1Q17 Highlights. Sales recovery in Brick and Mortar Stores, with same-store sales growth of 2.5% in 1Q17.

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2 April 26, 2017 Via Varejo S.A., Brazil s largest electronics, home appliances and furniture retailer, announces its results in the first quarter of 2017 (1Q17). On November 1, 2016, the Company started consolidating the results of both the online and offline businesses after the corporate reorganization concluded on October 31, To facilitate understanding and comparison of the figures in this report, we prepared pro forma statements for 1Q16 assuming, for illustration purposes, the consolidation of the online business and brick-andmortar stores. Furthermore, as a result of our communication strategy established for 2017, we will publish only the earnings release with the quarterly information/financial statements. As such, starting from 2Q17, we will not publish the sales release. 1Q17 Highlights Sales recovery in Brick and Mortar Stores, with same-store sales growth of 2.5% in 1Q17. GMV from the Online Business increased 8.6% in 1Q17 (compared to 12.1% decline in 1Q16), outperforming market growth (+8.1%), according to E-Bit. Month of March with the best sales performance in both businesses, with double-digit growth and similar to in the pre-crisis period, also leveraged by the Company s new multi-channel sales strategy. Click&Collect now available at all stores, enabling clients to pick up products the next day (in main state capitals), already representing 30% of eligible products, reaching 55% in important categories. Consolidated gross margin up 431 bps from 1Q16, reaching 31.2% Consolidated Adjusted EBITDA Margin stood at 5.5%, equivalent to an increase of 490 bps compared to 1Q16 Break-even of adjusted EBITDA for the Online business, resulting from the successful integration of the two channels and the new commercial strategy we adopted Net Income of R$97 million, compared to the pro forma net loss of R$237 million in 1Q16 Maintenance of a strong financial position with net cash of R$2.9 billion at the close of 1Q17 1

3 R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % Bricks and Mortar - SSS 2,5% (11,8%) Online - Gross GMV 8,6% (12,1%) Online - GMV change 2,0% (10,5%) Net Revenue ,6% Gross Margin 31,2% 26,9% 432bps EBITDA 308 (55) na EBITDA Margin 5,1% (0,9%) 608bps Adjusted EBITDA¹ ,0% Adjusted EBITDA Margin 5,5% 0,6% 489bps Financial Results (140) (114) 22,8% Net Earnings 97 (237) na Net Margin 1,6% (4,1%) na Net Cash ,2% (¹) Excluding other operational revenues and expenses Management Comments With the business integration in an advanced stage of implementation, generating higher than expected results, we are having the opportunity to intensify and further advance our strategic agenda of the company s digital transformation. The pillars of technology and innovation now receive greater focus in order to accelerate the improvement in customer experience throughout the time spent in all our channels. For this new stage, we have initiated two projects focused on increasing conversion and profitability, as well as medium term objectives to expand our sector leadership and relevance to our customers through new digital experiences for consumers. 1) We began a work to rethink the omnichannel journey of our clients with the support of Accenture. Our goal is to make the relationship simpler and more relevant at all points of contact, offering a richer and more enjoyable experience on all occasions of purchase so far not fully exploited to its full potential. To do this, we will maximize the use of proprietary information from more than 60 million consumers and, by combining this data with new assets (eg, predictive analytics and CRM) and new methodologies (eg Design & Thinking), we will be able to offer differentiated levels of service during the combined channels: online and in brick and mortar stores. We understand that each customer is unique and with individualized needs and preferences. 2) Enhance our multichannel strategy through application of Artificial Intelligence, through a partnership with IBM, offering new services to Customers. Watson's cognitive computing platform will initially be used as support in Customer's shopping journey on our website. As an example, it will guide our Customers in the search for the ideal product for their needs and 2

