on the Group’s profile: ü acquisition of a co-controlling interest in CBD, the Brazilian market leader (Casino stake raised to 34. 3%) ü increased stake in Vindémia, the leading retailer in the Indian Ocean (Casino stake raised to 70%) Ø These two transactions, which had no impact on the first half 2005, will begin to deliver benefits in the second half 2005 Ø In full year 2006, international operations will account for more than 20% of Casino current operation income (vs 9% in 2004) RALLYE – September 15, 2005 9

Key Figures (1/2) Ø Revenue up 1. 5% and current operating margin down 57

Key Figures (1/2) Ø Revenue up 1. 5% and current operating margin down 57 bps At constant exchange rates in € millions H 1 2004 H 1 2005 Total business volume excl. VAT 16, 442. 2 16, 901. 8 + 2. 8% + 1. 6% Consolidated net sales 10, 207. 6 10, 363. 4 + 1. 5% + 1. 8% France 8, 145. 6 8, 202. 0 + 0. 7% International 2, 062. 0 2, 161. 4 + 4. 8% + 6. 0% 704. 7 657. 7 - 6. 7% - 6. 6% France 585. 0 547. 4 - 6. 4% International 119. 7 110. 3 - 7. 8% - 7. 3% 474. 9 422. 7 - 11. 0% -10. 6% 421. 7 378. 5 - 10. 2% 53. 2 44. 2 - 16. 9% Current operating margin 4. 7% 4. 1% - 57 bps of which France 5. 2% 4. 6% - 57 bps International 2. 6% 2. 0% - 54 bps of which EBITDA* of which Current operating income of which France International % change -13. 7% * EBITDA = current operating income + current depreciation and amortisation expense RALLYE – September 15, 2005 10

Key figures (2/2) Ø Attributable current net income declined by 7. 9%, while cash

Key figures (2/2) Ø Attributable current net income declined by 7. 9%, while cash flow was unchanged At constant in € millions Current operating income H 1 2004 H 1 2005 % change 474. 9 422. 7 29. 1 (6. 1) (152. 7) (94. 1) Finance cost - net (87. 8) (96. 1) Other financial (64. 9) 2. 0 Profit before tax 351. 3 322. 5 Income tax (99. 3) (110. 7) 15. 3 24. 8 Net income 267. 3 236. 6 Minority interests (51. 7) (44. 8) Attributable net income 215. 6 191. 8 - 11. 1% Attributable current net income * 203. 8 187. 8 - 7. 9% Cash flow 522. 8 521. 9 - 0. 2% Other operating income (expense) Net financial expense, of which: Share of profit of equity associates - 11. 0% exchange rates - 10. 6% - 8. 2% - 11. 5% * Attributable current net income = Attributable net income less other operating income and expense, other financial income and expense and non-recurring taxes, after minority interests RALLYE – September 15, 2005 11

Casino is strengthening its financial structure 06/30/2004 Net debt 12/31/2004 06/30/2005 € 6, 445

Casino is strengthening its financial structure 06/30/2004 Net debt 12/31/2004 06/30/2005 € 6, 445 M € 5, 530 M € 5, 443 M € 5, 068 M Equity € 3, 461 M 186% Gearing Ø 12/31/2005 € 3, 965 M 139% 107% <100% Casino reduced its net debt by € 1 bn and improved gearing over the past 12 months: Ø while maintaining sustained capital expenditure programme Ø thanks to stable cash flow (€ 521. 9 M at 06/30/05 versus € 522. 8 M at 06/30/04) Ø and to recent financial transactions: ü Sale of 3, 156, 520 treasury shares: € 186 M ü Issue of undated deeply subordinated notes (TSSDI): € 600 M ü Option for the 2004 dividend payment in shares: increasing equity for € 165 M and cash dividend payments limited to € 56 M Ø Casino has € 2. 0 bn confirmed unused credit lines and € 1. 8 bn cash and cash equivalents RALLYE – September 15, 2005 12

Casino is pursuing the planned IPO of Mercialys, its realestate subsidiary dedicated to shopping

