March 22 2007 RALLYE 2006 Annual Results Provisional

March 22, 2007 RALLYE 2006 Annual Results Provisional consolidated figures – under auditors’ review– IFRS

Summary I. RALLYE: 2006 Results II. 2006 Results from subsidiaries CASINO GROUPE GO SPORT III. Investment portfolio IV. 2006 dividend RALLYE – 2006 Annual Results - 1

Group presentation RALLYE * 50. 18% of ordinary shares 39. 87% of preferred shares 72. 55% of shares 63. 12% of voting rights 79. 68% of voting rights Investment portfolio ü Faster organic sales growth: +3. 8% to € 22. 5 bn ü Current operating income up 7. 9% to € 1, 043 m ü Net debt reduced by € 1 bn ü Net sales: +6. 7% at € 771 m ü Market share gain at both GO Sport and Courir ü Valuation at 12/31/06: € 511 m vs. € 409 m at 12/31/05 ü Results affected by difficult market conditions and non-recurring items ü Value appreciation of € 70 m and net investments of € 32 m * Rallye interest in Casino and Groupe Go Sport at 02/28/2007 RALLYE – 2006 Annual Results - 2

2006 Annual Results Continuing operations (1) in € millions Net sales EBITDA (2) Current operating income Other income and expenses from operations Cost of net financial debt Other financial income and expenses Profit before tax Income tax expense Income from companies accounted for by the equity method Net income from continuing operations Group’s share minority interests Net income from discontinued operations Group’s share minority interests Net income Group’s share minority interests 2005 21, 120 1, 437 959 (263) (355) 25 366 (125) 15 256 (11) 267 31 15 16 287 4 (3) 283 2006 23, 281 1, 583 1, 045 (31) (340) 25 699 (280) 6 425 65 360 174 82 92 599 147 452 Var. 10. 2% 9. 0% -88. 2% -4. 2% 0. 0% 91. 0% 66. 0% 108. 7% In line with IFRS 5, results from Casino’s Polish and US operations have been recognised in discontinued operations and the 2005 figures adjusted accordingly (1) (2) (3) EBITDA = current operating income + current depreciation and amortisation expense € 92 m excluding the unwinding of Cora RALLYE – 2006 Annual Results - 3

Net debt at December 31, 2006 Ø Rallye holding perimeter net debt at 12/31/06 reached € 2, 367 m vs € 2, 295 m at 12/31/05 OCEANE 2003 - 2008 € 265 m * 2003 -2013 exchangeable bonds in Casino € 300 m * Other bond issues Net bank loans Accrued interests and IFRS restatements *Total Montant netnominal debt at 12/31/06 € 1, 000 m * € 733 m € 69 m € 2, 367 m * Par value RALLYE – 2006 Annual Results - 4

Timetable of bond maturity at December 31, 2006 Equity linked financing (ex. bonds, conv. /ex. bonds « OCEANE » )* OCEANE in the money from a Rallye market price of € 47. 30 € 500 m € 300 m ** € 265 m 2007 2008 2009 2010 2011 2012 2013 * Par value ** 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 – 2006 Annual Results - 5

Bank lines at December 31, 2006 Ø Available financial ressources P € 1. 4 billion of confirmed unused credit lines and immediately available P Average maturity of 3 years Ø Covenants P No financial ratios linked to the market price of assets (revalued assets/net financial debt or equivalent) or to Casino rating P Covenants existing on some bank lines are highly respected: § Consolidated EBITDA / consolidated cost of net financial debt § Minimum Rallye SA shareholders’ equity Ø Pledges P Rallye group pledges Casino shares within the context of some bank lines P Over a total of 53 million Casino shares, 10. 4 million were pledged to secure credit facilities at December 31, 2006 RALLYE – 2006 Annual Results - 6

Debt cover by assets at December 31, 2006 Ø At December 31, 2006, Rallye assets cover net debt of the holding perimeter 1. 84 times (versus 1. 57 at December 31, 2005) Ø Valuing listed assets at closing price at March 21, 2007 debt cover ratio is 2. 00 times € 4, 355 m xx 1, 63 1. 84 Casino: € 3, 637 m € 2, 367 m Groupe Go Sport: € 179 m Investment portfolio: € 511 m Other assets: € 29 m Revalued assets * Net debt * Non-listed assets valued at their fair value at 12/31/06 Listed assets valued at closing market price at 12/31/06: - Casino ordinary share: € 70. 40 / Casino preferred share: € 55. 00 / Groupe Go Sport: € 64. 95 / Rallye: € 41. 03 RALLYE – 2006 Annual Results - 7

