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Will you continue on this pathduring2015?

We have reached significant milestones over

the past three years, and it is not finished. Our plan

is proceedingas expected. It includes structural

projects already well underway, which are equally

important levers of the Group’s performance.

Two examples: the transformation of our logistics

operations, particularly in France and China, and our

IT systems, which are essential to the next phase

of our development. Our multi-format expansion

and the effectiveness of our cross-channel offer

depend on it. Carrefour is on the right path and has

restored its solid fundamentals. Its full potential

can once again be reached.

How do you view the changes taking place

in your markets?

Every country, whether an “emerging” or a “mature”

market, faces times of crisis, whether political,

economic or social, and everyone is looking for new

ways to achieve sustainable growth. We have the

good fortune of being a food retailer first since, in

every country where we operate, which all share a

culture of excellent products. Consumption patterns

change, people buy fewer and better products, and

the desire to eat better offers new opportunities.

Our business anticipates these shifts. This is the true

meaning of multi-local. To ensure that our offer is

effective, we develop and adapt our formats.

For example, in Italy we opened our first Market

Gourmet, with special attention paid to the freshness

and quality of our produce. In Spain, we are

continuing the roll-out of the Supeco banner, a

budget cash & carry supermarket inspired by

Atacadão’s success in Brazil. In China, which offers

tremendous potential with a middle class

that will increase from 230 million to 630 million

consumers over the next ten years, we are testing

the convenience store model, opening the first

Easy store in Shanghai. Likewise, this year in Brazil,

we embarked upon the development of two new

convenience store banners, Express and Supeco.

Everywhere we operate, we anticipate changing

lifestyles and adapt our offer accordingly. This is

the strength of our multi-format, multi-local and

multi-channel strategy.

I am satisfied with the new-found balance of our

country portfolio, which has proven its resilience and,

thanks to the growth of the middle class in certain

markets, promises a very bright future.

Could you explain what “Doing our job well”

means to Carrefour?

Doing our job well means putting attention at

the heart of our interactions with our customers,

whether in our stores or through on-line channels.

We are creating a new virtuous cycle. There is

no financial performance without societal and

environmental performance. This is the meaning

behind our business plan. More than a concept,

it is a commitment that requires daily discipline and

a positive attitude. Itmust guideCarrefour’s employees

in their relationships with suppliers, producers,

local associations and customers. The difference

will be achieved through our efficiency, our focus

on communities and our customers’ satisfaction.

“Theresults

arethere.

Semesterby

semester,

ourperformance

isimproving.”

ANTICIPATE GROW RENOVATE

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