4 supports them in questions related to after sales, such as: delivery follow-up, exchanges and returns, cancellations, among others. During 1Q17, we rolled out our multichannel commercial strategy, which enabled the adoption of a successful pricing and assortment policy for the Company s businesses and brands, resulting in growth with significant gross margin expansion. We also wish to emphasize that business integration strengthened our relations with suppliers by providing the opportunity to offer a broader assortment on our websites and in our stores. Our principal focus this year is on concluding the full integration of both businesses, creating a truly multichannel experience for our customers. As a quick win of this process, we started offering on our websites the option of collecting products at our stores the day after the purchase (Click&Collect). After implementing this option, the share of Click&Collect sales increased by 60%, accounting for 30% of sales of all eligible products and reaching 55% in important categories. We ended 1Q17 on an optimistic note. In March we registered two-digit sales growth in both businesses due to the recovery in customer traffic at the stores and websites and which we managed to convert into sales volume. This performance is the result of initiatives such as: i) the pioneering effort of providing customers with guidance on withdrawing the balance available in their inactive FGTS (workers severance pay) accounts, in line with a commercial strategy focused on capturing the volume of resources available to drive sales and recover overdue credits in the payment book portfolio; and ii) an integrated commercial strategy, duly aligned with the commercial incentives established with our suppliers, ensuring sales growth, market share gains and profitability. The 1Q17 figures reflect our strategy of sales growth combined with profitability. Consolidated gross margin reached 31.2% in 1Q17, up 431 bps from 1Q16. This performance was mainly due to (i) the consistent growth in the profitability of the Online Business, which began in 4Q16, (ii) the maintenance of profitability of the Brick-and-Mortar Business compared to 1Q16, and (iii) the positive impact of Lei do Bem. This combined performance also reflected in the consistent growth of consolidated EBITDA margin, which climbed 490 bps to 5.5%. In the Online Business, we registered positive EBITDA already in 1Q17, which surpassed our initial expectations and reflected the Company's high execution capacity in the business integration process. The rapid progress in the integration process also enabled us to advance a few important initiatives in the Company, which should positively contribute to the growth in consolidated profitability during the year. In March we launched the pilot project of the new system for pricing products by micro-regions, which will give us greater flexibility in pricing our products according to local competition conditions. We also ran the first tests on the new sales platform of our brick-and-mortar stores, which will be a more efficient tool for our sales force in order to increase productivity and sales conversion. 3

5 In 2017 we expect strong and consistent results, especially when we consolidate all the initiatives we rolled out last year, which enabled us to significantly improve service levels at our stores and websites. Our priorities this year are: i) to conclude the full integration of the Brick-and-Mortar and Online businesses to ensure the progress of our multichannel strategy; ii) to provide our customers with an even better shopping experience in our websites and stores by expanding the Movve Project at our brick-and-mortar stores and through continuous improvement of the sale and post-sale experience on our websites; and iii) to deliver sustainable operating results, with significant growth in sales, market share gain and profitability in both Online and Brick-and-Mortar Businesses. Board of Executives Officers 4

6 Operating Performance Net Sales Performance Via Varejo - SSS 1Q17 1Q16 Bricks and Mortar 2.5% (11.8%) Online - Gross GMV 8.6% (12.1%) Online - GMV change 2.0% (10.5%) We divided 1Q17 into three moments. During the first half of January, we rolled out a successful strategy of competitive pricing across our stores and websites, and an appropriate assortment of products for the Saldão de Janeiro bargain sale, an important seasonal event of the quarter. As a result, we achieved significant sales growth combined with profitability, largely due to the commercial strategy adopted by the Company together with its suppliers on both channels. During the second half of January and throughout February, we noticed a reduction in demand in both the Online and Brick-and-Mortar Businesses. Hence, during this period, without removing our focus on achieving our sales targets, we employed substantial efforts on maintaining our profitability. We ended the quarter with a significant recovery in the pace of sales at both businesses, and saw in March a gradual and consistent sales growth throughout the period, returning to above double-digit levels as in the pre-crisis period. We achieved this result thanks to the commercial strategy implemented during the Consumer Week, and the action plan implemented across our stores to guide our customers about withdrawing their balances from inactive FGTS (workers severance pay) accounts, through educational videos on our websites and support provided by trained and dedicated professionals at our stores. The Company pioneered the implementation of this initiative, which helped to leverage sales volume in the month, increase bad debt recovery and directly influence the confidence among our customers regarding consumption In 1Q17 we also continued to implement our sales and profitability strategy using our portfolio of products and financial services. Revenue from payment books, cards, services, assembly and freight increased 4.3% from 1Q16. R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % Merchandise 5,273 5, % Freight (52.0%) Services % CDC/Credit Cards % Assembly % Net Revenue 5,993 5, % Freight, Services, CDC/Credit Card and Assembly % % Total Net Revenue 12.0% 11.8% 20bps 5