Financial cost cover by dividends Ø In 2006, dividends received by Rallye cover net financial costs of the holding perimeter nearly 1. 6 times Dividends received / net financial costs paid 111 110 109 101 158% 145% 79 132% 127% 111 114% 2002 2003 2004 109 2005 2006 RALLYE – 2006 Annual Results - 8

Reinforcement in Casino during 2007 first quarter Ø Purchasing of 1, 630, 502 Casino ordinary shares in January and February 2007 further to the automatic exercice at maturity of Casino calls bought in May 2005 Ø Exercice price: € 57. 79 Ø Reinforcement of Rallye’s interest in Casino Ordinary shares 48. 50% 50. 18% Voting rights 61. 90% 63. 12% RALLYE – 2006 Annual Results - 9

Summary I. RALLYE: 2006 Results II. 2006 Results from subsidiaries CASINO GROUPE GO SPORT III. Investment portfolio IV. 2006 dividend RALLYE – 2006 Annual Results - 10

Objectives met in 2006 Ø Improved competitiveness of operations in France and in International markets P Faster organic sales growth: up 3. 8% in 2006 vs. 2. 3% in 2005 § Both in France: up 2. 6% in 2006 vs. 1. 3% in 2005 § And in International markets: up 10% vs. 6. 4% in 2005 P Higher current operating income, with margin improvement: § in France in the second half § in International markets throughout the year Ø Refocus of the group on its most promising assets P € 1. 9 billion in assets divested (of which € 500 million will be received in 2007), for an objective of at least € 2 billion by end-2007 P A stronger growth and profitability profile Ø A stronger balance sheet P Net debt reduced by € 1 billion to € 4. 4 billion at December 31, 2006 P Debt cover ratio of 2. 6 x consolidated EBITDA vs. 3. 5 x in 2005 In 2006, enhancement of the Group’s operational, managerial and financial fundamentals RALLYE – 2006 Annual Results - 11

Current operating income up 7. 9% to € 1, 043 million Continuing operations (in € millions) 2005 2006 Var. Net sales 20, 390 22, 505 + 10. 4% Gross margin 5, 292 6, 002 + 13. 4% In % of net sales EBITDA (1) Current operating income Operating margin Profit before tax Net income from continuing operations, Group’s share Net income, Group’s share 26. 0% 1, 424 966 4. 7% 517 26. 7% 1, 560 1, 043 4, 6% 828 + 70 pb + 9. 6% + 7. 9% - 10 pb 324 344 (2) 436 600 + 34. 7% + 74. 4% In line with IFRS 5, results from the Polish and US operations have been recognised in discontinued operations and the 2005 figures adjusted accordingly +47. 4% 3, 328 France International +3. 1% 17, 062 2005 net sales (1) (2) +64. 5% 4, 906 +0. 2% 17, 599 2006 net sales 191 116 850 2005 current operating income EBITDA = current operating income + current depreciation and amortisation expense € 542 m excluding the unwinding of Cora 852 2006 current operating income RALLYE – 2006 Annual Results - 12

Stable current operating income in France reflecting an improved gross margin in the second half 2005 2006 Var. Net sales 17, 062 17, 599 + 3. 1% EBITDA 1, 212 1, 241 + 2. 3% EBITDA margin 7. 1% - 6 pb 850 852 + 0. 2% 5. 0% 4. 8% - 14 pb in € millions Current operating income Operating margin 2006 France current operating income per banner Ø Faster growth in 2006, up 3. 1% vs 1. 5% in 2005 Ø Sustained improvement in gross margin P Favourable mix effect with the enhanced offer in private label products and fresh products P Improved effectiveness through more efficient inventory management Ø Operating margin up 30 bp in second half to 5. 6% Other businesses (Cafétérias, Cdiscount, Banque Casino and Mercialys) € 67 m (+30. 6%) HM Géant € 172 m (+7. 8%) FP / LP € 296 m (-9. 3%) Convenience formats (SM, Monoprix, Supérettes) € 317 m (+1. 4%) RALLYE – 2006 Annual Results - 13