Casino is pursuing the planned IPO of Mercialys, its realestate subsidiary dedicated to shopping centres Ø Casino property portfolio with a market value of € 5 billion Immobilier “Strategic” « stratégique properties » Yield properties Murs des Stores magasins Immobilier Commodity «properties banalisé » Offices, Bureaux, warehouses, entrepôts, etc. … Valuation Valorisation of Group deproperty l’immobilier portfolio: Groupe approx environ € 5 5 billion. Mds € Ø Casino is pursuing the development and enhancing the value of its property portfolio with the creation of Mercialys ü 147 sites of shopping centres, usually adjacent to Group hypermarkets and supermarkets with surface area of 547, 000 sq. m ü Rental income: € 66. 9 M ü Appraised value: € 957. 5 M (including rights) ü Capital expenditure programme of € 500 M over 5 years Ø Mercialys will opt for a REIT type tax regime (SIIC): exit tax payable in 2006 and income tax exemption Ø Mercialys IPO planned for fourth quarter 2005 with a capital increase from € 200 to € 230 M Ø Casino will retain majority control of Mercialys with AXA as partner Ø The transaction will strengthen Casino’s equity and reduce its debt RALLYE – September 15, 2005 13

Firm sales performance in France and assertive pricing policy Ø Ø in € millions

Firm sales performance in France and assertive pricing policy Ø Ø in € millions H 1 2004 H 1 2005 %change Consolidated net sales 8, 145. 6 8, 202. 0 + 0. 7% EBITDA 585. 0 547. 4 - 6. 4% Current operating income 421. 7 378. 5 - 10. 2% Current operating margin 5. 2% 4. 6% -57 bps Firm sales for Casino (+0. 7%) Ø in an environment shaped by sluggish consumer spending Ø despite an impact on the average basket size resulting from Casino’s policy: ü of price cut on national brands (Sarkozy agreements + reducing prices ) and on private label/low price products ü of strengthening private label/low price products in the sales mix Current operating income decrease due to: Ø the impact of sales and marketing strategies on margin Ø a € 15 M increase in pre-opening expenses due to the accelerated expansion programme, which accounted for 35% of the decline in current operating income RALLYE – September 15, 2005 14

Sales and marketing strategies are tailored to each Casino banner Ø Sustained implementation of

Sales and marketing strategies are tailored to each Casino banner Ø Sustained implementation of strategy in “differentiating” formats Ø FP/LP has confirmed the growth potential of its discount and centre-city concepts with the opening of 24 LP and 12 FP outlets over the past year Ø Superettes strengthened their leadership thanks to an active store opening strategy, with a total of 5, 000 stores now operating under four complementary banners Ø Ø Monoprix enhanced its unique marketing identity and tested new concepts (Daily Monop’, etc. ) An assertive sales and marketing strategy in the “traditional” formats (hypermarkets and supermarkets) Ø Improved price positioning of the Group ü National brands ü Private label and low price products Ø Ø Increased weighting of private label/low price items in the product mix Strengthening of the customer loyalty programme with four million active cardholders ð Increased checkout flow-throughs in H 1 2005 o Géant hypermarkets: + 0. 3% in Q 2 after a slight decline in Q 1 o Casino supermarkets: + 3. 5% in Q 2 after a modest increase in Q 1 ð Sharp growth in private label/low price volumes ð Improvement in attractiveness of Group’s banners to customers RALLYE – September 15, 2005 15

An assertive pricing policy in hypermarkets and supermarkets National brands: Impact of Sarkozy agreements

An assertive pricing policy in hypermarkets and supermarkets National brands: Impact of Sarkozy agreements + price repositioning Implementation of Sarkozy agreements National brand prices: - 2% Improvement in price competitiveness (Opus Index of most consumed products - Géant) 100. 1 (January 2004) 06/30/2004 98. 9 (June 2005) 06/30/2005 Private label and low cost products: an assertive pricing policy designed to increase sales volumes Decline in private label/low cost prices in hypermarkets Decline in private label/low prices in supermarkets - 5. 7% 06/30/2004 RALLYE – September 15, 2005 - 6. 4% 06/30/2005 06/30/2004 06/30/2005 16

Increased proportion of private label/low price products Strong growth in private label/low price volumes

Increased proportion of private label/low price products Strong growth in private label/low price volumes in hypermarkets and supermarkets Géant hypermarkets Q 1 2005 Casino supermarkets + 11. 1% Q 2 2005 H 1 2005 Q 1 2005 + 6. 3% Q 2 2005 + 8. 7% H 1 2005 + 9. 2% + 12. 0% + 10. 7% Private label/low price products accounted for nearly 50% of sales volumes Share of H 1 2005 sales volumes HM Géant 35% SM Casino 40% Monoprix 40% Franprix 40% Superettes Leader Price Groupe Casino H 1 2005 volume mix Private label/low price ≈ 48% 50% 100% The strategy of increasing the proportion of private label/low price products initially weighs on revenue (lower prices + mix effect), but will drive profitable sales growth over the medium term RALLYE – September 15, 2005 17

