C
B
(F
)
SFC (S
)
F
(B
)
C
B
(I
)
C
B
C
A
3
23
27
33
36
Investor Presentation – June 2015 Page 2

Key highlights as at 30 June 2015
−
Carrefour Banque is the French captive personal financial services arm of the largest European retailer
−
Carrefour Banque is duly authorized as a credit Institution by the French Banking Authority (ACPR)
Solid and stable shareholding structure since 1985:
60% Carrefour SA, international food retailer
40% BNP Paribas Personal Finance, consumer finance specialist
Strong commercial footprint in France:
215 retail outlets for Carrefour Banque in
Carrefour hypermarkets in France
2.2m holders of PASS credit card
1,896 employees in France
Solid profitability and low risk profile:
S&P rating: BBB+/A-2 stable outlook
Strong capital structure: Tier-1 Basel III ratio at
14.24%*
Solid cost income ratio at 51.7%*
Stable market share in consumer finance in France since 2011 : 5.3% (source : ASF **)
Strong and stable revenues:
Sustained growth of net banking income (+11.8% from 2011 to 2014)*
Stable credit outstanding volume (since 2011 around €2.8bn )
* Consolidated Carrefour Banque - Carrefour Banca - Fimaser
** The credit market is 60% ASF & 40% banks
Page 4 Investor Presentation – June 2015

Breakdown overview - key
−
Carrefour Banque France refinances almost all the perimeter
−
A credit outstanding is an unsecured loan
BUSINESS OVERVIEW (in M €)
CREDIT OUTSTANDING
Personal Loans (%)
Revolving Credit (%)
Earmarket Credit (%) *
Carrefour
Banque
France
Servicios
Financieros
Carrefour
Spain
Fimaser
Belgium
2,710
49.7%
38.2%
12.1%
1,841
31.1%
63.3%
5.6%
217
9.8%
84.8%
5.4%
Carrefour
Banca
Italy
228
63.3%
36.0%
0.7%
* Earmarket : specific purchase loans provided to customers of Carrefour Banque for purchases of specifically earmarked goods at Carrefour
Banque Stores
Page 5 Investor Presentation – June 2015

A stable capital structure since 1985
−
Carrefour Banque enjoys 2 strong committed and complementary shareholders:
Rated BBB+ stable (S&P)
Founded in 1959, headquartered in Boulogne-
Billancourt (France)
2nd largest food retailer in the world
1st retailer in France / in Europe
Presence in 35 countries
Over 11,900 stores and +380,000 employees
12.5 million checkouts every day in stores worldwide, more than 100 million customers shop in our stores worldwide
Core subsidiary
Same brand name franchise which increases customer’s loyalty to Carrefour
Strong commercial relationships
Carrefour’s dedicated business line with an increasing contribution to the group’s total earnings
Rated A+ negative (S&P)
100% parent BNP Paribas
Leading specialist player in Europe
Over 20,000 employees throughout more than
28 countries over four continents
27m customers
* BNPP as BNPP PF is not directly rated by Moody’s
Strategically important subsidiary
Capital commitment
Ongoing liquidity support
Provider of expertise in risk management and sharing information technology development cost
Business support: outsourcing, risk committee, etc.
Page 7 Investor Presentation – June 2015

From loyalty cards to banking
Creation of “Société des Paiements PASS”
(S2P) as banking subsidiary of Carrefour
Launch of the range PASS
MasterCard
Securitisation
Copernic 2009-1
( 730M€ AAA)
Launch of the PASS
Payment Card
Launch of Epargne
Libre Carrefour savings accounts
Launch of the first bank cards
Launch of brand name
“Carrefour Banque” in
France
Merger and Acquisition of the Italian subsidiary
Carrefour Servici
Finanziari
Launch of savings accounts “Compte
Sur Livret”
Launch of mobile application
Transfer of
Carma shares to Carrefour
2014/12
Fimaser
Subsidiary
100%
2013/09
Securitisation under MCCP*
400M€ AAA
Launch of personal loans business
Launch of
Carrefour
Horizons life insurance
Merger of the finance (S2P) and insurance (Carrefour
Assurance) networks into
“Carrefour Banque”
Subsidiarising of CARMA and
Carrefour Servici Finanziari
Securitisation
Copernic 2012-1
(500M€ AAA)
Inaugural
Fixed Rate
Bond 710M€ issue
2015/09
2013
2014
FRN
• 300M€ issue 2016/04
• 500M€ issue 2018/03
Securitisation MCCP*
• 400M€ AAA (2013-1)
• 110M€ AAA (2014-1)
2015
FRN
• 500M€ issue 2020/03
* MCCP: Master Credit Cards PASS
Page 8 Investor Presentation – June 2015