Sales growth picked up momentum in 2006 31. 7% 19. 1% 05 vs. 04 06 vs. 05 6. 1% 4. 5% 3. 1% 1. 5% 2. 6% 1. 3% 0. 4% (0. 7%) FRANCE 2. 4% Géant Casino HM Casino SM (0. 7%) Monoprix Superettes 1. 1% 0. 4% Franprix Leader Price Other businesses Ø All of the banners contributed to growth in 2006 P The speed-up was led by Géant Casino hypermarkets and all of the convenience formats (SM, Monoprix, Superettes) P Franprix/Leader Price sales rose despite unfavourable same-store performance at Leader Price P An assertive expansion strategy, with more than 200, 000 sq. m opened during the year P The other businesses (Casino Cafétéria, C’Discount, Banque Casino and Mercialys) continued to enjoy strong growth RALLYE – 2006 Annual Results - 14

Highlights - Results Strategy – Outlook Ø Same-store sales returned to growth (1. 1% in 2006) Ø Market share stable over the full year (source: IRI and SECODIP) Ø Solid performance in food sales, up 2. 3% Ø Gross margin and operating margin improvement Focus: operating margin improvement Net sales + 1. 3% Current operating income + 7. 8% Operating margin Ø Continue to optimise price competitiveness with dunnhumby Ø A more targeted and differentiated offering, particularly in non-food Ø Make fresh produce more attractive Ø In-store operational excellence Ø Enhance the shopping attractiveness of the sites in order to boost traffic by developing and modernising the shopping malls + 17 pb 6, 214 6, 294 159 172 2. 6% 2. 7% 2005 2006 RALLYE – 2006 Annual Results - 15

Highlights - Results Strategy – Outlook Ø Revenue up 0. 4% notably on the contribution from new franchisees Ø Disappointing same-store sales at Franprix and Leader Price P Strong markets shares in Paris and the Paris region Ø High margins despite slow growth in sales P Casino has taken over management of Franprix, which announces the implementation of an action plan to revitalise the banner’s growth Ø Focus: margins remain high Net sales + 0. 4% 4, 003 2005 4, 021 2006 Current operating income - 9. 3% 327 296 2005 2006 Ø Operating margin 2005 Leader Price: a differentiating format (100% discount) P Attractive concepts for franchisees, despite certain difficulties - 79 pb 8. 2% Franprix: a unique alternative in the Paris market 7. 4% P Sustained pace of expansion P Intention to name a new management team - A General Meeting will be called in the weeks ahead 2006 RALLYE – 2006 Annual Results - 16

Highlights - Results Strategy – Outlook Ø Ø Strong sales growth (+4. 5%) and same-store performance (+3. 4%) Ø Stepped up expansion (+7 stores in 2006) Ø High level of profitability Monoprix has successfully established its unique citymarché concept, built around : P A clear market positioning P An effective and creative advertising P High quality, contemporary food and non-food offering Focus : same store sales Ø 5. 5% 2. 7% 3. 0% 2. 7% A renewed expansion dynamic, with the opening of new stores based on the new concepts: P Monop’ P Beauty Monop’ -1. 7% Q 1 05 -0. 3% Q 2 05 -0. 4% Q 3 05 P Daily Monop’ 0. 5% Q 4 05 Q 1 06 Q 2 06 Q 3 06 Q 4 06 RALLYE – 2006 Annual Results - 17

Highlights - Results Strategy – Outlook Ø Sales up 2. 4% Ø Sustained openings momentum (more than Ø Ø Unrivalled nationwide coverage 90, 000 sq. m opened in 2006) P 5, 652 stores at end-2006 High profitability but squeezed by costs of P under five banners deploying the Gold information system Focus : number of stores 6, 000 Ø Continued sustained expansion in 2007 Ø Leadership position in a consistently profitable format 5, 652 5, 500 5, 000 4, 500 4, 000 3, 500 2001 2002 2003 2004 2005 2006 RALLYE – 2006 Annual Results - 18

Highlights - Results Ø Ø Ø Strategy - Outlook Faster growth in supermarket sales (+6. 1%) and same-store performance (+3% vs. - 0. 2% in 2005) Sustained expansion drive with more than 30, 000 sq. m opened during the year Market share gained 0. 1 pt (source IRI) Ø Effectiveness of the assertive marketing drive underway since 2004 Ø Sharply differentiated competitive positioning P Developing services Focus : all stores sales P Improved lay-out of fresh produce offer, fruit & vegetable expanded offering 7. 5% 6. 5% 5. 2% 5. 0% 4. 5% 3. 2% Ø Speeding up expansion, mainly by increasing average store size to accelerate profitable growth 1. 8% 0. 7% Q 1 05 Q 2 05 Q 3 05 Q 4 05 Q 1 06 Q 2 06 Q 3 06 Q 4 06 RALLYE – 2006 Annual Results - 19

