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Groupe Bourbon decides not to exercise its first option to sell Vindemia stock to Casino in 2004 In December 2001, following a capital increase, Casino took a 33.34% shareholding in Vindemia, the retailing branch of Groupe Bourbon. Within the framework of this transaction, it was agreed that the remaining Vindemia stock would be sold to Casino under put options in two stages, the first between 2004-2006 and the second between 2007-2009. In the course of its meeting on March 22nd, the Groupe Bourbon board considered the advisability of exercising the first of these sell options immediately, as of 2004. The selling price in these two options is calculated according to Vindemia's average EBITDA (less net debts) and net income over the two years immediately preceding the year of exercise. Thus calculated, the estimated value of the first put, if exercised in 2004, would be 189 million euros. It would reflect the results for 2003, which were affected by a certain number of non-recurring expenses. On the basis of the Vindemia business plan for 2004-2008, Groupe Bourbon estimates the value of this first put option at 218 million euros if exercised in 2006, calculated according to forecast earnings for 2004-2005. Similarly, the second option would be worth 158 million euros if exercised in 2007, on the basis of forecast income for 2005-2006. Groupe Bourbon also intends to reap the benefits of Vindemia's gradual integration into the Casino central purchasing department while the business remains under present management, which the group will continue to assume until the first option is exercised. In view of all these considerations, the Groupe Bourbon board of directors decided not to exercise its first option in 2004. Paris, March 22nd, 2004 Image
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