Exhibit (c)(10)

 

STRICTLY CONFIDENTIAL PROJECT DELPHES PRELIMINARY VALUATION REPORT 10 May 2016 Project Delphes CORPORATE & INSTITUTIONAL BANKING STRICTLY CONFIDENTIAL

 

Project Delphes - 10 May 2016 F2 Step 3: Swap of Cnova N.V. shares held by Cnova Brazil for Cnova Brazil shares held by Cnova N.V. plus cash previously deposited by VV in NewCo Step 4: Cash tender offer by CGP for free float Cnova N.V. shares Step 1: VV to transfer its 22% stake in Cnova N.V. and cash to a Newco Step 2: Merger of Newco into Cnova Brazil GPA Cnova N.V. Cdiscount Cnova Brazil Free float 43.3% 26.2% 22.0% 8.5% 99.8% 100.0% CGP Newco [Cash] VV GPA VV Cnova N.V. Cdiscount Free float 43.3% 26.2% 8.5% 99.8% CGP 22.0% Cnova Brazil / Newco GPA VV Cnova N.V. Cdiscount Free float 55.5% 33.6% 10.9% 99.8% CGP 100% Cnova Brazil [Cash] GPA VV Cdiscount 33.6% 99.8% CGP 100% Cnova Brazil Free float [55.5-66.4]% [0-10.9]% Cnova N.V. Casino listed subsidiary Casino private subsidiary X% X% Economic interest Voting rights Note: [Before merger: Cnova to capitalize its loan to Nova] Transaction structure

 

Executive summary 3 Valuation assumptions and preliminary results Information and key assumptions retained for valuation BNP Paribas has relied on the information prepared and provided by Cnova management and, in particular, the business plan of Nova and Cdiscount presented to the Board to perform its valuation works, especially DCF BNP Paribas has also taken into account Q1 unaudited financial statement, as well as publicly available information including brokers forecasts and analyses Assumptions taken by BNP Paribas over the extrapolation period have been discussed with the management This valuation is based on 2015 preliminary accounts (unaudited), which may be further adjusted for the on going Nova Brazil investigation by legal and audit consultants (such adjustments – as of 6 May 2016 – are taken into account in this valuation exercise) Potential additional pre-signing adjustments in relation to the on going Nova Brazil investigation could impact 2015 final accounts (audited) compared to preliminary ones Moreover valuation could be potentially subject to adjustments on historical financial statements before 2015 Our assessment is based on the data for the period ending 31 December 2015 and takes into account development of the business after this date (in the way described below). Although Cnova Brazil reported weaker performance in Q1 2016 (and FY Cnova Brazil 2016 EBITDA to be close to breakeven according to the internal objective shared by the Company with the market on April 26 vs +61m BRL in the Business Plan), no amendments were made by the management to the Business Plan at this stage as the most representative period for the Company is Q4, as well as due to the lack of visibility on Brazilian market $6m (€5m) estimated impact of the Class Action lawsuit filed in January 2016 against Cnova has been assumed at this stage based on legal due diligence. Subject to further confirmation based on updated legal due diligence Valuation date of each business is 31 December 2015, with EUR/BRL exchange rate of 4.04, where applicable, as of 6 May 2016 (1-month average) Current holding costs at Cnova level are assumed to remain in place post separation with Nova and take on significant reduction: from c.$17.5m (€15.4m) in 2016, including exceptional items, to $7.8m (€6.9m) from 2017 onwards. Stand-alone business plan for Nova does not assume any holding costs or management fees WACC has been calculated with market data as of beginning of May 2016 in order to account for latest market data Nova WACC: 16.3% Cdiscount WACC: 7.8% Share price analysis made as of 12/04/2016, considered as the last unaffected trading date before JPM research report Preliminary Valuation results (based on DCF valuation) The equity value derived for Nova stands between $413m and $478m, before any holding costs or synergies (considering intra-group debt to Cnova is not capitalized) The equity value derived for Cdiscount, including International operations, stands between $1,496m and $1,654m, before any holding costs Implied value of Cnova, taking into account holding costs, amounts between $1,945m and $2,167m (i.e between US$4.41 and US$4.91/share @ EUR USD FX of 0.88 – 1-month average as of 06/05/2016) Total value of potential synergies expected from combination of Nova with Via Varejo is estimated up to $201m / €177m (and $101m assuming a 50% basis) based on M.M. Friedrich, Heilbronn & Fiszer report (19 February 2016) and total value of holding cost savings is estimated at $90m / €79m (and $45m assuming a 50% basis) based on materials provided by Cnova management The potential synergies and holding cost savings have not been directly considered in this valuation report as they are matter of negotiations in the contemplated transaction Potential $6m tax leakage estimate provided by management and legal advisor has not been considered in the current valuation exercise but could negatively impact the overall transaction 1 2 Project Delphes - 10 May 2016

 

477 NewCo Executive summary 4 Valuation as of May 6th 2016 Project Delphes - 10 May 2016 Estimated Equity Value ($m; DCF High Case) Detailed estimated Equity Value ($m) Estimated consideration to Cnova ($m) 22% VV stake in Cnova Note: (1) Includes $85m holding costs, $127m shareholder loans and $6m costs related to Class action filed in the US in Cnova EvEq bridge; (2) assuming repayment of Nova shareholders’ loan ($127m) DCF High Case 478 1,654 36 2,167 477 DCF Down Case 413 1,496 36 1,945 428 ($m) NOVA CNOVA NEWCO Holding costs, Shareholders' loan & other(1) CDISCOUNT (incl. Intl') 478 2,167 1,654 36 Nova Cdiscount Holding costs & other(1) Cnova DCF High Case DCF Dow n Case Value of the 22% held by VV in CNOVA to Newco (477) (428) Nova transferred 478 413 Estimated cash compensation (before potential synergies sharing and capi tal gain tax(2)) 1 (15) Shareholders' loan 127 127

 

Sensitivities to BRL future exchange rate evolution Project Delphes - 10 May 2016 5 Based on DCF valuation Exchange rate evolution Cash consideration before synergies ($m) value sensitivity on BRL exchange rate evolution (Central USD/BRL value based on Valuation report data - 1m avg as of 06/05/16) Nova Equity value (High case) sensitivity on BRL exchange rate evolution (Central EUR/BRL and USD/BRL values based on Valuation report data – 1m avg as of 06/05/16) Source: Datastream EUR/BRL USD/BRL Spot - 06/05/16 4.04 3.54 1m avg 4.04 3.55 3m avg 4.17 3.71 6m avg 4.20 3.81 12m avg 4.04 3.64 €m EUR/BRL 3.23 3.33 3.43 3.53 3.63 3.73 3.83 3.93 4.04 4.14 4.24 4.34 4.44 4.54 4.64 4.74 4.84 (20.0%) (17.5%) (15.0%) (12.5%) (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% (0.81) (0.71) (0.61) (0.50) (0.40) (0.30) (0.20) (0.10) - 0.10 0.20 0.30 0.40 0.50 0.61 0.71 0.81 421 526 510 495 481 467 455 443 431 421 410 400 391 382 374 366 358 350 $m USD/BRL 2.84 2.93 3.02 3.11 3.20 3.28 3.37 3.46 3.55 3.64 3.73 3.82 3.91 4.00 4.08 4.17 4.26 (20.0%) (17.5%) (15.0%) (12.5%) (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% 597 579 562 546 531 517 503 490 478 466 455 445 434 425 416 407 398 High case $m USD/BRL 2.84 2.93 3.02 3.11 3.20 3.28 3.37 3.46 3.55 3.64 3.73 3.82 3.91 4.00 4.08 4.17 4.26 (20.0%) (17.5%) (15.0%) (12.5%) (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% 94 80 67 54 42 31 21 10 1 (8) (17) (25) (33) (40) (48) (55) (61) Down case $m USD/BRL 2.84 2.93 3.02 3.11 3.20 3.28 3.37 3.46 3.55 3.64 3.73 3.82 3.91 4.00 4.08 4.17 4.26 (20.0%) (17.5%) (15.0%) (12.5%) (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% 66 54 42 31 21 11 2 (6) (15) (23) (30) (37) (44) (51) (57) (63) (68)

 

Project Delphes - 10 May 2016 Nova: Multi-criteria valuation summary ($) Trading multiple valuation based on two approaches: - Regression analysis - B2W multiples with a discount to take into consideration Nova’s lower profitability 6 Valuation on a stand-alone basis (before synergies) Nova Implied Equity value Note: Exchange rate used: EUR 1.00 = USD 1.14; Valuation based on business plans prepared and provided by Cnova management and market assumptions Relevancy Spot as of 12/04/16 1m avg 3m avg 6m avg 12m avg Since IPO @ IPO High case Mid point +/- 2.5% Down case Mid point +/- 2.5% Based on 2017e EV/Sales Min/Max Based on LTM EV/Sales +/- 2.5% EQUITY VALUE ($m) - 500 1,000 1,500 2,000 2,500 3,000 3,500 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Bridge Ev-Eq Case 1 (as of 31/12/15) 143 143 143 143 143 143 143 143 506 506 506 506 506 506 506 506 ENTREPRISE VALUE ($m) 143 643 1,143 1,643 2,143 2,643 3,143 3,643 506 2,506 4,506 6,506 8,506 10,506 12,506 14,506 2016e EV/Sales 1,754 0.07x 0.36x 0.64x 0.93x 1.21x 1.50x 1.78x 2.07x 0.08x 0.40x 0.72x 1.04x 1.37x 1.69x 2.01x 2.33x 2017e EV/Sales 1,935 0.06x 0.32x 0.58x 0.84x 1.10x 1.36x 1.62x 1.87x 0.07x 0.36x 0.66x 0.95x 1.24x 1.53x 1.82x 2.11x TRADING MULTIPLES TRANSACTION MULTIPLES Methodology Equity Value ($m) Equity Value (BRLm) SHARE PRICE BROKERS TARGET PRICE DCF 466 403 230 1,360 490 424 347 1,430 478 413 1,655 1,431 816 4,278 1,740 1,504 1,232 4,498 1,697 1,468 xxx xx For reference

 

Project Delphes - 10 May 2016 Cdiscount: Multi-criteria valuation summary ($) Trading multiple valuation based on two approaches: - Peers’ group median multiples - AO World multiples with a discount to take into consideration Cdiscount’s lower profitability 7 Valuation on a stand-alone basis (before holding costs) Cdiscount (France & International) Implied Equity value Note: Exchange rate used: EUR 1.00 = USD 1.14; Valuation based on business plans prepared and provided by Cnova management and market assumptions Relevancy Spot as of 12/04/16 1m avg 3m avg 6m avg 12m avg Since IPO @ IPO High case Mid point +/- 2.5% Down case Mid point +/- 2.5% Based on 2017e Min/Max Based on LTM EV/Sales +/- 2.5% EQUITY VALUE ($m) - 500 1,000 1,500 2,000 2,500 3,000 3,500 Bridge Ev-Eq Case 1 (as of 31/12/15) 177 177 177 177 177 177 177 177 ENTREPRISE VALUE ($m) 177 677 1,177 1,677 2,177 2,677 3,177 3,677 2016e EV/Sales 2,092 0.07x 0.31x 0.55x 0.79x 1.03x 1.27x 1.51x 1.75x 2017e EV/Sales 2,273 0.07x 0.29x 0.51x 0.73x 0.95x 1.17x 1.39x 1.61x TRADING MULTIPLES TRANSACTION MULTIPLES Methodology Equity Value ($m) DCF SHARE PRICE BROKERS TARGET PRICE 1,613 1,459 1,216 1,426 1,695 1,534 1,325 1,499 1,654 1,496 x x x x xxx xx For reference

 

Project Delphes - 10 May 2016 Cnova: multi-criteria valuation summary ($) Premiums applied correspond to the min and max of the median of premiums registered in buyout transactions in Brazil, Europe and US fulfilling the following criteria: i) ≥ EUR 100m deal value, ii) involving an initial stake ≥ 30%, iii) paid in cash and iv) occurring between 2011 – 2016 8 Price per share between $4.41 and $4.91 based on DCF valuation methodology Cnova (Equity value & Share price) Tender offer premium range applied on average point Note: Exchange rate used: EUR 1.00 = USD 1.14; Valuation based on business plans prepared and provided by Cnova management and market assumptions ; Share price data as of 12/04/2016, before JPM research report Relevancy Equity Value ($m) Share Price ($) Spot as of 12/04/16 1m avg Min/Max of the VWAP 3m avg Min/Max of the VWAP 6m avg Min/Max of the VWAP 12m avg Min/Max of the VWAP Since IPO Min/Max of the VWAP @IPO (20/11/14) Min/Max of the brokers' target price High case Mid point +/- 2.5% Down case Mid point +/- 2.5% Based on 2017e EV/Sales +/- 2.5% Based on LTM EV/Sales +/- 2.5% EQUITY VALUE ($m) 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 - 1.20 2.40 3.60 4.80 6.00 7.20 8.40 Bridge Ev-Eq Case 1 (as of 31/12/15) 199 199 199 199 199 199 199 199 ENTREPRISE VALUE ($m) 699 1,199 1,699 2,199 2,699 3,199 3,699 4,199 2016e EV/Sales 3,846 0.18x 0.31x 0.44x 0.57x 0.70x 0.83x 0.96x 1.09x 2017e EV/Sales 4,208 0.17x 0.29x 0.40x 0.52x 0.64x 0.76x 0.88x 1.00x DCF TRADING MULTIPLES TRANSACTION MULTIPLES Methodology SHARE PRICE BROKERS TARGET PRICE 1,019 993 993 993 993 667 2,113 1,896 1,554 2,821 1,310 1,341 1,341 1,546 3,087 3,600 3,089 1,779 2,222 1,994 1,634 2,966 1,160 1,081 1,135 1,700 2,090 1,179 2,167 1,945 2.31 2.25 2.25 2.25 2.25 1.51 4.79 4.30 3.52 6.39 2.97 3.04 3.04 3.50 7.00 8.16 7.00 4.03 5.03 4.52 3.70 6.72 2.63 2.45 2.57 3.85 4.74 2.67 4.91 4.41 xxx For reference xx xx xx xx xx For reference For reference For reference For reference

 

+0% +10% +20% +30% +40% 2012 2014 2016E 2018E 2020E 2022E 2024E E-commerce revenues Nova - Mgmt Nova - BNPP (High) Nova - BNPP (Down) +0% +10% +20% +30% +40% 2012 2014 2016E 2018E 2020E 2022E 2024E Internet retailing Nova - Mgmt Nova - BNPP (High) Nova - BNPP (Down) +0% +10% +20% +30% +40% 2012 2014 2016E 2018E 2020E 2022E 2024E Consumer electronics Nova - Mgmt Nova - BNPP (High) Nova - BNPP (Down) +0% +10% +20% +30% +40% 2012 2014 2016E 2018E 2020E 2022E 2024E Consumer electronics Nova - Mgmt Nova - BNPP (High) Nova - BNPP (Down) Project Delphes - 10 May 2016 F9 Nova business plans vs. ecommerce market in Brazil Source: Planet Retail as of March 2016 Note: Total sales of all banners, including VAT. E-commerce sales of retailers with 60% or more sales generated from selling household electrical appliances and/or consumer electronics products; (1) Flat assumptions from 2021 onwards E-commerce revenues (% growth) Consumer electronics Consumer electronics e-commerce % growth e-commerce % growth Source: E-commerce total revenues in Brazil, Ebit (H1 2015) and Votorantim Corretora (April 2015) Note: E-commerce excluding airline tickets, deal-of-the-day websites, auction and car sales; (1) Flat assumptions from 2021 onwards Source: Internet retailing in Brazil, Euromonitor as of March 2016 Note: Including sales taxes & at current prices. Internet retailing includes mobile and internet retailing: apparel & footwear, beauty & personal care, consumer appliances, consumer electronics, consumer healthcare, food & drink, home care, home improvement & gardening, housewares & home furnishings, media products, personal accessories & eyewear, pet care, traditional toys & games, video games hardware, other internet retailing; (1) Flat assumptions from 2021 onwards Internet retailing (% growth) 2015E market size: R$43.0bn 2015E market size: R$39.5bn incl. sales taxes 2015E market size: R$11.3 billion 2015E market size: R$10.4 billion Source: Internet retailing by category (value), Euromonitor, July 2015 Note: At current prices based on BNPP inflation estimates derived from Euromonitor. Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer; (1) Flat assumptions from 2021 onwards Consumer electronics e-commerce Internet Retailing (1) (1) (1) (1) 3.2% 4.2% 7.3% 3.1% 4.2% 5.3% % E-commerce penetration rate % Internet retailing penetration rate

 

+0% +5% +10% +15% +20% +25% 2012 2014 2016E 2018E 2020E 2022E 2024E Internet retailing Cdiscount - Mgmt Cdiscount - BNPP (High) Cdiscount - BNPP (Down) +0% +5% +10% +15% +20% +25% 2012 2014 2016E 2018E 2020E 2022E 2024E Ecommerce revenues Cdiscount - Mgmt Cdiscount - BNPP (High) Cdiscount - BNPP (Down) -10% -5% +0% +5% +10% +15% +20% +25% 2012 2014 2016E 2018E 2020E 2022E 2024E Consumer electronics Cdiscount - Mgmt Cdiscount - BNPP (High) Cdiscount - BNPP (Down) -10% -5% +0% +5% +10% +15% +20% +25% 2012 2014 2016E 2018E 2020E 2022E 2024E Consumer electronics Cdiscount - Mgmt Cdiscount - BNPP (High) Cdiscount - BNPP (Down) Cdiscount business plans vs. ecommerce market in France 10 Source: Planet Retail as of March 2016 Note: Total sales of all banners, including VAT. E-commerce sales of retailers with 60% or more sales generated from selling household electrical appliances and/or consumer electronics products; (1) Flat assumptions from 2022 onwards E-commerce revenues (% growth) Consumer electronics Consumer electronics e-commerce % growth e-commerce % growth Source: E-commerce total revenues, Xerfi, January 2016 Note: E-commerce excluding airline tickets, deal-of-the-day websites, auction and car sales; (1) Flat assumptions from 2017 onwards ; (2) Total retail excl. grocery Source: Internet retailing in France, Euromonitor as of March 2016 Note: Including sales taxes & at current prices. Internet retailing includes mobile and internet retailing: apparel & footwear, beauty & personal care, consumer appliances, consumer electronics, consumer healthcare, food & drink, home care, home improvement & gardening, housewares & home furnishings, media products, personal accessories & eyewear, pet care, traditional toys & games, video games hardware, other internet retailing; (1) Flat assumptions from 2021 onwards Internet retailing (% growth) Consumer electronics e-commerce Internet Retailing 2015E market size: €64.9bn 2015E market size: €37.0bn incl. sales taxes 2015E market size: €0.7 billion 2015E market size: €3.2 billion Source: Internet retailing by category (value), Euromonitor, January 2016 Note: At current prices based on BNPP inflation estimates derived from Euromonitor. Consumer Electronics refers to the sales of Computers and Peripherals, In-Home Consumer Electronics, In-Car Entertainment and Portable Consumer Electronics to the end consumer; (1) Flat assumptions from 2020 onwards (1) (1) (1) (1) 7% 9% 5.7% 8.4% 14.1% % E-commerce penetration rate % Internet retailing penetration rate (2) Project Delphes - 10 May 2016

 

Project Delphes - 10 May 2016 11 Nova valuation Cdiscount valuation Cnova valuation Appendix 1 2 3 11 21 32 40

 