Property portfolio, financial services and e-commerce: retailing-related businesses on promising markets Ø Ranked no. 1 in France in the e-commerce market with more than € 500 m in sales in 2006, up 30% Ø Increase in visitors and growth in the average basket thanks to an expanded offering Ø Partnership with Germany’s Otto Group, with the aim of expanding sales in the German market Ø Strong growth on the buoyant consumer credit market, with outstanding loans nearly doubled since 2002, to € 827 m in 2006 Ø Step up the pace of growth by: P Ramping up customer acquisition via Cdiscount P Opening new in-store branches in the HMs P Creating financial services sections in the SMs Ø One of France’s leading property companies, with an exclusive focus on the promising retail property market Ø Stepping up organic growth (by capturing the value of existing assets) and external growth (through an ambitious property development strategy) Ø Strong growth (+12. 4%) in rental revenue, to € 81 m Ø Sustained development programme, in particular through the “ Alcudia” project RALLYE – 2006 Annual Results - 20

Action plan undertaken Stronger fundamentals in 2006 Faster differentiation in 2007 Enhance the commercial attractiveness Price Offering § Private label: Aggressive price positionning § National brand: Significant and targeted price investment § Active innovation strategy (400 new products in 2006) Private-label lines § Deeper commitment to nutrition issues Fresh produce Concept Non-food Loyalty programmes S’miles dunnhumby § Large offering and innovative fruit & vegetable concept § Deployed in 3/4 of the HMs and in 45 SM by end-2007 § Qualitative merchandising and highly contemporary offering in high-demand product families: apparel, household goods, consumer electronics § Sustained increase in the Casino card penetration rate (60% at end-2006) and number of active cardholders (+10%/year) § Improvement of the effectiveness of promotions and direct marketing campaigns through better customer intelligence RALLYE – 2006 Annual Results - 21

Action plan undertaken Stronger fundamentals in 2006 Faster differentiation in 2007 Improving operational efficiency Check-out times In-store Out-of-stock Supply chain § Objective: no more than three people in line § Self scanning systems (more than half of all HMs equipped by end-2006) § Computer tracking of out-of-stock fast-moving inventory: sharp decline in 2006 and 2007 Forward stocks system § Reduced food warehouse inventories by three days in two years Supplier portal § “In-Store Logistics” programme will be launched in 2007 to reduce in-store stocks by three days in 2007 RALLYE – 2006 Annual Results - 22

An international asset portfolio refocused on leadership positions in fast-growing regions… 2 priority growth regions: Latin America and South East Asia NETHERLANDS § Revenue = € 1. 3 bn § EBITDA margin = 8. 0% § Revenue (100%) = € 7. 4 bn § EBITDA margin = 6. 5% VENEZUELA No. 1 COLOMBIA No. 1 ARGENTINA No. 1 No. 2 VIETNAM THAILAND BRAZIL No. 1 URUGUAY No. 1 INDIAN OCEAN In the Netherlands, Laurus is recovering, following the refocusing on Super De Boer and the appointment of a new management team In the Indian Ocean, Vindémia records higher sales and results RALLYE – 2006 Annual Results - 23

Significant improvement of the profitable growth profile in international markets + € 2, 312 m + € 567 m € 4, 370 m Organic growth From 2004 to 2006 €(2, 343)m € 4, 906 m Acquisitions Disposals Increased stakes in CBD and Vindémia Sales of operations in Poland, the United States Consolidated sales + 12% Current operating income + 56% and Taiwan Operating margin Net sales 2004 Ø Ø Net sales 2006 + 110 pb (3. 9%) The proceeds from international business disposals have been used to reduce net debt by € 1. 3 billion vs. estimated full-year current operating income of € 42 million for 2006 Refocusing the portfolio helped to: P Achieve faster organic growth and improved operating margin P Lift Group ROCE (1) from 9. 4% in 2005 to 9. 7% in 2006 (10. 2% including the € 500 m to be received in 2007) (1) ROCE = Trading Profit/average (equity + net debt) y/y-1 RALLYE – 2006 Annual Results - 24

Sharp improvement in performance for both priority growth regions Latin America Net sales + 62. 7% Current operating income Net sales + 79. 1% + 12. 8% € 2, 637 m € 1, 621 m 2005 South East Asia € 87 m Current operating income + 32. 4% € 1, 282 m € 1, 445 m € 49 m 2006 2005 2006 € 42 m 2005 € 56 m 2006 Ø Operating margin: + 0. 3 bp at 3. 3% Ø Operating margin: + 0. 6 bp at 3. 9% Ø Positive impact of CBD’s consolidation and profitability profile Ø Ø Stepped up expansion in Brazil in 2007 Strong performances of Big C in Thailand sustained opening pace (4 new HM) Ø Robust organic sales and current operating income growth in Argentina, Uruguay and Venezuela Ø In Vietnam, further expansion with the opening of 2 new HM in 2006 and more than 10 store openings already planned Ø Operations in Taiwan no longer consolidated from Q 4 2006 RALLYE – 2006 Annual Results - 25

