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Exhibit 4(b)(3)

JOINT VENTURE AGREEMENT

among

ABILIO DOS SANTOS DINIZ 

ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA

 ADRIANA FALLEIROS DOS SANTOS DINIZ 

JOÃO PAULO FALLEIROS DOS SANTOS DINIZ

PEDRO PAULO FALLEIROS DOS SANTOS DINIZ

and PENINSULA PARTICIPAÇÕES LTDA. 

(the “AD Group”)

and 

CASINO GUICHARD PERRACHON S.A. (“Casino”) 

and as Intervening Party 

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO S.A. (“CBD”)

dated as of May 3, 2005

			
	Exhibits 
	Exhibit 	2.1(a)	By-Laws of the Holding Company 
	Exhibit 	2.2(a)	Conditional Put Option Agreement 
	Exhibit 	2.2(b)	Family Share Call Option Agreement 
	Exhibit 	2.2(c)	Holding Company Shareholders’ Agreement 
	Exhibit 	2.2(d)-1 	CBD Shareholders’ Agreement 
	Exhibit 	2.2(d)-2 	Usufruct Agreement 
	Exhibit 	2.2(e)	By-Laws of the CBD 
	Exhibits 	2.2(e)(ii)	Master Lease Agreement and Template Lease Agreement 
	Exhibit 	2.2(e)(v)	RECo By-Laws (RECo Master and RECo Operating Companies)
	Exhibit 	2.2(e)(vi)	RECo Shareholders’ Agreements (RECo Master and RECo Operating Companies)
	Exhibit 	5.1(f)	Acknowledgement and Consent by Family 
	Exhibit 	5.1(n)	Legal Opinion by Brazilian Counsel to the AD Group 
	Exhibit 	5.1(o)	Legal Opinion by Brazilian Counsel to CBD 

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This JOINT VENTURE AGREEMENT (“Agreement”), dated as of May 3, 2005, is entered into by and among 

in their capacity as the current direct and indirect majority shareholders of CBD (as herein defined) and as members of the controlling group of CBD, acting jointly and severally in this Agreement and hereinafter collectively referred to as the
“AD Group”, 

ABILIO DOS SANTOS DINIZ, a Brazilian citizen, married, business administrator, the holder of the Brazilian identity card No. 1.965.961 -SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 001.454.918 -20, with
domicile in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antonio, No 3.126 (hereinafter referred to as “AD”), and ANA MARIA FALLEIROS DOS SANTOS DINIZ
D ́AVILA, a Brazilian citizen, married, business administrator, the holder of the Brazilian identity card No. 12.785.206 -2-SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 086.359.838 -23, with domicile in the
city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antonio, No 3.126, and ADRIANA FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, divorced, the holder of the Brazilian
identity card No. 15.910.036 -SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 105.549.158 -98, with domicile in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro
Luiz Antonio, No 3.126, and JOÃO PAULO FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, single, entrepreneur, the holder of the Brazilian identity card No. 12.785.207 -4-SSP/SP and of the Brazilian Individual Taxpayer
Identity Card (CIC) No. 101.342.358 -51, with domicile in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antonio, No 3.126, and PEDRO PAULO FALLEIROS DOS SANTOS DINIZ,
a Brazilian citizen, single, entrepreneur, the holder of the Brazilian identity card No. 19.456.962 -7 SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 147.447.788 -14, with domicile in the city of São Paulo, State of
São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antonio, No 3.126, and 
PENÍNSULA PARTICIPAÇÕES LTDA., a limited liability company organized and existing under the laws of the Federative
Republic of Brazil, with registered head offices in the city of São Paulo, State of São Paulo, Brazil, at Avenida Brigadeiro Luiz Antonio, No 3.126, and enrolled with the Brazilian Corporate Taxpayer File (CNPJ/MF) under No.
58.292.210/0001 -80, herein represented in accordance with its By-Laws (hereinafter referred to as “Peninsula”), and 

and in its capacity as a direct and indirect minority shareholder of CBD and member of the controlling group of shareholders of CBD, on its own behalf and on behalf of its Affiliates (as herein defined), 

CASINO GUICHARD PERRACHON S.A., a corporation organized and existing under the laws of French Republic, with registered head offices at 24, Rue de la Montat, Saint Etienne, France, herein represented in accordance with its By-Laws,
hereinafter referred to as “Casino”, 

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and, as an Intervening Party to this Agreement, and in its capacity as the entity whose Control (as herein defined) is the subject of this Agreement, 

COMPANHIA BRASILEIRA DE DISTRIBUIÇÃO, a public company organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of São Paulo,
Brazil, at Av. Brigadeiro Luiz Antonio, 3.142, and enrolled with the Brazilian Corporate Taxpayer File (CNPJ/MF) under No. 47.508.411/0001 -56, herein represented in accordance with its By-Laws, hereinafter referred to as “CBD”,

the AD Group and Casino hereinafter collectively referred to as the “Parties” and individually as a “Party”, 

RECITALS

WHEREAS, CBD is a Brazilian public corporation (“companhia aberta”) and has certain of its securities traded on the São Paulo Stock Exchange – BOVESPA and on the New York Stock Exchange and on the Luxembourg Stock
Exchange; 

WHEREAS, the Parties jointly own the Control of CBD since the execution by the Parties and Affiliates of a certain Master Agreement on August 9, 1999 (“Original Master Agreement”) and of a certain Shareholders’ Agreement
on September 16, 1999 (“Original Shareholders’ Agreement”); 

WHEREAS, the AD Group owns, directly and indirectly, in the aggregate, 33,183,461,483 shares of CBD’s issued and outstanding Common Shares (as herein defined); 

WHEREAS, Casino owns, directly and indirectly, in the aggregate, 15,218,575,935 shares of CBD’s issued and outstanding Common Shares; 

WHEREAS, Casino, subject to the terms and conditions of this Agreement, is interested in having with the AD Group the co-Control of CBD; 

WHEREAS, the AD Group, subject to the terms and conditions of this Agreement, is willing to share with Casino the Control of CBD; 

WHEREAS, CBD is fully aware of the transactions contemplated by this Agreement, including, without limitation, the Transfer (as herein defined) of some of its real estate properties and their rental from the purchaser, which transaction will
allow CBD to have access to additional funding while securing long-term rentals; 

WHEREAS, in order to deepen the relationship between the Parties, the AD Group has shown some interest in holding an equity interest in Casino, and Casino and the AD Group have agreed to continue to discuss this possible additional
relationship during the forthcoming months; 

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NOW, THEREFORE, the Parties and CBD, intending to be legally bound, hereby agree as follows: 

Article I – Defined Terms 

1.1. Except as may otherwise be defined herein, for the purposes of this Agreement the following terms shall have the respective meanings ascribed to them below: 

“Acknowledgement and Consent” has the meaning ascribed to it in Section 5.1(f) of this Agreement, as it is part of the Transaction Documents (as herein defined). 

“AD Group” has the meaning assigned to it in the preamble of this Agreement. 

“AD Group Losses” has the meaning ascribed to it in Section 10.6 of this Agreement. 

 “Affiliate” or “Affiliates” means any Person directly or indirectly at any time controlling, controlled by, or under common Control with another Person. 

“Agreement” means this Joint Venture Agreement. 

“Apportioned Liabilities” has the meaning ascribed to it in Section 10.3.3 of this Agreement. 

“Brazilian GAAP” means the generally accepted accounting practices in Brazil, as adopted by CVM and as recommended by IBRACON. 

“Business Day” means any day of the year on which national banking institutions in a relevant place are open to public for conducting business and are not required or authorized to close. 

“CADE” means the Brazilian antitrust agency, the “Conselho Administrativo de Defesa Econômica – CADE”. 

“Casino” has the meaning ascribed to it in the preamble to this Agreement.

 “CBD” has the meaning ascribed to it in the preamble to this Agreement. 

“CBD Group” means CBD and all of its Controlled
  Companies from time to time. 

“CBD Shareholders’ Agreement” has the meaning ascribed to it in Section 2.2(d) of this Agreement. 

“Central Bank of Brazil” means the Brazilian federal institution with powers similar to those of the United States Federal Reserve Bank. 

“Closing” has the meaning ascribed to it in Section 6.1 of this Agreement. 

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“Closing Date” has the meaning ascribed to it in Section 6.1 of this Agreement. 

“Common Shares” means the voting common shares of the capital stock of a Brazilian corporation. 

“Conditional Put Option Agreement” has the meaning ascribed to it in Section 2.2(a) of this Agreement. 

“Control” or “Controlled” means the (direct and indirect) title to shareholder rights that permanently guarantee, directly or indirectly: (i) the majority of votes in General Meeting deliberations, and (ii) the
power to appoint the majority of members of the Board of Directors or of any other management body, as the case may be, of a Person. 

“Controlled Company” or “Controlled Companies” means any Person Controlled by a certain Person. 

“Controlling Shareholder” means the Person that has the Control of another Person. 

“Conversion Rate” for conversion of U.S. Dollars into Brazilian Reais and vice versa means the average exchange rate for the U.S. Dollar published by the Central Bank of Brazil via SISBACEN for the PTAX-800, option 5, rates for
accounting transactions. If the Central Bank of Brazil does not publish, for any reason, the PTAX-800 rate, the Conversion Rate shall be the average exchange rate determined by the Central Bank of Brazil for the U.S. Dollar in connection with
foreign investment transactions registered or registerable with the Central Bank of Brazil. 

“Convertible Securities” means securities or other rights or interests which are convertible or exchangeable into or exercisable for shares, or any other options, warrants, rights, contracts or commitments of any character pursuant
to which any Person or one of its shareholders is or may be bound to issue, Transfer, repurchase or otherwise acquire any shares. 

“CVM” means the “Comissão de Valores Mobiliários – CVM”, a Brazilian governmental body with regulatory functions similar to those of France’s “Conseil des Marchés
Financiers”. 

“Date of Execution of this Agreement” means the date on which all Parties have signed this Agreement. 

“EBITDA” means, for the CBD Group on a consolidated basis, earnings before interest, tax, depreciation and amortization and is equal to gross profit less selling, general and administrative expenses less taxes (other than corporate
income tax) and charges, all such figures computed in accordance with Brazilian GAAP. 

“EBITDA margin” means, for the CBD Group on a consolidated basis, EBITDA divided by net sales revenue, all such figures computed in accordance with Brazilian GAAP. 

“Exempted Amount” or “Exempted Amounts” has the meaning ascribed to it in Section 10.3.2 of this Agreement. 

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“Exhibit” means any draft agreement attached to this Agreement, which therefore becomes an integral part of this Agreement and which shall come into force as indicated in the pertinent provision of this Agreement. 

“Family” means Messrs. Valentim dos Santos Diniz and Lucília Maria dos Santos Diniz, relatives of AD, and their heirs. 

“Family Share Call Option Agreement” has the meaning assigned to it in Section 2.2(b) of this Agreement. 

“General Meeting” means any general shareholders’ meeting of a Person. 

“Goodwill” has the meaning ascribed to it in Section 2.4 of this Agreement. 

“Governing Documents” has the meaning ascribed to it in Section 8.1.2.2(i) of this Agreement. 

“Governmental Authority” means any Brazilian or French or Luxembourg or United States or other federal, state or local government or any court of competent jurisdiction, administrative agency or commission or other governmental
authority or instrumentality. 

“Holding Company” has the meaning ascribed to it in Section 2.1 of this Agreement. 

“Holding Company Shareholders’ Agreement” has the meaning ascribed to it in Section 2.2(c) of this Agreement. 

“IBRACON” means “IBRACON – Instituto dos Auditores Independentes do Brasil”, a Brazilian private organization with purposes similar to those of the Financial Accounting Standards Board (FASB), of the United
States of America. 

“IPCA” means the “¥ndice de Preços ao Consumidor Amplo”, an index that reflects the Brazilian inflation and is calculated and disclosed from time to time by the “Instituto Brasileiro de Geografia
e Estatística”, the IBGE. 

“Liabilities” has the meaning ascribed to it in Section 10.1(ii) of this Agreement. 

“Liabilities after Credit Set-Off” has the meaning ascribed to it in Section 10.3.1 of this Agreement. 

"LIBOR” means the London Interbank Offered Rate as determined by the British Bankers' Association for a 6-month period, in United States Dollars. 

“Lien” means any lien, pledge, security interest, claim, lease, charge, option, right of first refusal, Transfer restriction under any shareholder or similar agreement, encumbrance or any other restriction or limitation whatsoever
that may affect the free full ownership or may impair the disposal at any time whatsoever. 

“Losses” has the meaning ascribed to it in Section 10.1(i) of this Agreement. 

“Main Transaction” has the meaning ascribed to it in Section 2.1 of this Agreement. 

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“Market” means any organized market regulated by CVM or by the New York Stock Exchange or by the Luxembourg Stock Exchange or by any securities authority with jurisdiction on the stock exchanges where any securities issued by CBD
are or will be traded. 

“Master Lease Agreement” has the meaning ascribed to it in Section 2.2(e)(ii) of this Agreement. 

“Material Adverse Change” has the meaning ascribed to it in Section 5.1(b) of this Agreement. 

“Material Adverse Effect” means any effect that has resulted in a material adverse change in the business, properties, results of operations or financial condition of a Person and the business carried out by such Person, all taken
as a whole, or in the Person’s ability to perform its obligations. 

“Maximum Amount for Indemnification by the AD Group” has the meaning ascribed to it in Section 10.3.4 of this Agreement. 

“Net Financial Debt” means, for the CBD Group on a consolidated basis, the sum of (i) financing (current and long term), (ii) debentures (current and long term), (iii) dividends (declared but not distributed) and other
interest-bearing liabilities not included in items (i) and (ii) above, less the sum of (a) cash and banks, (b) short-term investments, and (c) credit receivables (net of allowances for doubtful debt), all such figures computed in accordance with
Brazilian GAAP. 

“Net Income” means, for the CBD Group on a consolidated basis, net income, it being hereby understood that net income is to exclude the share of minority interests and to include all non-operating and exceptional income and losses,
all such figures computed in accordance with Brazilian GAAP. 

“Net Liabilities” has the meaning ascribed to it in Section 10.3.2 of this Agreement. 

"Ordinary Course of Business" means the day-to-day performance of acts, including obtaining of funds necessary for the carrying out of the business of a company. 

“Original Master Agreement” has the meaning ascribed to it the Second Whereas of this Agreement. 

“Original Shareholders’ Agreement” has the meaning ascribed to it in the Second Whereas of this Agreement. 

“Peninsula” has the meaning ascribed to it in the preamble to this Agreement. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a governmental or political subdivision or an agency or instrumentality thereof. 

“Preferred Shares” means the non-voting preferred shares of the capital stock of a Brazilian corporation. 

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“Party” or “Parties” has the meaning ascribed to it in the preamble to this Agreement. 

“Purchase Price” has the meaning ascribed to it under Section 3.1 of this Agreement. 

“RECo”
  has the meaning ascribed to it in Section 2.2(e)(i) of this Agreement. 

“RECo Shareholders’ Agreement” has the meaning ascribed to it in Section 2.2(e)(vi) of this Agreement; 

“Reference Price” has the meaning ascribed to it in Section 4.3.1(a) of this Agreement. 

“Representative of the AD Group” has the meaning ascribed to it in Section 14.15 of this Agreement. 

“Schedule” means a statement attached to this Agreement that gives a showing of the matters referred to in the pertinent provisions of this Agreement, and which therefore becomes an integral part of this Agreement. 

“September 30, 2004 Financial Statements” has the meaning ascribed to it in Section 8.1.4.3 of this Agreement. 

“Subject Holding Company Shares” has the meaning ascribed to it in Section 2.1(e) of this Agreement. 

“Subject Real Estate Properties” has the meaning ascribed to it in Section 2.2(e) of this Agreement. 

“Tax” or “Taxes” means (a) all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments including, without limitation, all net income, gross receipts, capital, sales, use, ad
valorem, value added, Transfer, franchise, profits, inventory, capital stock, license, withholding, donation, payroll, employment, social security, social contribution, financial, unemployment, excise, severance, stamp, occupation, property and
estimated taxes, customs duties, fees, assessments and charges of any kind whatsoever, (b) all interest, penalties, fines, additions to tax or additional amounts imposed by any taxing authority in connection with any item described in (a) above, and
(c) any transferee liability in respect of any items described in (a) and (b) above. 

“Template Lease Agreement” has the meaning ascribed to it in Section 2.2(e)(ii) of this Agreement. 

“Termination Date” has the meaning ascribed to it in Section 12.1(b) of this Agreement. 

“Transfer” means the direct or indirect assignment, transfer, sale, pledge, Lien, contribution of shares of a Person to the capital of another Person, or in any other manner whatsoever, the disposal of the shares of a Person. 

“Transaction Documents” has the meaning ascribed to it in Section 2.3 of this Agreement. 

“Usufruct Agreement” has the meaning ascribed to it in Section 2.2(d) of this Agreement. 

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Article II – The Purpose of this Agreement

2.1. Subject to the terms and conditions of this Agreement, including, without limitation, the conditions precedent under Article V hereof, the Parties agree that the purpose of this Agreement is to allow Casino to continue to share the Control of
CBD with the AD Group, by both Casino and the AD Group becoming on the Closing Date the sole owners of Vieri Participações S.A., a Brazilian corporation with registered head offices in the city of São Paulo, State of São
Paulo, Brazil, and enrolled with the Brazilian Corporate Taxpayers Register (CNPJ/MF) under No. 04.746.689/0001 -59 (the “Holding Company”), which, on the Closing Date, shall become the Controlling Shareholder of CBD by owning more
than fifty (50) percent of the voting stock of CBD, more precisely Thirty-Two Billion and Seven Hundred Million (32,700,000,000) Common Shares of CBD’s share capital (the “Main Transaction”). For this purpose, the Parties agree
that the following acts shall be completed on Closing Date, which acts are all connected and shall be reasonably satisfactory to both Parties, and the Parties shall receive any and all evidence of the existence and completion of any and all
corporate requirements, including registration, if any, and of any and all approvals, consents, authorizations and notifications, and which acts shall be subsequently implemented in the order indicated below, namely: 

a) The AD Group shall cause the Holding Company to adopt the by-laws attached hereto as Exhibit 2.1(a). 

b) The AD Group shall capitalize the Holding Company with Thirty Billion and Five Hundred Million (30,500,000,000) Common Shares of CBD, receiving in exchange Thirty Billion and Five Hundred Million (30,500,000,000) Common Shares of the Holding
Company. 

c) The AD Group shall admit Casino as a shareholder of the Holding Company, and Casino shall become a shareholder of the Holding Company, by Casino capitalizing the Holding Company with Two Billion and Two Hundred Million (2,200,000,000) Common
Shares of the CBD, causing Casino to be the owner of Two Billion and Two Hundred Million (2,200,000,000) Preferred Shares of the Holding Company. As a result of the completion of the actions specified in this Section and in Section 2.1(b) above, the
Holding Company will then be the owner of an aggregate of Thirty-Two Billion and Seven Hundred Million (32,700,000,000) Common Shares of the CBD, thus achieving the capacity of the Controlling Shareholder of the CBD. 

d) The AD Group, with the consent of Casino, shall convert Ten Billion and One Hundred and Twenty-Five Million (10,125,000,000) Common Shares of the Holding Company into Ten Billion and One Hundred and Twenty-Five Million (10,125,000,000) Preferred
Shares of the Holding Company. As a result of the completion of the action specified in this Section, the Holding Company’s capital stock shall then be represented by Thirty-Two Billion and Seven Hundred Million (32,700,000,000) shares, divided
into Twenty Billion and Three Hundred and Seventy-Five Million (20,375,000,000) Common Shares, representing 62.3 percent of the Holding Company’s total share capital and into Twelve Billion and Three Hundred and Twenty-Five Million
(12,325,000,000) Preferred Shares, representing 37.7 percent of the Holding Company’s total share capital. 

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e) Provided that any and all actions described in Sections 2.1(a) through 2.1(d) above shall have been properly and duly taken, and provided further that the AD Group and Casino and/or its respective counsels shall have received any and all evidence
of the implementation of each and every action described in this Section, including any and all evidence of any and all approvals and consents, Casino shall, or shall cause one or more of its Affiliates to, become the owner(s), under a swap of
assets or any other arrangement to be mutually agreed upon on or before the Closing Date, of (i) Ten Billion and One Hundred and Eighty-Seven Million and Five Hundred Thousand (10,187,500,000) Common Shares of the Holding Company then owned by the
AD Group, and (ii) Ten Billion and One Hundred and Twenty-Five Million (10,125,000,000) Preferred Shares of the Holding Company then owned by the AD Group (hereinafter collectively referred to as the “Subject Holding Company
Shares”), so that Casino shall then be on the Closing Date the direct owner of Twenty-Two Billion and Five Hundred and Twelve Million and Five Hundred Thousand (22,512,500,000) shares of the Holding Company, they being Ten Billion and One
Hundred and Eighty-Seven Million and Five Hundred Thousand (10,187,500,000) Common Shares and Twelve Billion and Three Hundred and Twenty-Five Million (12,325,000,000) Preferred Shares of the Holding Company, and the direct and indirect owner of at
least Thirty-Six Billion and Eight Hundred Million (36,800,000,000) of CBD’s issued and outstanding Common Shares, which, together with an indirect ownership of CBD’s issued and outstanding Preferred Shares, will represent in the aggregate
a direct and indirect ownership of at least 34.3 percent of CBD’s total share capital, such ownership by Casino achieving the main purpose of the Main Transaction. The formalization of the ownership by Casino of the Subject Holding Company
Shares shall be in the form and manner to be agreed upon on or before the Closing Date, and the chosen agreement shall be executed and delivered by the Parties or their designees on the Closing Date. As a result of the actions specified in this
Section, the AD Group shall be the owner of Ten Billion and One Hundred and Eighty-Seven Million and Five Hundred Thousand (10,187,500,000) Common Shares of the Holding Company. 