Project Delphes - 10 May 2016 Nova: Multi-criteria valuation summary (€) Valuation summary in $ page 6 Trading multiple valuation based on two approaches: - Regression analysis - B2W multiples with a discount to take into consideration Nova’s lower profitability 12 Valuation on a stand-alone basis (before synergies) Nova Implied Equity value Note: Exchange rate used for 2015: EUR1.00 = BRL 3.7 (2015 average) and from 2016 onwards: EUR 1.00= BRL4.04 (1m average as of 06/05/2016); Valuation based on business plans prepared and provided by Cnova management and market assumptions Relevancy Spot as of 12/04/16 1m avg 3m avg 6m avg 12m avg Since IPO @ IPO High case Mid point +/- 2.5% Down case Mid point +/- 2.5% Based on 2017e EV/Sales Min/Max Based on LTM EV/Sales +/- 2.5% EQUITY VALUE (€m) - 500 1,000 1,500 2,000 2,500 3,000 3,500 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Bridge Ev-Eq Case 1 (as of 31/12/15) 125 125 125 125 125 125 125 125 506 506 506 506 506 506 506 506 ENTREPRISE VALUE (€m) 125 625 1,125 1,625 2,125 2,625 3,125 3,625 506 2,506 4,506 6,506 8,506 10,506 12,506 14,506 2016e EV/Sales 1,543 0.08x 0.41x 0.73x 1.05x 1.38x 1.70x 2.03x 2.35x 0.08x 0.40x 0.72x 1.04x 1.37x 1.69x 2.01x 2.33x 2017e EV/Sales 1,702 0.07x 0.37x 0.66x 0.95x 1.25x 1.54x 1.84x 2.13x 0.07x 0.36x 0.66x 0.95x 1.24x 1.53x 1.82x 2.11x TRANSACTION MULTIPLES BROKERS TARGET PRICE SHARE PRICE Methodology Equity Value (€m) Equity Value (BRLm) TRADING MULTIPLES DCF 410 355 202 1,197 431 373 305 1,258 421 364 1,655 1,431 816 4,278 1,740 1,504 1,232 4,498 1,697 1,468 xxx xx For reference

 

Case 1: Normalized WC with instalments Case 2: Normalized WC without instalments Category Value retained (€m) Value retained (BRLm) Value retained (€m) Value retained (BRLm) Comments Long term financial debt 8.3 33.4 8.3 33.4 Incl. loans and borrowings, lease financing and accrued interests Short term financial debt 2.7 10.8 2.7 10.8 Incl. loans and borrowings, lease financing and accrued interests Shareholders' loan 111.1 448.4 111.1 448.4 Shareholders' loan from Cnova to Nova (€111m) Cash & Cash equivalents (254.4) (1,026.7) (254.4) (1,026.7) Incl. marketable securities Net debt / (Net Cash) (132.3) (534.1) (132.3) (534.1) Securitization - - - - NWC seasonality cash adjustment 248.5 1,002.8 137.8 556.1 WC Normalisation from December levels to LTM average Debt increase if no factoring - - 444.1 1,792.3 Required to adjust Cash position for proceeds from Factoring Financial Assets (incl. Associates) - - - - Deferred tax assets (5.9) (24.0) (8.0) (32.3) NPV of use of €10.7m of deferred tax assets at Nova Employee benefits - - - - Debt-like provisions 15.3 61.6 15.3 61.6 Incl. risks & charges provisions and preliminary provision for matters arising from on-going Nova Brazil accounting investigation and related shareholder litigation based on statements from the Company and legal diligence Cash from dilutive financial instruments - - - - Minority interests - - - - Total Enterprise Value Adjustments 125.5 506.4 456.8 1,843.5 Project Delphes - 10 May 2016 Nova: EV – Equity adjustments Note: - Case 1 used for DCF valuation since Instalment costs are taken into account in the Cash Flows - Case 2 is used for valuation by Trading multiples, since it adjusts Nova’s NWC and Net Financial Debt for Factoring impact, which is not taken into consideration in the applied aggregates As of 31/12/2015 EV – Equity adjustment Note: Exchange rate used EUR 1.00= BRL4.04 (1m average as of 06/05/2016); (1) Includes estimated on going Nova Brazil investigation at WC level; See detailed Working Capital normalization in appendix (1) 13 [DCF] [Multiples]

 

Nova: Business Plan overview (High case) Project Delphes - 10 May 2016 14 DS GM to decrease by 2025 due to competition, partially offset by Other activities Increasing SG&A due to growing contribution of MP into GMV MP contribution into GMV to reach Cdiscount level 3 to 4 years later with a max. of 50% (excl. B2B and Wholesale) ~+200bps above LT Brazilian inflation (+5.1%) as ecommerce will benefit from high penetration rate Normative D&A slightly lower than Capex (investment phase) Stable WC at (5.6%) of Net Sales post Management BP Improving Gross Margin due to increasing MP contribution in GMV MANAGEMENT FORECASTS EXTRAPOLATION NORM. (FYE 31/12) déc-15 déc-16 déc-17 déc-18 déc-19 déc-20 déc-21 déc-22 déc-23 déc-24 déc-25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 GMV excl taxes (BRLm) 7 748 8 649 10 174 12 295 15 308 19 594 24 257 29 011 33 479 37 229 39 835 Growth % (%) +11.6% +17.6% +20.9% +24.5% +28.0% +23.8% +19.6% +15.4% +11.2% +7.0% o/w % of Direct Sales in GMV (%) 63.3% 57.6% 53.4% 47.0% 43.3% 40.8% 39.3% 39.3% 39.3% 39.3% o/w % of Marketplace in GMV (%) 17.4% 23.6% 28.4% 34.8% 38.5% 41.0% 42.5% 42.5% 42.5% 42.5% o/w % of Other activity in GMV (%) 19.2% 18.7% 18.2% 18.2% 18.2% 18.2% 18.2% 18.2% 18.2% 18.2% Net sales HT (BRLm) 6 126 6 228 6 870 7 886 9 139 11 202 13 464 15 826 18 299 20 388 21 815 Growth % (%) +1.7% +10.3% +14.8% +15.9% +22.6% +20.2% +17.5% +15.6% +11.4% +7.0% o/w Direct Sales (BRLm) 4 882 4 637 4 962 5 557 6 096 7 188 8 385 9 658 11 146 12 394 13 262 Growth % (%) (5.0%) +7.0% +12.0% +9.7% +17.9% +16.7% +15.2% +15.4% +11.2% +7.0% o/w MP Commissions (BRLm) 82 203 325 471 732 1 056 1 417 1 788 2 099 2 374 2 540 Growth % (%) +146.3% +60.0% +45.0% +55.5% +44.2% +34.2% +26.2% +17.4% +13.1% +7.0% Commissio n rate (%) 10.9% 13.5% 13.5% 13.5% 13.8% 14.0% 14.3% 14.5% 14.8% 15.0% 15.0% o/w Other (BRLm) 1 273 1 388 1 582 1 856 2 311 2 958 3 662 4 380 5 054 5 620 6 013 Growth % (%) +9.0% +14.0% +17.3% +24.5% +28.0% +23.8% +19.6% +15.4% +11.2% +7.0% Gross profit (BRLm) 511 891 1 128 1 443 1 838 2 388 2 990 3 604 4 158 4 622 4 945 Gross Margin (% of Net Sales) (%) 8.3% 14.3% 16.4% 18.3% 20.1% 21.3% 22.2% 22.8% 22.7% 22.7% 22.7% GM excl. MP (% of Net Sales) (%) 7.1% 11.4% 12.3% 13.1% 13.2% 13.1% 13.1% 12.9% 12.7% 12.5% 12.5% Total SG&A (BRLm) (886) (830) (917) (1 066) (1 269) (1 582) (1 959) (2 318) (2 675) (2 975) (3 183) % of GMV (%) (11.4%) (9.6%) (9.0%) (8.7%) (8.3%) (8.1%) (8.1%) (8.0%) (8.0%) (8.0%) (8.0%) % of Net Sales (%) (14.5%) (13.3%) (13.3%) (13.5%) (13.9%) (14.1%) (14.6%) (14.6%) (14.6%) (14.6%) (14.6%) EBITDA (bef. Instalment costs) (BRLm) (377) 61 211 377 569 806 1 031 1 287 1 483 1 647 1 762 % of Net Sales (%) (6.2%) 1.0% 3.1% 4.8% 6.2% 7.2% 7.7% 8.1% 8.1% 8.1% 8.1% Instalment costs (BRLm) (242) (315) (340) (397) (249) (304) (358) (405) (442) (462) (495) % of Net Sales (%) (4.0%) (5.1%) (4.9%) (5.0%) (2.7%) (2.7%) (2.7%) (2.6%) (2.4%) (2.3%) (2.3%) EBITDA (BRLm) (619) (254) (129) (20) 319 502 674 881 1 041 1 185 1 268 % of Net Sales (%) (10.1%) (4.1%) (1.9%) (0.2%) 3.5% 4.5% 5.0% 5.6% 5.7% 5.8% 5.8% D&A (BRLm) (57) (55) (56) (61) (87) (125) (173) (228) (287) (346) (398) % of GMV (%) (0.7%) (0.6%) (0.5%) (0.5%) (0.6%) (0.6%) (0.7%) (0.8%) (0.9%) (0.9%) (1.0%) % of Net Sales (%) (0.9%) (0.9%) (0.8%) (0.8%) (1.0%) (1.1%) (1.3%) (1.4%) (1.6%) (1.7%) (1.8%) CAPEX (BRLm) (106) (89) (112) (135) (168) (216) (267) (319) (368) (410) (438) % of GMV (%) (1.4%) (1.0%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) % of Net Sales (%) (1.7%) (1.4%) (1.6%) (1.7%) (1.8%) (1.9%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) Change in Working Capital (BRLm) 506 42 (3) (40) 71 116 128 133 139 118 80 Working Capital (BRLm) (560) (502) (485) (445) (515) (632) (759) (893) (1 032) (1 150) (1 230) % of Net Sales (%) (9.1%) (8.1%) (7.1%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) Inventory (COGS excl ship.) (days) 55 46 44 43 Receivables (GM V) (days) 40 41 39 39 Payables (COGS excl ship.) (days) 135 130 125 120 Change in WC - Other (BRLm) 5 100 14 - - - - - - - - 2015 WC normalized based on monthly average # of days; decrease in # of days forecasted in the BP is applied to 2015 monthly average # of days to estimate “normalized” WC in 2016-2018 SELIC decreasing to 8%, avg. instalments from 5.8 to 4 times and GMV reduced from 100% to 80% Recovery of Brazil and rebound following 2016-18 mgmt conservative view Less aggressive recovery for the Down case Based on the assumption of an industry trend

 

Nova: Discounted Cash Flow valuation (High case) Project Delphes - 10 May 2016 15 Main assumptions: Valuation as of 01/01/2016 Tax rate: 34% (Brazil) WACC: 16.3% Tax credits valued separately as the business plan period is not long enough to use current stock and tax losses carry forward generated in 2016-2018 Favourable instalments assumptions assuming an improvement of industry practices over extrapolation period: - SELIC decreasing to 8%, - Avg. instalments from 5.8 to 4 times, and - GMV reduced from 100% to 80% Discounted Cash Flow model Enterprise Value & Equity Value WACC & PGR Sensitivity on Equity Value Note: Exchange rate used for 2015: EUR1.00 = BRL 3.70 (2015 average) and from 2016 onwards: EUR 1.00= BRL4.04 (1m average as of 06/05/2016); Valuation based on business plans prepared and provided by Cnova management and market assumptions As of 01/01/2016 €m BRLm % NPV (2016e-2024e FCFs) 74 299 14% Terminal value 453 1,829 83% NPV tax credits 19 76 3% ENTERPRISE VALUE 546 2,204 100% 2017e EV/Sales 0.32x 2017e EV/EBITDA (post instalments) n.m. - EvEq Adjustments (125) (506) EQUITY VALUE 421 1,697 (units) HISTO. MANAGEMENT FORECASTS EXTRAPOLATION NORM. CAGR (FYE 31/12) Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2019-24 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net sales (BRLm) 6,126 6,228 6,870 7,886 9,139 11,202 13,464 15,826 18,299 20,388 21,815 +17.4% Growth % (%) +1.7% +10.3% +14.8% +15.9% +22.6% +20.2% +17.5% +15.6% +11.4% +7.0% EBITDA (bef. Instalment) (BRLm) (377) 61 211 377 569 806 1,031 1,287 1,483 1,647 1,762 +23.7% % of Net Sales (%) (6.2%) 1.0% 3.1% 4.8% 6.2% 7.2% 7.7% 8.1% 8.1% 8.1% 8.1% Instalment costs (%) (242) (315) (340) (397) (249) (304) (358) (405) (442) (462) (495) +13.1% % on Net Sales (%) (4.0%) (5.1%) (4.9%) (5.0%) (2.7%) (2.7%) (2.7%) (2.6%) (2.4%) (2.3%) (2.3%) EBITDA (BRLm) (619) (254) (129) (20) 319 502 674 881 1,041 1,185 1,268 +30.0% % of Net Sales (%) (10.1%) (4.1%) (1.9%) (0.2%) 3.5% 4.5% 5.0% 5.6% 5.7% 5.8% 5.8% - D&A (BRLm) (57) (55) (56) (61) (87) (125) (173) (228) (287) (346) (398) +31.8% % of GMV (%) (0.7%) (0.6%) (0.5%) (0.5%) (0.6%) (0.6%) (0.7%) (0.8%) (0.9%) (0.9%) (1.0%) % of Net Sales (%) (0.9%) (0.9%) (0.8%) (0.8%) (1.0%) (1.1%) (1.3%) (1.4%) (1.6%) (1.7%) (1.8%) EBIT (BRLm) (676) (309) (185) (81) 232 377 501 654 755 839 869 +29.3% % of Net Sales (%) (11.0%) (5.0%) (2.7%) (1.0%) 2.5% 3.4% 3.7% 4.1% 4.1% 4.1% 4.0% - Normative tax rate (BRLm) - - - (79) (128) (170) (222) (257) (285) (296) +29.3% % normative tax rate (%) 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% + D&A (BRLm) 57 55 56 61 87 125 173 228 287 346 398 +31.8% % on Net Sales (%) 0.9% 0.9% 0.8% 0.8% 1.0% 1.1% 1.3% 1.4% 1.6% 1.7% 1.8% - CAPEX (BRLm) (106) (89) (112) (135) (168) (216) (267) (319) (368) (410) (438) +19.5% % of GMV (%) (1.4%) (1.0%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) % on Net Sales (%) (1.7%) (1.4%) (1.6%) (1.7%) (1.8%) (1.9%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) - Change in Normative WC (BRLm) 506 42 (3) (40) 71 116 128 133 139 118 80 +10.8% % on Net Sales (%) 8.3% 0.7% (0.0%) (0.5%) 0.8% 1.0% 0.9% 0.8% 0.8% 0.6% 0.4% WC % on Net Sales (9.1%) (8.1%) (7.1%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) Free cash flows (BRLm) (302) (244) (195) 143 275 364 473 556 608 614 +33.6% Free cash flows (€m) (75) (60) (48) 35 68 90 117 138 151 152 +33.6% WACC BRLm 1,697 (0.5%) (0.3%) 0.3% 0.5% (1.0%) 1,603 1,518 1,437 1,360 1,287 (0.5%) 1,742 1,649 1,560 1,477 1,397 1,897 1,794 1,697 1,606 1,519 0.5% 2,070 1,957 1,849 1,749 1,653 1.0% 2,266 2,139 2,020 1,908 1,803 €m (1.0%) 397 376 356 337 319 (0.5%) 432 408 387 366 346 470 445 421 398 376 0.5% 513 485 458 433 410 1.0% 562 530 501 473 447 PERPETUAL GROWTH PERPETUAL GROWTH

 

Nova: Discounted Cash Flow valuation (Down case) Project Delphes - 10 May 2016 16 Main assumptions: Down case valuation includes lower Sales growth beyond the Business Plan compared to High case (2019-24 CAGR of +16% vs. +17% for High case) due to a lower rebound in 2019/20 impacting 2021 onwards (growth is linearly decreasing to 2025 level) 2019 and 2020 rebound as per below: - +23.0% in 2019 at GMV level (vs. +24.5% for High case) - +25.0% for 2020 (vs. +28.0% for High case) Other valuation assumptions as per High case including instalments Discounted Cash Flow model Enterprise Value & Equity Value WACC & PGR Sensitivity on Equity Value Note: Exchange rate used for 2015: EUR1.00 = BRL 3.70 (2015 average) and from 2016 onwards: EUR 1.00= BRL4.04 (1m average as of 06/05/2016); Valuation based on business plans prepared and provided by Cnova management and market assumptions (units) HISTO. MANAGEMENT FORECASTS EXTRAPOLATION NORM. CAGR (FYE 31/12) Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2019-24 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net sales (BRLm) 6,126 6,228 6,870 7,886 9,029 10,807 12,738 14,748 16,875 18,700 20,009 +15.7% Growth % (%) +1.7% +10.3% +14.8% +14.5% +19.7% +17.9% +15.8% +14.4% +10.8% +7.0% EBITDA (bef. Instalment) (BRLm) (377) 61 211 377 562 778 976 1,199 1,367 1,510 1,616 +21.9% % of Net Sales (%) (6.2%) 1.0% 3.1% 4.8% 6.2% 7.2% 7.7% 8.1% 8.1% 8.1% 8.1% Instalment costs (%) (242) (315) (340) (397) (246) (293) (338) (378) (407) (424) (454) +11.5% % on Net Sales (%) (4.0%) (5.1%) (4.9%) (5.0%) (2.7%) (2.7%) (2.7%) (2.6%) (2.4%) (2.3%) (2.3%) EBITDA (BRLm) (619) (254) (129) (20) 316 485 637 821 960 1,087 1,163 +28.1% % of Net Sales (%) (10.1%) (4.1%) (1.9%) (0.2%) 3.5% 4.5% 5.0% 5.6% 5.7% 5.8% 5.8% - D&A (BRLm) (57) (55) (56) (61) (86) (121) (163) (212) (264) (317) (365) +29.8% % of GMV (%) (0.7%) (0.6%) (0.5%) (0.5%) (0.6%) (0.6%) (0.7%) (0.8%) (0.9%) (0.9%) (1.0%) % of Net Sales (%) (0.9%) (0.9%) (0.8%) (0.8%) (1.0%) (1.1%) (1.3%) (1.4%) (1.6%) (1.7%) (1.8%) EBIT (BRLm) (676) (309) (185) (81) 230 363 474 609 696 770 797 +27.4% % of Net Sales (%) (11.0%) (5.0%) (2.7%) (1.0%) 2.5% 3.4% 3.7% 4.1% 4.1% 4.1% 4.0% - Normative tax rate (BRLm) - - - (78) (124) (161) (207) (237) (262) (271) +27.4% % normative tax rate (%) 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% + D&A (BRLm) 57 55 56 61 86 121 163 212 264 317 365 +29.8% % on Net Sales (%) 0.9% 0.9% 0.8% 0.8% 1.0% 1.1% 1.3% 1.4% 1.6% 1.7% 1.8% - CAPEX (BRLm) (106) (89) (112) (135) (166) (208) (252) (297) (340) (376) (402) +17.7% % of GMV (%) (1.4%) (1.0%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) % on Net Sales (%) (1.7%) (1.4%) (1.6%) (1.7%) (1.8%) (1.9%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) - Change in Normative WC (BRLm) 506 42 (3) (40) 65 100 109 113 120 103 74 +9.8% % on Net Sales (%) 8.3% 0.7% (0.0%) (0.5%) 0.7% 0.9% 0.9% 0.8% 0.7% 0.6% 0.4% WC % on Net Sales (9.1%) (8.1%) (7.1%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) Free cash flows (BRLm) (302) (244) (195) 136 253 333 430 504 552 563 +32.4% Free cash flows (€m) (75) (60) (48) 34 63 82 107 125 137 140 +32.4% As of 01/01/2016 €m BRLm % NPV (2016e-2024e FCFs) 55 222 11% Terminal value 416 1,677 85% NPV tax credits 19 75 4% ENTERPRISE VALUE 489 1,974 100% 2017e EV/Sales 0.29x 2017e EV/EBITDA (post instalments) n.m. - EvEq Adjustments (125) (506) EQUITY VALUE 364 1,468 WACC BRLm 1,468 (0.5%) (0.3%) 0.3% 0.5% (1.0%) 1,380 1,302 1,228 1,158 1,092 (0.5%) 1,508 1,423 1,342 1,265 1,193 1,651 1,556 1,468 1,384 1,304 0.5% 1,810 1,706 1,608 1,515 1,428 1.0% 1,990 1,873 1,764 1,662 1,565 €m (1.0%) 342 323 304 287 270 (0.5%) 374 353 333 314 296 409 386 364 343 323 0.5% 448 423 398 375 354 1.0% 493 464 437 412 388 PERPETUAL GROWTH PERPETUAL GROWTH