Exito is a strategic asset for the Group because of its undisputed leader position on a promising market Ø Strong organic growth: net sales up 20. 7% at € 1, 398 m P Same-store growth: 13. 6% P 9 new Exito hypermarkets opened and 9 Ley supermarkets converted to Exito hypermarkets Ø Strong current operating income attesting to Exito’s operational efficiency P Current operating income surged 40. 6% at € 55 m, for a operating margin of 4% (+60 pb) Ø Undisputed leader position extended by acquiring No. 2 Carulla Vivero P Complementarity in formats and geographical positions § More than 250 stores nationwide § No. 1 ranking in all formats (HMs, SMs and discount) P Pro forma 2006 sales reached € 2. 1 bn and estimated EBITDA margin at 7. 9% As announced on January 16, 2007, Casino has exercised its right of first offer for the Toro family’s 24. 5% stake in Exito (currently 38. 6%-owned by Casino) The auction (“martillo”) will take place mid-April 2007 RALLYE – 2006 Annual Results - 26

Net debt reduced by over € 1 billion Ø The Group has completed or agreed the sale of: P 15% of Mercialys P 38% of Feu Vert P Operations in Poland P The 50% stake in Far Eastern Géant (Taiwan) P The 56% stake in Smart & Final (USA) P and the Cora equity swap has been unwound Ø Disposals to date represent € 1. 9 bn out of a total programme of at least € 2 bn (Proceeds of € 1. 4 bn had been collected by end-2006, with a further € 500 m to come in first-half 2007) Strengthened financial situation in € millions Dec. 2005 Dec. 2006 Equity 5, 638 5, 972 Net debt including minority shareholders’ put options 5, 444 1, 031 4, 390 889 3. 5 x 2. 6 x Net debt/EBITDA(1) Consolidated EBITDA, including discontinued operations RALLYE – 2006 Annual Results - 27

Actively enhancing the value of its property assets At end-2006, the Group’s property portfolio was estimated at € 7. 0 bn Ø Market value of French property holdings estimated at € 5. 3 bn P Property holdings in France, excluding Mercialys and Monoprix, estimated at € 3. 4 bn P Casino’s stake in Mercialys is valued at € 1. 3 bn (stock price) P Monoprix also holds a portfolio of city-center properties with an estimated market value (Casino share) of around € 0. 6 bn Ø Expert value of the international property portfolio totals € 1. 7 bn* Drive to enhance leverage Group’s assets and expertise Ø Deployment of the “Alcudia” project to comb through and restructure all of the property sites in France, in order to maximize value creation of stores and shopping malls Ø Speeding up the pace of new developments, in France and abroad, alone and with partners * Expert value, based on Casino’s interest in each subsidiary RALLYE – 2006 Annual Results - 28

Strategy and outlook 2007 Stronger fundamentals in 2006 Ø A healthy balance sheet Ø A new management team Ø A reshaped international profile Ø Effective operating projects Ø Clearly expressed commercial choices in France A profitable growth model deployed in 2007 Ø Greater banner differentiation in France Ø Tighter integration of subsidiaries through ownership, management and operating support Ø Expansion in fast-growing regions Ø Development of high potential businesses that offer a good strategic fit with retailing (property management, financial services , e-commerce) The following objectives have been set for 2007: Ø Further growth in current operating income Ø Further strengthening of the financial structure to reduce net debt to EBITDA ratio below 2. 5 x by year-end RALLYE – 2006 Annual Results - 29

Summary I. RALLYE: 2006 Results II. 2006 Results from subsidiaries CASINO GROUPE GO SPORT III. Investment portfolio IV. 2006 dividend RALLYE – 2006 Annual Results - 30