Continued expansion of the store base 76, 100 sq. m opened in the most

Continued expansion of the store base 76, 100 sq. m opened in the most profitable formats in H 1 2005 … + 15. 7% 76, 100 sq. m 65, 800 sq. m 57, 900 sq. m 65 % in FP/LP and Superettes H 1 2003 H 1 2004 H 1 2005 … which will have a positive impact on sales growth from the second half RALLYE – September 15, 2005 18

Good business performance in international markets, with margins affected by the temporary decline in

Good business performance in international markets, with margins affected by the temporary decline in US contribution At constant exchange rates H 1 2004 H 1 2005 2, 062. 0 2, 161. 4 + 4. 8% + 6. 0% 119. 7 110. 3 - 7. 8% - 7. 3% Current operating income 53. 2 44. 2 - 16. 9% - 13. 7% Current operating margin 2. 6% 2. 0% In € millions Net sales EBITDA % change Pro-forma (consolidating CBD at 34. 3% and Vindémia at 100%) current operating income from international activities would have been almost € 100 M, up 1. 6% Pro forma H 1 2004 Pro forma H 1 2005 % change 2, 938. 5 3, 091. 9 + 5. 2% + 4. 1% 185. 5 186. 1 + 0. 3% - 1. 8% Current operating income 97. 3 98. 9 + 1. 6% - 3. 0% Current operating margin 3. 3% 3. 2% in € millions Net sales EBITDA RALLYE – September 15, 2005 At constant exchange rates 19

Good business performance in international markets Ø United States: net sales growth on a

Good business performance in international markets Ø United States: net sales growth on a same-store basis (+2. 0% in H 1 2005 after +17. 5% in H 1 2004 because of strike impact) and expansion resumed but profitability temporarily affected (strong comparison basis in Q 1 04, higher operating expenses related to very strong growth since end 2003) Ø Poland: revenue up 11. 6% thanks to a steady expansion policy (1 hypermarket + 30 Leader Price stores) in the last 12 months and to the zloty’s gain. Current operating income should be positive for the full year Ø Latin America: sales up sharply (+20. 2% at constant exchange rates) but profitability down slightly (price controls in Venezuela and merchandise assortments revamped in Argentina) Ø Asia: good performance at Big C (organic sales growth > 10% and current operating margin > 5%) but performance remains weak in Taiwan. Ø Indian Ocean: excellent operating results for Vindémia United States Poland Latin America Asia Indian Ocean In € M H 1 05 %ch. Net sales 709. 2 -1. 2% 376. 9 11. 6% 331. 6 12. 5% 611. 5 5. 8% 132. 2 -1. 2% EBITDA 31. 4 -20. 3% 17. 6 6. 8% 6. 7 -38. 8% 43. 7 2. 4% 10. 9 7. 3% Cur. Oper. income 19. 2 -24. 6% -2. 4 na -1. 3 na 21. 7 -0. 9% 7. 0 38. 9% Cur. Oper. Margin 2. 7% na RALLYE – September 15, 2005 3. 6% 5. 3% 20

In Brazil, excellent performance from CBD Ø Good same-store sales growth: + 6. 6%

In Brazil, excellent performance from CBD Ø Good same-store sales growth: + 6. 6% in H 1 Ø Steady expansion with 4 Extra hypermarkets and 7 Compre. Bem discount stores opened in H 1 Sales + 20. 4% € 1, 939. 7 M € 1, 611. 0 M EBITDA Operating income + 31. 9% € 170. 3 M € 129. 1 M + 34. 7% € 70. 1 M H 1 2004 H 1 2005 Net income H 1 2004 H 1 2005 + 55. 8% € 94. 4 M H 1 2004 H 1 2005 € 23. 6 M € 36. 8 M H 1 2004 H 1 2005 CBD will begin making a solid contribution to international results from H 2 2005 RALLYE – September 15, 2005 21