 

WACC SOURCE / COMMENTS Risk f ree rate USD (Rf ) 1.9% 3-month average USD BNP Paribas Arbitrage Equity Risk Premium (ERP) 6.1% 3-month average USD BNP Paribas Arbitrage Equity beta (βe) 1.1 Peers' median asset beta leveraged for target gearing assumed at Nova Country Risk Premium (CRP) 3.9% 10YR USD Govt bond spread Datastream Cost of Equity (USD) 12.8% CoE = Rf + β*ERP + CRP US average inf lation rate 2.0% IMF 2016-20 Average US CPI (average of period) Brazil average inf lation rate 5.2% IMF 2016-20 Average Brazil CPI (average of period) Cost of Equity (BRL) 16.3% Fisher 10YR Brazilian bonds (BRL) 14.2% Brazil 10YR Generic Govt bond Datastream (1m average) Corporate credit spread (Sp) 1.0% Spread betw een company market cost of debt and selected risk f ree rate Pre - Tax Cost of Debt (BRL) 15.2% CoD = Rf + Sp Normative tax rate (T) 34.0% Brazil Corporate Income Tax rate Target Gearing (G) - In line w ith median for selected peers WACC BRL 16.3% WACC = (G*CoD*(1-T) + CoE)/(1+G) Company Market Cap. (€m) EV (€m) Equity beta Net debt/ (Net cash) Tax rate (%) Asset beta Gearing Amazon 240,065 237,027 1.0 (3,129) 40% 1.0 (1.3%) JD.com 37,931 34,418 1.3 (1,869) 25% 1.3 (4.9%) Vipshop Holdings 6,419 6,187 1.4 (108) 25% 1.4 (1.7%) B2W 841 1,729 1.9 842 34% 1.1 100.0% Dangdang 492 314 1.0 (57) 25% 1.1 (11.7%) Average All Peers 57,150 55,935 1.3 1.2 16.1% Median All Peers 6,419 6,187 1.3 1.1 (1.7%) Nova: Weighted Average Cost of Capital Project Delphes - 10 May 2016 The cost of capital is the minimum rate of return on the company’s investments that would satisfy both shareholders (cost of equity) and lenders (cost of debt) The Capital Asset Pricing Model (CAPM) is a widely used model by the market assessing the best estimation of the investor’s expected return of an asset based on its beta and expected market returns Selected Peers have been chosen for their business and geographical comparability (emerging markets) Beta computation WACC computation Source: Company information, Datastream, BNP Paribas Arbitrage, Beta Barra GEM3 (Global beta); (1) 3-month average Market Cap. 1 17

 

Project Delphes - 10 May 2016 Nova: Trading multiples valuation (1/2) 18 Regression analysis Source: Datastream, company information. Note: Market cap. based on 3m avg share price 2017e EV/Sales vs. 2017e Gross Margin Methodology: Regression analysis performed on the entire peers sample. Gross Margin considered as the best financial indicator of profitability as most of the peers (incl. Nova) have a low or negative profitability at EBITDA or EBIT level Case 2 EvEq bridge is used for valuation by Trading multiples, since it adjusts Nova’s Net Financial Debt for proceeds from Factoring, which is not taken into consideration in the applied aggregates 2017e EV/Sales 2017e Gross Margin Amazon Jd.Com Vipshop B2W Dangdang Nova y = 5.78x - 0.56 R² = 0.80 n.a. 0.25x 0.50x 0.75x 1.00x 1.25x 1.50x 1.75x 2.00x 10% 15% 20% 25% 30% 35% 40% 16.4% 0.39x Nova (€m) (BRLm) 2017e Gross Margin 16.4% 16.4% Implied 2017e EV/Sales 0.39x 0.39x 2017e Sales 1,702 6,870 EV 659 2,660 Ev-Eq adjustments (457) (1,844) Equity 202 816

 

Sales growth Gross margin EBITDA margin EBITA margin Capex in % of sales €m 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e Amazon.Com +25.1% +20.8% +20.8% 35.2% 36.8% 38.2% 9.6% 10.5% 12.4% 3.6% 4.8% 6.5% 5.1% 4.8% 4.9% Jd.Com +41.0% +32.1% +24.3% 14.7% 15.9% 17.6% (0.6%) 0.9% 3.1% (1.2%) 0.4% 2.7% 1.6% 1.3% 1.2% Vipshop +36.6% +28.6% +19.7% 24.4% 24.4% 24.4% 6.3% 6.4% 6.6% 5.1% 5.5% 5.8% 3.5% 2.8% 2.6% B2W +12.0% +15.6% +18.7% 21.5% 21.9% 22.3% 7.3% 7.8% 8.2% 4.6% 5.3% 6.0% 5.8% 5.0% 3.9% Dangdang +23.2% +23.9% na 15.7% 16.0% na 1.9% 3.3% na 0.8% 2.7% na 0.7% 0.6% na Average +27.6% +24.2% +20.9% 22.3% 23.0% 25.6% 4.9% 5.8% 7.6% 2.6% 3.7% 5.3% 3.3% 2.9% 3.1% Median +25.1% +23.9% +20.2% 21.5% 21.9% 23.3% 6.3% 6.4% 7.4% 3.6% 4.8% 5.9% 3.5% 2.8% 3.2% Nova +1.7% +10.3% +14.8% 14.3% 16.4% 18.3% 1.0% 3.1% 4.8% (5.0%) (2.7%) (1.0%) 1.4% 1.6% 1.7% Project Delphes - 10 May 2016 Nova: Trading multiples valuation (2/2) 19 Alternative methodology to cross-check regression analysis Note: Exchange rate used for 2015: EUR1.00 = BRL 3.7 (2015 average) and from 2016 onwards: EUR 1.00= BRL4.04 (1m average as of 06/05/2016); Market cap. based on 3m avg share price ;(1) before Instalments Source: Datastream, company information. Trading multiples Operating benchmark Methodology: B2W assumed as the most comparable peer (similar market share, product offering, geographical footprint, size, etc.). Multiple retained: 2017e B2W EV/Sales multiples with a discount to take into account Nova’s lower profitability at Gross Margin level Case 2 EvEq bridge is used for valuation by Trading multiples, since it adjusts Nova’s Net Financial Debt for proceeds from Factoring, which is not taken into consideration in the applied aggregates (1) M a r k e t E V / S a l e s E V / E B I T D A E V / E B I T A A d j u s t e d P E R a t i o €m Cap. 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e Amazon.Com 240,065 237,027 2.02x 1.67x 1.39x 21.1x 15.9x 11.1x nm nm 21.2x nm nm 31.2x Jd.Com 37,931 34,418 1.00x 0.76x 0.61x nm nm 19.5x nm nm 22.5x nm nm 30.3x Vipshop 6,419 6,187 0.84x 0.65x 0.54x 13.2x 10.1x 8.2x 16.3x 11.9x 9.3x 20.4x 14.6x 11.7x B2W 841 1,729 0.69x 0.60x 0.50x 9.4x 7.7x 6.1x 15.0x 11.2x 8.4x nm nm nm Dangdang 492 314 0.19x 0.15x na 9.8x 4.7x na 24.7x 5.6x na 23.4x 7.7x na Average 0.95x 0.77x 0.76x 13.4x 9.6x 11.2x 18.7x 9.6x 15.4x 21.9x 11.2x 24.4x Median 0.84x 0.65x 0.58x 11.5x 8.9x 9.7x 16.3x 11.2x 15.2x 21.9x 11.2x 30.3x Financials (BRLm) 6,228 6,870 7,886 Nova impl ied EV pre discount (BRLm) 4,290 4,095 3,960 Nova impl i ed EV pre di scount (€m) 1,063 1,015 981 Discount applied 33.4% 24.9% 18.0% Discount based on Nova / B2W Gross Margin ratio Nova impl ied EV retained (BRLm) 2,859 3,075 3,246 Nova impl i ed EV retai ned (€m) 708 762 804 EvEq adjustments (BRLm) (1,844) EvEq adjustments (€m) (457) Nova impl ied Eq value (BRLm) 1,015 1,232 1,402 Nova impl i ed Eq val ue (€m) 252 305 347 EV Based on B2W 2018e EV/Sales multiple (without any discount), Nova implied Equity Value reach €524m. However, Nova is expected to generate negative cash flow in the next 3 years (respectively €(75)m, €(60)m and €(48)m in 2016e, 2017e and 2018e). By adjusting implied Equity Value by this negative cash flow generation (€183m), Nova Equity Value reach €341m

 

Project Delphes - 10 May 2016 Nova: Transaction multiples valuation 20 For reference only Note: Exchange rate used: EUR 1.00 = USD 1.14; (1) Implied multiples based on LTM financials; (2) Based on estimated sales and EBITDA; (3) Net debt as of 3Q13 does not include credit card accounts receivables net of discounts as cash; (4) before instalments Source: Datastream, company information, Press Selected precedent transactions and Nova implied Equity Value (€m) Limited number of relevant electronics ecommerce transactions with publicly available information Small / mid-sized transactions and not completely comparable to Nova business model except for Lojas Americanas / B2W (reference transaction) Recent Brazilian macroeconomic and political headwinds not factored in past transaction multiples (4) (4) % EV Implied multiples(1) Date Target Country Business overview Acquiror acquired (USDm) xSales xEBITDA Feb-16 Moip Pagamentos Brazil Online payment service provider Wirecard 100% 26 n.a. 10.7x Nov-15 Avenida.com Argentina E-commerce (household, electronics, fashion, etc.) Naspers Ltd and Tiger Global n.a. n.a. n.a. n.a. Sep-15 Ingresso.com Brazil Online ticketing services Fandango 100% 75 5.60x 14.0x May-15 B2W Viagens Brazil Online travel agency CVC 100% 26 1.00x n.a. Sep-14 Avenida.com Argentina E-commerce (household, electronics, fashion, etc.) Naspers Ltd and Tiger Global n.a. n.a. n.a. n.a. Sep-14 Kabum Brazil E-retailing of consumer electronics and technology goods Management of Kabum 50% n.a. n.a. n.a. Feb-14 Avenida.com Argentina E-commerce (household, electronics, fashion, etc.) IRSA propriedaes comerciales n.a. n.a. n.a. n.a. Feb-14 OQVestir (Modanet) Brazil Luxury e-commerce store of fering fashion products (clothes, shoes and accessories) TMG Partners and Kaszek Ventures 35% 26 2.41x n.m. Jan-14 B2W Companhia Digital Brazil Online retailer Lojas Americanas and Tiger Global Management 37% 2,396 1.02x 15.1x Aug-13 Campos Floridos Comercio de Cosméticos Brazil Beauty products e-retailing Magazine Luiza 100% 12 1.66x 21.5x Jan-12 Ideiasnet Brazil Digital Commerce, Digital Media, SaaS Liberty Media 5% n.a. n.a.. n.a.. Mar-11 KaBuM Brazil E-retailing of electronics and technology goods Insight Venture Partners Minority stake n.a. n.a. n.a. Sep-09 BuscaPé Brazil E-commerce platform in Latin America Naspers Limited 91% n.a. n.a. n.a. Aug-08 DeRemate Latin America Online trading platform in Argentina, Chile, Colombia and Mexico MercadoLibre, Inc. 100% n.a. n.a. n.a. Dec-06 Submarino Brazil E-commerce Lojas Americanas.com Merger n.m. n.m. n.m. Selected transaction (B2W) 1.02x 15.1x 2015 Nova f inancals (BRLm) 6,126 (377) 2015 Nova f inancals (€m) 1,655 (102) Impl ied EV (BRLm) 6,232 n.m. Impl ied EV (€m) 1,684 n.m. EvEq adjustments (BRLm) (1,844) (1,844) EvEq adjustments (€m) (457) (457) Impl ied Equi ty Value (BRLm) 4,388 n.m. Impl ied Equi ty Value (€m) 1,227 n.m. (3) (2) (2) (2)

 

Project Delphes - 10 May 2016 21 Nova valuation Cdiscount valuation Cnova valuation Appendix 1 2 3 11 21 32 40

 

Project Delphes - 10 May 2016 Cdiscount: Multi-criteria valuation summary (€) Valuation summary in $ page 7 Trading multiple valuation based on two approaches: - Peers’ group median multiples - AO World multiples with a discount to take into consideration Cdiscount’s lower profitability 22 Valuation on a stand-alone basis (before holding costs) Cdiscount (France & International) Implied Equity value Note: Valuation based on business plans prepared and provided by Cnova management and market assumptions Relevancy Spot as of 12/04/16 1m avg 3m avg 6m avg 12m avg Since IPO @ IPO High case Mid point +/- 2.5% Down case Mid point +/- 2.5% Based on 2017e Min/Max Based on LTM EV/Sales +/- 2.5% EQUITY VALUE (€m) - 500 1,000 1,500 2,000 2,500 3,000 3,500 Bridge Ev-Eq Case 1 (as of 31/12/15) 156 156 156 156 156 156 156 156 ENTREPRISE VALUE (€m) 156 656 1,156 1,656 2,156 2,656 3,156 3,656 2016e EV/Sales 1,841 0.08x 0.36x 0.63x 0.90x 1.17x 1.44x 1.71x 1.99x 2017e EV/Sales 2,000 0.08x 0.33x 0.58x 0.83x 1.08x 1.33x 1.58x 1.83x TRANSACTION MULTIPLES DCF BROKERS TARGET PRICE TRADING MULTIPLES Equity Value (€m) SHARE PRICE Methodology 1,419 1,284 1,070 1,255 1,492 1,350 1,166 1,319 1,455 1,317 x x x x xxx xx For reference

 

Project Delphes - 10 May 2016 Cdiscount: EV – Equity adjustment Note: - Case 1 used for DCF valuation since Instalment costs are taken into account in the Cash Flows - Case 2 is used for valuation by Trading multiples, since it adjusts Cdiscount’s Net Financial Debt for proceeds from Factoring, which is not taken into consideration in the applied aggregates As of 31/12/2015 EV – Equity adjustment Note: (1) See detailed Working Capital normalization in appendix (1) 23 [DCF] [Multiples] Case 1: Normalized WC with instalments Case 2: Normalized WC without instalments Category Value retained (€m) Value retained (€m) Comments Long term financial debt 6.5 6.5 Incl. loans and borrowings, lease financing and accrued interests Short term financial debt 129.5 129.5 Incl. loans and borrowings, lease financing and accrued interests Cash & Cash equivalents (146.4) (146.4) Incl. marketable securities Net debt / (Net Cash) (10.4) (10.4) Securitization - - NWC seasonality cash adjustment 198.8 134.2 WC Normalisation from December levels to LTM average Debt increase if no factoring - 198.3 Required to adjust Cash position for proceeds from Factoring Financial Assets (incl. Associates) (7.0) (7.0) Assets held for sale (Vietnam) and other financial assets Deferred tax assets (18.1) (19.4) NPV of use of €23m of deferred tax assets at Cdiscount Employee benefits 1.7 1.7 Incl. pension provisions Debt-like provisions 13.3 13.3 Incl. risks & charges provisions Proceeds from sale of stake in Cdiscount Thailand (27.6) (27.6) Transaction signed on Feb 27, 2016 and completed on Mar 21, 2016 Cash from dilutive financial instruments - - Minority interests 5.5 5.5 Total Enterprise Value Adjustments 156.1 288.6

 

MANAGEMENT FORECASTS EXTRAPOLATION NORM. (FYE 31/12) Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 GMV excl taxes (€m) 2,116 2,476 2,773 3,185 3,758 4,547 5,334 6,060 6,660 7,072 7,249 Growth % (%) +17.0% +12.0% +14.8% +18.0% +21.0% +17.3% +13.6% +9.9% +6.2% +2.5% % of Direct Sales in GMV (%) 71.8% 65.2% 61.5% 56.8% 55.8% 54.8% 53.9% 52.9% 51.9% 50.0% 50.0% % of Marketplace in GMV (%) 28.2% 34.8% 38.5% 43.2% 44.2% 45.2% 46.1% 47.1% 48.1% 50.0% 50.0% Net sales HT (€m) 1,737 1,818 1,968 2,133 2,486 2,972 3,444 3,864 4,194 4,335 4,444 Growth % (%) +4.6% +8.2% +8.4% +16.6% +19.5% +15.9% +12.2% +8.5% +3.4% +2.5% o/w Direct Sales (€m) 1,579 1,615 1,706 1,808 2,097 2,493 2,873 3,205 3,458 3,536 3,625 Growth % (%) +2.2% +5.6% +6.0% +16.0% +18.9% +15.2% +11.6% +7.9% +2.2% +2.5% o/w MP Commissions (€m) 74 115 142 184 225 282 342 402 457 512 525 Growth % (%) +54.3% +23.9% +28.8% +22.4% +25.4% +21.5% +17.6% +13.7% +12.0% +2.5% Commissio n rate (%) 12.5% 13.3% 13.3% 13.3% 13.5% 13.7% 13.9% 14.1% 14.3% 14.5% 14.5% o/w Other (€m) 83 88 120 141 165 197 228 256 278 287 295 Growth % (%) +6.1% +35.9% +18.2% +16.6% +19.5% +15.9% +12.2% +8.5% +3.4% +2.5% Gross profit (€m) 225 264 321 383 457 560 666 766 853 921 946 Gross Margin (% of Net Sales) (%) 13.0% 14.5% 16.3% 17.9% 18.4% 18.9% 19.3% 19.8% 20.3% 21.2% 21.3% GM excl. MP (% of Net Sales) (%) 9.1% 8.7% 9.8% 10.2% 10.3% 10.4% 10.4% 10.5% 10.6% 10.7% 10.7% Total SG&A (€m) (213) (234) (258) (280) (328) (393) (457) (514) (560) (583) (598) % of Net Sales (%) (12.3%) (12.9%) (13.1%) (13.1%) (13.2%) (13.2%) (13.3%) (13.3%) (13.4%) (13.4%) (13.4%) EBITDA (bef. Instalment) (€m) 13 30 63 102 130 167 209 252 293 338 348 % of Net Sales (%) 0.7% 1.6% 3.2% 4.8% 5.2% 5.6% 6.1% 6.5% 7.0% 7.8% 7.8% Instalment costs (€m) (16) (30) (28) (28) (30) (36) (41) (46) (50) (52) (53) % of Net Sales (%) (0.9%) (1.7%) (1.4%) (1.3%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) EBITDA (€m) (3) (1) 35 74 100 132 168 206 243 286 295 % of Net Sales (%) (0.2%) (0.0%) 1.8% 3.5% 4.0% 4.4% 4.9% 5.3% 5.8% 6.6% 6.6% D&A (€m) (21) (24) (28) (30) (38) (50) (62) (75) (87) (98) (106) % of GMV (%) (1.0%) (1.0%) (1.0%) (0.9%) (1.0%) (1.1%) (1.2%) (1.2%) (1.3%) (1.4%) (1.5%) % of Net Sales (%) (1.2%) (1.3%) (1.4%) (1.4%) (1.5%) (1.7%) (1.8%) (1.9%) (2.1%) (2.3%) (2.4%) CAPEX (€m ) (43) (41) (46) (50) (58) (71) (83) (94) (104) (110) (113) % of GMV (%) (2.0%) (1.7%) (1.7%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) % of Net Sales (%) (2.5%) (2.3%) (2.3%) (2.3%) (2.4%) (2.4%) (2.4%) (2.4%) (2.5%) (2.5%) (2.5%) Change in Working Capital (€m) 24 48 21 25 24 32 32 28 22 9 7 Working Capital (€m) (78) (112) (127) (143) (166) (199) (230) (259) (281) (290) (297) % of Net Sales (%) (4.5%) (6.1%) (6.4%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) Inventory (COGS excl ship.) (days) 56 52 50 48 Receivables (Sales) (days) 24 21 20 20 Payables (COGS excl ship.) (days) 103 103 103 103 Change in WC - Other (€m) - 14 6 8 - - - - - - - Cdiscount – France: Business Plan overview (High case) Project Delphes - 10 May 2016 24 Improvement thanks to decreasing contribution of DS into GMV Increasing SG&A due to MP growing contribution into GMV Increasing contribution of MP in total GMV to reach 50% in normative year ~+100bps above LT French inflation (+1.5%) as ecommerce will benefit from high penetration rate Normative D&A slightly lower than Capex (investment phase) Stable WC at (6.7%) of Net Sales Improving Gross Margin due to increasing contribution of MP in GMV 2015 WC normalized based on monthly average # of days; decrease in # of days forecasted in the BP is applied to 2015 monthly average # of days to estimate “normalized” WC in 2016-2018 No Ducroire factoring from 2019 onwards Rebound following mgmt conservative 2016-18 view Less aggressive assumptions for Down case