Sustained market share gained Ø Consolidated net sales reached € 771 m up 6. 7% despite an unfavourable environment Ø Strong reversal of Courir with a 13. 2% growth in a steady market Ø Sales improvement of GO Sport France of 5. 9% above market growth Sales change by banner Sales growth slowdown in Q 2 and Q 4 14. 9% 2006 / 2005 C NC GO Sport France +3. 4 % +5. 9 % Courir France +12. 4% +13. 2% Moviesport 12. 5% 10. 7% 10. 2% 11. 1% 10. 6% 8. 8% -54. 4% Belgium -4. 7% +3. 4 % Poland* +12. 6% +14. 6 % Total +5. 4% +6. 7 % C: change in net sales on same-store basis NC: change in net sales on non same-store basis * In zlotys: +9% on a comparable basis and +11% on a non comparable basis 3. 5% 1. 6% Q 3 2004 Q 1 Q 2 2005 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 2006 RALLYE – 2006 Annual Results - 31

Results affected by difficult market environment and non-recurring items In € millions 2005 2006 Var. Net sales 722. 6 771. 2 + 6. 7% Gross margin (1) 274. 4 295. 8 + 7. 8% In % of net sales 38. 0% 38. 3% + 0. 3 pt EBITDA (2) 12. 7 9. 9 Current operating income -7. 6 -11. 9 Net income -8. 3 -12. 2 (1) Restated in 2005, to be comparable, of the logistic costs included henceforth in the gross margin (2) EBITDA = current operating income + current depreciation and amortisation expense Ø Gross margin up 7. 8% due to sales growth and improvement in gross margin rate of 0. 3 point Ø However, these performances were insufficient to cover additional costs and nonrecurring items (€ 5 m) RALLYE – 2006 Annual Results - 32

Courir: renewal with the leadership of the basket market Ø Sustained commercial recovery P Strong improvement of net sales (+13%) in a lifeless market P Additional net sales growth of 15 points in the 33 stores changed at the new concept (15% of the fleet) Ø Success of the strategic repositioning P Commercial success of the exclusive collections « VIB » (Very Important Baskets): 50% of net sales realised with 30% of items P Visibility supported by effective advertising with campaigns co-branded with suppliers (Nike, Adidas, Asics, Puma…) Ø Improvement in gross margin of 50 pb P Favourable mix effect P Anticipated management of end of collections RALLYE – 2006 Annual Results - 33

GO Sport: sustained change of the banner Ø Rehabilitation of the product offering P Reducing the number of items by 20% P Enhancing partnerships with leader brands P Development of the private label products GO (26% of net sales up 3 points) and profitability improved (+1. 5 point of margin) Ø Network modernising P 48 remodelings realised in 2006 P Set up of a new ID in stores P Assertion of sports practice specialisation RALLYE – 2006 Annual Results - 34

2007 outlook: action plan underway ü Progressive rise in the private label products ü Strong pressure on operating costs ü Sustained deployment of Courir and GO Sport new concepts ü Closing plan for non profitable stores ü Significant reduction of inventories Ø Sustained gains in market share Ø Gross margin rate improvement Ø Translate the additional margin in profit RALLYE – 2006 Annual Results - 35

Summary I. RALLYE: 2006 Results II. 2006 Results from subsidiaries CASINO GROUPE GO SPORT III. Investment portfolio IV. 2006 dividend RALLYE – 2006 Annual Results - 36

Investments portfolio: a value creating business Portfolio € 511 m Financial investments € 408 m Market value (1) Around 200 lines 3 years average rate of return: 22. 8% Real estate programs € 103 m Historical cost (2) 4 projects Patrimonial strategy with a portfolio improvement mainly with reinvestments of benefits (1) The market value of financial investments is the book value in the consolidated statements (fair value - IAS 39) and generally comes from external valuations (Funds General Partners) or from on-going transactions (2) Real estate programs are accounted for at historical costs and are not revalued before the investment disposal (IAS 16) RALLYE – 2006 Annual Results - 37

Strong experience in investment Experienced team Ø 9 professional investors in Paris and New York Ø Continuity of the deal flow guaranteed by strong relationships with the most renowned investments funds and real estate experts Quality partners Ø Minority acquisition in projects from the team network (Firstmark, Eutelsat…) Historical expertise Ø Capitalisation on the 20 years of the Euris / Rallye Group’s expertise in financial investments and in the development of shopping malls RALLYE – 2006 Annual Results - 38

Investment portfolio increased by € 103 m (+25%) in 2006 € 511 m € 7 0 m € 409 m Value appreciation * € 126 m € 158 m € 408 m € 316 m Divestments Gross investments Net investments: € 32 m Of which real estate programs: € 10 m € 93 m € 103 m IFRS book value at 12/31/05 IFRS book value at 12/31/06 Financial investments accounted for at fair value (IAS 39) taking into account foreign exchange covers Real estate programs accounted for at historical costs taking into account foreign exchange covers * Improvement of the 2006 held or disposed investments value compared to their estimated value at 12/31/2005 RALLYE – 2006 Annual Results - 39