2.2. Also, as an integral part of the Main Transaction, on the Closing Date, 

a) The AD Group shall enter into an agreement with Casino, in the form of Exhibit 2.2(a) attached hereto (the “Conditional Put Option Agreement”), which will regulate, among others, the right of the AD Group to cause Casino
to purchase a direct equity interest in the Holding Company and, as a result of such acquisition, an indirect equity interest in CBD comprising an aggregate of Ten Billion, One Hundred and Eighty-Seven Million and Five Hundred Thousand
(10,187,500,000) Common Shares of the CBD, representing on the Closing Date nine (9) percent of CBD’s total share capital, and 

b) Casino shall enter into an agreement with some members of the AD Group and of the Family, in the form of Exhibit 2.2(b) attached hereto (the “Family Share Call Option Agreement”), which will regulate the right of Casino to
purchase, and cause these members of the AD Group and of the Family to sell, respectively, One Billion and Three Hundred and Ninety-Two Million and Eighty-Seven Thousand and One Hundred and Twenty-Nine (1,392,087,129) and One Billion and Four
Hundred and Seven Million and Nine Hundred and Twelve Thousand and Eight Hundred and Seventy-One (1,407,912,871) Common Shares of the CBD, representing, therefore, an aggregate of Two Billion and Eight Hundred Million

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(2,800,000,000) Common Shares of the CBD, representing on the Closing Date 2.5 percent of CBD’s total share capital, and 

c) The AD Group and Casino, in their capacity as the Controlling Shareholders of the Holding Company, shall enter into a Shareholders’ Agreement, in the form of Exhibit 2.2(c) attached hereto (the “Holding Company
Shareholders’ Agreement”), which will supersede and automatically rescind the Original Shareholders’ Agreement, and will govern the relationship of the Parties as owners of the co-Control of the Holding Company and, as a
consequence, of the co-Control of CBD, and 

d) The AD Group and Casino shall enter with the Holding Company, in their capacity as owners of the majority of the voting capital of CBD, into a shareholders’ agreement, in the form of Exhibit 2.2(d)-1 attached hereto (the “CBD
Shareholders’ Agreement”), which will (i) govern their relationship in light of the Holding Company Shareholders’ Agreement, and (ii) together with a certain agreement for the creation of an usufruct of their Common Shares of the
CBD on behalf of the Holding Company, in the form of Exhibit 2.2(d) -2 attached hereto (the “Usufruct Agreement”), determine that Casino and the AD Group shall be obliged to vote in strict accordance with instructions given by the
Holding Company, and 

e) The AD Group and Casino shall cause the CBD to hold a General Meeting (1) to approve the change in the By-Laws of the CBD in order to conform with the terms and conditions of the Holding Company’s Shareholders’ Agreement, in such a way
that the By-Laws of the CBD shall be in the form of Exhibit 2.2(e) attached hereto, and (2) to approve the Transfer of certain real estate properties (subject to the applicable legislation and rules of CVM) owned by the CBD and listed in
Schedule 2.2(e)(2) attached hereto (the “Subject Real Estate Properties”) and their rental by CBD. Such operation shall not disturb the day-to-day business and the value of CBD and shall be implemented on the Closing Date as
a result of the completion of the following acts, namely: 

(i) After the approval by the General Meeting of CBD, the AD Group shall cause CBD to form in any manner a Brazilian corporation and one or more Brazilian corporations as subsidiaries of such Brazilian corporation (collectively
“RECo”) by capitalizing RECo with the Subject Real Estate Properties, subject to tax neutrality. 

(ii) Concurrently with the action described in item (i) above, the AD Group shall cause CBD and RECo to enter into a Master Lease Agreement in the form of Exhibit 2.2(e)(ii) attached hereto, which will govern their relationship as lessor and lessee
of the Subject Real Estate Properties (the “Master Lease Agreement”) and will enter into force on the Closing Date, and to enter into a long-term real estate lease agreement for each of the Subject Real Estate Properties, which will
contain standard obligations of lessor and standard rights of lessee, in the form of Exhibit 2.2(e)(ii) attached hereto (the “Template Lease Agreement”), and to proceed immediately with its registration, all of it to the
reasonable satisfaction of both CBD and Casino and their respective counsels. The Template Lease Agreement shall be for any and all purposes an integral part of the Master Lease Agreement. 

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(iii) Concurrently with the actions described in items (i) and (ii) above, the AD Group shall cause CBD to enter into an agreement with the AD Group, in the form and manner to be agreed upon by the Parties on or before the Closing Date, wherein the
AD Group will become the owner of all of the shares of RECo less one, for an amount equal to the sum of (1) One Billion and Twenty-Nine Million Brazilian Reais (R$ 1,029,000,000.00), to be confirmed by an independent real estate appraiser not to be
lower than the fair market value of the Subject Real Estate Properties, and (2) the amount of the real estate transfer tax to be paid by the CBD by virtue of the contribution of the Subject Real Estate Properties to the capital of RECo, all such
action subject to the reasonable satisfaction of both CBD and Casino and their respective counsels, and CBD and Casino shall receive any and all evidence of such transaction and corresponding registration, if any. The consideration for the shares of
RECo shall be made available to CBD concurrently with the execution of the agreement referred to in this item and the AD Group shall become the owner of all of the shares of RECo less one on the Closing Date. Part of the consideration for the
ownership by the AD Group of all RECo shares less one will be delivered to CBD by Casino, for and on behalf of the AD Group, as part of the Purchase Price. 

(iv) Concurrently with the actions described in items (i), (ii) and (iii) above, the AD Group shall cause CBD to admit Casino or any of its Affiliates as a shareholder of RECo, by Transferring to Casino one share of the capital stock of RECo at no
cost to Casino. 

(v) Concurrently with the actions described in items (i), (ii), (iii) and (iv) above, the AD Group shall cause CBD to cause RECo to convert, at no cost, the one share owned by CBD and the one share owned by Casino into “golden shares”,
with certain rights aimed at protecting the interests of CBD and of Casino, which rights shall be those contemplated by the by-laws of RECo attached hereto as Exhibit 2.2(e)(v) and to be formally adopted by RECo concurrently with the action
described in this item. 

(vi) Concurrently with the actions described in items (i), (ii), (iii), (iv) and (v) above, the AD Group, CBD and Casino, in their capacity as the sole shareholders of RECo, shall enter into shareholders’ agreements, in the form of Exhibit
2.2(e)(vi) attached hereto (the “RECo Shareholders’ Agreements”), which terms and conditions will become valid and come into force on the Closing Date. 

2.3. Any and all documents and agreements referred to in this Article II and elsewhere in this Agreement aimed at implementing the transactions contemplated by this Agreement on the Closing Date shall be hereinafter referred to as the
“Transaction Documents”. 

2.4. Action after the Closing Date: Each of the Parties hereby acknowledges and agrees that, as from six (6) months following the Closing Date, the Parties will take all necessary corporate and other actions in order for the CBD to
incorporate and amortize, in accordance with Instructions No. 319, of 1999, and 349, of 1999, issued by the CVM, the goodwill generated by the transactions contemplated by this Agreement, as well as the goodwill generated as a result of
Casino’s purchases of securities of the CBD prior to the Date of Execution of this Agreement (collectively the “Goodwill”), which Goodwill is estimated to amount to Two Billion and Three

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Hundred Million Brazilian Reais (R$ 2,300,000,000.00) . This obligation shall survive the Closing Date. 

2.4.1. The Parties agree that the actions referred to in Section 2.4 above shall meet the following conditions: 

a) There shall be no negative impact on CBD’s distributable dividends; 

b) Goodwill benefits received by the Holding Company shall be distributed

exclusively to Casino; provided that the AD Group shall have preference rights or be entitled to use any other adequate mechanism to avoid being diluted both at CBD and Holding Company levels; 

c) Up to twenty (20) percent of the face value of the Goodwill benefit shall be retained at the CBD, at the AD Group’s discretion, and 

d) The amortization of the Goodwill shall take place in the least possible period of time allowed by applicable legislation, provided that the benefits to be derived from tax credits booked at the CBD on or before the Closing Date shall not be
reduced. 

Article III – The Main Transaction and Its Consideration

3.1. As a consideration for Casino or one or more of its Affiliates to become the owner of the Subject Holding Company Shares, Casino shall pay and/or deliver or cause one or more of its Affiliates to pay and/or deliver to the AD Group on the
Closing Date as the purchase price (the “Purchase Price”): 

a) Two Hundred Million U.S. Dollars (US $200,000,000), in the form and manner to be agreed upon on or before the Closing Date, and 

b) One Billion Brazilian Reais (R$ 1,000,000,000.00), it being hereby expressly understood and agreed that the above amount will be ultimately delivered by Casino to the CBD, for and on behalf of the AD Group, as part of the price to be paid by the
AD Group to the CBD under the terms of the agreement referred to in Section 2.2(e)(iii) hereof, and in the form and manner to be agreed upon on or before the Closing Date, and 

c) Twelve Billion and Five Hundred Million (12,500,000,000) shares of CBD’s issued and outstanding Preferred Shares and in the form and manner to be agreed upon on or before the Closing Date. 

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Article IV – Subsequent Sale by the AD Group of Certain CBD’s Preferred Shares 

4.1. The Parties agree that the subsequent sale by the AD Group of the Twelve Billion and Five Hundred Million (12,500,000,000) CBD’s Preferred Shares referred to in Section 3.1(c) hereof shall be made in accordance with the rules provided for
in this Article. 

4.2. The AD Group agrees to hold at least Eight Billion (8,000,000,000) CBD’s Preferred Shares during the first twenty-one (21) months following Closing Date. 

4.3. For the sale by the AD Group of the first Two Billion (2,000,000,000) CBD’s Preferred Shares, the following rules shall apply during the first nine (9) months following Closing Date: 

4.3.1. If the sale of the first Two Billion (2,000,000,000) CBD’s Preferred Shares takes place in the first six (6) months following Closing Date: 

a) Should the AD Group sell these shares at price lower than Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, Casino hereby agrees to pay or cause its Affiliates to pay to the AD Group the difference between the amount of Twenty-One
U.S. Dollars (US $21) per thousand Preferred Shares and the Reference Price, this payment being however limited to an amount of Three U.S. Dollars and Fifty Cents of a U.S. Dollar (US $3.50) per thousand Preferred Shares. For the purposes of this
Article IV, “Reference Price” means an amount equal to the highest of (i) the price at which the Preferred Shares have been effectively sold, and (ii) the weighted average price per thousand Preferred Shares calculated over a period of six
(6) months preceding the sale of the shares, taking into consideration the trading of the American depositary receipts, the ADRs, on the New York Stock Exchange, the Preferred Shares sold by the AD Group being excluded from the calculation of the
weighted average. 

b) Should the AD Group sell these shares at price higher than Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, the AD Group hereby agrees to pay to Casino the difference between the Reference Price and the amount of Twenty-One U.S.
Dollars (US $21) per thousand Preferred Shares, this payment being however limited to an amount of Eight U.S. Dollars (US $8) per thousand Preferred Shares. 

4.3.2. If, at the end of the six-month period following Closing Date, the AD Group has sold none or less than Two Billion Shares (2,000,000,000) CBD’s Preferred Shares, the AD Group will immediately notify Casino with AD Group’s election
of the following alternative rules to govern the sale of the shares contemplated by this Section 4.3 or their remainder. Failure by the AD Group to elect one of the alternative rules within the seventh (7th) month following Closing Date,
then Alternative A shall automatically apply. 

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a) Alternative A:  

(i) Should the AD Group sell the shares at a price lower than Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, Casino shall not be obliged to pay any amount to AD Group. 

(ii) Should the AD Group sell the shares at a price higher than Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, the AD Group agrees to pay to Casino the difference between the Reference Price and the amount of Twenty-One U.S. Dollars
(US $21) per thousand Preferred Shares, this payment being however limited to an amount of Eight U.S. Dollars (US $8) per thousand Preferred Shares. 

b) Alternative B: 

(i) Should the AD Group sell the shares at a price lower than Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, Casino hereby agrees to pay or cause its Affiliates to pay to the AD Group the difference between the amount of Twenty-One
U.S. Dollars (US $21) per thousand Preferred Shares and the Reference Price, this payment being however limited to an amount of Three U.S. Dollars and Fifty Cents of a U.S. Dollar (US $3.50) per thousand Preferred Shares. 

(ii) Should the AD Group sell the shares at a price higher than Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, the AD Group agrees to pay to Casino the difference between the Reference Price and the amount of Twenty-One U.S. Dollars
(US $21) per thousand Preferred Shares, this payment being however limited to an amount of Eight U.S. Dollars (US $8) per thousand Preferred Shares. 

(iii) Should (x) the AD Group not sell all of the shares or their remainder and (y) the average share price weighted by the volumes - taking into consideration the trading of the American depositary receipts, the ADRs, on the New York Stock Exchange
over the period beginning at the sixth (6th) month and terminating at the end of the ninth (9th) month following Closing Date - be higher than Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, then the AD Group
agrees to pay to Casino on the Preferred Shares not sold by the end of the ninth (9th) month following Closing Date the difference between such average and the amount of Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares, this
payment being however limited to an amount of Eight U.S. Dollars (US $8) per thousand Preferred Shares. 

4.3.3. The computation of the differences shall be made at the end of the ninth (9th) month following Closing Date on a consolidated basis, and payment, if any, by either Casino or its Affiliates or AD Group, as the case may be, shall
take place within thirty (30) days thereafter. 

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4.4. For the sale by the AD Group of up to Two Billion and Five Hundred Million (2,500,000,000) CBD’s Preferred Shares during the first four (4) years following Closing Date, the following rules shall apply: 

a) Casino agrees to pay or cause its Affiliates to pay to the AD Group the difference, if positive, between the amount of Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares and the Reference Price, this payment being however limited to
an amount of Three U.S. Dollars and Fifty Cents of a U.S. Dollar (US $3.50) per thousand Preferred Shares. 

b) Casino shall not be obliged to pay the difference specified in item (a) above on each tranche of up to Eight Hundred and Thirty-Three Million, Three Hundred and Thirty-Three Thousand and Three Hundred and Thirty-Three (833,333,333) Preferred
Shares - limited to 3 (three) tranches totaling Two Billion and Five Hundred Million (2,500,000,000) Preferred Shares - each time the average price per thousand Preferred Shares exceeds the amount of Twenty-Four U.S. Dollars (US $24) in any
consecutive three (3) months in the period starting at the end of the sixth (6th) month following the Closing Date and terminating at the end of fourth (4th) year following Closing Date. Each tranche shall be reduced by the
amount of shares effectively sold by the AD Group during the respective three (3) month period. 

c) The rules provided for in this Section 4.4, including the obligation to pay the difference referred to in item (a) above, if any, and the exception provided for in item (b) above, shall apply to the first Two Billion and Five Hundred Million
(2,500,000,000) CBD’s Preferred Shares sold, if these shares are not sold during the first nine (9) months following Closing Date, in which case the rules provided for in Section 4.3 shall apply. 

d) The computation of the difference shall be made at the end of the ninth (9th) month following Closing Date and thereafter at the end of each six-month period on a consolidated basis, and payment by Casino or its Affiliates, if any,
shall take place within thirty (30) days following the end of each six-month period. 

4.5. For the sale by AD Group of up to Eight Billion (8,000,000,000) CBD’s Preferred Shares during the sixth (6th) and seventh (7th) years following Closing Date, the following rules shall apply: 

a) Casino hereby agrees to pay or cause its Affiliates to pay to the AD Group the difference, if positive, between the amount of Twenty-One U.S. Dollars (US $21) per thousand Preferred Shares and the Reference Price, this payment being however
limited to an amount of Two U.S. Dollars and Fifty Cents of a U.S. Dollar (US $2.50) per thousand Preferred Shares. 

b) Casino shall not be obliged to pay the difference specified in item (a) above on each tranche of One Billion (1,000,000,000) Preferred Shares - limited to 3 (three) tranches totaling Three Billion (3,000,000,000) Preferred Shares- each time the
average price per thousand Preferred Shares exceeds the amount of Twenty-Four U.S. Dollars (US $24) in any consecutive three (3) months in the period starting at the end of the twenty-first (21st) month following Closing Date and
terminating at the end of the

16

seventh (7th) year following Closing Date, it being expressly agreed that, up to the end of the fourth (4th) year following Closing Date, this rule will only apply after the three (3) tranches specified in Section 4.4(b) have
been consumed. Each tranche shall be reduced by the amount of the Preferred Shares effectively sold by the AD Group during the respective three (3) month period. 

c) The quantity of CBD’s Preferred Shares to which the rules provided for in this Section 4.5. shall apply shall be equal to Eight Billion (8,000,000,000) Preferred Shares less any shares subject to Section 4.5(b) and less the quantity of all
CBD’s Preferred Shares previously sold by and for the AD Group in the period beginning with the twenty-first (21st) month following Closing Date, except that there shall not be deducted (i) the Preferred Shares covered by Section 4.4
above that have not been sold during the first twenty-one (21) months following Closing Date and (ii) the Preferred Shares sold during the fifth (5th) year after Closing Date at a price of less than Eighteen U.S. Dollars and fifty cents
of an U.S. Dollar (US$ 18.5) . 

d) The computation of the difference, if any, shall be made on each six-month period starting as of Closing Date on a consolidated basis, and payment by Casino or its Affiliates shall take place within thirty (30) days following the end of each
six-month period. 

4.6. For the sake of clarification, the sale procedures set forth in Sections 4.4 and 4.5 above do not contemplate any action or restriction on the sale during the fifth (5th) year following Closing Date of any Preferred Shares owned by
the AD Group. 

4.7. All the sales specified in this Article shall be made through brokers selected from a five-name list presented by the AD Group, provided that Casino may veto up to two (2) names and provided further that all of the candidates have a recognized
national reputation, with no liability being imposed upon Casino regarding any default or failure to perform by the brokers. 

4.8. Only sales of Preferred Shares of CBD owned by the AD Group at a price equal to or higher than ninety-five (95) percent of the then price of the CBD’s Preferred Shares shall be computed for purposes of calculating the difference in
accordance with the provisions of Sections 4.3, 4.4 or 4.5 above, except in the cases provided for in Sections 4.3.1(b) and 4.3.2(a)(ii) and 4.3.2(b)(ii) above. 

4.9. All payments by Casino to the AD Group shall be made in Brazilian Reais and in Brazil, at the Conversion Rate prevailing on the date on which each computation of the difference is made. All payments by the AD Group to Casino shall be made in
U.S. Dollars under the applicable legislation. 

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Article V – Conditions Precedent to Closing

5.1. The obligation of Casino to perform the actions specified in Article II hereof, to enter into the Transaction Documents and to pay the Purchase Price is subject to the satisfaction of the following conditions precedent, provided, however, that
these conditions precedent are for the sole benefit of Casino and may be waived in writing individually or in the aggregate by Casino: 

a) Representations and Warranties True: The representations and warranties of the AD Group contained in this Agreement and regarding Peninsula or CBD shall be true and correct in all material respects (except in the case of representations
and warranties qualified by materiality in any manner, which shall be true and correct in all respects) as of the date hereof and at the Closing Date. 

b) No Material Adverse Change: There shall not have occurred any of the following events that shall be considered as and hereinafter collectively referred to as “Material Adverse Change”: 

i) The net sales, in real terms (IPCA adjusted), of the same stores of CBD fall by more than twelve (12) percent during two (2) consecutive months, compared to the same months of the preceding calendar year pursuant to Schedule 5.1(b)(i) ; or 

ii) The EBITDA margin, in percentage terms, decreases by more than two hundred (200) basis points during the first quarter of fiscal year 2005 as compared to the same

quarter of fiscal year 2004 pursuant to Schedule 5.1(b)(ii); or 

iii) The Net Financial Debt exceeds at any time the Net Financial Debt announced as at September 30, 2004 (pursuant to Schedule 5.1(b)(iii)) by more than fifteen (15) percent; or 

iv) The market price per thousand Preferred Shares of CBD falls below the amount of Thirty-Six Brazilian Reais (R$ 36.00) prevailing on a ten (10) consecutive Business Days moving average; or 

v) The Conversion Rate, prevailing on a moving average basis for ten (10) consecutive Business Days in the city of São Paulo, State of São Paulo, Brazil, is higher than an amount of Three Reais and Fifty Cents of a Real (R$ 3.50); or

vi) Any material change in the Brazilian regulation relating to food retail business or to the foreign exchange control, or any change in law or in the application or interpretation thereof, which could reasonably be expected to have a Material
Adverse Effect on Casino’s ability to consummate any or all of the transactions contemplated by this Agreement or by the Transaction Documents or on the economic value of the investment to be made by Casino as part of Casino’s obligations
under this Agreement; or 

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vii) The voting share price of Casino falls below an amount being the lower of either (i) eighty (80) percent of the voting share price as at the Date of Execution of this Agreement, or (ii) Euro 47.5 on a ten (10) consecutive Business Days moving
average. 

c) Ability of the AD Group and of CBD: There shall not have been any event resulting in a Material Adverse Effect on the ability of the AD Group or of CBD to carry out the transactions contemplated by this Agreement. 

d) Performance by the AD Group or by CBD: Each of the covenants set forth in Article VII hereof and other actions and obligations of the AD Group or of CBD to be performed by any of them on or before the Closing Date pursuant to the terms of
this Agreement, including, without limitation, the holding of a General Meeting of CBD for the approval of the operation referred to in Section 2.2(e) hereof, shall have been duly performed and complied with in all respects. 

e) Corporate Authorizations: All corporate action required to be previously taken by or on the part of the AD Group or of CBD to authorize the execution, delivery and performance of this Agreement and the Transaction Documents shall have been
duly and validly taken. 