 

Cdiscount – France: Discounted Cash Flow valuation (High case) Project Delphes - 10 May 2016 25 Main assumptions: Valuation as of 01/01/2016 Tax rate: 34.4% (French) WACC: 7.8% Before holding costs Tax credits included in the Free Cash Flows as the business plan period is long enough to fully use them Discounted Cash Flow model Enterprise Value & Equity Value WACC & PGR Sensitivity on Equity Value Note: Valuation based on business plans prepared and provided by Cnova management and market assumptions As of 01/01/2016 €m % NPV (2016e-2024e FCFs) 365 23% Terminal value 1,236 77% ENTERPRISE VALUE 1,601 100% 2017e EV/Sales 0.81x 2017e EV/EBITDA (post instalments) 45.1x - EvEq Adjustments (156) EQUITY VALUE 1,445 WACC 1,445 (0.5%) (0.3%) 0.3% 0.5% (1.0%) 1,331 1,259 1,192 1,131 1,075 (0.5%) 1,470 1,385 1,308 1,237 1,172 1,639 1,537 1,445 1,362 1,286 0.5% 1,847 1,723 1,611 1,511 1,421 1.0% 2,110 1,954 1,816 1,694 1,584 PERPETUAL GROWTH (units) HISTO. MANAGEMENT FORECASTS EXTRAPOLATION NORM. CAGR (FYE 31/12) Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2019-24 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net sales (€m) 1,737 1,818 1,968 2,133 2,486 2,972 3,444 3,864 4,194 4,335 4,444 +11.8% Growth % (%) +4.6% +8.2% +8.4% +16.6% +19.5% +15.9% +12.2% +8.5% +3.4% +2.5% EBITDA (bef. Instalment) (€m) 13 30 63 102 130 167 209 252 293 338 348 +21.1% % of Net Sales (%) 0.7% 1.6% 3.2% 4.8% 5.2% 5.6% 6.1% 6.5% 7.0% 7.8% 7.8% Instalment costs (%) (16) (30) (28) (28) (30) (36) (41) (46) (50) (52) (53) +11.8% % on Net Sales (%) (0.9%) (1.7%) (1.4%) (1.3%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) EBITDA (€m) (3) (1) 35 74 100 132 168 206 243 286 295 +23.5% % of Net Sales (%) (0.2%) (0.0%) 1.8% 3.5% 4.0% 4.4% 4.9% 5.3% 5.8% 6.6% 6.6% - D&A (€m) (21) (24) (28) (30) (38) (50) (62) (75) (87) (98) (106) +20.6% % of GMV (%) (1.0%) (1.0%) (1.0%) (0.9%) (1.0%) (1.1%) (1.2%) (1.2%) (1.3%) (1.4%) (1.5%) % of Net Sales (%) (1.2%) (1.3%) (1.4%) (1.4%) (1.5%) (1.7%) (1.8%) (1.9%) (2.1%) (2.3%) (2.4%) EBIT (€m) (24) (25) 7 44 61 82 106 131 155 188 189 +25.1% % of Net Sales (%) (1.4%) (1.4%) 0.4% 2.1% 2.5% 2.8% 3.1% 3.4% 3.7% 4.3% 4.3% - Normative tax rate (€m) - (2) (15) (21) (28) (36) (45) (53) (65) (65) +25.1% % normative tax rate (%) 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% + Use of tax credits - 2 6 - - - - - - - + D&A (€m) 21 24 28 30 38 50 62 75 87 98 106 +20.6% % on Net Sales (%) 1.2% 1.3% 1.4% 1.4% 1.5% 1.7% 1.8% 1.9% 2.1% 2.3% 2.4% - CAPEX (€m) (43) (41) (46) (50) (58) (71) (83) (94) (104) (110) (113) +13.5% % of GMV (%) (2.0%) (1.7%) (1.7%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) % on Net Sales (%) (2.5%) (2.3%) (2.3%) (2.3%) (2.4%) (2.4%) (2.4%) (2.4%) (2.5%) (2.5%) (2.5%) - Change in Normative WC (€m) 24 48 21 25 24 32 32 28 22 9 7 (16.7%) % on Net Sales (%) 1.4% 2.7% 1.1% 1.2% 1.0% 1.1% 0.9% 0.7% 0.5% 0.2% 0.2% WC % on Net Sales (4.5%) (6.1%) (6.4%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) Free cash flows (€m) 7 11 40 44 65 80 94 108 121 124 +22.5%

 

Cdiscount – France: Discounted Cash Flow valuation (Down case) Project Delphes - 10 May 2016 26 Main assumptions: Down case valuation includes lower Sales growth over the Business Plan compared to High case (2019-24 CAGR of +10% vs. +12% for High case) due to a lower rebound in 2019/20 impacting 2021 onwards (growth is linearly decreasing to 2025 level) 2019 and 2020 rebound as per below: - +16.5% in 2019 at GMV level (vs. +18.0% for High case) - +18.0% for 2020 (vs. +21.0% for High case) Other valuation assumptions as per High case Discounted Cash Flow model Enterprise Value & Equity Value WACC & PGR Sensitivity on Equity Value Note: Valuation based on business plans prepared and provided by Cnova management and market assumptions As of 01/01/2016 €m % NPV (2016e-2024e FCFs) 334 23% Terminal value 1,128 77% ENTERPRISE VALUE 1,462 100% 2017e EV/Sales 0.74x 2017e EV/EBITDA (post instalments) 41.2x - EvEq Adjustments (156) EQUITY VALUE 1,307 WACC 1,307 (0.5%) (0.3%) 0.3% 0.5% (1.0%) 1,201 1,136 1,075 1,020 968 (0.5%) 1,329 1,252 1,181 1,116 1,057 1,483 1,390 1,307 1,230 1,161 0.5% 1,673 1,560 1,458 1,367 1,284 1.0% 1,913 1,771 1,645 1,534 1,434 PERPETUAL GROWTH (units) HISTO. MANAGEMENT FORECASTS EXTRAPOLATION NORM. CAGR (FYE 31/12) Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2019-24 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net sales (€m) 1,737 1,818 1,968 2,133 2,455 2,861 3,248 3,586 3,850 3,958 4,057 +10.0% Growth % (%) +4.6% +8.2% +8.4% +15.1% +16.6% +13.5% +10.4% +7.4% +2.8% +2.5% EBITDA (bef. Instalment) (€m) 13 30 63 102 128 161 197 234 269 309 318 +19.3% % of Net Sales (%) 0.7% 1.6% 3.2% 4.8% 5.2% 5.6% 6.1% 6.5% 7.0% 7.8% 7.8% Instalment costs (%) (16) (30) (28) (28) (29) (34) (39) (43) (46) (48) (49) +10.0% % on Net Sales (%) (0.9%) (1.7%) (1.4%) (1.3%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) (1.2%) EBITDA (€m) (3) (1) 35 74 98 127 158 191 223 261 269 +21.5% % of Net Sales (%) (0.2%) (0.0%) 1.8% 3.5% 4.0% 4.4% 4.9% 5.3% 5.8% 6.6% 6.6% - D&A (€m) (21) (24) (28) (30) (38) (48) (59) (70) (80) (89) (96) +18.8% % of GMV (%) (1.0%) (1.0%) (1.0%) (0.9%) (1.0%) (1.1%) (1.2%) (1.2%) (1.3%) (1.4%) (1.5%) % of Net Sales (%) (1.2%) (1.3%) (1.4%) (1.4%) (1.5%) (1.7%) (1.8%) (1.9%) (2.1%) (2.3%) (2.4%) EBIT (€m) (24) (25) 7 44 61 79 100 121 143 172 173 +23.1% % of Net Sales (%) (1.4%) (1.4%) 0.4% 2.1% 2.5% 2.8% 3.1% 3.4% 3.7% 4.3% 4.3% - Normative tax rate (€m) - (2) (15) (21) (27) (34) (42) (49) (59) (59) +23.1% % normative tax rate (%) 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% + Use of tax credits - 2 6 - - - - - - - + D&A (€m) 21 24 28 30 38 48 59 70 80 89 96 +18.8% % on Net Sales (%) 1.2% 1.3% 1.4% 1.4% 1.5% 1.7% 1.8% 1.9% 2.1% 2.3% 2.4% - CAPEX (€m) (43) (41) (46) (50) (58) (68) (78) (88) (95) (100) (103) +11.7% % of GMV (%) (2.0%) (1.7%) (1.7%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) (1.6%) % on Net Sales (%) (2.5%) (2.3%) (2.3%) (2.3%) (2.4%) (2.4%) (2.4%) (2.4%) (2.5%) (2.5%) (2.5%) - Change in Normative WC (€m) 24 48 21 25 22 27 26 23 18 7 7 (19.7%) % on Net Sales (%) 1.4% 2.7% 1.1% 1.2% 0.9% 1.0% 0.8% 0.6% 0.5% 0.2% 0.2% WC % on Net Sales (4.5%) (6.1%) (6.4%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) (6.7%) Free cash flows (€m) 7 11 40 41 59 71 84 96 109 113 +21.3%

 

Cdiscount – International: Discounted Cash Flow valuation Project Delphes - 10 May 2016 27 Main assumptions: Valuation as of 01/01/2016 Tax rate: 34.4% (French) WACC: 12.8% derived as Cdiscount WACC (7.8%) increased by a country risk premium (+5.0%) Tax credits valued separately as the business plan period is not long enough to use current stock and tax losses carry forward generated over the BP period Normative year: - Perpetual growth rate: +7.0% (mostly emerging countries) with 2019 and 2020 @+40% and +45% reflecting continuous ramp-up of existing operations - EBITDA margin: 4% - D&A slightly lower than Capex as a % of Net Sales (Nova level) - Change in WC as a % of change in Net Sales: 2.3% (2018e level) Discounted Cash Flow model Enterprise Value & Equity Value WACC & PGR Sensitivity on Equity Value Note: Valuation based on business plans prepared and provided by Cnova management and market assumptions As of 01/01/2016 €m % NPV (2016e-2024e FCFs) (26) (263%) Terminal value 33 330% NPV tax credits 3 32% ENTERPRISE VALUE 10 100% 2017e EV/Sales 0.31x 2017e EV/EBITDA (post instalments) n.m. - EvEq Adjustments - EQUITY VALUE 10 (units) HISTO. MANAGEMENT FORECASTS EXTRAPOLATION NORM. CAGR (FYE 31/12) Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2019-24 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net sales (€m) 28 23 33 45 63 91 125 162 198 227 243 +29.4% Growth % (%) -15.9% +40.9% +36.4% +40.0% +45.0% +37.4% +29.8% +22.2% +14.6% +7.0% EBITDA (€m) (22) (6) (5) (4) (3) (3) (2) 0 4 9 10 n.m. % of Net Sales (%) (78.4%) (26.4%) (14.8%) (8.3%) (5.0%) (3.2%) (1.5%) 0.3% 2.1% 3.8% 4.0% - D&A (€m) (1) (1) (1) (1) (2) (2) (3) (4) (4) (5) (5) +21.0% % of Net Sales (%) (3.1%) (3.0%) (3.5%) (3.0%) (2.9%) (2.7%) (2.6%) (2.4%) (2.2%) (2.1%) (1.9%) EBIT (€m) (23) (7) (6) (5) (5) (5) (5) (3) (0) 4 5 n.m. % of Net Sales (%) (81.5%) (29.4%) (18.3%) (11.4%) (7.9%) (6.0%) (4.0%) (2.1%) (0.2%) 1.8% 2.1% - Normative tax rate (€m) - - - - - - - - (1) (2) n.m. % normative tax rate (%) 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% 34.4% + Use of tax credits - - - - - - - - 1 2 + D&A (€m) 1 1 1 1 2 2 3 4 4 5 5 +21.0% % on Net Sales (%) 3.1% 3.0% 3.5% 3.0% 2.9% 2.7% 2.6% 2.4% 2.2% 2.1% 1.9% - CAPEX (€m) (4) (3) (2) (1) (2) (2) (3) (4) (4) (5) (5) +24.7% % on Net Sales (%) (14.1%) (11.4%) (7.5%) (2.6%) (2.5%) (2.4%) (2.3%) (2.3%) (2.2%) (2.1%) (2.0%) - Change in Normative WC (€m) n.a. (1) (1) 0 0 1 1 1 1 1 0 +10.1% % of change in Net Sales (%) 23.2% (10.8%) 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% Free cash flows (€m) (10) (8) (5) (4) (5) (4) (2) 1 5 5 n.m. WACC €m 10 (0.5%) (0.3%) 0.3% 0.5% (1.0%) 7 6 4 3 1 (0.5%) 11 9 7 5 4 15 12 10 8 6 0.5% 19 16 14 12 10 1.0% 25 22 19 16 13 PERPETUAL GROWTH

 

WACC SOURCE / COMMENTS Risk f ree rate EUR (Rf) 0.2% 3-month average Associés en Finance Equity Risk Premium (ERP) 7.3% 3-month average Associés en Finance Equity beta (βe) 1.0 Peers' median asset beta leveraged for target gearing assumed at Cdiscount Country Risk Premium (CRP) 0.3% 10YR Govt bond spread Datastream Cost of Equity (EUR) 7.8% CoE = Rf + βe*ERP + CRP Risk f ree rate EUR (Rf) 0.2% 3-month average Associés en Finance Corporate credit spread (Sp) 2.8% Spread betw een company market cost of debt and selected risk f ree rate Pre-tax Cost of Debt (EUR) 3.0% CoD = Rf + Sp Normative tax rate (T) 34.4% France Corporate Income Tax rate Target Gearing (G) - In line w ith median of selected peers WACC EUR 7.8% WACC = (G*CoD*(1-T) + CoE)/(1+G) Company Market Cap. (€m) EV (€m) Equity beta Net debt/ (Net cash) Tax rate (%) Asset beta Gearing Amazon 240,065 237,027 1.0 (3,129) 40% 1.0 (1.3%) Ao World 912 881 0.9 (32) 21% 0.9 (3.5%) Zooplus 811 768 0.9 (44) 30% 1.0 (5.4%) Show roomprive 584 464 0.7 (119) 34% 0.8 (20.4%) Verkkokauppa 334 318 0.6 (26) 20% 0.7 (7.8%) Banzai 159 134 1.1 (38) 31% 1.3 (24.0%) Qliro 129 142 1.4 (7) 22% 1.5 (5.8%) Average All Peers 34,714 34,248 1.0 1.0 (9.7%) Median All Peers 584 464 0.9 1.0 (5.8%) Cdiscount – France: Weighted Average Cost of Capital Project Delphes - 10 May 2016 The cost of capital is the minimum rate of return on the company’s investments that would satisfy both shareholders (cost of equity) and lenders (cost of debt) The Capital Asset Pricing Model (CAPM) is a model widely used by the market assessing the best estimation of the investor’s expected return of an asset based on its beta and expected market returns Peers have been chosen for their business and geographical comparability (focus on Europe) Beta computation WACC computation Source: Company information, Datastream, Exane BNP Paribas, Beta Barra GEM3 (Global beta); (1) 3-month average Market Cap. 1 28

 

Sales growth Gross margin EBITDA margin EBITA margin Capex in % of sales €m 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e Amazon.Com +25.1% +20.8% +20.8% 35.2% 36.8% 38.2% 9.6% 10.5% 12.4% 3.6% 4.8% 6.5% 5.1% 4.8% 4.9% Ao World +27.3% +22.9% na 17.8% 17.8% na 0.8% 2.3% na (0.7%) na na 0.8% na na Zooplus +26.2% +24.2% +19.6% 28.2% 27.9% na 2.1% 2.8% 3.5% 1.9% 2.6% 3.3% 0.3% 0.3% 0.3% Show roomprive +22.9% +20.3% +17.1% 40.3% 40.1% 40.9% 5.9% 6.8% 7.6% 5.2% 6.1% 6.8% 1.4% 1.4% 1.5% Verkkokauppa Com +19.3% +17.6% +13.1% 16.8% 18.1% na 4.3% 5.6% na 4.1% 5.4% 6.3% 0.3% 0.3% 0.3% Banzai +29.0% +28.7% +21.7% 20.5% 19.8% 21.5% 1.7% 4.1% 6.0% (0.8%) 2.1% 4.3% 5.4% 4.2% 2.3% Qliro Group +6.5% +5.9% +6.1% 13.8% 14.5% 14.5% 0.8% 0.9% 1.0% 1.0% 2.5% 3.5% 2.0% 1.7% 1.5% Average +22.3% +20.0% +16.4% 24.6% 25.0% 28.8% 3.6% 4.7% 6.1% 2.0% 3.9% 5.1% 2.2% 2.1% 1.8% Median +25.1% +20.8% +18.4% 20.5% 19.8% 29.8% 2.1% 4.1% 6.0% 1.9% 3.7% 5.3% 1.4% 1.6% 1.5% Cdiscount +4.6% +8.2% +8.4% 14.5% 16.3% 17.9% 1.6% 3.2% 4.8% (1.4%) 0.4% 2.1% 2.3% 2.3% 2.3% Project Delphes - 10 May 2016 29 Cdiscount: Trading multiples valuation (1/2) A wider and more relevant peer group for Cdiscount compared to Nova Methodology: Multiple retained: 2017e peers group median EV/Sales multiples Case 2 EvEq bridge is used for valuation by Trading multiples, since it adjusts Cdiscount’s Net Financial Debt for proceeds from Factoring, which is not taken into consideration in the applied aggregates No discount applied to peers’ median multiple even though Cdiscount has lower profitability generation than its peers due to relevant peer group Trading multiples Source: Datastream, company information. Note: Market cap. based on 3m avg share price; (1) before Instalments Operating benchmark (1) M a r k e t E V / S a l e s E V / E B I T D A E V / E B I T A A d j u s t e d P E R a t i o €m Cap. 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e Amazon.Com 240,065 237,027 2.02x 1.67x 1.39x 21.1x 15.9x 11.1x nm nm 21.2x nm nm 31.2x Ao World 912 881 0.97x 0.79x na nm nm na nm nm na nm nm na Zooplus 811 768 0.84x 0.68x 0.57x nm 23.9x 16.1x nm 26.0x 17.0x nm 47.9x 32.8x Show roomprive 584 464 0.85x 0.71x 0.60x 14.3x 10.4x 8.0x 16.4x 11.7x 8.9x 33.7x 23.1x 17.6x Verkkokauppa Com 334 318 0.78x 0.66x 0.58x 17.9x 11.7x na 19.1x 12.3x 9.2x 25.7x 16.1x na Banzai 159 134 0.44x 0.34x 0.28x 26.0x 8.4x 4.7x nm 16.4x 6.6x nm 31.6x 12.5x Qliro Group 129 142 0.24x 0.23x 0.21x 29.3x 24.9x 22.4x nm 8.9x 6.2x nm 10.7x 7.3x Average 0.88x 0.73x 0.61x 21.7x 15.9x 12.5x 17.7x 15.1x 11.5x 29.7x 25.9x 20.3x Median 0.84x 0.68x 0.58x 21.1x 13.8x 11.1x 17.7x 12.3x 9.1x 29.7x 23.1x 17.6x Sales Cdiscount (€m) 1,841 2,000 2,178 o/w Cdiscount France 1,818 1,968 2,133 o/w Cdiscount Intl' 23 33 45 Cdi scount impl i ed EV pre di scount (€m) 1,552 1,358 1,254 Discount applied - - - Cdi scount impl i ed EV retai ned (€m) 1,552 1,358 1,254 o/w Cdiscount France retained 1,533 1,336 1,228 o/w Cdiscount Intl' retained 20 22 26 EvEq adjustments (€m) (289) Cdi scount impl i ed Eq val ue (€m) 1,264 1,070 965 o/w Cdiscount France 1,244 1,048 940 o/w Cdiscount Intl' 20 22 26 EV