7 With regard to payment methods, 1Q17 saw an increase in the share of cash sales, which contributed positively to the company's profitability. Sales by means of payment 1Q17 1Q16 % Cash/Debit Card 35.7% 30.9% 478bps CDC (Payment Book) 9.7% 8.8% 99bps Co-branded Credit Card 10.0% 11.6% -155bps Third-party Credit Card 44.6% 48.8% -422bps Brick and Mortar Business In 1Q17, same-store sales growth recovered by 2.5%. Similar to the strategy adopted in 2016, in 1Q17 we sought to strike a balance between sales growth and profitability of the Company. Apart from the initiatives mentioned earlier related to the Consumer Week and the FGTS campaign, we successfully implemented our multichannel commercial strategy this quarter, adequately allocating the product assortment across the various categories operated in our channels, and obtaining favorable commercial conditions for the Company as a result of stronger relations with our supplier partners. As a result of these actions, we posted double-digit growth in same-store net sales in March. Moreover, the mobile telephone category remains the top performer, with double-digit sales growth and higher contribution to the sales mix. In the quarter, TV sales increased their share of the total sales mix, possibly reflecting the switch from analog to digital signals in the São Paulo metropolitan region, and so did seasonal products. Net sales at Brick-and-Mortar stores grew 4.2% in 1Q17 compared to 1Q16. On a pro forma basis, adding R$110 million of revenue from credits related to the Lei do Bem tax incentive law in 1Q16, growth would be 1.8%. Online Business We posted a recovery in GMV of 8.6%, which outperformed the market (8.1%) according to E-Bit, and was higher than the -12.1% in 1Q16. In March, GMV also outperformed the market with growth of 16.1% compared to the market s 11.1%, according to E-Bit. Invoiced GMV closed 1Q17 with growth of 2.0% (GMV of R$1,576 million) compared to -10.5% in 1Q16. Marketplace increased its share of total GMV from 15% in 1Q16 to 20% in 1Q17 We also successfully expanded our new click & collect format to 975 stores, implemented at the end of February. With systemic improvements made as part of the integration of the Online and Brick-and- Mortar Businesses, our websites now provide real-time access to store inventories. This improvement enables our customers to pick up their products - acquired through our websites at our stores within one business day (in main state capitals). With the new option, sales of products that were picked up 6