f) Authorization and Performance by the Family: At the Closing Date: (i) AD Group shall have obtained the Family’s approval of all transactions contemplated by this Agreement, through the execution and delivery of a
certain Acknowledgement and Consent in the form set out in Exhibit 5.1(f) attached hereto (“Acknowledgement and Consent”), and (ii) the Family shall have fully performed the actions provided for in this Agreement. The
approval of the operation by the Family or the complete fulfillment of its obligation shall be made irrevocable and unconditional and not subject to any kind of actions or proceedings of whatsoever nature against the CBD, AD Group
and/or Casino. 

g) No Other Common Shares of the CBD owned by Third Parties: At the Closing Date there shall be no Common Shares of the CBD owned by Persons other than the Holding Company, Casino and those subject to the Family Share Call Option Agreement,
except for those Thirty Million, Three Hundred and Thirty-Six Thousand, Two Hundred and Forty-Nine (30,336,249) Common Shares held by Third Parties on the Date of Execution of this Agreement.

h) Goodwill: At the Closing Date the CBD shall have provided a detailed schedule of goodwill and other tax-related amortizations based on the CBD’s most recent annual operating plan and on its financial projections for the subsequent
years so that Casino can assess its best estimate of the Goodwill amortization timing and consequently the present value of the Goodwill benefit. 

i) Full Disclosure of the Transaction: CBD shall have made the disclosure to CVM, to the New York Stock Exchange, to the United States Securities and Exchange Commission (SEC), to the Luxembourg Stock Exchange and to the public in general of
all the material details of the transactions contemplated by this Agreement and by the Transaction Documents in accordance with the applicable legislation. 

j) CADE Filing: The filing for approval of the CADE shall have been reviewed and approved by the AD Group and Casino, shall have been timely made by CBD and shall have included all documents required pursuant to CADE regulations and politics
and the applicable

19

legislation, except as a result of the failure of Casino to provide the required documentation relating to Casino, and there shall have been no stand still or similar order or an injunction by the CADE or by any other antitrust agency interrupting
or suspending the implementation of the Main Transaction and the execution of the Transaction Documents. 

k) Other Consents, Approvals and Registrations: All other consents, approvals and authorizations from, and registration with, all Governmental Authorities or other Persons required for the consummation of the transactions contemplated by this
Agreement shall have been issued and made, as the case may be, including without limitation any communications to the New York Stock Exchange and the indication by the Central Bank of Brazil of its willingness to allow the registration as foreign
equity investment of the Purchase Price. 

l) Absence of Objection by Minority Shareholders or Family: There shall have been no court or administrative order or injunction secured by any minority shareholder of CBD or the Family, or any member of the AD Group, that may (1) jeopardize
totally or partially the rights and obligations of one of the Parties contemplated by this Agreement and by the Transaction Documents, or (2) adversely affect the economics of the transactions contemplated by this Agreement, whether by increasing
the Purchase Price or by increasing the cost of the transaction for one of the Parties, or (3) may modify the terms and conditions of this Agreement and of the Transaction Documents. 

m) Absence of Legal and Other Restrictions: No judgment, court order, arbitration award or similar order prohibiting the transactions contemplated by this Agreement shall have been entered by a Governmental Authority and which remains in
effect, and no action shall have been instituted by any Governmental Authority challenging the transactions contemplated by this Agreement. 

n) Legal Opinion by Brazilian Counsel to the AD Group: A legal opinion by Brazilian counsel to the AD Group in the form set out in Exhibit 5.1(m) attached hereto shall have been furnished to Casino. 

o) Legal Opinion by Brazilian Counsel to CBD: A legal opinion by Brazilian counsel to CBD in the form set out in Exhibit 5.1(n) attached hereto shall have been furnished to Casino. 

p) Legal Opinion by U.S. Counsel to the CBD: A legal opinion by U.S. counsel to CBD that the transactions contemplated by this Agreement do not violate any U.S. laws and regulation as regards the five (5) points identified in the form
attached hereto as Exhibit 5.1(p). 

q) Disclosure to U.S. Authority: The contents of CBD’s annual report on the Form 20-F related to the transactions contemplated by this Agreement, which must be filed on or before June 30th, 2005, shall be reasonably satisfactory to
Casino and its counsel. 

r) Certificates and Other Documents: The AD Group and CBD shall have furnished Casino with such certificates of its officers and such other documents as Casino may have reasonably requested on or before the Closing Date to evidence or certify
compliance with the conditions set forth in this Section 5.1. The form and substance of all such certificates and other documents shall be reasonably satisfactory in all respects to Casino and its counsel. 

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5.2. The obligation of the AD Group to perform the actions specified in Article II hereof, to enter into the Transaction Documents and to receive the Purchase Price is subject to the satisfaction of the following conditions precedent, provided,
however, that these conditions precedent are for the sole benefit of the AD Group and may be waived in writing individually or in the aggregate by the AD Group: 

a) Representations and Warranties True: The representations and warranties of Casino shall be true and correct in all material respects (except in the case of representations and warranties qualified by materiality in any manner, which shall
be true and correct in all respects) as of the date hereof and at the Closing Date. 

b) Performance by Casino: Each of the obligations of Casino to be performed on or before the Closing Date pursuant to the terms of this Agreement shall have been duly performed in all respects. 

c) Corporate Authorizations: All corporate action required to be previously taken by or on the part of Casino to authorize the execution, delivery and performance of this Agreement and the Transaction Documents shall have been duly and
validly taken. 

d) Other Consents, Approvals and Registrations: All other consents, approvals and authorizations from, and registration with, any Governmental Authority or other Persons required for the consummation of the obligations of Casino contemplated
by this Agreement shall have been issued and made, as the case may be. 

e) Absence of Legal and Other Restrictions: No judgment, court order, arbitration award or similar order prohibiting the transactions contemplated by this Agreement shall have been entered by a Governmental Authority and which remains in
effect, and no action shall have been instituted by any Governmental Authority or other Person challenging the transactions contemplated by this Agreement. 

f) Certificates and Other Documents: Casino shall have furnished the AD Group with such certificates of its officers and such other documents as the AD Group may have reasonably requested on or before the Closing Date to evidence or certify
compliance with the conditions set forth in this Section 5.2. The form and substance of all such certificates and other documents shall be reasonably satisfactory in all respects to the AD Group and their counsel. 

Article VI - Closing

6.1. The completion of the actions contemplated in Article II hereof, the execution and delivery of the Transaction Documents and the payment and receipt of the Purchase Price (the “Closing”) shall take place on a date which is ten
(10) calendar days after the last of the conditions precedent specified in Article V hereof is deemed met by the Party that is the beneficiary thereof (the “Closing Date”). 

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6.1.1 On the Closing Date at least the following actions shall take place:

a) the completion of the acts specified in Section 2.1 hereof; 

b) the execution and delivery of the Conditional Put Option Agreement; 

c)
  the execution and delivery to Casino of the Family Share Call Option Agreement;  

d) the execution and delivery of the Holding Company Shareholders’ Agreement; 

e) the execution and delivery of the CBD Shareholders’ Agreement and
  of the Usufruct Agreement;

f) the holding of the General Meeting of CBD referred to in Section 2.2(e) hereof, the execution and delivery of the agreement referred to in Section 2.2(e)(iii) hereof, the delivery to CBD for and on behalf of the AD Group of the consideration for
the ownership by the AD Group of all of the shares of RECo less one, the creation of the “golden shares” referred to in Section 2.2(e)(v) hereof on behalf of CBD and Casino, and the execution and delivery of the RECo Shareholders’
Agreements and of the Master Lease Agreement; 

g) the execution and delivery to Casino of the Acknowledgement and Consent; 

h)
  the delivery of the Purchase Price; 

i) the execution and delivery by the
    Parties of a closing document evidencing or certifying compliance by the
  Parties with the conditions set forth in Sections 5.1 and 5.2 hereof. 

6.2. The Closing shall take place in the city of São Paulo, State of São Paulo, Federative Republic of Brazil. 

Article VII - Covenants

7.1. From the Date of Execution of this Agreement and until the Closing Date, the AD Group shall cause CBD to carry on its business only in the Ordinary Course of Business and in a manner consistent with past practice in order to protect the value
of CBD and its Controlled Companies. Without limitation to the foregoing, from the Date of Execution of this Agreement and until the Closing Date: 

a) the AD Group shall cause CBD and any of its Controlled Companies not to (i) enter into any material agreement, commitment or instrument, except in the Ordinary Course of Business in conformity with past practice, or enter into any agreement,
commitment or instrument that, pursuant to its terms, will require the consent of any party thereto to the transactions contemplated by this Agreement and by the Transaction Documents or will allow its termination or acceleration by any party
thereto as a result of

22

the transactions contemplated by this Agreement and by the Transaction Documents, or (ii) agree to terminate, amend or waive any provision of any existing material agreement, commitment or instrument; 

b) the AD Group shall cause CBD and its Controlled Companies to make their best efforts to preserve their business organization intact, to make their best efforts to keep available the services of their officers and current key employees, and to
make their best efforts to preserve their properties and the goodwill of their suppliers, customers and other Persons with whom business relationship exists; 

c) the AD Group shall cause CBD and its Controlled Companies not to take or not to agree to take any action, in the conduct of the business of CBD or of any of its Controlled Companies that would cause any representation or warranty contained herein
to be or to become untrue, provided that the foregoing shall not prohibit or limit CBD and its Controlled Companies from operating their business in the Ordinary Course of Business and in a manner consistent with past practice, and 

d) the AD Group shall cause CBD and its Controlled Companies not to issue any Common Shares and/or Preferred Shares and/or Convertible Securities. 

7.2. From the Date of Execution of this Agreement and until the Closing Date none of the Parties shall directly or indirectly solicit or engage in any inquiries, discussions or proposals, or enter into any agreement or understanding providing for
any acquisition of Common Shares and/or Preferred Shares and/or Convertible Securities issued by CBD or any acquisition or sale of assets or business of CBD or of its Controlled Companies other than as expressly contemplated by this Agreement. 

7.3. The Parties agree not to purchase nor to sell any Common Shares and/or Preferred Shares and/or Convertible Securities issued by CBD from the Date of Execution of this Agreement and until the Closing Date, except as otherwise provided herein and
for transactions between AD and the other members of the AD Group or the Family. 

7.4. The AD Group undertakes to keep free and clear of any Lien and not to Transfer in any manner whatsoever any of the CBD’s Common Shares and/or Preferred Shares that are the subject of the transactions contemplated by this Agreement and by
the Transaction Documents, until the full exercise by Casino of its rights contemplated hereby and by the Transaction Documents or until the expiration of Casino’s rights under the Transaction Documents. 

7.5. The AD Group shall make its best efforts to provide and cause CBD to make its best efforts to provide such assistance to Casino as Casino may reasonably request in connection with obtaining any necessary consents from, or making any necessary
filings with, any Governmental Authority. 

7.6. The AD Group shall deliver and cause CBD to deliver promptly to Casino any material information that the AD Group or CBD becomes aware of that is necessary to supplement the representations and warranties contained in this Agreement, including
the exhibits attached hereto, or information delivered by CBD or by the AD Group pursuant to any of the covenants contained in this Agreement in order that such information shall remain complete and accurate

23

in all material respects. The delivery of such supplemental information shall not be deemed to cure in any manner any breach of any representations and warranties made in this Agreement and shall not constitute in any manner a waiver by Casino of
any of the conditions precedent to the Closing or otherwise affect the rights of Casino under this Agreement. 

Article VIII – Representations and Warranties of the AD Group

8.1. In order to induce Casino to enter into the Agreement, and each one of the Transaction Documents to which it is or shall be a party, and to consummate the investment hereby and thereby contemplated, the AD Group hereby represents and warrants
to Casino, jointly and severally, on and as of the Date of Execution of this Agreement, as follows: 

8.1.1. Representations and Warranties regarding the Capitalization of Holding Company 

Between the Date of Execution of this Agreement and the Closing Date, the members of the AD Group shall capitalize the Holding Company with Thirty Billion and Five Hundred Million (30,500,000,000) Common Shares of CBD. At the Closing Date (i) these
shares shall be free and clear of any Lien and not subject to any voting trust agreement or other contract, agreement, arrangement, commitment or understandings restricting or otherwise relating to the voting, dividend rights or disposition of such
shares, (ii) such shares or any operation related thereto are not, to the best of AD Group’s knowledge, subject to any claim or any procedure of any nature whatsoever and (iii) the Holding Company shall become the beneficial and legal holder
of, valid and indefeasible title to these shares. 

8.1.2. Representations and Warranties regarding Holding Company 

8.1.2.1. Organization; Qualification 

The Holding Company is a legal entity, duly organized and validly existing under the laws of Brazil, and has the requisite corporate power and authority to own, lease or otherwise hold its properties and assets and to carry on its operations as
presently conducted. 

8.1.2.2. Authority; No Conflicts 

The execution and delivery of this Agreement and of the Transaction Documents by the Holding Company, the CBD and the AD Group shall not: 

(i) conflict with or result in any breach of any provision of the By-laws, articles of incorporation and shareholders agreement (hereinafter, the "Governing Documents") of the Holding Company; and 

24

(ii) require the Holding Company to obtain any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, other than those to be obtained pursuant to Article V of this Agreement; and 

(iii) Violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Holding Company or any of its assets. 

8.1.2.3. Capital Stock 

(i) As of the Date of Execution of this Agreement the registered capital of the Holding Company is Three Hundred Brazilian Reais (R$ 300,00), represented by One Hundred (100) Common Shares and Two Hundred (200) Preferred Shares duly paid in. 

(ii) The AD Group has good and valid title to the Subject Holding Company Shares to be Transferred to Casino in accordance with Section 2.1. (e) of this Agreement, free and clear of any Lien. In addition, other than pursuant to this Agreement and
the Transaction Documents, no share of the capital stock of Holding Company is or may become subject to any Lien or voting trust agreement or other contract, agreement, arrangement, commitment or understanding, including any such agreement,
arrangement, commitment or understandings restricting or otherwise relating to the voting, dividend rights or disposition of such shares.

(iii) Upon the Transfer to Casino of the Subject Holding Company Shares, Casino shall acquire the beneficial and legal, valid and indefeasible title to the Subject Holding Company Shares free and clear of all Liens. 

8.1.2.4. Financial Statements

The Holding Company financial statements for the fiscal year ended December 31, 2004 have been prepared in accordance with Brazilian GAAP and are true and accurate. 

8.1.2.5. Corporate Books

(i) The minute books of the Holding Company that are required under the Brazilian legislation are kept in accordance with Brazilian law and contain the records of all the meetings held. All such books and records are in the possession of the Holding
Company. 

(ii) All returns, resolutions and other documents that the Holding Company is required by law to file with or deliver to the registry of companies have been correctly made up and duly filed or delivered. 

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8.1.2.6. Consents and Approvals. No Violation 

The execution and delivery of this Agreement will not result in a default (or give rise to any right of termination, cancellation or acceleration) under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, agreement or
other instrument or obligation to which the Holding Company is a party or by which its assets may be bound. 

8.1.3. Representations and Warranties regarding Peninsula 

8.1.3.1. Organization; Qualification 

Peninsula is a legal entity, duly organized and validly existing under the laws of Brazil, and has the requisite corporate power and authority to own, lease or otherwise hold its properties and assets and to carry on its operations as presently
conducted. 

8.1.3.2. Authority; No Conflicts 

The execution and delivery of this Agreement and the Transaction Documents does not: 

(i) conflict with or result in any breach of any provision of the Governing Documents of Peninsula; and 

(ii) require Peninsula to obtain any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, other than those to be obtained pursuant to Article V of this Agreement; and 

(iii) Violate any order, writ, injunction, decree, statute, rule or regulation applicable to Peninsula or any of its respective assets. 

8.1.3.3. Consents and Approvals. No Violation 

The execution and delivery of this Agreement and the Transaction Documents does not: 

(i) result in a default (or give rise to any right of termination, cancellation or acceleration) under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, agreement or other instrument or obligation to which Peninsula
is a party or by which Peninsula or its assets may be bound; and 

(ii) except for the filings referred to in Article V of this Agreement, no declaration, filing or registration with, or notice to, or authorization, consent or approval of any Governmental Authority is necessary for the consummation by Peninsula of
the transactions contemplated hereby; and 

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(iii) trigger any change in control of the CBD and Holding Company in the meaning of stock exchange laws and regulations as applicable to the CBD in any jurisdiction. 

8.1.4. Representations and Warranties regarding the CBD and its Controlled Companies 

8.1.4.1. Organization; Qualification 

The CBD and each of its Controlled Companies are legal entities, duly organized and validly existing under the laws of Brazil, and have the requisite corporate power and authority to own, lease or otherwise hold their properties and assets and to
carry on their operations as presently conducted. The CBD and the AD Group have provided Casino with the current articles of association and by-laws of the CBD and of each of its Controlled Companies. 

8.1.4.2. Authority; No Conflicts; No Defaults 

The execution and delivery of this Agreement and the Transaction Documents by the Holding Company, the CBD and by the AD Group shall not: 

(i) conflict with or result in any breach of any provision of the Governing Documents of the CBD and of its Controlled Companies; and 

(ii) require the CBD and any of its Controlled Companies and the AD Group to obtain any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except for such consents, approvals,
authorizations, permits, filings or notifications as provided by Article V of this Agreement. 

(iii) violate any law, order, writ, injunction, decree, statute, rule or regulation applicable to the CBD, its Controlled Companies or any of their respective assets. 

8.1.4.3. Financial Statements 

The CBD’s unaudited financial statements as of September 30, 2004 (the “September 30, 2004 Financial Statements”) and the audited financial statements for the fiscal year ended December 31, 2004 and the provisions made
according to the September 30, 2004 Financial Statements have been prepared in accordance with Brazilian GAAP and are true and accurate, and fairly present on a consolidated basis the financial condition of the CBD and of its Controlled Companies at
the respective dates thereof and the results of their operations for the respective periods then ended. 

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8.1.4.4. Corporate Books

(i) The minute books of the CBD and of its Controlled Companies that are required under the Brazilian legislation are kept in accordance with Brazilian law and contain the records of all the meetings held. All such books and records are in the
possession of the CBD and of its Controlled Companies. 

(ii) All returns, resolutions and other documents that the CBD and its Controlled Companies are required by law to file with or deliver to the registry of companies have been correctly made up and duly filed or delivered. 

8.1.4.5. Title to Assets

(i) Each of the CBD and its Controlled Companies owns with good and valid title, has a valid leasehold interest in, or has a valid license to use and enjoy, all material assets and rights, whether tangible or intangible, used in the conduct of its
business as presently conducted; 

(ii) All such material assets, properties and rights are sufficient to conduct their business as presently conducted; and, 

(iii) The consummation of the transactions provided herein and in the Transaction Documents shall not impair the ability of the CBD and of its Controlled Companies to continue to use any and all such material assets, properties and rights to conduct
their business as presently conducted. Even with the Transfer of the Subject Real Estate Properties pursuant to Section 2.2(e) of this Agreement, the CBD and its Controlled Companies shall be in a condition to use them and to conduct their business
as presently conducted. 

8.1.4.6. Material Contracts and Arrangements 

(i) Each of the material contracts, agreements, commitments, understandings or instruments to which the CBD or any of its Controlled Companies is a party is valid and binding (in each case except as may be limited by applicable bankruptcy,
insolvency, moratorium or similar laws affecting or relating to the enforcement of creditors’ rights generally or general principles of equity) in accordance with its terms, and except for those which might have been terminated before the date
hereof, is in full force and effect.

(ii) All material obligations arising from the lease agreements entered into by the CBD or any of its Controlled Companies as a lessee for any of the branches, stores, warehouses or any other facility operated by either the CBD or any of its
Controlled Companies are being duly fulfilled. 

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8.1.4.7. Licenses; Permits

The CBD and its Controlled Companies hold all material licenses, permits and other outstanding governmental authorizations, consents and approvals required for their Ordinary Course of Business. 

8.1.4.8. Employee Benefits

Neither the CBD nor its Controlled Companies have made or permitted to be made any material change in the (i) compensation, employment or collective bargaining agreement, or stock option, stock option plan, stock purchase, life, health, accident or
other similar employee insurance, bonus, deferred or incentive compensation, severance, pension, profit sharing, stock bonus, retirement, or other employee benefit plan, covering employees or former employees of the CBD or any of its Controlled
Companies, as applicable; or (ii) employee benefit plan to which the CBD or any of its Controlled Companies, as applicable, has contributed or currently contributes, or under which any employees or former employees of the CBD or its Controlled
Companies are or were covered, in either case other than in the Ordinary Course of Business of the CBD or its Controlled Companies since September 30, 2004. 

8.1.4.9. Labor Matters

No strike or other labor dispute involving the CBD and its Controlled Companies and any labor union is pending or, to the knowledge of the AD Group, threatened against the CBD or any of its Controlled Companies. 

8.1.4.10. Intellectual Property

(i) CBD and its Controlled Companies own or have a license to use all patents, trademarks, trade names, service marks, copyrights and applications that are material to the conduct of their respective businesses. 

(ii) The execution, delivery and performance of this Agreement and the Transaction Documents will not affect the rights of the CBD and of its Controlled Companies to use and enjoy the intellectual rights owned by or licensed to the CBD and to its
Controlled Companies. 

8.1.4.11. Environmental Matters

The CBD and its Controlled Companies have complied with, and are currently complying with all environmental protection rules, ordinances, normative rulings, laws, regulations and requirements issued by the appropriate Federal, State or local
agencies in all material respects, and have obtained all material authorizations, licenses, approvals, certificates, permits at all municipal, state and federal government levels required in their Ordinary Course of Business. The AD Group has no
knowledge of any suits, claims, actions, proceedings or investigations pending or, to its knowledge, threatened against the CBD or its

29

Controlled Companies, due to the violation or contravention of an environmental law, regulation, rule, ordinance, ruling or matter that would materially affect the ability of the Company or its Controlled Companies to conduct their businesses as
currently conducted.