 

Sales growth Gross margin EBITDA margin EBITA margin Capex in % of sales €m 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e Amazon.Com +25.1% +20.8% +20.8% 35.2% 36.8% 38.2% 9.6% 10.5% 12.4% 3.6% 4.8% 6.5% 5.1% 4.8% 4.9% Ao World +27.3% +22.9% na 17.8% 17.8% na 0.8% 2.3% na (0.7%) na na 0.8% na na Zooplus +26.2% +24.2% +19.6% 28.2% 27.9% na 2.1% 2.8% 3.5% 1.9% 2.6% 3.3% 0.3% 0.3% 0.3% Show roomprive +22.9% +20.3% +17.1% 40.3% 40.1% 40.9% 5.9% 6.8% 7.6% 5.2% 6.1% 6.8% 1.4% 1.4% 1.5% Verkkokauppa Com +19.3% +17.6% +13.1% 16.8% 18.1% na 4.3% 5.6% na 4.1% 5.4% 6.3% 0.3% 0.3% 0.3% Banzai +29.0% +28.7% +21.7% 20.5% 19.8% 21.5% 1.7% 4.1% 6.0% (0.8%) 2.1% 4.3% 5.4% 4.2% 2.3% Qliro Group +6.5% +5.9% +6.1% 13.8% 14.5% 14.5% 0.8% 0.9% 1.0% 1.0% 2.5% 3.5% 2.0% 1.7% 1.5% Average +22.3% +20.0% +16.4% 24.6% 25.0% 28.8% 3.6% 4.7% 6.1% 2.0% 3.9% 5.1% 2.2% 2.1% 1.8% Median +25.1% +20.8% +18.4% 20.5% 19.8% 29.8% 2.1% 4.1% 6.0% 1.9% 3.7% 5.3% 1.4% 1.6% 1.5% Cdiscount +4.6% +8.2% +8.4% 14.5% 16.3% 17.9% 1.6% 3.2% 4.8% (1.4%) 0.4% 2.1% 2.3% 2.3% 2.3% Project Delphes - 10 May 2016 30 Cdiscount: Trading multiples valuation (2/2) Alternative methodology to cross-check peers’ group median multiples Methodology: AO World assumed as the most comparable peer (business profile, product offering, size, etc.). Multiple retained: 2017e AO World EV/Sales multiple with a discount to take into account Cdiscount’s lower profitability at Gross Margin level Case 2 EvEq bridge is used for valuation by Trading multiples, since it adjusts Cdiscount’s Net Financial Debt for proceeds from Factoring, which is not taken into consideration in the applied aggregates Trading multiples Source: Datastream, company information. Note: Market cap. based on 3m avg share price; (1) before Instalments Operating benchmark (1) M a r k e t E V / S a l e s E V / E B I T D A E V / E B I T A A d j u s t e d P E R a t i o €m Cap. 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e 2016e 2017e 2018e Amazon.Com 240,065 237,027 2.02x 1.67x 1.39x 21.1x 15.9x 11.1x nm nm 21.2x nm nm 31.2x Ao World 912 881 0.97x 0.79x na nm nm na nm nm na nm nm na Zooplus 811 768 0.84x 0.68x 0.57x nm 23.9x 16.1x nm 26.0x 17.0x nm 47.9x 32.8x Show roomprive 584 464 0.85x 0.71x 0.60x 14.3x 10.4x 8.0x 16.4x 11.7x 8.9x 33.7x 23.1x 17.6x Verkkokauppa Com 334 318 0.78x 0.66x 0.58x 17.9x 11.7x na 19.1x 12.3x 9.2x 25.7x 16.1x na Banzai 159 134 0.44x 0.34x 0.28x 26.0x 8.4x 4.7x nm 16.4x 6.6x nm 31.6x 12.5x Qliro Group 129 142 0.24x 0.23x 0.21x 29.3x 24.9x 22.4x 23.1x 8.9x 6.2x 28.5x 10.7x 7.3x Average 0.88x 0.73x 0.61x 21.7x 15.9x 12.5x 19.5x 15.1x 11.5x 29.3x 25.9x 20.3x Median 0.84x 0.68x 0.58x 21.1x 13.8x 11.1x 19.1x 12.3x 9.1x 28.5x 23.1x 17.6x Sales Cdiscount (€m) 1,841 2,000 2,178 o/w Cdiscount France 1,818 1,968 2,133 o/w Cdiscount Intl' 23 33 45 Cdi scount impl i ed EV pre di scount (€m) 1,790 1,583 na Discount applied 18.4% 8.1% na Discount based on Cdiscount / AO World Gross Margin ratio Cdi scount impl i ed EV retai ned (€m) 1,461 1,454 na o/w Cdiscount France retained 1,442 1,430 na o/w Cdiscount Intl' retained 18 24 na EvEq adjustments (€m) (289) Cdi scount impl i ed Eq val ue (€m) 1,172 1,166 na o/w Cdiscount France 1,154 1,142 na o/w Cdiscount Intl' 18 24 na EV

 

Project Delphes - 10 May 2016 Cdiscount: Transaction multiples valuation 31 For reference only Note: (1) Implied multiples based on LTM financials; (2) before instalments Source: Datastream, company information, Press Selected precedent transactions and Cdiscount implied Equity Value (€m) Methodology: Sample based on European electronics ecommerce transactions Sample median EV/Sales applied to LTM Sales (Full Year 2015) Only transactions with an EV >€50m have been retained Retained transactions (2) (2) % EV Implied multiples(1) Date Target Country Business overview Acquiror acquired (EURm) xSales xEBITDA xEBITA PER Dec-15 Materiel.net France Online retailer of high tech products LDLC 100% 39 0.26x -- 10.9x -- Feb-12 Bol.com Netherlands Books, entertainment, electronics devices and toys Ahold 100% 350 0.99x -- -- -- Oct-11 rueducomerce.com France Hightech retailer Altarea Cogedim 96% 85 0.27x 15.8x 60.1x 72.0x Apr-11 Tretti AB Sw eden White goods and domestic appliances CDON Group 97% 40 0.79x 13.0x 14.3x -- Mar-11 Redcoon Germany Electronic goods Metro Group 90% 139 0.39x -- -- -- Dec-10 NetonNet Sw eden Electronic products Siba 97% 27 0.11x 5.5x 10.5x -- Aug-10 CDON Group Sw eden Movies, music, games, books and consumer electronics Modern Times Group 100% 237 1.27x 17.0x 17.8x -- Apr-09 Bol.com Netherlands Books, entertainment, electronics devices and toys Cyrte Investments 100% 200 0.89x -- -- -- Average - Selected transaction (EV >€50m) 0.76x 16.4x 39.0x 72.0x Median - Selected transaction (EV >€50m) 0.89x 16.4x 39.0x 72.0x 2015 Cdiscount f inancials (€m) 1,765 (9) o/w Cdiscount France (€m) 1,737 13 o/w Cdiscount Intl' (€m) 28 (22) Impl ied EV (€m) 1,576 n.m. o/w Cdiscount France (€m) 1,551 205 o/w Cdiscount Intl' (€m) 25 n.m. EvEq adjustments (€m) (289) (289) Impl ied Equi ty Value (€m) 1,287 n.m. (2)

 

Project Delphes - 10 May 2016 32 Nova valuation Cdiscount valuation Cnova valuation Appendix 1 2 3 11 21 32 40

 

Relevancy Equity Value (€m) Share Price (€) Spot as of 12/04/16 1m avg Min/Max of the VWAP 3m avg Min/Max of the VWAP 6m avg Min/Max of the VWAP 12m avg Min/Max of the VWAP Since IPO Min/Max of the VWAP @IPO (20/11/14) Min/Max of the brokers' target price High case Mid point +/- 2.5% Down case Mid point +/- 2.5% Based on 2017e EV/Sales +/- 2.5% Based on LTM EV/Sales +/- 2.5% EQUITY VALUE (€m) - 500 1,000 1,500 2,000 2,500 3,000 3,500 - 1.20 2.40 3.60 4.80 6.00 7.20 8.40 Bridge Ev-Eq Case 1 (as of 31/12/15) 175 175 175 175 175 175 175 175 ENTREPRISE VALUE (€m) 175 675 1,175 1,675 2,175 2,675 3,175 3,675 2016e EV/Sales 3,384 0.05x 0.20x 0.35x 0.50x 0.64x 0.79x 0.94x 1.09x 2017e EV/Sales 3,703 0.05x 0.18x 0.32x 0.45x 0.59x 0.72x 0.86x 0.99x SHARE PRICE TRANSACTION MULTIPLES Methodology TRADING MULTIPLES BROKERS TARGET PRICE DCF 897 874 874 874 874 587 1,859 1,669 1,368 2,482 1,152 1,180 1,180 1,360 2,716 3,167 2,463 1,566 1,955 1,754 1,438 2,609 1,021 952 999 1,496 1,839 1,037 1,907 1,711 2.03 1.98 1.98 1.98 1.98 1.33 4.21 3.78 3.10 5.62 2.61 2.67 2.67 3.08 6.15 7.18 5.58 3.55 4.43 3.98 3.26 5.91 2.31 2.16 2.26 3.39 4.17 2.35 4.32 3.88 xxx For reference xx xx xx xx xx For reference For reference For reference For reference Project Delphes - 10 May 2016 Cnova: multi-criteria valuation summary (€) Premiums applied correspond to the min and max of the median of premiums registered in buyout transactions in Brazil, Europe and US fulfilling the following criteria: i) ≥ EUR 100m deal value, ii) involving an initial stake ≥ 30%, iii) paid in cash and iv) occurring between 2011 – 2016 Valuation summary in $ page 8 33 Cnova (Equity value & Share price) Tender offer premium range applied on average point Note: Market data as of 12/04/2016, before JPM research report; (1) based on an IPO price of $7.00 and an exchange rate EUR/USD of 1.2543 (1)

 

Project Delphes - 10 May 2016 Cnova: EV – Equity adjustments As of 31/12/2015 Note : Exchange rate used EUR 1.00= BRL4.04 (1m average as of 06/05/2016); (1) Case 1 is used for DCF valuation since Installment costs are taken into account in the Cash Flows; (2) Case 2 is used for valuation through Trading multiples, since it adjusts Nova’s NWC and Net Financial Debt for Factoring impact, which is not taken into consideration in the applied aggregates; (3) Includes estimated on going Nova Brazil investigation at WC level - see detailed Working Capital normalization in appendix (1) 34 (3) (2) EV – Equity adjustment [DCF] [Multiples] In €m Category Nova + Cdiscount = Cnova Nova + Cdiscount = Cnova Comments Long term financial debt 8.3 + 6.5 = 14.8 8.3 + 6.5 = 14.8 Incl. loans & borrowings, lease financing and accrued interests Short term financial debt 2.7 + 129.5 = 132.2 2.7 + 129.5 = 132.2 Incl. loans & borrowings, lease financing and accrued interests Shareholders' loan 111.1 + - = - 111.1 + - = - Shareholders' loan from Cnova to Nova (€111m / $127m) Cash & Cash equivalents (254.4) + (146.4) = (400.8) (254.4) + (146.4) = (400.8) Incl. marketable securities Net debt / (Net Cash) (132.3) (10.4) (253.8) (132.3) (10.4) (253.8) Securitization - + - = - - + - = - NWC seasonality cash adjustment 248.5 + 198.8 = 447.2 137.8 + 134.2 = 271.9 WC Normalisation from December levels to LTM average Debt increase if no factoring - + - = - 444.1 + 198.3 = 642.4 Required to adjust cash position for proceeds from factoring Financial Assets (incl. Associates) - + (7.0) = (7.0) - + (7.0) = (7.0) Assets held for sale (Vietnam) and other financial assets Deferred tax assets (5.9) + (18.1) = (24.1) (8.0) + (19.4) = (27.4) NPV of deferred tax assets at Cdiscount and Nova Employee benefits - + 1.7 = 1.7 - + 1.7 = 1.7 Incl. pension provisions Debt-like provisions 15.3 + 13.3 = 28.5 15.3 + 13.3 = 28.5 Incl. risks & charges provisions and preliminary provision for matters arising from on-going Nova Brazil accounting investigation and related shareholder litigation based on statements from the Company and legal diligence Proceeds sale of stake Cdiscount Thailand - + (27.6) = (27.6) - + (27.6) = (27.6) Transaction signed on Feb 27, 2016 and completed on Mar 21, 2016 Costs related to Class action filed in the US - + - = 5.0 - + - = 5.0 Based on legal diligence Cash from dilutive financial instruments - + - = - - + - = - Minority interests - + 5.5 = 5.5 - + 5.5 = 5.5 Total Enterprise Value Adjustments 125.5 156.1 175.5 456.8 288.6 639.2 NOSH (in m) 441.3 441.3 As of 31/12/2015 Case 1: Normalized WC with instalments Case 2: Normalized WC without instalments

 

Daily volumes Rotation (In EUR) 12/04/15 - 12/04/16 As of 12/04/16 Spot 1 2.6 0.0 0.00% 0.00% Last month 5 2.4 0.0 0.00% 0.02% Last 3 months 4 2.2 0.0 0.00% 0.02% Last 6 months 7 2.4 0.0 0.00% 0.03% Last 9 months 6 2.7 0.0 0.00% 0.02% Last 12 months 6 3.2 0.0 0.00% 0.02% Source: Datastream * Based on weighted average closing share price Traded volumes by price range Based on closing share price 12/04/15 - 12/04/16 Average '000 Wght. avg. share price Vol. in EURm* (In EUR per share) Over capital Over f ree f loat 63.1% 10.7% 2.4% 16.8% 7.1% 2.0 to 2.8 2.8 to 3.7 3.7 to 4.5 4.5 to 5.3 5.3 to 6.2 - 500 1,000 1,500 2,000 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Volumes Cnova (Euronext) Cnova: Share Price Performance Project Delphes - 10 May 2016 35 In € - Euronext Paris Low liquidity of Cnova shares which does not offer a good exit for minorities Cnova share trading volume statistics Note: Market data as of 12/04/2016, before JPM research report Source: Datastream Cnova Share Price Performance vs. Main market references Share price Performance (In EUR) 12/04/15 - 12/04/16 As of 12/04/16 Min. Max. Spot -- 2.6 -- -- -- 1-month 2.0 2.3 2.7 24.0% 22.9% 3-month 2.0 2.2 2.7 20.3% 21.5% 6-month 2.0 2.3 3.1 (2.8%) (5.4%) 9-month 2.0 2.6 5.1 (44.1%) (44.0%) 12-month 2.0 3.4 6.2 (56.0%) (51.0%) Since IPO 2.0 4.2 7.2 @ IPO -- 5.6 -- NB: Weighted average and performance based on closing share price Vol. w ght. avg. Absolute perf . Rel. to Nasdaq (In EUR per share) 1.0 2.0 3.0 4.0 5.0 6.0 7.0 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Cnova Nasdaq 100 (rebased)

 

Daily volumes Rotation (In USD) 12/04/15 - 12/04/16 As of 12/04/16 Spot 6 3.0 0.0 0.00% 0.02% Last month 64 2.6 0.2 0.01% 0.24% Last 3 months 139 2.4 0.3 0.03% 0.52% Last 6 months 104 2.5 0.3 0.02% 0.39% Last 9 months 90 2.9 0.3 0.02% 0.34% Last 12 months 95 3.7 0.4 0.02% 0.36% Source: Datastream * Based on weighted average closing share price Traded volumes by price range Based on closing share price 12/04/15 - 12/04/16 Average '000 Wght. avg. share price Vol. in USDm* (In USD per share) Over capital Over f ree f loat 53.9% 8.6% 4.3% 11.2% 22.0% 2.2 to 3.0 3.0 to 3.9 3.9 to 4.8 4.8 to 5.7 5.7 to 6.6 - 500 1,000 1,500 2,000 - 2.0 4.0 6.0 8.0 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Volumes Cnova Cnova: Share Price Performance Project Delphes - 10 May 2016 36 In $ - Nasdaq Low liquidity of Cnova shares which does not offer a good exit for minorities Cnova share trading volume statistics Cnova Share Price Performance vs. Main market references Share price Performance (In USD) 12/04/15 - 12/04/16 As of 12/04/16 Min. Max. Spot -- 3.0 -- -- -- 1-month 2.3 2.6 3.1 26.4% 23.3% 3-month 2.2 2.4 3.1 26.4% 22.6% 6-month 2.2 2.5 3.4 (2.8%) (5.4%) 9-month 2.2 2.9 5.6 (43.1%) (44.8%) 12-month 2.2 3.7 6.6 (52.9%) (54.6%) Since IPO 2.2 4.7 8.5 @ IPO -- 7.0 -- NB: Weighted average and performance based on closing share price Vol. w ght. avg. Absolute perf . Rel. to Nasdaq (In USD per share) 2.0 3.0 4.0 5.0 6.0 7.0 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Cnova Nasdaq 100 (rebased) Note: Market data as of 12/04/2016, before JPM research report Source: Datastream

 

Brokers’ views on Cnova Project Delphes - 10 May 2016 37 Brokers valuing Cnova at an average target price of €2.4 based on brokers’ notes before 12 April 2016 (i.e. JPM research report) Last publication: Q1 2016 earnings release (24/04/2016) Last publication before JPM research report: Q1 2016 sales release (12/04/2016) Brokers’ views (after last publication – before JPM research report) Note: Market data and brokers’ view as of 12/04/2016, before JPM research report and exchange rate used: EUR 1.00 = USD 1.14; (1) Before last publication; (2) includes all brokers (even before last earnings publication) Source: Datastream Brokers’ recommendations development(2) Target Price by range Analyst's name Date of review Reco. Target price Price @ reco. Previous target(1) Societe Generale Arnaud Joly 12/04/2016 Neutral 2.3 2.6 2.3 - HSBC Richard Cathcart 12/04/2016 Neutral 2.6 2.6 2.6 - Kepler Cheuvreux Aurelie Husson-Dumoutier12/04/2016 Neutral 2.0 2.6 2.0 - Morgan Stanley Edward Hill-Wood 08/04/2016 Neutral 3.0 2.7 3.5 (15.0%) Goldman Sachs Irma Sgarz 28/03/2016 Sell 1.3 2.3 1.4 (6.3%) French broker - 14/03/2016 Neutral 1.8 2.1 1.8 - Credit Suisse Stephen Ju 25/02/2016 Sell 3.5 2.1 3.5 - Deutsche Bank Kevin LaBuz 24/02/2016 Neutral 2.2 2.2 3.5 (37.5%) Average 2.4 2.6 (9.4%) (in EUR) % change Broker vs. previous (in EUR) Min: 1.3 Avg.: 2.4 Max: 3.5 vs. spot as of 12/04/16 -49.0% -10.0% +35.9% 25.0% 25.0% 25.0% 12.5% 12.5% 1.3 to 1.8 1.8 to 2.2 2.2 to 2.7 2.7 to 3.1 3.1 to 3.5 56% 50% 43% 44% 44% 44% 33% 11% 11% 33% 38% 57% 44% 44% 44% 56% 78% 80% 75% 67% 67% 78% 67% 11% 13% 11% 11% 11% 11% 11% 20% 25% 33% 33% 22% 22% Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Today Buy Hold Sell

