Base Prospectus - Groupe Casino

RISK FACTORSThe Issuer believes that the following factors may affect its ability to fulfill its obligations under the Notes. All ofthese factors are contingencies which may or may not occur and the Issuer is not in a position to express a view onthe likelihood of any such contingency occurring.Factors which the Issuer believes may be material for the purpose of assessing the market risks associated with theNotes are also described below.The Issuer believes that the factors described below represent the principal risks inherent in investing in the Notes,but the inability of the Issuer to pay interest, principal or other amounts on or in connection with the Notes mayoccur for other reasons and the Issuer does not represent that the statements below regarding the risks of holdingthe Notes are exhaustive. Prospective investors should also read the detailed information set out elsewhere in thisProspectus (including any documents incorporated by reference herein) and reach their own views prior to makingany investment decision.RISK FACTORS RELATING TO THE ISSUERSee “Risk Factors Relating to the Issuer” in the Base Prospectus which is incorporated by reference in this Prospectus(See “Documents incorporated by reference” above).RISK FACTORS RELATING TO THE NOTESSee “Risk Factors Relating to the Notes” in the Base Prospectus which is incorporated by reference in this Prospectus(See “Documents incorporated by reference” above), in particular the paragraph “Fixed Rate Notes”.In addition:Exercise of Put Option in respect of the Notes may affect the liquidity of the Notes in respect of which such PutOption is not exercisedDepending on the number of the Notes in respect of which the Put Option (as described in Annex I to the EconomicTerms and Conditions) is exercised, any trading market in respect of those Notes in respect of which such Put Option isnot exercised may become illiquid. In addition, investors may only be able to reinvest the moneys they receive upon suchearly redemption in securities with a lower yield than the redeemed or, as the case may be, purchased Notes.A08872560 13