8.1.4.12. Tax Matters

The CBD and its Controlled Companies have filed or caused to be filed in a timely manner (within any applicable extension periods) all returns required to be filed. Each such return is true, complete, accurate and correct in all material respects.
Such returns have been established in accordance with applicable laws and regulations. 

8.1.4.13. Insurance Policies

All insurance policies of the CBD and its Controlled Companies that are material for the conduct of their businesses are currently in effect. All mandatory insurance policies have been hired and are in place and in full effect. In case of lack of
the required insurance policies, or in case any of the existing insurance policies are not currently in effect, the AD Group agrees to endeavor its best efforts to cause the CBD and its Controlled Companies, as applicable, to obtain adequate
coverage. The CBD and its Controlled Companies have complied with all obligations arising from the insurance policies in order to obtain from the insurance company or companies full coverage from the risk covered, as provided on each of the
insurance policies.

8.1.4.14. Ordinary Conduct of Business 

Since September 30, 2004, the CBD and its Controlled Companies (i) have been operated only in the Ordinary Course of Business, and (ii) have not entered into any transaction or incurred in any liability or obligation other than in their Ordinary
Course of Business. 

8.1.4.15. Litigation

Except as listed in Schedule 8.1.4.15 to this Agreement, there are no proceedings pending with the CADE involving the CBD or any of its Controlled Companies. 

8.1.4.16. Compliance with Applicable Laws 

The CBD and its Controlled Companies are in compliance with all applicable laws and regulations in every jurisdiction in all material respects, in particular but not limited to the transactions referred to in Section 2.2(e) of this Agreement. 

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8.1.4.17. Financing

(i) No event of default has occurred with respect to any financial agreement in effect as of this date to which the CBD or any of its Controlled Companies are a party. 

(ii) Except for the prepayment of debentures issued by CBD’s Controlled Company, Sendas Distribuidora S.A., which were held by the “Banco Nacional de Desenvolvimento Econômico e Social – BNDES”, which prepayment was
made after September 30, 2004 and prior to the Date of Execution of this Agreement, the CBD and its Controlled Companies have not since September 30, 2004 repaid or become liable to repay any loan or indebtedness in advance of their stated maturity
and have not received formal or informal notice from any lenders of money to them, requiring repayment or intimating the enforcement of any security the lender may hold over any of their assets; and there are no circumstances likely to give rise to
any such notice. 

(iii) Taking into account existing bank and other credit facilities, the CBD and each of its Controlled Companies have sufficient working capital for the purposes of executing, carrying out and fulfilling, in accordance with their terms, all orders,
projects and contractual obligations which are binding upon it and remain outstanding. 

(iv) Except for those listed in Schedule 8.1.4.17(iv) attached to this Agreement, none of the loan agreements entered into by either the CBD or any of its Controlled Companies provides that either a change in the shareholding, Board of
Directors composition or management of the CBD or any of its Controlled Companies will constitute an event of acceleration of the loan agreement or give option to the lender to accelerate the loan at will, and, further, the execution by Casino of
this Agreement and the Transaction Documents shall not violate any agreement to which the CBD or any of its Controlled Companies is a party and/or shall not trigger an event of default thereunder and/or shall not allow one of the parties to any such
agreement to change its terms and conditions and/or shall not cause the CBD or any of its Controlled Companies to pay a penalty or a supplementary charge. 

8.1.4.18. Suppliers

Since September 30, 2004 the CBD and its Controlled Companies have not entered into or made any contract or commitment for the purchase of merchandise other than in their Ordinary Course of Business consistent with past practice. 

8.1.4.19. Hypermarket and Supermarket Infrastructures and Lease Agreements 

(i) All equipment used in connection with hypermarkets and supermarkets infrastructures, machinery, vehicles and business of the CBD and of its Controlled Companies (i) are in good and safe state of repair and satisfactory

31

working order (subject to normal wear and tear) and have been regularly and properly maintained, and (ii) are in their possession and control, and their absolute property, and (iii) have the necessary conditions (subject to normal wear and tear) for
doing the work for which they were destined or purchased and will remain with such conditions throughout the respective periods of time during which they are each written down to a nil value in the accounts of the CBD and of its Controlled Companies
in accordance with Brazilian GAAP consistently applied prior to the Date of Execution of this Agreement. 

(ii) Maintenance contracts are in full force and effect in respect of all assets of the CBD and of its Controlled Companies which are normal or prudent to have maintained by independent or specialist contractors and in respect of all assets which
the CBD and its Controlled Companies are obliged to maintain or repair under any leasing or similar agreement; and all those assets have been regularly maintained in a good technical standard and in accordance with safety regulations usually
observed in relation to assets of that description and in accordance with the terms and conditions of any applicable leasing or similar agreement. 

8.1.4.20. Co-Control

There is no limitation or prohibition for Casino to continue to exercise the co-Control of the CBD according to the Brazilian legislation and/or regulations currently in effect. If any such limitation or prohibition could be put into practice
(including any future limitation not allowing Casino to become the sole controlling shareholder of the CBD), the AD Group shall immediately inform Casino of such legislation or regulation and/or corresponding bill, and shall endeavor its best
efforts to assist Casino to find an acceptable solution in accordance with the purpose of this Agreement and of the Transaction Documents. 

Article IX - Representations and Warranties of Casino

9.1. In order to induce the AD Group to enter into this Agreement and each of Transaction Documents and to consummate the transactions contemplated by this Agreement and by the Transaction Documents, Casino hereby represents and warrants to the AD
Group, on and as of the Date of Execution of this Agreement, as follows: 

9.1.1. Organization

Casino is a corporation duly organized, validly existing and in good standing under the laws of the French Republic and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as is now
being conducted. 

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9.1.2. Authority as to this Agreement

Casino has full power and authority to execute and deliver this Agreement and the Transaction Documents and to consummate the transactions contemplated hereby and thereby. The execution and delivery of the referred documents and the consummation of
the transactions hereby and thereby contemplated have been duly and validly authorized and no other corporate proceedings or approvals are necessary for their authorization or their consummation. This Agreement has been duly and validly executed and
delivered by Casino, and assuming that this Agreement constitutes a valid and binding agreement of the AD Group, constitutes a valid and binding agreement of Casino, enforceable against Casino in accordance with its terms. 

9.1.3. Consents and Approvals; No Violation

The execution and delivery of this Agreement by Casino shall not: 

(i) conflict with or result in any breach of any provision of its respective governing documents; and 

(ii) result in a default (or give rise to any right of termination, cancellation or acceleration) under any of the terms, conditions or provisions of any note, bond, mortgage, indenture, agreement or other instrument or obligation to which Casino is
a party or by which its assets may be bound; and 

(iii) Violate any order, writ, injunction, decree, statute, rule or regulation applicable to Casino. 

Article X - Indemnification 

10.1. Subject to the provisions of Article XI of this Agreement, the AD Group shall, as from the Closing Date, indemnify and hold harmless Casino from: 

(i) any loss, liability, damage or expense that Casino may directly or indirectly suffer, bear or become subject to as a result of, or relating to, any claim by any Third Party against Casino, or any damage suffered by Casino, due to any breach by
the AD Group of any representation and warranty included in Sections 8.1.1, 8.1.2 and 8.1.3 of this Agreement (collectively, “Losses”), and 

(ii) any loss, liability, damage or expense that Casino may directly suffer, bear or become subject to as a result of, or relating to, any claim by any Third Party against Casino, or any damage suffered by Casino, due to any breach by the AD Group
of any representation and warranty included in Section 8.1.4 of this Agreement (collectively, “Damages”), and 

33

(iii) any breach by the AD Group of any representation and warranty included in Section 8.1.4 of this Agreement and any and all debts and liabilities of any kind, including but not limited to those related to judicial or administrative procedures,
including any and all litigation, that the CBD or its Controlled Companies may suffer, bear or become subject to as a result of, or relating to, any act or omission, fact, event or circumstance related to the CBD and/or its Controlled Companies
occurred on or prior to the Closing Date, whether or not known by the AD Group, the CBD or any of its Controlled Companies and whether or not disclosed to Casino prior to the Closing Date, provided that each one of them is not contemplated in the
September 30, 2004 Financial Statements as debt or liability (collectively, “Liabilities”). For the avoidance of any doubt, the provisions contemplated in the September 30, 2004 Financial Statements shall not in any circumstances be deemed
debt or liability. 

10.2. (a) The indemnification obligation of the AD Group for Losses shall be an amount equal to one hundred (100) percent of the Losses and shall bear no amount nor time limitation whatsoever and shall be calculated on a yearly basis within thirty
(30) calendar days after the holding of each General Meeting of the CBD that reviews the annual financial statements of the CBD, and shall be paid to Casino in Brazil or outside of Brazil following applicable legislation and in accordance with the
provisions of Section 10.4.1 of this Agreement. This indemnification shall not be subject to the limitations set forth in Section 10.3. 

 (b) The indemnification obligation of the AD Group for Damages shall be an amount equal to one hundred (100) percent of the Damages and shall bear no time limitation whatsoever and shall be calculated on a yearly basis within thirty (30) calendar
days after the holding of each General Meeting of the CBD that reviews the annual financial statements of the CBD, and shall be paid to Casino in Brazil or outside of Brazil following applicable legislation and in accordance with the provisions of
Section 10.4.1 of this Agreement. This indemnification shall not be subject to the limitations set forth in Section 10.3. The amount to be paid by the AD Group to Casino shall then be an amount equal to one hundred (100) percent of the Damages, with
a deductible of One Hundred Fifty Million Reais (R$ 150,000,000.00) and a maximum amount of One Hundred and Thirty Million Reais (R$ 130,000,000.00); provided that if the referred maximum amount is total or partially consumed by AD Group under the
terms of this Section 10.2(b), then such consumed amount shall be deducted from the Maximum Amount for Indemnification by the AD Group referred to in Section 10.3.4 hereinbelow. 

10.3. The calculation of the indemnification obligation of the AD Group for Liabilities shall have the following rules: 

10.3.1. Any Liabilities shall first of all be set off one-to-one against any and all amounts of any awards, indemnification, reimbursement or other form of benefit that the CBD and/or its Controlled Companies will receive in cash or cash-equivalent
derived from the use of tax or other credits after the Closing Date in connection with any judicial or administrative litigation resulting from any act, fact, event or circumstance occurred on or prior to the Closing Date, provided that each one of
them is not contemplated in the September 30, 2004 Financial Statements as asset or credit. This resulting amount shall be hereinafter called the “Liabilities after Credit Set-Off”. 

34

10.3.2. The Liabilities after Credit Set-Off shall then be compared to the agreed upon exempted amounts, which, for Tax Liabilities, is Seven Hundred Million Brazilian Reais (R$ 700,000,000.00) and, for other Liabilities, is Two Hundred and Fifty
Million Brazilian Reais (R$ 250,000,000.00) (individually, the “Exempted Amount”, and collectively, the “Exempted Amounts”). If and when the Liabilities after Credit Set-Off exceed, in the aggregate, the respective Exempted
Amount, the net result shall become the “Net Liabilities”. Notwithstanding the foregoing, the AD Group is entitled at any time to add to the Exempted Amount for Tax Liabilities an amount of up to Two Hundred Million Brazilian Reais (R$
200,000,000.00) from the Exempted Amount related for the other Liabilities, therefore, and automatically, decreasing one-to-one the amount of the Exempted Amount for the other Liabilities. No amount from the Exempted Amount for Tax Liabilities may
be added to the Exempted Amount for the other Liabilities. 

10.3.3. The amount to be paid by the AD Group to Casino shall then be an amount equal to eighteen (18) percent of the Net Liabilities (the “Apportioned Liabilities”).

10.3.4. The Apportioned Liabilities shall be limited to a total amount of One Hundred and Thirty Million Brazilian Reais (R$ 130,000,000.00) (the “Maximum Amount for Indemnification by the AD Group”); and should the Maximum Amount
for Indemnification by the AD Group be total or partially consumed by AD Group under the terms of this Section 10.3.4, then such consumed amount shall be deducted from the maximum amount referred to in Section 10.2. (b) hereinabove. 

10.3.5. The indemnification obligation of the AD Group for Liabilities shall be calculated on a yearly basis within thirty (30) calendar days after the holding of each General Meeting of the CBD that reviews the annual financial statements of the
CBD, and shall be paid to Casino in Brazil or outside of Brazil following applicable legislation in accordance with the provisions of Section 10.4 of this Agreement. 

10.3.6. Any claim subject to the indemnification obligation of the AD Group shall survive: 

(i) for any Tax Liability, for a period equal to the statute of limitations provided for in the current applicable legislation; 

(ii) for any INSS or FGTS Liability, for a period of five (5) years following the Closing Date;

(iii) for any labor or labor-related Liability, for a period of two (2) years following the Closing Date; and 

(iv) for any other Liability, for a period of three (3) years following the Closing Date. 

10.3.7. Any claim started within the pertinent period established above shall be subject to the corresponding indemnification obligation, notwithstanding the subsequent expiration of such period. 

35

10.3.8. The AD Group shall not be obligated to indemnify Casino for Liabilities from any act or omission, fact, event or circumstance related to the CBD and/or its Controlled Companies occurred after the Closing Date. 

10.4. Payment by the AD Group to Casino of any amount determined in accordance with the provisions of Section 10.3 shall be made as follows: 

10.4.1. Any payment by the AD Group to Casino shall be made in U.S. Dollars, free and clear of any tax and expenses, and on the account designated by Casino. In connection with the foregoing, any amount in Brazilian Reais shall be converted in U.S.
Dollars at the Conversion Rate prevailing on the first Business Day of the month in which payment shall take place. Any amount due and not paid in due time to Casino shall bear interest of LIBOR from the first day the payment should have been made
and until the effective payment date. 

10.4.2. Notwithstanding the foregoing, and until the amount to be paid by the AD Group to Casino does not exceed in the aggregate the amount of Sixty-Five Million Brazilian Reais (R$ 65,000,000.00), the AD Group shall have the option, at its own
discretion, to pay Casino by Transferring a quantity of Preferred Shares of the CBD, and the value of each thousand of such Preferred Shares shall be determined, for this purpose, as the weighted average price calculated over a period of one (1)
month preceding the date of the Transfer. 

10.4.3. Subject to the Maximum Amount for Indemnification by the AD Group, should the amount to be paid by the AD Group to Casino exceed in the aggregate the amount of Sixty-Five Million Brazilian Reais (R$ 65,000,000.00), the AD Group shall have
the option, at its own discretion, to allow Casino to deduct the excess from any amount due and payable by Casino to the AD Group upon the exercise by the AD Group of the Second Put Option pursuant to the provisions of the Conditional Put Option
Agreement or to allow Casino to deduct the excess from the quantity of Preferred Shares of the CBD that may be Transferred by Casino to the AD Group upon the application of the provisions of Section 3.7 or 3.8 or 6.1 of the Conditional Put Option
Agreement, in which case the quantity of Preferred Shares of the CBD to be deducted as per this Section shall be determined by dividing the excess for the pertinent price for the Preferred Shares as determined under Section 3.7 or 3.8 or 6.1 of the
Conditional Put Option Agreement, as applicable. 

10.4.4. For the sake of clarification, the right granted under Section 10.4.3 to the AD Group for the alternate methods of paying any amount due and payable to Casino under the provisions of Section 10.3 above shall allow the AD Group to delay any
payment until the exercise by the AD Group of its rights under the Conditional Put Option Agreement, but it shall not be construed as releasing the AD Group from any such obligation should the AD Group elect not to exercise, or fail to exercise, its
rights under the Conditional Put Option Agreement, in which case payment shall be made immediately thereafter. 

36

10.5. Should the AD Group fail to pay any amount due and payable to Casino under the provisions of Sections 10.1, 10.2 and 10.3 above, Casino shall be entitled, at its own discretion, to deduct it from any and all amounts due by Casino to the AD
Group under the Conditional Put Option Agreement or to cause the CBD to deliver to Casino any fees (including those to be received by RECo), and dividends that the CBD and its Controlled Companies may owe to the AD Group. In connection with the
foregoing, the AD Group hereby assigns and transfers to Casino any such fees and dividends. 

10.6. Casino shall, as from the Closing Date, indemnify and hold harmless the AD Group from any loss, liability, damage or expense that the AD Group may directly or indirectly suffer, bear or become subject to as a result of, or relating to, any
claim by any Third Party against the AD Group, or any damage suffered by the AD Group, due to any breach by Casino of any representation and warranty included in Article IX of this Agreement (the “AD Group Losses”). The indemnification
obligation of Casino for the AD Group Losses shall bear no amount or time limitation whatsoever and shall be calculated on a yearly basis within thirty (30) calendar days after the holding of each General Meeting of the CBD that reviews the annual
financial statements of the CBD, and shall be paid to the AD Group in cash in Brazilian Reais and in Brazil, free and clear of any tax and expenses. 

10.7 The Losses, the Damages, the Liabilities, the AD Group Losses, the Liabilities after Credit Set-Off, the Apportioned Liabilities, the Exempted Amounts, the Maximum Amount for Indemnification by the AD Group and the amounts set forth in Section
10.4 above, whenever established or calculated in Brazilian Reais, shall be readjusted in accordance with the change in the Special Settlement and Custody System (SELIC) rate, issued from time to time by the Central Bank of Brazil, from the Closing
Date or from date of determination thereof, as applicable, and until use for calculation in accordance with the terms of this Article X or until payment thereof, as applicable. In case of the extinction of the SELIC rate or in case of failure by the
Central Bank of Brazil to publish it, then the readjustment shall be based on the change of the index that the Brazilian taxing authorities shall then use to update tax debts of Brazilian corporate taxpayers. 

Article XI - Indemnification Procedures

11.1. The amount of any Loss or of any Damage or of any Liability or of any AD Group Loss shall be deemed to be equal to the amount as determined by a final, conclusive and unappealable settlement, court decision or arbitration award, as the case
may be. Any settlement of a particular matter shall be made by either the CBD and/or its Controlled Companies or by Casino or by the AD Group only upon prior written consent of the AD Group and Casino. 

11.2. In case the court or arbitration panel does not determine in its final, conclusive and unappealable decision the amount of the Loss or Liability or Damage or the AD Group Loss, the amount of the Loss or Liability or Damage or the AD Group Loss
shall be determined by arbitration according to Section 14.13 below. 

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Article XII - Termination

12.1. This Agreement may be terminated, and the terminating Party or Parties released from any further obligation relating to the transactions contemplated by this Agreement and by the Transaction Documents, at any time on or before the Closing
Date: 

a) by mutual consent of the Parties, or 

b) by either Party, if, for reasons outside the reasonable control of such Party
  and provided that such Party has not breached its obligations under this Agreement,
  the Closing Date shall not have occurred by 5:00 p.m. São Paulo time
  on September 30, 2005 (the “Termination Date”), unless otherwise
  expressly agreed  upon by the Parties, or 

c) by Casino, if any of the conditions precedent set forth in Section 5.1 hereof shall become impossible to be met, or shall not have been met by the Termination Date for reasons other than as a result of the actions taken or omitted to be taken by
Casino, and shall not have been waived in accordance with the terms of this Agreement, or 

d) by either Party, if, for reasons outside the reasonable control of such Party and provided that such Party has not breached its obligations under this Agreement, any of the events specified in Section 5.1 hereof do not allow the Parties to
implement the transactions contemplated by this Agreement, namely those set forth in Section 2.1 hereof, or to execute and deliver the Transaction Documents, or 

e) by the AD Group, if any of the conditions precedent set forth in Section 5.2 hereof shall become impossible to be met, or shall not have been met by the Termination Date for reasons other than as a result of the actions or omitted to be taken by
the AD Group, and shall not have been waived in accordance with the terms of this Agreement, or 

f) by Casino, if any representation or warranty made by the AD Group under Section 8.1 hereof proves to be inaccurate in any material respect or in the case of any such representation or warranty that is qualified by materiality in any respect
proves to be inaccurate in any respect, or the AD Group or CBD otherwise fails to perform any of their obligations under this Agreement or breaches any provision of this Agreement in any material respect and such inaccuracy or failure to perform
shall not have been waived in accordance with the terms of this Agreement, or

g) by the AD Group, if any representation or warranty made by Casino under Section 9.1 hereof proves to be inaccurate in any material respect or in the case of any such representation or warranty that is qualified by materiality in any respect
proves to be inaccurate in any respect, or Casino otherwise fails to perform any of its obligations under this Agreement or breaches any provision of this Agreement in any material respect and such inaccuracy or failure to perform shall not have
been waived in accordance with the terms of this Agreement, or 

h) by Casino, if the Family breaches any of its obligations under the provisions of any agreement referred to in this Agreement, including, without limitation, those of the Acknowledgement and Consent. 

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12.2. In the event of termination of this Agreement pursuant to Section 12.1 hereof as a result of the failure by either Party to perform its obligations under this Agreement, the Party that has failed to perform shall pay the other Party the amount
of Ten Million U.S. Dollars (US$ 10,000,000). The Parties fully understand and recognize that this amount is a fair compensation for all investment and expectation of income return and good will that the other Party will lose or miss by virtue of
the latter not being able to complete the transactions contemplated by this Agreement. 

12.3 In case this Agreement is terminated pursuant to Section 12.1 hereof, any acts already carried out by the Parties under this Agreement shall be reversed. As from the Termination Date, this Agreement shall cease to generate legal effects on the
Parties, exception made to the provisions set forth in Article XIII hereof, which shall survive any termination of this Agreement for a period of three (3) years as of the Termination Date. 