8 at our stores increased 66%, from 18% of the direct sales of eligible products on our websites to around 30%. In 1Q17, we continued our strategy of optimizing our marketplace platform in order to strengthen our partnership with key sellers, who are completely aligned with the strategy of our brands, as well as with the shopping experience that we want to offer on our websites. Today, we are working with approximately 4,000 sellers who offer around 2 million items that complement the portfolio of products offered by Via Varejo. Net sales from the Online Business declined 4.0% in 1Q17 compared to 1Q16. On a pro forma basis, adding R$32 million of revenue from credits related to Lei do Bem in 1Q16, the decline would be 6.7%. Gross Margin R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % Gross Profit ,1% Gross Margin 31,2% 26,9% 432bps Lei do Bem na Adjusted Pro-Forma Gross Profit ,2% Adjusted Pro-Forma Gross Margin 31,2% 28,6% 259bps Consolidated gross margin closed 1Q17 at 31.2%, 432 bps higher than in 1Q16. Considering the effects of Lei do Bem in 1Q16, consolidated gross margin in 1Q17 was 258 bps higher than in 1Q16. This improvement was due to: (i) the successful commercial strategy in both businesses; and (i) the significant increase in the share of financial services and products in net sales of the Brick-and-Mortar business. This quarter, our commercial strategy focused on achieving sales growth in both businesses without giving up on profitability. Specifically in the Online Business, there was a significant improvement of approximately 1,000 bps in gross margin, due to the successful implementation of the multichannel commercial strategy to establish the correct positioning of prices and assortment for this business. SG&A R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % SG&A (1,568) (1,519) 3.2% % Net Revenue (26.2%) (26.6%) 48bps % Adjusted Pro-Forma Net Revenue (26.2%) (25.4%) -78bps In 1Q17, these expenses increased 3.2% compared to 2016, with operating leverage of 48 bps, showing the effective control of the Company s expenses by mitigating the effects of inflation on its costs, despite a relatively stable net sales. We are continuing our initiatives to reduce expenses and 7

9 capture the synergies resulting from the integration of the Brick-and-Mortar and Online businesses, especially with the optimization of G&A expenses, which we reduced by approximately 17%, and of marketing expenses, in which we obtained substantial gains of approximately R$45 million in the quarter. On the other hand, we absorbed the temporary impacts on our result of the headcount restructuring process in 2015 and However, we concluded that these costs have already reached their peak and should decline in the coming quarters.. Adjusted EBITDA R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % Adjusted EBITDA % EBITDA Margin 5.5% 0.6% 489bps Lei do Bem na Adjusted EBITDA with Lei do Bem credits % EBITDA Margin 5.5% 3.0% 254bps The Consolidated EBITDA Margin adjusted by Other operating expenses and revenues was 5.5% in 1Q17, up 490 bps from 1Q16 EBITDA. Considering the effects of Lei do Bem in 1Q16, the 1Q17 EBITDA Margin still 254 bps higher than the same period in The successful multichannel commercial strategy for both channels, with significant improvement in consolidated gross margin combined with optimization of SG&A expenses, substantially contributed to the improvement in Adjusted EBITDA margin. As a result, 1Q17 registered positive EBITDA in the Online Business, which, according to our plan, was expected only in the 2017 annual results. Financial Performance R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % Operating Financial Revenues (42.3%) Operating Financial Expenses (186) (243) (23.7%) Debt Financial Expenses (51) (104) (50.9%) CDC Financial Expenses (99) (84) 17.6% Credit Card Receivables' Discounting Expenses (36) (55) (35.2%) Financial Results Operational (117) (125) (6.1%) % Net Revenue (2.0%) (2.1%) 18bps Others (23) 11 (301.3%) Net Financial Results (140) (114) 23.4% % Net Revenue (2.3%) (1.9%) -40bps The variation in net financial result was due to the Other line, substantially represented by nonrecurring and non-cash inflation adjustments (revenue) from i) taxes recoverable, ii) inflation adjustments, and ii) provisions for contingencies, especially labor contingencies. 8

10 In 1Q17, financial result from operations as a ratio of net sales reached 2.0%, down 18 bps from 2016, mainly impacted by the reduction in the Company s financial debt, lower return on cash and lower expenses with discounting of receivables Net Income R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % Net Earnings 97 (237) na Net Margin 1.6% (4.1%) na Lei do Bem after tax na Adjusted Pro-forma Net Earnings 97 (143) na % Adjusted Pro-forma Net Revenues 1.6% (2.4%) na The Company posted Net Income of R$97 million in 1Q17, compared to a loss of R$143 million in 1Q16, already duly adjusted for the effects of Lei do Bem. This result reflects the Company s efforts to implement a multichannel commercial strategy to achieve operating efficiency, and the start of capture of synergies between Brick-and-Mortar and Online operations.. 9

