REGISTRATION DOCUMENT 2018 “CONTINUING TO INNOVATE FOR THE FUTURE OF RETAIL” Contents Chapter 1 Chapter 6 Presentation of the Casino Group .............................................01 Executive and management compensation .......................337 1.1. Financial highlights ................................................................................02 6.1. Chairman and Chief Executive Officer’s compensation ...........338 1.2. Milestones in the Group’s history .......................................................03 6.2. Compensation and/or directors’ fees paid 1.3. Business and strategy ...........................................................................04 to the other corporate officers .........................................................346 1.4. The Casino Group business model ....................................................13 6.3. Executive Committee compensation ..............................................350 1.5. Store network ...........................................................................................16 6.4. Stock options and share grants awarded to Executive 1.6. Simplified Group organisation chart as at 31 December 2018 ...17 Committee members ..........................................................................351 1.7. Stock market value of listed companies ...........................................18 Chapter 7 Chapter 2 Casino and its shareholders ...................................................353 Financial and accounting information .....................................19 7.1. The market for Casino securities .....................................................354 2.1. Business report ........................................................................................22 7.2. Dividend and tax .................................................................................356 2.2. Recent events ..........................................................................................30 7.3. Share buyback programme .............................................................358 2.3. Outlook ...................................................................................................... 31 7.4. Share capital and share ownership ................................................361 2.4. Parent company information ............................................................. 32 7.5. Employee stock options and free share grants ...........................370 2.5. Subsidiaries and associates ................................................................ 34 7.6. Financial reporting ..............................................................................373 2.6. Consolidated financial statements for the year 7.7. Shareholders’ Consultative Committee ......................................... 373 ended 31 December 2018 .................................................................... 37 Chapter 8 2.7. Parent company financial statements for the year Ordinary and Extraordinary Annual General Meeting ended 31 December 2018 ...................................................................146 Tuesday, 7 May 2019 .................................................................375 Chapter 3 8.1. Agenda of the Meeting ......................................................................376 Corporate social responsibility (CSR) 8.2. Presentation and text of the proposed resolutions .....................377 and Non-Financial Information Statement (NFIS) ...............181 8.3. Statutory Auditors’ reports on Extraordinary 3.1. CSR commitments and governance ...............................................182 Annual General Meeting ...................................................................408 3.2. Non-Financial Information Statement – NFIS ...............................184 Chapter 9 3.3. Stakeholder dialogue ..........................................................................188 Additional information ..............................................................413 3.4. Ethics and compliance .........................................................................191 3.5. Policies and initiatives in place ..........................................................195 9.1. General information.............................................................................414 3.6. Non-financial performance ...............................................................241 9.2. Factors liable to have an influence in the event of a public offer ..............................................................419 3.7. Non-financial information statement cross-reference table ...243 9.3. History of the Company .....................................................................420 3.8. SDG - GRI cross-reference tables ...................................................247 9.4. Board of Directors’ internal rules .....................................................425 3.9. Reporting methodology for non-financial indicators ................250 9.5. Person responsible for the Registration Document 3.10. Independent verifier’s report on the consolidated and annual financial report ..............................................................436 non-financial statement presented in the management report .............................................................253 9.6. Documents incorporated by reference .........................................437 9.7. European Regulation No. 809/2004 of 29 April 2004 – Chapter 4 Cross-reference table .........................................................................438 Risks and control .......................................................................257 9.8. Annual financial report – Cross-reference table ........................ 440 4.1. Internal control and risk management ..........................................258 9.9. Board of Directors’ management report – Cross-reference table ..........................................................................441 4.2. Internal control over accounting and financial information .... 267 9.10. Board of Directors’ corporate governance report – 4.3. Main risk factors ...................................................................................270 Cross-reference table .......................................................................443 4.4. Insurance – risk cover .........................................................................280 4.5. Speculative attacks on the share price ..........................................282 Chapter 5 Corporate Governance Report ..............................................283 5.1. Corporate Governance Code ..........................................................285 5.2. Composition of the Board of Directors ..........................................285 5.3. Governance structure .........................................................................292 5.4. Information about corporate officers ............................................295 5.5. Preparation and organisation of the Board of Directors’ work ..................................................................................318 5.6. Information on the agreements mentioned in Article L. 225-37-4 of the French Commercial Code .............335 5.7. Statutory Auditors ................................................................................336 The original French version of this translated Registration Document was filed with the Autorité des Marchés Financiers (AMF) on 1 April 2019, in accordance with Article L. 212-13 of the AMF’s General Regulations. It may be used in connection with a financial transaction provided that it is accompanied by an Information Memorandum approved by the Autorité des Marchés Financiers. It was prepared by the issuer and its signatories assume responsibility for it. This document is a free translation from French into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the text in French language shall be deemed authentic and considered as expressing the exact information published by the Casino Group. Chapter 1 Presentation of the Casino Group 1.1. Financial highlights ....................................................................... 02 1.2. Milestones in the Group’s history ............................................... 03 1.3. Business and strategy ..................................................................04 1.4. The Casino Group business model ............................................ 13 1.5. Store network.................................................................................. 16 1.6. Simplified Group organisation chart as at 31 December 2018 ................................................................ 17 1.7. Stock market value of listed companies .................................... 18 CASINO GROUP 01 1 2018 REGISTRATION DOCUMENT PRESENTATION OF THE CASINO GROUP 1.1. FINANCIAL HIGHLIGHTS 2018 group activity 2018/2017 2018/2017 Continuing operations reported organic (€ millions) 2018 2017(1) 2016 change change Net sales 36,604 37,490 36,030 -2.4% +4.7%(2) EBITDA(3) 1,865 1,900 1,697 -1.9% +6.7% Trading profit 1,209 1,213 1,034 -0.3% +9.8% Net profit (loss) from continuing operations (Group share) (45) 108 33 n.m. Net profit (loss) from discontinued operations (Group share) (9) (7) 2,645 -33.2% Consolidated net profit (loss) (Group share) (54) 101 2,679 n.m. Underlying net profit(4) (Group share) 318 351 341 -9.4% -2.0%(5) (1) To permit meaningful comparisons with 2018, the 2017 financial statements