Development in Europe
−
Initially integrated into "France hypermarkets“ division,
Carrefour Banque is now an independent business unit and has integrated all the financial services in Europe.
−
This organization of the banking and insurance activities is coupled with a geographical expansion to cover the G4 zone : France, Spain, Belgium and Italy
−
Objectives of this organization
Economies of scale with the implementation of centralized
A better control of the activity and risks
A centralized funding
An extension of the product range to the G4 countries
Carrefour Banque : an active shareholder
Carrefour
Spain
55.9%
6.8%
SFC
(Spain)
Carrefour
Banca
(Italy)
Fimaser
(Belgium)
99.9%
−
Changes in share capital in December 2014
Carrefour Banque transferred its stake of 50.01 % held in
Carma* to Carrefour
Carrefour Banque keeps managing Carma on behalf of
Carrefour
37.3%
Cetelem
Spain
CB branch since
10/2011
CB subsidiary since
09/2013
* Carma : insurance company
Page 9 Investor Presentation – June 2015

A strong and stable financial position built over the years
−
Satisfactory and steady results
An improving solvency ratio
As at 30 June 2015 , solid capital position with tier 1 ratio Basel III of 14.24%
Distribution of dividend
2009 - 2010 : 50% 2011 : 0%
2012 : 75% 2013 - 2014 : 50%
Target: to pave the way for the ongoing conversion
Solvency Ratio ROE
24%
22%
20%
18%
44,7%
22,0%
16%
14%
12%
10% 10,9%
8%
2009
48,7%
11,1%
14,9%
2010
49,2%
14,2%
13,5%
13,3%
12,0%
2011
51,9%
2012
55,0%
13,4%
2013
Cost Income
53,9%
14,3%
9,2%
2014
51,7%
14,2%
S1 2015
40%
35%
30%
25%
20%
60%
55%
50%
45%
ROE decrease
Mainly due to our policy of reinforcement of equity capital
Slight decrease cost-to-income
Thanks to the progression of our Net Banking Income concurrently with operating costs under control
Solvency Ratio
S1 2015 ( Basel III )
14.24%
Net Banking
Income S1 2015
€ 209.1m
* Consolidated
•2010-2012 Carrefour Banque - Carrefour Banca - Carma
•2013 Carrefour Banque - Carrefour Banca - Fimaser - Carma
•2014 Carrefour Banque - Carrefour Banca - Fimaser
Net Income S1 2015
€24.7 m
S&P Ratings
A-2 (Short)
BBB+ (Long)
Stable
Page 10 Investor Presentation – June 2015

