RALLYE Annual General Meeting June 5 2002 1

RALLYE Annual General Meeting June 5, 2002 1

ØGroupe RALLYE ØFood and general retailing ØSporting goods retailing ØFinancial investment portfolio 2

Organizational chart as at March 31, 2001 Foncière Euris 63. 6% (78. 8% Voting rights) Rallye 50. 6% * (63. 5% voting rights) Casino 69. 1% (77. 8% voting rights) Groupe Go Sport 5. 0% 99. 9% Athlete’s Foot Financial investments portfolio Listed companies * in percentage of the common share 3

Net sales achieved at 94% in the food and general retailing and at 75% in France Ø Net sales by line of business 4% 2% Food and general retailing Sporting goods retailing 94% Other activities Ø Net sales by geographical area 5% Europe France 5. 5% 78. 7% 74. 9% Other European countries North America 3. 8% South America 10. 8% Asia 4

Highlights Ø 8. 4% growth of 2002 first quarter net sales at € 5, 534 m Ø Steady growth in 2001 results: Ø Ø Ø Operating income and operating income after interest increased respectively by 34% and 39% Casino 2001 good results Ø Operating income and net income, group’s share, increased 30. 8% and 20. 4%, respectively Operational setting up of the Go Sport and Courir merger into Groupe Go Sport Athete’s Foot recovery is under way in 2001 Rallye increased its holding in Casino, Ø in participating in Casino’s capital increase (issue of new shares with share purchase or subscription warrants attached – ABASA) in early 2001 Ø through the acquisition of double voting rights in February and March 2002 (63. 5% of voting rights as at March 14, 2002) The € 300 m share buy-back bid (OPRA), along with the bonus issue of Rallye share warrants (maturing in November 2003 and 2005) complete the Company financial structure 5

2001 good results derived from the food and general retailing business Ø Net sales (€m) 22, 863. 0 19, 942. 2 +14. 6% 2000 2001 ØOperating income (€m) 840. 7 Ø EBITDA (€m) 1, 041. 0 +29. 0% 2000 2001 ØOperating income after interest (€m) 596. 9 429. 2 625. 8 +39. 1% +34. 3% 2000 1, 342. 4 2001 2000 2001 6

2001 results are in line with the strong historical growth Ø Net sales (€m) Ø EBITDA (€m) AGR 21, 3% AGR 29% 22, 863 19, 942 12, 784 1, 041 16, 374 806 619 1998 1, 342 1999 2000 2001 Ø EBIT (€m) 1998 1999 2000 2001 Ø Operating income after interest (€m) AGR 25% AGR 19% 841 597 626 448 539 429 350 7 1998 1999 2000 2001

Operating income after interest up 39% (€m) 2000 2001 pro forma (1) Change on pro forma 19, 942. 2 1, 041. 0 625. 8 (196. 6) 429. 2 (89. 4) 66. 9 (53. 9) 179. 1 (18. 0) 22, 863. 0 1, 342. 4 840, 7 (243. 9) 596. 9 6. 7 46, 8 (72. 8) 342. 4 74. 7 14. 6% 29. 0% 34. 3% 24. 0% 39. 1% ns -30. 0% 35. 1% 91. 2% ns 575. 2 831. 0 44. 5% 3. 66 € (0. 65) € 2. 54 € ns 27, 885, 658 29, 474, 397 5. 7% Net sales 19, 942. 2 EBITDA 1, 041. 0 Operating income 625. 8 Financial profit/(loss) (196. 6) Operating income after interest 429. 2 Net exceptional income/(loss) 30. 7 Income acc. for by the equity method 66. 9 Amortization of goodwill (53. 9) Net income 299. 2 Net income, Group’s share 102. 1 Cash flow 2000 Per share Net income, Group’s share Weighted average nbr. of shares 27, 885, 658 (1) Excluding the € 120 m dilution profit realized in 2000, further to the public offer made by Casino on Monoprix shares 8