 

(in USD) 20/11/14 - 12/04/16 ('000) - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 Volumes Cnova Price at IPO 7.0 Declining Cnova share price since IPO due to recent Brazilian macroeconomics and political headwinds Project Delphes - 10 May 2016 38 Since IPO Cnova share price decreased by (57.6%) while increasing by +0.3% from start of the Brazilian inventory review to April 2016 Cnova share price and main results release since its IPO ($) Since its IPO Cnova share price has been impacted by - Results released below analysts’ expectations - Unfavourable Brazilian economic climate since Cnova IPO as well as FX deflation 29/04/15: Q1 2015 results: Margins published below expectations 22/07/15: Q2 2015 results: Margins and H2 2015 guidance below expectations 28/01/15: Q4 2014 results: Margins below expectations and cautious Q1 2015 guidance 28/10/15: Q3 2015 results: Poor performance in Brazil and decelerating growth trends 24/02/16: Q4 2015 results: Profits below consensus 18/12/15: Start of the Brazilian Cnova share price evolution (based on IPO price) -57.9% inventory review +0.3% Cnova share price performance and Brazilian Index ($; rebased on Cnova) EUR/BRL exchange rate evolution since Cnova IPO 2.5 3.0 3.5 4.0 4.5 5.0 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 1 2 3 4 5 6 7 8 9 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 Cnova Brazil Bovespa ($) Brazil Bovespa (BRL) (57.6%) (28.2%) (2.6%) Note: Market data as of 12/04/2016, before JPM research report Source: Datastream

 

WACC €m (0.50%) (0.25%) 0.25% 0.50% Holding costs' NPV (79) (77) (75) (73) (71) Holding costs: €15m in 2016e (conservative approach) and €7m in 2017e and onwards WACC: of 7.8% (Cdiscount) Tax rate: 25% (Netherlands) Holding costs valuation (€m) Cnova: Holding costs Project Delphes - 10 May 2016 39 Holding costs valued at ~€75m (~$85m) based on management forecasts Detailed Holding Costs (€m) Source: Materials provided by Cnova management Note: (1) including IR team wages starting in 2017 €m Dec-16 Dec-17 Tax and legal adv. (0.8) Printing - Merril (0.1) Legal & Compliance (0.9) - Audit fees (EY) (1.0) (0.2) Memberships & subs. (0.0) Conso (1.0) (0.2) Costs listing Nasdaq (0.0) FTI & other (0.2) (0.8) Membership (0.1) IR (0.4) (0.8) Wages NV & France (6.3) (1.1) Temporary employees (0.4) Director's fees (0.3) (0.3) Other labour costs (0.3) (0.2) Labour costs (7.2) (1.6) Travel expenses (0.3) Office rent and maintenance (0.6) (0.3) Other expenses (0.6) (0.3) Other general expenses (1.5) (0.6) Management fees (4.3) (1.9) ROC (15.4) (5.1) APCO (0.0) - Additional costs considering Nasdaq listing - (1.8) Total holding costs (15.4) (6.9) (1) Holding costs not included in stand-alone Business Plans for Nova and Cdiscount but included in Cnova valuation by SOTP as a separate item

 

Project Delphes - 10 May 2016 40 Nova valuation Cdiscount valuation Cnova valuation Appendix 1 2 3 11 21 32 40

 

Project Delphes - 10 May 2016 41 Nova valuation Cdiscount valuation Cnova valuation Appendix Additional valuation materials Synergies and holding cost savings Highlights on Q1 2016 releases Buyout premia analysis Additional information on peers' group 1 2 3 11 21 32 40 a b c d e 41 48 52 55 59

 

Project Delphes - 10 May 2016 Multi-criteria valuation approach applied to Nova, Cdiscount and Cnova 42 Overview of valuation methodologies considered Methodology Nova Share price performance Company share trading in the stock market. Average of different time horizons applied (spot, 1m, 3m, 6m, 12m, since IPO, at IPO) 6m, 12m, since IPO, at IPO price for reference only. Recent Brazilian macroeconomic and political headwinds strongly impacted Cnova’s share price 1 Discounted Cash Flow (“DCF”) 3 Brokers 2 Cdiscount Cnova Not applicable (Non-listed company) Not applicable (Non-listed company) Not applicable (Non-listed company) Not applicable (Non-listed company) PP Benchmark Main valuation methodology (take into account long term recovery) PPP Main valuation methodology (take into account long term recovery) PPP Main valuation methodology (take into account long term recovery) PPP Nova WACC in BRL estimated at 16.3% (incl. country risk premium - “CRP”- for Brazil) Cdiscount France WACC in EUR: 7.8% Cdiscount International WACC in EUR: 12.8% (Cdiscount WACC +5% CRP) SOTP based on Nova and Cdiscount valuation obtained through DCF (includes holding costs) Transaction multiples 5 For reference only Limited number of relevant electronics ecommerce transactions with public information Recent Brazilian macroeconomic & political headwinds not factored in past multiples LTM multiple applied to Nova 2015 sales For reference only Limited relevance in scenario under analysis To be fully consistent in the methodology approach for Cnova, Nova and Cdiscount For reference only Limited relevance in scenario under analysis (where no control premium can be materialised) Recent Brazilian macroeconomic & political headwinds not factored in past transaction multiples Intrinsic methodology based on cash flow generation as expected by management (2016-18 business plan) BNP Paribas’ business plan extrapolation up to 2024 to reach normative level in 2025 (assuming continuing recovery of top line growth and margins) Factoring and financing of consumer credits included in cash flows at EBITDA level Share Target Prices estimated by brokers covering Cnova Trading multiples of comparable companies 4 SOTP based on Nova and Cdiscount valuation obtained through trading multiples (includes holding costs) PP PP PP Peer group: Amazon and small/mid-size ecommerce companies active in Europe with focus on consumer discretionary (electronics, apparel and pet food): AO World, Zooplus, SRP, Verkkokauppa.com, Banzai and Qliro Group 2 methodologies used: 1) 2017e peers’ median EV/Sales, 2) 2017e AO World EV/Sales with a discount as AO World has higher Gross Margin Peer group: Amazon and electronics e-commerce players active in emerging markets: JD.com, VIPShop, B2W Companhia (most comparable peer) and Dangdang Regression analysis: 1) peers’ 2017e Gross Margin and 2017e EV/Sales, 2) 2017e B2W EV/Sales with a discount as B2W has higher Gross Margin PP

 

Working Capital normalisation Project Delphes - 10 May 2016 43 Case 1: Normative WC with instalments Nova (BRLm) Cdiscount (€m) Methodology: WC adjustments derived as the difference between NWC at December level and the monthly average. Factored receivables are excluded from the Working Capital Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 (days) Avg. 15 (days) Adj. Inventory 221 213 213 230 217 224 222 213 229 262 299 241 58 232 56 (9) Receivables 135 92 95 78 83 79 74 74 99 97 85 108 23 92 19 (16) o/w Traditional Receivables 135 92 95 78 83 79 74 74 99 97 85 108 92 o/w Receivable amounts sent to factoring – – – – – – – – – – – – – Payables (474) (403) (422) (368) (336) (426) (388) (372) (426) (386) (518) (594) 143 (426) 103 168 Other 8 70 55 54 38 41 37 42 37 33 39 53 n.m. 42 n.m. (11) Non goods 11 4 (5) 2 (1) (1) (4) (13) (35) (36) (48) (85) n.m. (18) n.m. 68 Working Capital (98) (25) (65) (5) 1 (83) (58) (55) (95) (30) (143) (277) (78) 199 Receivable amounts sent to factoring – – – – – – – – – – – – – Discount factor for Dec 15 – 17% 33% 50% 67% 83% 100% Monthly receivable amounts sent to factoring in Dec 15 – – – – – – – Cumulative receivable amounts sent to factoring in Dec 15 – – – – – – – Total WC adjustments 199 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 (days) Avg. 15 (days) Adj. Inventory 606 674 865 722 657 744 807 749 836 921 992 749 53 777 55 28 Receivables 539 283 220 526 509 227 332 378 257 313 872 151 7 384 18 233 o/w Traditional Receivables 539 283 220 526 509 227 332 378 257 313 872 151 384 o/w Receivable amounts sent to factoring – – – – – – – – – – – – – Payables (1,728) (1,614) (2,061) (1,845) (1,617) (2,017) (1,628) (1,613) (2,002) (1,855) (2,366) (2,554) 180 (1,908) 135 646 Other (50) 3 7 8 (19) (17) (34) (31) (0) 12 (178) (112) n.m. (34) n.m. 77 Non goods 145 163 235 243 239 258 264 243 232 226 209 203 n.m. 221 n.m. 19 Working Capital (487) (491) (734) (346) (232) (805) (259) (274) (677) (383) (471) (1,563) (560) 1,003 Receivable amounts sent to factoring – – – – – – – – – – – – – Discount factor for Dec 15 – 17% 33% 50% 67% 83% 100% Monthly receivable amounts sent to factoring in Dec 15 – – – – – – – Cumulative receivable amounts sent to factoring in Dec 15 – – – – – – – Total WC adjustments 1,003

 

Working Capital normalisation Project Delphes - 10 May 2016 44 Case 2: Normative WC without instalments Nova (BRLm) Cdiscount (€m) Methodology: WC adjustments derived as the difference between WC at December level and the LTM average. Working capital integrating factored receivables back Adjustments for Receivables amounts sent to factoring: estimated as the amount of factored receivables to be outstanding in December (assuming receivables are paid in 6 monthly instalments on average) Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 (days) Avg. 15 (days) Adj. Inventory 221 213 213 230 217 224 222 213 229 262 299 241 58 232 56 (9) Receivables 135 92 95 78 83 79 74 110 130 145 147 194 41 114 24 (81) o/w Traditional Receivables 135 92 95 78 83 79 74 74 99 97 85 108 92 o/w Receivable amounts sent to factoring – – – – – – – 36 31 48 63 87 22 Payables (474) (403) (422) (368) (336) (426) (388) (372) (426) (386) (518) (594) 143 (426) 103 168 Other 8 70 55 54 38 41 37 42 37 33 39 53 n.m. 42 n.m. (11) Non goods 11 4 (5) 2 (1) (1) (4) (13) (35) (36) (48) (85) n.m. (18) n.m. 68 Working Capital (98) (25) (65) (5) 1 (83) (58) (19) (64) 18 (81) (190) (56) 134 Receivable amounts sent to factoring – – – – – – – 36 31 48 63 87 198 Discount factor for Dec 15 – 17% 33% 50% 67% 83% 100% Monthly receivable amounts sent to factoring in Dec 15 – – 12 15 32 52 87 Cumulative receivable amounts sent to factoring in Dec 15 – – 12 28 60 112 19 8 Total WC adjustments 332 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 (days) Avg. 15 (days) Adj. Inventory 606 674 865 722 657 744 807 749 836 921 992 749 53 777 55 28 Receivables 601 921 848 731 973 959 786 810 806 709 1,015 1,066 50 852 40 (214) o/w Traditional Receivables 539 283 220 526 509 227 332 378 257 313 872 151 384 o/w Receivable amounts sent to factoring 62 639 628 205 464 733 454 432 549 395 143 915 468 Payables (1,728) (1,614) (2,061) (1,845) (1,617) (2,017) (1,628) (1,613) (2,002) (1,855) (2,366) (2,554) 180 (1,908) 135 646 Other (50) 3 7 8 (19) (17) (34) (31) (0) 12 (178) (112) n.m. (34) n.m. 77 Non goods 145 163 235 243 239 258 264 243 232 226 209 203 n.m. 221 n.m. 19 Working Capital (425) 148 (106) (141) 232 (72) 195 158 (128) 12 (328) (648) (92) 556 Receivable amounts sent to factoring 62 639 628 205 464 733 454 432 549 395 143 915 1,792 Discount factor for Dec 15 – 17% 33% 50% 67% 83% 100% Monthly receivable amounts sent to factoring in Dec 15 – 76 144 274 264 120 915 Cumulative receivable amounts sent to factoring in Dec 15 – 76 220 494 758 877 1,7 9 2 Total WC adjustments 2,348

 

Nova DCF sensitivity to 2016 results (based on current trading) Project Delphes - 10 May 2016 45 A 5% decrease of 2016e sales growth has a negative impact of ~€32m on Nova Equity A 1% decrease on expected 2016e EBITDA margin has a negative impact of ~€13m on Nova Equity 2016e Sales and EBITDA (before instalment costs) sensitivity Note: Exchange rate used for 2015: EUR1.00 = BRL 3.70 (2015 average) and from 2016 onwards: EUR 1.00= BRL4.04 (1m average as of 06/05/2016) Equity value sensitivity on 2016e metrics Based on High Case 2016e SALES 2016e Sales growth BRLm 2016e (10.0%) (7.5%) (5.0%) (2.5%) - 6,228 5,616 5,769 5,922 6,075 6,228 €m 1,543 1,391 1,429 1,467 1,505 1,543 2016e EBITDA (bef. Instalment) 2016e EBITDA margin BRLm 2016e (2.0%) (1.5%) (1.0%) (0.5%) - 61 (63) (32) (1) 30 61 €m 15 (16) (8) (0) 7 15 2017 sales growth ne doi t être égal à 2016 2016e Sales growth Discount vs. current Bul l ish case BRLm 1,697 (10.0%) (7.5%) (5.0%) (2.5%) - (10.0%) (7.5%) (5.0%) (2.5%) - (2.0%) 1,346 1,408 1,470 1,532 1,594 (21%) (17%) (13%) (10%) (6%) (1.5%) 1,369 1,432 1,495 1,557 1,620 (19%) (16%) (12%) (8%) (5%) (1.0%) 1,393 1,456 1,519 1,583 1,646 (18%) (14%) (10%) (7%) (3%) (0.5%) 1,416 1,480 1,544 1,608 1,672 (17%) (13%) (9%) (5%) (2%) - 1,439 1,503 1,568 1,633 1,697 (15%) (11%) (8%) (4%) - €m 421 (2.0%) 333 349 364 380 395 (1.5%) 339 355 370 386 401 (1.0%) 345 361 376 392 408 (0.5%) 351 367 383 398 414 - 357 373 389 405 421 2016e EBITDA margin 2016e EBITDA margin

 

Nova: DCF valuation for High case, but with stable instalment costs (1/2) Project Delphes - 10 May 2016 46 Main assumptions: Valuation including stable instalment costs (excluding SELIC rate which is expected to decrease). All other assumptions kept as per current High case Nova DCF Valuation as of 01/01/2016 Tax rate: 34% (Brazil) WACC: 16.3% Tax credits valued separately as the business plan period is not long enough to use current stock and tax losses carry forward generated in 2016-2018 Discounted Cash Flow model Note: Exchange rate used for 2015: EUR1.00 = BRL 3.70 (2015 average) and from 2016 onwards: EUR 1.00= BRL4.04 (1m average as of 06/05/2016) Enterprise Value & Equity Value WACC & PGR Sensitivity on Equity Value Less favourable instalments costs impacts significantly Nova valuation (i.e. €161m EqV vs. €364-421m in our central DCF approach) (units) HISTO. MANAGEMENT FORECASTS EXTRAPOLATION NORM. CAGR (FYE 31/12) Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 2016-18 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net sales (BRLm) 6,126 6,228 6,870 7,886 9,139 11,202 13,464 15,826 18,299 20,388 21,815 +12.5% Growth % (%) +1.7% +10.3% +14.8% +15.9% +22.6% +20.2% +17.5% +15.6% +11.4% +7.0% EBITDA (bef. Instalment) (BRLm) (377) 61 211 377 569 806 1,031 1,287 1,483 1,647 1,762 +148.3% % of Net Sales (%) (6.2%) 1.0% 3.1% 4.8% 6.2% 7.2% 7.7% 8.1% 8.1% 8.1% 8.1% Instalment costs (%) (242) (315) (340) (397) (415) (506) (595) (674) (735) (769) (823) +12.1% % on Net Sales (%) (4.0%) (5.1%) (4.9%) (5.0%) (4.5%) (4.5%) (4.4%) (4.3%) (4.0%) (3.8%) (3.8%) EBITDA (BRLm) (619) (254) (129) (20) 154 300 436 612 748 878 939 (72.3%) % of Net Sales (%) (10.1%) (4.1%) (1.9%) (0.2%) 1.7% 2.7% 3.2% 3.9% 4.1% 4.3% 4.3% - D&A (BRLm) (57) (55) (56) (61) (87) (125) (173) (228) (287) (346) (398) +5.7% % of GMV (%) (0.7%) (0.6%) (0.5%) (0.5%) (0.6%) (0.6%) (0.7%) (0.8%) (0.9%) (0.9%) (1.0%) % of Net Sales (%) (0.9%) (0.9%) (0.8%) (0.8%) (1.0%) (1.1%) (1.3%) (1.4%) (1.6%) (1.7%) (1.8%) EBIT (BRLm) (676) (309) (185) (81) 67 175 263 385 461 532 541 (48.9%) % of Net Sales (%) (11.0%) (5.0%) (2.7%) (1.0%) 0.7% 1.6% 2.0% 2.4% 2.5% 2.6% 2.5% - Normative tax rate (BRLm) - - - (23) (59) (90) (131) (157) (181) (184) n.m. % normative tax rate (%) 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% 34.0% + D&A (BRLm) 57 55 56 61 87 125 173 228 287 346 398 +5.7% % on Net Sales (%) 0.9% 0.9% 0.8% 0.8% 1.0% 1.1% 1.3% 1.4% 1.6% 1.7% 1.8% - CAPEX (BRLm) (106) (89) (112) (135) (168) (216) (267) (319) (368) (410) (438) +23.1% % of GMV (%) (1.4%) (1.0%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) (1.1%) % on Net Sales (%) (1.7%) (1.4%) (1.6%) (1.7%) (1.8%) (1.9%) (2.0%) (2.0%) (2.0%) (2.0%) (2.0%) - Change in Normative WC (BRLm) 506 42 (3) (40) 71 116 128 133 139 118 80 n.m. % on Net Sales (%) 8.3% 0.7% (0.0%) (0.5%) 0.8% 1.0% 0.9% 0.8% 0.8% 0.6% 0.4% WC % on Net Sales (9.1%) (8.1%) (7.1%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) (5.6%) Free cash flows (BRLm) (302) (244) (195) 33 142 207 296 362 405 398 (19.7%) Free cash flows (€m ) (75) (60) (48) 8 35 51 73 90 100 98 (19.7%) WACC BRLm 650 (0.5%) (0.3%) 0.3% 0.5% (1.0%) 574 521 470 421 375 (0.5%) 671 611 555 502 452 778 712 650 592 536 0.5% 897 824 755 691 630 1.0% 1,033 951 874 801 734 €m (1.0%) 142 129 116 104 93 (0.5%) 166 151 138 124 112 193 176 161 147 133 0.5% 222 204 187 171 156 1.0% 256 236 216 199 182 PERPETUAL GROWTH PERPETUAL GROWTH As of 01/01/2016 €m BRLm % NPV (2016e-2024e FCFs) (21) (86) (7%) Terminal value 293 1,183 102% NPV tax credits 15 60 5% ENTERPRISE VALUE 287 1,156 100% 2017e EV/Sales 0.17x 2017e EV/EBITDA (post instalments) n.m. - EvEq Adjustments (125) (506) EQUITY VALUE 161 650

 