A diversified and well-balanced funding mix
−
A strong liquidity position: a positive headroom of €2.2bn on
€6.6bn of funding as at 30 June 2015:
Multiple sources of funding: bank credit lines, securitisations, bond issues, deposit certificates, savings…
Diversification of bank counterparties
Liquidity reserve equivalent to 17 months of activity at the end of June 2015
Sources of funding (as at 30 June 2015, €m)
Daily lines
7000
Back up securitisation
6000
Total 6,638
92
5
537
Total 4,172
Liquidity Headroom: 2,211
Securitisation
1710
5000
Bond
−
Bank facilities: significant amount of mid-term credit lines
537
Savings Acounts
4000 601
490 ( 97 % of credit lines mature beyond 1 year)
−
Equal support from BNPP (loan with tacit agreement to renew) and Carrefour SA for a total of €1bn
−
Amount of committed credit lines which are available for drawdown: € 2,115m
−
Access to ECB refinancing through the retained securitisation tranche of FCT Copernic 2012-1
−
Class A-1 Notes: €500m (publicly placed)
−
Class A-2 Notes: €126.5m (ECB retained)
With a back up securitisation of €5m
BMTN
Certificates of
Deposits
2000
Committed credit lines 1000
Carrefour Facility
BNPP Facility
3000
0
-1000
1088
1115
500
500
Funding Sources
1710
601
490
1088
-254
Drawings
Page 11 Investor Presentation – June 2015

Debt Duration & repayment profile as at end of June 2015
1500
25 month average duration on Assets
23 month average duration on Liability Funding sources
1300
1100
900
700
500
300
100
-100
410
110
27
155
30
2015
285
2016
Committed credit lines
400
500
50
185
2017
150
2018
Medium Term Negotiable Notes
750
2019
Securitisation
500
Bond
2020
CB’s liquidity is « adequate » (S&P credit opinion 2015)
– « CB’s liquidity benefits from cautions management »
– « Our assessment includes potential shareholder support because we believe the shareholders will continue to provide liquidity support if needed »
Page 12 Investor Presentation – June 2015

Good performance in a challenging market
−
Despite the current economic environment and major regulatory changes, Carrefour Banque maintains a strong position thanks to an appropriate risk management
−
Breakdown income : 58 % of interest income / 42% of fee incomes (savings, insurance, or card products)
Payment using
-4.1%
*
-2.1%
*
-2.0%
*
2,800
2,788
2,855
2,830 2,827
2,710
1,573
1,372
1,331
1,261
646 632
7,836 7,802 7,705 7,720
3,833 3,757
239
-2.7%
283
272
256
*
143 139
2011 2012 2013 2014 S1 2014 S1 2015
-3.2% since 2011
2011 2012 2013 2014 S1 2014 S1 2015
2011 2012 2013 2014 S1 2014 S1 2015
Due to our prudential approach of our lending policy
Number of PASS Cards
2.163 m
2011 2012 2013 2014 S1 2014 S1 2015
Insurance customers
Over 461,700
* Change between S1 2015 / S1 2014
Page 14 Investor Presentation – June 2015

Balanced diversification of outstanding loans
(Euro millions) Personal loans Revolving credit Earmarked credit
344
12%
359
13%
362
13%
375
13%
329
12%
38%
40%
41%
41%
40%
1,343
48%
1,296
46%
1,326
46%
1,326
47%
1,345
50%
2011 2012 2013 2014 S1 2015
* Earmarket : specific purchase loans provided to customers of Carrefour Banque for purchases of specifically earmarked goods at Carrefour
Banque Stores
Page 15 Investor Presentation – June 2015

Good performance for the savings accounts
−
Strong customer confidence on our brand, global balance is at € 2.39bn
−
OPCVM Assets : drop in the outstanding due to a decline in performance based on monetary rates close to zero
Life Insurance OPCVM
1,413 1,429
+4.4
%
1,536
1,475 1,507
*
1,573
383
-7.4% *
274
243
223
233
216
460
-6.1% *
640
565
507
601
2011 2012 2013 2014 S1 2014 S1 2015
Savings Accounts
Over 76,000
* Change between S1 2015/ S1 2014
Page 16
2011 2012 2013 2014 S1 2014 S1 2015
Savings Accounts
Over 377,000
0
2011 2012 2013 2014 S1 2014 S1 2015
Savings Accounts
Over 27,000
Investor Presentation – June 2015