11 Working Capital R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 (+/-) (+/-) Inventory 3,618 3, Days of Inventory dias (+/-) Suppliers (5,687) (4,952) +735 Days of Suppliers dias Working Capital Change (2,069) (1,334) 735 In 1Q17, we continued with the supplier finance strategy determined by negotiations held in 4Q16, which remains in effect this quarter and which contributed R$735 million to our working capital.. Debt R$ million (2016 Pro-forma non-audited 1T17 1T16 Availability 526 1,429 On Balance Credit Card Receivables Not Discounted 3,056 2,610 Financial Debt (688) (1,763) Net Debt with CC Receivables not Discounted 2,894 2,276 L12M Adjusted EBITDA 1, L12M EBITDA Net cash 2.2x 3.1x We registered consolidated cash flow of R$618 million and ended the quarter with a solid net cash position of R$2,894 million, including the unsold receivables portfolio amounting to R$3,056 million. This net cash flow was largely due to (i) the positive effect of the recovery in consolidated operating cash flow in 1Q17 (positive EBITDA of 5.5%); (ii) the positive effect of the Company s working capital dynamics of R$957 million; and (iii) the negative effect of the payment of a loan related to the transaction with Cnova N.V., in the approximate amount of R$588 million. 10

12 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 1Q17 Payment book defaults 43% 39% 36% 31% 32% 32% 26% 28% 17% 7.6% 8.1% 9.2% 9.9% 9.7% 10.3% 10.8% 10.9% 10.7% Net Loss/Payment Book Net Revenue Net Loss/Payment Book Porfolio Default in our payment book portfolio remained stable despite the adverse macroeconomic scenario, as shown in the charts above. This performance is the result of maturation of risk control systems and processes. The FICO (centralized credit approval system) already has a robust historical database, which enables us to confidently encourage the sales team to further increase payment book offers, while maintaining the quality of credit granted. This way, the Company meets a requirement of its customers while also benefiting from the higher results generated by this financial product. Pro-Forma Capex In 1Q17, Via Varejo s consolidated capital expenditure totaled R$24 million, broken down as follows: R$ million (2016 Pro-forma non-audited) 1Q17 1Q16 % Logistics (52.4%) New Stores 1 2 (50.0%) Stores Renovation % IT (59.7%) Others (60.0%) Cash Events (42.7%) Non-cash Events 0 0 na Total (42.7%) 11

13 Store Activity by Format Casas Bahia Conversion Opening Closure Street Shopping Malls Consolidated (total) Sales Area ('000 m2) Total Area ('000 m2) 1, ,252 Pontofrio Conversion Opening Closure Street Shopping Malls Consolidated (total) Sales Area ('000 m2) Total Area ('000 m2) Consolidado Conversion Opening Closure Street Shopping Malls Consolidated (total) Sales Area ('000 m2) 1, ,069 Total Area ('000 m2) 1, ,449 12

