RALLYE 2003 Full Year Results Provisional unaudited results

RALLYE 2003 Full Year Results (Provisional unaudited results) 18 RALLYE March – 182004 March 2004

Summary Ø RALLYE 2003 Results Ø 2003 Results from subsidiaries 3 CASINO 3 GROUPE GO SPORT 3 THE ATHLETE’S FOOT Ø Financial investment portfolio Ø 2003 dividend and outlook RALLYE – 18 March 2004 2

2003 Highlights Ø Strong results from subsidiaries, particularly Casino, drove further strong growth in Rallye results 3 Casino : income from current operations before tax +12. 9%, attributable net income +10. 6% 3 Groupe Go Sport : net income +7. 0% => Rallye net income, Group’s share rises to € 108 million vs. € 63 million in 2002 Ø Ø Sale of Athlete’s Foot 3 Sale of Athlete’s Foot to its management on December 27, 2003 3 Elimination of a loss-making activity for Rallye as from 2004 Strengthening of Rallye financial structure 3 Growth of available financing through issuance of approx € 1 billion in 2003 and the beginning of 2004 3 Exchange offer for A warrants, strengthening Rallye shareholders’ equity in due course RALLYE – 18 March 2004 3

2003 Results (€ millions) 2003 2002 Change 23, 768 23, 681 +0. 4% 1, 056 954 +10. 7% Income from current operations after tax 446 409 +9. 0% Net income 426 366 +16. 4% Net income from current operations, Group’s share 101 84 +20. 2% Net income, Group’s share 108 63 +71. 4% 34, 491, 368 35, 108, 477 Net income from current operations, Group’s share 2. 94 2. 39 +23. 0% Net income, Group’s share 3. 14 1. 80 +74. 4% Net sales Operating income Per share (€) Average shares outstanding RALLYE – 18 March 2004 4

Net debt at December 31, 2003 Ø Breakdown of Rallye holding company net debt at 12/31/2003 1998 - 2005 exchangeable bonds in Casino * € 128. 1 m 2001 - 2006 exchangeable bonds in Casino € 460. 0 m OCEANE 2003 - 2008 € 264. 5 m 2003 - 2013 exchangeable bonds in Casino € 300. 0 m Other bond issues € 361. 0 m Other net debt € 694. 0 m Total net debt at 12/31/03 of which « economic » net debt (excl. 98 exch. bonds) € 2, 207. 6 m € 2, 079. 5 m * Reduced to € 91. 2 million after exchanges since January 1 st 2004 Bond in the money RALLYE – 18 March 2004 5

Strengthening of financial structure Ø Ø Rallye issued more than € 1 billion in bonds in 2003 and the beginning of 2004 3 January 2003 : 3 April 2003 : 3 January 2004 : € 264. 5 million convertible/exchangeable bond issue maturing in 2008 (OCEANE) € 300 million exchangeable bond issue maturing in 2013 € 400 million bond issue maturing in 2009 These 3 issues allow Rallye to : 3 Extend the maturity of its debt 3 Refinance bond issues which matured in 2003 (January 2003 convertible bond and € 152. 5 million bond issue in July 2003) 3 Diversify Rallye’s financial resources 3 Optimise financial costs taking advantage of favourable market conditions 3 Strengthen Rallye shareholders’ equity in due course (OCEANE) RALLYE – 18 March 2004 6

Available financing Ø After the bond issue of January 2004, Rallye has unused confirmed credit lines of approx € 1. 6 billion Available financing Used financing Unused confirmed credit lines : € 1. 6 bn Confirmed bank lines € 1, 892 m Other bonds : € 361 m 2004 bond : € 400 m 2003 ex. bonds : € 300 m Conv. /ex. bonds « OCEANE » : € 265 m € 2. 2 bn € 3. 8 bn Used bank lines* € 294 m 2003 ex. bonds : € 300 m Conv. /ex. bonds « OCEANE » : € 265 m 2001 ex. bonds : € 460 m 1998 ex. bonds : € 128 m RALLYE – 18 March 2004 * Net of marketable securities and cash 7