Financial investments: a profitable business with controlled risk A profitable business. . Ø Analysis of projects with an expected net internal rate of return of minimum 20% Ø High rates of return over the past 3 years 30. 6% 21. 3% X, X % 16. 6% Annual rate of return Value appreciation (€m) 72 70 2005 2006 34 2004 … with controlled risk Ø Strong creation value potential with recent investments not revalued Ø Diversified portfolio enabling to mutualize risks P Geographical and sector-based diversification and also by type of investment, by partner and by size P Around 200 lines, under € 3 m for three quarters of them P Only 3 lines above € 7 m in net cash invested (maximum of € 11 m) Ø Prudential management of the portfolio P Capacity of syndication with investor partners P Low exposure in venture capital and emerging markets P Systematic foreign exchange cover Ø Quick asset turnover RALLYE – 2006 Annual Results - 40

Geographical breakdown balanced between US and Europe and increasing exposure in Asia Financial investments at 12/31/06 2006 net investments Asia 12% Europe: +€ 7 m € 408 m Europe 49% US: -€ 10 m US 39% Asia: +€ 25 m RALLYE – 2006 Annual Results - 41

A diversified portfolio 2006 net investments Portfolio at 12/31/06 Venture capital 6% Others 12% Real estate funds and co-investments : -€ 8 m Real estate funds and co-investments € 408 m LBO: +€ 23 m 30% Venture capital: -€ 6 m Others: +€ 13 m LBO 52% The mains portfolio lines Value at 12/31/06 2006 investments 2006 value appreciations Eutelsat - € 19 m IREO - € 8 m Avio - € 8 m Satellite operator Real estate in India Aeronautic industry FDV - € 16 m Falcon - € 7 m Casema - € 7 m Real estate funds in France (AXA) Telecom in Eastern Europe Cable television in Netherlands Avio - € 11 m Niska - € 5 m Eutelsat - € 6 m Aeronautic industry Gas stocking in US Satellite operator RALLYE – 2006 Annual Results - 42

2006 mains disposals Ø Co-investment with LBO France in 2003 in the former division of Lafarge specialty products for € 6 m Ø Disposal in May 2006 releasing a 53% internal rate of return and x 2. 5 invested capitals Ø Disposal of Draper Fisher fund’s stake in Baïdu, the chinese "Google" for $4 m releasing a multiple of 20 x Ø Co-investment in 2003 with Carlyle in the Cable television activity of France Telecom in The Netherlands Ø Investment of € 3 m - Internal rate of return of 69%- Multiple of 4. 6 x Ø Acquisition of a minority stake in 2004 and 2005 in Redbirds France, controlled by Eurazeo and holding Eutelsat shares Ø Disposal of these shares to the Caisse des Dépôts in December 2006 (cash redemption and main capital gain in 2007) Ø Internal rate of return > 100% and multiple of 2. 7 x on an investment of € 11 m Ø Additional revenue of € 4 m on Firstmark France (radio local loop) transferred in 2002 to Suez after the IPO of Neuf Cegetel RALLYE – 2006 Annual Results - 43

Developing real estate programs: € 103 m* invested Ø Investment in retail property in Germany with Sonae Sierra, Foncière Euris and Paris Orléans P Marketing of Alexanderplatz shopping mall in Berlin almost achieved P New shopping mall program in Weiterstadt (Francfort suburbs) with remodeling beginning in November 2006 for an expected opening in September 2008 Ø Current marketing of a housing estate program in Boston Ø Joint-venture created with Carlyle running a telecom building in Los Angeles Alexanderplatz shopping mall in Berlin v 47, 500 sq. m of businesses v 7, 500 sq. m of spare-time activities v Remodeling progress in accordance with the planning for an opening expected on September 12, 2007 v Marketing almost achieved with less than 3% of areas unoccupied 6 months before the opening * Developing real estate programs are not revalued (IAS 16) RALLYE – 2006 Annual Results - 44

Summary I. RALLYE: 2006 Results II. 2006 Results from the subsidiaries CASINO GROUPE GO SPORT III. Investment portfolio IV. 2006 dividend RALLYE – 2006 Annual Results - 45

2006 dividend growth Ø A dividend for financial year 2006 of € 1. 74 per share, up 3. 6% versus 2005, will be proposed at the Annual Shareholders’ Meeting of June 6, 2007 Ø As an interim dividend of € 0. 80 per share was paid on October 18, 2006, the balance thus amounts to € 0. 94 per share € 1. 68 € 1. 74 € 1. 68 + 3. 6% 2004 2005 2006 RALLYE – 2006 Annual Results - 46