Article XIII – Public Disclosure of this Agreement and of the Transactions Contemplated by this Agreement 

13.1. At all times each of Casino, the AD Group and CBD shall obtain the prior written consent of the others prior to issuing any press release or making any other public disclosure or announcement or otherwise making any disclosure to any other
Person or Governmental Authority concerning the transactions contemplated by this Agreement and by the Transaction Documents; provided, however, that no Party or CBD shall be prohibited from: 

a) supplying any such information to any of its representatives, attorneys, advisors, financing sources and others to the extent necessary to complete the transactions contemplated by this Agreement and thereby so long as such representatives,
attorneys, advisors, financing sources and others are made aware of and agree to be bound by the terms of this Article, or 

b) furnishing any such information to any Governmental Authority or otherwise disclosing any such information pursuant to or as required by any applicable law, permit, order or license or as otherwise required by any of such Governmental Authority,
provided that the Party required to make such disclosure shall consult with the other Parties or with CBD prior to making such disclosure, to the extent practicable. 

13.2. CBD and each of the Parties shall execute and deliver such instruments and take such other actions as the others may reasonably require in order to carry out the obligations contained in this Article. 

Article XIV – General Provisions

14.1 No Agency: There shall be no agency or fiduciary relationship between the Parties arising out of this Agreement. No Party shall identify itself as or hold itself out to be the agent of any other Party or of any Affiliate thereof except
to the extent expressly authorized in this Agreement. 

39

14.2 Expenses: Except as provided in Article X hereof with respect to indemnification, each of the Parties shall bear its own costs and expenses, including fees and disbursements of its counsels and accountants in connection with the
negotiation and execution of this Agreement and of the Transaction Documents and in connection with the consummation of the transactions contemplated by this Agreement. 

14.3. Interpretation: Whenever appropriate in the context, terms used in this Agreement in the singular also include the plural, and vice versa, and each masculine or feminine or neuter pronoun shall also include the other genders. 

14.4. Headings: The headings for the articles and sections of this Agreement are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any of the terms and conditions of this Agreement.

14.5. Language: This Agreement is solely executed in the English language. 

14.6. Notices: All notices, requests, demands or other communications
made pursuant to this Agreement shall be in writing in both English and Portuguese
languages and may be delivered personally, by mail, by courier, by facsimile
or similar means of communication, always confirmed by registered or certified
mail, postage prepaid, return  receipt requested, addressed as follows: 

	
	if to Casino: 
	 
	24, Rue de la Montat 
	Saint Etienne, France 
	 
	Attention: Mr. Pascal Rivet 
	 
	with a copy to: 
	 
	Tozzini, Freire, Teixeira e Silva Advogados 
	Rua Libero Badaró 293, 21 andar 
	São Paulo – SP – 01009-907 
	Brazil 
	 
	Attention: Mr. Syllas Tozzini 
	 
	CMS Bureau Francis Lefebvre Mercosur 
	173 Ville Émile Bergerat 
	92522 Neuilly 
	France 
	 
	Attention: Mr. Patrick Patelin 

40

  

  

if to the AD Group:

  Av. Brigadeiro Luiz Antonio, 3126

  São Paulo – SP 

  Brazil 

  

  Mr. Abilio dos Santos Diniz 

  

  with a copy to:

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

Al. Joaquim Eugênio de Lima, 447 

São Paulo – SP

Brazil 

Attention: Mr. Pedro Luciano Marrey Jr. and Mr. Moacir Zilbovicius

if to CBD:

  Av. Brigadeiro Luiz Antonio, 3142 

  São Paulo – SP 

  Brazil 

  

  Attention: Mr. Augusto Marques da Cruz Filho

  

  with a copy to:

  

  Av. Brigadeiro Luiz Antonio, 3142

  São Paulo – SP 

  Brazil 

  

  Attention: Ms. Marise Salzano 

14.6.1. Notices, requests, demands and other communications shall be deemed given (a) if delivered personally or by courier or similar service, upon delivery, or (b) if delivered by mail, upon the earlier of actual delivery or five (5) calendar days
after being mailed, or (c) if delivered by facsimile transmission, upon receipt of confirmation of its transmission, provided that if such notices, requests, demands and other communications would otherwise be deemed given on a day that is not a
business day in the location of the Party receiving it, the delivery shall be deemed to take place in the first business day following such day. 

41

14.6.2. Any Party or CBD may change its address for purposes of this Section by notice to the others of such change in the manner specified above. 

14.7. Assignment; Successors: This Agreement shall be binding upon and inure to the benefit of the Parties, any Heir or permitted successor and assign of any Party. No Party may assign or delegate any of its rights or obligations under this
Agreement without the express written consent of the other Party. 

14.8. Entire Agreement: The exhibits to this Agreement form an integral part of this Agreement and should be read and interpreted as part of the text of this Agreement. This Agreement and the Transaction Documents constitute the entire and
sole agreement and understanding between the Parties with respect to the subject matters of this Agreement and supersede any prior understanding, agreement, representation or warranties, whether oral or written, with respect to the subject matter of
this Agreement. The Original Master Agreement and the Original Shareholders’ Agreement shall be terminated only upon the entering into force of the Holding Company Shareholders’ Agreement. 

14.9. Severability: Any provision of this Agreement that may be determined by competent authority to be prohibited or unenforceable in the competent jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions of this Agreement, and any such prohibition or unenforceability in such jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Moreover,
if any one or more provisions contained in this Agreement shall for any reason be held by any court of competent jurisdiction to be excessively broad as to time, duration, geographical scope, activity or subject, it shall be construed, by limiting
and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

14.10. Remedies: The Parties agree and acknowledge that money damages may not be an adequate remedy for breach of the provisions of this Agreement and that either Party shall be entitled, at its sole discretion, to apply to any court of
competent jurisdiction for specific performance or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement pending a final determination of such matters or to cause the other Party to perform its
obligations under this Agreement. 

14.11. Modification; Amendment; Waiver: No modification of or amendment to any provision of this Agreement shall be effective unless approved in writing by the Parties. No Party shall be deemed to have waived compliance by the other Party
with any provision of this Agreement unless such waiver is in writing, and failure by any Party at any time to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the
rights of any Party thereafter to enforce such provisions in accordance with their terms. No waiver of any provision of this Agreement shall be deemed to be a waiver of any other provision of this Agreement. No waiver of any breach of any provision
of this Agreement shall be deemed the waiver of any subsequent breach thereof or of any other provision of this Agreement. 

42

14.12. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil without consideration of principles of conflicts or choices of law. 

14.13. Dispute Resolution; Arbitration: Any dispute or controversy between the Parties arising out of or related to this Agreement, including without limitation a dispute or controversy relating to the construction of any provision or the
validity or enforceability of any term or condition, including this Section, or of the validity or enforceability of this Agreement as a whole, or any claim that all or any part of this Agreement, including this Section, is void or voidable, or the
breach of any provisions of this Agreement, including this Section, shall be submitted to arbitration in accordance with the rules of Conciliation and Arbitration of the International Chamber of Commerce – ICC, of Paris, France, and judgment on
the award rendered by the arbitrators may be entered into in any court having jurisdiction thereof. If the chosen rules are silent as to any particular issue, Brazilian procedural laws, namely the relevant provisions of Brazil’s Federal Law No.
9,307 of September 23, 1996, shall supplement them. The arbitration tribunal shall consist of three (3) arbitrators, of whom one shall be nominated by the AD Group, one by Casino and the third, who shall serve as chairman, shall be chosen by the two
(2) arbitrators nominated by the Parties, or, in the event the two (2) arbitrators nominated by the Parties are unable to designate the third arbitrator within ten (10) calendar days from the date the last of the two (2) arbitrators nominated by the
Parties has been designated, by the Chairman of the International Court of Arbitration of ICC. The place of arbitration shall be the City of São Paulo, State of São Paulo, Brazil. The language of the arbitration shall be English,
although existing documents may be presented in the language in which they have been produced. The award of the arbitrators shall be rendered in both the Portuguese and English languages, and the Portuguese language shall prevail in the event of
conflict. The award shall be final and binding upon the Parties and may be enforced in any court of competent jurisdiction. The Parties waive any right to appeal, to the extent that a right to appeal may lawfully be waived. Each Party retains the
right to seek judicial assistance (a) to compel arbitration, and/or (b) to obtain interim measures of protection rights prior to institution of pending arbitration and any such action shall not be construed as a waiver of the arbitration procedures
by the Parties, and/or (c) to enforce any decision of the arbitrators, including the final award. In case the Parties seek judicial assistance, the courts of the city of São Paulo, State of São Paulo, Brazil, shall have jurisdiction to
the exclusion of any other court, however privileged it may be. The charges for the arbitration shall be paid one-half by Casino and one-half by the AD Group and reimbursed to the winning Party, along with all other costs and expenses directly
incurred in connection with such arbitration, at the end of the arbitration procedures, unless the arbitrators shall determine otherwise. The Parties intend that all procedures and all documents and testimony shall be confidential, and each
arbitrator by consenting to act shall be deemed to have agreed to such confidentiality. 

14.14. Taxes: Any and all Taxes payable with respect to transactions contemplated by this Agreement and the actions that will implement those transactions shall be paid by the taxpayer as defined by the applicable legislation. 

14.15. Representative of the AD Group: To facilitate the consummation of the transactions contemplated by this Agreement, on and after the Date of Execution of this Agreement, the AD Group (and its successors and permitted assigns) hereby
irrevocably consents to the appointment

43

of and does hereby appoint and empower AD, and AD does hereby accept such appointment, as the sole and exclusive representative (the “Representative of the AD Group”) of the AD Group (and its successors and permitted assigns) to make all
decisions and determinations on behalf of the AD Group (and its successors and permitted assigns) that the Representative of the AD Group may deem necessary or appropriate to accomplish the intent of, and implement the provisions of, this Agreement
and of the Transaction Documents. All decisions of the Representative of the AD Group shall be final and binding on the AD Group and its members. Casino and CBD shall be entitled to rely upon, without investigation, any decision of the
Representative of the AD Group and shall be fully protected in connection with any action or inaction taken or omitted to be taken in reliance thereon. 

14.15.1. The AD Group (and its successors and permitted assigns) hereby appoints the Representative of the AD Group as its agent for receipt of notices and other communications hereunder and to receive service of any and all process that may be
serviced in any suit, action or proceeding arising out of this Agreement and the Transaction Documents, the subject matter of this Agreement and of the Transaction Documents or any of the transactions contemplated by this Agreement and by the
Transaction Documents, brought by any of the Parties or any of their successors and permitted assigns. The Representative of the AD Group hereby acknowledges his acceptance as the agent of the AD Group for notices and other communications under this
Agreement and service of process, and such notices, other communications and service of process may be made upon the Representative of the AD Group at the address specified in Section 14.6 hereof. 

14.16. Drafting: The Parties have participated jointly and in good faith in the negotiation and drafting of this Agreement and of the Transaction Documents and they agree that any ambiguity or question of intent or interpretation that may
arise shall be construed on the presumption that this Agreement and the Transaction Documents have been drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship
of any provisions of this Agreement. 

14.17. Counterparts: This Agreement may be executed in any number of counterparts with the same effect. All such counterparts will be deemed an original if signed by the Parties and by CBD, shall be construed together and shall constitute one
and the same instrument. 

14.18. Initialing Exhibits: Mr. Moacir Zilbovicius, on behalf of the AD Group, and Mr. Syllas Tozzini, on behalf of Casino, shall initial all the Exhibits attached to this Agreement in order to confirm their form and substance. 

44

IN WITNESS WHEREOF, the Parties and CBD sign this Agreement in São Paulo, São Paulo, Federative Republic of Brazil, on the date specified in the beginning of this Agreement, in the presence of two (2) witnesses identified below.

 

	 	___________________________

ABILIO DOS SANTOS DINIZ
	 	 
	 	_________________________________________________

ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA
	 	 
	 	_________________________________________________

ADRIANA FALLEIROS DOS SANTOS DINIZ
	 	 
	 	_________________________________________________

JOÃO PAULO FALLEIROS DOS SANTOS DINIZ
	 	 
	 	_________________________________________________

PEDRO PAULO FALLEIROS DOS SANTOS DINIZ
	 	 
	 	PENINSULA PARTICIPAÇÕES LTDA
	 	 
	 	By:___________________________

Name: Abilio dos Santos Diniz

Title: Officer
	 	 
	 	CASINO GUICHARD PERRACHON S.A.
	 	 
	 	By:________________________________

Name: Jean Charles Naori

Title: Chief Executive Officer
	 	 
	 	Witnesses:
	 	 
	 	1._______________________
	 	 
	 	2._______________________
	 	 

45Provided By MZ Data Products

Table of Contents

Exhibit 4(b)(4)

CONDITIONAL PUT OPTION AGREEMENT

This CONDITIONAL PUT OPTION AGREEMENT (“Put Option Agreement”), dated as of June 22, 2005, is entered into by and between 

in their capacity as shareholders of Vieri (as herein defined) and hereinafter collectively referred to as the “AD Group”, and, together with Casino (as herein defined) the Controlling Shareholder of CBD (as herein defined), as defined in
this Put Option Agreement. 

ABILIO DOS SANTOS DINIZ, a Brazilian citizen, married, business administrator, the holder of the Brazilian identity card No. 1.965.961 -SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 001.454.918 -20, with
offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126, and ANA MARIA FALLEIROS DOS SANTOS DINIZ D ́AVILA, a Brazilian citizen,
married, business administrator, the holder of the Brazilian identity card No. 12.785.206 -2-SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 086.359.838 -23, with offices in the city of São Paulo, State of São
Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126, and ADRIANA FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, divorced, the holder of the Brazilian identity card No. 15.910.036 -SSP/SP and of
the Brazilian Individual Taxpayer Identity Card (CIC) No. 105.549.158 -98, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126, and
JOÃO PAULO FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, single, entrepreneur, the holder of the Brazilian identity card No. 12.785.207 -4-SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 101.342.358
-51, with offices in the city of São Paulo, State of São Paulo, Federative Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126, and PEDRO PAULO FALLEIROS DOS SANTOS DINIZ, a Brazilian citizen, single,
entrepreneur, the holder of the Brazilian identity card No. 19.456.962 -7 SSP/SP and of the Brazilian Individual Taxpayer Identity Card (CIC) No. 147.447.788 -14, with offices in the city of São Paulo, State of São Paulo, Federative
Republic of Brazil, at Avenida Brigadeiro Luiz Antônio, No 3.126, and PENÍNSULA PARTICIPAÇÕES LTDA., a limited liability company organized and existing under the laws of the Federative Republic of Brazil, with
registered head offices in the city of São Paulo, State of São Paulo, Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126, and enrolled with the Brazilian Corporate Taxpayer File (CNPJ/MF) under No. 58.292.210/0001 -80, herein
represented in accordance with its Articles of Association (hereinafter referred to as “PENÍNSULA”), and AD PENÍNSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA., a limited liability company organized and
existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of São Paulo, Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126, and enrolled with the Brazilian
Corporate Taxpayer File (CNPJ/MF) under No. 07.259.681/0001 -56, herein represented in accordance with its Articles of Association (hereinafter referred to as “AD HOLDING”), and 

and in its capacity as shareholder of Holding Company and, together with the AD Group, the Controlling Shareholder of CBD, on its own behalf and on behalf of its Affiliates (as herein defined), 

CASINO GUICHARD PERRACHON S.A., a corporation organized and existing under the laws of French Republic, with registered head offices at 24, Rue de la Montat, Saint Etienne, France, herein represented in accordance with its By-Laws,

SEGISOR, a corporation organized and existing under the laws of French Republic, with registered head offices at 24, Rue de la Montat, Saint Etienne, France, and enrolled with the Brazilian Corporate Taxpayer File (CNPJ/MF) under No.
05.710.423/0001 -19, herein represented in accordance with its By-Laws, hereinafter referred to as “Segisor”;

Casino Guichard Perrachon S.A. together with Segisor hereinafter referred to as “Casino”, 

the AD Group and Casino hereinafter collectively referred to as the “Parties” and individually as a “Party”, 

RECITALS

WHEREAS, the Parties, in their capacity as the Controlling Shareholders of the Holding Company, jointly and indirectly own the Control of CBD (as herein defined) since the admission of the Holding Company on the date hereof as the vehicle to
hold such Control under the terms of the JV Agreement (as herein defined) and of the Holding Company Shareholders’ Agreement (as herein defined); 

WHEREAS, the AD Group, subject to the terms and conditions of this Put Option Agreement, is interested in selling to Casino its indirect equity interest in CBD in the event that Casino becomes entitled to elect the Chairman (as herein
defined) of the Holding Company Board (as herein defined) and effectively elects the Chairman of the Holding Company Board, and Casino is interested in increasing its indirect equity interest in CBD should such event take place, in accordance with
the terms and conditions of this Put Option Agreement, 

NOW, THEREFORE, the Parties, intending to be legally bound, hereby agree as follows: 

Article I – Defined Terms

1.1. Except as may otherwise be defined herein, for the purposes of this Put Option Agreement the following terms shall have the respective meanings assigned to them below: 

“AD Group” has the meaning assigned to it in the preamble of this Put Option Agreement. 

“Affiliates” means any Person directly or indirectly at any time controlling, controlled by, or under common Control with another Person. 

“Board” means the Board of Directors (“Conselho de Administração”) of a Brazilian company, which functions and operation are currently governed by Section I of Chapter XII of the Brazilian Corporations
Law. 

2

“Brazilian Corporations Law” means Law No. 6,404, of December 15, 1976, as amended. 

“Brazilian GAAP” means the generally accepted accounting practices in Brazil, as adopted by CVM and as recommended by “IBRACON – Instituto dos Auditores Independentes do Brasil”. 

“Business Day” means any day of the year on which national banking institutions in a relevant place are open to public for conducting business and are not required or authorized to close. 

“Casino” has the meaning assigned to it in the preamble to this Put Option Agreement. 

“CBD” means Companhia Brasileira de Distribuição, a Brazilian public corporation (“companhia aberta”) organized and existing under the laws of the Federative Republic of Brazil, with registered head offices
in the city of São Paulo, State of São Paulo, Brazil, at Av. Brigadeiro Luiz Antônio, 3.142, and enrolled with the Brazilian Corporate Taxpayer File (CNPJ/MF) under No. 47.508.411/0001 -56; 

“CBD Group” means CBD and its Controlled Companies on a consolidated basis. 

“Chairman” means the individual who heads the Board of the Holding Company. 

“Challenge Notice” has the meaning assigned to it in Section 4.4.1 of this Put Option Agreement. 

“Change of Casino’s Control” has the meaning assigned to it in Section 4.4 of this Put Option Agreement. 

“Common Shares” or “ON Shares” means the voting common shares of the capital stock of CBD or the Holding Company. 

“Competitor” means any Person engaged in the Food Retail Business in Brazil. 

“Control” means the (direct and indirect) title to shareholder rights that permanently guarantee, directly or indirectly: (i) the majority of votes in General Meeting deliberations, and (ii) the power to appoint the majority of
members of the Board or of any other management body, as applicable, of a Person. 

“Controlled Companies” means the companies under the Control of another. 

“Controlling Shareholder” means the Person that has the Control of another Person. 

“Conversion Rate” for conversion of U.S. Dollars into Brazilian Reais and vice versa means the average exchange rate for the U.S. Dollar published by the Central Bank of Brazil via SISBACEN for the PTAX-800, option 5, rates for
accounting transactions. If the Central Bank of Brazil does not, for any reason, publish the PTAX-800 rate, the Conversion Rate shall be the average exchange rate determined by the Central Bank of Brazil for the U.S. Dollar in connection with
foreign investment transactions registered or registrable with the Central Bank of Brazil. 

3

“Convertible Securities” means securities or other rights or interests which are convertible or exchangeable into or exercisable for shares, or any other options, warrants, rights, contracts or commitments of any character pursuant
to which any Person or one of its shareholders is or may be bound to issue, Transfer, repurchase or otherwise acquire any shares. 

“Date for the Transfer of the Shares Subject to the First Put Option” has the meaning assigned to it in Section 2.4 of this Put Option Agreement. 

“Date for the Transfer of the Shares Subject to the Second Put Option” has the meaning assigned to it in Section 3.4 of this Put Option Agreement. 

“Date of Execution” means the date on which the Parties have signed this Put Option Agreement. 

“Distressful Call Option” has the meaning assigned to it in Section 2.9 of this Put Option Agreement. 

“Distressful Call Option Notice” has the meaning assigned to it in Section 2.9.1(i) of this Put Option Agreement. 

“Distressful EBIT” means the operating profit (before financial expenses and financial income) of CBD Group, based on published financial statements in Brazilian GAAP. The EBIT shall (i) include CBD’s share of net profit in
Affiliates and (ii) take no account of any exceptional or extraordinary items. 

“Distressful EBITDA” means the Distressful EBIT of CBD Group, as adjusted by adding back amortizations and depreciations (calculated over the last accounting half-year period for Distressful six-month EBITDA), based on published
financial statements in Brazilian GAAP. 

“Distressful Net Financial Debt” means the net financial debt for CBD Group, calculated on the basis of published financial statements in Brazilian GAAP as the sum of (i) financing (current and long term), (ii) debentures (current
and long term), (iii) payable on purchase of assets, (iv) dividends declared (but not paid) and (v) other interest-bearing liabilities (excluding Taxes), if any, not included in (i) to (iv) above, less the sum of (a) cash and banks and (b)
short-term investments. 

“Distressful Net Interest” means the financial expenses less financial income of CBD Group, based on published financial statements in Brazilian GAAP. 

“Distressful Net Sales” means the gross sales of CBD Group less Taxes on sales (calculated over the last accounting half-year period for Distressful six-month Net Sales), based on published financial statements in Brazilian GAAP.

“Distressful Situations” has the meaning assigned to it in Section 2.9 of this Put Option Agreement. 

“Divestiture” or “Divest” has the meaning assigned to it in Section 4.2.1 of this Put Option Agreement. 

4

“EBITA” has the meaning assigned to it in the Sole Attachment of this Put Option Agreement. 

“EBITDA” has the meaning assigned to it in the Sole Attachment of this Put Option Agreement. 

“Expiration Date for the Exercise of the First Put Option” has the meaning assigned to it in Section 2.2 of this Put Option Agreement. 