Timetable of bond maturity Ø Bonds issued in 2003 and the beginning of 2004 enable Rallye to extend the maturity of its debt € 760 m OCEANE in the money from a Rallye market price of € 47. 30 Ex. bonds in the money from a Casino ordinary share market price of € 86. 87 € 400 m 1998 ex. bonds in the money € 300 m* € 265 m € 189 m € 128 m 2005 2006 2008 2009 2013 equity linked financing (ex. bonds, OCEANE) *the holders of 2013 exchangeable bonds benefit from a put exercisable on 07/01/2008 at € 86. 87, on 07/01/2011 at € 91. 67. At maturity 07/01/2013, the redeemable bond is at € 95. 26. RALLYE – 18 March 2004 8

Debt cover by assets Ø Rallye assets cover net debt of the holding company more than twice Situation at 12/31/03 € 4. 4 bn Casino : € 3. 9 bn x 2. 1 € 2. 1 bn Groupe Go Sport : € 0. 1 bn Financial inv. : € 0. 2 bn Treasury shares : € 0. 1 bn Revalued assets 1 Net debt (after exchange of exchangeables in the money) 1. Non-listed assets valued at their net accounting value at 12/31/03 2. Listed assets valued at closing market price at 12/31/03: 3. - Casino ordinary shares: € 77. 10 / Casino preferrence shares: € 63. 75 4. - Groupe Go Sport: € 55. 95 / Rallye: € 43. 7 RALLYE – 18 March 2004 9

Financial cost cover by dividends Ø Dividends received by Rallye cover financial costs paid by the holding company approx 1. 3 times Ø The maintenance of Casino’s current pay-out ratio, combined with expected profit growth should ensure regular increases in dividends received by Rallye Ø Thus, the stability of debt and increase in dividends received bring about a mechanical improvement of the dividends received over financial costs ratio Net dividend per ordinary share € 3. 46 € 1. 54 € 4. 08 € 1. 80 Dividends received by Rallye € 1. 98 1, 80€ 1, 98€ 44. 5% 44. 1% 43. 6% 2001 2002 2003 1, 54€ Earnings per share Pay-out ratio RALLYE – 18 March 2004 € 101 m € 4. 54 Net dividend per ordinary share € 79 m € 107 m 136% 127% 114% 2002 2003 2004 e Dividends received /financial costs ratio 10

Summary Ø RALLYE 2003 Results Ø 2003 Results from subsidiaries 3 CASINO 3 GROUPE GO SPORT 3 THE ATHLETE’S FOOT Ø Financial investment portfolio Ø 2003 dividend and outlook RALLYE – 18 March 2004 11

Another year of improved performance FRANCE (95% of operating income) 3 Effective strategic positioning : food-driven, multi-format retailing 3 Solid organic growth 3 Fast growing Discount and Convenience formats 3 Successful customer loyalty programme OPERATING INCOME + 10. 8 % 3 Improving margins INTERNATIONAL (5% of operating income) 3 Strategic refocusing in the United States INCOME FROM CURRENT 3 Action plans in Poland Taiwan OPERATIONS BEFORE TAX 3 Improving economic environment + 12. 9 % in the 2 nd half SELECTIVE CAPEX AND WORKING CAPITAL DISCIPLINE DEBT REDUCTION € 341 million SHARP IMPROVEMENT IN ROCE : 15. 3% (vs 12. 9% in 2002) RALLYE – 18 March 2004 12

Solid operating performance and debt reduction drove a 12. 9% increase in income from current operations At constant exchange rates 2002 2003 34, 363. 8 35, 460. 9 +3. 2% +9. 5% 22, 857. 4 22, 982. 9 +0. 5% +4. 7% 1, 452. 2 1, 572. 9 +8. 3% +10. 9% Operating income 966. 0 1, 070. 2 +10. 8% +11. 7% Operating margin 4. 2% 4. 7% (191. 1) (195. 7) 774. 9 874. 5 in millions of euros Total business volume excl. VAT Consolidated net sales EBITDA* Net financial expense Income from current operations before income tax % Change +12. 9% *EBITDA = Earnings before interest, tax, depreciation and amortisation RALLYE – 18 March 2004 13