Rallye OPRA: a good transaction for the shareholders RALLYE € 400 m of cash received in December 2001 through the exercize of Rallye warrants issued in 1998 Advance payment of a € 0. 80 net dividend per Rallye share A € 300 m share buy-back bid (OPRA) for a number of 5, 000 Rallye shares at a price per share of € 60 Bonus issue of Rallye share warrants (A and B) in order to further strengthen Rallye equity structure Number of warrants: 33, 931, 044 warrants of each category (A and B) Potential number of shares: 4, 847, 292 Rallye shares Maximum deferred proceeds: € 303 m Parity: 14 warrants for 1 Rallye share Maturity: 11/30/2003 for the A warrants and 11/30/2005 for the B warrants 9

Net debt split as at 12/31/2001 1998 exchangeable bonds for Casino shares € 139 m 2001 exchangeable bonds for Casino shares € 460 m RALLYE convertible bonds € 245 m Other bonds € 663 m Other net debt € 395 m TOTAL € 1. 9 bn TOTAL adjusted from bonds in the money € 1. 5 bn Bonds in the money 10

Rallye holding perimeter displays a solid financial structure Ø As at 12/31/2001 adjusted from the OPRA € 5. 2 bn Ø As at 12/31/2001 adjusted from the OPRA and from RALLYE convertible and exchangeable bonds in the money € 5 bn x 2, 7 x 2. 7 2, 7 € 4. 6 bn x 2, 4 x 2. 4 2, 4 € 4. 4 bn x 2, 8 x 2. 8 2, 8 € 2. 2 bn € 1. 9 bn € 0. 1 bn € 0. 2 bn € 0. 3 bn € 1. 8 bn € 0. 1 bn € 0. 2 bn € 0. 3 bn Revalued Assets Net Debt Revalued Net Debt Assets è 2002 Financial expenses (forecasts) coverage by dividend : 120% vs 100% in 2001 Casino Groupe Go Sport Owned shares Financial assets and others 11 At market price as at 12/31/2001 At net book value as at 12/31/2001

Rallye fully diluted capital as at May 31, 2002 RALLYE FULLY DILUTED as at 05/31/2002 Securities Rallye shares Owned shares 34, 696, 655 Shares 989, 272 Convertible bonds 4, 801, 827 5, 137, 955* 1, 736, 292* Rallye B warrants 33, 931, 044 2, 423, 646 83, 916 Rallye A warrants 33, 931, 044 2, 423, 646 83, 916 44, 681, 902 2, 893, 396 Fully diluted number of shares * share equivalent : x 1, 07 after adjustments further to the OPRA and issue of Rallye new warrants 12

ØGroupe RALLYE ØFood and general retailing 13

Good results in 2001 Ø EBITDA Ø Net sales (in €m ) 21, 983. 8 (in €m) 19, 072. 8 1, 038. 1 +15% 2000 (in €m ) +27% 2001 Ø Operating income 853. 6 1, 317. 4 2000 Ø Net income - group share (in €m) 379. 0 314. 9 652. 8 +20% +31% 2000 2001 14

2001 results are in line with Casino’s strong historical growth Ø EBITDA (€m) Ø Net sales (€m) AGR 17% AGR 25% 21, 984 19, 073 14, 156 15, 638 11, 625 1997 535 1998 1999 2000 2001 Ø EBIT (€m) 1997 657 1998 773 1999 2001 379 315 262 516 215 170 312 1998 2000 AGR 22% 854 653 1997 1, 038 Ø Net income, group’s share (€m) AGR 29% 442 1, 318 1999 2000 2001 1997 1998 1999 2000 2001 15

Consolidated sales as at March 31, 2002: +8. 9% Ø The strong growth in Q 1 sales confirms the good 2001 performance: +8. 7% (vs +9. 7% in 2001) Ø Casino gained market shares in most of the formats and countries in which it operates: ØNet sales growth on a like-for-like stores basis: +4. 3% (vs FCD index raise of +0. 7% for hypermarkets and +3. 7% for supermarkets) ØInternational net sales growth restated for changes in the scope of consolidation and exchange rates: +15. 6% Q 1 2001 Q 1 2002 Change Consolidated net sales 4, 910 5, 345 +8. 9% - France % of the total Group's sales 3, 732 76% 3, 981 74% +6. 7% - International % of the total Group's sales 1, 178 24% 1, 364 26% +15. 9% 16

