Carrefour, which pioneered the hypermarket and has become the sector leader and most international of retailers, has seen its leading position challenged in its own country over the past few years. Your Board responded by adopting a new governance structure, which you approved last July, and appointing a new Chief Executive Officer, Lars Olofsson.

Mr Olofsson analyzed the situation and developed a strategy fully supported by the Board. He has an excellent understanding of the market and  customers, combined with credibility, legitimacy, authority, the confidence of his teams, and our unwavering confidence.

Carrefour is taking the necessary measures to ensure that their customers enjoy their shopping experience in each of our stores.

In the difficult climate in which we are operating, they have a long journey ahead of us. But the captain will steer a steady course and all our efforts will pay off in the end.

Carrefour will again create strong value and  lasting value for all of its shareholders.