ROCE rose to 15. 3% in millions of euros Income from current operations before tax 2002 2003 % Change 774. 9 874. 5 (262. 3) (321. 3) 7. 5 0. 3 43. 9 54. 4 Goodwill amortisation (41. 9) (46. 0) Minority interests (76. 9) (69. 6) Attributable net income after goodwill 445. 2 492. 3 Corporate income tax Exceptional income net of tax Equity income Average shares outstanding EPS (€) ROCE* +12. 9% +10. 6% 108, 994, 442 108, 525, 879 4. 08 4. 54 12. 9% 15. 3% +11. 1% *ROCE = Operating income / average ([Shareholders’equity + net debt] at 31/12/n and n-1) RALLYE – 18 March 2004 14

Casino has a strong financial structure and greater flexibility Ø Net financial debt reduced by € 341 m to € 3, 400 m Ø Further improvement of financial structure : Net debt / Cash flow 3. 5 x 3. 1 x EBITDA / Net interest expense 7. 6 x 8. 0 x 2002 2003 Net debt / EBITDA 2. 6 x 2. 2 x Ø Net debt / Shareholders’ equity after earnings appropriation 109% 100% Casino has significant available financing : € 3, 695 m of confirmed unused credit lines at 12/31/2003 RALLYE – 18 March 2004 15

In France, all banners contributed to solid earnings growth (1) Improvement in operating margin 2002 2003 3. 9% 4. 1% Géant Hypermarkets 7. 5% 5. 1% 5. 7% 4. 1% 4. 2% Casino Supermarkets 8. 7% 8. 8% 8. 1% Franprix / Leader Price 5. 2% 5. 6% Monoprix Superettes French Retail Operating income up 11. 1% 2002 2003 17, 511. 9 18, 287. 3 +4. 4% Operating income 911. 7 1, 012. 6 +11. 1% Operating margin 5. 2% 5. 5% in millions of euros Net sales RALLYE – 18 March 2004 % Change 16

In France, all banners contributed to solid earnings growth (2) Ø Operating income from FP/LP rose 19. 1% after gaining 23. 5% in 2002 - in three years, operating income has doubled. The contribution of FP/LP exceeded that of Géant hypermarkets for the first time in 2003. Ø The group’s traditional expertise in superettes and small supermarkets helped to drive further strong growth in operating income, which increased 13. 3% after rising 19. 6% in 2002 Ø Monoprix, whose unique city-centre concept is extremely popular with consumers, increased operating income by 14. 0%. Ø The traditional formats (hypermarkets and supermarkets) also saw operating income growth (+9. 2% for Géant and +1. 8% for Casino supermarkets) Change in operating income by banner (in€M) +19. 1% +9. 2% 269. 5 313. 2 294. 3 +13. 3% 263. 0 +1. 8% +14. 0% 130. 4 132. 8 94. 3 Géant hypermarkets RALLYE – 18 March 2004 Casino Supermarkets FP / LP 107. 5 Monoprix (at 50%) 148. 7 131. 3 2002 2003 Superettes 17

These results demonstrate the effective positioning and strategy of the Group (1) Breakdown of net sales 15% Ø Food-driven sales less sensitive to economic cyclicality Food Non-food 85% Ø Formats tailored to consumer demand People-friendly hypermarkets with an extensive food offering, located in mid-sized cities A homogenous store base (> 1, 000 sq. m) and improved price competitiveness (Opus index <102) Upscale concept at the cutting edge of city-centre retailing Parisian neighbourhood supermarket, with more than 30% Leader Price discount products Unique 100% own brand discount concept 4, 568 stores close to their two million daily customers RALLYE – 18 March 2004 18

These results demonstrate the effective positioning and strategy of the Group(2) Ø Casino continues to develop its multiformat offer prioritising: Ø Casino is constantly adapting its stores 3 Price : coherent pricing policy according to formats and districts 3 Product mix: broadening the food offer and constant review of different product families 3 Adapting the store base : transfer of banners, remodeling, extensions, … 3 High growth convenience formats, highly favoured by consumers 3 Discount, the most dynamic segment of the French market EMC has strengthened its position as Favourable evolution of the margin mix France’s 3 rd largest central purchasing agency Market share 2000 12. 6% 13. 4% 13. 6% 2001 2002 2003 * Source - TNS Secodip RALLYE – 18 March 2004 36% Breakdown of operating income 36% 39% 28% Géant HM FP/LP 2003 30% 31% Convenience (Casino SM, Monoprix and superettes) 19