Attributable net income before goodwill : up 22. 4% (€m) Total business volume (ex-VAT) Consolidated sales (ex-VAT) 2000 2001 Change 29, 202. 2 19, 072. 8 31, 260. 3 21, 983. 8 +7. 0% +15. 3% EBITDA 1, 038. 1 1, 317. 4 +26. 9% EBIT 652. 8 (126. 4) 63. 9 364. 8 853. 6 +30. 8% (151. 9) 46. 9 442. 3 +21. 2% Net attributable income before goodwill after goodwill 350. 3 314. 9 428. 7 379. 0 +22. 4% +20. 4% Cash flow 690. 7 887. 4 +28. 5% Net interest expense Income accounted by the equity method Net income 17

2001 Net Dividend: up 15. 8% 2000 Net attributable income before goodwill after goodwill Cash flow 2001 3. 52 3. 16 3. 91 3. 46 +11. 2% +9. 4% 6. 93 (in euros per share) 8. 09 +16. 7% 1. 33 1. 37 1. 54 1. 58 +15. 8% +15. 3% Change Net dividend Ordinary share Preferred share Weighted average number of shares 99, 654, 588 109, 655, 718 Ø The 2001 capital increase has a temporary impact on the EPS growth in 2001. 18

Improvement in Capital Structure Ratios (€m) 2001 Net debt 3, 350. 2 Shareholders’ equity (after distribution) 4, 677. 7 Gearing Prudential ratio 72% 100% (€m) 2001 Net debt 3, 350. 2 EBITDA 1, 317. 4 Cover Prudential ratio 2. 5 x 4 x 19

An original position on the French retailing market Ø A well-positioned portfolio of diversified formats Ø A 14% growth in consolidated net sales in France at € 16. 5 bn Ø A 34. 5% increase in EBIT at € 776 m in France over the 2001 fiscal year, representing 90% of the global group’s EBIT Ø Conveniance stores and medium sized commercial stores provide the largest part of the EBIT as showned: 64% Convenience stores 14% Monoprix 9% Franprix/Leader Price 28% Other Activities 3% Géant Hypermarkets 33% Casino Supermarkets 13% 20

Sales - France: Strong like-for-like 2001 sales growth in every store formats Ø The 2001 sales out-performed the hypermarkets FCD index by 4% 10. 8% 8. 3% 5. 8% 4. 0% 4. 5% 3. 8% 5. 2% 4. 5% 1. 9% Casino France Géant Casino Franprix Leader Hypermarkets Supermarkets Price Monoprix Growth in sales on a like-for-like store basis Increase in FCD index Growth in Casino France sales on a like-for-like store basis in 2001 21

The out-performance continued over 2002 first quarter Ø Like-for-like sales out-performed the hypermarkets FCD index by 3. 6% 11. 2% 5. 9% 4. 3% 2. 2% 0. 7% Casino France 3. 7% 2. 7% Géant Casino Franprix Hypermarkets Supermarkets 3. 7% 2. 9% 3. 7% Leader Price Monoprix Growth in sales on a like-for-like store basis Increase in FCD index Growth in Casino France sales on a like-for-like store basis in 2002 first quarter 22

Improvement in margins and results in every store formats Operating margin : 3. 8% Géant Hypermarkets € 257 m Operating margin : 3. 2% 2. 7% € 79 m +30% 6. 8% Franprix Leader Price € 158 m 5. 8% € 213 m +35% € 137 m 3. 9% Monoprix +27% € 103 m 3. 3% Casino Supermarkets € 203 m (100%) 3. 7% € 98 m Convenience stores 7. 7% € 110 m +17% € 94 m 7. 6% 2001 EBIT +40% 2000 EBIT 23