A consumer credit expert at the service of the group
−
A philosophy in line with Carrefour’s mission
Offering the best financial and insurance products to the largest number of people at the best value for money
Origination channel for personal loans
Sales Units Other Website Call Center
−
All credits are originated on a face to face basis
−
Over the past 34 years, the company has acquired an excellent reputation on the financial services market.
This allowed us to add innovative new products and improve our client base beyond that of Carrefour
78.9%
77.3% 78.3% 79.1%
73.1%
3.2%
16.5%
1.4%
3.6%
18.0%
1.0%
4.1%
16.9%
0.8%
4.2%
15.4%
1.3%
4.3%
21.0%
1.6%
−
Key ambitions and looking ahead
A well-adjusted « IN » and « OUT » commercial expansion, backed by diversification of its distribution channels
A real ambition to support clients through cross-selling financial solutions, making clients’ day-to-day life easier
A geographical, operational and managerial expansion
Ongoing financial innovation in services and products
A technological innovation on payment methods meeting and anticipating clients’ needs
* in : Carrefour outlets and subsidiaries
** out : outside Carrefour’s network
Drawing type for revolving loans (IN vs OUT)
45.0%
13.0%
11.0%
2011
Call Center
10.0%
1.0%
20.0%
Website
44.8%
8.5%
0.9%
20.4%
14.5%
11.0%
2012
OUT Carrefour
45.1%
7.4%
0.6%
20.5%
17.4%
9.0%
2013
Other ATM
43.5%
19.0%
8.2%
2014
Sales Units / Store
6.9%
0.5%
21.9%
41.3%
IN *
48.7%
7.1%
0.4%
22.8%
OUT **
51.3%
20.4%
8.1%
S1 2015
Page 17 Investor Presentation – June 2015

Loan types
−
Carrefour Banque offers a wide range of credit solutions in order to respond to our customers’ needs (no restructured loan *)
80.0%
70.0%
60.0%
50.0%
59.9%
59.1%
57.8%
59.6%
61.6%
30.0%
20.0%
10.0%
0.0%
2011
Personal loans (%)
2012
External debt consolidation loans (%)
2013 2014
Home improvement loans(%)
S1 2015
Internal debt consolidation loans (%)
Page 18
* Repurchase loan : if share repurchase > share project
•internal debt : If internal share > external share
•external debt : If internal share < external share
Investor Presentation – June 2015

A « moderate » risk position (S&P credit opinion)
−
Risk position according to ‘Standard & Poors’ credit opinion dated September 10, 2015
A reliable management (ACPR* - audit Q1 2013)
−
Efficient risk management performed by Carrefour
Banque
Strengths :
“Good credit risk management »
“Adequate capitalization considering the bank’s risk position”
“We also anticipate that the bank will contain its cost of risk and pursue its sound management of liquidity“
−
“ Recent investigations lead to an overall favourable opinion thanks to the relevant, responsive and independent nature of the credit risk monitoring ”
−
“ The underwriting policy seems to be well-structured and to fit with undertaken risks ”
−
“ No reservation about the bank’s provision rates […] according to practices observed by the inspection ”
−
“Servicing and recovery management appear generally rigorous and effective ”
“Core status to parent, retailer
Carrefour S.A., and strategic importance to BNP Paribas Personal
Finance”
Outlook stable :
“We could upgrade the bank by one notch if we take a similar action on
Carrefour”
*ACPR : “Autorité de contrôle prudentiel et de résolution” is the French supervisory body of banking and insurance
Page 19 Investor Presentation – June 2015

Strengths of Carrefour Banque
−
A strategic risk committee : A decision-making entity dedicated to the credit policy
−
A “partnership” committee with BNPP Personal
Finance
“ Joint presidency of the credit risk management committee shared between the Deputy CEO and the COO France, promotes early solving of discrepancies. Promotion of dialogue, as early as possible, is a strength of the organization “ *
Support provided for quarterly committee :
Underwriting and recovery benchmark indicators
Litigation process management
Regulatory amendments and impacts on risk management
Support provided for quarterly credit risk committee :
Support presentations
Completed by action plans
Presentation of underwriting, recovery and fraud indicators
Regulatory amendments and impacts on risk management
Minutes of resolutions
Participants :
Risk Management of both entities
Partnership Management Department
Participants :
Risk Management
Business Management
Finance Management
Compliance Management
An organisation based on 3 pillars
Preventive risk: scores, expert systems, fraud detection
Curative risk: scores, amicable and judicial recovery
Risk analysis: generation risk, provisioning, Basel II
* Source : ACPR
Page 20 Investor Presentation – June 2015