Casino’s growth model prioritises the development of discount and convenience formats 2003 Openings Géant hypermarkets Casino supermarkets Monoprix 2003 Operating margin 17, 400 sq. m 9, 700 sq. m 4. 1% 8 to 12% 4. 2% 36, 100 sq. m 8. 1% > 20% Superettes 54, 200 sq. m (2) 8. 8% (1) Every € 1 invested generates around € 2 in additional sales with an operating margin of 4. 1% to 5. 7% => 8. 2% to 11. 4% in additional operating income for every € 1 invested (2) Every € 1 invested generates around € 3 in additional sales with an operating margin of 8. 2% to 8. 8% => 24. 3% to 26. 4% in additional operating income for every € 1 invested RALLYE – 18 March 2004 (1) 5. 7% 1, 500 sq. m FP / LP Additional op. income generated per 1€ invested 20

Casino’s positioning in fast growing formats facilitates a sustained store opening programme in France … + 205, 000 sq. m + 175, 000 sq. m + 120, 000 sq. m 2003 2004 500, 000 sq. m added over three years, with acceleration in 2004 et 2005 + 130, 000 sq. m in 2004 90, 000 Acceleration of openings in 2004 (especially Superettes) 54, 000 40, 000 36, 000 20, 000 15, 000 17, 000 10, 000 2, 000 Monoprix Casino SM Géant HM 2003 RALLYE – 18 March 2004 FP/LP Superettes Nearly 3/4 of 2004 openings will be focused on the most profitable formats (FP/LP and Superettes) 2004 21

… and continued improvement in the margin mix Traditional formats Discount / Superettes Ø 2003 organic growth : 10% to 11. 5% 1. 6% Ø 2003 operating margin : 4. 1% to 5. 7% Ø Return on investment * : 8 to 12% Ø 2003 operating margin : > 8% 26% of 2004 Ø Return on investment* : > 20% openings 74% of 2004 openings * Additional operating income generated per 1€ invested The growth/margin mix of the different formats drives a mechanical improvement in earnings and ROCE RALLYE – 18 March 2004 22

The turnaround seen since the 2 nd half validates our strategy outside France At constant exchange rates 2002 2003 % Change 5, 345. 5 4, 695. 6 -12. 2% +5. 4% 228. 5 210. 8 -7. 7% +8. 7% EBITDA margin 4. 3% 4. 5% Consolidated operating income 54. 3 57. 5 +6. 0% +22. 0% Operating margin 1. 0% 1. 2% Companies accounted for 31. 3 39. 9 +27. 4% +49. 8% in millions of euros Consolidated net sales Consolidated EBITDA by the equity method Operating income (€ m) 54. 3 57. 5 41. 9 29. 5 24. 8 15. 6 H 1 2002 H 1 2003 RALLYE – 18 March 2004 H 1 2002 H 1 2003 2002 2003 23

Four countries account for 82% of consolidated international sales… Consolidated international sales operating income (€m) 57. 5 Other* 18% 41. 1 Indian Ocean (33. 34%) 6% 24. 0 14. 8 USA Poland 39% 16% Poland USA Thailand Indian Ocean (33. 34%) Thailand 21% Other TOTAL (5. 1) (17. 3) * Argentina + Uruguay + Venezuela + Taiwan … and provide a solid base for future growth RALLYE – 18 March 2004 24

International activities are poised for a strong rebound Ø USA : The successful refocusing of Smart & Final on its core activities has given a new growth/profitability mix Ø Thailand : Big C will pursue its expansion programme and should continue to register satisfactory operating performance Ø Indian Ocean : Vindémia will strengthen its leadership by opening new stores Ø Poland : Géant Polska will continue its turnaround and Leader Price will continue to expand Ø Latin America : all countries in the zone will benefit from economic recovery Strong growth in consolidated international operating income in 2004 RALLYE – 18 March 2004 25

Casino is confident in its growth model FRANCE Continued strong, long-term organic growth Assertive expansion programme Mechanical improvement in earnings driven by mix prioritising fastest growing, most profitable formats INTERNATIONAL Sharp rebound in international business 2004 Targets Growth > 10% in operating income and income from current operations Cash-flow exceeding capex by > € 400 million RALLYE – 18 March 2004 26