14 Unaudited Pro-Forma Acconting Information Unaudited Pro-forma Income Statement R$ million 1T17 1T16 Gross Sales (1,0%) Net Sales ,6% Cost of Goods Sold (4.125) (4.274) (3,5%) Depreciation (Logistic) (22) (15) 46,7% Gross Profit ,1% Selling Expenses (1.396) (1.309) 6,6% General and Administrative Expenses (172) (210) (18,1%) Equity Income 7 (30) N/A Other Operating Income (Expenses) (21) (90) (76,7%) Total Operating Expenses (1.582) (1.639) (3,5%) Depreciation and Amortization (60) (53) 13,2% Earnings before Interest and Taxes - EBIT 226 (123) (283,7%) Financial Revenue (43,6%) Financial Expenses (233) (279) (16,5%) Net Financial Income (Expense) (140) (114) 22,8% Earnings before Income Tax 86 (237) (136,3%) Income Tax 11 - N/A Net Income 97 (237) (140,9%) Earnings before Interest, Taxes, Depreciation, Amortization- EBITDA 308 (55) N/A EBITDA Margin 5,1% (0,9%) Adjusted EBITDA ,0% % of Net Sales Revenue 1T17 1T16 Gross Profit 31,2% 26,9% 4,3 p.p. Selling Expenses (23,3%) (22,4%) (0,9 p.p.) General and Administrative Expenses (2,9%) (3,6%) 0,7 p.p. Equity Income 0,1% (0,5%) 0,6 p.p. Outras Despesas e Receitas Operacionais (0,4%) (1,5%) 1,1 p.p. Total Operating Expenses (26,4%) (28,1%) 1,7 p.p. Depreciation and Amortization (1,0%) (0,9%) (0,1 p.p.) Earnings before Interest and Taxes - EBIT 3,8% (2,1%) 5,9 p.p. Net Financial Income (Expense) (2,3%) (2,0%) (0,3 p.p.) Earnings before Income Tax 1,4% (4,1%) 5,5 p.p. Income Tax 0,2% 0,0% 0,2 p.p. Net Income 1,6% (4,1%) 5,7 p.p. EBITDA 5,1% (0,9%) 6,0 p.p. EBITDA Ajustado 5,5% 0,6% 4,9 p.p. 13

15 Audited Accounting Information Income Statement R$ million 1T17 1T16 Gross Sales 6,825 5, % Net Sales 5,993 4, % Cost of Goods Sold (4,125) (3,271) 26.1% Depreciation (Logistic) (22) (10) 120.0% Gross Profit 1,868 1, % Selling Expenses (1,396) (1,108) 26.0% General and Administrative Expenses (172) (147) 17.0% Equity Income 7 (30) N/A Other Operating Income (Expenses) (21) (40) (47.5%) Total Operating Expenses (1,582) (1,325) 19.4% Depreciation and Amortization (60) (44) 36.4% Earnings before Interest and Taxes - EBIT % Financial Revenue (19.1%) Financial Expenses (233) (152) 53.3% Net Financial Income (Expense) (140) (37) 278.4% Earnings before Income Tax % Income Tax 11 (18) N/A Net Income % Earnings before Interest, Taxes, Depreciation, Amortization- EBITDA % EBITDA Margin 5.1% 2.5% Adjusted EBITDA % % of Net Sales Revenue 1T17 1T16 Gross Profit 31.2% 30.5% 0.7 p.p. Selling Expenses (23.3%) (23.6%) 0.3 p.p. General and Administrative Expenses (2.9%) (3.1%) 0.2 p.p. Equity Income 0.1% (0.6%) 0.7 p.p. Outras Despesas e Receitas Operacionais (0.4%) (0.9%) 0.5 p.p. Total Operating Expenses (26.4%) (28.2%) 1.8 p.p. Depreciation and Amortization (1.0%) (0.9%) (0.1 p.p.) Earnings before Interest and Taxes - EBIT 3.8% 1.4% 2.4 p.p. Net Financial Income (Expense) (2.3%) (0.8%) (1.5 p.p.) Earnings before Income Tax 1.4% 0.6% 0.8 p.p. Income Tax 0.2% (0.4%) 0.6 p.p. Net Income 1.6% 0.2% 1.4 p.p. EBITDA 5.1% 2.5% 2.6 p.p. EBITDA Ajustado 5.5% 3.4% 2.1 p.p. 14