“Expiration Date for the Exercise of the Second Put Option” has the meaning assigned to it in Section 3.2 of this Put Option Agreement. 

“First Put Option” has the meaning assigned to it in Section 2.1 of this Put Option Agreement.

“First Put Option Notice” has the meaning assigned to it in Section 2.3 of this Put Option Agreement. 

“Food Retail Business” means the business of operating retail, supermarket and hypermarket stores and any other existing or future format of stores operated or to be operated by CBD, with predominant activity in food retail. 

“General Meeting” means any general shareholders’ meeting of the Holding Company or CBD, as applicable. 

“Governmental Authority” means any Brazilian or French or Luxembourg or United States of America or other federal, state or local government or any court of competent jurisdiction, administrative agency or commission or other
governmental authority or instrumentality. 

“Heirs” means the parents or spouse or sons or daughters of an individual. 

“Holding Company” means Vieri Participações S.A., a corporation organized and existing under the laws of the Federative Republic of Brazil, with registered head offices in the city of São Paulo, State of
São Paulo, Brazil, at Avenida Brigadeiro Luiz Antônio, No. 3.126 and enrolled with the Brazilian Corporate Taxpayer File (CNPJ/MF) under No. 04.746.689/0001 -59. 

“Holding Company Board” means the Board of the Holding Company. 

“Holding Company Shareholders’ Agreement” means the shareholders’ agreement executed on even date herewith by the AD Group and Casino for the purposes of governing their relationship as the Controlling Shareholders of the
Holding Company. 

“IPCA” means the “Índice de Preços ao Consumidor Amplo”, an index that reflects the Brazilian inflation and is calculated and disclosed from time to time by the “Instituto Brasileiro de Geografia
e Estatística”, the IBGE. 

“JCN” means Mr. Jean Charles Naori and his Heirs. 

“JV Agreement” means the agreement entered into by and among the Parties on May 3, 2005 to which the draft of this Put Option Agreement was attached thereto as Exhibit 2.2(a) . 

5

"LIBOR” means the London Interbank Offered Rate as determined by the British Bankers' Association for a 6-month period, in United States Dollars. 

“Lien” means any lien, pledge, security interest, claim, lease, charge, option, right of first refusal, Transfer restriction under any shareholder or similar agreement, encumbrance or any other restriction or limitation whatsoever
that may affect the free full ownership or may impair the disposal at any time whatsoever. 

“Net Financial Debt” or “NFD” has the meaning assigned to it in the Sole Attachment of this Put Option Agreement. 

“Net Sales” has the meaning assigned to it in the Sole Attachment of this Put Option Agreement.

“Party” or “Parties” has the meaning assigned to it in the preamble to this Put Option Agreement. 

“Period for the Exercise of the First Put Option” has the meaning assigned to it in Section 2.2 of this Put Option Agreement. 

“Period for the Exercise of the Second Put Option” has the meaning assigned to it in Section 3.2 of this Put Option Agreement. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a governmental or political subdivision or an agency or instrumentality thereof. 

“Preferred Shares” or “PN Shares” means the non-voting preferred shares of the capital stock of CBD or the Holding Company. 

“Price for the Shares Subject to the First Put Option” has the meaning assigned to it in Section 2.1.1 of this Put Option Agreement. 

“Price for the Shares Subject to the Second Put Option” has the meaning assigned to it in Section 3.1 of this Put Option Agreement. 

“Profit Before Tax” or “PBT” has the meaning assigned to it in the Sole Attachment of this Put Option Agreement. 

“Put Option Agreement” means this Conditional Put Option Agreement. 

“RECo” means the Brazilian corporation that on even date herewith, through one or more subsidiaries, has received from CBD certain real estate properties and has rented them to CBD. “Reference Group of companies”
has the meaning assigned to it in the Sole Attachment of this Put Option Agreement. 

“Representative of the AD Group” has the meaning assigned to it in Section 10.15 of this Put Option Agreement. 

6

“Resulting Amount” has the meaning assigned to it in Section 3.1 of this Put Option Agreement. 

“Second Put Option” has the meaning assigned to it in Section 3.1 of this Put Option Agreement. 

“Second Put Option Notice” has the meaning assigned to it in Section 3.3 of this Put Option Agreement. 

“Second Put Value Formula” has the meaning assigned to it in Section 3.1 of this Put Option Agreement. 

“Security Call Option” has the meaning assigned to it in Section 2.10 of this Put Option Agreement. 

“Security Call Option Notice” has the meaning assigned to it in Section 2.10.1(i) of this Put Option Agreement. 

“Shares Subject to the First Put Option” has the meaning assigned to it in Section 2.1 of this Put Option Agreement. 

“Shares Subject to the Second Put Option” has the meaning assigned to it in Section 3.1 of this Put Option Agreement. 

“Tax” or “Taxes” means (a) all federal, state, local or foreign taxes, charges, fees, imposts, levies or other assessments including, without limitation, all net income, gross receipts, capital, sales, use, ad
valorem, value added, Transfer, franchise, profits, inventory, capital stock, license, withholding, donation, payroll, employment, social security, social contribution, financial, unemployment, excise, severance, stamp, occupation, property and
estimated taxes, customs duties, fees, assessments and charges of any kind whatsoever, (b) all interest, penalties, fines, additions to tax or additional amounts imposed by any taxing authority in connection with any item described in (a) above, and
(c) any transferee liability in respect of any items described in (a) and (b) above. 

“Third Party” means any Person that is not directly or indirectly related to any of the Parties or any Affiliate thereof. 

“Transfer” means the direct or indirect assignment, transfer, sale, pledge, Lien, contribution of shares of a Person to the capital of another Person, or in any other manner whatsoever, the disposal of the shares of a Person. 

“US GAAP” means the generally accepted accounting practices in the United States of America. 

Article II – The First Put Option, the Distressful Call Option and the Security Call Option 

2.1. Subject to the terms and conditions of this Put Option Agreement, and only in the event, that Casino shall elect the Chairman of the Holding Company Board from the first day of the eighth (8th) year following the Date of Execution,
then, and only then, the AD Group shall be

7

entitled to cause Casino to purchase as a block and only as a block (the “First Put Option”) a direct equity interest in Holding Company corresponding to Five Hundred Million (500,000,000) shares of CBD’s issued and outstanding
Common Shares (hereinafter collectively referred to as the “Shares Subject to the First Put Option”). In case of stock splits, stock dividends and bonus issues, the number of the Shares Subject to the First Put Option shall be
adjusted in such a way that the Shares Subject to the First Put Option shall at the time of their purchase by Casino represent at least 2.4 percent of the Holding Company’s voting capital. 

2.1.1. The price for the Shares Subject to the First Put Option shall be equal to an amount of Twenty-One U.S. Dollars (US$ 21) per thousand Common Shares of CBD, in a total amount of Ten Million and Five Hundred Thousand U.S. Dollars (US$
10,500,000) (the “Price for the Shares Subject to the First Put Option”), irrespective of any stock splits or stock dividends or bonus issues, and shall be adjusted to take into account the level of cash and debt in Holding Company
at the time of the exercise of the First Put Option. The adjustment above shall not prevent the Transfer of the Shares Subject to the First Put Option within the time period established in Section 2.4. 

2.1.2. For purposes of this Article II, all economic and financial information related or in connection with CBD shall encompass CBD Group. 

2.2. The AD Group shall be entitled to exercise the First Put Option during a period of two (2) months following the date in which Casino effectively elects the Chairman of the Holding Company Board, hereinafter called the “Period for the
Exercise of the First Put Option”. The First Put Option shall expire at 6:00 pm, São Paulo time, the last Business Day of that second month referred to above (the “Expiration Date for the Exercise of the First Put
Option”). 

2.3. Should the AD Group decide to exercise the First Put Option during the Period for the Exercise of the First Put Option, the AD Group shall deliver a 15-day prior written notice to Casino (the “First Put Option Notice”). The
First Put Option Notice shall be sent by facsimile transmission, confirmed by mail and addressed to Casino. In view of the foregoing, the Parties hereby understand and agree that the effective sale and purchase of the Shares Subject to the First Put
Option may take place after the Expiration Date for the Exercise of the First Put Option. 

2.4. The date for the Transfer of the Shares Subject to the First Put Option shall be the Business Day immediately following the end of the period set forth in the First Put Option Notice (the “Date for the Transfer of the Shares Subject to
the First Put Option”). 

2.5. In order for the exercise of the First Put Option to be legally binding upon Casino, the Shares Subject to the First Put Option shall be free and clear of any Lien at the Date for the Transfer of the Shares Subject to the First Put Option, to
the satisfaction of Casino and its counsel. 

2.6. Casino shall pay the Price for the Shares Subject to the First Put Option in Brazilian Reais and in Brazil within two (2) Business Days from the Date of the Transfer of the Shares Subject to the First Put Option, at the Conversion Rate
prevailing on the Business Day immediately prior to the day of the exercise of the First Put Option. 

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2.6.1. Casino shall have no responsibility to allocate the Price for the Shares Subject to the First Put Option among the AD Group, which allocation shall be the sole responsibility of the AD Group. In view of the foregoing, Casino shall be entitled
to deliver the Price for the Shares Subject to the First Put Option solely to the Representative of the AD Group. 

2.7. The AD Group shall cause Holding Company to assist and cooperate in the Transfer of the Shares Subject to the First Put Option, and to make any governmental filings or secure any governmental permits and consents prior to or in connection with
the exercise of the First Put Option and with the Transfer of the Shares Subject to the First Put Option. 

2.8. In the event that Casino does not comply with its obligation to purchase the Shares Subject to the First Put Option, the AD Group shall be entitled, in its capacity as special and irrevocable attorney-in-fact for Casino in accordance with the
provisions of Articles 660 and 683 of the Brazilian Civil Code, to execute and deliver any and all documents on behalf of Casino for the completion of the Transfer of the Shares Subject to the First Put Option, and to cause Holding Company or CBD,
as applicable, to perform any and all action required to be done in connection with such Transfer.

2.8.1. The Parties expressly recognize that this Section shall be deemed the necessary instrument of appointment of attorney-in-fact as required under the provisions of Article 653 and following articles of the Brazilian Civil Code. 

2.8.2. The AD Group is hereby authorized by Casino to delegate the powers granted hereunder to one or more individuals. 

2.9. Notwithstanding the foregoing, the AD Group hereby grants an irrevocable option for Casino, and Casino accepts it, in accordance with which Casino shall be entitled to purchase the Shares Subject to the First Put Option, and the AD Group shall
be obliged to sell to Casino the Shares Subject to the First Put Option, at any time upon the occurrence of any of the following events that shall be considered as and hereinafter collectively referred to as the “Distressful
Situations” (the “Distressful Call Option”): 

a) The Distressful six-month EBITDA of CBD is less than four (4) percent of Distressful six-month Net Sales during three (3) consecutive calendar semesters as from the Date of Execution, or 

b) The ratio of Distressful EBIT over Distressful Net Interest is less than one and a half (1.5) for two (2) consecutive calendar years as from the Date of Execution, or 

c) The ratio of Distressful Net Financial Debt over Distressful EBITDA is higher than three and a half (3.5) for two (2) consecutive calendar years as from the Date of Execution. 

2.9.1. In case of occurrence of a Distressful Situation, which will be based on published financial statements of CBD, and should Casino elect to exercise the Distressful Call Option: 

9

(i) Casino shall deliver a 15-day prior written notice to the AD Group in writing within six (6) months from the date of publication of the financial statements of CBD, (the “Distressful Call Option Notice”) and the date of the
Distressful Call Option Notice shall be deemed, for any and all purposes of the Distressful Call Option, the beginning of the Period for the Exercise of the First Put Option, without affecting the Expiration Date for the Exercise of the First Put
Option, and 

(ii) the Shares Subject to the First Put Option shall represent 2.4 percent of the Holding Company’s voting capital, but at least Five Hundred Million (500,000,000) Common Shares of the Holding Company, and 

(iii) the Price for the Shares Subject to the First Put Option shall then be Ten Million and Five Hundred Thousand U.S. Dollars (US$ 10,500,000) without any adjustments regarding the level of cash and debt of the Holding Company, and Casino shall
pay the Price for the Shares Subject to the First Put Option in Brazilian Reais and in Brazil within two (2) Business Days from the Date of the Transfer of the Shares Subject to the First Put Option, at the Conversion Rate prevailing on the Business
Day immediately prior to the date of the Distressful Call Option Notice, and 

(iv) the date for the Transfer of the Shares Subject to the First Put Option shall be the Business Day immediately following the end of the period set forth in the Distressful Call Option Notice, and 

(v) in the event that the AD Group does not comply with its obligation to sell to Casino the Shares Subject to the First Put Option, Casino shall be entitled to deposit with the Holding Company the price referred to in item (iii) above and Casino,
in its capacity as special and irrevocable attorney-in-fact for the AD Group in accordance with the provisions of Articles 660 and 683 of the Brazilian Civil Code, shall be entitled to execute and deliver any and all documents on behalf of the AD
Group for the completion of the Transfer of the Shares Subject to the First Put Option, and to cause the Holding Company and the custodian bank in charge of the registry of the shares of the Holding Company to perform any and all action required to
be done to implement such Transfer; in connection with the foregoing, the Parties expressly acknowledge that this Section shall be deemed the necessary instrument of appointment of attorney-in-fact as required under the provisions of Article 653 and
following articles of the Brazilian Civil Code, and Casino is hereby authorized by the AD Group to delegate the powers granted hereunder to one or more individuals. 

2.10. The AD Group hereby grants an irrevocable option for Casino, and Casino accepts it, in accordance with which Casino shall also be entitled to purchase the Shares Subject to the First Put Option, and the AD Group shall be obliged to sell to
Casino the Shares Subject to the First Put Option, at any time that Casino becomes entitled to elect the Chairman of the Holding Company Board and Casino decides to effectively elect the Chairman of the Holding Company Board and, for any reason
whatsoever, including, without limitation, by action or omission of

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the AD Group or by action of any Third Party, including any Governmental Authority or by change in the applicable laws, does not effectively elect the Chairman of the Holding Company Board (the “Security Call Option”). 

2.10.1. In this case, and should Casino decide to exercise the Security Call Option,

(i) Casino shall deliver a 15-day prior written notice to the AD Group within ninety (90) days from the date that Casino does not for any reason whatsoever elect the Chairman of the Holding Company Board (the “Security Call Option
Notice”), and

(ii) the Shares Subject to the First Put Option shall represent 2.4 percent of the Holding Company’s voting capital, but at least Five Hundred Million (500,000,000) Common Shares of the Holding Company, and 

(iii) the Price for the Shares Subject to the First Put Option shall then be Ten Million and Five Hundred Thousand U.S. Dollars (US$ 10,500,000) without any adjustments regarding the level of cash and debt of the Holding Company, and Casino shall
pay the Price for the Shares Subject to the First Put Option in Brazilian Reais and in Brazil within two (2) Business Days from the Date of the Transfer of the Shares Subject to the First Put Option, at the Conversion Rate prevailing on the Business
Day immediately prior to the date of the Security Call Option Notice, and 

(iv) the date for the Transfer of the Shares Subject to the First Put Option shall be the Business Day immediately following the end of the period set forth in the Security Call Option Notice, and 

(v) in the event that the AD Group does not comply with its obligation to sell to Casino the Shares Subject to the First Put Option, Casino shall be entitled to deposit with the Holding Company the price referred to in item (iii) above and Casino,
in its capacity as special and irrevocable attorney-in-fact for the AD Group in accordance with the provisions of Articles 660 and 683 of the Brazilian Civil Code, shall be entitled to execute and deliver any and all documents on behalf of the AD
Group for the completion of the Transfer of the Shares Subject to the First Put Option, and to cause the Holding Company and the custodian bank in charge of the registry of the shares of the Holding Company to perform any and all action required to
be done to implement such Transfer; in connection with the foregoing, the Parties expressly acknowledge that this Section shall be deemed the necessary instrument of appointment of attorney-in-fact as required under the provisions of Article 653 and
following articles of the Brazilian Civil Code, and Casino is hereby authorized by the AD Group to delegate the powers granted hereunder to one or more individuals. 

2.11. The Parties hereby expressly acknowledge and accept that this Put Option Agreement constitutes an enforcement title under Brazilian law (“título executivo extra-judicial”) and grants the right to the AD Group or Casino,
as the case may be, to seek an order of specific performance for Casino or the AD Group to comply with its obligation to purchase or to sell, as

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the case may be, the Shares Subject to the First Put Option under the terms and conditions of this Put Option Agreement, pursuant to the provisions of Articles 585 and 632 of the Brazilian Civil Procedure Code. To this effect, the presentation of
this Put Option Agreement, together with copy of the First Put Option Notice or the Distressful Call Option Notice or the Security Call Option Notice, shall be deemed as sufficient evidence for the completion of the sale and purchase of the Shares
Subject to the First Put Option. 

2.12. For the purposes of validity of the First Put Option and/or the Distressful Call Option and/or the Security Call Option against Third Parties, including, without limitation, the Holding Company, either Party shall be entitled to submit this
Put Option Agreement at any time for registration with the custodian bank in charge of the registry of the shares of the Holding Company and the custodian bank shall be obliged to effect its registration by virtue of the provisions of Article 40 of
the Brazilian Corporations Law. Either Party shall be entitled to seek an order of specific performance for the custodian bank to comply with its obligation under Article 40 of the Brazilian Corporations Law. 

2.13. The AD Group, severally and jointly, hereby acknowledges and agrees that the AD Group shall not Transfer and shall not create a Lien and shall not, to the extent reasonably possible, allow a Third Party to create a Lien on the ownership or any
other right over any of the Shares Subject to the First Put Option and shall not enter in any negotiation or any transaction involving the Shares Subject to the First Put Option. If, notwithstanding the above provisions, such a transaction or
agreement is performed or executed by the AD Group, it will be considered as null and void. 

2.14. To the extent that Casino may be prevented or prohibited, either as a result of the legal regulations in Brazil prevailing at the time of the exercise of the Distressful Call Option or of the Security Call Option or for any other reason
whatsoever not caused by Casino’s action or omission, to purchase the respective quantity of Common Shares of CBD, Casino will be entitled to designate and to assign its right to exercise the Distressful Call Option and/or the Security Call
Option to an Affiliate of Casino and, if and only if such assignment is prohibited, Casino will be entitled to designate a Third Party which shall not be a Competitor of CBD, the relevant assignee then being entitled to purchase the respective
quantity of Common Shares of CBD under the same terms and conditions set forth in this Article II. The appropriate written notice of assignment shall be timely sent to the AD Group. 

Article III – The Second Put Option

3.1. In the event, and only in the event, that the AD Group shall have sold the Shares Subject to the First Put Option to Casino through the exercise of the First Put Option or through the exercise by Casino of the Distressful Call Option or of the
Security Call Option, and subject to the terms and conditions of this Put Option Agreement, the AD Group shall be entitled to cause Casino to purchase as a block and only as a block (the “Second Put Option”) a direct equity interest
in Holding Company corresponding to Nine Billion, Six Hundred and Eighty-Seven Million and Five Hundred Thousand (9,687,500,000) shares of CBD’s issued and outstanding Common Shares (hereinafter collectively referred to as the “Shares
Subject to the Second Put Option”), at an exercise price equal to the amount resulting from the application of the formula set forth in the Sole Attachment of this Put Option Agreement (the “Price for the Shares Subject

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to the Second Put Option”). The formula set forth in the Sole Attachment of this Put Option Agreement shall hereinafter be referred to as the “Second Put Value Formula”. The Price for the Shares Subject to the Second Put
Option shall be computed in Brazilian Reais and based on accounts published (under US GAAP) in Brazilian Reais. The resulting amount in Brazilian Reais will be indexed by IPCA as of the date of the annual financial statements of CBD immediately
prior to the date of the Second Put Option Notice and until the end of the fourth (4th) month after the availability of the annual accounts published (under US GAAP) or until the Date for the Transfer of the Shares Subject to the Second
Put Option, whichever is earlier. The amount in Brazilian Reais (the “Resulting Amount”) to be indexed shall result from the application of the Second Put Value Formula and then converted into U.S. Dollars at the Conversion Rate on
the Date for the Transfer of the Shares Subject to the Second Put Option. In case of stock splits, stock dividends and bonus issues the number of Shares Subject to the Second Put Option shall be adjusted in such a way that the Shares Subject to the
Second Put Option shall at the time of their purchase by Casino represent all of the remaining Common Shares of the Holding Company then owned by the AD Group. 

3.1.1 The AD Group recognizes and accepts that the Price for the Shares Subject to the Second Put Option referred to in Section 3.1 corresponds to the value of CBD’s shares on the date hereof which shall, by transparency, be used for the
calculation of Holding Company’s shares value. The Price for the Shares Subject to the Second Put Option shall be adjusted at the time of the exercise of the Second Put Option to take into account the level of cash and debt in Holding Company,
as well as CBD’s share value as resulting from the Second Put Value Formula. 

3.1.2. The Price for the Shares Subject to the Second Put Option shall be determined by a reputable international investment bank having no business dealings with either Party nor with CBD for at least two (2) years prior to the date of its
appointment, which appointment shall be made by common agreement between the Parties. The chosen investment bank shall calculate the Price for the Shares Subject to the Second Put Option based on the Second Put Value Formula and on the principle set
forth in Section 3.1.1 above. The calculation by the chosen investment bank shall be final, conclusive and binding and shall not afford any dispute. The Parties shall equally support the fees and expenses of the chosen investment bank. 