Summary Ø RALLYE 2003 Results Ø 2003 Results from subsidiaries 3 CASINO 3 GROUPE GO SPORT 3 THE ATHLETE’S FOOT Ø Financial investment portfolio Ø 2003 dividend and outlook RALLYE – 18 March 2004 27

Highlights ØActions taken by Go Sport are bearing fruit and the banner is performing well despite weak economic conditions ü product ranges adapted to catchment areas ü ongoing renovation programme (37 stores in 2003) ü communication campaigns and more aggressive promotional operations Þ 2003 sales in France +5. 4%, of which +2. 6% on a same-store basis Þ the banner is gaining market share (estimated market growth : +2. 5%*) Ø Courir saw a more difficult year, after several years of strong growth, ü a slowdown in sales, particularly in the second half ü unfavourable base of comparison(+12. 2% sales growth in 2002) Þ 2003 sales -12. 3%, of which -18. 4% on a same-store basis Þ From the second half, actions was taken to address below-average performance from the banner (revitalized product offering and improved merchandising) Ø Groupe Go Sport continues to expand ü 28 stores opened in 2003 ü purchase of 11 stores from Giacomelli in Poland in December 2003 Þ 346 stores in France, Belgium and Poland at 12/31/2003 Þ Groupe Go Sport ranks number one in sporting goods retailing in Poland * Source : Xerfi / Cetelem RALLYE – 18 March 2004 28

Key figures Ø Improved results despite a difficult period for consumer spending in France € millions 2002 2003 change Sales 746. 6 755. 4 +1. 2% Commercial margin 44. 9% 46. 0% +1. 1 pt Operating income 27. 1 24. 8 -8. 2% Income from current operations before tax 23. 2 24. 4 +5. 2% Net income 13. 6 14. 6 +7. 0% Earnings per share (in €) 3. 67 3. 92 +6. 8% Cash flow 35. 2 37. 2 +5. 6% Ø Ø Dynamic performance of Go Sport banner in France & below-average performance of Courir Ø Further improvement in commercial margin Ø Due to lower sales at Courir Ø Higher rental costs Ø Reduced financial costs thanks to lower average indebtedness Ø Cash flow exceeding capex significantly Strong financial structure / stable financial ratios Net debt / Cash flow RALLYE – 18 March 2004 2002 x 1. 9 2003 x 2. 0 Net debt / Shareholders’ equity 2002 62. 8% 2003 63. 2% 29

Outlook Good growth outlook in France and international markets Ø In France 3 3 The opening of approx fifteen stores is planned in 2004 Measures taken by Courir should bear fruit • • • 3 Ø Differentiation of the product offering by store according to sites and competition Increased proportion of textiles in product mix Communication targeting the 12 -25 age range The Group’s marketing strategy will be strengthened by the launch of a customer loyalty programme at each banner in April 2004 Outside France markets 3 In Poland, business is developing with the integration of the 11 new points of sale purchased in December 2003 3 Opening of the Group’s first franchise stores in first half 2004 RALLYE – 18 March 2004 30

Summary Ø RALLYE 2003 Results Ø 2003 Results from subsidiaries 3 CASINO 3 GROUPE GO SPORT 3 THE ATHLETE’S FOOT Ø Financial investment portfolio Ø 2003 dividend and outlook RALLYE – 18 March 2004 31

The Athlete’s Foot (1) Ongoing restructuring in 2003 Ø Closing of 20 loss-making branches Ø Conversion of 10 stores in the Houston district into franchises Ø Signing of new franchise contracts in Saudi Arabia, Canada (Calgary), UK, United Arab Emirates and the US 140. 1 Sales (€m) Operating income (€m) -11. 6 2003 RALLYE – 18 March 2004 32

The Athlete’s Foot (2) Sale of the company to its management Ø A transaction in several steps, in 2003 and the beginning of 2004 : 1. Securitization of the franchise revenues for $33 m 2. Strengthening of the branch financial resources 3. Effective sale of the franchise and of branches to its management Ø The transaction has no impact on Rallye 2003 results Ø As of January 1 st 2004, operations of the Athlete’s Foot are not consolidated any more Ø The residual accounting risk for Rallye amounts to $20 million (receivables on management covered by future income from the companies sold) RALLYE – 18 March 2004 33

