2014 First Half Results: continued growth

Organic sales growth of 4.3%
Increase in Recurring Operating Income of +13.8%
Strong increase in adjusted net income, Group share of +16.7%

Strong profit growth at constant exchange rates in first half 2014
• Net sales of €35.9bn, up +4.3% , highest organic growth rate in five years
• Growth in Recurring Operating Income: up +13.8% to €833m
• Rise in net income, Group share, adjusted for exceptional items: up +16.7% to €274m
• Increase in gross cash flow of +41.6% to €1.3bn (+1.9% excluding exceptionals)

Europe: Growth of +7.8% in Recurring Operating Income
France: New half of improved profitability
• Further organic sales growth: +1.9%
• Traffic up in all formats
• Growth in Recurring Operating Income for the 4th consecutive half: +6.9%
Other European Countries: Further improvement in profitability
• Overall stability in sales with growth in Spain, Belgium and Romania
• Recurring Operating Income up +19.3%

Emerging markets: Growth of +19.2% in Recurring Operating Income
• Excellent sales performance and increased profitability in Brazil and Argentina
• Stable sales in Asia

Investments up, two tactical acquisitions
• Continued investments at €818m, in line with our catch-up, remodeling and network expansion policy
• Signing of agreements to acquire the activities of DIA France and 53 supermarkets in northern Italy, reinforcing our multiformat strategy