Underwriting : main improvements
−
Personal Loans
−
Raising required delegation levels on risky loans
−
Uplift of scoring scale levels from 2 to 3
−
Revolving Receivables
−
Decrease of underwritten credit limit for new revolving account
−
Credit policy amendments relating to the increase of credit limit
Non performing loans (in € m) under control
A performing servicing process
−
Dedicated teams for each steps of the recovery process
−
Management consistency
−
Unchanged recovery objectives and performances
−
Target of 92% amicable recovery after 4 months (before transfer to litigation recovery)
−
Following the new rules and policies, we stabilised the Non
Performing Loans thanks to a more restrictive policy on personal loans and credit cards
−
The NPL coverage is stable since 2013 around 75%
Page 21 Investor Presentation – June 2015

−
A strong and stable financial position built over the years
SFC is a subsidiary held at 55, 9% by Carrefour Spain,
37,3% by Cetelem Spain and 6.8% by Carrefour Banque
France
−
SFC posted brilliant results and constantly improved over the years :
A satisfying solvency ratio
As at 30 June 2015, solid capital position with tier 1 (Basel III) ratio at 12.1%
ROE significantly improves
Mainly thanks to a strong commercial performance after a decrease mainly due to the distribution of dividend
in 2011 : 0%, 2012 : 50%
In 2013 - 2014 : 100%
Adequate cost-to-income
Below that of other rated consumer finance subsidiaries of
European food retailers
Solvency ratio
60%
50%
47,9%
22,5%
40%
30%
20%
10%
0%
2011
24,1%
33,6%
13,1%
2012
ROE
26,1%
24,4%
14,4%
2013
Solvency Ratio
S1-2015 (Basle III)
+12.1%
Net Income 2014
+76.2%
€ 91.4m
Cost Income
27,0%
43,0%
12,4%
2014
27,1%
12,1%
30%
25%
20%
15%
10%
5%
0%
S1 2015
Net Banking
Income 2014
+ 16.4%
€ 243.7m
Page 24 Investor Presentation – June 2015

Good performance in a challenging market
−
The credit outstanding business still improved through an activity focused on known customers
Credits Solutions
+17.7%*
1,515 1,510
1,593
1,750
1,565
1,841
New Business Card Products
Payment using
690
+18.7 %* +11.9 %*
940
2,785
2,954
3,184
3,482
686
779
520
1,636
1,831
438
2011 2012 2013 2014 S1 2014 S1 2015
+21.5% since 2011
* Change between S1 2015 / S1 2014
Page 25
2011 2012 2013 2014 S1 2014 S1 2015
Essentially on Revolving loan
2011 2012 2013 2014 S1 2014 S1 2015
Number of Tarjeta Pass over
2,361 m
Investor Presentation – June 2015

Non performing loans (€ M)
300.0
Gross non performing assets (€m) - left_axis
Loan loss reserves / Gross non performing asset (%) - right_axis
Non performing ratio (%) - right_axis
242.8
111.4%
119.4%
238.1
126.4% 125.9%
208.2
100.0
0.0
16.1%
2012
14.9%
2013
11.5%
2014
11.3%
S1 2015
80%
60%
40%
20%
0%
140%
120%
−
A strict monitoring of Non Performing
Loans
−
A slight increase of NPL on S1 -2015 due to the strong activity
−
With a secured and conservative coverage rate of NPL above 100%
Page 26 Investor Presentation – June 2015