Nova: DCF valuation for High case, but with stable instalment costs (2/2) Project Delphes - 10 May 2016 47 Equity value sensitivity Note: Exchange rate used for 2015: EUR1.00 = BRL 3.70 (2015 average) and from 2016 onwards: EUR 1.00= BRL4.04 (1m average as of 06/05/2016); (1) Cdiscount value based on Down case Nova Equity Value and cash compensation for Cnova sensitivities to sales growth and EBITDA margin all over the BP Value of 22% stake in Cnova(1) held by VV sensitivity Cash consideration before synergies for Cnova sensitivity Sales growth CAGR 19-24 +7.4% +9.9% +12.4% +14.9% +17.4% +19.9% +22.4% +24.9% +27.4% BRLm 650 (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% (2.0%) (921) (787) (621) (416) (167) 135 499 933 1,450 (1.5%) (777) (629) (446) (224) 46 371 759 1,222 1,770 (1.0%) (639) (476) (278) (37) 252 599 1,011 1,501 2,079 (0.5%) (502) (326) (112) 145 454 821 1,258 1,774 2,382 - (369) (179) 49 323 650 1,038 1,498 2,039 2,676 0.5% (238) (35) 208 498 843 1,251 1,733 2,301 2,966 1.0% (108) 107 364 669 1,032 1,461 1,966 2,559 3,253 1.5% 14 241 513 835 1,215 1,664 2,192 2,810 3,533 2.0% 135 375 660 998 1,396 1,865 2,415 3,059 3,810 EBITDA margin Sales growth CAGR 19-24 +7.4% +9.9% +12.4% +14.9% +17.4% +19.9% +22.4% +24.9% +27.4% €m 161 (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% (2.0%) (228) (195) (154) (103) (41) 34 124 231 359 (1.5%) (193) (156) (111) (55) 11 92 188 303 439 (1.0%) (158) (118) (69) (9) 62 148 251 372 515 (0.5%) (124) (81) (28) 36 112 203 312 439 590 - (91) (44) 12 80 161 257 371 505 663 0.5% (59) (9) 52 123 209 310 429 570 735 1.0% (27) 26 90 166 256 362 487 634 806 1.5% 3 60 127 207 301 412 543 696 875 2.0% 33 93 164 247 346 462 598 758 944 EBITDA margin 2017 sales growth doit être égal à 2015 Impl i ed 22% of Cnova Equi ty Val ue (€m) non amél ioration instalments costs Sales growth CAGR 19-24 +7.4% +9.9% +12.4% +14.9% +17.4% +19.9% +22.4% +24.9% +27.4% €m - (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% (2.0%) 362 284 293 304 318 334 354 378 406 (1.5%) 285 293 303 315 330 347 368 394 424 (1.0%) 292 301 312 325 341 360 382 409 440 (0.5%) 300 309 321 335 352 372 396 424 457 - 307 317 330 345 362 384 409 438 473 0.5% 314 325 338 354 373 395 422 452 489 1.0% 321 333 347 364 383 407 434 467 504 1.5% 328 340 355 373 393 418 447 480 520 2.0% 334 347 363 381 403 429 459 494 535 EBITDA margin non amél ioration instalments costs Impl i ed Cash consi derati on before synergi es (€m) Sales growth CAGR 19-24 +7.4% +9.9% +12.4% +14.9% +17.4% +19.9% +22.4% +24.9% +27.4% €m - (10.0%) (7.5%) (5.0%) (2.5%) - 2.5% 5.0% 7.5% 10.0% (2.0%) (201) (479) (447) (407) (359) (301) (231) (147) (47) (1.5%) (477) (449) (413) (370) (318) (255) (180) (91) 15 (1.0%) (450) (419) (381) (334) (278) (211) (132) (37) 75 (0.5%) (424) (390) (349) (299) (239) (168) (84) 16 133 - (398) (362) (318) (265) (201) (126) (38) 67 190 0.5% (373) (334) (287) (231) (164) (85) 8 118 246 1.0% (348) (306) (257) (198) (128) (45) 53 168 302 1.5% (324) (280) (228) (166) (92) (5) 97 216 356 2.0% (301) (255) (199) (134) (57) 33 140 264 409 EBITDA margin

 

Project Delphes - 10 May 2016 48 Nova valuation Cdiscount valuation Cnova valuation Appendix Additional valuation materials Synergies and holding cost savings Highlights on Q1 2016 releases Buyout premia analysis Additional information on peers' group 1 2 3 11 21 32 40 a b c d e 41 48 52 55 59

 

Nova / Via Varejo expected synergies: detailed analysis from Friedrich, Heilbronn & Fiszer Project Delphes - 10 May 2016 49 Detailed initiatives EBITDA impact (2018 run rate) Source: M.M. Friedrich, Heilbronn & Fiszer (the above doesn’t represent any separate analysis by BNP Paribas) Note: Exchange rate used: USD 1.00 = BRL 3.55 Synergies from new transportation model (e.g. include Cnova in VV carriers), strategic sourcing (contracts renegotiations, etc.), rationalised network and organisation, inbound freight, etc. Logistics savings expected: Between BRL83m – BRL113m (12%-16% of cost base) by 2018 Logistic rationalization BRL98m $28m Offer Nova assortment to VV store customers: categories / products not available in-stores and services sales expected on this additional volume Additional sales expected: +BRL450m on sales and +BRL24m on services for VV by 2018 Kiosk introduction in VV stores BRL23m $6m Increasing number of pick-up points from 419 to 650 and allowing the pick-up of all products (VV and non VV sourced) as well as products bought on another group's banner web site Additional sales expected: +5.0% for Nova by 2018 Click & Collect development BRL16m $5m Reduction of the out of stock rate from 17% to 9% at Nova on top 350 selling SKUs (representing half of Nova sales) between 2015 and 2018 Additional sales expected: +4.0% for Nova by 2018 Out of stock reduction at Nova BRL10m $3m Mutualisation of advertising strategy with the same advertising expenditures: Nova will benefit from VV Television campaigns while VV will benefit from online advertising on Nova sites Additional sales expected: +0.5% for VV and +1.5% for Nova by 2018 Omni-channel Advertising BRL13m $4m Customer litigation costs should be reduced significantly by an improved logistics service Customer litigation costs expected to decrease by 50% for Nova by 2017 Customer litigation costs decrease at Nova BRL25m $7m Optimization of HQ costs (Finance, Commercial and B2B, HR, Customer services, Executives, etc.) No closures expected HQ costs expected to decrease by 20% by 2017 Headquarters rationalization BRL23m $6m Nova will not benefit from cross border services sales to international suppliers any more Other existing synergies with Cdiscount should be preserved (international sourcing, best practices) Lost of sales expected: BRL4.3m of sales generated in 2015 Brazil / France ecommerce desynergies BRL(4)m $(1)m Total BRL204m $57m

 

WACC (0.50%) (0.25%) 0.25% 0.50% 208 205 201 198 195 4.5x 4.4x 4.3x 4.2x 4.2x Synergies' NPV Implied Multiple (x) based on run-rate Nova / Via Varejo expected synergies focus Project Delphes - 10 May 2016 50 Synergies valued at ~$201m (~€177m) Phasing: All sources of synergies expected to be run-rate in 2018 (74% in 2017) Probability of completion: 100% WACC: Nova WACC at 16.3% Tax rate: 34% (Brazil) Estimated Cash Flow Post Tax ($m) Pre-tax synergies ($m) Synergies valuation ($m) Source: M.M. Friedrich, Heilbronn & Fiszer as provided by Cnova management(the above doesn’t represent any separate analysis by BNP Paribas) 10 26 35 35 2016e 2017e 2018e Norm. Dec-16 Dec-17 Dec-18 Net gains ($m) Logistic rationalization 11 21 28 Kiosk introduction in VV stores 1 3 6 Click & Collect development 1 3 5 Out-of stock reduction at NV 1 3 3 Omnichannel Advertising 1 4 4 Brazil / France e-commerce de-synergies (1) (1) (1) Customer litigation costs decrease at Nova 2 7 7 Headquarters rationalization 1 6 6 Total expected - pre % of completion 17 46 57 Probabi l i ty of completion 100.0% 100.0% 100.0% Total expected - post % of completion 17 46 57 Synergies ramp-up Logistic rationalization 41% 76% 100% Kiosk introduction in VV stores 17% 50% 100% Click & Collect development 20% 60% 100% Out-of stock reduction at NV 33% 100% 100% Omnichannel Advertising 33% 100% 100% Brazil / France e-commerce de-synergies 83% 100% 100% Customer litigation costs decrease at Nova 25% 100% 100% Headquarters rationalization 13% 100% 100% Total synergies ramp-up 29% 74% 100% % of success 100% 90% 80% 70% 60% 50% Synergies' NPV 201 181 161 141 121 101

 

Synergies & Holding costs savings: DCF valuation exercise Estimated Cash Flow Post Tax ($m) Holding costs: $17m in 2016e (conservative approach) and $8m in 2017e onwards Estimated savings of $10m per year starting in 2017 Valuation parameters Probability of success: 100% WACC: Cdiscount WACC of 7.8% Tax rate: 25% (Netherlands) Following the contemplated transaction, holding costs are expected to decrease by $10m per year, which represents a total value of $90m (€79m), and will fully beneficiate to Cnova Estimated Cash Flow Post Tax ($m) All sources of synergies expected to be run-rate in 2018 (74% in 2017) Valuation parameters Probability of success: 100% WACC: Nova WACC at 16.3% Tax rate: 34% (Brazil) Following the contemplated transaction, synergies are expected to represent $35m per year (CF post Tax) which represents a total value of $201m (€177m) Project Delphes - 10 May 2016 51 Cnova could benefit from estimated holding costs savings and synergies up to 50% Holding costs savings Source: provided by Management Synergies 17 8 8 8 10 10 10 2017e 2018e 2019e Norm. Holding costs Holding costs savings 10 26 35 35 2016e 2017e 2018e Norm. % of success 100% 90% 80% 70% 60% 50% 90 81 72 63 54 45 Holding costs savings' NPV % of success 100% 90% 80% 70% 60% 50% Synergies' NPV 201 181 161 141 121 101 Source: M.M. Friedrich, Heilbronn & Fiszer as provided by Cnova management

 

Project Delphes - 10 May 2016 52 Nova valuation Cdiscount valuation Cnova valuation Appendix Additional valuation materials Synergies and holding cost savings Highlights on Q1 2016 releases Buyout premia analysis Additional information on peers' group 1 2 3 11 21 32 40 a b c d e 41 48 52 55 59

 

Project Delphes - 10 May 2016 Cnova - Highlights on Q1 2016 53 Key financials (€m) Brokers’ views Source: Company press release, April 26 2016 “Numbers missed our already conservative expectations, mostly due to ongoing adjustments at the company’s Brazilian subsidiary, resulting in a net loss from continued operations of €66mn vs. GS €35mn/ cons. €14mn” Goldman Sachs, 26th April 2016 “After a rough 2015, there are some signs of encouragement for Cnova. In France Cdiscount is trading above expectations, with 1-2% share gain in the electronics category and solid KPIs on traffic, repeat purchase behaviour and gross margin. Cnova highlights the recent customer service enhancements. Cnova also points out that marketplace commissions were up +59% YoY. However, the business remains at break-even status within a market that it both trading well, but also likely to become increasingly competitive” Morgan Stanley, 26th April 2016 “Following in line results and sequential smaller losses, we continue to see diverging trends between Cdiscount France, confirming its path to profitability, and Brazil, lagging both in terms of sales, profitability and track record” J.P. Morgan Cazenove, 26th April 2016 “CNV’s 1Q showed some stability in France on top-line metrics but its Brazilian business continues to face to a number of challenges” Deutsche Bank, 27th April 2016 Cnova N.V. Q1 2016 Q1 2015 Change (Unaudited) (Preliminary) (2016/2015) 1st quarter GMV 1,138 1,222 (6.9%) o/w: Cdiscount 736 623 +18.2% o/w: Nova 402 599 (32.9%) Net Sales 742 893 (16.9%) o/w: Cdiscount 468 406 +15.2% o/w: Nova 274 487 (43.8%) Gross profit 93 100 (6.6%) % margin 12.6% 11.2% +139bp o/w : Cdiscount 65 54 +21.2% % margin 14.0% 13.3% +69bp o/w : Nova 28 46 (39.1%) % margin 10.2% 9.5% +78bp SG&A (124) (135) (8.4%) o/w: Cdiscount (69) (68) +1.2% o/w: Nova (55) (67) (18.1%) Operating EBIT (31) (35) n.m. % margin (4.1%) (4.0%) (17bp) o/w : Cdiscount (4) (15) n.m. % margin (0.9%) (3.6%) +271bp o/w : Nova (27) (21) n.m. % margin (9.7%) (4.3%) (544bp) Net profit/(loss) from cont. activities (66) (49) n.m. Adjusted EPS (0.11) (0.08) n.m. Last 12 months Net cash from continuing activities (118) 286 n.m. o/w change in operating w orking cap. 7 270 (97.4%) Capex (63) (76) (17.1%) Free cash flow (181) 210 n.m.

 

Project Delphes - 10 May 2016 B2W - Highlights on Q1 2016 54 Key financials(1) (BRLm) Brokers’ views Note: (1) including the effects of the consolidation of B2W’s transportation subsidiaries Source: Company press release, May 5 2016 “B2W presented a big slump in sales during the quarter, falling 19% YoY, dragged down by the overall slowdown of online sales in Brazil and further pressured by the increase in the tax burden since January 1st. […] Our take on B2W's 1Q16 results is that the extensive roster of strategic initiatives to leverage its digital platform is still very far from translating into a more compelling operating and financial performance. […] Realistically, we don’t rule out the need for additional capital increases in the near future, as the company has already burned most of the proceeds from the last injection in 2013 and is back at 2.8x net debt-to-EBITDA, up from 1.5x last December” Brasil Plural, 5th May 2016 “The company did a good job in controlling expenses to mitigate the impact on operating profitability, but once more bottom line was very negative on surging financial expenses” Credit Suisse, 6th May 2016 “A larger than expected decline in net revenue (-19% Y/Y) was compensated by a good improvement of 120 bps in the EBITDA margin. However, financial expenses once again came in significantly above our expectations. […] However, more concerning in our view is that indebtedness keeps creeping up while EBITDA has now started to decline, resulting in net debt/EBITDA above 5x in 1Q16. […] Despite of the improvement in the reported EBITDA margin, after including the operating items booked as financial expenses, adjusted EBITDA declined 27% Y/Y, with 40 bps margin contraction (as % of gross sales), mainly because of an 8% increase in conditional (cash) discounts” Morgan Stanley, 6th May 2016 B2W Change (2016/2015) GMV 2,461 2,542 (3.2%) o/w marketplace 14.2% 3.2% +1,100bp Net Sales 1,733 2,138 (19.0%) Gross profit 323 472 (31.6%) % margin 18.6% 22.1% (345bp) SG&A (196) (342) (42.8%) EBITDA 127 130 (2.2%) % margin 7.3% 6.1% +120bp EBIT 54 83 (35.2%) % margin 3.1% 3.9% (77bp) Net profit/(loss) (133) (50) n.m. Cash flow from operating activities (451) (390) n.m. o/w change in w orking capital (216) (275) (21.7%) Capex (129) (136) (5.1%) Change in cash balance (136) (34) n.m. Q1 2016 Q1 2015

 

Project Delphes - 10 May 2016 55 Nova valuation Cdiscount valuation Cnova valuation Appendix Additional valuation materials Synergies and holding cost savings Highlights on Q1 2016 releases Buyout premia analysis Additional information on peers' group 1 2 3 11 21 32 40 a b c d e 41 48 52 55 59

 

Premiums calculated by taking as the reference date either: i) when available, the rumour date (the day that news of the transaction begins to circulate around the market) ii) the announcement date of the transaction, in the event that the former cannot be clearly ascertained The premiums are computed as follows: i) Last day: the purchase premium relative to the volume-weighted average share price 1 day before the rumour or announcement date ii) 1-month, 3-month, 6- month premiums: the purchase premium offered above the volume-weighted average share price 1 month, 3 months, and 6 months before the prerumour or announcement date respectively Transaction premiums Project Delphes - 10 May 2016 56 Completed transactions i) ≥ 100m EUR deal value, ii) involving an initial stake ≥ 30%, iii) paid in cash and iv) occurring between 2011 - 2016 France Sources: Company filings and official documents, Datastream, Dealogic, Mergermarket Target Acquiror Announc. date Deal value (> 100 EURm) Initial stake (in %) % of shares acquired Final stake (in %) % of shares tendered / targeted Deal status Last day 1 month 3 months 6 months 12 months Cegereal Northw ood Investors 28/09/2015 191.3 59.8% 38.7% 98.4% 96.1% Completed 30.0% 28.2% 26.8% 21.2% 23.1% NextradioTV New s Participations 27/07/2015 298.5 50.4% 45.1% 95.5% 90.9% Completed 16.4% 24.6% 27.5% 30.3% 41.0% Canal + Vivendi 13/05/2015 496.0 48.5% 48.6% 97.1% 94.3% Completed 25.4% 27.9% 26.6% 29.8% 31.5% Norbert Dentressangle XPO Logistics 29/04/2015 702.5 66.7% 19.5% 86.3% 58.7% Completed 37.8% 41.1% 47.3% 62.2% 79.4% Foncière des Régions Foncière des Murs 23/02/2015 970.7 43.1% 0.1% 43.2% 0.2% Completed -7.6% -6.3% 3.4% 2.6% 4.1% EuroDisney Walt Disney Company 20/02/2015 270.8 72.3% 9.8% 82.2% 35.5% Completed 0.3% -0.5% -1.2% -2.8% -4.9% Havas Bolloré 17/10/2014 1,562.6 36.2% 46.3% 82.5% 72.5% Completed 19.5% 25.6% 32.8% 37.8% 35.6% Générale de Santé Ramsay / Predica 10/10/2014 149.6 83.4% 2.2% 85.6% 13.2% Completed 3.2% 8.0% 10.8% 17.7% 26.0% CNIM Soluni /Dmitrief f 01/07/2014 139 56.2% 0.0% 56.2% 0.0% Completed 37.3% 37.5% 34.9% 37.1% 44.9% Ciments Français Italcementi 22/05/2014 438 83.8% 16.2% 100.0% 100.0% Completed 23.6% 30.3% 39.1% 46.9% 62.9% Boursorama Société Générale 18/03/2014 261 75.9% 24.1% 100.0% 100.0% Completed 22.1% 23.5% 30.9% 38.7% 50.2% Groupe Bourbon SA Jaccar Holdings SA 16/03/2014 849 26.2% 29.6% 55.8% 40.1% Completed 24.2% 18.2% 17.9% 19.2% 19.8% Oeneo Andromede Investissement 30/04/2013 123 37.9% 24.8% 62.7% 40.0% Completed 17.2% 21.8% 21.9% 32.8% 35.1% LaCie Seagate Technology 14/06/2012 153 64.5% 27.6% 92.1% 77.8% Completed 34.7% 43.1% 34.6% 38.5% 46.3% LVL Medical Air Liquide 08/06/2012 326 70.5% 29.5% 100.0% 100.0% Completed 90.0% 98.0% 107.0% 116.0% 116.0% Average 25% 28% 31% 35% 41% Median 24% 26% 28% 33% 36% Premium

 