Strategy in France Ø ü LP accounts for more than 25% of the discount

Strategy in France Ø ü LP accounts for more than 25% of the discount market « Differentiating » formats Discount, Superettes, Monoprix Strong market positions ü Casino leads the superette segment ü Unique Monoprix concept: quality city-centre supermarkets Fastest organic growth and good profitability Ø Sustained store opening programme Ø Ø Building on the Casino private label and increased proportion of private label/low cost products in sales Traditional formats Hypermarkets and supermarkets Revamped non-food offering Ø Logistics excellence programme Ø Redeployment of banners within the store base ü with notably 14 Casino supermarkets converted into Leader Price outlets in H 2 Ø Introduction of new concepts Ø Accelerated expansion Ø RALLYE – September 15, 2005 22

Ø Accelerated expansion in regions with the highest profitability Strong positions of the Group

Ø Accelerated expansion in regions with the highest profitability Strong positions of the Group in fast-growing regions Ø Sustained expansion in the United. States, in Thailand in Latin America Positive impact from the strengthening of stakes in CBD and Vindémia EBITDA / sales International strategy United States Thailand Colombia Brazil 4. 9% 7. 9% 8. 3% International average: 5. 6% Ø Strong growth level and market positions in the Group’s main operating regions: Latin America, South-east Asia, Indian Ocean and California Ø The most dynamic and profitable countries will account for around 90% of international current operating income in 2006: Brazil ≈ 33%, Thailand ≈ 20%, USA ≈ 20% and Indian Ocean ≈ 15% Ø 1 st full year full consolidation (versus 33. 34%) Change in nternational current operating 1 st full year proportional income Impact consolidation at 34. 3% > + 20% International business confirms its role as a growth driver Steady expansion in regions with the highest profitability € 131 M 2004 RALLYE – September 15, 2005 Impact > + 70% Organic growth Co-control of CBD Increased stake in Vindémia 2006 e 23

Conclusion Casino’s strategy has 3 priorities Ø Growth Ø Financial strength Ø Revive organic

Conclusion Casino’s strategy has 3 priorities Ø Growth Ø Financial strength Ø Revive organic sales growth ü in France: sales and marketing strategies and sustained expansion programme with 160, 000 sq. m opened in 2005 ü in international markets: faster growth in the Group’s main operating regions and positive impact from the strengthening of its stakes in CBD and Vindémia Keep gearing below 100 % ü Gearing target of less than 100% at 12/31/2005 (vs 139% at 12/31/2004) ü Beyond 2005, Casino will maintain gearing below 100% Strengthen the profitability profile of the Group ü In France § Reinforced positioning of formats with good profitability: discount, superettes and Monoprix § Improved competitiveness of traditional formats (hypermarkets and supermarkets) § Increased proportion of private label/low cost products in assortments § Optimization of supply chain § Cross-banner adjustments Profitability ü RALLYE – September 15, 2005 In international markets § Satisfactory profitability in the main regions § Steady expansion in regions with the highest profitability 24

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio Outlook RALLYE – September 15, 2005 25

First Half 2005 Highlights Ø Significant investments to improve sales… ü quantitative and qualitative

First Half 2005 Highlights Ø Significant investments to improve sales… ü quantitative and qualitative teams strengthening at every level ü progressive implementation of the new concepts of Go Sport and Courir stores Ø …produced, in a difficult market environment, a strong increase in consolidated net sales with a gain in market share for Go Sport and Courir banners… Ø …nevertheless, affecting Groupe Go Sport profitability in the short term. RALLYE – September 15, 2005 26

Key figures (1/2) Ø Groupe Go Sport consolidated net sales at June 30, 2005

Key figures (1/2) Ø Groupe Go Sport consolidated net sales at June 30, 2005 reached € 333. 9 M, up 12. 7% thanks to good commercial performance at all banners Ø Sales growth has accelerated over the past three quarters Ø In France, the increase in sales, up 8. 1% on a comparable basis and up 11. 8% on a non comparable basis, is appreciably above the market. Ø In international markets, improvement in sales up 16. 2% on a comparable basis and up 7% at constant exchange rates Sales change by banner Sales growth acceleration* H 1 2005/2004 NC C Go Sport France 9. 9% 5. 6% Courir / Moviesport 18. 8% 17. 6% International ** 23. 5% 16. 2% Total 12. 7% 8. 7% NC: Sales change on a non comparable basis C: Sales change on a comparable basis 14. 9 % 10. 2 % 10. 7 % 3. 5 % -1. 7 % 0. 4 % Q 104 Q 204 Q 304 Q 404 Q 105 Q 205 * On a non comparable basis ** +13. 8% on a non comparable basis and +7. 0% on a comparable basis at constant exchange rates RALLYE – September 15, 2005 27