International sales increased by 20% Ø In 2001, Casino’s foreign subsidiaries recorded a € 5. 5 bn turnover (vs € 4. 6 bn in 2000) Ø International activity provides 25% of the group’s sales in 2001… Ø …but the contribution to EBIT remains weak (10% of the group’s EBIT in 2001) Ø In an often difficult context, most of the countries contributed positively to the results Ø The strong international sales growth represents a potential reserve of development and results for Casino 24

International Operations Breakdown of sales and growth by country 2001 International net sales 2000 International net sales € 1, 145 m ASIA Change 01/00 +29. 4% € 885 m € 950 m LATIN AMERICA € 636 m POLAND € 2, 091 m Total = € 4. 6 bn UNITED STATES € 1, 263 m +32. 9% € 818 m +28. 7% € 2, 244 m Total = € 5. 5 bn +7. 3% +19. 9% 25

International operations represent 25% of 2001 net sales and 10% of EBIT Ø International EBIT contribution by country EBIT € 77. 6 m Thailand € 35. 2 m Uruguay Argentina € 5. 0 m Poland € 8. 7 m € 11. 2 m USA Venezuela € 35. 8 m €(9. 5)m Taiwan €(8. 8)m 2001 international EBIT: € 77. 6 m Two major contributors: USA and Thailand Good performance of Argentina and Uruguay 26

Casino benefits from a good business model I. France Ø The Group shows good dynamics in like-for-like sales Ø Casino’s store formats are positioned in the fastest growing formats Ø In these formats Casino outperforms the national indexes: 2001 Like-for-like sales. Hypermarkets Supermarkets Total Casino France FCD 1. 9% 4. 5% Casino 4. 0% 8. 3% 5. 8% Q 1 2002 FCD 0. 7% 3. 7% Casino 2. 2% 5. 9% 4. 3% Ø Casino is pursuing a dynamic store opening program, in 2002: Ø Hypermarkets: increase of the sales area by more than 5% (3 openings) Ø Supermarkets: increase of the sales area by more than 5% (5 -10 openings) Ø Franprix-Leaderprice: increase of the sales area by more than 5% (40 openings) Ø Total Casino France: increase of the sales area by more than 5% in 2002 Like-for-like Growth + new stores = strong 27 organic growth

Casino benefits from a good business model II. International ØForeign subsidiaries contribution to the group’s EBIT remains weak ØMost of the countries keep on providing positive results often despite unfavorable context ØInternational sales grow up quickly (+20% in 2001) ØCasino benefits from its good quality retailing chains, which are leader or co-leader on their market. ØThe Group will maintain its selective penetration of new markets è International represents a potential reserve of development and results for Casino 28

Casino benefits from a good business model III. Casino has a sound financial structure Ø Casino financial strcture is strong enough to finance its future developement, especially with Laurus and Monoprix. Net debt / Shareholder’s equity Net debt / EBITDA 2001 figures 72% 2, 5 x 100% 4, 0 x prudential ratios 29

A business model that proves its worth 2001 2002 Like-for-like growth Growth in market share in France in every store format + 5. 8% on a comparable store basis in France (hypermarkets : +4. 0%, supermarkets : + 8. 3%, Leader Price : +10. 8% and Monoprix : +5. 2%) Growth in turnover of 8. 7% over the first quarter in comparison with the previous year, restated for change in the scope of consolidation and exchange rates. Store opening program 23 hypermarkets, 3 of them in France 13 supermarkets , out of which 11 in France 55 Leader Price stores, of which 42 outside France (Poland & Argentina) More than 200 convenience stores in France 17 to 18 hypermarkets , 3 of them in France 49 to 56 supermarkets, half of them in France 60 Leader Price, of which 49 outside France (Poland & Thailand) More than 250 convenience stores in France Selective external growth VINDEMIA: purchase of 33. 34% of the share capital for an amount of € 91. 5 m in november 2001. LAURUS: purchase of 38. 6% of the share capital for an amount of € 200 m. 30