Target Acquiror Rumour Announce ment Effective Deal value Initial stake % acquired Final stake Last day 1 m 3 m 6 m 12 m DASA Cromossomo Participacoes II - 27/04/2015 02/02/2016 €286m 72% 28% 100% 7.1% 16% 4.9% 1.2% (5.7%) Abril Educacao SA Tarpon Investimentos 30/10/2015 20/11/2015 22/12/2015 €297m 41% 35% 76% 5.0% 5.3% 5.6% 6.7% 10% Souza Cruz SA British Tobacco - 23/02/2015 15/10/2015 €2 847m 75% 22% 98% 15% 19% 27% 32% 31% COELBA Neoenergia - 16/01/2015 27/02/2015 €172m 88% 8.5% 96% 30% 29% 29% 29% 26% Autometal SA CIE-Automotive - 07/04/2014 18/09/2014 €202m 75% 25% 100% 18% 27% 24% 19% 13% COELCE ENEL 20/08/2013 14/01/2014 19/05/2014 €180m 59% 15% 74% 21% 19% 18% 12% 13% Net Servicos Embrapar - 17/10/2013 28/11/2013 €138m 90% 6.0% 96% 2.3% 3.3% 3.6% 0.2% 0.3% Confab Industrial Techint Holdings - 18/01/2012 24/04/2012 €559m 43% 53% 96% 27% 36% 38% 31% 31% Vale Fertilizantes Vale SA - 22/06/2011 24/01/2012 €911m 84% 16% 100% 35% 40% 47% 47% 43% Universo Online Folhapar 26/07/2011 30/08/2011 29/12/2011 €152m 59% 14% 73% 20% 22% 21% 20% 30% Average €621m 70% 23% 93% 18% 22% 22% 20% 18% Median €286m 75% 22% 96% 18% 19% 24% 19% 13% Max €2 847m 90% 53% 100% 35% 40% 47% 47% 43% Min €138m 41% 6.0% 74% 2.3% 3.3% 3.6% 0.2% (5.7%) Transaction premiums Project Delphes - 10 May 2016 57 Brazil & US Completed transactions i) ≥ 100m EUR deal value, ii) involving an initial stake ≥ 30%, iii) paid in cash and iv) occurring between 2011 - 2016 Sources: Company filings and official documents, Datastream, Dealogic, Mergermarket; Note I: Deal value of transactions converted into euro at the rate of exchange prevailing on the relevant rumour (if available) or announcement date; Note II: Two US transactions were excluded from final consideration as their premiums were clear outliers in the sample group: the 2016 acquisition of APR Energy by Fairfax Financial Holdings and the 2013 purchase of Clearwire Corporation by Sprint Nextel Premiums calculated by taking as the reference date either: i) when available, the rumour date (the day that news of the transaction begins to circulate around the market), ii) the announcement date of the transaction, in the event that the former cannot be clearly ascertained The premiums are computed as follows: i) Last day: the purchase premium relative to the volume-weighted average share price 1 day before the rumour or announcement date ii) 1-month, 3-month, 6- month premiums: the purchase premium offered above the volume-weighted average share price 1 month, 3 months, and 6 months before the prerumour or announcement date respectively Brazil US Target Acquiror Rumour Announce ment Effective Deal value Initial stake % acquired Final stake Last day 1 mth 3 mth 6 mth 12 mth Dole Food Co Castle & Cooke Inc - 11/06/2013 01/11/2013 €316m 40% 61% 100% 32% 33% 28% 26% 21% rue21 Apax Partners - 23/05/2013 10/10/2013 €766m 30% 70% 100% 23% 25% 34% 40% 42% Sauer-Danfoss Inc Danfoss A/S - 28/11/2012 12/04/2013 €536m 76% 24% 100% 49% 49% 47% 50% 46% Venoco Inc Timothy M. Marquez - 29/08/2011 03/10/2012 €263m 50% 50% 100% 39% 30% 8.3% (3.7%) (17%) Kenneth Cole Inc Kenneth D Cole - 24/02/2012 25/09/2012 €111m 46% 54% 100% 17% 19% 26% 32% 31% M&F Worldw ide MacAndrew s & Forbes - 13/06/2011 21/12/2011 €192m 43% 57% 100% 47% 25% 12% 6.8% 3.5% Average €364m 47% 53% 100% 35% 30% 26% 25% 21% Median €290m 45% 55% 100% 36% 28% 27% 29% 26% Max €766m 76% 70% 100% 49% 49% 47% 50% 46% Min €111m 30% 24% 100% 17% 19% 8.3% (3.7%) (17%) Date Stake Premium

 

Target Acquiror Rumour Announce ment Effective Deal value Initial stake % acquired Final stake Last day 1 m 3 m 6 m 12 m Inf inis Energy plc Terra Firma Capital - 22/10/2015 17/12/2015 €242m 69% 32% 100% 40% 39% 37% 26% 11% Colt Group SA Fidelity - 19/06/2015 12/08/2015 €810m 62% 38% 100% 21% 23% 26% 29% 34% Fortune Oil plc Fortune Dynasty - 18/12/2014 09/03/2015 €142m 57% 43% 100% 58% 46% 36% 21% 3.0% WMF KKR & Co 19/06/2014 23/07/2014 20/01/2015 €188m 50% 23% 73% 14% 15% 20% 22% 25% Perform Group Access Industries - 01/09/2014 02/12/2014 €391m 43% 45% 87% 28% 24% 18% 13% 3.4% Campof rio Food Sigma Alimentos - 14/11/2013 13/06/2014 €309m 37% 63% 10C0a%sh - T1B1%C 15% 19% 23% 29% Henex UFB, SAMIC, and SPI - 21/10/2013 24/01/2014 €390m 56% 44% 100% 26% 26% 26% 27% 28% Demag Cranes Terex Corp - 30/01/2012 21/01/2014 €232m 82% 18% 100% 16% 18% 20% 17% 22% Compagnie d'Entreprises Ackermans & Van Haaren - 19/09/2013 24/12/2013 €138m 48% 12% 60% 3.6% 6.6% 3.9% 1.7% 1.2% Impregilo Salini - 06/02/2013 30/04/2013 €913m 35% 57% 92% 5.0% 4.5% 10% 17% 22% Vueling Airlines International Airlines Group - 08/11/2012 23/04/2013 €124m 46% 45% 91% 69% 80% 85% 93% 95% Brisa Tagus - 29/03/2012 13/03/2013 €584m 50% 35% 85% 17% 14% 14% 13% 3.8% Telenet Group Liberty Global - 19/09/2012 18/01/2013 €332m 50% 8.0% 58% 13% 13% 5.5% 5.3% 10% Duvel Moortgat Fibemi 12/10/2012 19/12/2012 15/01/2013 €125m 74% 26% 100% 2.4% 11% 16% 20% 23% CIMPOR Camargo Correa 20/10/2011 30/03/2012 10/01/2013 €1 010m 33% 27% 60% 10% 11% 9.4% 7.8% 8.4% Edison EDF 27/12/2011 15/02/2012 06/09/2012 €893m 81% 19% 100% 7.2% 13% 8.5% 6.0% 7.2% International Pow er GDF Suez - 29/03/2012 29/06/2012 €7 719m 70% 30% 100% 9.0% 13% 19% 22% 26% Benetton Group Edizione - 01/02/2012 30/03/2012 €147m 75% 18% 92% 14% 41% 46% 30% 11% EGL Axpo Holdings - 20/06/2011 27/02/2012 €168m 91% 9.0% 100% 22% 21% 20% 22% 22% Omega Pharma Couckinvest 27/05/2011 02/09/2011 20/12/2011 €611m 30% 70% 100% 13% 11% 8.1% 4.9% 6.2% Bulgari LVMH Moet - 07/03/2011 27/09/2011 €1 419m 67% 33% 100% 61% 61% 59% 60% 72% Medion Lenovo - 01/06/2011 23/08/2011 €271m 37% 43% 80% 19% 27% 29% 22% 20% CEPSA IPIC - 16/02/2011 26/07/2011 €4 037m 47% 53% 100% 25% 29% 39% 48% 53% Rank Group Guoco Group - 06/05/2011 18/07/2011 €224m 41% 34% 75% 2.1% 0.9% 4.3% 8.6% 14% CNP Erbe - 03/03/2011 20/06/2011 €1 501m 72% 28% 100% 23% 20% 23% 25% 28% Feintool International Franke Artemis - 17/01/2011 07/04/2011 €101m 33% 48% 81% 11% 11% 8.5% 7.3% 7.5% Average €885m 55% 35% 90% 21% 23% 23% 23% 23% Median €321m 50% 33% 100% 15% 16% 19% 22% 21% Max €7 719m 91% 70% 100% 69% 80% 85% 93% 95% Min €101m 30% 8.0% 58% 2.1% 0.9% 3.9% 1.7% 1.2% Date Stake Premium Transaction premiums Project Delphes - 10 May 2016 58 Completed transactions i) ≥ 100m EUR deal value, ii) involving an initial stake ≥ 30%, iii) paid in cash and iv) occurring between 2011 - 2016 Premiums calculated by taking as the reference date either: i) when available, the rumour date (the day that news of the transaction begins to circulate around the market) ii) the announcement date of the transaction, in the event that the former cannot be clearly ascertained The premiums are computed as follows: i) Last day: the purchase premium relative to the volume-weighted average share price 1 day before the rumour or announcement date ii) 1-month, 3-month, 6- month premiums: the purchase premium offered above the volume-weighted average share price 1 month, 3 months, and 6 months before the prerumour or announcement date respectively Rest of Europe Sources: Company filings and official documents, Datastream, Dealogic, Mergermarket; Note I: Deal value of transactions converted, when applicable, into euro at the rate of exchange prevailing on the relevant rumour (if available) or announcement date; Note II: Countries screened for transactions comprise: Austria, Belgium, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Switzerland, UK Rest of Europe

 

Project Delphes - 10 May 2016 59 Nova valuation Cdiscount valuation Cnova valuation Appendix Additional valuation materials Synergies and holding cost savings Highlights on Q1 2016 releases Buyout premia analysis Additional information on peers' group 1 2 3 11 21 32 40 a b c d e 41 48 52 55 59

 

Broker Date CURRENCY WACC g Normative year Cost of equity Credit Suisse 29/01/2016 USD 10.5% 3.0% 2021 Jefferies 29/01/2016 USD 12.0% 4.0% 2026 Cantor Fitzgerald 28/01/2016 USD 10.0% 3.0% 2021 AVERAGE 10.8% 3.3% 2023 - UBS 26/01/2016 USD 12.1% Nomura 22/01/2016 USD 10.7% 3.0% Suntrust Robinson Humphrey 22/01/2016 USD 10.0% 4.0% 2024 Jefferies 18/01/2016 USD 13.1% 4.0% 2025 15.2% Everbright Securities 03/12/2015 USD 9.1% 2.0% 14.0% AVERAGE 11.0% 3.3% 2025 14.6% Morgan Stanley 29/02/2016 USD 14.0% 4.0% 2026 14.0% Nomura 29/02/2016 USD 11.3% 4.0% UBS 26/02/2016 USD 10.7% Macquarie 26/02/2016 USD 11.6% 1.2% 2021 13.5% BNP Paribas Group 26/02/2016 USD 12.0% 3.0% AVERAGE 11.9% 3.1% 2024 13.8% Crédit Suisse 11/03/2016 BRL 15.9% 8.0% 2026 16.9% JP Morgan 28/01/2016 BRL 15.7% 8.0% 2026 22.7% Votorantim Corretora 10/09/2015 BRL 12.1% 4.5% 2025 13.4% AVERAGE 14.6% 6.8% 2026 17.7% Morgan Stanley 24/12/2015 USD 15.0% 4.0% HSBC 03/09/2015 USD 21.4% 5.0% 21.4% Credit Suisse 10/06/2015 USD 12.0% 3.0% Barclays 01/06/2015 USD 17.4% 3.0% AVERAGE 16.5% 3.8% - 21.4% AVERAGE 12.8% 3.9% 2024 16.4% MEDIAN 12.0% 4.0% 2025 14.6% WACC Consensus – Nova peers Project Delphes - 10 May 2016 60 Source: Brokers

 

Project Delphes - 10 May 2016 Brokers’ valuation methodology 61 Analysts mainly using DCF to value Nova’s peers COMPANY # OF BROKERS ANALYZED METHODOLOGY 1 % METHODOLOGY 2 % METHODOLOGY 3 % 9 Mul tiples (incl . EV/sales, EV/EBITDA, EV/FCF, EV/GMV, EV/GP, P/E) 100% DCF 44% Long-term CSOI(1) margins 11% 10 DCF 70% Multiples (incl. P/Sales, EV/Sales, EV/EBITDA, EV/FCF, P/E) 40% 11 Mul tiples (incl . P/E, PEG, EPADS) 55% DCF 55% 9 DCF 89% Multiples (incl. EV/Sales, EV/EBITDA) 33% DANGDANG 6 DCF 67% Multiples (Incl. P/E, PER) 33% Main methodologies used Source: Brokers Note: Consolidated Segment Operating Income

 

Broker Date CURRENCY WACC g Normative year Cost of equity Credit Suisse 29/01/2016 USD 10.5% 3.0% 2021 Jefferies 29/01/2016 USD 12.0% 4.0% 2026 Cantor Fitzgerald 28/01/2016 USD 10.0% 3.0% 2021 AVERAGE 10.8% 3.3% 2023 - JP Morgan 21/07/2015 GBP 10.0% Panmure Gordon & Co 07/07/2015 GBP 9.5% 2.0% 2025 AVERAGE 9.8% 2.0% 2025 - Inderes 15/02/2016 EUR 8.8% 2026 7.8% AVERAGE 8.8% - 7.8% ESN 02/10/2015 EUR 9.3% 2025 9.3% Banco Profilo 23/03/2015 EUR 7.6% 2.0% 2019 7.6% AVERAGE 8.5% 2.0% 2022 8.5% Exane 09/12/2015 EUR 10.9% 3.0% 2020 11.8% UBS 07/01/2016 EUR 9.0% 2.5% 2025 9.1% Societe Generale 17/02/2016 EUR 8.5% 0.0% 2025 AVERAGE 9.5% 1.8% 2023 10.4% SEB Equities 18/01/2016 SEK 8.0% 2036 8.0% AVERAGE 8.0% - 2036 8.0% Deutsche Bank 24/03/2016 EUR 8.1% 2.0% 8.5% Oddo 29/01/2016 EUR 7.7% 2.0% 2024 8.5% AVERAGE 7.9% 2.0% 2024 8.5% AVERAGE 9.3% 2.4% 2024 8.8% MEDIAN 9.2% 2.3% 2025 8.5% WACC Consensus – CDiscount peers Project Delphes - 10 May 2016 62 Source: Brokers

 

Project Delphes - 10 May 2016 Brokers’ valuation methodology 63 Analysts mainly using DCF and multiples (EV/sales, EV/EBIT) to value Cdiscount’s peers COMPANY # OF BROKERS ANALYZED METHODOLOGY 1 % METHODOLOGY 2 % METHODOLOGY 3 % METHODOLOGY 4 % 4 DCF 50% EV/sales 25% PER 25% 3 DCF 33% EV/sales 33% P/E 33% 1 EV/EBIT 100% PER 100% 1 DCF 100% EVA 100% Mul tiples 100% 4 DCF 75% Mul tiples (incl . EV/sales, EV/EBITDA, EV/EBIT, P/E) 75% Sales model 25% Cohort analysis 25% 3 DCF 67% Mul tiples (incl . EV/sales, EV/EBIT) 67% Main methodologies used Source: Brokers

 

Disclaimer 64 This document has been prepared by the Corporate Finance Department of BNP Paribas (“BNP Paribas”) for Cnova (the “Client” or the “Company”) exclusively and for information purposes only (a) in connection with the potential segregation of all or part of its Brazilian business activities from its European business activities and the potential disposal of all or part of its Brazilian business activities for the benefit of Via Varejo (the “Transaction”), and (b) in relation to an engagement letter signed between BNP Paribas and the Client dated [xxx] April 2016 (the “Mandate”). This document has been prepared on the basis of information (i) either provided orally or in writing by the Client and/or (ii) obtained from publicly available sources and/or through interviews that BNP Paribas conducted with the management of the Client as the case may be (the “Information”). With respect specifically to the financial forecasts, projections and all provisional data and any assumptions including synergies that were disclosed to BNP Paribas and used by it for the present document, BNP Paribas has assumed, in performing its assignment, that (i) they were drawn up in good faith on the basis of realistic assumptions, founded on real, exhaustive and accurate information and (ii) reflected the best currently available estimations and judgments of the Client’s management who prepared them. All assumptions retained in this document have been discussed and reviewed with the Client. No representation or warranty, expressed or implied, is made and no responsibility is or will be accepted by BNP Paribas as to or in relation to the accuracy, reliability or completeness of any such Information (or for any omission, or any misleading elements of such Information). Please be reminded that BNP Paribas (i) assumed that the Information (in particular the information which was provided by the Client’s management) is true, complete, accurate and not misleading and (ii) did not conduct any specific due diligence or submit such documents and, more generally, the Information, to an independent appraisal or expert, as such tasks were not included in its assignment under the Mandate. The conclusions expressed in this document reflect the judgment of BNP Paribas as at [19] April 2016 and are based exclusively on the Information and the market and economic conditions on that date. Such opinions may be subject to change or completion at the sole discretion of BNP Paribas – in particular in the case of an evolution of the prevailing equity market conditions – without notice if BNP Paribas becomes aware of any information, whether specific to the Transaction or general, which may have an impact on any such opinions. BNP Paribas is however under no obligation to complete, amend and change this report. BNP Paribas shall not be held liable for any impact (adverse or otherwise) that any substantial change, subsequent to [19] April 2016 , in the Information, assumptions retained, features of the Transaction, economic and market conditions and, more generally, any event occurring subsequent to [19] April 2016, could have on this report. BNP Paribas will not be responsible for any consequences resulting from the use of this report as well as the reliance upon any opinion or statement contained herein or for any omission. Because all of these elements are inherently subject to uncertainty, being based upon numerous factors or events beyond the control of BNP Paribas and on which BNP Paribas does not have any certainty, BNP Paribas assumes no responsibility if future results or values are different from the forecasts or assumptions used and retained in this report. The information and opinions contained in this document are not intended to be the sole basis upon which the assessment of the merits of the Transaction can be made, and a position vis-à-vis the Transaction decided and/or implemented. It is therefore advisable for the Board of Directors of the Client, for the Transaction Committee, as well as the management and shareholders of the Client to make their own judgment and assessment of the Information and the Transaction. In this context, the Transaction Committee (i) may not rely on this document in determining any course of action in relation to the Transaction or otherwise, (ii) must make its own independent assessment of the merits of the Transaction (by taking in particular into account any other information that could be of interest for the purpose of determining the interest of such Transaction including any other financial information and advice provided by independent experts. This document (i) is not intended to form the basis of any investment decision and (ii) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate the proposed Transaction. In any event, the decision to proceed or not with the Transaction belongs to the Board of Directors of the Client and to the Client’s shareholders, taking into account all the elements and risks and factors regarding the Transaction. This document shall in no circumstances be considered as a recommendation to the members of the Client’s Board of Directors, to Client’s shareholders, to the Transaction Committee or any other party, to approve or reject the Transaction, in whole or in part, the assessment of which should also factor in criteria and information other than those referred to in this document (commercial, social, industrial, strategic, etc.). This document delivered by BNP Paribas does not constitute, cannot and will in no event be considered or used as, an opinion to be rendered by a suitably qualified and independent third party by virtue of application of any French laws or regulation and in particular as provided for in Art. 261-1 and seq. of the Règlement général de l’Autorité des marché financiers. This document is addressed and provided only to the Client and shall not confer any rights or remedies upon or may not be, in whole or in part, used or relied upon by any third party without the prior written consent of BNP Paribas. A person who is not an addressee of this report shall have no right to enforce any of its terms. This report may not be used for any other purpose than the Transaction and BNP Paribas disclaims any liability for any such use of this report by any person. It is reminded that BNP Paribas has provided, currently provides and intends to continue to provide commercial services to the Client and/or its subsidiaries and affiliates (including the Casino Group) as an investment and financing bank, for which BNP Paribas has received, is about to receive and expects to receive financial revenues, customary fees and commissions. Besides, as an investment service provider, BNP Paribas and/or its affiliates have held or traded or may hold positions or trade for their own account or the account of their clients in the securities of the Client or of any company that may be involved in or concerned by the Transaction, or of their listed subsidiaries. This document is strictly confidential and may not be reproduced (in whole or in part) nor summarized or distributed or publicized nor disclosed to any third party without the prior written consent of BNP Paribas. The Client shall keep this report and its content strictly confidential and not disclose its content to any person other than the members of the Board of Directors of the Client who strictly need access to it for the purpose of assessing the merits of the Transaction. Project Delphes - 10 May 2016