Summary Ø RALLYE 2003 Results Ø 2003 Results from subsidiaries 3 CASINO 3 GROUPE GO SPORT 3 THE ATHLETE’S FOOT Ø Financial investment portfolio Ø 2003 dividend and outlook RALLYE – 18 March 2004 34

Financial investment portfolio Ø Ø Net accounting value of portfolio : € 236 million at 12/31/03 versus € 224 million at 12/31/02 Principal changes in 2003 3 3 Ø Foncière Cézanne Matignon : € 5 m investment sold Breakdown of portfolio at 12/31/2003 22% Miscellaneous Cdiscount, Lone. Star for € 12 m at the beginning of 2003 Actaris : € 7 m investment sold for € 24 m at the end of 2003 (with a seller’s guarantee of € 2 m) FDV (real estate funds managed by AXA) : investment of 46% 13% Secondary funds Landmark, Lexington… € 24 m in 2003, reduced to € 14 m at the beginning of 2004 after the sale of two buildings Nexity (stake in the third LBO): receipt of € 3 m in 2003, bringing cash received to € 11 m, for an initial investment of € 3 m, whose residual value is estimated around € 5 m Real estate FDV, Carlyle Real Estate 19% LBO PAI, LBO France… In 2004, the portfolio size should not change significantly RALLYE – 18 March 2004 35

Summary Ø RALLYE 2003 Results Ø 2003 Results from subsidiaries 3 CASINO 3 GROUPE GO SPORT 3 THE ATHLETE’S FOOT Ø Financial investment portfolio Ø 2003 dividend and outlook RALLYE – 18 March 2004 36

2003 dividend The payment of a net dividend of 1. 6 Euros per share will be proposed at the AGM to be held on June 9, 2004, including a net interim dividend of 0. 8 Euro per share paid on September 18, 2003 RALLYE – 18 March 2004 37

Outlook Ø Rallye benefits from an healthy outlook for 2004 3 In 2004, sustained strong performance in France and a rebound in earnings from international subsidiaries results should enable Casino to achieve: • Growth > +10% in operating income and income from current operations • Cash flow exceeding capex by > 400 M€ 3 Groupe Go Sport should also profit from the opening of approx 15 stores in France, the integration of new Polish stores and measures aimed at the commercial rebond of Courir RALLYE – 18 March 2004 38

Appendices RALLYE – 18 March 2004 39

Rallye – Simplified organigramme as at 12/31/03 FONCIERE EURIS 64. 98% of shares* 81. 88% of voting rights* RALLYE 50. 72% of ordinary shares 65. 41% of voting rights GROUPE CASINO 9. 3% 69. 11% of shares 77. 21% of voting rights GROUPE GO SPORT Financial investment portfolio Listed company * Directly and indirectly RALLYE – 18 March 2004 40

Rallye – simplified consolidated income statement (€ millions) 12/31/2003 12/31/2002 change 23, 768 23, 681 0. 4% EBITDA 1, 584 1, 480 7. 0% Operating income 1, 056 954 10. 7% -274 -297 nm Income from current operations before tax 782 657 19. 0% Income from current operations after tax 446 409 9. 0% Exceptional items, net of tax -7 -21 nm Income from companies accounted for by the equity method 54 39 38. 9% Amortization of goodwill -67 -61 nm Net income from current operations, Group's share 426 366 16. 4% 101 84 20. 2% Net income, Group's share 108 63 71. 4% Net sales Financial result RALLYE – 18 March 2004 41

Rallye – simplified consolidated balance sheet (€ millions) Fixed assets as at 12/31/03 10, 874 as at 12/31/02 10, 900 Current assets 6, 348 6, 729 Inventories 2, 025 1, 970 Accounts receivable 1, 791 1, 877 Marketable securities 1, 871 2, 125 661 757 Other assets 315 423 Total assets 17, 537 18, 052 3, 322 3, 412 Bonds redeemable against shares 181 Provisions for contingencies and charges 413 327 Borrowings and loans 8, 204 8, 835 Accounts payable 5, 078 5, 067 Other debts 180 198 Other liabilities 159 32 17, 537 18, 052 Cash Shareholders' equity Total liabilities and shareholders' equity RALLYE – 18 March 2004 42