Good performance in a challenging market
−
Fimaser is a subsidiary of Carrefour Banque France
−
Regulatory pressures that limit credit business (« zérotage »)
Credits Solutions New Business Card Products
- 4.1%*
223
236 236
229
226
217
2011 2012 2013 2014 S1 2014 S1 2015
-2.9% since 2011
* Change between S1 2015 / S1 2014
Page 28
238
-17.1%*
273 273
251
156
129
Payment using
-3.7%*
254
268
290 292
142 137
2011 2012 2013 2014 S1 2014 S1 2015
Mainly revolving loans
2011 2012 2013 2014 S1 2014 S1 2015
Number of Visa Carrefour over
190,000
Investor Presentation – June 2015

Non performing loans (€ M)
30.0
20.0
Gross non performing assets (€m) - left_axis
Loan loss reserves / Gross non performing asset (%) - right_axis
Non performing ratio (%) - right_axis
135.5%
23.5
24.3
26.4
130.4%
23.6
22.9
113.3% 114.3%
105.0%
10.0
150%
120%
−
A strict monitoring of Non Performing Loans
100%
90%
60%
−
Non Performing Loans decrease thanks to a good performance of collection and litigation processes
30%
10.5% 10.3% 11.2% 10.3% 10.6%
0.0
0%
2011 2012 2013 2014 S1 2015
Page 29 Investor Presentation – June 2015

Improvement of its outstanding credits
−
Carrefour Banca is a branch of Carrefour Banque France
−
Uptrend confirmed for the first half of 2015
Credits Solutions New Business Card Products
162
190
+10.3%
220
199
207
228
68
75
+11.1%
73
65
35
39
209
191
Payment using
Carta PASS (€m)
+18.0% *
153
145
85
72
2011 2012 2013 2014 S1 2014 S1 2015
+40,4% since 2011
2011 2012 2013 2014 S1 2014 S1 2015
Good balanced : Personal Loan 54% /
Revolving credit 46%
* Change between S1 2015 / S1 2014
Page 31
2011 2012 2013 2014 S1 2014 S1 2015
Number of Carta Pass
101.473
Investor Presentation – June 2015

Non performing loans (€ M)
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
Gross non performing assets (€m) - left_axis
Loan loss reserves / Gross non performing asset (%) - right_axis
Non performing ratio (%) - right_axis
41.7
36.0
76.0%
25.2
65.9%
20.3
75.6%
22.5
12.5%
2011
11.7%
2012
12.6%
2013
16.4%
2014
18.3%
S1 2015
60%
50%
40%
30%
20%
10%
0%
100%
90%
80%
−
A strict monitoring of Non Performing Loans
−
The absolute value of NPL increases concurrently with the cover rate (82.4% vs
65%, prudential approach)
−
93% of non performing loans are held by litigation.
Page 32 Investor Presentation – June 2015

Carrefour Banque posted satisfactory and steady results
−
Stabilisation of the Net Profit thanks to the control of the Cost Of Risk
−
The net income of 2015 integrates the capital gain made on disposal of Carma shares in December
Income statement
(in thousands of euros)
NET BANKING INCOME
GROSS OPERATING PROFIT
Cost of risk
CURRENT PRE-TAX PROFIT
Income taxes
Non-controlling interests
NET PROFIT ATTRIBUTABLE TO THE GROUP
FY 2011
401,167
197,156
-85,990
111,166
-39,251
2,430
69,486
FY 2012 FY 2013
403,383
187,660
-78,686
108,448
-42,837
2,680
62,930
424,157
182,588
-101,232
87,771
-31,145
2,497
54,129
FY 2014
Var.
2014/2013
S1 2014 S1 2015
Var. S1
2015/ S1
2014
448,300
193,876
-102,046
88,974
-23,621
10,925
54,428
5.7%
6.2%
0.8%
1.4%
-24.2%
337.4%
0.6%
244,958
109,384
-66,948
42,436
-16,151
-2,109
24,177
209,108
94,273
-58,522
35,751
-11,029
0
24,721
-14.6%
-13.8%
-12.6%
-15.8%
-31.7%
-100.0%
2.3%
* Consolidated
•2010-2012 Carrefour Banque - Carrefour Banca - Carma
•2013 Carrefour Banque - Carrefour Banca - Fimaser - Carma
•2014-2015 Carrefour Banque - Carrefour Banca - Fimaser
Page 34 Investor Presentation – June 2015