16 Balance Sheet Assets R$ million Current Assets 10,044 10,708 Accounts Receivables 526 4,030 Accounts Receivables 5,067 2,782 Credit Cards 2, Payment Book 2,010 1,966 Others Accounts Receivables B2B Allowance for doubtful accounts (365) (342) Inventories 3,618 3,054 Recoverable Taxes Amounts Receivable from Related Parties Expenses in Advance and Other Accounts Receivable Noncurrent Assets 6,933 6,819 Long-Term Assets 4,151 3,980 Accounts Receivables Credit Cards Payment Book Allowance for doubtful accounts (19) (22) Recoverable Taxes 2,383 2,317 Deferred Income Tax and Social Contribution Amounts Receivable from Related Parties Judicial Deposits Expenses in Advance and Other Accounts Receivable Investments Property and Equipment 1,402 1,438 Intangible Assets 1,229 1,257 TOTAL ASSETS 16,977 17,527 Liabilities and Shareholders' Equity R$ million Current Liabilities 11,434 12,057 Taxes and Social Contribution Payable Suppliers 5,687 5,618 Suppliers ('Forfait') Loans and Financing Payment Book (CDCI) 2,805 2,730 Fiscal Obligations Dividends - - Debt with Related Parties Advanced revenues Other Long-Term Liabilities 2,636 2,662 Loans and Financing Payment Book (CDCI) Debt with Related Parties 12 1 Deferred Income Tax and Social Contribution Provision for lawsuits Provision for Investment Losses - - Advanced revenue 1,260 1,326 Other 8 8 Shareholders' Equity 2,907 2,808 Capital 2,895 2,895 Capital Reserves (884) (886) Profit Reserves Cumulative translation adjustments - - LIABILITIES AND SHAREHOLDERS' EQUITY 16,977 17,527 15

17 Cash Flow Net Income for the period 97 9 Adjustment for Reconciliation of Net Income Deferred Income Tax (55) 5 Depreciation and Amortization Interest and Exchange Variation Equity Income (7) 30 Provision for lawsuits Gain (loss) with fixed and intangible assets 3 4 Share-based Payments 2 2 Allowance for doubtful accounts Provision for Obsolescence and Retail Loss Deferred Revenue (55) (51) Others Asset (Increase) Decreases Accounts Receivable (2,421) (2,596) Inventories (596) (486) Taxes Recoverable (127) (76) Other Assets (23) (176) Net Related Parties Judicial Deposits (25) (49) (3,137) (3,339) Liabilities (Increase) Decreases Suppliers (420) (1,185) Payroll and Charges Lawsuits (117) (46) Deferred Revenue (6) - Outras exigibilidades (3) (100) (511) (1,261) Net Cash (used) in Operating Activities (3,172) (4,233) Cash Flow from Investment Activities Acquisition of fixed and intangible assets (88) (23) Sale of Property and Equipment 3 4 Net Cash (used) in Operating Activities (85) (19) Cash Flow from Financing Activities Proceeds from borrowings 1, Repayments of borrowings (1,239) (958) Payments of Interest (109) (88) Net Cash (used in) Financing Activities (247) (121) Cash and Cash equivalents at the Beginning of the Period 4,030 5,580 Cash and Cash equivalents at the End of the Period 526 1,207 Change in Cash and Cash Equivalents (3,504) (4,373) 16

18 EARNINGS CONFERENCE CALL AND WEBCAST April 27, :00 a.m. (Brazil) / 9:00 a.m. (NY) / 2:00 p.m. (London) Portuguese: +55 (11) English (simultaneous translation): +1 (646) Webcast: Replay +55 (11) Code: Via Varejo 17

19 The Company ended the quarter with employees. Ownership Structure The capital stock of Via Varejo is divided into 1,291 million shares, of which 656 million are common shares and 635 million are preferred shares. GPA is the controlling shareholder, holding 43.3% of total stock and 62.6% of the common stock. Free float corresponds to 29.4% of all the shares issued by Via Varejo. Free float 29,4% 43,3% GPA Família Klein 27,3% 18

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