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Annex D - Non-GAAP Reconciliations

In addition to disclosing financial results in accordance with International Financial Reporting Standards, or IFRS, this earnings

release contains non-GAAP financial measures that Cnova uses as measures of its performance. These non-GAAP measures should be

viewed as a supplement to and not a substitute for Cnova’s IFRS measures of performance and financial results in accordance with

IFRS and reconciliations from these results should be carefully evaluated.

Restatements, adjustments and reclassifications:

In accordance with IFRS5, all figures have been adjusted as of January 1, 2015, to reflect i) the merger of Cnova Brazil into

Via Varejo on October 31, 2016, ii) the sale or closure of Cdiscount Cameroun, Cdiscount Colombia, Cdiscount Côte

d’Ivoire, Cdiscount Ecuador, Cdiscount Panama, Cdiscount Sénégal, Cdiscount Thailand and Cdiscount Vietnam, and iii) the

sale of the specialty site MonShowRoom. These activities are reported as discontinued.

Adjusted net profit/(loss)

Adjusted earnings per share (Adjusted EPS)

Adjusted net profit/(loss) is calculated as net profit/(loss) before restructuring, initial public offering expenses, litigation, gain/(loss)

from disposal of non-current assets and impairment of assets and the related tax impacts.

Adjusted net profit/(loss) Cnova is a financial measure used by Cnova’s management and board of directors to evaluate the overall

financial performance of the business. In particular, the exclusion of certain expenses in calculating adjusted net profit/(loss)

facilitates the comparison of income on a period-to-period basis.

Adjusted EPS is calculated as adjusted net profit/(loss) divided by the weighted average number of outstanding ordinary shares of

Cnova during the applicable period.

The following table reflects the reconciliation of net profit/(loss) attributable to equity holders of Cnova to adjusted net profit/(loss)

attributable to equity holders of Cnova and presents the computation of Adjusted EPS for each of the periods indicated.

€ millions

FY 2016

FY 2015

Q4 2016

Q4 2015

Net profit/(loss) for the period attributable to equity

holders of Cnova

(69.4)

(87.7)

(19.3)

(38.4)

Excluding:

Restructuring expenses

11.0

11.7

3.3

4.8

Litigation expenses

5.7

3.1

3.4

1.3

Initial public offering expenses

—

3.6

—

(0.2)

Gain/(loss) from disposal of non-current assets

—

0.1

(0.6)

0.1

Asset impairment charges

6.0

14.1

(0.5)

6.1

Income tax effect on above adjustments

—

Minority interest effect on above adjustments

—

(0.1)

—

(0.1)

Adjusted net profit/(loss) for the period attributable

to equity holders of Cnova

(46.8)

(55.3)

(13.6)

(26.4)

Weighted average number of ordinary shares

426,486,045

442,617,845

378,090,646

442,617,845

Adjusted EPS (€) from continuing operations

(0.11)

(0.12)

(0.04)

(0.06)

Form 6-K - Report Of Foreign Private Issuer - District Of Columbia Securities And Exchange Commission - 2017 Page 14

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