3.2. The AD Group shall be entitled to exercise the Second Put Option (provided that the AD Group shall have sold the Shares Subject to the First Put Option to Casino through the exercise of the First Put Option or through the exercise by Casino of
the Distressful Call Option or of the Security Call Option) during a period of eight (8) years commencing on the first day of the tenth (10th) year after the Date of Execution, hereinafter called the “Period for the Exercise of
the Second Put Option”. The Second Put Option shall expire at 6:00 pm, São Paulo time, on June 22, 2014 (the “Expiration Date for the Exercise of the Second Put Option”). Should the Expiration Date for
the Exercise of the Second Put Option not be a Business Day in São Paulo, then the Second Put Option shall expire at 6:00 pm, São Paulo time, on the Business Day immediately following the Expiration Date for the Exercise of the Second
Put Option. 

3.3. Should the AD Group decide to exercise the Second Put Option during the Period for the Exercise of the Second Put Option, the AD Group shall deliver a 60-day prior written notice to

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Casino (the “Second Put Option Notice”). The Second Put Option Notice shall be sent by facsimile transmission, confirmed by mail and addressed to Casino. In view of the foregoing, the Parties hereby understand and agree that the
effective Transfer of the Shares Subject to the Second Put Option may take place after the Expiration Date for the Exercise of the Second Put Option. In each year composing the Period for the Exercise of the Second Put Option, the AD Group is
entitled to send or deliver the Second Put Option Notice to Casino only within the period from the thirtieth (30th) day up to end of the seventh (7th) month following the availability of the US GAAP annual accounts of CBD. 

3.3.1 Upon the receipt by Casino of the Second Put Option Notice, should the legal framework in Brazil have incurred substantial changes, such as restrictions to foreign equity investments in Brazil, imposition of restrictions by the anti-trust
authorities which may jeopardize or prevent the completion of the Second Put Option as structured herein, the Parties shall make adjustments to reach a feasible legal manner to accomplish the Transfer of the Shares Subject to the Second Put
Option. 

3.4. The date for the Transfer of the Shares Subject to the Second Put Option shall be the Business Day immediately following the end of the period set forth in the Second Put Option Notice (the “Date for the Transfer of the Shares Subject
to the Second Put Option”). 

3.5. In order for the exercise of the Second Put Option to be legally binding upon Casino, the Shares Subject to the Second Put Option shall be free and clear of any Lien at the Date for the Transfer of the Shares Subject to the Second Put Option,
to the satisfaction of Casino and its counsel. 

3.6. Casino shall pay the Price for the Shares Subject to the Second Put Option in Brazilian Reais at any place indicated by the AD Group in the Second Put Option Notice, in three (3) equal installments, the first one due and payable six (6) months
after the Date for the Transfer of the Shares Subject to the Second Put Option, the second installment due and payable twelve (12) months after the Date for the Transfer of the Shares Subject to the Second Put Option and the third and last
installment due and payable eighteen (18) months after the Date for the Transfer of the Shares Subject to the Second Put Option. The amount in Brazilian Reais corresponding to each installment shall result from the amount in U.S. Dollars as
determined in Section 3.1, indexed by LIBOR from the Date for the Transfer of the Shares Subject to the Second Put Option and until its effective payment, at the Conversion Rate effective on the due date of the pertinent installment. Each of the
installments referred to in this Section shall be guaranteed by the pledge by Casino to the AD Group of the Shares Subject to the Second Put Option, pursuant to the terms and conditions to be mutually agreed upon by the Parties and reflected in an
agreement to be executed and delivered by the Parties concurrently with the Transfer to Casino of the Shares Subject to the Second Put Option, which shall take place on the Date for the Transfer of the Shares Subject to the Second Put Option. The
pledge of the Shares Subject to the Second Put Option shall be gradually and proportionally released upon payment of each of such installments. 

3.6.1. Should the AD Group have sold the Shares Subject to the First Put Option to Casino through the exercise of the First Put Option or through the exercise by Casino of the Distressful Call Option or of the Security Call Option prior to the first
day of the

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tenth (10th) year after the Date of Execution, the AD Group shall have the right, by sending to Casino the pertinent notice, to set the Price for the Shares Subject to the Second Put Option within six (6) months as of the occurrence of
the event that triggered the sale of the Shares Subject to the First Put Option, on the basis of the Second Put Value Formula, taking into consideration the then most recent available annual financial statements of CBD. 

3.6.2. Should the AD Group decide to exercise the Second Put Option in accordance with the provisions of Section 3.6.1 above, the AD Group shall, within six (6) months as of the delivery of the notice referred to in Section 3.6.1 above, reconfirm in
writing its exercise of the Second Put Option. 

3.6.2.1 Should the AD Group confirm its exercise of the Second Put Option by delivering the notice referred to in Section 3.6.2 above, AD Group may, at least ninety (90) calendar days prior to the Period for the Exercise of the Second Put Option
(i.e., as of the first day of the tenth (10th) year following the Date of Execution), indicate in writing to Casino whether the AD Group elects to receive the Price for the Shares Subject to the Second Put Option in Preferred Shares of
CBD in lieu of cash payment, provided that the Price for the Shares Subject to the Second Put Option shall had become lower than an amount equal to ninety one and a half (91.5) percent of the price for the Preferred Shares of CBD for ten (10)
Business Days moving average during the 90 (ninety) calendar days term referred to in this Section 3.6.2.1. 

3.6.2.2. For the avoidance of doubt, the Date for the Transfer of the Shares Subject to the Second Put Option in this case shall be the sixtieth (60th) day after the date of the reconfirmation referred to in Section 

3.6.2, but in any
event not before the first (1st) day of the tenth (10th) year following the Date of Execution. 

3.6.3. The right to set the Price for the Shares Subject to the Second Put Option in accordance with the provisions of Section 3.6.1 above shall no longer exist if the AD Group fails to deliver the reconfirmation notice within the six (6) month-term
set forth in Section 3.6.2 above. 

3.6.4. Payment of the Price for the Shares Subject to the Second Put Option in Preferred Shares of CBD shall follow the procedures set forth in Section 3.8 hereof. 

3.6.5. For the purposes of payment of the Price for the Shares Subject to the Second Put Option as set in accordance with the provisions of Sections 3.6.1 and 3.6.2 above, the Resulting Amount will be indexed by the IPCA as of the date of the latest
annual financial statements of CBD immediately prior to the date of the notice referred to in Section 3.6.1 and until the end of the fourth (4th) month after the triggering event described in Section 3.6.1 or the date of the notice
referred to in Section 3.6.1, whichever is earlier. The amount in Brazilian Reais to be indexed shall result from the application of the Second Put Value Formula and then converted into U.S. Dollars at the Conversion Rate on the date of the notice
referred to in Section 3.6.1. The resulting amount in U.S. Dollars shall then be indexed by LIBOR calculated as from sixty (60) days following the

15

date of the reconfirmation referred to in Section 3.6.2 above and until its effective payment, at the Conversion Rate effective on the due date of the pertinent installment. Any dividends received or to be received by the AD Group since the date of
the reconfirmation referred to in Section 3.6.2 above shall reduce the amount in Brazilian Reais (and any pending installments) resulting from the Second Put Value Formula, exception made to those dividends already included in the Second Put Value
Formula. Installments shall be due and payable only after the first Business Day of the Period for the Exercise of the Second Put Option. To this effect, the 6-month, 12-month and 18-month periods for payment of the installments and referred to in
Section 3.6 shall be computed from the date of receipt by Casino of the written notice referred to in Section 3.6.1 above.

3.6.6. For the avoidance of any doubt, the right provided in Section 3.6.1 above shall only apply in the case the AD Group shall have exercised the First Put Option or if Casino shall have exercised the Security Call Option or the Distressful Call Option. 

3.7. In the event that the AD Group does not exercise the Second Put Option during the Period for the Exercise of the Second Put Option and provided that the AD Group shall have sold the Shares Subject to the First Put Option to Casino through the
exercise of the First Put Option or through the exercise by Casino of the Distressful Call Option or of the Security Call Option, Casino shall endeavor its commercially reasonable efforts to convert the Shares Subject to the Second Put Option into
Preferred Shares of CBD, to the extent allowed by Brazilian law and by the By-laws of CBD, or to exchange the Shares Subject to the Second Put Option for Preferred Shares of CBD owned by Casino and/or its Affiliates. To this effect, both the
conversion and the exchange shall be made at the ratio of Nine Hundred and Fifteen (915) Preferred Shares of CBD for One Thousand (1,000) Common Shares of CBD. 

3.7.1. The provisions of this Section shall apply only if the AD Group notifies in writing Casino of its election for the alternative set forth in this Section, and provided that this notice is received by Casino before the Expiration Date for the
Exercise of the Second Put Option. Upon receipt by Casino of such notice of election, the obligations of Casino under the Second Put Option shall automatically terminate without the need of Casino to resort to any notice to the AD Group or to any
other procedure. 

3.8. In the event that, during the Period for the Exercise of the Second Put Option, the Price for the Shares Subject to the Second Put Option becomes at any time lower than an amount equal to ninety one and a half (91.5) percent of the price for
the Preferred Share of CBD during ten (10) Business Days moving average, then the AD Group shall be entitled, by means of notice in writing to Casino, to elect to receive Preferred Shares of CBD in lieu of cash payment. In order to be legally
binding upon Casino, the AD Group shall send the notice of election within fifteen (15) Business Days after the determination that the Price for the Shares Subject to the Second Put Option has become lower than an amount equal to ninety one and a
half (91.5) percent of the price for the Preferred Share of CBD. 

3.8.1. Upon the receipt by Casino of the notice of election referred to in Section 3.8, the obligations of Casino under the Second Put Option shall automatically terminate without the need of Casino to resort to any notice to the AD Group or to any
other procedure, and

16

Casino shall be obliged to convert the Shares Subject to the Second Put Option into Preferred Shares of CBD, to the extent allowed by Brazilian law and by the By-laws of CBD, or to exchange the Shares Subject to the Second Put Option for Preferred
Shares of CBD owned by Casino and/or its Affiliates. To this effect, both the conversion and the exchange shall be made at the ratio of Nine Hundred and Fifteen (915) Preferred Shares of CBD for One Thousand (1,000) Common Shares of CBD. 

3.8.2. Should the AD Group not be able, by virtue of the quantity limitation imposed by the By-laws of CBD, to convert in whole or in part the Shares Subject to the Second Put Option into Preferred Shares of CBD, and provided that Casino shall have
decided not to cause CBD to issue new Common Shares (such new Common Shares to be fully subscribed and paid in) in order to allow in whole or in part the conversion, then Casino shall be obliged to pay to the AD Group not only the Price for the
Shares Subject to the Second Put Option but also the difference between the Price for the Shares Subject to the Second Put Option and the amount equal to ninety one and a half (91.5) percent of the price for the Preferred Share of CBD. Such payment
shall always be made in a proportion equal to the number of the Shares Subject to the Second Put Option not able to be converted and/or exchanged for Preferred Shares of CBD. 

3.8.3. Should the AD Group not be able to convert in whole or in part the Shares Subject to the Second Put Option into Preferred Shares of CBD, for any reason other than the quantity limitation imposed by the By-laws of CBD or any specific and
voluntary act of Casino that prevents AD Group to receive Preferred Shares of CBD, then Casino shall be obliged to pay to the AD Group solely the Price for the Shares Subject to the Second Put Option. 

3.9. Should the AD Group elect to receive Preferred Shares of CBD in lieu of cash payment in accordance with the provisions of Section 3.8, then the Transfer of the Preferred Shares of CBD to the AD Group shall take place within two (2) Business
Days from the implementation of the pertinent actions provided for in Section 3.8 above. 

3.10. Casino shall have no responsibility to allocate the Price for the Shares Subject to the Second Put Option among the AD Group, which allocation shall be the sole responsibility of the AD Group. In view of the foregoing, Casino shall be entitled
to deliver the Price for the Shares Subject to the Second Put Option solely to the Representative of the AD Group. 

3.11. Casino shall cause Holding Company and/or CBD, as applicable, to assist and cooperate in the Transfer of the Shares Subject to the Second Put Option, and to make any governmental filings or secure any governmental permits and consents prior
to, or in connection with, the exercise of the Second Put Option and with the Transfer of the Shares Subject to the Second Put Option. 

3.12. In the event that Casino does not comply with its obligation to purchase the Shares Subject to the Second Put Option, the AD Group shall be entitled, in its capacity as special and irrevocable attorney-in-fact for Casino in accordance with the
provisions of Articles 660 and 683 of the Brazilian Civil Code, to execute and deliver any and all documents on behalf of Casino for the completion of the Transfer of the Shares Subject to the Second Put Option, including,

17

without limitation, notice to the custodian bank in charge of the registry of shares of CBD, and to cause Holding Company or CBD, as applicable, to perform any and all action required to be done in that regard. 

3.12.1. The Parties expressly recognize that this Section shall be deemed the necessary instrument of appointment of attorney-in-fact as required under the provisions of Article 653 and following articles of the Brazilian Civil Code. 

3.12.2. The AD Group is hereby authorized by Casino to delegate the powers granted hereunder to one or more individuals. 

3.13. Without prejudice to the right granted to the AD Group under Section 3.12 above, the Parties hereby expressly acknowledge and accept that this Put Option Agreement constitutes an enforcement title under Brazilian law (“título
executivo extra-judicial”) and grants the right to AD Group to seek an order of specific performance for Casino to comply with its obligation to purchase the Shares Subject to the Second Put Option under the terms and conditions of this Put
Option Agreement, pursuant to the provisions of Articles 585 and 632 of the Brazilian Civil Procedure Code. To this effect, the presentation of this Put Option Agreement, together with copy of the Second Put Option Notice or the notice referred to
in Section 3.8 above, shall be deemed as sufficient evidence for the completion of the sale and purchase of the Shares Subject to the Second Put Option. 

3.14. For the purposes of validity of the Second Put Option against Third Parties, including, without limitation, the Holding Company and CBD, either Party shall be entitled to submit this Put Option Agreement at any time for registration with the
custodian banks in charge of the registry of the shares of the Holding Company and of the shares of CBD, as applicable, and Holding Company, CBD and the custodian banks shall be obliged to effect its registration by virtue of the provisions of
Article 40 of the Brazilian Corporations Law. 

3.14.1. The Parties hereby expressly recognize and accept that either Party shall be entitled to seek from any competent court an order of specific performance for Holding Company or CBD or the custodian banks in charge of the registry of shares of
the Holding Company and of CBD to comply with their obligation under Article 40 of the Brazilian Corporations Law. 

3.15 In the event that the AD GROUP decides to exercise the Second Put Option during the last twelve (12) months of the Period for the Exercise of the Second Put Option, the AD GROUP shall be entitled, by means of a notice in writing to CASINO, to
elect to receive: (i) payment in cash, in accordance with the Second Put Value Formula; or (ii) payment of Eight Billion, Eight Hundred and Sixty Four Million (8,864,000,000) Preferred Shares of OPERATING COMPANY. In case of election of Section
3.15(ii) herein, and should CASINO elect not to deliver these Preferred Shares, CASINO would then be obliged to pay the AD GROUP in cash, in accordance with the Second Put Value Formula (“Event of Rejection”). 

Article IV – Acceleration of the First Put Option and of the Second Put Option

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4.1 Without prejudice to any right of AD Group under this Article IV, should a Competitor of CBD either become the Controlling Shareholder of Casino or acquire from Casino any of its shares of the Holding Company or of CBD, as provided herein,
Casino shall be entitled, together with CBD, to integrate and unify the operations of the Competitor with the operations of CBD (“Integration”). To this effect, the AD Group shall not obstacle any of the procedures for the Integration, including, without limitation, by refraining from voting at any General Meeting of CBD or in any other situation where its
direct or indirect voting rights apply. 

4.2. Should Casino Transfer (i) ten (10) percent or more of its shares of Holding Company to a Third Party, or (ii) any of its shares of the Holding Company to a Competitor of CBD, in either cases before the occurrence of any of the events provided
in Section 9.1 of the Holding Company Shareholders’ Agreement, then the AD Group shall have the right, in its sole discretion, to exercise the First Put Option at the Price for the Shares Subject to the First Put Option, as well as the Second
Put Option at the Price for the Shares Subject to the Second Put Option, within twenty-four (24) months from the date of the relevant Transfer of shares of the Holding Company without a premium, except as provided in Section 4.2.1 below. 

4.2.1 In the event Casino Transfers any of its shares of the Holding Company to a Competitor of CBD as provided in Section 4.2(ii) above, Casino shall have up to twelve (12) months from the date of Transfer to the Competitor of CBD to enter into an
agreement with the Third Party purchaser to divest its equity participation in such Competitor (“Divestiture” or “Divest”).

4.2.2 If Divestiture is not achieved within such timeframe, the AD Group shall have the right to exercise the Second Put Option at the Price for the Shares Subject to the Second Put Option plus a twenty-five (25) percent premium, within three (3)
months from the lapse of the period referred to in Section 4.2.1 above, without prejudice to the right to exercise the First Put Option at the Price for the Shares Subject to the First Put Option without a premium, as provided in Section 4.2 above.

4.3 Should Casino become the Controlling Shareholder of the Holding Company through exercise by AD Group of the First Put Option or through the exercise by Casino of the Security Call Option and thereafter Casino Transfers the Control of the Holding
Company (or of CBD) to a Competitor of CBD, and should the Divestiture not be implemented within twelve (12) months as of the date of such Transfer of Control of the Holding Company (or of CBD, as applicable), then the AD Group shall have the right,
in its sole discretion, to exercise the Second Put Option at the Price for the Shares Subject to the Second Put Option with a ten (10) percent premium, should the exercise of the Second Put Option occur from the first day of the thirteenth
(13th) month until the last day of the fifteenth (15th) month after the relevant Transfer of Control. 

4.4. Should JCN have, directly or indirectly, equal or less rights than any other shareholder of Casino or of any entity that becomes the successor in interest of Casino, before the occurrence of any of the events provided in Section 9.1 of the
Holding Company Shareholders’ Agreement, (“Change of Casino’s Control”), Casino shall immediately inform the AD Group by means of a written notice which shall contain the name and address of the Person(s) which has acquired, alone or in concert, the Control over
Casino or its successor, which shall be delivered by Casino

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to AD Group no later than fifteen (15) Business Days from the date of occurrence of the Change of Casino’s Control (“Change of Casino’s Control Notice”). 

4.4.1 If a Change of Casino’ Control occurs and Casino fails to notify it to the AD Group in accordance with the provisions of Section 4.4 above, the AD Group may claim that a Change of Casino’ Control has occurred by notifying in writing
to Casino such alleged Change of Casino’ Control (“Challenge Notice”), identifying the Third Party that has allegedly acquired Casino’s Control. Casino shall have thirty (30) days from the date of receipt of the Challenge
Notice either (i) to provide to the AD Group the competent Change of Casino’s Control Notice; or (ii) to properly disclaim the Challenge Notice. If Casino fails to reply to the Challenge Notice during such timeframe, the Challenge Notice shall
be considered as a Change of Casino’s Control Notice and, as a result, the AD Group will be entitled to accelerate the First Put Option and the Second Put Option in accordance with Sections 4.4.2 and 4.4.3 below. 

4.4.2 Should a Change of Casino’s Control occur until the end of the second (2nd) year counted as of the Date of Execution and the acquirer is not a Competitor of CBD, the AD Group shall have the right to accelerate, in its sole
discretion, the First Put Option and the Second Put Option at the Price for the Shares Subject to the First Put Option and at the Price for the Shares Subject to the Second Put Option within twenty-four (24) months as of the date of receipt by the
AD Group of the Change of Casino’s Control Notice (or the Challenge Notice, when applicable). 

4.4.3. Should a Change of Casino’s Control occur with a Competitor of CBD (or a Controlling Shareholder of a Competitor) becoming the Controlling Shareholder of Casino, Casino shall have up to twelve (12) months from the date of the Change of
Casino’s Control Notice (or the Challenge Notice, when applicable) to effect the relevant Divestiture. If Divestiture is not achieved within such twelve (12) month-term, the AD Group shall have (i) the right to exercise the Second Put Option at
the Price for the Shares Subject to the Second Put Option plus a twenty-five (25) percent premium, as well as the First Put Option at the Price for the Shares Subject to the First Put Option without a premium, within three (3) months from the lapse
of the 12-month period referred to above, or (ii) the right to exercise both the First Put Option and the Second Put Option without any premium within a period starting with the first day of sixteenth (16th) month and ending on the last
day of the twenty-fourth (24th) month after the date of the Change of Casino’s Control in accordance with the provisions of this Section 4.4.3. 

4.5 For the purposes of this Article IV, the Price for the Shares Subject to the Second Put Option shall be based on the annual financial statements of CBD immediately prior to the date of any such events mentioned in this Article IV that shall have
triggered the acceleration of the First Put Option and Second Put Option, as applicable, provided that resulting amount in Brazilian Reais shall be indexed by IPCA as of the date of the relevant annual financial statements until the end of the
fourth (4th) month after the availability of the annual accounts published (under US GAAP) or until the Date for the Transfer of the Shares Subject to the Second Put Option, whichever is earlier, and then converted into US Dollars at the
Conversion Rate on the Date for the Transfer of the Shares Subject to the Second Put Option. 

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4.6. Failure to Divest due to an order or decision of a Governmental Authority and/or in case of absence of authorization from a Governmental Authority, whenever required, shall not prevent the AD Group to receive the premium, whenever applicable,
provided for in this Article.

4.7. The rules for the exercise of the First Put Option and of the Second Put Option shall, “mutatis mutandis”, apply to the accelerated exercise provided for in this Article. 

Article V – Consequences from the Non-Exercise of the First Put Option

5.1. Should the AD Group not sell the Shares Subject to the First Put Option to Casino through the exercise of the First Put Option or through the exercise by Casino of the Distressful Call Option or of the Security Call Option, the AD Group shall
not be entitled to exercise at any time the Second Put Option. 