Capital structure of Casino at 12/31/03 in % of ordinary shares in % of voting rights 26. 73% 35. 73% 50. 72% 2. 19% 3. 14% 1. 57% 65. 41% 4. 44% 1. 85% 1. 66% 6. 55% Groupe Rallye Guichard Family Owned shares / treasury stocks Galeries Lafayette Casino employees Other shareholders Breakdown of Casino's capital Ownership of as at 30/06/03 Rallye (%) Nb of ordinary shares 93, 474, 701 47, 413, 178 50. 72% Nb of preferrence shares 15, 128, 556 6, 884, 427 45. 51% 7, 924, 550 130, 751, 185 5, 319, 079 85, 529, 643 67. 12% 65. 41% Warrants B Nb of voting rights RALLYE – 18 March 2004 43

Rallye – Capital structure at 12/31/03 Rallye's capital structure as at December 31, 2003 Foncière Euris* Other Groupe Euris companies Owned shares Treasury stocks Other shareholders Total Shares in % Voting rights in % 24, 306, 377 64. 98% 45, 878, 747 81. 88% 364, 591 0. 97% 365, 045 0. 65% 2, 725, 565 7. 29% - - 753, 440 2. 01% - - 9, 257, 871 24, 75% 9, 790, 361 17. 47% 37, 407, 844 100. 00% 56, 034, 153 100. 00% * directly and indirectly Rallye's fully diluted capital structure as at December 31, 2003 Number of Rallye shares Ordinary shares 37, 407, 844 Warrants B Rallye 33, 902, 064 2, 421, 576 Warrants C Rallye 24, 652, 736 1, 760, 910 6, 011, 362 6, 131, 589 OCEANE Fully diluted number of shares 47, 721, 919 * After adjustment of the OCEANE conversion ratio at 1. 02 at January 1 st 2004 RALLYE – 18 March 2004 44

Rallye – exchangeable bonds and warrants at 12/31/03 Date of issue Maturity Warrants B (1) 14 warrants for 1 Rallye share Feb-02 Warrants C (2) 14 warrants for 1 Rallye share Description OCEANE Conversion factor : 1. 02 Description 1998 exchangeable bond for Casino shares (exchange ratio : 1. 17 ordinary shares) Nb as at 31/12/03 Nov. 05 33, 931, 044 33, 902, 064 2, 421, 576 Nov-03 Dec. 06 24, 652, 736 1, 760, 910 Jan. 03 Dec. 07 6, 011, 362 6, 131, 589 Date of issue Maturity Feb. 98 Jan. 05 Nb issued 5, 724, 240 As at March, 12 2004 1998 exchangeable bond for Casino shares (exchange ratio : 1. 48 pref. shares) Nb of Rallye shares equivalent Nb issued Feb. 98 Jan. 05 2, 062, 574 As at March, 12 2004 Nb as at 31/12/03 Nb of Casino shares equivalent 1, 554, 725 1, 819, 028 1, 197, 540 x 1, 401, 122 599, 646 887, 476 336, 818 498, 491 2001 exchangeable bond for Casino shares (exchange ratio : 1. 0196 ordinary shares) Jan. 01 Jun. 06 3, 382, 353 3, 448, 647 2003 exchangeable bond for Casino shares (exchange ratio : 1 ordinary share) Apr. 03 Jul. 13 3, 750, 000 (1) Strike price : € 65 until 06/30/05, then, from 07/01/05, if the Rallye market price is lower than € 65, the strike price is monthly calculated on the basis of the higher between € 45. 5 and 90% of the average of the Rallye share opening prices for 20 stock exchange trading days preceding the 25 th of the month preceding the exercise of the warrants. (2) Strike price : 58€ until 31/05/06, then, from 06/01/06, if the Rallye market price is lower than € 58, the strike price is monthly calculated on the basis of the higher between € 48 and 90% of the average of the Rallye share opening prices for 20 stock exchange trading days preceding the 25 of the month preceding the exercise of the warrants. (3) After adjustment of the ratio at January 1 st 2004 RALLYE – 18 March 2004 45