Key figures (2/2) in € millions H 1 2005 H 1 2004(*) Change Consolidated

Key figures (2/2) in € millions H 1 2005 H 1 2004(*) Change Consolidated net sales 333. 9 296. 3 +12, 7% +12. 7% Gross margin 145. 1 127. 9 +13. 4% In % of net sales 43. 5% 43. 1% +40 bps Operating income (loss) (12. 1) (10. 3) ns (9. 3) (7. 9) ns Net income (loss) * Restated IFRS Ø Ø During the first half of 2005, operating income was affected by significant investments in: ü workforce costs (hiring of 500 expert salesmen) ü rental costs ü costs due to the implementation of the new concepts of Go Sport and Courir stores Net debt remains steady at € 95 M at June 30, 2005 vs € 99 M at June 30, 2004 RALLYE – September 15, 2005 28

Implementation of the strategic plan elaborated in 2004 Ø Go Sport Ø Gradual implementation

Implementation of the strategic plan elaborated in 2004 Ø Go Sport Ø Gradual implementation of the new concept of Go Sport stores ü implementation in the 3 openings of the first half, and also in St-Cloud and Les Halles stores during the second half ü pursue of the implementation of the simplified concept (two Parisian stores during the first half) Ø Courir Ø Quick repositioning of the banner to reconquer its young and sensitive customers to the «baskets» fashion trend with: a fashion offer targeted on famous and emergents brands ü a strengthened and renewed communication scheme ü implementation of the new concept in about fifty stores by the end of 2005 ü The continuation of the strategic plan implementation will support the sales growth, essential preliminary to an improvement in performance. RALLYE – September 15, 2005 29

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio Outlook RALLYE – September 15, 2005 30

Financial investment portfolio Ø Net book value at 06/30/2005: € 312 M* (vs €

Financial investment portfolio Ø Net book value at 06/30/2005: € 312 M* (vs € 261 M at 12/31/2004) Main transactions realized in H 1 2005 ð Real estate P Montrouge § Acquisition of the Schlumberger former head office with Carlyle for an amount of € 9 M Portfolio breakdown at 06/30/2005 Cdiscount, Matlin Patterson, Image Sat, Goldman Sachs, … FDV, Alexanderplatz, Brooklyn, Montrouge P FDV § Additional investment of € 5 M bringing the Miscellaneous 15% cash out to € 19 M ü Berlin Alexanderplatz § Pursuit of the investment in Alexanderplatz (+€ 15 M) bringing the total investment to € 29 M ð LBO Interest in the K&F LBO for $8 M, of which $6 M distributed in August through the IPO ü Eutelsat ü LBO funds (Terra Firma, PAI, Carlyle…) Direct investments (Materis, Casema, …) § Receipt of € 10 M at the time of the recapitalization LBO 22% Real Estate 53% Secondary funds 10% Lexington, Auda, Paul Associates… * Out of which € 24 M of positive foreign exchange difference RALLYE – September 15, 2005 31

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from

Summary Ø Ø 2005 RALLYE: First Half 2005 Results First Half 2005 results from subsidiaries CASINO GROUPE GO SPORT Ø Ø Financial investment portfolio Outlook RALLYE – September 15, 2005 32

Outlook Ø Ø Casino ü Good profitability in Discount, Superettes and Monoprix formats ü

Outlook Ø Ø Casino ü Good profitability in Discount, Superettes and Monoprix formats ü Competitiveness of traditional formats enhanced (hypermarkets and supermarkets) ü Targeted expansion in regions with highest operating profitability ü CBD and Vindémia additional contribution to the international results Groupe Go Sport ü Pursue of the strategic plan implementation elaborated in 2004 in order to support sales growth, essential preliminary to an improvement in performance RALLYE – September 15, 2005 33

2005 Appendix RALLYE – September 15, 2005 34

2005 Appendix RALLYE – September 15, 2005 34

Rallye – Simplified organisational Chart as at 08/31/2005 FONCIERE EURIS 62. 70% of shares

Rallye – Simplified organisational Chart as at 08/31/2005 FONCIERE EURIS 62. 70% of shares * 79. 91% of voting rights * RALLYE 48. 51% of ord. shares 63. 00% of voting rights GROUPE CASINO 6. 19% 71. 72% of shares 80. 43% of voting rights GROUPE GO SPORT Financial Investments Listed company * Directly and indirectly RALLYE – September 15, 2005 35