Article VI – Consequences from the Non-Application of the Put Option Provisions 

6.1. Should the AD Group not be allowed under the terms of this Put Option Agreement to exercise the First Put Option and the Second Put Option, the AD Group shall be entitled at any time within a period starting on the first day of the tenth
(10th) year from the Date of Execution and ending on the last day of the seventeenth (17th) year from the Date of Execution to convert or, at Casino’s sole discretion, to exchange the Shares Subject to the First Put Option
and the Shares Subject to the Second Put Option into Preferred Shares of CBD, to the extent allowed by Brazilian law and by the By-laws of CBD. To this effect, both the conversion and the exchange shall be made at the ratio of nine hundred and
fifteen (915) Preferred Shares of CBD for one thousand (1,000) Common Shares of CBD. 

6.2. Should the AD Group not be able to convert in whole or in part the Shares Subject to the First Put Option and the Shares Subject to the Second Put Option into Preferred Shares of CBD, and provided that Casino shall have decided not to cause CBD
to issue new Common Shares (such new Common Shares to be fully subscribed and paid in) in order to allow in whole or in part the conversion, then the Casino shall be entitled to elect at its sole discretion: 

a) to purchase in whole or in part the Shares Subject to the First Put Option at a price equal to the Price for the Shares Subject to the First Put Option and the Shares Subject to the Second Put Option at a price equal to the Price for the Shares
Subject to the Second Put Option or at a price equal to an amount equal to ninety one and a half (91.5) percent of the then market price for the Preferred Shares of CBD, at the sole discretion of the AD Group, or 

b) to cause CBD to register its Common Shares or to cause Holding Company to register its shares (either Common Shares or Preferred Shares) on the exchange or exchanges where the Preferred Shares would then be registered so that the Common Shares of
CBD or the shares of Holding Company may be publicly traded.

6.2.1 Should Casino elect the alternative described in Section 6.2(b) above, then the AD Group shall be entitled to decide whether the Common Shares of CBD or the shares of Holding Company should be the ones to be registered. 

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6.2.2 In case only part of the Shares Subject to the First Put Option and the Shares Subject to the Second Put Option were converted or exchanged into Preferred Shares of CBD, the mechanism described in Sections 6.2(a) and 6.2(b) above shall
exclusively apply in proportion to the number of Shares Subject to the First Put Option and the Shares Subject to the Second Put Option not converted or exchanged into Preferred Shares of CBD. 

6.3. Should the AD Group sell to Casino the Shares Subject to the First Put Option and the Shares Subject to the Second Put Option, payment for them shall be made in cash (lump sum) and against their formal Transfer. 

Article VII – Representations and Warranties of the AD Group and Indemnification 

7.1. In order to induce Casino to enter into this Put Option Agreement and to implement the transactions contemplated by this Put Option Agreement, the AD Group hereby represents and warrants to Casino, jointly and severally, on and as of the Date
of Execution, as follows: 

a) Each of the legal entities which are members of the AD Group is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, has the power to enter into and perform the terms of this Put
Option Agreement and has taken all corporate actions required to execute and perform this Put Option Agreement. 

b) The AD Group is the sole legal owner of the Shares Subject to the First Put Option and the Shares Subject to the Second Put Option and has absolute and unrestricted right, title, and interest in the Shares Subject to the First Put Option and the
Shares Subject to the Second Put Option, which are free and clear of any Lien. 

c) The exercise by the AD Group of the First Put Option or the exercise of the Distressful Call Option or of the Security Call Option by Casino shall Transfer to Casino full and valid title to the Shares Subject to the Second Put Option free and
clear of any Lien. 

d) The transactions contemplated by this Put Option Agreement are not subject to any governmental or other consent. 

e) This Put Option Agreement has been duly authorized, executed and delivered by the AD Group and constitute the legal, valid and binding obligations of the AD Group, enforceable against them in accordance with its terms. 

f) Neither the execution and delivery by the AD Group of, nor performance by the AD Group or its obligations under, this Put Option Agreement contravenes or will contravene or has resulted or will result in a breach or violation of any law, statute,
governmental rule or regulation or the By-laws of the AD Group or of any permit, order, writ, franchise, injunction, judgment or decree of any court or Governmental Authority against the AD Group or by which the AD Group or any of its property is
bound or of any indenture, mortgage, contract or other agreement or instrument to which each of the members of the AD Group is a party or by which the AD Group or any of its property is

22

bound or has constituted or will constitute a default thereunder or result in the imposition of any Lien on the Shares Subject to the First Put Option and on the Shares Subject to the Second Put Option. 

g) The execution and performance of this Put Option Agreement and/or the implementation of the transactions provided herein will not make Casino liable or expose Casino to any liability for any debt or other obligation of the AD Group or of Holding
Company or of CBD. 

h) No information, statement, exhibit or report furnished or made by the AD Group to Casino in connection with the negotiation, execution, delivery or performance of this Put Option Agreement contained any material misstatement of fact or omitted to
state a material fact or any fact necessary to make the statement contained therein not misleading. 

7.2. All representations and warranties
 contained in this Article or in any certificate or instrument furnished
 pursuant hereto shall survive: 

a) the execution and delivery of this Put Option Agreement, the exercise of the First Put Option and of the Second Put Option, the exercise of the Distressful Call Option, the exercise of the Security Call Option, the purchase of the Shares Subject
to the First Put Option and the Shares Subject to the Second Put Option, the purchase of shares under the Distressful Call Option or under the Security Call Option and the payment of the Price for the Shares Subject to the First Put Option and of
the Price for the Shares Subject to the Second Put Option as well as of the price
by virtue of the exercise by Casino of the Distressful Call Option or of the Security Call Option,

b) any investigation at any time made by or for Casino, and

c) any further disposition by Casino and/or its Affiliates of
the Shares Subject to the First Put Option and the Shares Subject
to the Second Put Option.

7.3. The AD Group shall indemnify and hold harmless Casino from any loss, liability, damage or expense that Casino may directly or indirectly suffer, bear or become subject to as a result of, or relating to, any claim by any Third Party against
Casino, or any damage suffered by Casino, due to any breach by the AD Group of any representation and warranty included in this Article. 

Article VIII – Representations and Warranties of Casino and Indemnification

8.1. In order to induce the AD Group to enter into this Put Option Agreement and to implement the transactions contemplated by this Put Option Agreement, Casino hereby represents and warrants to the AD Group, on and as of the Date of Execution, as
follows: 

a) Casino is a company duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, has the power to enter into and perform the terms of this Put Option Agreement and has taken all corporate actions
required to execute and perform this Put Option Agreement. 

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b) This Put Option Agreement has been duly authorized, executed and delivered by Casino and constitute the legal, valid and binding obligations of Casino, enforceable against Casino in accordance with its terms. 

c) Neither the execution and delivery by Casino of, nor performance by Casino or its obligations under, this Put Option Agreement contravenes or will contravene or has resulted or will result in a breach or violation of any law, statute,
governmental rule or regulation or the By-laws of Casino or of any permit, order, writ, franchise, injunction, judgment or decree of any court or Governmental Authority against Casino or by which Casino or any of its property is bound or of any
indenture, mortgage, contract or other agreement or instrument to which Casino is a party or by which Casino or any of its property is bound or has constituted or will constitute a default thereunder. 

d) The execution and performance of this Put Option Agreement and/or the implementation of the transactions provided herein will not make the AD Group liable or expose the AD Group to any liability for any debt or other obligation of Casino. 

e) No information, statement, exhibit or report furnished or made by Casino to the AD Group in connection with the negotiation, execution, delivery or performance of this Put Option Agreement contained any material misstatement of fact or omitted to
state a material fact or any fact necessary to make the statement contained therein not misleading. 

8.2. All representations and warranties contained in this Article or in any certificate or instrument furnished pursuant hereto shall survive: 

a) the execution and delivery of this Put Option Agreement, the exercise of the First Put Option and of the Second Put Option, the exercise of the Distressful Call Option or of the Security Call Option, the purchase of the Shares Subject to the
First Put Option and the Shares Subject to the Second Put Option, the purchase of shares under the Distressful Call Option or under the Security Call Option and the payment of the Price for the Shares Subject to the First Put Option and of the Price
for the Shares Subject to the Second Put Option as well as of the price by virtue of the exercise by Casino of the Distressful Call Option or of the Security Call Option, and 

b) any investigation at any time made by or for the AD Group. 

8.3. Casino shall indemnify and hold harmless the AD Group from any loss, liability, damage or expense that the AD Group may directly or indirectly suffer, bear or become subject to as a result of, or relating to, any claim by any Third Party
against the AD Group, or any damage suffered by the AD Group, due to any breach by Casino of any representation and warranty included in this Article. 

Article IX – Force Majeure

9.1. Either Party shall not be responsible for any failures or delays in its performance under this Put Option Agreement if any such failure or delay is caused by any reason attributable to the other Party or results from any cause beyond the
reasonable control of

24

the affected Party, including, without limitation, acts of God or the enactment of any law or regulation preventing either Party to perform the transactions contemplated in this Put Option Agreement, all of which shall be deemed to be “caso
fortuito” or “força maior” for the purpose of Article 393 and its sole paragraph of the Brazilian Civil Code. The affected Party shall send a written notice to the other Party of any event that may delay its
performance hereunder within ten (10) Business Days following the occurrence of such event. The Parties shall then mutually agree on an appropriate course of action.  

Article X – General Provisions

10.1. No Agency: There shall be no agency or fiduciary relationship between the Parties arising out of this Put Option Agreement. No Party shall identify itself as or hold itself out to be the agent of any other Party or of any Affiliate
thereof except to the extent expressly authorized in this Put Option Agreement. 

10.2. Expenses: Each of the Parties shall bear its own costs and expenses, including fees and disbursements of its counsel and accountants in connection with the negotiation and execution of this Put Option Agreement and in connection with
the consummation of the transactions contemplated by this Put Option Agreement. 

10.3. Interpretation: Whenever appropriate in the context, terms used in this Put Option Agreement in the singular also include the plural, and vice versa, and each masculine or feminine or neuter pronoun shall also include the other genders.

10.4. Headings: The headings for the articles and sections of this Put Option Agreement are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any of the terms and conditions of this
Put Option Agreement. 

10.5. Language: This Put Option Agreement is executed in the English language. While a Portuguese language version may be created, in case of any ambiguities or doubts arising out of this Put Option Agreement, the English version shall
prevail. 

10.6. Notices: All notices, requests, demands or other communications made pursuant to this Put Option Agreement shall be in writing in both English and Portuguese languages and may be delivered personally, by mail, by courier, by facsimile
or similar means of communication, always confirmed by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 

If to CASINO: 

24, Rue de la Montat 

Saint Etienne, France 

Fax No.: (00334) 7745-3232

Attention: Mr. Pascal Rivet

With a copy to: 

25

	
	Tozzini, Freire, Teixeira e Silva Advogados 
	Rua Libero Badaró 293, 21 andar 
	São Paulo – SP – 01009-907 
	Brazil 
	Fax No.: (5511) 3291-1111 
	Attention: Mr. Syllas Tozzini 

and

	
	CMS Bureau Francis Lefebvre Mercosur 
	173 Ville Émile Bergerat 
	92522 Neuilly 
	France 
	Fax No.: (5411) 4311-8088 
	Attention: Mr. Patrick Patelin 
	 
	If to the AD GROUP: 
	 
	Av. Brigadeiro Luiz Antônio, 3126 
	São Paulo – SP 
	Brazil 
	Fax No.: (5511) 3885-6441 
	Mr. Abilio dos Santos Diniz 

	
	With a copy to: 
	Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados 
	Al. Joaquim Eugênio de Lima, 447 
	São Paulo – SP 
	Brazil 
	Fax No.: (5511) 3147-7770 
	Attention: Mr. Pedro Luciano Marrey Jr. and Mr. Moacir Zilbovicius 

10.6.1. Notices, requests, demands and other communications shall be deemed given (a) if delivered personally or by courier or similar service, upon delivery, or (b) if delivered by mail, upon the upon the earlier of actual delivery or five (5)
calendar days after being mailed, or (c) if delivered by facsimile transmission, upon receipt of confirmation of its transmission, provided that if such notices, requests, demands and other communications would otherwise be deemed given on a day
that is not a business day in the location of the person receiving it, the delivery shall be deemed to take place in the first business day following such day. 

10.6.2. Any Party may change its address for purposes of this Section by notice to the others of such change in the manner specified above. 

10.7. Assignment; Successors: This Put Option Agreement shall be binding upon and inure to the benefit of any permitted successor and assign of any Party. Except for the provisions of

26

Section 2.14 hereof and for the assignment by Casino to any of its Affiliates of its rights and obligations under this Put Option Agreement, no Party may assign or delegate any of its rights or obligations under this Put Option Agreement without the
express written consent of the other Party, which consent may not be unreasonably withheld. Should Casino sell the whole of its equity interest in Holding Company and CBD to a person other than the AD Group, the purchaser shall be automatically
subject to the terms and conditions of this Put Option Agreement, with all of its rights and obligations. Should Casino assign its rights and obligations under this Put Option Agreement to any of its Affiliates, Casino shall remain jointly liable
with such Affiliate. 

10.8. Entire Agreement: This Put Option Agreement constitutes the entire and sole agreement and understanding between the Parties with respect to the subject matters of this Put Option Agreement and supersede any prior understanding,
agreement, representation or warranties, whether oral or written, with respect to the subject matter of this Put Option Agreement. 

10.9. Severability: Any provision of this Put Option Agreement that may be determined be competent authority to be prohibited or unenforceable in the competent jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions of this Put Option Agreement, and any such prohibition or unenforceability in such jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. Moreover, if any one or more provisions contained in this Put Option Agreement shall for any reason be held by any court of competent jurisdiction to be excessively broad as to time, duration, geographical scope, activity or subject,
it shall be construed, by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

10.10. Remedies: Without prejudice to the provisions of Sections 2.11 and 3.13 above, the Parties agree and acknowledge that money damages may not be an adequate remedy for breach of the provisions of this Put Option Agreement and that either
Party shall be entitled, at its sole discretion, to apply to any court of competent jurisdiction for an order of specific performance or for an injunctive relief in order to enforce or prevent any violations of the provisions of this Put Option
Agreement pending a final determination of such matters or to cause the other Party to perform its obligations under this Put Option Agreement. 

10.11. Modification; Amendment; Waiver: No modification of or amendment to any provision of this Put Option Agreement shall be effective unless approved in writing by the Parties. No Party shall be deemed to have waived compliance by the
other Party with any provision of this Put Option Agreement unless such waiver is in writing, and failure by any Party at any time to enforce any of the provisions of this Put Option Agreement shall in no way be construed as a waiver of such
provisions and shall not affect the rights of any Party thereafter to enforce such provisions in accordance with their terms. No waiver of any provision of this Put Option Agreement shall be deemed to be a waiver of any other provision of this Put
Option Agreement. No waiver of any breach of any provision of this Put Option Agreement shall be deemed the waiver of any subsequent breach thereof or of any other provision of this Put Option Agreement.

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10.12. Governing Law: This Put Option Agreement shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil without consideration of principles of conflicts or choices of law. 

10.13. Dispute Resolution; Arbitration: Any dispute or controversy between the Parties arising out of or related to this Put Option Agreement, including without limitation a dispute or controversy relating to the construction of any provision
or the validity or enforceability of any term or condition, including this Section, or of the validity or enforceability of this Put Option Agreement as a whole, or any claim that all or any part of this Put Option Agreement, including this Section,
is void or voidable, or the breach of any provisions of this Put Option Agreement, including this Section, shall be submitted to arbitration in accordance with the rules of Conciliation and Arbitration of the International Chamber of Commerce –
ICC, of Paris, France, and judgment on the award rendered by the arbitrators may be entered into in any court having jurisdiction thereof. If the chosen rules are silent as to any particular issue, Brazilian procedural laws, namely the relevant
provisions of Brazil’s Federal Law No. 9,307 of September 23, 1,996, shall supplement them. The arbitration tribunal shall consist of three (3) arbitrators, of whom one shall be nominated by the AD Group, one by Casino and the third, who shall
serve as chairman, shall be chosen by the two (2) arbitrators nominated by the Parties, or, in the event the two (2) arbitrators nominated by the Parties are unable to designate the third arbitrator within ten (10) calendar days from the date the
last of the two (2) arbitrators nominated by the Parties has been designated, than the third arbitrator shall be nominated by the Chairman of the International Court of Arbitration of ICC. The place of arbitration shall be the City of São
Paulo, State of São Paulo, Brazil. The language of the arbitration shall be English, although existing documents may be presented in the language in which they have been produced. The award of the arbitrators shall be rendered in both the
Portuguese and English languages, and the Portuguese language shall prevail in the event of conflict. The award shall be final and binding upon the Parties and may be enforced in any court of competent jurisdiction. Each Party retains the right to
seek judicial assistance (a) to compel arbitration, and/or (b) to obtain interim measures of protection rights prior to institution of pending arbitration and any such action shall not be construed as a waiver of the arbitration procedures by the
Parties, and/or (c) to enforce any decision of the arbitrators, including the final award, and/or (d) under the circumstances provided for in Sections 2.11, 3.13 and 10.10 above. In case the Parties seek judicial assistance, the courts of the city
of São Paulo, State of São Paulo, Brazil, shall have jurisdiction to the exclusion of any other court, however privileged it may be. The charges for the arbitration shall be paid one-half by Casino and one-half by the AD Group and
reimbursed to the winning Party, along with all other costs and expenses directly incurred in connection with such arbitration, at the end of the arbitration procedures, unless the arbitrators shall determine otherwise. The Parties intend that all
procedures and all documents and testimony shall be confidential, and each arbitrator by consenting to act shall be deemed to have agreed to such confidentiality. 

10.14. Taxes: The taxpayer as defined by the applicable legislation shall pay any and all Taxes payable with respect to transactions contemplated by this Put Option Agreement and to the actions that will implement those transactions. 

10.15. Representative of the AD Group: To facilitate the consummation of the transactions contemplated by this Put Option Agreement, at and after the Date of Execution, the AD Group (and its successors and permitted assigns) hereby
irrevocably consents to the appointment of and

28

does hereby appoint and empower AD, above qualified, who does hereby accept such appointment, as the sole and exclusive representative (the “Representative of the AD Group”) of the AD Group (and its successors and permitted assigns)
to make all decisions and determinations on behalf of the AD Group (and its successors and permitted assigns) that the Representative of the AD Group may deem necessary or appropriate to accomplish the intent, and implement the provisions of, this
Put Option Agreement. All decisions of the Representative of the AD Group shall be final and binding on the AD Group. Casino and CBD shall be entitled to rely upon, without investigation, any decision of the Representative of the AD Group and shall
be fully protected in connection with any action or inaction taken or omitted to be taken in reliance thereon.

10.15.1. The AD Group (and its successors and permitted assigns) hereby appoints the Representative of the AD Group as its agent for receipt of notices and other communications hereunder and to receive service of any and all process that may be
serviced in any suit, action or proceeding arising out of this Put Option Agreement, the subject matter of this Put Option Agreement or any of the transactions contemplated by this Put Option Agreement, brought by any of the Parties or any of their
successors and permitted assigns. The Representative of the AD Group hereby acknowledges its acceptance as the agent of the AD Group for notices and other communications under this Put Option Agreement and service of process, and such notices, other
communications and service of process may be made upon the Representative of the AD Group at the address specified in Section 10.6 hereof. 

10.16. Drafting: The Parties have participated jointly and in good faith in the negotiation and drafting of this Put Option Agreement and they agree that any ambiguity or question of intent or interpretation that may arise shall be construed
on the presumption that this Put Option Agreement have been drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Put Option
Agreement. 

10.17. Counterparts: This Put Option Agreement may be executed in any number of counterparts with the same effect. All such counterparts will be deemed an original if signed by the Parties and by CBD, shall be construed together and shall
constitute one and the same instrument. 

10.18. Conditioned Effectiveness: The effectiveness of all provisions set forth in this Put Option Agreement is conditioned upon the occurrence of the Closing (as defined in the JV Agreement) on the Closing Date (as defined in the JV
Agreement) in accordance with the terms of the JV Agreement. In case the Closing does not take place, this Put Option Agreement (i) shall not have any effect upon the Parties, under any circumstances, as of its execution date, and (ii) shall be
deemed automatically rescinded as of its execution date. 

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(Signature page of the Conditional Put Option Agreement dated June 22, 2005 – Cont.)

IN WITNESS WHEREOF, the Parties sign this Put Option Agreement in São Paulo, São Paulo, Federative Republic of Brazil, on the date specified in the beginning of this Put Option Agreement, in the presence of two (2) witnesses
identified below. 

  ___________________________________________________  

  ABILIO DOS SANTOS DINIZ                                                       

  

  ___________________________________________________
  

  ANA MARIA FALLEIROS DOS SANTOS DINIZ D’AVILA          

  

  ___________________________________________________
  

  ADRIANA FALLEIROS DOS SANTOS DINIZ                              

  

  ___________________________________________________

  JOÃO PAULO FALLEIROS DOS SANTOS DINIZ                         

  

  ___________________________________________________
  

PEDRO PAULO FALLEIROS DOS SANTOS DINIZ                     

PENÍNSULA PARTICIPAÇÕES LTDA.                                       

By:________________________________________________

Name: Abilio dos Santos Diniz                                                       

Title: Officer                                                                                 

AD PENÍNSULA EMPREENDIMENTOS E PARTICIPAÇÕES LTDA.

By:________________________________________________
 Name: Abilio dos Santos Diniz                                                       

 Title: Officer                                                                                 

30

(Signature page of the Conditional Put Option Agreement dated June 22, 2005 – Cont.)

CASINO GUICHARD PERRACHON S.A.

By:________________________________________________

 Name: Jean Charles Naouri                                                            
Title: Chief Executive Officer 
                                                     

SEGISOR                                                                                       

By:________________________________________________

Name: Francis André Mauger                                                         

Title: Attorney in fact                                                                   

Witnesses: 

			
	 	 	 
	 		 
	Name: 	 	Name: 
	Id.: 	 	Id.: 

31

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