Management target for 2005 is ambitious but realistic taking into account past performance Ø Net sales (€m) Ø EBITDA (€m) AGR 17% AGR ~13% AGR 25% > 36, 000 ~ 2, 500 1, 317 21, 984 11, 625 535 1997 2001 2005 Ø Net income, group’s share (€m) Ø EBIT (€m) AGR 29% AGR ~15% AGR 22% ~ 1, 500 AGR ~20% ~ 780 379 854 170 312 1997 AGR ~17% 2001 2005 1997 2001 2005 31

Ø Groupe RALLYE Ø Food and general retailing Ø Sporting goods retailing p Groupe Go Sport 32

2001 Results in transition Ø Sales (VAT included) Ø EBITDA (€m) 737. 9 51. 4 45. 9 690. 0 -10. 6% +6. 9% 2000 pro forma 2001 2000 pro forma ØCash flow 2001 ØNet income (€m) 35. 4 33. 1 14. 3 11. 7 -6. 5% 2000 pro forma 2001 -18. 4% 2000 pro forma 2001 33

Groupe Go Sport benefits from strong assets, one year after the merger of Courir and Go Sport Ø Commercial margin still on the rise in 2001 (€m) 196. 1 226. 6 42. 6% 1998 % of net sales 43. 3% 1999 pro forma 259. 7 277. 9 44. 3% 44. 4% 2000 2001 pro forma Ø Courir banner strenghtened its leadership in the sport shoe segment with a 14. 7% growth in net sales in 2001 Ø Net sales generated in Poland Belgium increased by 13. 1% in 2001 34

A sustained growth policy in line with the cash flow (€m) 35. 4 35. 3 26. 5 23. 5 1998 pro forma 33. 7 33. 1 32. 3 27. 0 1999 2001 2000 pro forma Net investments Cash flow Ø In 2002, openings of around twenty outlets Openings Remodelings Total 2002 Go Sport 6 3 131 Courir 13 5 184 Moviesport 1 - 10 Total 20 8 325 35

In 2002, the Go Sport banner asserts its new positioning Ø Mix product reorganized and centered on the trademark display Ø Specialized communication and increased commercial operations Ø Higher availability of staff in stores through a new store organization and an intense training Ø Expansion of the new concept over the 2002 openings and remodelings Ø Extension of the two major stores of Paris-La-Défense and Lyon. République Ø Over the 2002 first three months, Groupe Go Sport’s net sa les has grown 1. 6% compared with last year on the same period. 36

Ø Groupe RALLYE Ø Food and general retailing Ø Sporting goods retailing p Groupe Go Sport p Athlete’s Foot 37

Retructuring in accordance with 2001 -2002 plan Ø Branch network optimisation p Closing of 84 loss-making stores p 30% decrease in inventory in 2001 p Overheads cut down by 13% in 2001 Ø Franchise development p 39 openings of franchise stores in the United States p 60 openings of franchise stores outside the United States p Openings of the first stores in Hungary and in Mexico p 8% growth in the franchise store network in 2001 Ø EBITDA target positive in 2002 (compared to a € 10. 3 m operating loss in 2001). 38

Ø Groupe RALLYE Ø Food and general retailing Ø Sporting goods retailing Ø Financial investment portfolio 39

A € 285 m investment portfolio ØAs at December 31, 2001 ØAn opportunist strategy of financial investments Real estate € 19 m Example: Partnership in the area of shopping malls in France with the company Altarea € 56 m Secondary Funds € 148 m € 62 m TOTAL: € 285 m Example Specialized funds of funds invested in the United States Lexington Miscellaneous Example: Sale of two-third of the participation in the local radio loop operator First. Mark LBO Example: Participation in the Nexity operation which already distributed capital gain in 2001 40

Trends and outlook Based on a balanced financial structure, the Rallye group should benefit from: p The dynamism and growth potential of Casino p The new market positioning of Go Sport p The recovery of the Athlete’s Foot A long-term growth of Rallye’s results A rise in Rallye net worth 41