Appendix

Rallye – Simplified organisational Chart at February 28, 2007 Listed company FONCIERE EURIS 62. 31% of shares (1) (2) 75. 25% of voting rights (1) (2) RALLYE 0. 48% 50. 18% of ord. shares 63. 12% of voting rights CASINO (1) 72. 55% of shares 79. 68% of voting rights GROUPE GO SPORT Financial Investments Directly and indirectly Including the 3, 090, 713 Rallye shares alloted to a repurchase agreement without which Foncière Euris interest in Rallye, directly and indirectly, would be 54. 42% of shares and 70. 13% of voting rights (2) RALLYE – 2006 Annual Results - 48

Rallye – Simplified Consolidated Balance Sheet at December 31, 2006 in € millions Goodwill Intangible assets 12/31/2005 6, 816 6, 780 12/31/2006 6, 588 6, 193 Var. -3. 3% -8. 7% 551 438 -20. 5% 1, 041 2, 244 2, 299 259 2, 887 1, 072 2, 031 2, 564 310 2, 056 3. 0% -9. 5% 11. 5% 19. 7% -28. 8% 119 715 22, 996 21, 967 -4. 5% 4, 831 279 8, 284 5, 193 246 6, 983 7. 5% -11. 8% -15. 7% Other non-current liabilities 327 378 15. 6% Short-term provisions 183 169 -7. 7% 3, 926 3, 813 -2. 9% 2, 795 2, 313 58 22, 996 2, 360 2, 475 350 21, 967 -15. 6% 7. 0% Investments in associates Other non-current assets Inventories Trade and other receivables Other financial assets Cash and cash equivalents Assets held for sale TOTAL ASSETS Equity Long-term provisions Financial liabilities Trade payables Other financial liabilities Other liabilities Liabilities held for sale TOTAL LIABILITIES -4. 5% RALLYE – 2006 Annual Results - 49

Casino Capital Structure at February 28, 2007 in % of ordinary shares in % of voting rights 32. 8% 44. 9% 50. 2% 63. 1% 1. 4% 2. 7% 2. 1% 2. 5% Rallye Group Casino’s employees Other sharehoders Galeries Lafayette Breakdown of Casino's capital at 02/28/2007 Nb of ordinary shares Nb of preferred shares Nb of voting rights 96, 798, 396 15, 124, 256 143, 601, 489 Ownership of Rallye 48, 576, 713 6, 029, 447 90, 647, 373 (%) 50. 18% 39. 87% 63. 12% As at March 22, 2007, Rallye holds 2. 8 million calls on Casino ordinary shares RALLYE – 2006 Annual Results - 50

Rallye’s capital structure at February 28, 2007 Rallye's capital structure at 02/28/07 Shares in % Voting rights in % 24, 431, 108 62. 31% 45, 451, 125 75. 25% 557 - 807 0. 00% 189, 078 0. 48% - - Other shareholders 17, 680, 998 45. 09% 18, 041, 284 29. 87% Total 39, 211, 028 100. 00% 60, 402, 503 100. 00% (1) (2) Foncière Euris Other Groupe Euris companies Treasury stocks (1) Directly and indirectly Including the 3, 090, 713 Rallye shares alloted to a repurchase agreement without which Foncière Euris interest in Rallye, directly and indirectly, would be 54. 42% of shares and 70. 13% of voting rights (2) Rallye's fully diluted capital structure at 02/28/2007 Nb of shares Nb of potential shares Ordinary shares 39, 211, 028 OCEANE 5, 521, 166 5, 631, 589 Stock options 475, 704 Bonus shares 40, 858 Fully diluted number of shares 45, 359, 179 RALLYE – 2006 Annual Results - 51

Rallye – Financial instruments at 02/28/07 Characteristic OCEANE (1) Conversion factor: 1. 02 Date of issue Maturity Nb issued Nb as at 02/28/2007 Nb of Rallye shares Jan-03 Dec-07 6, 011, 362 6, 131, 589 (1) The conversion of 490, 196 OCEANE was covered by the purchase of calls on Rallye shares 2003 exch. bond Characteristic Date of issue Maturity Nb issued Nb as at 02/28/2007 Nb of Casino shares (exch. factor: 1 share) Apr-03 Jul-13 3, 750, 000 RALLYE – 2006 Annual Results - 52