Rallye – Simplified Consolidated Balance Sheet In € millions Goodwill Intangible assets 06/30/2005 5,

Rallye – Simplified Consolidated Balance Sheet In € millions Goodwill Intangible assets 06/30/2005 5, 441 290 In € millions Shareholders’ equity 06/30/2005 4, 324 - group’s share 1, 304 - minority interests 3, 020 Property and equipment Investments accounted for by equity method 4, 864 1, 500 Long-term provisions 127 Financial assets 1, 243 Financial liabilities* 9, 090 Other assets 641 Other non-current liabilities Deferred tax 214 Total non-current liabilities Total non current assets Inventories 14, 193 1, 946 Trade receivables 816 Other receivables 1, 010 Other financial assets * 325 Cash and cash equivalents * 2, 335 Total current assets 6, 432 Total assets RALLYE – September 15, 2005 20, 625 Short-term provisions 544 14, 085 142 Trade payables 2, 965 Other financial liabilities * 1, 339 Other debts 2, 094 Total current liabilities 6, 540 Total liabilities and shareholders’ equity 20, 625 * Elements constituting net debt: € 7, 769 M 36

Casino Capital Structure at 08/31/2005 in % of ordinary shares in % of voting

Casino Capital Structure at 08/31/2005 in % of ordinary shares in % of voting rights 33. 4% 44. 6% 48. 5% 63. 0% 1. 5% 2. 2% 2. 1% 1. 8% 3. 0% Rallye Group Galeries Lafayette Owned shares and treasury stocks Other sharehoders Casino’s employees Breakdown of Casino's capital Ownership of at 08/31/05 Rallye (%) Nb of ordinary shares 96, 774, 021 46, 946, 211 48. 51% Nb of preferred shares 15, 128, 556 6, 029, 447 39. 85% Warrants C 2, 686, 190 1, 994, 646 74. 26% 141, 291, 784 89, 016, 833 63. 00% Nb of voting rights RALLYE – September 15, 2005 37

Capital Structure at 08/31/2005 Rallye's capital structure at 08/31/05 Shares in % Voting rights

Capital Structure at 08/31/2005 Rallye's capital structure at 08/31/05 Shares in % Voting rights in % 23, 731, 667 62. 70% 47, 145, 055 79. 91% 557 - 807 - Owned shares 1, 741, 329 4. 60% - - Treasury stocks 602, 437 1. 59% - - Other shareholders 11, 771, 492 31. 11% 11, 850, 176 20. 09% Total 37, 847, 482 100. 00% 58, 996, 038 100. 00% Foncière Euris* Other Groupe Euris companies * directly and indirectly Rallye's fully diluted capital structure as at 08/31/2005 Nb of shares Nb of potential shares Ordinary shares 37, 847, 482 Warrants B Rallye 33, 891, 900 2, 420, 850 Warrants C Rallye 24, 652, 666 1, 760, 904 OCEANE 5, 521, 166 5, 631, 589 224, 084 Stock options Fully diluted number of shares RALLYE – September 15, 2005 47, 884, 909 38

Rallye – Financial instruments at 08/31/2005 Date of issue Maturity Nb issued Nb as

Rallye – Financial instruments at 08/31/2005 Date of issue Maturity Nb issued Nb as at 08/31/2005 Nb of Rallye shares Warrants B (1) 14 warrants for 1 Rallye share Feb-02 Nov-05 33, 931, 044 33, 891, 900 2, 420, 850 Warrants C (2) 14 warrants for 1 Rallye share Nov-03 Nov-06 24, 652, 736 24, 652, 666 1, 760, 904 OCEANE (3) Conversion factor: 1. 02 Jan-03 Dec-07 6, 011, 362 6, 131, 589 Characteristic Date of issue Maturity Nb issued Nb as at 08/31/2005 Nb of Casino shares 2001 exch. bond (exch. factor: 1. 0196 share) Jan-01 Jun-06 3, 382, 353 3, 448, 647 2003 exch. bond (exch. factor: 1 share) Apr-03 Jul-13 3, 750, 000 Characteristic (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). (3) The conversion of 490, 196 OCEANE was covered by the purchase of calls on Rallye shares RALLYE – September 15, 2005 39