−
In 2014, integration of the cession of Carma
Balance sheet
(in thousands of euros)
Ca s h, central banks a nd pos ta l cheque accounts
Fi na nci a l i ns truments a t fai r val ue through profi t or l os s
Hedgi ng deri va ti ves
Avai l a bl e-for-s al e fi nanci al as s ets
Loans and adva nces to credi t i ns ti tuti ons
Trans a cti ons wi th cus tomers
Current and deferred tax a s s ets
Accrua l accounti ng adj us tments and other as s ets
Pa rti ci pati ng i nteres ts , i nteres ts i n rel a ted undertaki ngs and other l ong-term i nves tment s ecuri ti es
Property, pl a nt & equi pment a nd i nta ngi bl e as s ets
Goodwi l l
IFRS
31/12/2011
152,824
21,033
66,895
196,275
624,790
3,337,215
56,433
450,391
2,036
126,137
4,150
IFRS
31/12/2012
75,493
31,415
11,407
221,459
1,223,686
3,341,621
72,695
387,140
2,036
148,037
4,150
IFRS
31/12/2013
206,392
10,009
5,059
225,271
1,317,875
3,231,191
58,387
335,878
2,037
161,827
4,150
IFRS
31/12/2014
294,712
8,752
4,082
150,573
1,306,618
3,206,194
76,438
284,776
2,037
168,660
0
Var.2014 /
2013
H1 2014
367,194
10,401
10,599
236,713
1,317,582
3,198,402
67,357
356,985
2,037
163,389
4,150
H1 2015
251,381
8,573
7,120
150,732
1,350,351
3,146,465
70,896
232,426
2,037
170,474
0
Var. H1
2015 / H1
2014
Balance sheet
(in thousands of euros)
Centra l banks a nd pos ta l cheque a ccounts
Fi na nci a l i ns truments a t fai r val ue through profi t or l os s
Hedgi ng deri va ti ves
Interbank and equi val ent tra ns a cti ons
Trans a cti ons wi th cus tomers
Debt s ecuri ti es i n i s s ue
Current and deferred tax l i abi l i ti es
Techni ca l provi s i ons of i ns ura nce enti ti es
Accrua l accounti ng adj us tments and other l i a bi l i ti es
Provi s i ons
Non-control l i ng i nteres ts
Sharehol ders ' equi ty attri buta bl e to the Group:
Share ca pi tal a nd a s s oci a ted res erves
Cons ol i dated res erves
Net profi t for the peri od
TOTAL LIABILITIES AND EQUITY
IFRS
31/12/2011
16,805
17,757
44,863
1,710,648
386,428
1,660,623
35,323
191,183
365,067
7,104
36,110
566,269
300,405
196,379
69,486
5,038,180
* Consolidated
•2010-2012 Carrefour Banque - Carrefour Banca - Carma
•2013 Carrefour Banque - Carrefour Banca - Fimaser - Carma
•2014-2015 Carrefour Banque - Carrefour Banca - Fimaser
IFRS
31/12/2012
0
25,814
61,066
773,762
943,107
2,570,367
23,044
197,734
277,546
11,319
47,515
587,865
300,404
224,531
62,930
5,519,139
Page 35
IFRS
31/12/2013
0
10,838
29,507
449,424
627,019
3,278,716
11,331
203,893
268,897
18,677
45,104
614,671
300,404
260,138
54,129
5,558,077
IFRS
31/12/2014
0
9,926
27,196
361,391
542,490
3,642,322
11,373
0
237,657
23,208
0
647,279
300,404
292,446
54,428
5,502,842 -1%
Investor Presentation – June 2015
S1 2014 S1 2015
0
10991
31348
33224
667279
3780582
16108
253853
254592
19732
48346
618753
300404
294172
24177
5,734,808
0
9030
21594
14523
628745
3827621
13929
0
200517
23720
0
650775
308457
317596
24721
5,390,454 -6%

Satisfactory and steady results
‒ In 2013, the full impact “lagarde law” has been constated
‒ In 2014,
• the operating income has decreased of 6,2%, due to an increase of business investments (49% more depreciation charges)
• The net income has improved because it integrates the capital gain made on disposal of Carma shares in
December
Income statement Var.
NET BANKING INCOME
GROSS OPERATING PROFIT
COST OF RISK
OPERATING INCOME
NET INCOME
* statutory : Carrefour Banque - Carrefour Banca
Page 37
365
185
-81
102
63
375
172
-79
93
52
397.7
178.6
-101.6
77.0
46.2
405.3
173.0
-100.8
72.2
64.9
1.9%
-3.2%
-0.8%
-6.2%
40.4%
Investor Presentation – June 2015

After years of steady results , a great increase in 2014
−
Economic reforms encourages the relaunch
−
Reinforcement of the commercial momentum (Carta Pass reworking in 2014 : new features, a wider offer)
Page 38
Income statement
(in € M)
NET BANKING INCOME
GROSS OPERATING PROFIT
COST OF RISK
OPERATING INCOME
NET INCOME
FY 2011 FY 2012
202.8
151.7
-67.3
84.4
59.0
204.8
151.2
-63.8
87.4
61.2
FY 2013 FY 2014
209.4
150.7
-76.6
74.1
51.9
243.7
178.5
-47.9
130.6
91.4
Var.
2014/2013
16.4%
18.4%
-37.4%
76.2%
76.2%
Investor Presentation – June 2015

Fimaser posted stable results over the last years
−
Stable results
( except 2013 due to a sale of its porfolio)
Income statement
(in € M)
GROSS OPERATING PROFIT
COST OF RISK
OPERATING INCOME
NET INCOME
FY 2011 FY 2012 FY 2013 FY 2014
Var.
2014/2013
12.0
-7.0
5.0
3.6
12.5
-6.5
5.9
3.3
14.1
-7.2
6.9
4.5
11.1
-4.5
6.3
3.1
-21.2%
-38.2%
-9.6%
-30.6%
Page 39 Investor Presentation – June 2015

Carrefour Banca
−
A tough economic environment
−
Improvement of the commercial activity neutralised by the prudential approach of cost of risk
−
Reinforcement of the interconnection with Carrefour (launch of PASS days from fall 2014...)
Income statement
(in € M)
NET BANKING INCOME
GROSS OPERATING PROFIT
COST OF RISK
OPERATING INCOME
NET INCOME
FY 2011 FY 2012
16.0
5.9
-5.3
0.6
-0.2
17.6
6.5
-6.4
0.1
-0.4
FY 2013 FY 2014
Var.
2014/2013
19.3
5.6
-8.0
-2.4
-1.5
19.7
5.9
-10.4
-4.5
-3.0
2.3%
5.7%
30.2%
86.8%
97.6%
Page 40 Investor Presentation – June 2015

Alessandra GIROLAMI
Matthew MELLIN
Mathilde RODIE
Head of Financial
Communication and investor
Relations
Investor Relations Director
Investor Relations Director
+ 33 (0)1 41 04 28 83 alessandra_girolami@carrefour.com
matthew_mellin@carrefour.com
mathilde_rodie@carrefour.com
Frédéric MAZURIER
Dominique MOLLIET
Deputy CEO / CFO
Treasurer
+ 33 (0)1 60 76 48 00
+ 33 (0)1 60 76 48 15 frederic_mazurier@carrefour.com
dominique_molliet@carrefour.com
Page 42 Investor Presentation – June 2015

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Page 43 Investor Presentation – June 2015

www.carrefour-banque.fr
Etablissement de crédit et de courtage en assurances
Société anonyme au capital de 101 346 956,72 euros – RCS Evry 313
811 515
1 place Copernic – 91051 Evry cedex – n° ORIAS 07 027 516